Freddie Mac Shuts Bond TradingBusiness
McLEAN Va. - (10/05/04) -- Freddie Mac announced Monday it isclosing down its Securities Sales & Trading Group unit, aleading market maker in the trillion-dollar mortgage backedsecurities market. The company also said it is discontinuing itsMoney Manager program which managed the investment of the company'scapital. Freddie said both moves were undertaken to help refocusthe company on its core secondary market mission. The SS&TG isa registered broker-dealer within the walls of the secondarymortgage market giant that both trades bonds for the company's ownaccount and as a market-maker in the MBS market. The company holdsabout $33 billion worth of securities.