...Strengths: Weaknesses: + Critical role in the implementation of U.S. government housing policy + Integral link to the U.S. government + Ongoing financial support from the U.S. Treasury + Near-dominant market position, second only to Fannie Mae, as a secondary-market liquidity provider to the U.S. residential mortgage market + Strong asset quality of loans originated since 2009 + Prevented from building capital by agreement with the U.S. Treasury + Monoline exposure to the U.S. residential mortgage market + Substantial uncertainties regarding impact of future potential legislative changes Outlook The stable outlooks on our ratings on Freddie Mac's debt issues reflect the stable outlook on our sovereign rating on the U.S., and our base-case expectation that the likelihood of extraordinary government support to Freddie (and Fannie Mae) remains almost-certain, in case of need, during the coming two years. If we believed that the likelihood of extraordinary government support for Freddie Mac...
