Freddie Mac Names Mike May Senior Vice President And Chief Operating Officer, Single Family Operations

July 30, 2002

McLean, VA - Freddie Mac (NYSE: FRE) has named Mike May Senior Vice President and Chief Operating Officer, Single Family Operations. May replaces Margaret Colon, who, in lieu of her planned retirement, will continue in a part-time capacity to lead Single Family's efforts to develop a more robust mortgage asset management strategy.

In his new capacity, May is responsible for all single family mortgage purchase and servicing operations, as well as the operational infrastructure and technology for Freddie Mac's single family business. May reports to Paul Peterson, Executive Vice President, Single Family Business.

"Mike's background, breadth of experience and market expertise make him a natural fit for this role," said Peterson. "The functions that he is responsible for in his new role are critical to the long-term success of Freddie Mac, and more importantly, continue our commitment of not only helping people attain homeownership, but keep it secure."

May will continue as executive in charge of the corporation's overhaul of internal legacy systems.

In August 1998, May was named senior vice president of Customer Services and Control overseeing Single Family's Control, Customer Support, Institutional Credit Risk, Quality Control, Transaction Processing and Year 2000 departments. Previously, May was vice president of Loan Prospector®, managing the overall development, marketing and operations of Freddie Mac's automated loan evaluation service. He also served as vice president of Business Management, charged with the development and operation of Loan Prospector products and services, as well as vice president of Structured Finance, managing Freddie Mac's structured mortgage securities program, new product development, new issuance and ongoing servicing of all structured mortgage securities products. May also served as vice president of Freddie Mac's Securities Sales & Trading Group (SS&TG), where he oversaw activities including sales, trading, operations, control and research. He was an original member of SS&TG and was the group's first controller.

May came to Freddie Mac in 1983 from the Student Loan Marketing Corporation where he served as an internal auditor. He is a certified public accountant and a certified internal auditor. He holds a B.S. from Old Dominion University.

Source: Freddie Mac

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