FOR IMMEDIATE RELEASE

May 8, 2013

MEDIA CONTACT: Lisa Gagnon

703-903-3385

 INVESTOR CONTACT: Robin Phillips

571-382-4732

FREDDIE MAC REPORTS NET INCOME OF $4.6 BILLION; 

COMPREHENSIVE INCOME OF $7.0 BILLION FOR FIRST QUARTER 2013

First Quarter 2013 Financial Results

 First quarter 2013 net income was $4.6 billion – the second largest in company history, compared to 

$4.5 billion in the fourth quarter of 2012

 First quarter 2013 comprehensive income was $7.0 billion, compared to $5.7 billion in the fourth 

quarter of 2012

Treasury Draws and Dividend Payments

 No additional Treasury draw required for the first quarter of 2013

 Aggregate cash dividends of $29.6 billion paid to Treasury since conservatorship began, including 

$5.8 billion paid in the first quarter of 2013

 Based on net worth of $10.0 billion at March 31, 2013, the company’s dividend obligation to 

Treasury will be $7.0 billion in June 2013 

 Senior preferred stock outstanding and held by Treasury remained $72.3 billion at March 31, 2013, as 

dividend payments do not offset prior Treasury draws

Housing Market Support Since January 1, 2009

 Provided $1.9 trillion of liquidity to the mortgage market that funded:

 6.7 million refinancings (includes two million under Freddie Mac’s relief refinancing initiative)

 1.6 million home purchases 

 1.3 million units of multifamily rental housing

 Helped more than 830,000 borrowers to avoid foreclosure 

Credit Quality at March 31, 2013

 Post-2008 book of business grew to 67 percent of single-family credit guarantee portfolio during first 

quarter – 12 percent of the single-family credit guarantee portfolio were HARP loans

 Delinquency rates continued to decline and remained below industry benchmarks

 Single-family serious delinquency rate was 3.03 percent 

 Multifamily delinquency rate was 0.16 percent 

McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $4.6 billion for the first

quarter of 2013, compared to net income of $4.5 billion for the fourth quarter of 2012. The company also 

reported comprehensive income of $7.0 billion for the first quarter of 2013, compared to comprehensive 

income of $5.7 billion for the fourth quarter of 2012. 
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 2

Summary Financial Results (1)

(1) Columns may not add due to rounding. See “Appendix - Financial Results Discussion” section for additional information about the company’s financial 

results for the first quarter of 2013.

Net Income – Freddie Mac’s net income was $4.6 billion for the first quarter of 2013, up $124 million from 

the fourth quarter of 2012. The increase primarily reflects lower net security impairments, partially offset 

by lower income tax benefit. Fourth quarter 2012 financial results included the impact of a favorable 

resolution of tax matters with the Internal Revenue Service (IRS).

Comprehensive Income – Freddie Mac’s comprehensive income was $7.0 billion for the first quarter of 

2013, up $1.2 billion from the fourth quarter of 2012. The increase is primarily driven by higher fair value 

gains on the company’s non-agency available-for-sale (AFS) securities due to spread tightening. The fair 

value of Freddie Mac’s AFS securities may fluctuate considerably from quarter to quarter due to market 

conditions, which can lead to variability in the company’s comprehensive income results.

Deferred Tax Asset Valuation Allowance – On a quarterly basis, the company determines whether a 

valuation allowance is necessary on its net deferred tax assets. After evaluating all available evidence,

Freddie Mac continued to record a valuation allowance on a portion of its net deferred tax assets as of 

March 31, 2013. The valuation allowance as of March 31, 2013, was $30.1 billion. To the extent Freddie 

Mac releases the valuation allowance on its deferred tax assets in a future period, the amount released would 

be included as income in that period and would result in a corresponding increase in the company’s net 

worth as of the end of that period. See “MD&A - CONSOLIDATED BALANCE SHEETS ANALYSIS –

Deferred Tax Assets and Liabilities” in the company’s Quarterly Report on Form 10-Q for the quarter ended 

March 31, 2013 for additional information.

