FREDDIE MAC ENHANCES MULTILENDER SWAP PROGRAM WITH GIANT EXECUTION

McLean, VA – Freddie Mac today announced that effective with MultiLender Pools posted on and after April 1, 2004 for settlements on and after July 1, 2004, lenders will swap conventional 15- and 30-year fixed-rate Mortgages for Giant PCs. Under the previous Multilender Swap program, lenders exchanged these mortgages for a pro rata share of a Gold PC.

The enhanced MultiLender Swap program enables Freddie Mac to create Giant PCs by combining Gold PCs backed by mortgages purchased under our Cash program with Gold PCs backed by mortgages purchased under the MultiLender Swap program. This capability will expand and enhance our MultiLender Swap program by providing large, liquid and more predictable Giant PCs in exchange for conventional 15- and 30-year mortgages.

More details regarding the enhanced Multilender Swap program can be found on Freddie Mac's website, www.freddiemac.com/singlefamily/.

Freddie Mac is a stockholder-owned corporation established by Congress in support of homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened doors for one in six homebuyers and more than two million renters in America.

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