Freddie vs. Fannie

I was asked the other day (by a rather nice person) what the difference was between Freddie Mac and Fannie Mae. I didn't know. Hence this post (after some googling, of course).

This article from the Real Estate department at Texas A&M says:

At first, the two agencies took somewhat distinctive positions within the secondary mortgage market, buying different types of loans and issuing different types of securities. Today, however, there is little difference in the way the two operate or raise funds. Fannie Mae is perceived as more governmental than Freddie Mac, possibly because it is a more vocal advocate of its public mission.

I actually interviewed for an economist position with Freddie Mac before I took up my current position. They have a good research team (and excellent benefits!), but the job profile with its concentration in economics (not finance and certainly not corporate finance) wasn't such a fit with my research interests.