WASHINGTON, Oct. 1 /PRNewswire-FirstCall/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced that its Housing and Community Development (HCD) division will now be called Multifamily Mortgage Business (MMB) or Multifamily. The new name parallels Fannie Mae's Single-Family Mortgage Business, more clearly conveys what the business does, and emphasizes the multifamily mortgage business platform.
"Multifamily will continue to focus on rental housing finance, especially affordable rentals, as an increasingly important part of the company's mission," said Ken Bacon, Executive Vice President, Multifamily Mortgage Business. "In the coming years, affordable rental housing will play a significant role in the housing market as the nation and households grow. Through the Multifamily Mortgage Business, Fannie Mae will continue to serve as a leader in affordable lending."
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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SOURCE Fannie Mae