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Freddie Mac (Federal Home Loan Mortgage Corporation) is a government-sponsored enterprise (GSE) that was created in 1970 by the U.S. Congress to help stabilize the housing market and make home ownership more affordable. It is one of two GSEs along with Fannie Mae that operate in the secondary mortgage market, buying mortgages from lenders and either holding them in its own portfolio or packaging them into securities and selling them to investors.
Freddie Mac's mission is to provide liquidity, stability and affordability to the U.S. housing market. It does this by buying mortgages from banks and other mortgage originators, and then either holding them in its own portfolio or packaging them into securities and selling them to investors. This allows banks and other mortgage originators to free up capital, so they can make more loans, which in turn helps to keep mortgage rates low and make home ownership more affordable.
In addition to its primary function of buying mortgages, Freddie Mac also provides a number of programs and services to help support home ownership, such as affordable lending initiatives for low-income and underserved communities, as well as programs to help struggling borrowers avoid foreclosure.
Freddie Mac is considered a government-sponsored enterprise, which means that it operates with a public purpose but is also a private company and thus has to raise capital through the capital markets, unlike a government agency. While it operates independently, it is also regulated by the Federal Housing Finance Agency (FHFA) to ensure safety and soundness.
It's worth noting that since the 2008 financial crisis, Freddie Mac and Fannie Mae were put under government conservatorship and thus the government has a more active role in their management and decision-making process.
