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8-K - 8-K - FEDERAL HOME LOAN MORTGAGE CORP | f71358e8vk.htm |
Exhibit 99.1
News Release |
FOR
IMMEDIATE RELEASE
June 16, 2010
INVESTOR CONTACT: Linda Eddy
703-903-3883
MEDIA CONTACT: Doug Duvall
703-903-2476
June 16, 2010
INVESTOR CONTACT: Linda Eddy
703-903-3883
MEDIA CONTACT: Doug Duvall
703-903-2476
FREDDIE
MAC NOTIFIES NYSE OF INTENTION TO DELIST
McLEAN, Va. Freddie Mac (NYSE: FRE) today
announced that the company has notified the New York Stock
Exchange (NYSE) of its intent to delist its common stock and the
20 listed classes of its preferred stock. This notice was
made pursuant to a directive by the Federal Housing Finance
Agency (FHFA), Freddie Macs conservator, requiring Freddie
Mac to delist its common and preferred securities from the NYSE.
According to a press release by FHFA, the Acting Director of
FHFA issued similar directives to both Freddie Mac and Fannie
Mae.
In accordance with SEC rules and regulations, Freddie Mac
intends to file a Form 25 (Notification of Removal from
Listing under
Section 12(b)
of the Securities Exchange Act of 1934) on or about
June 28, 2010. Freddie Mac anticipates that the delisting
of its common and preferred stock from the NYSE will be
effective on or about July 8, 2010, 10 days after
Freddie Mac files the Form 25 with the SEC.
After the delisting of our equity securities from the NYSE, we
expect that our common stock and the classes of preferred stock
that were previously listed on the NYSE will be traded in the
over-the-counter market and quoted on OTC Bulletin Board
(OTCBB), a centralized electronic quotation service for
over-the-counter securities, under a ticker symbol that has yet
to be assigned. The Company expects that the common stock and
the classes of preferred stock will continue to trade on OTCBB
so long as market makers demonstrate an interest in trading in
the common and preferred stock.
The transition to the OTCBB will not affect the companys
obligation to file periodic and certain other reports with the
SEC under applicable federal securities laws.
Certain statements in this news release may be considered
forward-looking statements within the meaning of the federal
securities laws, including those relating to our intention to
take steps to cause the company to be delisted from the NYSE by
filing a Form 25, and the expectation that our common stock
and classes of preferred stock previously listed on the NYSE
will continue to be traded in the over-the-counter market and
quoted on the OTCBB. Although Freddie Mac believes that the
expectations set forth in these statements are based upon
reasonable assumptions, future conditions and events may differ
materially from what is indicated in any forward-looking
statements. Factors that could cause actual conditions or events
to differ materially from those described in these
forward-looking statements include, but are not limited to
legislative or other governmental actions relating to our
business or the financial markets; our ability to manage our
business to a positive net worth; adverse effects from
activities we undertake to support the mortgage market and help
borrowers; the investment by Treasury and its effect on our
business; changes in the structure and regulation of the
financial services industry, including government efforts to
improve economic conditions; the conservatorship and its effect
on our business (including our business strategies and
practices); the depth and duration of weakness in the housing
market and economic conditions, including the extent of home
price declines and unemployment rates; the level and volatility
of interest rates and credit spreads; the accuracy of subjective
estimates used in critical accounting policies; and other
factors described in Freddie Macs quarterly report on
Form 10-Q
for the quarter ended March 31, 2010, and Freddie
Macs annual report on
Form 10-K
for the year ended December 31, 2009, including the
Risk Factors and Forward-Looking
Statements sections of these reports.
Freddie Mac was established by Congress in 1970 to provide
liquidity, stability and affordability to the nations
residential mortgage markets. Freddie Mac supports communities
across the nation by providing mortgage capital to lenders. Over
the years, Freddie Mac has made home possible for one in six
homebuyers and more than five million renters.
www.FreddieMac.com
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