Difference Between Fannie Mae And Freddy Mac
Fannie Mae and Freddie Mac:
As part of the FDR’s program to get out of the Depression in 1938, Congress created “Fannie Mae” the Federal National Mortgage Association. It was created to underwrite home loans, to encourage more home purchases and construction of new homes. Eventually by 1968, the government made Fannie Mae a private organization and they now make their money by buying and repackaging bank’s mortgages and selling them like bonds. In 1970 Congress created another Federal Home Loan Mortgage Corporation, known as Freddie Mac, they created Freddie Mac to insure that there would be competition in the mortgage market. They also do the same thing as Fannie Mae does now.
The Lobbyist made sure that Congress kept supporting Fannie
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