Federal Home Loan Mortgage Corporation
Type: Public
Founded: 1970
Location: McLean, VA
Key people: Richard Syron, CEO & Chairman
Industry: Mortgage Investment
Products: Financial Services
Revenue: $36.8 billion (2003)
Employees: 5,000
Website: www.freddiemac.com
The Federal Home Loan Mortgage Corporation
("Freddie Mac") NYSE: FRE, a government
sponsored enterprise, is a stockholder-owned,
publicly-traded company chartered by the United
States federal government in 1970 to purchase
mortgages and related securities, and then issue
securities and bonds in financial markets backed
by those mortgages in secondary markets. Freddie
Mac, like its competitor Fannie Mae is regulated
by the Office of Federal Housing Enterprise
Oversight (OFHEO) in the United States Department
of Housing and Urban Development.
Freddie Mac makes money by charging a guarantee
fee which is usually a small part of the interest
payment of the loans they have securitized into
bonds. (For example, Freddie Mac may purchase
a loan with a rate of 5.19 percent and put it
into a mortgage backed security (MBS) bond which
has a 5.0 percent coupon, keeping 0.19 percent
as the guarantee fee.) Investors, or purchasers
of Freddie Mac MBS, are willing to let Freddie
Mac keep this fee in exchange for assuming the
credit risk, that is, Freddie's guarantee that
the principal of the underlying loan will be
paid back regardless of whether the borrower
actually repays. This is how Freddie Mac began
making money at its inception and continues
to do so today. But today, the majority of Freddie
Mac's income is derived from the interest rate
difference in the corporate debt Freddie Mac
issues and the MBS that Freddie Mac's retained
portfolio purchases.
The company is based in McLean, Virginia.
* 1 Credit rating
* 2 Investigations
* 3 Awards
Credit rating
* Senior Long-Term Debt: AAA Aaa AAA
* Short-Term Debt A-1+ Prime-1 F-1+
* Subordinated Debt AA- Aa2 AA-
* Preferred Stock AA- Aa3 AA- Watch Negative
* Risk-To-The-Government AA- Not Applicable
Not Applicable
* Bank Financial Strength Not Applicable A-
Not Applicable
Investigations
As of 2004, Freddie Mac is under investigation
for creative accounting practices that may have
been aimed more at protecting figures than actually
managing risk.
Awards
Freddie Mac was named one of the 100 Best Companies
for Working Mothers in 2004 by Working Mothers
magazine.
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