FHLMC or Freddie Mac. Created by Congress in 1970 to develop the private secondary mortgage market. It was originally designed to buy mortgages from S&Ls. The S&Ls had not found FNMA particularly helpful because they primarily made conventional loans, and FNMA was authorized to purchase conventional loans until 1970. FHLMC currently buys government-underwritten and conventional loans from all types of lenders. Operationally, FHLMC and FNMA are quite similar.