Which of the following is NOT a part of the secondary money market?

In the context of the secondary mortgage market, the entities involved primarily engage in the buying and selling of mortgage loans and mortgage-backed securities. Fannie Mae and Freddie Mac play pivotal roles in this market by providing liquidity, stability, and affordability in the housing sector. They facilitate the flow of mortgage money by purchasing loans from lenders and packaging them into securities that can be sold to investors.

Sallie Mae, on the other hand, is primarily focused on student loans and does not participate significantly in the secondary mortgage market. Its main function is to provide educational financing, which distinguishes it from the entities that directly handle mortgage-related securities. Banks primarily operate in the primary mortgage market, where loans are originated, rather than directly engaging in the secondary market practices.

By identifying Sallie Mae as not being part of the secondary money market, one can understand that its role lies outside the realm of mortgage financing, making it the correct choice in this context.