Federal National Mortgage Association history

To combat this, in 1970, Ginnie Mae developed the very first mortgage-backed security (MBS), which allowed for many loans to be pooled and used as collateral in a security that could be sold in the secondary market.

In 1981, Fannie Mae issued its first mortgage passthrough and called it a mortgage-backed security.

In 1992, President George H.W. Bush signed the Housing and Community Development Act of 1992.

In 1999, The New York Times reported that with the corporation's move towards the subprime market "Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times.

In 2000, because of a re-assessment of the housing market by HUD, anti-predatory lending rules were put into place that disallowed risky, high-cost loans from being credited toward affordable housing goals.

Alex Berenson of The New York Times reported in 2003 that Fannie Mae's risk was much larger than was commonly believed.

In 2004, these rules were dropped and high-risk loans were again counted toward affordable housing goals.

At the same time, the House also introduced similar legislation, the Federal Housing Finance Reform Act of 2005 (H.R. 1461), in the Spring of 2005.

Senator John McCain's decision to become a cosponsor of S.190 almost a year later in 2006 was the last action taken regarding Senator Hagel's bill in spite of developments since clearing the Senate Committee.

In 2007 the Federal Housing Reform Act transferred these responsibilities to the new Federal Housing Finance Agency (FHFA).

To prevent further losses that would worsen the crisis and damage the United States economy, both corporations were placed under the conservatorship of the United States government in September 2008, though neither was legally entitled to any direct government backing, insurance, or support.

On June 16, 2010, Fannie Mae and Freddie Mac announced their stocks would be delisted from the NYSE. The Federal Housing Finance Agency directed the delisting after Fannie's stock traded below $1 a share for over 30 days.

However, by 2012, Fannie Mae had regained its footing, started paying back the government and returned to profitability.

In May 2013, Fannie Mae announced that it is going to pay a dividend of $59.4 billion to the United States Treasury.

Fannie Mae's 2014 financial results enabled it to pay $20.6 billion in dividends to Treasury for the year, resulting in a cumulative total of $134.5 billion in dividends through December 31, 2014 – approximately $18 billion more than Fannie Mae received in support.

As of March 31, 2015, Fannie Mae expects to have paid a total of $136.4 billion in payments to the Treasury.

Information Circular 2/2016 of Bank of Spain