FREDDIE MAC ANNOUNCES RESULTS OF TENDER OFFERS ON DEBT SECURITIES WITH EXPIRED CALL OPTIONS

McLean, VA – Freddie Mac (NYSE: FRE) today announced the results of the cash tender offers for the repurchase of a targeted group of its debt securities, which closed at 5 p.m. EST on Friday, November 19, 2004. The securities were originally issued as European-style callable debt securities and have since converted to bullet securities as the options have expired unexercised. Results of the tender offer are also available on Freddie Mac’s debt securities web page at www.FreddieMac.com/debt.

“We are very pleased with the results of our tender offer,” said John Radwanski, vice president and assistant treasurer of Debt Financing. “This transaction signaled that we are committed to enhancing the liquidity and price transparency of all our debt products. We believe that similar transactions will become an effective asset-liability management tool, enabling us to fulfill our housing mission while returning long-term value to our stakeholders.”

Freddie Mac repurchased a total of $ 1.7 billion of the following debt securities:

CUSIP / ISIN	Title of Security	Principal Amount Tendered	Principal Amount Outstanding Following Tender Offer
3128X1CU9	2.375% MTN due May 19, 2006	$75,160,000	$424,840,000
3128X1EV5 / US3128X1EV50	2.15% Debt Security due June 2, 2006	$54,469,000	$545,531,000
3128X2FP5	2.91% MTN due June 16, 2006	$111,720,000	$213,280,000
3128X2JZ9	2.625% MTN due June 30, 2006	$18,231,000	$231,769,000
3128X1QU4 / US3128X1QU40	2.00% Debt Security due July 7, 2006	$20,170,000	$479,830,000
3128X1RW9	2.05% MTN due July 14, 2006	$21,467,000	$278,533,000
3128X1SP3	2.125% MTN due July 28, 2006	$55,488,000	$244,512,000
3128X1XB8	2.75% MTN due August 4, 2006	$23,185,000	$226,815,000
3128X1WM5	2.65% MTN due August 4, 2006	$7,530,000	$292,470,000
3128X2QK4	2.50% MTN due August 9, 2006	$25,235,000	$224,765,000
3128X2VP7	2.625% MTN due August 17, 2006	$54,780,000	$195,220,000
3128X1T31 / US3128X1T316	2.75% Debt Security due October 6, 2006	$305,765,000	$671,904,000
3128X1GF8	2.25% MTN due December 4, 2006	$341,570,000	$508,430,000
3128X1DE4 / US3128X1DE45	2.50% Debt Security due December 4, 2006	$253,560,000	$868,250,000
3128X2NA9	3.00% MTN due January 30, 2007	$76,600,000	$173,400,000
3128X2PZ2	2.75% MTN due January 30, 2007	$43,800,000	$206,200,000
3128X2RP2	2.75% MTN due February 9, 2007	$65,845,000	$184,155,000
3128X1V61 / US3128X1V619	2.85% Debt Security due April 6, 2007	$63,405,000	$436,595,000
3128X2ZK4	3.00% MTN due August 27, 2007	$59,475,000	$190,525,000
3128X1DD6	3.20% MTN due May 21, 2008	$85,815,000	$214,185,000
Total		$1,763,270,000

This press release is neither an offer to sell nor a solicitation of offers to buy any of these securities. Neither Freddie Mac nor Goldman, Sachs & Co., Freddie Mac's designated Dealer Manager, made any recommendation that any holder of the securities tender or refrain from tendering all or any portion of the principal amount of such holder's securities. Freddie Mac's securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, are not guaranteed by and are not debts nor obligations of the United States or any federal agency or instrumentality other than Freddie Mac. The tender offers were made only upon the terms and subject to the conditions set forth in the Offer to Purchase [PDF 92K] dated November 15, 2004.

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 in America.

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