The FHLMC (Federal Home Loan Mortgage Corporation) is a shareholder
owned, publicly traded corporation which buys mortgage loans from
lending institutions. It then pools the loans with other mortgage loans and
sells them to investors.
Even though the initial loan may have been made at a savings and loan, it
is the investor who ends up holding the mortgage.
The FHLMC is also called Freddie Mac.
Freddie Mac's mortgage backed securities do not enjoy the full faith and
credit of the U. S. government. For that guarantee, you'll have to invest in
Ginnie Maes. The ticker symbol for Freddie Mac's stock is FRE.