Freddie Mac

This report does not constitute a rating action. Overview Key strengths Key risks Critical role in implementing U.S. government housing policy. Substantial uncertainties regarding the probability, timing, and scenario under which it can exit conservatorship. Integral link to U.S. government. Significant undercapitalization, and it will take several years to organically build capital toward regulatory requirements. Dominant position as a secondary-market liquidity provider to the U.S. residential mortgage market. Monoline exposure to the U.S. mortgage market. Significant improvements in risk management since entering conservatorship. In S&P Global Ratings' view, Freddie Mac has an integral link to the government and a critical role in carrying out U.S. housing policy. Our view is supported by past government actions, especially during economic uncertainty, which

...Our ratings on Freddie Mac's senior unsecured debt are in line with our ratings on U.S. government debt because we believe the government would almost certainly provide extraordinary support if needed. In S&P Global Ratings' view, Freddie Mac has an integral link to the government and a critical role in carrying out U.S. housing policy. Our view is supported by past government actions, especially during economic uncertainty, which included providing additional liquidity, mortgage forbearance by Congress, and the purchase of residential mortgage-backed securities by the Federal Reserve. Furthermore, in January 2026, the U.S. presidential administration directed Freddie Mac and Fannie Mae to collectively purchase $200 billion in mortgage-backed securities (MBS) in an effort to reduce residential mortgage rates and promote housing affordability. We think this type of action highlights our view of Freddie Mac's integral link to the U.S. government and critical role it plays in achieving U.S....

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