Fannie Mae and Freddie Mac are the largest purchasers of home mortgages in the secondary mortgage market. Their purpose is to assist mortgage bankers and other lenders by ensuring that they have enough funds to lend to homebuyers at reasonable rates. During times of restricted liquidity, Fannie and Freddie play a major role in keeping the dream of American homeownership possible. Fannie Mae refers to the Federal National Mortgage Association (FNMA) and Freddie Mac refers to the Federal Home Loan and Mortgage Corporation (FHLMC).
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