Freddie Mac is seeking to reassure holders of its debt that the preferred stock purchase agreement announced by US Treasury secretary Henry Paulson will protect them, “regardless of who wins the elections”.
Speaking to a packed auditorium at Euromoney’s Japan Capital Markets Congress on September 24, Timothy Bitsberger, treasurer at Freddie Mac, said that the agreement between the US Treasury and the two government-sponsored enterprises Freddie Mac and Fannie Mae, worth up to $100 billion each, is a “legally binding agreement to protect the owners of debt and mortgages issued prior to and after December 2009”.
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