Yes FDR started FNMA for the general population - much like Social Security (which is a monopoly of sorts and is an element in our capitalist overall system that clearly has a Socialist Flavor). Until then - as I understand ? - and going into the time of the depression - most money lent to buy houses -- homes --- was done with 5 and or 10 year balloon loans. So a ton of mortgage loans were due right in the heart of the depresssion
FNMA added liquidity with an after market and with FNMA in essence taking the risk of holding bonds with fixed rates as prevailing interest rates went up and down --- the 30 year mortgage "appeared" and is the magic of GOV agency action at the time . (As it turns out - with re finance and death and a far far far more mobile workforce ---- the average life of a 30 year mortgage pool is more like 7 or 8 years)
Per the web FNMA went private in 1968 and Freddie was introduced in 1970. I thought LBJ wanted to finance the Vietnam War - but per what I find today there was no IPO for Freddie so it likely did not bring in any cash to Treasury on its inception. And as I took economics in college (left leaning and hard right at masters) the common wisdom was Dems lover F and F and Republicans hated them (and for decades wanted to see them disappear or get smaller and let banks take a bigger role . (From what we saw in 2008 - good thing F and F held the largest share of paper)
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