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    Washington Post.com: Post 200 -- Top 35 Financial Institutions

    Federal Home Loan Mortgage Corp.
    list rank
    From the April 28, 1997, Washington Post


    '96 (in $ 000s) '95 (in $ 000s)
    Assets 173,866,000 137,181,000
    Net Income 1,243,000 1,091,000
    Rank Last Year: 2

    Description:
    The Federal Home Loan Mortgage Corp., also known as Freddie Mac, is a congressionally chartered, stockholder-owned corporation. It was created by Congress to supply additional capital to the nation's housing markets by buying home mortgages from lenders, giving the lenders funds to make more loans. The company raises money by borrowing in the capital markets and by selling mortgage-backed securities and other instruments.

    Business Resume:
    • Contact Info --
      8200 Jones Branch Dr.
      McLean, Va. 22102
      703-903-2000
    • Main Business --
      Mortgage lending
    • Founded --
      1971
    • Chairperson --
      Leland C. Brendsel (CEO)
    • President --
      David W. Glenn
    • Employees --
      3,300
    • D.C.-Area Employees --
      2,892
    Developments:
    After several years of great volatility, interest rates were fairly stable in 1996, creating a steady business environment for the company. Although Freddie Mac has demonstrated the ability to make money whether interest rates are high or low, rapid changes cause its business volumes to rise and fall suddenly. Last year's relative calm allowed the company to devote more attention to other aspects of the business.

    The company rolled its Loan Prospector software out into full commercial use. Loan Prospector, which was introduced in 1995, allows lenders to review mortgage loans via computer to find out quickly whether they meet Freddie Mac standards and can be sold to the company. The system greatly speeds the loan process and is proving popular with lenders.

    Earlier this month, Freddie Mac announced that it had sold $340 million in tobacco company bonds after drawing fire from congressional leaders.

    Copyright 1997 The Washington Post

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