Freddie Mac
| Federal Home Loan Mortgage Corporation (Freddie Mac) | |
|---|---|
|
|
| Country |
 United States
|
| Seat | Tysons Corner , Virginia |
| legal form | GSE |
| ISIN | US3134003017 |
| BIC | FMACUS33XXX |
| founding | 1970 |
| Website | www.freddiemac.com |
| Business data 2014 | |
| Total assets | 1,945.5 billion US dollars |
| Employee | 4,957 |
| management | |
| Board of Directors | Christopher S. Lynch ( Chairman ) |
| Board | Donald H. Layton ( CEO ) |
Freddie Mac ( Federal Home Loan Mortgage Corporation ) is a US publicly traded mortgage company headquartered in Tysons Corner , Virginia . Freddie Mac buys mortgages from banks, these loans summarizes and brings them as mortgage-backed securities ( mortgage-backed securities ) to the capital market . The company's current name is derived as a quasi- acronym from the abbreviation of its original name, Federal Home Loan Mortgage Corporation (FHLMC).
Freddie Mac is a government-funded US companies ( government-sponsored enterprise ) and the Office of Federal Housing Enterprise Oversight oversees (OFHEO). The company is currently the second largest mortgage lender in the United States. 2014, the Bank generated sales of 14.263 billion US dollars .
history
Freddie Mac was founded in 1970 by the United States Congress as Federal Home Loan Mortgage Corporation to compete with Fannie Mae and the FHL banks, which was privatized at the same time , and thus prevent a monopoly.
An accounting scandal in 2003 led to changes in management at the bank. Between 2000 and 2002, the company's profits had been under-reported by billions of dollars.
In 2008 the company, like competitor Fannie Mae, got into financial difficulties due to the real estate crisis in the United States. On July 13, 2008, the US government announced that it would support Freddie Mac and Fannie Mae with loans and share purchases running into billions to prevent the two banks from going bankrupt . The US Senate and US House of Representatives approved this in the principles on July 23. On September 7, 2008, the Federal Housing Finance Agency (FHFA) took control of Freddie Mac. The two state-affiliated mortgage lenders Fannie Mae and Freddie Mac received a rescue loan of 187 billion dollars in 2008. By March 2014, the state rescue loan was repaid in full.
Individual evidence
- ↑ Entry in the BIC directory at SWIFT
- ↑ http://www.freddiemac.com/investors/er/pdf/10k_021915.pdf
- ↑ Frankfurter Allgemeine Sonntagszeitung , July 13, 2008, p. 43
- ↑ a b manager magazin : Hypo-Gigant has to fire its boss , August 24, 2003
- ↑ n-tv : Aid worth billions: US Senate gives the green light , July 12, 2008
- ↑ Press release of the Federal Reserve , July 13, 2008
- ↑ Süddeutsche Zeitung : US government supports mortgage banks with billions ( Memento from August 2, 2008 in the Internet Archive ) , July 15, 2008
- ^ Neue Zürcher Zeitung : Comprehensive Housing Bill on the home straight , July 23, 2008
- ^ Spiegel Online : US government takes over Freddie Mac and Fannie Mae , September 7, 2008
- ↑ Frankfurter Allgemeine Zeitung : America nationalized Freddie and Fannie , by Claus Tigges, September 8, 2008
- ↑ Spiegel-Online, Nationalized US mortgage lender: Fannie Mae makes $ 84 billion in profit , February 21, 2014