Federal Home Loan Mortgage Corporation (Freddie Mac)
Definition
US government sponsored public corporation (established in 1970) that buys and pools qualified residential mortgage loans from their originating financial institutions. It then issues securities backed by its guarantee (and not that of the US government) against the mortgage pool for sale in the open market to provide fresh funding for home mortgages. Freddie Mac, as it is popularly called, is the second largest US player in the secondary mortgage market after the Federal National Mortgage Association (Fannie Mae).
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