Before going into the differences between Fannie Mae vs Freddie Mac, we must discuss the basics of the mortgage industry. You may think these companies aren’t important because they don’t give loans. But, these companies are the reason why your mortgage loan interests can stay low.
Even though Fannie Mae and Freddie Mac were Congressionally-chartered, they are also private, shareholder-owned corporations. They have been regulated by the US Department of Housing and Urban Development since 1968 and 1989, respectively. However, Fannie Mae is more than 40 years old.
Fannie Mae and freddie mac underwriting guidelines. May 16, 2018. The underwriting guidelines from Freddie Mac and Fannie Mae form the cornerstone of the mortgage underwriting process.It is important for lenders to strictly adhere to these guidelines because they form the foundation of the rules that govern mortgage loans.
· Known as “the brother” of Fannie Mae, Freddie Mac is the nickname given to The federal home loan mortgage Corporation, or FHLMC. This organization is also used to help expand the secondary market for mortgages. Freddie Mac works by purchasing mortgages on the secondary market and then selling them as an MBS to investors within the open market.
The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises (gses) federal national Mortgage Association and Federal Home loan mortgage corporation (freddie Mac) by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis.
Fannie Mae Web Site Fannie Mae Charter Act. Freddie Mac was chartered by Congress in 1970 as a private company to likewise help ensure a reliable and affordable supply of mortgage funds throughout the country. Today is a shareholder-owned company that operates under a congressional charter. Freddie Mac Web Site Freddie Mac Charter Act
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Freddie Mac and Fannie Mae are very important names within the mortgage world. Between their historical significance and their effects on the open market at large, there is a lot of value in knowing as much as you can about them so that you can make informed decisions on how to navigate the.