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Statement by David Palombi, SVP Corporate Marketing and Communications, on the Senate Banking Committee's Passage of the "Federal Housing Finance Regulatory Reform Act of 2008"

McLean, VA – "We support legislation and the work of the committee. We would stress, however, that if not applied carefully the bill could adversely impact the mortgage market. Specifically, it is essential that we achieve a proper statutory balance between capital levels and our responsibility both for funding long-term fixed rate mortgages – something no other country has – and providing stability to the U.S. housing market. We look forward to working with the Senate and House on these issues as the process continues."

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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