USApedia

Freddie Mac: Difference between revisions

Page Discussion

Freddie Mac (view source)

Revision as of 07:05, 4 February 2025

804 bytes removed ,  4 February
m
Text replacement - "Reuters" to "Reuters"
VisualWikitext
(Alter: title, template type. Add: work, newspaper, authors 1-1. Removed parameters. Some additions/deletions were parameter name changes. | Use this bot. Report bugs. | Suggested by Abductive | Category:Affordable housing | #UCB_Category 84/106)
 
m (Text replacement - "Reuters" to "Reuters")
 
(5 intermediate revisions by the same user not shown)
Line 1: Line 1:
{{Short description|American government-sponsored enterprise}}{{About||the boxer|Freddie Mack}}
{{Organization
{{Infobox company
|OrganizationName=Freddie Mac
| name = Federal Home Loan Mortgage Corporation (Freddie Mac)
|OrganizationType=Government Corporations
| logo = FreddieMacLogo.svg
|Mission=Freddie Mac supports America's homebuyers, homeowners, and renters by providing liquidity, stability, and affordability to the housing market. It facilitates homeownership and rental housing by purchasing mortgages and mortgage-related securities, thereby ensuring funds are available for mortgage lending.
| logo_size =
|CreationLegislation=Emergency Home Finance Act of 1970
| type = [[Government-sponsored enterprise]] and [[public company]]
|Employees=7000
| traded_as = {{OTCQB|FMCC}}
|OrganizationExecutive=Chief Executive Officer
| foundation = {{start date and age|1970}}
|Services=Mortgage-backed securities; Single-family loans; Multifamily loans; Credit risk transfer; Housing finance solutions
| location = [[Tysons, Virginia]], U.S.<br>([[McLean, Virginia|McLean]] mailing address)
|HeadquartersLocation=38.93288, -77.22628
| key_people = {{unbulleted list
|HeadquartersAddress=8200 Jones Branch Dr, McLean, VA 22102
  | Lance Drummond ([[Chairperson#Non-executive chairperson|Non-Executive Chair]])
|Website=https://www.freddiemac.com/
  | Diana Reid ([[CEO]])
  }}
| services =  
| industry = [[Financial services]]
| products = [[Mortgage-backed securities]]
| revenue = {{decrease}} {{US$|21.264 billion|link=yes}} {{small|(2022)}}
| net_income = {{decrease}} {{US$|9.327 billion}} {{small|(2022)}}
| assets = {{increase}} {{US$|3.208 trillion}} {{small|(2022)}}
| equity = {{increase}} {{US$|37.018 billion}} {{small|(2022)}}
| num_employees = 7,799 {{small|(January 31, 2023)}}
| homepage = {{URL|https://www.freddiemac.com|freddiemac.com}}
| footnotes = <ref name="10-K 2022">{{cite web |url=https://www.freddiemac.com/investors/financials/pdf/10k_022223.pdf |title=Federal Home Loan Mortgage Corporation 2022 Annual Report (Form 10-K)  |date=February 22, 2023 |access-date=June 10, 2023}}</ref><ref>{{cite press release |title=Lance F. Drummond Elected Chair of Freddie Mac |url=https://freddiemac.gcs-web.com/news-releases/news-release-details/lance-f-drummond-elected-chair-freddie-mac |location=McLean, VA |publisher=Freddie Mac |agency=Globe Newswire |date=November 7, 2023 |access-date=March 15, 2024}}</ref>
}}
}}
{{Short description|American government-sponsored enterprise}}


