Business and Personal Finance Dictionary

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• FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
  
  Commonly known as "Freddie Mac," a federally chartered corporation established in 1970 for the purpose of purchasing mortgages in the secondary market. Freddie Mac was created as a part of the savings association system and, while it is not so limited, its loan purchase policies are designed to accommodate savings association needs. It functions with an independent board of directors but is subject to oversight by HUD.
  
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