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New 55-day Mirror Securities Issued to Pave Way to Single Security

August 7, 2018

Today, we’ll begin issuing new 55-day “mirror” mortgage-backed securities for the current population of exchange-eligible 45-day Freddie Mac Gold Participation Certificates (PCs) and Giant PCs. This is a milestone that supports the launch of the Single Security Initiative on June 3, 2019.

We plan to issue over 70,000 mirror securities over an 8-week period. We will then continue to issue mirror securities as new exchange-eligible 45-day securities are produced.

If you hold 45-day TBA-eligible and non-TBA-eligible PCs and Giant PCs, you will have the option, beginning in May 2019, to exchange these securities for corresponding 55-day mirror securities. The cash flows of these mirror securities will be backed by the same loans as the original PC or Giant PC.

We are issuing the mirror securities early so market participants can both analyze their holdings and build in pricing and disclosure in advance of the official exchange offer in May 2019. Until that time, all the mirror securities will be held in a Freddie Mac account at the Federal Reserve.

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