UPDATE 2-Singapore banks say Fannie, Freddie exposure immaterial

(Adds OCBC response)

SINGAPORE, July 15 (Reuters) - Singapore banks DBS Group Holdings (DBSM.SI), United Overseas Bank (UOBH.SI) and Oversea-Chinese Banking Corp (OCBC.SI) said on Tuesday they had very low exposure to equity or debt in U.S. mortgage firms Fannie Mae FNM.N and Freddie Mac FRE.N.

"Our exposure to Fannie Mae and Freddie Mac is not material," a United Overseas Bank spokeswoman said in a statement. No. 1 bank DBS also said earlier its exposure to the two mortgage firms overall was immaterial.

OCBC, Singapore's third largest bank, gave more details, saying it had an indirect exposure to the two U.S. companies through its investment in complex debt derivatives.

"The bank has a total investment of $249 million in corporate CDOs, which comprise diversified portfolios of corporate credits in the US, Europe, Asia and elsewhere. Of this amount, $49 million of the CDOs contain 3 percent exposure to Fannie Mae and Freddie Mac," OCBC said in a statement.

OCBC said its insurance subsidiary, Great Eastern Holdings (GELA.SI), has a total exposure of S$37 million ($27.5 million) to Fannie Mae via investments in debt securities and credit-linked notes. (Reporting by Saeed Azhar and Daryl Loo; Editing by David Holmes)