Freddie Mac this year has come a long way back from the deep hole it dug for itself in 2003 in the highly competitive secondary market, although the volume of loans being funneled through the government-sponsored enterprises in 2004 has dropped sharply. Through the first eight months of the year, Fannie Mae and Freddie Mac combined for $845.3 billion in “new business” activity, which includes loans securitized through their MBS guaranty programs and other mortgage…