In the USA, a company whose business risk is ultimately borne by the taxpayer and which therefore also has access to favorable loans (quasi-governmental organization that is privately owned but was created by the government and retains certain privileges not afforded to private entities). – This group also includes, for example, the U.S. mortgage bank Federal National Mortgage Association (FNMA, usually called „Fannie Mae“) and the Federal Home Loan Mortgage Corporation (FHLMC, usually called „Freddie Mac“). Both were caught in a tailspin during the subprime crisis in the fall of 2008. They had to be bailed out several times in succession with the help of public funds. The U.S. government placed them under receivership. At the beginning of 2008, Fannie Mae and Freddy Mac together were responsible for a good forty percent of all American mortgages. – Other government-sponsored enterprises in the United States include the Government National Mortgage Association (Ginnie Mae), the Federal Agricultural Mortgage Corporation (Farmer Mac), and the Student Loan Marketing Association (Sallie Mae), which provides loans to students. Except for Ginnie Mae, the four other mortgage lenders are corporations whose
Shares traded on the stock market. – See moral hazard, subprime housing finance, twenty-two credit. – See ECB Monthly Bulletin, July 2008, p. 21 (statistical classification of loans to GSEs); ECB Monthly Bulletin, September 2010, p. 12 et seq. (in the U.S., Fannie Mae and Freddy Mac come under government receivership).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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