FREDDIE MAC ANNOUNCES RESIGNATION OF JEFFREY M. PEEK FROM BOARD OF DIRECTORS

McLean, VA – Freddie Mac (NYSE: FRE) today announced that Jeffrey M. Peek has resigned from its Board of Directors, effective September 17, 2007. In his resignation letter, Peek, who is the chairman and chief executive officer of CIT Group Inc. (CIT), expressed his desire to avoid the appearance of a conflict of interest in connection with a proposed purchase by Freddie Mac of securities backed by a portfolio of CIT residential mortgage loans.

"Jeff's experience and insight have been enormously valuable to Freddie Mac and to the success we have had in building our shareholder value and fulfilling our housing mission," said Richard F. Syron, chairman and CEO, Freddie Mac. "While I am disappointed that he will be leaving our Board, I respect his decision and extend our gratitude for the important contributions he has made to Freddie Mac."

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily 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 more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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