NEW YORK (Standard&Poor's) April 2, 2004--Standard&Poor's Ratings Services is monitoring the passage of the proposed government-sponsored entity (GSE) legislation through Congress. In Standard&Poor's current understanding of the legislation, as amended by the Bennett proposal, and in its current form, there is nothing in it that, if enacted in its entirety, would cause a change in the 'AAA' ratings of the senior unsecured debt of Fannie Mae, Freddie Mac, or the consolidated obligations of the Federal Home Loan Banks under Standard&Poor's current criteria for rating the senior debt of the housing GSEs.
