fannie mae and freddie mac what are they?
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Fannie Mae and Freddie Mac are home mortgage companies created by the U.S. Congress. Neither institution originates or services mortgages. Instead, they buy and guarantee mortgages through the secondary mortgage market.
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FMERR stands for the Freddie Mac Enhanced Relief Refinance mortgage. Freddie Mac developed the program to offer financial relief to homeowners who owed more on their homes than their homes were worth. This program exists specifically for homeowners who make their payments.
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Features. A 30-year fixed jumbo mortgage is a home loan that will be repaid over 30 years at a fixed interest rate. The amount of a jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit of $417,000 for a single-family home, as of July 2010.
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The Government National Mortgage Association (commonly referred to as Ginnie Mae and abbreviated to GNMA) is a U.S. government corporation that guarantees the timely payment of principal and interest on mortgage-backed securities (MBSs) issued by approved Ginnie Mae lenders.
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['Repayment mortgage. ... ', 'Interest-only mortgage. ... ', 'Fixed rate mortgage. ... ', 'Standard variable rate (SVR) mortgage. ... ', 'Discounted rate mortgage. ... ', 'Tracker mortgage. ... ', 'Capped rate mortgage. ... ', 'Cashback mortgage.']
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Fannie Mae and Freddie Mac buy mortgages from lenders and either hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending.
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Fannie Mae does not originate or provide mortgages to borrowers. But it does purchase and guarantee them through the secondary mortgage market. In fact, it's one of two of the largest purchasers of mortgages on the secondary market.
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FHA Loans are loans backed by the Federal Housing Administration. ... Fannie Mae Loans are typically conventional loans backed by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).
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A Ginnie Mae pass-through is an investment issued by the Government National Mortgage Association (GNMA), known as Ginnie Mae, that draws income from pools of Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) mortgages.
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Banks structure their own loan programs within guidelines set by Fannie Mae, Freddie Mac, FHA and VA. ... Unlike a mortgage “broker,” the mortgage company still closes and funds the loan directly. Because these companies only service mortgage loans, they can streamline their process much better than a bank.
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Fannie Mae, or the Federal National Mortgage Association, came from the acronym FNMA. ... Ginnie Mae, or Government National Mortgage Association, came from its acronym GNMA.
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In 2008 Fannie and Freddie lost a combined $47 billion in their single-family mortgage businesses, forcing the companies to dig deep into their capital reserves. Nearly half of those losses came from Alt-A loans, despite those loans accounting for just 11 percent of the companies' total business.
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Freddie Mac and Fannie Mae are both creative acronyms for congressionally created home mortgage companies. The Federal Home Loan Mortgage Corp. became Freddie Mac and the Federal National Mortgage Association became Fannie Mae.
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['Fannie Mae HomeReady loans. The HomeReady mortgage program from Fannie Mae offers low-income home loans to prospective homebuyers with limited cash for a down payment. ... ', 'Freddie Mac Home Possible® loans. ... ', 'FHA loans. ... ', 'Good Neighbor Next Door program. ... ', 'VA loans. ... ', 'USDA loans.']
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Freddie Mac and Fannie Mae both do essentially the same thing: they repackage mortgages into investments (aka mortgage-backed securities) and sell those securities to investors. ... Ginnie Mae's securities, on the other hand, remained relatively stable due to the government guarantee on them.
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Fannie Mae (the Federal National Mortgage Association) is sponsored by the U.S. government and can issue and guarantee MBS issues. ... It does not issue MBSs, and its guarantees are backed by the full faith and credit of the U.S. government. Furthermore, Ginnie Mae guarantees MBS issues from qualified private institutions.
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As for Freddie Mac, that one is a little trickier. Similar to Fannie and Ginnie, Freddie Mac, or Federal Home Loan Mortgage Corporation, was derived from its acronym FHLMC. Freddie, from “F” and Mac from “MC.” It seems the jury is still out on as to why letters “HL” were left out.