Investment: Wall Street's Favorite Girl

Fannie Mae leads two lives.

At its Washington headquarters, Fannie Mae—whose real name is the Federal National Mortgage Association —operates with the opulent dignity of a well-heeled bank. Its job is to provide mortgage money for Government-backed housing loans when funds are hard to get from private lenders. This year the association will finance about a quarter of the nation's new housing.

On Wall Street, Fannie Mae is a volatile stock that has suddenly become enormously popular. Logically, a Government-sponsored enterprise ought to be about the last source of frenzied speculation. Yet in the three months since Fannie Mae common began...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!