We discuss a laser with N three-level atoms resonantly and cooperative
ly interacting with two cavity modes. Its intensity is proportional to
N-2, the linewidth scales as 1/N-2, and the output intensity fluctuat
ions display up to 100% squeezing at low frequencies. We show that qua
ntum fluctuations of the pump do not deteriorate the squeezing signifi
cantly. We also find that the fluctuation properties of the ''passive'
' cavity mode which serves to collectively relax the atoms to the grou
nd state are similar to those of the active mode. Finally we take into
account spontaneous emission. Within a certain range of frequencies g
ood squeezing can still be found.