Federal Home Loan Mortgage Corporation


Also found in: Dictionary, Thesaurus, Acronyms, Encyclopedia, Wikipedia.
Related to Federal Home Loan Mortgage Corporation: Freddie Mac

Federal Home Loan Mortgage Corporation (FHLMC)

Freddie Mac

Federal Home Loan Mortgage Corporation (FHLMC). A publicly-traded company chartered by the U.S. Congress to guarantee mortgages granted to low- or middle-income households. In order to do this, it buys mortgages and repackages them, selling them as mortgage-backed securities. It also maintains its own portfolio of mortgage-backed securities. It was established in 1970 to provide competition for Fannie Mae, which provides the same services and also had an implicit guarantee of federal backing. With the collapse of the housing bubble, Freddie Mac was placed in federal receivership in 2008 as a result of overexposure to this market. See also: Community Reinvestment Act, Credit Crunch.

Federal Home Loan Mortgage Corporation

Federal Home Loan Mortgage Corporation

A stockholder-owned corporation chartered by Congress in 1970 to assist home mortgage lenders with a steady flow of money.Called Freddie Mac (www.freddiemac.com) for short,it buys home mortgages from loan originators such as local financial institutions and then sells mortgage backed securities and debt securities. In order to realize one of its goals, to stabilize the mortgage industry, Freddie Mac has transformed the industry by standardizing mortgage documents, introducing automated underwriting, creating the market for conventional mortgage backed securities, and leading the fight against unfair and predatory lending practices. Its primary competitor is Fannie Mae; both are regulated by the Office of Federal Housing Enterprise Oversight in HUD.

References in periodicals archive ?
Since the Federal Home Loan Mortgage Corporation is not a bank or a savings and loan association, its entire mortgage was lost.
As part of UAMC, Pinnacle will have access to a larger variety of conventional and niche home loan programs and will be approved directly as a seller and servicer with the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and Government National Mortgage Association (GNMA).
Three government-sponsored agencies dominate secondary market activity-the Federal National Mortgage Association (FNMA, or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac), and the Government National Mortgage Association (GNMA, or Ginnie Mae)-although banks, thrift institutions, insurance companies, and other entities are active as well.
Its investments in preferred stocks issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) as well as debt securities issued by Washington Mutual make up the majority of these expected impairments.
government, or by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC), which are government-sponsored agencies.
SAN FRANCISCO -- Wells Fargo & Company (NYSE:WFC) said today that in third quarter 2008 it will record other-than-temporary impairment and take a non-cash charge to earnings for its investments in perpetual preferred securities issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Soon, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), both government-sponsored agencies, also developed mortgage-backed securities.
The income analyzer addresses all types of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal Housing Administration (FHA) loans.

Full browser ?