wrog

(1) I would assume it's because they sold it to Chase.
(2) I don't know if there is any difference -- I think Freddy was formed solely to be competition for Fannie; neither of them are supposed to touch jumbo at all
(3) F&F don't own all of the mortgages. what they do (*) is buy mortgages, package them into securities and then sell the securities. the idea being that what they sell, unlike the original mortgages, is guaranteed by them, therefore worth more, hence profit... the downside being that if original mortgage goes south then they are stuck making up the difference to whoever currently owns the security. The banks were doing the same thing but with the subprime/jumbo loans, where the loan terms were dicier to begin with, and they evidently weren't charging enough to cover the risk they were taking on and now they are likewise stuck making up the difference, only the in this case it's bigger because a larger percentage of the jumbo loans have been going under. And if they can't make the payments then the end owners of the securities get fucked because what they have on their books as an asset is worth way less than what they thought it was.

And what made things extra-special-wonky was that the banks were taking all of these obligations-to-make-up-the-difference and likewise packaging them up and selling them to each other (as CDOs) for prices that were basically fantasy because nobody had any idea how to really evaluate them. So it was one big tulip market.

(*) as I understand it from having just read the wikipedia article.