FINANCIAL EXECUTIVE JEFFREY M. PEEK ELECTED TO FREDDIE MAC'S BOARD OF DIRECTORS

McLean, VA – Freddie Mac (NYSE: FRE) announced today that Jeffrey M. Peek, chairman and chief executive officer of CIT Group Inc. (NYSE: CIT), was elected to Freddie Mac's board of directors, effective January 1, 2006.

"Jeffrey Peek brings an impressive array of leadership and financial services experience to our board. He has served in senior positions at some of the biggest names in the financial sector. His experience will be valuable as we continue to steer the company to meet its mission as well as increase shareholder value," said Richard F. Syron, chairman and CEO, Freddie Mac.

With a 30-year career in financial services, Peek is an accomplished and well-regarded executive. He has served as CEO of CIT, a leading provider of commercial and consumer finance solutions, since July 2004 and as chairman since January 2005. Previously, he served as a director of CIT since September 2003, president of CIT from September 2003 until January 2005 and chief operating officer of CIT from September 2003 until July 2004. Prior to that, he served as vice chairman of Credit Suisse First Boston LLC from 2002 to 2003.

Peek spent a large part of his career at Merrill Lynch starting in 1983 until joining Credit Suisse First Boston in 2002. While there, he served in a variety of leadership positions, including as executive vice president of Merrill Lynch & Co. and president of Merrill Lynch Investment Managers. Peek has an MBA from Harvard Business School and an undergraduate degree in International Studies from the Woodrow Wilson School of Princeton University.

Upon joining the board, Peek will serve on the Finance and Capital Deployment Committee and the Mission and Sourcing Committee of Freddie Mac's board. The board has determined that Peek satisfies the independence criteria in Freddie Mac's Corporate Governance Guidelines and the rules of the New York Stock Exchange.

Peek will be filling the director seat currently held by Joan Donoghue. Donoghue, who has submitted her resignation effective December 31, 2005, served as Freddie Mac's general counsel through August 2005 and currently serves as counselor to the chairman.

This press release and additional information will be included in an Information Statement Supplement to be posted on our Web site at www.FreddieMac.com/investors.

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. 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. Over the years, Freddie Mac has made home possible for one in six homebuyers and nearly four million renters in America.

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