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- ...orporation, short FHLMC or Freddie Mac- 1968; both were privatized in 1968)for allocating inexpensive loans to socially underprivileged real estate buyers ...ns allocated problematic subprime loans that have been made virtually risk free partly due to changes in legislation and partly by means of government back25 KB (3,563 words) - 17:35, 8 December 2012