Freddie Mac in $3 Billion Launch of Reference REMIC Securities

April 13, 2005

Cleary Gottlieb represented the underwriters in the launch of Freddie Mac’s Reference REMICSM program.  Lehman Brothers, Morgan Stanley and UBS served as lead underwriters, with Banc of America Securities, Bear Stearns, Citigroup, CSFB, Deutsche Bank, Goldman Sachs and RBS Greenwich Capital serving as co-underwriters.  The offering involved $3 billion in securities.

Freddie Mac described the securities offered under its Reference REMICSM program as designed to be “more liquid than other structured securities” and “featur[ing] a shortened stated final maturity through a Guaranteed Maturity Class….” The securities are expected to be offered on a quarterly basis according to a pre-announced calendar.