So apparently Fannie Mae is a creative pronunciation of FNMA, which stands for Federal National Mortgage Association.
And Freddie Mac is a creative pronunciation of FHLMC, which stands for Federal Home Loan Mortgage Association.
Note to news media: you have to tell us this! After hearing a news item on the radio this morning, I was walking around all day thinking Fannie Mae and Freddie Mac were the actual names of the things, and I was all "OMG, the Americans give their mortgage lenders hillbilly names!"
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