About Freddie Mac’s Conservatorship

Freddie Mac has been operating under conservatorship, with the Federal Housing Finance Agency (FHFA) 

as Conservator, since September 6, 2008. The support provided by Treasury pursuant to the Purchase 

Agreement enables the company to maintain access to the debt markets and have adequate liquidity to December 31, March 31,

($ Billions) 2012 2013 Change

1 Net interest income $ 4.5 $ 4.3 $ (0.2)

2 (Provision) benefit for credit losses 0.7 0.5 (0.2)

3 Derivative gains (losses) (0.0) 0.4 0.4

4 Net impairment (1.2) (0.0) 1.2

5 Other non-interest income 0.0 0.1 0.1

6 Non-interest expense (0.6) (0.6) (0.0)

7 Income tax benefit 1.1 0.0 (1.1)

8 Net income $ 4.5 $ 4.6 $ 0.1

9 Total other comprehensive income 1.3 2.4 1.1

10 Comprehensive income $ 5.7 $ 7.0 $ 1.2

Three Months Ended
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 3

conduct its normal business operations. Through March 31, 2013, Freddie Mac has requested cumulative 

draws totaling $71.3 billion. Under the Purchase Agreement, the payment of dividends cannot be used to 

offset prior Treasury draws. Accordingly, while Freddie Mac has paid aggregate cash dividends to

Treasury of $29.6 billion through March 31, 2013, Treasury still maintains a liquidation preference of $72.3 

billion on the company’s senior preferred stock as of March 31, 2013. 

Treasury Draws and Dividend Payments

(1) Includes the initial liquidation preference of Freddie Mac’s senior preferred stock of $1.0 billion.

In August 2012, the terms governing the company’s dividend obligations on the senior preferred stock were 

amended. The amended Purchase Agreement does not allow the company to build a capital reserve. 

Beginning in 2013, the required senior preferred stock dividends each quarter equal the amount, if any, by 

which the company’s net worth as of the end of the preceding quarter exceeds an applicable capital reserve 

amount. The applicable capital reserve amount is $3.0 billion for each quarter of 2013 and will be reduced 

by $600 million annually until it reaches zero in 2018. 

The amount of remaining funding available to Freddie Mac under the Purchase Agreement with Treasury

is currently $140.5 billion, and will be reduced by any future draws.

Freddie Mac is not permitted to redeem the senior preferred stock prior to the termination of Treasury’s 

funding commitment under the Purchase Agreement. The limited circumstances under which Treasury’s 

funding commitment will terminate are described in “BUSINESS — Treasury Agreements” in the 

company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Housing Market Support

Freddie Mac continues to support the U.S. housing market by ensuring credit availability for new and 

refinanced mortgages as well as rental housing. The company also continues helping struggling 

homeowners avoid foreclosure and stabilizing communities nationwide. Since the beginning of 2009, 

Freddie Mac has helped nearly 9.6 million American families own or rent a home, and more than 830,000

avoid foreclosure. At the same time, the company is working with FHFA, its customers and the industry to 

build a stronger housing finance system for the nation.

$44.6 

$6.1 

$13.0 

$7.6 

$0.02 $0.0 

2008 2009 2010 2011 2012 YTD 2013

Draw Request from Treasury

$ Billions

$0.2 

$4.1 

$5.7 $6.5 $7.2 

$5.8 

2008 2009 2010 2011 2012 YTD 2013

Dividend Payment to Treasury

$ Billions ($ Billions) Cumulative 

Total

Total Senior Preferred 

Stock Outstanding (1) $72.3

($ Billions) Cumulative 

Total

Dividend Payments $29.6
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 4

Number of Families Helped

(1) 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.

(2) These categories are not mutually exclusive and a borrower in one category may also be included within another category in the same period. For the periods 

presented, a borrower may subsequently go into foreclosure.

Providing Liquidity – Freddie Mac continues to provide access to affordable financing for new and 

refinanced mortgages and rental housing. Since the beginning of 2009, the company has provided nearly

$1.9 trillion in liquidity to the market through its purchases of loans and issuances of mortgage-related 

securities, including $138 billion during the first quarter of 2013. 

Market Liquidity Provided (1)

(1) Based on unpaid principal balance (UPB). 

(2) Includes Ginnie Mae Certificates, HFA guarantees, and Other Guarantee Transactions for which loan level data is not available.

(3) In the first quarter of 2013, Freddie Mac made certain changes to more closely align the presentation of the company’s single-family and multifamily securitization 

activities. As a result, Multifamily issuances of K Certificates are no longer included in line 6. All periods presented above have been revised. 

(4) Consists of non-Freddie Mac mortgage-related securities purchased for the company’s mortgage-related investments portfolio.

