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'''Fannie Mae''' is the common name for the '''Federal National Mortgage Association''' ('''FNMA''').<ref>[http://www.visualthesaurus.com/cm/wordroutes/1529/ Blaming Fannie and Freddie], Ben Zimmer, ''Visual Thesaurus'', September 16, 2008</ref> Fannie Mae is a company that deals with in the secondary [[mortgage]] market. A secondary mortgage market means the government purchases, or re-imburses the original lender for the value of the principal so that the original lender doesn't have to wait 30 years to collect the money it lent out, and create a new loan faster with to original principal. FNMA then packages loans together of similiar value and credit worthiness and resells them to investors, such as pension funds, etc. FNMA is a [[New Deal]] agency founded in 1938 by the U.S. government which did more to benefit big [[Wall Street]] banks than the common man by allowing them to re-lend the same money over and over again versus ordinary folks who could scarcely afford a home during the [[Great Depression]].
Although remaining a government sponsored entity (GSE), the company began selling stock to the public in 1968. Fannie Mae has been described as middle class welfare.<ref>[http://www.bloomberg.com/news/2012-03-01/middle-class-welfare-state-invisible-by-design-commentary-by-ezra-klein.html Middle-Class Welfare State Is Invisible by Design,] Ezra Klein, ''Bloomberg'', 2012-03-01.</ref>
