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The Federal Home Loan Mortgage Corporation (FHLMC) (NYSE: FRE), known as Freddie Mac, is a government sponsored enterprise (GSE) of the United States federal government. Freddie Mac has its headquarters in the Tyson’s Corner CDP in unincorporated Fairfax County, Virginia.

The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market increases the supply of money available for mortgages lending and increases the money available for new home purchases. The name, “Freddie Mac”, was a acronym of the company’s full name that had been adopted officially for ease of identification (see “GSEs” below for other examples).

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”.

Moody’s gave Freddie Mac’s preferred stock an investment grade rating of A1 until August 22, 2008 when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody’s changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie’s senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody’s, S&P, and Fitch. As of the start of the conservatorship, the United States Department of the Treasury had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10 percent a year, and the total investment may subsequently rise to as much as US$ 100 billion.^[7]

Home loan interest rates may go down as a result, and owners of Freddie Mac debt and the Asian central banks who had increased their holdings in these bonds may be protected. Shares of Freddie Mac stock, however, plummeted to about one U.S. dollar on September 8, 2008 . The yield on U.S Treasury securities rose in anticipation of increased U.S. federal debt.

On April 22, 2009, David Kellermann, the CFO for the company, was found dead in his basement of an apparent suicide.

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Federal Home Loan Mortgage Corporation (Freddie Mac)

Type	Public (NYSE: FRE)
Founded	1970
Headquarters	Tysons Corner CDP, Virginia
Key people	John Koskinen (Interim CEO)
Industry	Credit services
Products	Financial services
Revenue	US$ 43.104 billion (2007)
Operating income	US$ −5.977 billion (2007)
Net income	US$ −3.094 billion (2007)
Total assets	US$ 794.368 billion (2007)
Total equity	US$ 26.724 billion (2007)
Employees	5,281 (2008)
Website	FreddieMac.com