Had Fannie and Freddie been hedge funds, this strategy would have been known as a "carry trade".

Fannie Mae和Freddie Mac摇身一变成为对冲基金，这个策略被称作“套息交易”。

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Specifically, the SEC alleges that Fannie Mae, formally known as the Federal National Mortgage Association, underreported the amount of subprime loans made to borrowers with weak credit histories.

FORBES: SEC Sues 6 Ex-Freddie And Fannie Execs For Securities Fraud

Unlike smaller mortgages, many jumbo loans aren't eligible to be purchased by the governmental-chartered agencies known as Fannie Mae and Freddie Mac, so they tend to be more expensive for borrowers.

WSJ: How to Get a Jumbo Mortgage Now

When the travel for that job became too much for a man with a young family, he accepted an offer to become vice chairman of the Federal National Mortgage Association, known as Fannie Mae, the nation's largest investor in home mortgages.

CNN: AllPolitics - TIME This Week