© Freddie Mac

Third Quarter 2022 

Financial Results Supplement

November 8, 2022
© Freddie Mac 2

Financial Highlights

$5.2

$5.6

$5.8

$5.4

$5.2

$2.9 $2.7

$3.8

$2.5

$1.3

Net revenues Net income

3Q21 4Q21 1Q22 2Q22 3Q22

Net revenues and net income

$ Billions

▪ Net income of $1.3 billion for the third quarter of 2022, a decrease of 55% year-over-year, primarily driven by a 

credit reserve build in Single-Family. 

▪ Net revenues of $5.2 billion for the third quarter of 2022, a decrease of 1% year-over-year, as higher net interest 

income in Single-Family was offset by a decline in non-interest income in Multifamily.
© Freddie Mac 3

$3,086

$3,207

$3,299 $3,343 $3,387

$2,682

$2,792 $2,884 $2,928 $2,971

$404

$415

$415 $415 $416

Single-Family mortgage portfolio Multifamily mortgage portfolio

09/30/21 12/31/21 03/31/22 06/30/22 09/30/22

Mortgage Portfolio Balances

Mortgage portfolio1

UPB in $ Billions

10% YoY 

increase

3% YoY 

increase

11% YoY 

increase

▪ Total mortgage portfolio increased 10% year-over-year to $3.4 trillion, driven by an 11% increase in the SingleFamily mortgage portfolio and a 3% increase in the Multifamily mortgage portfolio.
© Freddie Mac 4

$35.2

$106.7

$140.2

Net worth

Senior preferred stock

liquidation preference

Remaining Treasury funding commitment

As of September 30, 2022

Conservatorship Matters 

Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury until it has built sufficient capital to meet the capital requirements and buffers set forth in the Enterprise Regulatory 

Capital Framework (ERCF). 

Draws and dividend payments

$ Billions

Net worth, liquidation preference2, and 

Treasury funding commitment

$ Billions

$71.6

$119.7

Cumulative draws from Treasury

Cumulative dividend payments to Treasury

As of September 30, 2022
© Freddie Mac 5

543,000

637,000

539,000

349,000 372,000

4.7% 3.9% 3.6% 3.6% 3.5%

Average monthly net new jobs (non-farm)

National unemployment rate

(as of the last month in each quarter)

3Q21 4Q21 1Q22 2Q22 3Q22

National home prices increased by an average of 8.9%

over the past year

Quarterly ending interest rates

3.01% 3.11%

4.67%

5.70%

6.70%

1.57% 1.57%

2.37%

3.05%

3.83%

0.05% 0.05% 0.16%

1.09%

2.47%

30-year mortgage rate, based on Primary Mortgage

Market Survey (PMMS)

10-year LIBOR

SOFR

09/30/21 12/31/21 03/31/22 06/30/22 09/30/22

169

271

United States (Seasonally Adjusted)

2017 2018 2019 2020 2021 2022

Freddie Mac House Price Index (December 2000 = 100)

