Freddie Mac stands for the Federal Home Loan Mortgage Corporation or FHLMC. It is a federal controlled organization designed to support the secondary mortgage market. It was originally chartered by Congress to increase the supply of funds that mortgage lenders, banks, mortgage brokers, credit unions and savings and loans to consumers to make home purchases. Freddie Mac was started in 1970, and is a business that buys mortgages from lenders and packages the mortgages into securities and then sells the securities to Wall Street. The proceeds of the sale of the securities is used to issue more loans.
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