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 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 Mac, Fannie Mae, and Ginnie Mae (government-related entities, or GREs) have been the primary sources of mortgage finance in the U.S. housing market since the most recent crisis. The actions of the U.S. Treasury and the Federal Reserve preserved Fannie Mae's and Freddie Mac's access to cost-efficient funding through their actions at the onset of
