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The Emergency Home Finance Act of 1970 created Freddie Mac and authorized it to create a secondary market for conventional mortgages. Parallel authority and limitations to deal in conventional mortgages was given to Fannie Mae. To alleviate credit concerns raised by acquisition of conventional mortgages, several eligibility restrictions and/or risk sharing requirements were imposed on the mortgages Fannie Mae and Freddie Mac could buy.
- Browse Related Terms: Conventional Conforming Mortgage Loans, Emergency Home Finance Act of 1970, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Federal National Mortgage Association Charter Act of 1954 (Charter Act), Government National Mortgage Association (Ginnie Mae), Government-Sponsored Enterprise (GSE), Housing and Urban Development Act, Implied Guarantee, Loan Type, Private-Label Mortgage-Backed Securities (Private-label MBS), Private-Label Mortgages, Senior Preferred Stock Purchase Agreement (PSPA)