For fiscal 2005, the commonwealth budget provided for
full funding of the $5.

debts equivalent

5 million housing bonds, 2003 series F (FSA insured)
'AA-/F1+';

$112. Overall, the portfolio has
performed favorably. Credit concerns center on risks associated with
cyclical economic pressure on the regional housing market and the
ability of Mass Housing to transfer surplus funds out of the
resolution if minimal asset parity requirements are met.

equivalent portugese

Investors who want to participate in Reference Notes auctions must first
designate the dealer through which they wish to submit bids.

gilt remit

debts debt

The company also announced that it plans to launch a $2 billion reopening
of its 4. The 2005 series E
bonds are expected to sell this week through a syndicate led by Lehman
Brothers. 31, 2004.
The most recent consolidated cash flow statement , which reflects
transactions through the 2005 series D bonds, shows that the
resolution's asset parity position is projected to be 108.

prospectuses btp

00% two-year
Reference Notes security will be $5 billion.

All auction
details and instructions can be found on Freddie Mac's Debt Securities Web
page, http://www. The Quarterly Funding Announcement is available on Freddie Mac's Web
site at http:/ /www.com

tesoro aft

In some countries the central bank manages all or some of the government debt; this category lists the non-central-bank debt agencies, which may or may not be separate from the finance ministry or equivalent.

equivalent tesouro

An application will be made to list the issue on
the Luxembourg Stock Exchange .

Business Editors

NEW YORK----Fitch Ratings assigns
an 'AA-' rating to Massachusetts Housing Finance Agency's (Mass
Housing) $33 million housing bonds, 2005 series E. Following redemption , loans that had been pledged to the
prior bonds will be transferred to this resolution as security for
these bonds. The portfolio has
performed very well since inception and represents some of Mass
Housing's best-performing loans.

Government debt agencies borrow money on behalf of the government and otherwise manage the national debt.

oat btp

Eastern Time on September 12, 2005, for this auction.FreddieMac . The current bond issuance is not expected to have a
material negative impact on the resolution's finances. Fitch's
ongoing credit analysis will be driven by the resolution's actual
asset parity position, portfolio composition and performance,
financial results, and cash-flow strength.

borrowing cct

FreddieMac . The vast majority of the over 40,000
dwellings receive federal (75% excluding insured or guaranteed
dwellings) or commonwealth (21%) subsidy payments.

cct debts

cct debt

m.com/debt. For additional information about
Freddie Mac, please see our Web site at http://www. In addition, proceeds will be used to fund a debt service
reserve fund in an amount equaling six months of debt service on the
bonds, as well as costs of issuance.3% as of
Dec.

sor cct

Company Also Issues Quarterly Funding Announcement

MCLEAN, Va. After the reopening, the outstanding size of the 4.com/debt.

Freddie Mac is a stockholder-owned company established by Congress in 1970
to support homeownership and rental housing .
Fitch also affirms the outstanding ratings on all series of bonds
issued under the resolution as of Dec. Twenty-four of the
properties are FHA-insured either through the regular or risk-sharing
programs or are Ginnie Mae or Fannie Mae guaranteed.

remit olos

FreddieMac.

bonds issuance

This step, if
not previously performed, must be performed on the Internet no later than 5
p.

The bonds are the 12th issuance under a general resolution adopted
by Mass Housing on Dec.088
billion as of Jan .

remit olux

This announcement is neither an offer to sell nor a solicitation of offers
to buy any of these securities. Over the years, Freddie Mac has made home possible for
one in six homebuyers and nearly four million renters in America.
Annual appropriation risk associated with the Commonwealth of
Massachusetts' 13A subsidy program has diminished as the contractual
obligation amount has declined significantly over the past several
fiscal years. 31, 2005.

remit bonds

Both issues will be priced on September 14, 2005,
and will settle on September 16, 2005.

tesouro cct

Any such offering will be made only by an
offering circular and pricing supplement. 31, 2004, prior to
consideration of any bond insurance , as follows:

$705.5 million housing bonds 'AA-';

$428. Bond proceeds will be used primarily
to defease and redeem bonds issued previously under separate
resolutions.
The existing portfolio , excluding loans that have been committed
but not yet closed, consists of 302 mostly seasoned residential
developments with an aggregate outstanding mortgage balance of $1. 1, 2005.

aft equivalent

The reopening will be conducted via
an Internet-based auction.

oat remit

1 billion of
Reference Notes securities during 2005 and has approximately $208.

Quarterly Funding Announcement Issued
Separately, Freddie Mac today also provided its Quarterly Funding
Announcement, detailing expected funding activity for the fourth quarter of
2005.
The nature of the portfolio has the potential to change
significantly as new loans are added to the program; the general
resolution permits various types of loan financings , including both
new and existing single-family and multifamily mortgages.

prospectuses gilt

Freddie Mac Announces Offering of New $4 Billion Five-Year Reference Notes(R) Security and $2 Billion Reopening of 4.00% Two-Year Reference Notes(R) Security

, Freddie Mac (NYSE: FRE)
announced today that it plans to issue a new $4 billion five-year USD
Reference Notes(R) security, CUSIP number 3134A4VE1, that will mature on
October 18, 2010.00% two-year Reference Notes security that matures on August 17,
2007.
Including today's offerings, Freddie Mac has issued $32. None of the developments were
experiencing mortgage payment, escrow, or replacement reserve
delinquencies as of Dec.

benchmarks borrow

6 billion in
Reference Notes and Reference Bonds(R) securities outstanding. Freddie Mac fulfills its mission
by purchasing residential mortgages and mortgage-related securities, which it
finances primarily by issuing mortgage-related securities and debt instruments
in the capital markets.

Fitch Rates Massachusetts HFA $33.1MM Housing Bonds 2005 E 'AA-'

yields borrow

, JP Morgan
Chase and Morgan Stanley. The issue, CUSIP 3134A4VD3, is
listed on the Luxembourg Stock Exchange.9 million housing bonds, 2003 series G 'AA-/F1+'. 10, 2002. This projected asset parity position is well above the
101.0% required by the general resolution and reflects an OC level
sufficient to support the 'AA-' rating based on the composition of the
portfolio.

benchmarks equivalent

The new five-year Reference Notes security will be offered
via a syndicate of dealers headed by Citigroup Global Markets, Inc.com.
http://www.
The bonds' 'AA-' rating reflects the sound credit quality of the
loan portfolio and the projected overcollateralization (OC) of bonds,
as well as cash flow surpluses sufficient to offset potential cash
flow interruptions from future loan payment delinquencies , adequate
legal provisions of the resolution, and Mass Housing's strong
programmatic oversight capabilities.5 million in scheduled contractual obligations.

debt cpi

FreddieMac. The series E bonds are expected to close on May 26, 2005.