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NOVEMBER 2008 NEWS RELEASE

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

FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $39.7 billion on October 31, 2008, posting an increase of $1,182.4 million from the level on September 30, 2008.  This net change was the result of increases in net holdings of agency debt of $888.6 million and in net holdings of government-guaranteed loans of $293.8 million. The FFB made 88 disbursements and received 3 prepayments during the month of October.  The FFB also reset the interest rate for one loan issued by the HOPE for Homeowners program during the month.  

Attached to this release are tables presenting FFB October loan activity and FFB holdings as of October 31, 2008.

FEDERAL FINANCING BANK
OCTOBER 2008 ACTIVITY


Amount Final Interest
Borrower Date of Advance Maturity Rate
AGENCY DEBT
NATIONAL CREDIT UNION ADMIN. - CLF
National Credit Union 10/01 $62,749,000.00 12/30/08 1.042% S/A
National Credit Union 10/02 $75,000,000.00 1/02/09 0.978% S/A
National Credit Union 10/03 $5,077,000.00 1/02/09 0.755% S/A
National Credit Union 10/08 $3,200,000.00 1/06/09 0.938% S/A
National Credit Union 10/09 $7,500,000.00 1/07/09 0.800% S/A
National Credit Union 10/14 $26,055,423.00 1/12/09 0.388% S/A
National Credit Union 10/14 $11,800,000.00 1/12/09 0.388% S/A
National Credit Union 10/16 $18,500,000.00 1/14/09 0.343% S/A
National Credit Union 10/17 $8,461,180.00 1/15/09 0.582% S/A
National Credit Union 10/20 $21,710,808.00 1/21/09 0.982% S/A
National Credit Union 10/21 $1,062,200.00 1/21/09 1.378% S/A
National Credit Union 10/21 $275,000,000.00 4/20/09 1.863% S/A
National Credit Union 10/23 $15,400,000.00 1/21/09 1.165% S/A
National Credit Union 10/28 $400,000.00 1/26/09 0.956% S/A
National Credit Union 10/29 $3,000,000.00 1/27/09 0.886% S/A
National Credit Union 10/30 $37,300,000.00 1/28/09 0.740% S/A
National Credit Union 10/31 $6,000,000.00 1/29/09 0.531% S/A
HOPE FOR HOMEOWNERS
*HOPE Bonds 10/15 $29,535,000.00 1/15/09 0.345% Qtr.
HOPE Bonds 10/15 $62,028.36 1/15/09 0.345% Qtr.
HOPE Bonds 10/23 $461,000,000.00 1/15/09 0.998% Qtr.
U.S. POSTAL SERVICE
U.S. Postal Service 10/01 $102,100,000.00 10/02/08 0.784% S/A
U.S. Postal Service 10/03 $800,000,000.00 10/06/08 0.784% S/A
U.S. Postal Service 10/03 $178,400,000.00 10/06/08 0.257% S/A
U.S. Postal Service 10/06 $1,000,000,000.00 10/07/08 0.318% S/A
U.S. Postal Service 10/06 $163,600,000.00 10/07/08 0.277% S/A
U.S. Postal Service 10/07 $600,000,000.00 10/08/08 0.257% S/A
U.S. Postal Service 10/07 $215,400,000.00 10/08/08 0.510% S/A
U.S. Postal Service 10/08 $250,000,000.00 10/09/08 0.277% S/A
U.S. Postal Service 10/08 $413,300,000.00 10/09/08 0.338% S/A
U.S. Postal Service 10/09 $100,000,000.00 10/10/08 0.510% S/A
U.S. Postal Service 10/09 $384,200,000.00 10/10/08 0.297% S/A
U.S. Postal Service 10/10 $150,000,000.00 10/14/08 0.338% S/A
U.S. Postal Service 10/10 $156,200,000.00 10/14/08 0.186% S/A
U.S. Postal Service 10/14 $59,300,000.00 10/15/08 0.176% S/A
U.S. Postal Service 10/17 $450,000,000.00 10/20/08 0.176% S/A
U.S. Postal Service 10/17 $269,300,000.00 10/20/08 0.196% S/A
U.S. Postal Service 10/20 $800,000,000.00 10/21/08 0.226% S/A
U.S. Postal Service 10/20 $144,800,000.00 10/21/08 0.551% S/A
U.S. Postal Service 10/21 $550,000,000.00 10/22/08 0.196% S/A
