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SEPTEMBER 2008 NEWS RELEASE

Gary H. Burner, Chief Financial Officer, Federal Financing Bank (FFB) announced the following activity for the month of August 2008.

FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $30.5 billion on August 31, 2008, posting an increase of $87.0 million from the level on July 31, 2008.  This net change was the result of a decrease in net holdings of agency debt of $262.3 million and an increase in net holdings of government-guaranteed loans of $349.3 million. The FFB made 31 disbursements and received 13 prepayments during the month of August.
  
Attached to this release are tables presenting FFB August loan activity and FFB holdings as of August 31, 2008.

FEDERAL FINANCING BANK
August 2008 ACTIVITY

Amount Final Interest
Borrower Date of Advance Maturity Rate=20
AGENCY DEBT
HOPE FOR HOMEOWNERS
HOPE Bonds 8/28 $29,535,000.00 10/15/08 1.597% Qtr.
U.S. POSTAL SERVICE
U.S. Postal Service 8/29 $300,000,000.00 9/02/08 1.709% S/A
U.S. Postal Service 8/29 $266,200,000.00 9/02/08 1.749% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
Foley Services Contract 8/08 $56,257.51 7/31/25 4.210% S/A
San Francisco Bldg Lease 8/20 $306,556.91 8/01/35 4.448% S/A
Foley Services Contract 8/21 $120,101.66 7/31/25 4.067% S/A
DEPARTMENT OF EDUCATION
Tougaloo College 8/06 $131,465.75 12/01/08 1.801% S/A
Allen University 8/19 $1,060,726.45 5/02/22 4.195% S/A
Southern University 8/19 $156,544.00 12/01/08 1.843% S/A
RURAL UTILITIES SERVICE
Arkansas Valley Elec. #2292 8/01 $6,000,000.00 12/31/40 4.482% Qtr.
Cumberland Valley #2358 8/01 $4,000,000.00 12/31/08 1.814% Qtr.
Southeast Colorado Power #2146 8/01 $2,141,000.00 12/31/37 4.459% Qtr.
Hancock Rural Tel. Corp #2252 8/04 $2,000,000.00 1/03/23 3.906% Qtr.
Irwin Electric #2360 8/11 $7,000,000.00 12/31/42 4.458% Qtr.
Central Elec. Power #2285 8/13 $6,416,000.00 6/30/10 2.403% Qtr.
Oglethorpe Power #2329 8/13 $4,309,600.00 12/31/41 4.351% Qtr.
Basin Electric #2331 8/15 $50,964,000.00 12/31/36 4.371% Qtr.
Jemez Mountains Elec. #2107 8/15 $7,400,000.00 12/31/37 4.365% Qtr.
Southeast Colorado Power #2146 8/15 $416,000.00 12/31/37 4.382% Qtr.
Tennessee Valley Elec. #2079 8/18 $2,000,000.00 12/31/37 4.333% Qtr.
Pee Dee Elec. #2357 8/20 $12,056,000.00 9/30/13 3.062% Qtr.
Jemez Mountains Elec. #2107 8/22 $1,138,000.00 12/31/37 4.304% Qtr.
Plateau Electric Coop. #2365 8/22 $4,000,000.00 12/31/37 4.326% Qtr.
Wilkes Tele. & Elec. #851 8/22 $1,086,000.00 12/31/18 3.359% Qtr.
Georgia Trans. Corp. #2342 8/25 $25,005,000.00 12/31/40 4.357% Qtr.
Alabama Electric #2338 8/27 $26,036,000.00 12/31/35 4.239% Qtr.
Central Rural Electric #2354 8/27 $4,875,000.00 9/30/11 2.648% Qtr.
Springer Electric Coop. #2141 8/28 $33,000.00 12/31/37 4.244% Qtr.
Dairyland Power #2262 8/29 $784,000.00 12/31/40 4.274% Qtr.
Scott County Telephone #2175 8/29 $224,000.00 12/31/20 3.545% Qtr.
Seminole Electric #2366 8/29 $215,210,000.00 12/31/37 4.251% Qtr.


S/A is a Semiannual rate

Qtr. is a Quarterly rate


FEDERAL FINANCING BANK HOLDINGS
(in millions of=20 dollars)


Monthly Fiscal Year
Net Change Net Change
Program August 31, 2008 July 31, 2008 8/01/08- 8/31/08 10/01/07- 8/31/08
Agency Debt
U.S. Postal Service $566.2 $858.0 -$291.8 -$3,633.8
National Credit Union Adm.-CLF $0.0 $0.0 $0.0 $0.0
Federal Deposit Insurance Corp. $0.0 $0.0 $0.0 $0.0
HOPE for Homeowners Bonds       $29.5        = $0.0       $29.5       = $29.5
Subtotal* $595.7 $858.0 -$262.3 -$3,604.3
Agency Assets
Rural Utilities Service-CBO    $3,819.6    $3,819.6        = $0.0      -$97.0
Subtotal* $3,819.6 $3,819.6 $0.0 -$97.0
Government-Guaranteed Lending
DOD-Foreign Military Sales $698.0 $731.7 -$33.7 -$138.4
DoEd-HBCU+ $328.5 $327.1 $1.3 $14.7
DHUD-Public Housing Notes $691.4 $691.4 $0.0 -$99.2
General Services Administration+ $2,080.1 $2,081.2 -$1.0 -$39.8
DOI-Virgin Islands $0.0 $0.0 $0.0 -$0.8
DON-Ship Lease Financing $16.6 $16.6 $0.0 -$53.0
Rural Utilities Service $19,763.0 $19,379.9 $383.1 $575.7
Rural Utilities Service-GETP $2,500.0 $2,500.0 $0.0 $0.0
SBA-State/Local Development Cos. $10.3 $10.8 -$0.5 -$6.7
DOT-Section 511 $2.1 $2.1 $0.0 -$0.2
VA Homeless Veterans Housing+        = $4.9        = $4.9        = $0.0        = $0.0
Subtotal* $26,094.9 $25,745.6 $349.3 $252.4
========= ========= ========= =========
Grand total* $30,510.2 $30,423.1 $87.0 -$3,448.9
_______________________________________
* figures may not total due to rounding
+ does not include capitalized=20 interest