what are sallie mae and freddie mac?
Fannie Mac was established in 1938. It's name comes from the abbreviation of the original name Federal National Mortgage Association (FNMA). People started calling it Fannie Mae and the name has stuck. In fact, it's now the official name of the corporation. Freddie Mac comes from Federal Home Loan Mortgage Corporation (FHLMC). A bit of a stretch but that's what it's from. Freddie Mac was established in 1970. Sallie Mae is similar...Student Loan Marketing Association (SLMA). It was established in '72 with federal backing but has since severed ties with the government and is a stand-alone corporation since '04.