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Article: Q andA: Fannie Mae and Freddie Mac.
- Article from:
- Aljazeera.net
- Article date:
- September 14, 2008
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9/9/2008 7:37:32 AM
The US government has taken over Fannie Mae and Freddie Mac in an attempt to help them recover from massive losses.
We answer here some questions about that big bail-out.
Who or what are Fannie Mae and Freddie Mac?
Both Fannie Mae and Freddie Mac are US government "sponsored" home loan banks. Each of them have formal names, but are primarily known by their nicknames.
In fact, both these institutions prefer to go by their nicknames rather than their official names. That's like the US government going by "Uncle Sam" all the time.
Fannie Mae was created by the government in 1938 to guarantee mortgage ...