Which of the following entities is NOT considered a major player in the secondary loan market for real estate?

Sallie Mae is primarily known for handling student loans rather than real estate loans, making it distinct from the other entities listed. In the context of the secondary loan market for real estate, major players like Fannie Mae, Freddie Mac, and Ginnie Mae are all involved in the buying, selling, and guaranteeing of mortgage loans to ensure liquidity and stability in the housing market.

Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that buy conventional mortgage loans and then pool them to create mortgage-backed securities (MBS) that can be sold to investors. Ginnie Mae, on the other hand, specializes in guaranteeing mortgage-backed securities that are made up of government-insured loans, such as those provided through the FHA, VA, or USDA.

Sallie Mae, by focusing on education financing, does not interact with the real estate secondary market in the same capacity. Thus, while the first three entities are pivotal in facilitating home loans and improving access to housing finance, Sallie Mae does not fall under this category, making it the correct answer to the question.