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Simple English definitions for legal terms
Freddie Mac
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A quick definition of Freddie Mac:
Freddie Mac is a company that helps people buy homes. It stands for Federal Home Loan Mortgage Corporation. They work with banks and other lenders to make sure people can get loans to buy houses. They also help make sure that the loans are safe for both the borrower and the lender.
A more thorough explanation:
Definition: Freddie Mac is a nickname for the Federal Home Loan Mortgage Corporation (FHLMC), a government-sponsored enterprise that buys mortgages from lenders and packages them into securities to sell to investors.
Example: Let's say you want to buy a house but don't have enough money to pay for it all at once. You can get a mortgage from a lender, which means the lender will give you the money to buy the house and you'll pay it back over time with interest. The lender might then sell your mortgage to Freddie Mac, which will package it with other mortgages and sell them to investors. This helps lenders have more money to lend to other people who want to buy homes.
Explanation: Freddie Mac helps make it easier for people to get mortgages by buying them from lenders and selling them to investors. This helps lenders have more money to lend to other people who want to buy homes.