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Business Description
Federal National Mortgage Association, commonly known as Fannie Mae, is a company that works to assure that mortgage money is readily available for existing and potential homeowners in the United States. Fannie Mae does not directly lend money to homebuyers, but works with lenders to ensure that there is no shortage of funds available for mortgage loans. The method in which Fannie Mae accomplishes this is by purchasing mortgages from a variety of institutions that make up the primary mortgage market. Primary market lenders include mortgage companies, savings and loans, commercial banks, credit unions and state and local housing finance agencies. These are the businesses where the mortgages are originated and the funds are loaned directly to the borrower. Fannie Mae then buys the mortgage, thus allowing the primary market lender to replenish their funds and lend more money to homebuyers.

Financial Information
Fannie Mae provides financial products and services that increase the availability and affordability of housing for low-, moderate-and middle-income Americans. For the six months ended 6/30/02, revenues increased 5% to $26.20 billion. Net income before accounting change and applicable to Common increased 6% to $2.62 billion. Revenues reflect growth in the mortgage portfolio and higher average investment balances. Earnings benefited from improved operating margins.