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Statement of Robert E. Bostrom, Freddie Mac Executive Vice President and General Counsel, on the Appraisal Standards Agreement With New York Attorney General and OFHEO

McLean, VA – Accurate appraisals are fundamental to Freddie Mac's effective credit risk management – as evidenced by our leadership in quality control programs and assistance with criminal prosecutions of mortgage fraud. The Code of Conduct announced today enhances the independence and accuracy of the appraisal process. And it builds on our company's long-standing efforts to fight mortgage fraud by providing protections for homebuyers, mortgage investors and the housing market.

In addition, we look forward to working with the New York Attorney General, OFHEO, Fannie Mae and other mortgage market participants in launching the Independent Valuation Protection Institute. By funding the Institute, we are advancing the development and adoption of best practices in the appraisal process.

Taken together, these initiatives clearly serve the interests of the nation's homebuyers, the housing markets and the broader economy.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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