The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

What is FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)

A US federally chartered, publicly owned CORPORATION founded in 1938 that purchases government insured/guaranteed residential mortgages and pools them into MORTGAGEBACKED SECURITIES (MBS); FNMA MBS, which essentially convert ILLIQUID mortgage ASSETS into marketable securities, carry the corporation

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