The '''Federal Home Loan Mortgage Corporation''' ('''FHLMC'''), commonly known as '''Freddie Mac''', is an American [[publicly traded]],  [[government-sponsored enterprise]] (GSE), headquartered in [[Tysons, Virginia|Tysons]], [[Virginia]].<ref name="TysonsMap">"[http://factfinder.census.gov/servlet/MapItDrawServlet?geo_id=16000US5179952&_bucket_id=50&tree_id=420&context=saff&_lang=en&_sse=on Tysons Corner CDP, Virginia] {{webarchive |url=https://web.archive.org/web/20111110181002/http://factfinder.census.gov/servlet/MapItDrawServlet?geo_id=16000US5179952&_bucket_id=50&tree_id=420&context=saff&_lang=en&_sse=on |date=2011-11-10}}". [[United States Census Bureau]]. Retrieved on May 7, 2009.</ref><ref>"[http://www.freddiemac.com/corporate/about/contactus.htm Contact Us] {{webarchive |url=https://web.archive.org/web/20090514133503/http://www.freddiemac.com/corporate/about/contactus.htm |date=2009-05-14}}". Freddie Mac. Retrieved on May 12, 2009.</ref> The FHLMC was created in 1970 to expand the [[secondary market]] for [[Mortgage loan|mortgages]] in the US. Along with its sister organization, the Federal National Mortgage Association ([[Fannie Mae]]), Freddie Mac buys mortgages, pools them, and sells them as a [[mortgage-backed security]] (MBS) to private investors on the open market. This [[secondary mortgage market]] increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name "Freddie Mac" is a variant of the FHLMC [[Acronym and initialism|initialism]] of the company's full name that was adopted officially for ease of identification.
The '''Federal Home Loan Mortgage Corporation''' ('''FHLMC'''), commonly known as '''Freddie Mac''', is an American [[publicly traded]],  [[government-sponsored enterprise]] (GSE), headquartered in [[Tysons, Virginia|Tysons]], [[Virginia]].<ref name="TysonsMap">"[http://factfinder.census.gov/servlet/MapItDrawServlet?geo_id=16000US5179952&_bucket_id=50&tree_id=420&context=saff&_lang=en&_sse=on Tysons Corner CDP, Virginia] {{webarchive |url=https://web.archive.org/web/20111110181002/http://factfinder.census.gov/servlet/MapItDrawServlet?geo_id=16000US5179952&_bucket_id=50&tree_id=420&context=saff&_lang=en&_sse=on |date=2011-11-10}}". [[United States Census Bureau]]. Retrieved on May 7, 2009.</ref><ref>"[http://www.freddiemac.com/corporate/about/contactus.htm Contact Us] {{webarchive |url=https://web.archive.org/web/20090514133503/http://www.freddiemac.com/corporate/about/contactus.htm |date=2009-05-14}}". Freddie Mac. Retrieved on May 12, 2009.</ref> The FHLMC was created in 1970 to expand the [[secondary market]] for [[Mortgage loan|mortgages]] in the US. Along with its sister organization, the Federal National Mortgage Association ([[Fannie Mae]]), Freddie Mac buys mortgages, pools them, and sells them as a [[mortgage-backed security]] (MBS) to private investors on the open market. This [[secondary mortgage market]] increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name "Freddie Mac" is a variant of the FHLMC [[Acronym and initialism|initialism]] of the company's full name that was adopted officially for ease of identification.


