As @MikeInNH said, the federal government doesn’t buy mortgages. They do back some of them, like VA mortgages. That’s how veterans get low interest, no money down mortgages. I imagine your first mortgage was a VA mortgage. The USDA also guarantees mortgages for rural buyers.
No broker. It was Wells Fargo. And they sold it to the feds.
va? Ya kidding? Don’t qualify anyway. Savings and loan in 76. Fannie and frddie Mac were buying. That’s how they flipped the high risk loans in 07 and 08. Create a loan, package them together and unload them for a profit overnight. Then when the loans went bad someone else took the hit.
Fannie Mae and Freddie Mac are private companies. We can buy their stock if we want to. You can get more information about them at fanniemae.com and freddiemac.com. Here’s a link to the Federal Housing and Finance Agency (a federal government agency) that discusses these companies and provides links for Fannie Mae and Freddie Mac and their congressional charters. If you have other government agencies in mind, let me know what they are. Note that I already mentioned the Department of Agriculture above.
Splitting hairs. A private company doesn’t need a charter from congress. The fdic is separate corporation to but integral to the banking system. But we are off track. Point was this is how the risky mortgages were unloaded.
The FDIC is a government agency created by Congress to insure bank deposits.
The high risk loans were bundled with lower risk loans and sold them as mortgage-backed securities. Chase bank is one of the first if not thee first to do it. All other mortgage and finance institution’s followed. They were considered low risk because they were mortgages, but they were extremely high risk. The collapse of this market is what caused the great recession in 2008.