Government Sponsored Entities (GSE), Fannie Mae, Freddie Mac and HUD (Ginnie Mae):

a) Are not sponsored, but are actually owned by the Federal Government, which took them under conservatorship following the Global Financial Crisis

b) Are a key source of inexpensive debt capital for a variety of multi-family housing situations from construction to permanent debt.

c) Dont directly originate; they rely on Delegated Underwriters and Servicers to originate the financings, and then buy the loans at the closing table.

d) All of the Above