U.S. Postal Service 10/21 $115,100,000.00 10/22/08 0.825% S/A
U.S. Postal Service 10/22 $300,000,000.00 10/23/08 0.551% S/A
U.S. Postal Service 10/22 $211,200,000.00 10/23/08 0.703% S/A
U.S. Postal Service 10/23 $200,000,000.00 10/24/08 0.825% S/A
U.S. Postal Service 10/23 $109,400,000.00 10/24/08 0.480% S/A
U.S. Postal Service 10/24 $115,000,000.00 10/27/08 0.409% S/A
U.S. Postal Service 10/31 $1,700,000,000.00 11/03/08 0.531% S/A
U.S. Postal Service 10/31 $349,300,000.00 11/03/08 0.237% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
San Francisco Bldg Lease 10/21 $267,419.32 8/01/35 4.492% S/A
DEPARTMENT OF EDUCATION
Allen University 10/07 $1,024,015.82 11/01/23 4.036% S/A
Clark Atlanta University 10/07 $1,810,865.51 2/02/37 3.922% S/A
Allen University 10/28 $601,854.80 5/01/24 4.542% S/A
Southern University 10/28 $120,718.79 12/01/08 0.345% S/A
RURAL UTILITIES SERVICE
Adams Rural Electric #2375 10/02 $1,750,000.00 12/31/42 4.164% Qtr.
Black Hills Elec. Coop. #2378 10/02 $5,000,000.00 12/31/37 4.149% Qtr.
Prairie Elec. #2393 10/03 $30,516,000.00 12/31/35 4.070% Qtr.
Kennebec Telephone #2293 10/06 $206,750.00 12/31/25 3.649% Qtr.
Citizens Tel. of NY #2290 10/07 $91,000.00 1/03/23 3.342% Qtr.
Darke Rural Elec. Coop. #2377 10/07 $1,000,000.00 12/31/42 3.933% Qtr.
Sioux Val.-Southwestern #2198 10/07 $5,000,000.00 12/31/35 3.895% Qtr.
Whetstone Valley #2370 10/09 $1,000,000.00 12/31/42 4.080% Qtr.
Brantley Telephone Co. #2301 10/10 $625,000.00 12/31/24 3.885% Qtr.
East Kentucky Power #2019 10/14 $4,200,000.00 1/03/33 4.181% Qtr.
East Kentucky Power #2322 10/14 $7,900,000.00 12/31/40 4.173% Qtr.
Federal Rural Elec. #2364 10/15 $3,400,000.00 12/31/42 4.315% Qtr.
Le-Ru Telephone #694 10/20 $321,000.00 12/31/20 3.594% Qtr.
Little Ocmulgee Elec. #2398 10/20 $5,000,000.00 12/31/37 4.393% Qtr.
Southern Iowa Electric #2395 10/20 $2,380,000.00 12/31/42 4.360% Qtr.
Trico Electric Coop. #2402 10/20 $2,000,000.00 12/31/42 4.360% Qtr.
Agralite Elec. #2369 10/21 $2,898,000.00 12/31/42 4.302% Qtr.
North Arkansas Elec. #2279 10/21 $12,225,000.00 12/31/40 4.309% Qtr.
Pioneer Electric Coop. #2394 10/21 $8,675,000.00 12/31/42 4.302% Qtr.
South Kentucky Electric #2348 10/21 $5,400,000.00 3/31/09 1.695% Qtr.
Missouri Rural Elec. #2389 10/24 $2,000,000.00 12/31/42 4.001% Qtr.
Scott County Telephone #2175 10/24 $130,000.00 12/31/20 3.258% Qtr.
Wilkes Tele. & Elec. #851 10/24 $225,000.00 12/31/18 2.924% Qtr.
Glidden Rural Elec Coop #2372 10/27 $600,000.00 12/31/42 4.153% Qtr.
Northern Neck Elec. #2404 10/27 $5,900,000.00 12/31/42 4.153% Qtr.
Codington-Clark Elec. #2392 10/28 $800,000.00 12/31/42 4.164% Qtr.
Kotzebue Electric #2155 10/28 $291,500.00 12/31/30 4.171% Qtr.
Kotzebue Electric #2155 10/28 $600,000.00 12/31/30 4.171% Qtr.
Buckeye Power #2407 10/30 $66,858,000.00 12/31/37 4.258% Qtr.
Buckeye Power #2409 10/30 $34,541,000.00 12/31/37 4.266% Qtr.
Gunnison County Elec. #2310 10/30 $831,000.00 12/31/41 4.311% Qtr.
Lumbee River Elec. #2363 10/30 $15,000,000.00 12/31/42 4.309% Qtr.
Midwest Electric #2416 10/30 $10,000,000.00 12/31/42 4.310% Qtr.
White River Valley Elec #2410 10/30 $15,000,000.00 1/03/39 4.311% Qtr.
Dairyland Power #2262 10/31 $649,000.00 12/31/40 4.375% Qtr.
N. Carolina Elec. #2259 10/31 $2,253,000.00 12/31/26 4.250% Qtr.
N. Carolina Elec. #2359 10/31 $42,827,000.00 1/03/39 4.395% Qtr.

