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{{Use American English|date=January 2017}}
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[[File:Fannie Mae Headquarters.JPG|200px|right|thumb|Fannie Mae headquarters at 3900 [[Wisconsin Avenue (Washington, D.C.)|Wisconsin Avenue]], NW in [[Washington, D.C.]]]]
In September 2008 the [[Federal Housing Finance Agency]] (FHFA) announced that it would take over the Federal National Mortgage Association ([[Fannie Mae]]) and the Federal Home Loan Mortgage Corporation ([[Freddie Mac]]). Both [[government-sponsored enterprise]]s, which finance [[home mortgage]]s in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the [[subprime mortgage crisis]]. The FHFA established [[conservatorship]]s in which each enterprise's management works under the FHFA's direction to reduce losses and to develop a new operating structure that will allow a return to self-management.<ref name=FHFA-Lockhart-2008-09-07>
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