National home prices since 2017

Unemployment rate and job creation

Key Economic Indicators 

 SOFR interest rates are 30-day average rates.
© Freddie Mac 6

$2,682

$2,792

$2,884 $2,928 $2,971

3Q21 4Q21 1Q22 2Q22 3Q22

0.76% 0.81% 0.73%

0.81% 0.79%

0.20% 0.20% 0.20% 0.19% 0.20%

1.46%

1.12%

0.92%

0.76% 0.67%

One month past due Two months past due

Seriously delinquent

3Q21 4Q21 1Q22 2Q22 3Q22

$299

$271

$207

$138 $121

$132 $111 $93 $86 $98

$167 $160

$114

$52 $23

48 47

49

52

54

Home purchase Refinance

3Q21 4Q21 1Q22 2Q22 3Q22

Single-Family 

Financial Highlights and Key Metrics

$3.9

$4.7

$5.2

$4.9

$4.4

$2.0

$2.2

$3.4

$2.2

$0.8

Net revenues Net income

3Q21 4Q21 1Q22 2Q22 3Q22

Net revenues and net income 

$ Billions

Guarantee fees charged on new acquisitions (bps)3

11% YoY 

increase

Mortgage portfolio

UPB in $ Billions

Delinquency rates

New business activity

UPB in $ Billions
© Freddie Mac 7

72% 71% 72%

75%

78%

3Q21 4Q21 1Q22 2Q22 3Q22

44% 41% 45%

62%

80%

26% 31%

33%

28%

30% 28% 22% 16%

10% 4%

Home purchase Cash-out refinance Other refinance 3Q21 4Q21 1Q22 2Q22 3Q22

750 748 746 744

747

3Q21 4Q21 1Q22 2Q22 3Q22

12%

13%

15%

17%

19%

3Q21 4Q21 1Q22 2Q22 3Q22

New business activity with debt-to-income 

ratio > 45% 

Weighted average original loan-to-value ratio 

(OLTV)

Weighted average original credit score

Single-Family 

Loan Purchase Credit Characteristics

Loan purpose
© Freddie Mac 8

UPB covered by new CRT issuance

$ Billions

$167

$242

$208

$151

$136

3Q21 4Q21 1Q22 2Q22 3Q22

Mortgage portfolio with credit enhancement

UPB in $ Billions

$1,345

$1,491

$1,594

$1,726

$1,803

50%

53%

55%

59%

61%

UPB Percentage

09/30/21 12/31/21 03/31/22 06/30/22 09/30/22

Single-Family 

Credit Risk Transfer
© Freddie Mac 9

$18

$25

$15 $15 $14

3Q21 4Q21 1Q22 2Q22 3Q22

0.12% 0.13%

0.30%

0.18%

1.30%

0.99%

0.00%

0.00%

Freddie Mac (60+ day) FDIC insured institutions (90+ day)

MF CMBS market (60+ day) ACLI investment bulletin (60+ day)

3Q21 4Q21 1Q22 2Q22 3Q22

Multifamily market and Freddie Mac 

delinquency rates

$404 $415 $415 $415 $416

4,624 4,652 4,616 4,562 4,523

Mortgage portfolio Total unit count (in thousands)

3Q21 4Q21 1Q22 2Q22 3Q22

Multifamily 

Financial Highlights and Key Metrics

Net revenues and net income 

$ Billions

$1.3

$0.9

$0.6

$0.5

$0.8

$0.9

$0.5

$0.4

$0.3

$0.5

Net revenues Net income

3Q21 4Q21 1Q22 2Q22 3Q22

(89

%)

New business activity

$ Billions

Mortgage portfolio

UPB in $ Billions

3%YoY 

increase

The delinquency rates for FDIC insured institutions and ACLI investment bulletin are as of June 30, 2022 

(latest available information).

New business activity subject to the FHFA loan purchase cap of $70 billion for 2021 and $78 billion for 2022.
© Freddie Mac 10

Acquisitions of units by area median income 

(AMI) (% of eligible units acquired)

36%

25%

53% 53%

44%

32%

32%

28% 27%

31%

26%

34%

16% 17% 21%

6% 9%

3% 3% 4%

≤60% >60% to ≤80% >80% to ≤120% >120%

3Q21 4Q21 1Q22 2Q22 3Q22

1.35 1.33 1.33 1.33 1.31

67% 67% 67%

63%

59%

Weighted average ODSCR

Weighted average OLTV ratio

3Q21 4Q21 1Q22 2Q22 3Q22

Multifamily 

New Business Characteristics

(89

%)

Weighted average original debt service coverage 

ratio (ODSCR) and weighted average OLTV ratio
© Freddie Mac 11

$380

$389 $389

$397 $394

94% 94% 94%

96% 95%

UPB Percentage

09/30/21 12/31/21 03/31/22 06/30/22 09/30/22

Mortgage portfolio with credit enhancement

UPB in $ Billions

$18

$23

$14

$21

$11

3Q21 4Q21 1Q22 2Q22 3Q22

Multifamily 

Credit Risk Transfer

UPB covered by new CRT issuance

$ Billions
© Freddie Mac 12

73

62

49

37

28

22

17

10 8 6

45

39

23

16

12

6

6

16

13

10

Forbearance and other

Payment deferral plans

Loan modifications

3Q21 4Q21 1Q22 2Q22 3Q22

Number of families Freddie Mac helped 

to own or rent a home4

In Thousands

Housing Market Support

1,188 1,178

834

616

542

612 598

412

205

95

415

357

279

263

297

161

223

143

148

150

Single-Family refinance borrowers

Single-Family home purchase borrowers

Multifamily rental units

3Q21 4Q21 1Q22 2Q22 3Q22

Other includes repayment plans and foreclosure alternatives.

