What is the meaning of Fannie Mae?

Fannie Mae has a dual role in the US mortgage market. Specifically, the corporation buys mortgages that meet its standards from mortgage lenders around the country and packages those loans as debt securities, which it offers for sale on the open market. By making money availble to lenders, the corporation makes it possible for more potential home owners to borrow at affordable rates. Sometimes described as a quasi-government agency because of its special relationship with Washington, Fannie Mae is a shareholder-owned corporation whose shares trade on the New York Stock Exchange (NYSE).