11.   Fannie Mae is a publicly owned company sponsored by the U.S. government that buys mortgages and repackages them as securities.

12.   Freddie Mac and Fannie Mae are publicly-traded government-sponsored enterprises that buy mortgages from banks, thrifts, and other originators.

13.   Freddie Mac is a stockholder-owned, government-sponsored enterprise that buys mortgages to hold in its portfolio or repackage as mortgage-backed securities.

14.   Headlands is one of three lenders from which Indy Mac will initially buy mortgages under the new program.

15.   It buys mortgages from lenders and resells them as securities.

16.   It sells its loans to Fannie Mae, the intermediary that buys retail mortgages and repackages them for sale to investors.

17.   Last July, when he learned that Vornado Realty Trust was interested in the site, Macklowe quickly bought the mortgage after an all-night bargaining session.

18.   Others blame the requirements of the secondary markets -- those that buy mortgages as an investment and want those loans to conform to certain standards.

19.   Streed has been buying Fannie Mae and Freddie Mac, both government-chartered corporations that buy mortgages and package them to investors.

20.   Still, the economy will have to slow significantly before Chepolis will start buying mortgages on any larger scale, he said.