THE INTERNATIONAL CAPITAL MARKETS DISCOVER MAIN STREET
The Federal National Mortgage Association will probably borrow $20 to $25 billion of long-term funds this year a finance its operations as America’s largest purchaser of home mortgages. Depending on market conditions, about $2 billion of the total may be borrowed overseas, up from $1.2 billion last year.
Fannie Mae, as it is commonly known, has ventured abroad for three main reasons: to lower its cost of borrowed funds, sometimes by as much as 30 to 40 basis points; to obtain somewhat longer maturities than were available domestically, and to diversify its investor base.
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