If anyone had been able to foresee, at the beginning of 2003, the series of setbacks and calamities that was to befall Freddie Mac, they might have predicted it would lead to disaster for Freddie, and for the agency market at large. It was certainly a year to forget for Freddie — and the Federal Home Loan Banks. But the world did not come to an end. On the contrary, the agencies can still fund themselves at levels that work for them. That in turn shows how integral they now are to the US debt market. Sebastian Boyd reports.
November 28, 2003
