Number: RL33756
Title: Fannie Mae and Freddie Mac: A Legal and Policy Overview
Authors: Michael V. Seitzinger, American Law Division; N. Eric Weiss, Government and Finance Division 
Abstract: The Economic Stimulus Act of 2008 increased the maximum size of a mortgage that Fannie Mae and Freddie Mac can purchase during 2008 to $729,750 in high-cost areas. Supporters hope that this will reduce the cost of mortgages for more than the previous limit of $417,000. The purpose of this report is to give a general legal and policy background on why the enterprises came into existence, what their missions are, and how they carry out those missions.
Pages: 8
Date: February 28, 2008