Freddie Mac in $4 Billion Mortgage-Backed Securities Deal

October 7, 2005

Cleary Gottlieb represented the underwriting group in the third quarterly issuance of Freddie Mac’s Reference REMICsSM. The $4 billion offering was led by Credit Suisse First Boston, Deutsche Bank Securities and UBS. Banc of America Securities, Bear Stearns, Citigroup, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley and RBS Greenwich Capital acted as co-underwriters.

Freddie Mac launched the Reference REMICSM program in April 2005. According to Freddie Mac, its Reference REMICSM securities are designed to be more liquid than other structured securities, featuring a “shortened stated final maturity through a Guaranteed Maturity Class.” Freddie Mac is expected to offer the Reference REMICSM securities on a quarterly basis.