Why Fannie May and Freddie Mac Should be Subject to FOIA, and How it Could Happen
Rob Bryson & Maryam Karimi, San Diego Free Press, Feb. 1, 2018
The Freedom of Information Act (FOIA), enacted in 1967, provides the public, individuals, and corporations, the presumptive right to access and obtain records from any federal government body unless such records meet one of the nine exemptions or is protected under special law enforcement record exclusion.
On April 27, 2017, the House unanimously passed H.R. 1694, the Fannie and Freddie Open Records Act of 2017. H.R. 1694 would make the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) subject to FOIA. Fannie Mae and Freddie Mac are government-sponsored enterprises and are the two largest corporations that back home mortgages and student loans. Fannie Mae was established in 1938 by amendments to the National Housing Act. Freddie Mac was established in 1970 by the Emergency Homes Finance Act of 1970.
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