Key to the implementation of U.S. government housing policy Strong market position in U.S. mortgage finance The ongoing financial support of the U.S. Treasury Ongoing credit losses in the single-family mortgage portfolio Relatively weak, but improving, earnings outlook High leverage A commitment from the Administration and Congress to wind down the business as part of housing finance reform Standard&Poor's Ratings Services' ratings on Freddie Mac's senior and subordinated debt reflect the financial support the U.S. government provides, the Federal Housing Finance Agency's (FHFA) oversight and operating involvement as the regulator and conservator, and the firm's key role in implementing government programs that prevent foreclosures and stabilize the housing sector. The stand-alone credit profile of 'r' reflects the company's
