The 2008 Fannie Mae and Freddie Mac CDS Protocol (the “Protocol”) relates to settlement issues concerning Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"), two shareholder-owned companies mandated by the US Congress to provide funding to the U.S. housing market which were placed under a conservatorship by the U.S. Government on Sunday September 7.  

The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Fannie Mae and Freddie Mac. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for October 6, 2008 to determine the final price for certain Fannie Mae and Freddie Mac bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2008 Fannie Mae and Freddie Mac CDS Protocol is open to ISDA members and non-members. The Protocol will be open between Monday September 29, 2008 and Thursday October 2, 2008.