The Operations of FNMA in the Secondary Mortgage Market
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Authors
Spinharney, Robert S.
Issue Date
1971-08-10
Volume
Issue
Type
Thesis
Language
en_US
Keywords
Alternative Title
Abstract
The Federal Government has been interested in housing and housing problems for a little more than three quarters of a century, but its active and continuing concern for the housing market covers a span of less than four decades . The initial effort of the Federal Government to establish a Government sponsored source of liquidity for residential mortgage financing was the creation of the Federal Home Loan Bank System in 1932 . The 1932 Act was the first of a series of measures that were designed to provide, among other things, a more adequate and well distributed volume of funds available for home financing .|The RFC Mortgage Company was created in 1935 by the Reconstruction Finance Corporation to finance mortgages that could not be financed reasonably from private sources and also to assist in the development of the mortgage market by its purchases of certain FHA-insured mortgages covering residential housing. By early 1938 it had become apparent that mortgage purchases by the RFC Mortgage Company would be insufficient to meet the needs of the home building industry for home construction credits. In recognition of this factor and also because no national mortgage association had been established under the current legislation, on February 7, the President authorized the establishment of a national mortgage association for this purpose. It was entitled the Federal National Mortgage Association.
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Citation
Publisher
Creighton University
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A non-exclusive distribution right is granted to Creighton University and to ProQuest following the publishing model selected above.