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Article: The Financial Giant That's In Our Midst; Special Tax Break in District Adds to Fannie Mae's Riches Series: THE MONEY MACHINE: HOW FANNIE MAE WIELDS POWER Series Number: 1/2
- Article from:
- The Washington Post
- Article date:
- January 15, 1995
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Every day, tens of thousands of people drive past a red brick
building on Wisconsin Avenue NW that looks like it belongs in
Colonial Williamsburg. Inside, past the security guards, the neatly
manicured gardens and the arched doorway, lies one of the city's best-
kept secrets.
New York may be the nation's money center, but Washington is home
to the biggest financial institution in America, Fannie Mae. The
company's $760 billion in mortgages, accumulated in its special role
in financing housing, makes it bigger than Citicorp and NationsBank
and helps bring it profits of more than $2 billion a year.
Fannie Mae's extraordinary size and growth will make it the first