Critical role in the implementation of U.S. government housing policy Integral link to the U.S. government Ongoing financial support from the U.S. Treasury Near-dominant market position, second only to Fannie Mae, as a secondary-market liquidity provider to the U.S. residential mortgage market Significant improvements in asset quality and risk management since the financial crisis Current inability to add to its extremely slim reported equity Monoline exposure to the U.S. residential mortgage market Substantial uncertainties regarding impact of potential legislative changes The stable outlooks on our ratings on Freddie Mac's debt issues reflect the stable outlook on our sovereign rating on the U.S. They also reflect S&P Global Ratings' base-case expectation that the likelihood of extraordinary government support to Freddie (and
