The global sale of mortgage bonds has now become a reality, with the creation of a Web-based system designed by Warburg Dillon Read LLC and Freddie Mac's initiative to position itself on the electronic threshold.

Freddie Mac's upcoming sale of its five-year reference notes is the first for Freddie Mac this year. The total amount of notes being sold will range between $4 billion and $6 billion, and will use the Internet to reach a global market. The January reference notes will be underwritten by WDR, Merrill Lynch & Co. and Salomon Smith Barney.

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