Enabling Refinance Activity – Freddie Mac continues to help borrowers lower their payments and/or 

improve their mortgage terms by purchasing refinance mortgages. Refinance purchases of $111 billion 

accounted for 84 percent of the company’s single-family mortgage purchase volume during the first quarter (Thousands)

2009 2010 2011 2012 YTD

3/31/2013

Cumulative

Total

1 Number of families helped to own or rent a home 2,480 2,089 1,830 2,472 723 9,594

2 Relief refinance borrowers (includes HARP) (1)  169 533 453 687 197 2,039

3 Other refinance borrowers(1) 1,595 947 740 996 343 4,621

4 Purchase borrowers(1) 460 378 326 353 9 6 1,613

5 Multifamily rental units 256 231 311 436 8 7 1,321

6 Number of single families helped to avoid foreclosure(2) 133 275 208 169 4 6 831

7 Loan modifications 6 5 170 109 7 0 2 1 435

8 Repayment plans 3 4 3 1 3 3 3 3 8 139

9 Forbearance agreements 1 5 3 5 2 0 1 3 3 8 6

10 Short sales & deed-in-lieu of foreclosure transactions 1 9 3 9 4 6 5 3 1 4 171

11 Total (line 1 + line 6) 2,613 2,364 2,038 2,641 769 10,425

($ Billions)

2009 2010 2011 2012 YTD

3/31/2013

Cumulative

Total

1 Single-family purchases or issuances(1) $ 483 $ 390 $ 321 $ 427 $ 132 $ 1,753

2 Relief refinance mortgages (includes HARP) 3 5 106 8 2 123 3 3 379

3 Other refinance mortgages 345 200 168 228 7 8 1,019

4 Purchase mortgages 9 4 7 8 7 1 7 6 2 1 340

5 Other(2) 9 6 - - - 1 5

6 Multifamily loan purchases or guarantees(1)(3) $ 1 7 $ 1 6 $ 2 0 $ 2 9 $ 6 $ 8 8

7 Other(4) $ 4 6 $ - $ 8 $ - $ - $ 5 4

8 Total (lines 1+6+7) $ 546 $ 406 $ 349 $ 456 $ 138 $ 1,895
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 5

of 2013. The company estimates that the homeowners who refinanced during the first quarter will save an

average of $3,900 in interest payments during the first 12 months. Since the beginning of 2009, the 

company has purchased or guaranteed nearly $1.4 trillion of refinance mortgages, helping over 6.6 million

homeowners. 

Freddie Mac continues to help borrowers refinance through its streamlined relief refinance initiative, which 

includes the Home Affordable Refinance Program (HARP) for loans with loan-to-value (LTV) ratios above 

80 percent. During the first quarter of 2013, Freddie Mac purchased approximately 113,000 HARP loans -

helping about 33 percent more underwater homeowners refinance than in the same period last year. Since 

the beginning of 2009, Freddie Mac has funded over two million relief refinance mortgages, including more 

than one million HARP loans. The company continues to work to increase lender participation in the HARP 

program, and has stepped up its marketing efforts to raise awareness of the program’s benefits among

homeowners, including that such benefits have been extended through the end of 2015. 

Preventing Foreclosures – Freddie Mac continues to help struggling borrowers retain their homes or 

otherwise avoid foreclosure. During the first quarter of 2013, the company completed approximately 46,000

single-family loan workouts, including nearly 21,000 loan modifications. This brings the total number of 

homeowners the company has helped avoid foreclosure to more than 830,000 since the beginning of 2009. 

In addition, when foreclosure is unavoidable, Freddie Mac has further helped to stabilize communities by 

focusing its real estate owned (REO) home sales on owner-occupants, who made up approximately two–

thirds of its purchasers since the beginning of 2009.

Building for the Future – Working with FHFA, Freddie Mac continues to devote resources to help develop 

and build a stronger, more efficient mortgage market for the future. Among these efforts are a new

representation and warranty framework, enhanced mortgage data quality provided by the Uniform Mortgage 

Data Program and effective quality control reviews - all of which should give lenders greater certainty and 

clarity while enabling Freddie Mac to more efficiently manage credit risk. In 2013, the company will be 

focused on building a common securitization platform that would function as a market utility. The company 

is working with FHFA and Fannie Mae to establish a joint venture that would independently execute against 

this conservatorship goal. 

Credit Quality

Post-2008 Single-Family Books of Business – Since 2008, Freddie Mac has enhanced its credit and 

underwriting policies, purchased fewer loans with high-risk characteristics and seen positive changes in the 

underwriting practices of lenders and mortgage insurers. These factors have contributed to the credit quality 

of loans purchased since 2008 (excluding relief refinance mortgages).
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 6

Credit Quality of Single-Family Credit Guarantee Portfolio Purchases 

At March 31, 2013, loans originated after 2008 accounted for 67 percent of the UPB of Freddie Mac’s 

single-family credit guarantee portfolio and HARP loans represented 12 percent of the single-family credit 

guarantee portfolio. HARP loans generally reflect many of the credit risk attributes of the original loans; 

and thus generally present higher risk to the company than other refinance loans the company has purchased 

since 2009. However, in many cases, the borrower’s payments are reduced through HARP refinancing, 

thereby strengthening the borrower’s potential to make their mortgage payments. 

