The Secondary Market in Residential Mortgages
This book on the secondary market in residential mortgages was prepared by the Federal Home Loan Mortgage Corporation as a resource for its employees and as an information guide for members of the housing industry and related industries. The contents cover secondary mortgage operations, including those of the private secondary market, the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Government National Mortgage Association (GNMA). Emphasis is on the secondary market for conventional mortgages and the operations of Freddie Mac.
The book has three sections.
The first, "Definition of the Secondary Mortgage Market," defines the secondary market and describes its functions, the organizations that are the major participants, and the market's historical development.
The second, "Mortgage Sales and Purchases," illustrates the process by which mortgage originators sell mortgages and the process by which investors buy mortgages.
The third, "Operations of Freddie Mac," highlights the functions, purchases, sales, and related activities of Freddie Mac since its creation in 1970.
This report is part of the collection of scanned historical documents available to the public.