American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses.
The company's common stock trades on the New York Stock Exchange under the ticker symbol "AXP." It is one of the 30 stocks that comprise the Dow Jones Industrial Average and is ranked as the 74th largest company by Fortune.
GMAC offers financing to General Motors dealerships and customers, as well as other dealerships. GMAC has also been one of the largest mortgage issuers and servicers in the United States, through its Residential Capital subsidiary, and GMAC insurance sells car and home insurance. GMAC's finance arm also offers financing to middle market businesses.
On November 21 GMAC applied for bank holding status in order to become eligible for federal financial bailout status.
The Federal National Mortgage Association (AKA Fannie Mae) is a public company operating under federal charter and is the US's primary source for mortgage funding, financing one of every five home loans. Fannie Mae buys mortgages from lenders and resells them, transferring risk from lenders and allowing them to offer mortgages to those who may not otherwise qualify. The company was hit hard by the subprime mortgage crisis of 2007 and had to be rescued by the Federal Reserve.
Fannie Mae is a government-sponsored enterprise (“GSE”) chartered by the U.S. Congress.