Single-Family Credit Guarantee Portfolio – Concentration of Credit Risk 

2005 to 2008 Single-Family Books of Business – Since the beginning of 2008, on an aggregate basis, the 

company has recorded provision for credit losses of $74.7 billion associated with single-family loans and 

recorded an additional $3.8 billion in losses on loans purchased from the company’s PC trusts, net of 

recoveries. The majority of these losses are associated with loans originated in 2005 through 2008. 

Loans originated in 2005 through 2008 are becoming a smaller portion of the company’s single-family 

credit guarantee portfolio. At March 31, 2013, loans originated in 2005 through 2008 represented 22

percent of the company’s single-family credit guarantee portfolio, based on UPB.

2009 2010 2011 2012 YTD 

3/31/2013

Weighted Average Original LTV Ratio:

Relief refinance (includes HARP) 80% 77% 77% 97% 93%

All other 66% 67% 67% 68% 68%

 Total purchases 67% 70% 70% 76% 74%

Weighted Average Credit Score:

Relief refinance (includes HARP) 738 747 744 740 731

All other 757 758 759 762 760

 Total purchases 756 755 755 756 753

YTD 

3/31/2013

% of Portfolio Serious Delinquency 

Rate % of Credit Losses

Loans originated in 2009 - 2013 67% 0.38% 5.5%

 HARP 1 2 0.94% 3.4

 Other relief refinance 7 0.33% 0.3

 All other loans 4 8 0.27% 1.8

Loans originated in 2005 - 2008 2 2 9.48% 84.9

Loans originated in 2004 and prior 1 1 3.23% 9.6

Total 100% 3.03% 100.0%

As of 3/31/2013
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 7

Single-family serious delinquency rate was 3.03 percent at March 31, 2013, compared to 3.25 percent at 

December 31, 2012. While the company’s single-family serious delinquency rate remains higher than the 

rate in years prior to 2009, it is substantially below the rate for the entire U.S. mortgage market. According 

to the Mortgage Bankers Association’s National Delinquency Survey, the serious delinquency rate on firstlien single-family loans in the U.S. mortgage market was 6.78 percent at December 31, 2012, which is the 

most recent date for which data is available. 

Multifamily delinquency rate (based on loans 60 days or more past due or in the process of foreclosure)

was 0.16 percent at March 31, 2013, compared to 0.19 percent at December 31, 2012, reflecting continued 

positive multifamily market fundamentals. 

 

Additional Information

For more information, including that related to Freddie Mac’s financial results, conservatorship and related 

matters, see the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and the 

company’s Consolidated Financial Statements, Core Tables and Financial Results Supplement. These 

documents are available on the Investor Relations page of the company’s Web site at 

www.FreddieMac.com/investors.

Additional information about Freddie Mac and its business is also set forth in the company’s filings with the 

SEC, which are available on the Investor Relations page of the company’s Web site at 

www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov. Freddie Mac encourages all 

investors and interested members of the public to review these materials for a more complete understanding of 

the company’s financial results and related disclosures.

* * * *

This press release contains forward-looking statements, which may include statements pertaining to the 

conservatorship, the company’s current expectations and objectives for its efforts under the Making Home 

Affordable program, the servicing alignment initiative and other programs to assist the U.S. residential 

mortgage market, future business plans, liquidity, capital management, economic and market conditions and 

trends, market share, the effect of legislative and regulatory developments, implementation of new accounting 

guidance, credit losses, internal control remediation efforts, and results of operations and financial condition 

on a GAAP, Segment Earnings and fair value basis. 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-to-debt option-adjusted spread, credit outlook, 

actions by FHFA, Treasury, the Federal Reserve, the SEC, HUD, other federal agencies, the Administration 

and Congress, and the impacts of legislation or regulations and new or amended accounting guidance, 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, 2012, 

Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and Current Reports on Form 8-K, 

which are available on the Investor Relations page of the company’s Web site at 

www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov. The company undertakes no 

obligation to update forward-looking statements it makes to reflect events or circumstances after the date of 

this press release.
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 8

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the 

nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing 

mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and 

is one of the largest sources of financing for multifamily housing. For more information, visit

www.FreddieMac.com. 

