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Freddie Mac (FHLMC)

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Definition of 'Freddie Mac (FHLMC)'

Freddie Mac (OTCBB: FMCC) is the common name for the Federal Home Loan Mortgage Corporation (FHLMC). Freddie Mac is a is a stockholder-owned, public government sponsored enterprise (GSE) chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of home ownership and rental housing for middle income Americans.

Freddie Mac is headquarters in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia.

Freddie Mac purchases, guarantees and securitizes mortgages to form mortgage-backed securities. The mortgage-backed securities that it issues are generally very liquid and carry an almost risk free credit rating close to that of U.S. Treasuries.

On 7 September 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA. This action was probably one of the most sweeping government interventions in private financial markets history.

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