6

Number of Single-Family loan workouts5

In Thousands

6

6

First quarter and second quarter 2022 Multifamily rental units revised to reflect updated information.
© Freddie Mac 13

Endnotes

 1 Based on unpaid principal balances (UPB) of securitized mortgage loans, unsecuritized mortgage loans, and other, which primarily consists of other mortgage-related guarantees.

 2 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Treasury in September 2008, the $71.6 billion of draws from Treasury, and the $34.1 billion in 

increases to our Net Worth Amount pursuant to the Purchase Agreement.

 3 Represents the estimated average rate of guarantee fees for new acquisitions during the period assuming amortization of upfront fees using the estimated life of the related loans rather 

than the original contractual maturity date of the related loans. Net of legislated 10 basis point fee remitted to Treasury pursuant to the Temporary Payroll Tax Cut Continuation Act of 

2011 as extended by the Infrastructure Investment and Jobs Act.

 4 Based on the company’s purchases of loans and issuances of mortgage-related securities. For the periods presented, a borrower may be counted more than once if the company 

purchased more than one loan (purchase or refinance mortgage) relating to the same borrower.

 5 Consists of both home retention actions and foreclosure alternatives.

 6 Categories are not mutually exclusive, and a borrower in one category may also be included in another category in the same or another period. For example, a borrower helped through 

a home retention action in one period may subsequently lose his or her home through a foreclosure alternative in a later period.
© Freddie Mac 14

Safe Harbor Statements

Freddie Mac obligations

 Freddie Mac’s securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, 

are not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie 

Mac.

No offer or solicitation of securities 

 This presentation includes information related to, or referenced in the offering documentation for, certain Freddie Mac securities, 

including offering circulars and related supplements and agreements. Freddie Mac securities may not be eligible for offer or sale in 

certain jurisdictions or to certain persons. This information is provided for your general information only, is current only as of its specified 

date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient 

basis for making a decision with respect to the purchase or sale of any security. All information regarding or relating to Freddie Mac 

securities is qualified in its entirety by the relevant offering circular and any related supplements. Investors should review the relevant 

offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, 

before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its 

risks and its suitability as an investment in your particular circumstances.

Forward-looking statements 

 Freddie Mac's presentations may contain forward-looking statements, which may include statements pertaining to the conservatorship, 

the company’s current expectations and objectives for its Single-Family and Multifamily segments, its efforts to assist the housing 

market, liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in observed 

and forecasted house price appreciation, its market share, the effect of legislative and regulatory developments and new accounting 

guidance, the credit quality of loans the company owns or guarantees, the costs and benefits of the company’s CRT transactions, the 

effects of natural disasters, other catastrophic events, including the effects of the COVID-19 pandemic, and significant climate change 

effects and actions taken in response thereto on its business, results of operations, and financial condition. Forward-looking statements 

involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for 

the company’s future necessarily involve a number of assumptions, judgments, and estimates, and various factors, including changes in 

market conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government (including FHFA, Treasury, and Congress) 

and state and local governments, changes in the fiscal and monetary policies of the Federal Reserve, uncertainty about the duration, 

severity, and effects of the COVID-19 pandemic and actions taken in response thereto, and the impacts of legislation or regulations and 

new or amended accounting guidance, that could cause actual results to differ materially from these expectations. These assumptions, 

judgments, estimates and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, 

Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, and Current Reports 

on Form 8-K, which are available on the Investor Relations page of the company’s website at www.freddiemac.com and the SEC’s 

website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or 

circumstances occurring after the date of this presentation.