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Leveling the Peaks. A 30-year-old New Deal creation, the association today is a partly private, partly Government-owned corporation with $2.4 billion to invest this year in FHA and VA mortgages, the only kind in which it deals. Better known by its nickname, Fannie Mae, the association's chief purpose is to help level off the costly peaks and valleys in U.S. housebuilding volume. It does so by buying mortgages in large quantity when home loans are scarce, selling part of its $9.6 billion portfolio when funds are plentiful. Fannie Mae deals only with such approved lenders...
...mortgage with a face amount of $10,000. This has the effect of raising the return closer to 7%-a cost which homebuilders pass along to buyers disguised as a higher price for their homes. In a time of rising interest rates, when lending institutions demand increasing discounts, Fannie Mae faces a dilemma...
...reluctance to raise its own discounts and add more upward pressure to housing costs results in a rush to dump loans on Fannie Mae. The association's resources get swamped, and it is forced to curtail purchases just when they are needed most to sustain housebuilding. When Fannie Mae moves to charge an increased discount, private lenders demand still larger ones. In its effort to conserve dwindling funds during the 1966 credit squeeze, Fannie Mae refused to buy loans larger than $15,000-a decision which Lapin says led to "pernicious inequities and market distortions" because "high-cost areas...
Take the case of Miss Mae Dean, a 64-year-old registered nurse who was involuntarily committed to a mental institution for four years. The New York Times of July 27, 1960, said...
...woman, Miss Mae Dean, was admitted to the Jersey City Medical Center on July 4, 1956, while suffering from a severe attack of asthma. Twenty days later she was transferred to the Hudson County Hospital for Mental Disease in Secaucus...