Federal Home Loan Mortgage Corporation
 |
|
| Government-sponsored enterprise and public company | |
| Traded as | OTCQB: |
| Industry | Financial services |
| Founded | 1970 |
| Headquarters |
Tysons Corner, Virginia, U.S. (McLean mailing address) |
|
Key people
|
Donald H. Layton, CEO |
| Products | Diversified Financials |
| Services |
Credit services Diversified Investments |
| Revenue |
 US$14.263 billion (2014) |
|
US$7.690 billion (2014) |
|
| Total assets |
US$1,945.539 billion (2014) |
| Total equity |
US$2.651 billion (2014) |
|
Number of employees
|
4,957 (2014) |
| Website | FreddieMac.com |
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in the Tyson's Corner CDP in Fairfax County, Virginia.
The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with the Federal National Mortgage Association (Fannie Mae), Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", is a variant of the initialism of the company's full name that had been adopted officially for ease of identification.
On September 7, 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 (see Federal takeover of Fannie Mae and Freddie Mac). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".
Moody's gave Freddie Mac's preferred stock an investment grade rating of A1 until August 22, 2008, when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody's changed the credit rating on that day to Baa3, the lowest investment-grade credit rating. Freddie's senior debt credit rating remains Aaa/AAA from each of the major rating agencies Moody's, S&P, and Fitch.
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Wikipedia