Key participant in the current housing-related activities of the U.S. government Strong market position in U.S. mortgage finance Continued explicit government support Ongoing credit stresses in the single-family mortgage portfolio Poor earnings outlook despite low funding costs High leverage Little current political will to support the business model as part of the future of housing finance 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
