FREDDIE MAC UPDATES PROXY STATEMENT INFORMATION REGARDING MEMBER OF BOARD OF DIRECTORS

McLean, VA – Freddie Mac (NYSE: FRE) today announced an update to its proxy statement for its annual meeting to be held on November 4, 2004.

Effective October 1, 2004, GreenPoint Financial Corporation and all of its affiliates were acquired by North Fork Bancorporation, Inc. As previously disclosed in the proxy statement, Thomas S. Johnson, a member of Freddie Mac's board of directors and a nominee for election at the annual meeting, was chairman and chief executive officer and a member of the board of directors of GreenPoint. Johnson has resigned from these positions with GreenPoint and has joined the North Fork board of directors. He will also be an employee of North Fork through December 31, 2004, and, therefore, will not be independent of Freddie Mac under Freddie Mac's Corporate Governance Guidelines and the listing standards of the New York Stock Exchange through that date.

Absent any subsequent events that would impair his independence, Johnson will be independent of Freddie Mac after December 31, 2004, when his employment relationship with North Fork ends. Each of the other 10 individuals who have been nominated for election as outside members of Freddie Mac's board of directors are independent under Freddie Mac's Corporate Governance Guidelines and the listing standards of the New York Stock Exchange.

The proxy statement is available on the company's Web site, www.FreddieMac.com. Copies of the proxy statement also are available by calling or writing to: Freddie Mac, Investor Relations Department, 1551 Park Run Drive, McLean, VA 22102-3110; telephone, 1-800-FREDDIE (800-373-3343) or 571-382-4732.

Freddie Mac's press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company's Information Statement dated September 24, 2004, which is available on the Investor Relations page of the company's Web site.

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 and two million renters.

###