![]() GSEs such as Freddie Mac are among the world's largest securities issuers. It is rated by credit rating agencies such as Moody's. Neither is it subject to standard disclosure rules imposed on other financial institutions. Freddie Mac, for example, is exempt from state and local taxes. GSEs usually enjoy special perks and privileges that other businesses do not receive. Freddie Mac is a Government-Sponsored Enterprise (GSE), that is, a business entity that has a distinct relationship with the government. The company's charter established a board comprising 18 members - thirteen elected by shareholders and five appointed by the President of the United States. Freddie Mac (and its sister institution Fannie Mae) was set up based on the idea that neither government nor private banking interests could address the nation's housing finance needs. Freddie Mac Scandal Executive Summary Originally known as the Federal Home Loan Mortgage Corporation, Freddie Mac was chartered by Congress in 1970 as a private company with a public mission to stabilize the nation's mortgage markets and widen opportunities for home ownership and affordable rental housing.
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