American Heritage® Dictionary of the English Language, Fourth Edition
- n. A security issued by the Federal Home Loan Mortgage Corporation and secured by a pool of conventional home mortgages.
- n. finance Widely-used nickname for the Federal Home Loan Mortgage Corporation (FHLMC), a private, stockholder-owned corporation sponsored by the US government, established in 1968 to provide market competition for the Federal National Mortgage Association.
- n. a corporation authorized by Congress to provide a secondary market for residential mortgages
- Alteration of Fed(eral Home Loan) M(ortgage) C(ompany). (American Heritage® Dictionary of the English Language, Fourth Edition)
“Their so-called agency problem as well as that of Fannie Mae and Freddie Mac is just economic jargon for bad incentives to provide investors with a little packaged truth about real economic riskrisk that was historically recognized in the sizable down payment requirements.”
“Another former chief who kept a directorship is Richard Syron , ousted as head of Freddie Mac in 2008 when the U.S. government seized the mortgage giant.”
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