Connie Max
Concordian Home Loan Mortgage Corporation | |
 Logo of Connie Max | |
| Abbreviation | CNM |
|---|---|
| Formation | December 31, 1923 |
| Founder | Government of South Hills |
| Type | Bank |
| Legal status | Publicly-traded for profit corporation |
| Purpose | Bolstering the housing sector |
| Headquarters | Matthews, South Hills |
| Owner |
|
Connie Max is a publicly-traded bank established in 1923 after the Great War by the government of South Hills initially as a state-owned bank to invigorate the housing sector. Its function is to provide finance for investment in the housing sector specifically by buying mortgages, pooling and packaging them as mortgage-backed securities, and selling them on the secondary mortgage market.
At the time, the financial sector was saturated with war-time bonds that had been used to finance South Hills involvement in that war and support its allies abroad and financial resources were not as readily available for other sectors. They felt that the construction and real estate sectors had the greatest potential for creating employment through construction contracts and wealth through encouraging home ownership. Additionally many soldiers were returning from military service and thus the state felt that the property development sector was the most likely to absorb the incredible manpower that the war would release due to its closure.
As such, the Confederation government passed the Concordian Home Loan Mortgage Corporation Act by which this company was created. The name Connie Max was chosen by the Secretary of the Treasury at the time as an abbreviation for the Concordian Home Loan Mortgage Corporation to make the organization more marketable and was part of a trend of using simple acronyms for the names of the many state institutions that were established at the time to help the country rebuild after the war.
The company is currently led by CEO, Frida de Jagger since 2018. The company is headquartered in Matthews and operates branches across the world. As of 31 December 2022[update], the company controlled 2.5 trillion SHD, making it one of the largest banks in the world.