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Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) have similar purposes but different structures. Fannie Mae was founded in 1938 during the Great Depression for the purpose of purchasing and securitizing mortgages to keep funds flowing to institutions that lend money to home buyers. In 1968, the government converted Fannie into a private shareholder-owned corporation. Freddie Mac, on the other hand, was created in 1970 as a government-sponsored enterprise to expand the market for secondary mortgages in the US.
In September 2008, the Federal Housing Finance Agency (FHFA) director James B Lockhart announced that Fannie and Freddie would be placed under the conservatorship of FHFA.
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