FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE Business Summary

Fannie Mae (Federal National Mortgage Association) operates as a government-sponsored enterprise (GSE) that provides liquidity and stability to the U.S. housing market by purchasing mortgages from lenders and packaging them into mortgage-backed securities (MBS). The company generates revenue primarily through guaranty fees—charged for assuming the credit risk on these securities—and net interest income from its retained mortgage portfolio, which supported a $4.1 trillion book of business as of early 2026. Its operations are bifurcated into the Single-Family segment, which drives the vast majority of its $29 billion in annual revenue, and the Multifamily segment, which focuses on mission-driven affordable housing under purchase caps set by the Federal Housing Finance Agency (FHFA). Fannie Mae’s primary direct competitors are Freddie Mac, Ginnie Mae, and private-label securitizers from major financial institutions like JPMorgan Chase. Within this landscape, Fannie Mae remains the largest single provider of secondary market liquidity, maintaining a dominant duopoly position with Freddie Mac while under federal conservatorship. Established by the U.S. government in 1938, the organization is currently led by Acting CEO and Chief Operating Officer Peter Akwaboah, a veteran executive with over 30 years of experience at firms including Morgan Stanley, where he served as COO of Global Technology, as well as Deutsche Bank and IBM. The leadership team includes Co-Presidents John Roscoe and Brandon Hamara, and Chief Financial Officer Chryssa C. Halley, who recently reported the company’s 14th consecutive year of annual profitability with a record net worth of $109 billion. The Board of Directors is chaired by William J. Pulte, who concurrently serves as the Director of the FHFA, reflecting the company’s unique status as a government-controlled entity. Other notable board members include Vice Chair Michael Stucky and industry experts Barry Habib and Omeed Malik. While the company is publicly traded on the OTCQB, its strategic direction is dictated by its federal conservator, with current priorities centered on capital restoration and the ongoing debate regarding its eventual exit from conservatorship.