Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 397

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 15
Chunk 397
---
 the difference between the estimated durations of our interest rate sensitive assets and liabilities. We present the duration gap of our financial instruments in units expressed as months. A duration gap of zero implies that the change in value of our interest rate sensitive assets from an instantaneous change in interest rates would be expected to be accompanied by an equal and offsetting change in the value of our interest rate sensitive liabilities, thus leaving economic value unchanged.

n    EMCP - Executive Management Compensation Program.

n    Enterprises - Freddie Mac and Fannie Mae.

n    EO&T - Enterprise Operations & Technology Division.

n    ERCF - Enterprise Regulatory Capital Framework - Final rule adopted by FHFA in 2020 that establishes a new regulatory capital framework for Freddie Mac and Fannie Mae as amended from time to time.

n    ERM - Enterprise Risk Management.

n    ERM Program - Freddie Mac's enterprise risk management program.

n    EVP - Executive Vice President.

n    Exchange Act - Securities Exchange Act of 1934, as amended.

n    Fannie Mae - Federal National Mortgage Association.

n    FDIC - Federal Deposit Insurance Corporation.

n    Federal Reserve - Board of Governors of the Federal Reserve System.

n    FHA - Federal Housing Administration.

n    FHFA - Federal Housing Finance Agency - An independent agency of the U.S. government with responsibility for regulating Freddie Mac, Fannie Mae, and the FHLBs.

n    FHLB - Federal Home Loan Bank.

n    55-day MBS - A single-class pass-through security with a 55-day payment delay for non-TBA-eligible fixed-rate mortgage loans. Freddie Mac began issuing 55-day MBS on and after June 3, 2019.

n    Fitch - Fitch Ratings Limited.

n    Fixed-rate loan - Refers to a loan originated at a specific rate of interest that remains constant over the life of the loan. For purposes of presentation in this report, we have categorized certain modified loans as fixed-rate loans, even though the modified loans have rate adjustment provisions. In these cases, while the terms of the modified loans provide for the interest rate to adjust in the future, such future rates are determined at the time of the modification rather than at a subsequent date.

n    Foreclosure alternative - A workout option pursued when a home retention action is not successful or not possible. A foreclosure alternative is either a