FHLMC stands for Federal Home Loan Mortgage Corporation. It is commonly known as Freddie Mac. Freddie Mac is a government-sponsored enterprise (GSE) that was created by Congress in 1970 to provide liquidity, stability, and affordability to the U.S. housing market. It does this by buying mortgages from banks, credit unions, and other lenders, pooling them together, and selling them as mortgage-backed securities to investors.

Freddie Mac is one of two major GSEs in the United States, along with Fannie Mae (Federal National Mortgage Association). Both Fannie Mae and Freddie Mac play a vital role in the U.S. housing market by providing a source of funding for home mortgages, which helps to make it easier for people to buy homes. The GSEs do not lend money directly to borrowers, but rather, they purchase mortgages from lenders and then guarantee the timely payment of principal and interest to investors. This helps to reduce risk for lenders and makes it easier for them to offer mortgage loans to borrowers.

In addition to its role in the housing market, Freddie Mac also has a number of programs and initiatives aimed at helping to increase access to affordable housing, reduce mortgage costs, and promote sustainable homeownership. These programs include initiatives to help first-time homebuyers, low- and moderate-income families, and underserved communities.