Key to the implementation of U.S. government housing policy Strong market position in U.S. mortgage finance Ongoing financial support of the U.S. Treasury Strong credit experience in loans originated since 2009 Improved financial performance Still significant credit losses in the legacy single-family mortgage portfolio Agreement with the U.S. Treasury that prevents earnings retention Commitment from the Obama 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
