Federal National Mortgage Association (FNMA), known as Fannie Mae, is a federally chartered corporation that operates in the U.S. secondary mortgage market by purchasing mortgage loans from lenders and securitizing them into mortgage-backed securities. It makes money primarily through guaranty fees charged to lenders in exchange for bearing the credit risk on mortgage loans backing its securities, and through net interest income on its retained mortgage portfolio. Fannie Mae operates under conservatorship of the Federal Housing Finance Agency, a status in place since 2008. Its common stock trades on the OTCQB marketplace rather than a national securities exchange, and no securities are registered under Section 12(b) of the Exchange Act as of the 2025 Form 10-K filed February 11, 2026. The company operates through two business segments, with its activities concentrated entirely in the United States residential and multifamily mortgage markets.

Revenue model

Guaranty fees earned for bearing credit risk on mortgage-backed securities issued to lenders, plus net interest income on retained mortgage assets. Fee income is transactional and volume-driven, tied to the outstanding balance of guaranteed mortgage loans.

Products and services

Single-family mortgage-backed securities, multifamily mortgage-backed securities, and mortgage loan purchases from lenders. The company operates two business segments as disclosed in the 2025 Form 10-K.

Customers and end markets

Mortgage lenders (originators) who sell loans to or obtain guarantees from Fannie Mae. End market is U.S. residential and multifamily real estate finance. Common stock held by non-affiliates had an aggregate market value of approximately a stated dollar amount as of June 30, 2025, per the 2025 Form 10-K.

Value-chain role

Secondary mortgage market intermediary. Stands between primary mortgage lenders and capital markets investors by purchasing loans, bearing credit risk, and issuing guaranteed mortgage-backed securities.

Geographic exposure

United States only, based on the federally chartered corporation structure and focus on the U.S. mortgage market as described in the 2025 Form 10-K.

Source: SEC 10-K, filed 2026-02-11

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