Editing Federal Housing Administration (section)

=== Fannie Mae and G.I. Bill ===
In 1938, Congress established the Federal National Mortgage Association, commonly known as [[Fannie Mae]]. This creation played a pivotal role in setting up a secondary mortgage market, enabling banks and investors to buy and sell existing home loans. Following the enactment of the Serviceman's Readjustment Act, popularly known as the [[G.I. Bill|GI Bill]], in 1944, the FHA orchestrated a system of long-term mortgages to facilitate the construction and sale of private homes.

Under the GI Bill, the [[United States Department of Veterans Affairs|Veteran's Administration]] introduced a home-loan guarantee program that allowed veterans to make a down payment of only one dollar, making homeownership more accessible to them. These transformative changes contributed significantly to a surge in American homeownership, with the percentage of families residing in owner-occupied homes increasing from 44% to 63% between 1934 and 1972.<ref name=":32">{{Cite web |last=Fritz |first=Marie Justine |date=October 4, 2016 |title=Federal Housing Administration (FHA) |url=https://www.britannica.com/topic/Federal-Housing-Administration |access-date=March 3, 2022 |website=britannica.com}}</ref>