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      "text": "Fannie and Freddie (collectively, the “GSEs”) have evolved significantly since the creation of Fannie Mae in 1938",
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      "text": "1948: Fannie allowed to purchase loans insured by the Veterans Administration\nProvided liquidity to long-term, low-down-payment mortgages issued to veterans returning from WWII\n1954: Fannie converted into a “public-private, mixed-ownership” company\n1968: Fannie converted into a for-profit, shareholder-owned enterprise\nFannie allowed to buy non-government backed mortgages\n1970: Freddie Mac created to securitize mortgages issued by the savings and loans institutions\n1971: Freddie issued the first conventional loan MBS\n1989: Freddie converted into a for-profit, shareholder-owned enterprise",
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