Fannie Mae vs Freddie Mac: Founders, CEOs and History
Fannie Mae was founded in 1938 by Franklin D. Roosevelt, 75th United States Congress and is led by Priscilla Almodovar. Freddie Mac was founded in 1970 by Richard Nixon, 91st United States Congress and is led by Diana Reid.
Company facts
Fannie Mae
- Founded
- 1938
- Headquarters
- 1100 15th Street NW, Washington, D.C. 20005
- Current CEO
- Priscilla Almodovar
- Employees
- 7,400
Freddie Mac
- Founded
- 1970
- Headquarters
- 8200 Jones Branch Drive, McLean, Virginia, United States
- Current CEO
- Diana Reid
- Employees
- 8,000
Founders
Fannie Mae
Franklin D. Roosevelt
Franklin Delano Roosevelt (1882–1945) signed Title III of the National Housing Act amendments into law in 1938, creating Fannie Mae as part of the New Deal to rescue American homeowners from foreclosure.
75th United States Congress
The 1938 US Congress that enacted the National Housing Act amendments establishing the Federal National Mortgage Association to provide a secondary market for home mortgages.
Freddie Mac
Richard Nixon
Richard Milhous Nixon (1913–1994) signed the Emergency Home Finance Act of 1970 into law, chartering the Federal Home Loan Mortgage Corporation (Freddie Mac) to expand housing credit.
91st United States Congress
The 1970 US Congress that enacted Title II of the Emergency Home Finance Act establishing Freddie Mac to provide a secondary market for thrift institutions.
CEOs and their tenures
Fannie Mae
- Priscilla Almodovar
Chief Executive Officer
- Chryssa C. Halley
Executive VP and Chief Financial Officer
- Malloy Evans
Executive VP and Head of Single-Family
- Michele Evans
Executive VP and Head of Multifamily
- Terry Theologides
Executive VP, General Counsel and Corporate Secretary
Freddie Mac
- Diana Reid
Chief Executive Officer
- Christian M. Lown
Executive VP and Chief Financial Officer
- Kevin Palmer
Head of Single-Family Portfolio Management
- Peter Lillestolen
Head of Multifamily Production and Sales
- Jerry Weiss
Executive VP and Chief Administrative Officer
Timeline: Fannie Mae and Freddie Mac side by side
1938Fannie Mae
Chartered by Congress under FDR's New Deal
President Franklin D. Roosevelt signs legislation chartering the National Mortgage Association (Fannie Mae) to provide secondary mortgage liquidity.
1948Fannie Mae
Authority to Purchase VA-Guaranteed Loans
Congress authorizes Fannie Mae to purchase GI Bill home loans guaranteed by the Veterans Administration for WWII veterans.
1954Fannie Mae
Charter Act Reorganization into Mixed-Ownership Entity
Congress passes the Federal National Mortgage Association Charter Act, establishing private shareholder equity alongside government control.
1968Fannie Mae
Privatization and Separation from Ginnie Mae
President Lyndon B. Johnson signs the Housing and Urban Development Act, splitting Fannie Mae into a private GSE and federal Ginnie Mae.
1970Fannie Mae
Authority to Purchase Conventional Mortgages
Emergency Home Finance Act grants Fannie Mae authority to purchase conventional mortgages not insured by the FHA or VA.
1970Freddie Mac
Chartered by Congress under Emergency Home Finance Act
Congress establishes the Federal Home Loan Mortgage Corporation to provide secondary mortgage liquidity for thrifts.
1971Freddie Mac
Issuance of First Mortgage Participation Certificate (PC)
Issues the world's very first conventional mortgage pass-through security, pioneering modern mortgage securitization.
1981Fannie Mae
Issuance of First Mortgage-Backed Security (MBS)
Issues its first conventional Mortgage-Backed Security, pioneering modern mortgage securitization for global capital markets.
1983Freddie Mac
Invention of the Collateralized Mortgage Obligation (CMO)
Freddie Mac issues the first CMO, structuring mortgage cash flows into maturity tranches for institutional bondholders.
1988Fannie Mae
Launch of Delegated Underwriting and Servicing (DUS)
Introduces the DUS multifamily lender program, pioneering risk-sharing partnerships with private apartment mortgage lenders.
1989Freddie Mac
Reorganization as Publicly Traded Shareholder GSE (FIRREA)
Financial Institutions Reform, Recovery, and Enforcement Act reorganizes Freddie Mac into a public shareholder GSE.
