That would be Freddie Mac and Fannie Mae, to be more precise, and as Treasury Secretary Henry Paulson was quoted recently they "play a central role in the housing system and must continue to do so in their current form...".
On Sunday, Treasury and the Federal Reserve moved to secure the finances of the two giants, to ensure that they do not drown under the weight of what is termed the current 'correction' in the housing market.
Freddie Mac is the Federal Home Loan Mortgage Corporation, a mortgage finance system that makes home ownership and quality rentals a reality for more American families, reducing the costs and expanding the choices by linking Americans to the world financial capital markets. It is stockholder-owned, and is authorized to make loans and loan guarantees.
Freddie Mac was chartered by Congress back in 1968 in order to provide competition for Fannie Mae, so the two are not so much a couple as they are competitors in the housing capital market.
Fannie Mae is the Federal National Mortgage Association, which was founded back in 1938 as a part of Franklin Roosevelt's 'New Deal' programs. Fannie is also a stockholder-owned company that is authorized to make loans and loan guarantees.
