Fannie Mae

Fannie Mae is one of the two quasi-governmental mortgage investment companies regulated by the Federal Housing Financing Agency. Fannie Mae buys mortgage loans from banks who have made the mortgage loans to consumers. Fannie Mae sets criteria for the loans that they will buy and banks try to meet these criteria in order to sell the loans. When banks get money from Fannie Mae, they have more money to loan to home buyers.

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Mortgage Refinance Or Loan Modification? Check Web Sites

You may have heard about the federal government's recent launch of MakingHomeAffordable.gov and may be wondering whether you can get a break on your mortgage - either lower interest rates or extended terms. To understand whether you're eligible for a loan modification you should visit the government Web site and also find out whether Fannie Mae or Freddie Mac own your mortgage loan. If your mortgage is no more than 105 percent of your home's value, you may qualify to refinance your mortgage loan.

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