Both Fannie Mae and Freddie Mac were created by Congress to help ensure a reliable and affordable supply of mortgage funds throughout the USA. Nearly half of the nation’s mortgages are owned by either Fannie and Freddie. Both these institutions buy mortgages from lenders and either hold them or package the loans into mortgage-backed securities (MBS) that can be sold.
If your mortgage is federally backed, it is backed by either Fannie or Freddie. During COVID-19, mortgage relief that was enacted by Congress through the Cares Act applied to Fannie and Freddie loans.
To find out if your mortgage is federally backed click, check here: