Freddie Mac in $4.1 Billion Mortgage-Backed Securities Deal

January 11, 2006

Cleary Gottlieb represented the underwriting group in the fourth quarterly issuance of Freddie Mac’s Reference REMICsSM. The $4.1 billion offering was led by Bear, Stearns & Co. Inc., Credit Suisse First Boston, and RBS Greenwich Capital. Barclays Capital, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, and Morgan Stanley 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.