Key participant in the housing-related activities of the U.S. government Strong market position in U.S. mortgage finance Continued explicit government support Ongoing credit losses in the single-family mortgage portfolio Poor earnings outlook despite low funding costs High leverage Limited 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 financial support the U.S. government provides, the Federal Housing Finance Agency's (FHFA) oversight and operating involvement as the regulator and the conservator, and the firm's key role in implementing government programs that prevent foreclosures and stabilize the housing sector. The stand-alone credit profile of 'r' reflects the company's conservatorship status. Freddie
