Federal Home Loan Mortgage Corporation Law and Legal Definition
Federal Home Loan Mortgage Corporation (FHLMC) is a private corporation chartered by the U.S. Government. The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. It buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to 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. FHLMC guarantees the timely payment of interest and ultimate payment of principal. FHLMC is commonly called "Freddie Mac".
Legal Definition list
- Federal Home Loan Banks [FHLB]
- Federal Home Loan Bank Board
- Federal Home Loan Bank Act of 1932
- Federal Highway Fuel Economy Test Procedure
- Federal Highway Administration [FHWA]
- Federal Home Loan Mortgage Corporation
- Federal Home Loan Mortgage Corporation[FHLMC]
- Federal Housing Administration
- Federal Housing Finance Agency
- Federal Housing Finance Board
- Federal Implementation Plan [Pollution Prevention]
Related Legal Terms
- Accompanying the Federal Government Outside the United States
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Active Voters [Federal Elections]
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
- Adjustable Rate Mortgage
- Adjustable Rate Mortgage Caps
- Adjustable Rate Mortgage Loan
