Evening star., 1963-02-07
SdIutes Due
For 18th Year
Of FNNA

housing and home finance in
dustry are planning a series OF
seven salutes to the Federal
National Mortgage Association
on the occasion Of its 25th an
niversary.
The observances will be held
during the next six weeks in
major cities.
First event will be a national
celebration here on February
II when Secretary Of the
Treasury Douglas Dillon will
speak at a formal dinner in the
Statlef- Hilton Hotel. Guest Of
honor will be ]. Stanley Baugh-
man. president of FNMA.
The Washington event will
be followed by these other in
dustry observances: February
IA, Philadelphia dinner, Belle
vue-Stratford Hotel; February
is, New York Securities Deal
ers luncheon, Wall Street Club;
February 10, Chicago dinner,
Conrad Hilton Hotel; February
81, Atlanta luncheon, Dinkler
Plaza Hotel; March 8, Dallas
dinner. Dallas Sheraton Hotel;
and March 20, Los Angeles
luncheon. Ambassador Hotel.
Established in 1888
FNMA, or Fannie Mae" as
1t is popularity known, was es-
tablished as a government cor
poration February 10, 1888 to-
provide assistance to home fl
nancing through the purchase
and sale Of residential mort
cages. In a quarter-centur y of
operation, the association has
enabled hundreds of thousands
Of Americans to obtain financ-
ing for home purchases.
Twelve trade associations
representing those engaged in
mortgage financing, home
building and marketing are
sponsoring the first Of the
seven events recognizingI
FNMA's service to the public
and industry.
Among those to be present at
the Washington observance
will be lawmakers who were
active in legislation for the
agency and former chairmen
and presidents Of FNMA.
Chairman Of the event is Dale
Thompson, Kansas City, presi-
dent Of the Mortgage Bankers
Association Of America.
Besides the mortgage bank
ers organization, these other
associations are sponsors of the
February IL event: American
Bankers Association, American
Land Title Association, Home
Manufacturers Association, Ma
tional Association OF Home
Builders, National League of
Insured Savings Institutions.
National Lumber Manufacture
ers Association, National Asso-
ciation of Real Estate Boards
Producers Council, Unite d
States Savings and Loan
League, Associaed General Con-
tractors of America and Ma
tional Association of Mutual
Savings Banks.
Volume Tops $I2 Billion
In the past rs years, FNMA.
a constituent Of the Housing
apd Home Finance Agency. has
purchased over $l2 billion worth
OF FHA-insured and VA-guar-
anteed mortgages.
These purchases have pro-
vided financing for more than
l ESQ. 900 home units. FNMA's
purchasing operations have
been important to home buyers
since they have made mortgage
funds-and thus, homes-more
readily available. This has been
particularly true in times of
tight money" when FNMA
has bought substantial uuar-
titles Of home mortgages.
During the same 25-year
period FNMA sold mortgages
valued at more than $3.5 billion.
AS a Government Corporation
OF mixed ownership-with stock
held by the Government and
some 5000 private investors
FNMA has operated without
cost to the taxpayer. At the
same time, 1t has turned over
more than $3.50 million of net
income tothe Government and
has paid the equivalent of Fed
eral corporate income taxes
totaling over $83 million on the
income Of its principal activity.
the Secondary Market Opera
tions program.