FMCC

Federal Home Loan Mortgage Corp

A government-sponsored enterprise that keeps the U.S. housing market flowing: it buys home mortgages from banks and other lenders, pools them into mortgage-backed securities, and sells those to investors, giving lenders fresh cash to make new home loans. Congress created it in 1970 to support the secondary mortgage market. Its nickname, "Freddie Mac," is a playful sound-alike of its acronym FHLMC, deliberately crafted to echo its sibling Fannie Mae.

Variable-Rate Non-Cumulative Preferred Stock