What are Fannie Mae and Freddie Mac? Are they programs? - ANDREWS MORTGAGE OF OCALA FLORIDA

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What are Fannie Mae and Freddie Mac? Are they programs?

Both Fannie Mae, or the Federal National Mortgage Association, and Freddie Mac, or the Federal Home Loan Mortgage Corporation, are private, shareholder-owned companies that offer financial products and services for low-, moderate-, and middle-income homeowners. They are NOT part of the government, but they do have federal charters, Congressional mandates, and regulatory structure. Competition between Freddie Mac and Fannie Mae ensures that the benefits of the secondary market are passed on to homebuyers and renters through lower housing costs.