The End of Joe Lyons

In the aftermath of the Great Depression, we had a conservative government. And Joe Lyons was Prime Minister. The person elected in the US at the same time was Franklin Delano Roosevelt. FDR introduced the New Deal. In 1938, he created something called Fannie Mae. Which is the Federal Mortgage Insurance Association. It's job was to buy 30-year fixed rate mortgages from the banks and parcel them up and sell them as mortgage-backed securities. But it wasn't about what the banks were doing. We didn't get a Fannie Mae until 1941.