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Sagot :
prior to the 2008 takeover of Fannie Mae and Freddie Mac, the federal government explicitly backed the securities issued by Ginnie Mac
The US Congress established Fannie Mae and Freddie Mac as government-backed mortgage enterprises. Both institutions do not create or maintain their own mortgages. Instead, they purchase and provide guarantees for mortgages that are issued by lenders on the secondary mortgage market. Up until the 1990s, the two companies essentially controlled the secondary mortgage market.
Together, these organizations provide liquidity and guarantees to thousands of banks, savings and loans, and mortgage businesses in the United States, increasing the mortgage market's stability, liquidity, and affordability.
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