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Fair Credit Reporting Act (FCRA)
A Federal law which requires a lender who is rejecting a loan request because of adverse credit information to inform the borrower of the source of such information.
Federal Home Loan Mortgage Corporation - FHLMC (FREDDIE MAC)
A corporation authorized by Congress. It purchases residential mortgages insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA) as well as conventional home mortgages. It sells participation certificates whose principal and interest are guaranteed by FHLMC.
Federal National Mortgage Association - FNMA (FANNIE MAE)
A taxpaying corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA) as well as conventional home mortgages.