On September 7, 2008, [[Federal Housing Finance Agency]] (FHFA) director [[James B. Lockhart III]] announced he had put Fannie Mae and Freddie Mac under the [[conservatorship]] of the FHFA (see [[Federal takeover of Fannie Mae and Freddie Mac]]). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".<ref name="ofheo.gov">{{cite news |first=James B. |last=Lockhart III |title=Statement of FHFA Director James B. Lockhart |url=http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0 |publisher=Federal Housing Finance Agency |date=September 7, 2008 |access-date=September 7, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080912172510/http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0 |archive-date=September 12, 2008}}</ref><ref name='FHFA-Conservatorship-2008-09-07'>{{cite news |title=Fact Sheet: Questions and Answers on Conservatorship |date=September 7, 2008 |publisher=Federal Housing Finance Agency |url=http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |access-date=September 7, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080909183946/http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |archive-date=September 9, 2008}}</ref><ref name='Washington Post-Goldfarb, Cho & Appelbaum-2008-09-07'>{{cite news |first=Zachary A. |last=Goldfarb |author2=David Cho |author3=Binyamin Appelbaum |title=Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms' Troubles From Setting Off Wave of Bank Failures |date=September 7, 2008 |url=https://www.washingtonpost.com/wp-dyn/content/article/2008/09/06/AR2008090602540.html |newspaper=[[The Washington Post]] |pages=A01 |access-date=September 7, 2008}}</ref> As of the start of the conservatorship, the [[United States Department of the Treasury]] had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10% per year, and the total investment may subsequently rise to as much as US$100 billion.<ref>{{cite news |last=Christie |first=Rebecca |title=Paulson Engineers U.S. Takeover of Fannie, Freddie (Update4)|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=ajcw4yxxPGJ8 |date=September 7, 2008 |publisher=Bloomberg |access-date=September 7, 2008}}</ref> Shares of Freddie Mac stock, however, plummeted to about one [[U.S. dollar]] on September 8, 2008, and dropped a further 50% on June 16, 2010, when the stocks delisted due to falling below minimum share prices for the NYSE.<ref>{{cite news |author=Adler, Lynn |title=Fannie Mae, Freddie Mac to delist shares on NYSE |url=https://www.reuters.com/article/idUSTRE65F3GR20100616 |date=June 16, 2010 |publisher=[[Reuters]] |access-date=June 16, 2010}}</ref> In 2008, the yield on [[United States Treasury security|U.S Treasury securities]] rose in anticipation of increased U.S. federal debt.<ref>{{cite news |author1=Grynbaum, Michael |author2=Jolly, David |title=U.S. Takeover of Mortgage Giants Lifts Stock Markets |url=https://www.nytimes.com/2008/09/09/business/worldbusiness/09markets.html |date=September 8, 2008 |work=[[The New York Times]] |access-date=September 8, 2008}}</ref> The housing market and economy eventually recovered, making Freddie Mac profitable once again.
On September 7, 2008, [[Federal Housing Finance Agency]] (FHFA) director [[James B. Lockhart III]] announced he had put Fannie Mae and Freddie Mac under the [[conservatorship]] of the FHFA (see [[Federal takeover of Fannie Mae and Freddie Mac]]). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".<ref name="ofheo.gov">{{cite news |first=James B. |last=Lockhart III |title=Statement of FHFA Director James B. Lockhart |url=http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0 |publisher=Federal Housing Finance Agency |date=September 7, 2008 |access-date=September 7, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080912172510/http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0 |archive-date=September 12, 2008}}</ref><ref name='FHFA-Conservatorship-2008-09-07'>{{cite news |title=Fact Sheet: Questions and Answers on Conservatorship |date=September 7, 2008 |publisher=Federal Housing Finance Agency |url=http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |access-date=September 7, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080909183946/http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |archive-date=September 9, 2008}}</ref><ref name='Washington Post-Goldfarb, Cho & Appelbaum-2008-09-07'>{{cite news |first=Zachary A. |last=Goldfarb |author2=David Cho |author3=Binyamin Appelbaum |title=Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms' Troubles From Setting Off Wave of Bank Failures |date=September 7, 2008 |url=https://www.washingtonpost.com/wp-dyn/content/article/2008/09/06/AR2008090602540.html |newspaper=[[The Washington Post]] |pages=A01 |access-date=September 7, 2008}}</ref> As of the start of the conservatorship, the [[United States Department of the Treasury]] had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10% per year, and the total investment may subsequently rise to as much as US$100 billion.<ref>{{cite news |last=Christie |first=Rebecca |title=Paulson Engineers U.S. Takeover of Fannie, Freddie (Update4)|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=ajcw4yxxPGJ8 |date=September 7, 2008 |publisher=Bloomberg |access-date=September 7, 2008}}</ref> Shares of Freddie Mac stock, however, plummeted to about one [[U.S. dollar]] on September 8, 2008, and dropped a further 50% on June 16, 2010, when the stocks delisted due to falling below minimum share prices for the NYSE.<ref>{{cite news |author=Adler, Lynn |title=Fannie Mae, Freddie Mac to delist shares on NYSE |url=https://www.reuters.com/article/idUSTRE65F3GR20100616 |date=June 16, 2010 |publisher=Reuters |access-date=June 16, 2010}}</ref> In 2008, the yield on [[United States Treasury security|U.S Treasury securities]] rose in anticipation of increased U.S. federal debt.<ref>{{cite news |author1=Grynbaum, Michael |author2=Jolly, David |title=U.S. Takeover of Mortgage Giants Lifts Stock Markets |url=https://www.nytimes.com/2008/09/09/business/worldbusiness/09markets.html |date=September 8, 2008 |work=[[The New York Times]] |access-date=September 8, 2008}}</ref> The housing market and economy eventually recovered, making Freddie Mac profitable once again.


[[File:Largest companies in the US by total assets.png|260px|right|Largest companies in the US by total assets]]
[[File:Largest companies in the US by total assets.png|260px|right|Largest companies in the US by total assets]]
Retrieved from ‘https://openusaproject.com/wiki/Special:MobileDiff/23561...27101’