Putting people in homes. Freddie Mac is a Fortune 100, shareholder-owned company with a mission to increase homeownership in the United States. The company frees up more money for home loans and reduces the cost of financing a home. Freddie Mac buys mortgages from the original lenders, such as banks, thrifts, credit unions, and savings and loans. The company then packages these loans into securities, and resells them to institutional investors, such as insurance companies and pension funds. It bought 1.5 million single-family mortgages in 2000, representing a value of $207 billion. It has financed mortgages for more than 28 million families since it was founded in 1970.

Technology is a major infrastructure requirement for completing these sensitive financial transactions, and Freddie Mac is in the forefront of using technology, both for its internal operations, and for its community-based outreach efforts.

Recent technical initiatives include:

• Setting up Internet-ready computers at McDonald's that link customers to a plain-English information site explaining the home loan and mortgage-application process
• Working with industry groups to develop open guidelines for electronic mortgages.
• Setting up an Internet-based system that connects mortgage brokers and wholesale lenders.
• Moving Dutch auction financial transactions to the Internet.
• Developing a web-based client management tool to help non-profit organizations streamline the process for facilitating home ownership in the Latino community.


CONTACT
Web: www.freddiemac.com
Job line: (800) 522-0011
Include "Source: Covin's Guide" on your resume and cover letter.

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