In other words, Freddie Mac is just another way for lenders to be able to provide a vast number of loans to their clients and find the best fit for them.įreddie Mac has now come out with a unique program, called Refi Possible, to promote homeownership for Americans who make less than the Area Median Income (AMI) - many of whom believe they don’t make enough to get a refinance on their home. The secondary mortgage market increases the supply of money available for mortgage lending and the money available for new home purchases. Their role is to expand the secondary loans market by purchasing mortgages to then sell to mortgage-backed security investors. Congress created Freddie Mac in 1970 to help increase stability and affordability in the housing market.
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