FNMA Federal National Mortgage Association (Fannie Mae) provides liquidity and stability support services in the secondary mortgage market in the United States. The company securitizes mortgage loans originated by lenders in the primary mortgage market into Fannie Mae mortgage-backed securities (Fannie Mae MBS). It operates in three segments: Single-Family Credit Guaranty, Multifamily, and Capital Markets. The Single-Family Credit Guaranty segment securitizes single-family mortgage loans into Fannie Mae MBS and facilitates the purchase of single-family mortgage loans for the companys mortgage portfolio. The Multifamily segment securitizes multifamily mortgage loans into Fannie Mae MBS; purchases multifamily mortgage loans; and provides credit enhancement for bonds issued by state and local housing finance authorities to finance multifamily housing. This segment also provides debt financing structures that can be used to facilitate construction loans; delegated underwriting and servicing; and multifamily mortgage servicing. The Capital Markets segment manages the companys investment activity in mortgage-related assets and other interest-earning non-mortgage investments. This segment provides funds to the mortgage market through short-term financing and investing activities. Its financing activities include whole loan conduit transactions, early funding transactions, real estate mortgage investment conduit and other structured securitization activities, and mortgage-backed securities trading services. The companys principal customers include mortgage banking companies, savings and loan associations, savings banks, commercial banks, credit unions, community banks, insurance companies, and state and local housing finance agencies. Federal National Mortgage Association was founded in 1938 and is based in Washington, the District of Columbia.