In the 1970 the government chartered the latest Federal Financial Financial Enterprise (Freddie Mac) while the an exclusive providers
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Their purpose–to get and securitizing mortgage loans to market exchangeability and balances–is actually just like Fannie Mae’s mission, no matter if 1st Freddie Mac was just supposed to pick mortgages started from the coupons and you may financing relationships. Over the years so it change eroded. For example Fannie mae, Freddie Mac try recognized because of the really because the obtaining the implicit support of authorities.
This new operate along with offered brand new GSEs’ mandate adjust availableness and you can affordability to have reduced-earnings borrowers through the fresh new Sensible Property Specifications learnt in Ambrose & Thibodeau (2004) and Bostic & Gabriel (2006).