freddie mac

Definition

The Federal Home Loan Mortgage Corporation, Fannie Mae's government-sponsored sibling that also purchases mortgages to stabilize the housing finance system. Together they're like the Batman and Robin of mortgage liquidity, if superheroes needed periodic taxpayer bailouts.

Example Usage

Freddie Mac's underwriting standards determine whether most conventional mortgages get approved, making them a de facto regulator of lending.

Origin

Acronym FHLMC phonetically rendered as 'Freddie Mac,' created by Congress in 1970 to compete with Fannie Mae

Fun Fact

During the 2008 financial crisis, both Fannie Mae and Freddie Mac were placed into conservatorship where they remain today, essentially under government control.

Source: Federal housing finance agency documentation

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