Fannie Mae 2002 Annual Report Download - page 18

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16
“Fannie Mae
is big—how
can you keep
growing?”
Fannie Mae can keep
growing because our
market keeps growing.
We like to say that as
the American Dream
grows, so do we. In
fact, our challenge will
be to keep up with the
American Dream,
because for the current
decade and beyond, the
demand for homes to
buy and rent will grow
faster than ever.
Fannie Mae’s growth is determined
chiefly by growth in our market.
Our market is called “mortgage debt
outstanding.” This is the total stock
of outstanding mortgage debt in
America. And mortgage debt out-
standing has been — and will remain
— one of the strongest growth
markets in the economy.
In fact, our market typically grows
faster than the economy. Our market
has grown every year since the
Federal Reserve began tracking it
in the early 1950s.
During the 1990s, our market
grew by about 7 percent annually.
During this decade, the demand for
mortgage capital is expected to grow
at a stronger pace of 8-10 percent
per year. An important driver is
strong growth in population and