Adding to Rob's answer. They are both foreclosures. Sometimes Freddie Mac manages their own loans and you actually make the offer and purchase directly from them. All banks have different paperwork and addendums they required completed when your offer gets accepted. Some want your offer sent to their local agent, others want it completed directly into the computer by your agent. In the end, the only advantage to going with a Fannie or Freddy home is that they frequently offer free home warranties and are more likely to come down to appraised value than private banks. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
Bank Owned is an REO the Bank usually services and Freddie Mac and Fannie Mae are the investors. As far as the difference for a buyer it makes very little difference except in closing costs scenarios. Freddie and Fannie are exempt from some costs therefore they are passed to the buyer. Pay attention to that when you make your offer.
Freddie Mac is the investor in the loans, banks still service the loans. So you will still deal with the bank such as Wells Fargo, BOA or their affiliate asset manager.....and they will get approval to sell the property at a certain price from the investor. (Freddie Mac or Fannie Mae)