1995Fannie Mae
Launch of Desktop Underwriter (DU)
Introduces Desktop Underwriter, an automated underwriting software engine that revolutionized American mortgage approval speed.
1995Freddie Mac
Launch of Loan Product Advisor (Loan Prospector)
Introduces Loan Prospector (now Loan Product Advisor), an automated algorithmic underwriting software platform.
2008Fannie Mae
FHFA Places Fannie Mae into Federal Conservatorship
Amid catastrophic subprime defaults, the Federal Housing Finance Agency (FHFA) places Fannie Mae into federal conservatorship.
2008Freddie Mac
FHFA Places Freddie Mac into Federal Conservatorship
Amid severe mortgage default losses, the Federal Housing Finance Agency (FHFA) places Freddie Mac into federal conservatorship.
2009Freddie Mac
Launch of Multifamily K-Deal Securitization Program
Pioneers the K-Deal securitization framework, transferring subordinate multifamily credit risk to private investors.
2013Fannie Mae
Launch of Connecticut Avenue Securities (CAS) CRT Program
Pioneers the Credit Risk Transfer market, issuing CAS bonds to offload mortgage default risk onto private institutional investors.
2013Freddie Mac
Launch of STACR Credit Risk Transfer (CRT) Program
Issues the first Structured Agency Credit Risk (STACR) notes, creating the modern Credit Risk Transfer market.
2019Fannie Mae
Launch of the Single Security (Uniform MBS / UMBS)
Fannie Mae and Freddie Mac launch the common Uniform MBS, unifying secondary market liquidity across both GSEs.
2019Fannie Mae
Treasury Agreement Permits Capital Retention
FHFA and US Treasury modify senior preferred purchase agreements, allowing Fannie Mae to retain quarterly earnings to build capital reserves.
2019Freddie Mac
Launch of the Single Security (Uniform MBS / UMBS)
Freddie Mac and Fannie Mae launch the common Uniform MBS, unifying secondary market liquidity across both GSEs.
2019Freddie Mac
Treasury Agreement Permits Retained Capital Accumulation
FHFA and US Treasury modify senior preferred purchase agreements, allowing Freddie Mac to retain net earnings to build capital reserves.
2021Freddie Mac
Implementation of Enterprise Regulatory Capital Framework
Adopts the FHFA's ERCF, setting stringent capital adequacy targets to insulate taxpayers from future mortgage shocks.
2022Fannie Mae
Priscilla Almodovar Named Chief Executive Officer
Affordable housing finance veteran Priscilla Almodovar appointed CEO, driving mission-driven housing access and financial resilience.
2024Freddie Mac
Diana Reid Appointed Chief Executive Officer
Capital markets and housing finance veteran Diana Reid appointed CEO, directing secondary market liquidity and capital compounding.
2025Fannie Mae
Guaranty Book Reaches $4.1T; Net Worth Nears $100B
Fannie Mae reports $28.50 billion in net revenue and $17.40 billion in net income, with retained net worth approaching $100 billion.
2025Freddie Mac
Guaranty Book Reaches $3.7T; Net Worth Exceeds $55B
Freddie Mac reports $21.20 billion in net revenue and $10.80 billion in net income, with retained net worth surpassing $55 billion.
Questions about Fannie Mae vs Freddie Mac
Who is the CEO of Fannie Mae and Freddie Mac?
Fannie Mae is led by Priscilla Almodovar and Freddie Mac is led by Diana Reid. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Fannie Mae founded vs Freddie Mac?
Fannie Mae was founded in 1938 — 32 years before Freddie Mac, which was founded in 1970. Fannie Mae's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Freddie Mac.
How many employees does Fannie Mae have compared to Freddie Mac?
Fannie Mae employs approximately 7,400 people, while Freddie Mac employs approximately 8,000. Freddie Mac has the larger workforce at 8,000 employees, compared to Fannie Mae's 7,400. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Fannie Mae and Freddie Mac headquartered?
Both Fannie Mae and Freddie Mac are headquartered in United States. Their local rules and tax obligations may still differ.
Who founded Fannie Mae and Freddie Mac?
Fannie Mae was founded by Franklin D. Roosevelt, 75th United States Congress. Freddie Mac was founded by Richard Nixon, 91st United States Congress.
Which company has a longer operating history — Fannie Mae or Freddie Mac?
Fannie Mae has been operating for approximately 88 years, making it the more established of the two companies. Freddie Mac has been in operation for around 56 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Fannie Mae vs Freddie Mac overview