Key participant in the housing-related activities of the U.S. Government Successful completion of a C-Suite hiring process Strong market position in U.S. mortgage finance Continued explicit government support Continued and escalating credit deterioration in the single-family mortgage portfolio Poor earnings outlook despite low funding costs High leverage Perceived lack of urgency to emerge from conservatorship Standard&Poor's Ratings Services' ratings on Freddie Mac's senior and subordinated debt reflect the demonstrable financial support provided by the U.S. government, the active oversight and operating involvement by the Federal Housing Finance Agency (FHFA) as the regulator and the conservator, and the firm's key role in implementing government programs related to preventing foreclosures and stabilizing the housing sector. The stand-alone credit rating of
