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Business Description
Freddie Mac (Federal Home Loan Mortgage Corporation) is a stockholder-owned corporation that was established by Congress in 1970 to support home ownership and rental housing. Freddie Mac purchases single-family and multi-family residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Freddie Mac guarantees these securities and mortgage lenders sell their loans to the Company and use the proceeds to fund new mortgages, which in turn increases the money supply to homebuyers. The Company does not make loans directly to homebuyers, but puts private investor capital to work for homebuyers in general.

Financial Information
FRE securitizes mortgages it has purchased and resells them to investors in the form of guaranteed mortgage passthrough securities. FRE is also engaged in the purchase and retention of mortgages and guaranteed mortgage securities. For the six months ended 6/30/02, revenues rose 10% to $19.07 billion. Net income applicable to Common before acct. change rose 46% to $2.4 billion. Results reflect higher mortgage securities balances and a higher net interest margin.