Giant Corporates: Biggest Companies from Virginia

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Freddie Mac

According to the Fortune 500 revenue ranking, it's ranked 41st in the US and 1is in its state.

The Federal Home Loan Mortgage Corporation (FHLMC), dubbed Freddie Mac, is a government-sponsored enterprise (GSE) based in Tysons Corner, Virginia. Freddie Mac is ranked No. 41 on the Fortune 500 list of the biggest US companies by gross sales in 2020, and it manages $2.063 trillion in cash.

The FHLMC was established in 1970 with the aim of expanding the US mortgage secondary market. Freddie Mac, along with the Federal National Mortgage Association (Fannie Mae), buys mortgages on the secondary market, pools them, and sells them on the free market as a mortgage-backed security to borrowers. This secondary mortgage sector expands the amount of money available for mortgage loans, as well as the amount of money available for new home transactions. The name "Freddie Mac" is a derivative of the company's full name's initialism that was formally introduced for ease of recognition.

Agent James B. Lockhart III of the Federal Housing Finance Agency (FHFA) reported on September 7, 2008 that Fannie Mae and Freddie Mac had been placed under the FHFA's conservatorship. "One of the most sweeping government actions in private capital markets in decades," the action has been characterized.

Freddie Mac's preferred stock was given an investment-grade credit rating of A1 by Moody's until August 22, 2008, when Warren Buffett publicly stated that both Freddie Mac and Fannie Mae had attempted to recruit him and others. On that day, Moody's downgraded the ranking to Baa3, the lowest investment-grade rating. Each of the major rating firms, Moody's, S&P, and Fitch, have maintained Freddie's senior debt credit rating of Aaa/AAA. The US Department of the Treasury had agreed to buy US$1 billion in Freddie Mac senior preferred stock at a cost of 10% per year before the conservatorship began, and the overall purchase could grow to as much as US$100 billion in the future.

Freddie Mac stock, on the other hand, fell to about one dollar on September 8, 2008, and then plunged another 50% on June 16, 2010, when the Federal Housing Finance Agency ordered the stocks to be delisted. In expectation of rising US federal debt, the yield on US Treasury securities increased in 2008. Since the property market and economy stabilized, Freddie Mac was able to return to profitability.

General Dynamics

According to the Fortune 500 revenue ranking, it's ranked 83rd in the US and 2nd in its state.

General Dynamics Corporation (GD) is an aerospace and military company based in the United States. It was the fifth-largest military contractor in the United States by revenue in 2019, and the sixth-largest in the world. In the 2019 Fortune 500 ranking of the biggest US companies by gross sales, the firm was ranked No. 92. Its headquarters are in Reston, Virginia, in Fairfax County.

It grew through several mergers and divestitures and transformed dramatically in the post–Cold War period of defense restructuring. It was established in 1954 with the merger of submarine maker Electric Boat and aircraft manufacturer Canadair. General Dynamics' previous Fort Worth Division, which produced the F-16 Fighting Falcon, was sold to Lockheed Corporation in 1993, but the company returned to the airframe market in 1999 with the acquisition of Gulfstream Aerospace, a business jet maker.

The Crown family, which includes Nancy Carrington Crown and Steven Crown, owns 10% of General Dynamic stock. This is the family's most valuable possession.

Northrop Grumman

According to the Fortune 500 revenue ranking, it's ranked 96rd in the US and 3rd in its state.

Northrop Grumman Corporation (NYSE: NOC) is an international aerospace and military manufacturing corporation based in the United States. It is one of the world's leading arms suppliers and defense technology distributors, with over 90,000 staff and annual sales exceeding $30 billion. The company is ranked 96th on the Fortune 500 list of America's biggest companies for 2020.

The Collier Trophy has been awarded to Northrop Grumman and its business partners eight times, most recently for the development of the X-47B, the first unmanned, autonomous air vehicle to fly from an aircraft carrier.

The B-21 Raider, a long-range, stealth strategic bomber capable of dropping conventional and nuclear warheads, is currently being developed by Northrop Grumman to replace Northrop's own B-2 Spirit, the world's only confirmed stealth bomber. The James Webb Space Telescope, an orbital observatory set to launch in 2021, is one of its other latest programs, as is the development of solid rocket boosters for NASA's Space Launch System program. The Air Force's Ground Based Strategic Deterrent initiative, which seeks to design and install a new intercontinental ballistic missile, has only one bidder.

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