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FHLMC |
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See Federal Home Loan Mortgage Corporation. Freddie Mac (Federal Home Loan Mortgage Corp.) What Does Freddie Mac—Federal Home Loan Mortgage Corp. (FHLMC) Mean? A stockholder-owned, government-sponsored enterprise (GSE) chartered by Congress in 1970 that makes money easily available to mortgage lenders to promote affordable home ownership for middle-income Americans. The FHLMC purchases, guarantees, and securitizes mortgages into what are called mortgage-backed securities. The mortgage-backed securities trade like stocks and are purchased by institutions and other public investors. Investopedia explains Freddie Mac—Federal Home Loan Mortgage Corp. (FHLMC) Freddie Mac has come under criticism because as a government enterprise, it can borrow money at interest rates lower than those available to non-GSE financial institutions. With this funding advantage, it issues large amounts of debt (known in the marketplace as agency debt or agencies) and in turn purchases and holds a huge portfolio of mortgages known as its retained portfolio. It was the size of this retained portfolio that contributed to the systemic mortgage bank financial crisis of 2008. Related Terms: How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| According to the court documents filed by the Division of Housing and Community Renewal (DHCR), the sponsor stopped paying the maintenance, the co-op defaulted on its mortgage payments to FHLMC and in 1991 the Federal agency foreclosed on the property. The resulting positive differential between the cash flow from the assets collateralizing the CMO bonds (the GNMA, FNMA, or FHLMC mortgage certificates) and the principal and interest payments on the collateralized bonds became known as a CMO residual or CMO excess cash flow. As a result of recent events at FHLMC and FNMA, the Company decided to record the unrealized losses in these securities as an other-than-temporary impairment in accordance with generally accepted accounting principles. |
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