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Fannie Mae and Freddie Mac do not actually loan money to borrowers. Instead, they establish standards that lenders must follow if they want Fannie Mae or Freddie Mac to buy their mortgage debt. Home lenders want to follow these standards as much as possible, because the amount of mortgage debt that these organizations purchase is quite large.
There is no alternative to Fannie Mae and Freddie Mac and ultimately the original conservatorship. When Treasury and FHFA took over the companies, between 2008 and 2011 they wrote down hundreds of.
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Fannie Mae and Freddie Mac: The overhaul, which would only help a fraction of. The FHFA said it wanted to focus on loans made between 2004-08, when borrowers typically locked into rates above 5.
Freddie Mac is the federal home loan Mortgage Corporation. These organizations are not only different in their genesis, but also in their target market and products. For example, Fannie Mae buys mortgages from large retail banks while Freddie Mac buys them from smaller thrift ones. But both help banks make more loans and keep interest rates low.
Even though Fannie Mae and Freddie Mac were Congressionally-chartered, they are also private, shareholder-owned corporations. They have been regulated by the US Department of Housing and Urban Development since 1968 and 1989, respectively. However, Fannie Mae is more than 40 years old.
Freddie Mac is nearly identical to Fannie Mae but with one key distinction. freddie mac purchases loans from smaller ‘thrift’ banks as opposed to the large commercial banks that fannie mae deals with. Besides that, Freddie Mac performs the exact same job and experienced identical repercussions during the recession.
When you’re shopping for a home loan, there are two names that you’ll inevitably encounter. Exploring the similarities and differences between Fannie Mae and Freddie Mac can help you understand their impact on the home loan market, enabling you to make a more informed decision as you select a mortgage.
Freddie Mac and Fannie Mae both do essentially the same thing: they repackage mortgages into investments (aka mortgage-backed securities) and sell those securities to investors. If a mortgage borrower defaults, it affects the value of the securities.
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