The Federal National Mortgage Association (OTC: FNMA) is a government-sponsored enterprise (GSE) that was created by Congress in 1938 as part of President Franklin Delano Roosevelt's New Deal. More commonly known as "Fannie Mae," the purpose of the federal mortgage oversight company is to create liquidity in the secondary mortgage market through buying mortgage loans from banks and other loan originators. Fannie Mae packages the loans and sells them to investors as mortgage-backed securities (MBS). Lenders use the cash they get from selling mortgages to Fannie Mae to lend to other customers. Fannie Mae became a publicly traded corporation in 1970. The company was delisted from the New York Stock Exchange after it was placed in government conservatorship as a result of the losses it sustained during the subprime housing crisis of 2008. Fannie Mae investors continue to buy and sell shares sold through over-the-counter trading (OTC). The average daily trading volume (ADTV) for FNMA as of May 2016 was approximately 4.5 million.

Below are the top five holders of Fannie Mae shares.

Joseph J. Grassi III

Former Fannie Mae senior vice president Joseph J. Grassi is the top major direct holder of Fannie Mae shares. As of May 2014, he held 7,849 shares of FNMA stock. In January 2015, Grassi left Fannie Mae to join Prospect Holding Co. LLC as general counsel. Grassi was a senior vice president and general counsel with Fannie Mae from 2003 to 2015. During his time at Fannie Mae, he helped to develop the company's recovery strategy from the housing crisis of 2008.

Before his executive leadership role at Fannie Mae, Grassi was associate general counsel at the Fannie Mae regional office in Philadelphia and senior counsel for the Federal Home Loan Mortgage Corporation (OTC: FMCC) GSE, known as "Freddie Mac." After earning degrees in business administration and law from Villanova University, Grassi also practiced commercial real estate law as an associate with the Philadelphia law firm Obermayer, Rebmann, Maxwell & Hippel.

Kimberly H. Johnson

Kimberly H. Johnson held 6,669 shares of Fannie Mae stock as of November 2015. She joined Fannie Mae in 2006 and serves as chief risk officer and senior vice president. Her responsibilities include monitoring the company's exposure to risks in the housing lending market and setting organizational credit policies. Johnson has also been responsible for oversight of other Fannie Mae programs, including the Delegated Underwriting and Servicing (DUS) that finances multifamily rental housing.

Before joining Fannie Mae, Johnson was a director at Credit Suisse Group AG (NYSE: CS). Johnson's specialties at Credit Suisse included fixed-income sales by banks and U.S. government-sponsored entities. Johnson also worked as an equity trader specializing in derivatives. She earned her Master of Business Administration (MBA) from Columbia University, and a bachelor's degree from Princeton University.

Joy C. Cianci

As of September 2014, Fannie Mae senior vice president Joy C. Cianci held 6,190 shares of Fannie Mae stock. Cianci joined Fannie Mae as counsel in 1993. Since 2014, she has been a senior vice president with oversight of the single-family credit portfolio management division. Previously, Cianci held various executive leadership roles at Fannie Mae. She was senior vice president of the Making Home Affordable program from 2010 to 2014. Some of Cianci's executive roles at Fannie Mae include leadership of divisions focused on community outreach. She was senior vice president of giving and community outreach and housing and community development, and vice president of the Fannie Mae office of community and charitable giving. Cianci was also a director of the Fannie Mae eBusiness and legal divisions.

Cianci holds degrees in law and economics from the University of Pennsylvania. Before joining Fannie Mae, she held a position with the law firm Ballard, Spahr, Andrews & Ingersoll, where she specialized in commercial real estate foreclosures.

Top Institutional Holder

William Harris Investors Inc. is the top institutional holder of Fannie Mae stock. The Chicago-based, privately held investment advisor specializes in an array of investment strategies, including real estate, hedge funds and public and private equities. As of March 2016, the company held 653,403 Fannie Mae shares.

Top Mutual Fund

The largest overall holder of Fannie Mae shares is the mutual fund manager company Fairholme Capital Management, LLC. Fairholme mutual funds held a total of 12.658 million Fannie Mae shares as of February 2016.