A formerly government-sponsored enterprise created by the Higher Education Amendments of 1986. The sole purpose of this organization was to insure and reinsure debt instruments that were issued by universities, colleges and other educational institutions to help fund building initiatives.

This organization's acronym has the same naming scheme as other government organizations like Fannie Mae, Ginnie Mae and Freddie Mac. 



|||Although the Department of Education originally provided Connie Lee with some start up equity capital, this amount was eventually paid back when Connie Lee was privatized back in 1997. Connie Lee is now a considered a private, for-profit organization.