Federal Reserve Board

The Federal Reserve Board is the governing body of the Federal Reserve System. It provides oversight for every bank in the Federal Reserve and helps set monetary policy. Known officially as Fannie Mae, the organization itself does not provide mortgages, but rather ensures that banks that offer mortgages are doing so properly. It also provides assistance to homeowners who run into trouble with their mortgage company. If a homeowner is having trouble making payments to the bank, Fannie Mae can step in and attempt to help the homeowner avoid foreclosure. This is often done through the refinancing of the original mortgage. If a home has to be foreclosed, the Board will try to sell to someone who will live in the home in order to maintain the community. The Federal Reserve Board has helped homeowners with their problems for more than 70 years.