Fannie Mae 2002 Annual Report Download - page 10
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8FANNIE MAE 2002 ANNUAL REPORT
As The American Dream Grows,
Some people wonder how Fannie Mae has delivered such a
long record of strong financial performance. For the past 16
years in a row, Fannie Mae has produced double-digit growth
in core business earnings per share. Our record of growth
exceeds the S&P 500 and most other companies in America.
How does Fannie Mae perform so well? There is no
mystery to it.
Most American families dream about owning a home.
We make homeownership a top priority in our lives, our
financial planning, and our futures. What fuels this
dream? Possibility: Nowhere in the world is it easier for
average families of modest income and savings to obtain
an affordable mortgage. As our country and the demand
for homeownership have grown, Fannie Mae has helped
to make it faster, easier, and cheaper for consumers to
obtain a mortgage from their lender and buy a home.
Driven by this relentless growth in demand for
homeownership, Fannie Mae’s market — the stock of
outstanding mortgages — has grown every year since at
least the Truman Administration, and usually faster than
the economy. In the past 16 years alone, our market grew
by over 8 percent a year, on average. Today, our market
is worth nearly $7 trillion. In this decade, our market is
expected to grow by 8-10 percent per year for a total
value of $11 trillion to $14 trillion by 2010.
Expanding market, expanding mission,
expanding business
Fannie Mae plays a central role in this large and constantly
growing market. We raise billions of dollars in capital
from investors all over the world and supply it to mortgage
lenders all over America so they have a constant source of
low-cost funds to lend. But we do much more than that for
the housing market.
Fannie Mae’s mission is to “tear down barriers, lower