S/A is a Semiannual rate
Qtr. is a Quarterly rate
* maturity extension or interest rate reset or principal rollover


FEDERAL FINANCING BANK HOLDINGS
(in millions of dollars)


Monthly Fiscal Year
Net Change Net Change
Program October 31, 2008 September 30, 2008 10/01/08-10/31/08 10/01/08-10/31/08
Agency Debt
U.S. Postal Service $7,049.3 $7,200.0 -$150.7 -$150.7
National Credit Union Adm.-CLF $1,687.4 $1,109.2 $578.2 $578.2
Federal Deposit Insurance Corp. $0.0 $0.0 $0.0 $0.0
HOPE for Homeowners Bonds      $490.6       $29.5      $461.1      $461.1
Subtotal* $9,227.3 $8,338.7 $888.6 $888.6
Agency Assets
Rural Utilities Service-CBO    $3,632.6    $3,632.6        $0.0        $0.0
Subtotal* $3,632.6 $3,632.6 $0.0 $0.0
Government-Guaranteed Lending
DOD-Foreign Military Sales $680.1 $680.4 -$0.2 -$0.2
DoEd-HBCU+ $340.5 $337.0 $3.6 $3.6
DHUD-Public Housing Notes $691.4 $691.4 $0.0 $0.0
General Services Administration+ $2,070.6 $2,077.6 -$7.0 -$7.0
DON-Ship Lease Financing $16.6 $16.6 $0.0 $0.0
Rural Utilities Service $19,991.6 $19,693.5 $298.1 $298.1
Rural Utilities Service-GETP $3,000.0 $3,000.0 $0.0 $0.0
SBA-State/Local Development Cos. $9.4 $10.0 -$0.7 -$0.7
DOT-Section 511 $2.0 $2.0 $0.0 $0.0
VA Homeless Veterans Housing+        $4.9        $4.9        $0.0        $0.0
Subtotal* $26,807.2 $26,513.4 $293.8 $293.8
========= ========= ========= =========
Grand total* $39,667.0 $38,484.7 $1,182.4 $1,182.4
_______________________________________
* figures may not total due to rounding
+ does not include capitalized interest