# # #
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 9

Appendix - Financial Results Discussion

Summary Consolidated Statements of Comprehensive Income

Net interest income was $4.3 billion for the first quarter of 2013, compared to $4.5 billion for the fourth

quarter of 2012. Net interest yield was 85 basis points for the first quarter of 2013, compared to 87 basis 

points for the fourth quarter of 2012. The decreases in both net interest income and net interest yield mainly 

reflect lower prepayment fee income on multifamily loans.

(Provision) benefit for credit losses was a benefit of $503 million for the first quarter of 2013, compared to 

a benefit of $700 million for the fourth quarter of 2012. The benefit for credit losses for the first quarter of 

2013 was driven by continued improvement in national home prices combined with a further decrease in the 

volume of newly delinquent single-family loans.

December 31, March 31, 

($ Millions) 2012 2013 Change

1 Net interest income $ 4,456 $ 4,265 $ (191)

2 (Provision) benefit for credit losses 700 503 (197)

3 Derivative gains (losses) (22) 375 397

4 Net impairments of AFS securities recognized in earnings (1,239) (43) 1,196

5 Other non-interest income 5 7 0 6 5

6 Non-interest income (loss) (1,256) 402 1,658

7 Administrative expenses (422) (432) (10)

8 REO operations income (expense) 3 3 (6) (39)

9 Other non-interest expense (199) (186) 1 3

10 Non-interest expense (588) (624) (36)

11 Income tax benefit 1,145 3 5 (1,110)

12 Net income $ 4,457 $ 4,581 $ 124

13 Total other comprehensive income 1,271 2,390 1,119

14 Comprehensive income $ 5,728 $ 6,971 $ 1,243

Three Months Ended

$4.5 $4.4 $4.3 $4.5 $4.3

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Net Interest Income

$ Billions
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 10

The company’s loan loss reserves were $28.6 billion as of March 31, 2013, compared to $30.9 billion as of

December 31, 2012.

Derivative gains (losses) was a gain of $375 million for the first quarter of 2013, compared to a loss of $22 

million for the fourth quarter of 2012. The improvement in derivative fair values was primarily driven by 

higher gains on the net pay-fixed swap portfolio as long-term interest rates increased in the first quarter of 

2013.

Net impairment of AFS securities recognized in earnings was $43 million for the first quarter of 2013, 

compared to $1.2 billion for the fourth quarter of 2012. Fourth quarter 2012 net impairment expense 

included the impact of implementing a third-party model to project cash flow estimates on Freddie Mac’s 

single-family non-agency mortgage-related securities.

Income tax benefit was $35 million for the first quarter of 2013, compared to $1.1 billion for the fourth

quarter of 2012. The decrease is primarily due to the release of tax reserves during the fourth quarter of 

2012 as a result of a favorable resolution of tax matters with the IRS.

($1.8)

($0.2)

($0.6)

$0.7 $0.5 

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

(Provision) Benefit for Credit Losses

$ Billions

($1.1)

($0.9)

($0.5)

($0.02)

$0.4 

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Derivative Gains (Losses) 

$ Billions

($0.6)

($0.1)

($0.3)

($1.2)

($0.04)

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Net Impairment of AFS Securities 

$ Billions
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 11

Total other comprehensive income was $2.4 billion for the first quarter of 2013, compared to $1.3 billion 

for the fourth quarter of 2012. The increase primarily reflects the favorable impact of spread tightening on 

the fair value of the company’s non-agency AFS securities.

Segment Financial Results – Freddie Mac’s operations consist of three reportable segments, which are 

based on the type of business activities each performs — Investments, Single-family Guarantee and 

Multifamily. Certain activities that are not part of a reportable segment are included in the All Other 

category. For the fourth quarter 2012, the All Other category primarily reflects the impact of the favorable 

resolution of tax matters with the IRS.

Summary of Segment Earnings (Loss) and Comprehensive Income (Loss) (1)

(1) Columns may not add due to rounding.

Investments segment earned $2.8 billion for the first quarter of 2013, compared to $1.6 billion for the fourth

quarter of 2012. The increase in segment earnings was primarily driven by lower net security impairments

recognized in earnings and higher derivative gains. Comprehensive income for the Investments segment 

was $4.8 billion for the first quarter of 2013, compared to $2.5 billion for the fourth quarter of 2012. The 

$1.2 

($0.1)

$2.7 

$1.3 

$2.4 

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Total Other Comprehensive Income

$ Billions

December 31, March 31,

($ Billions) 2012 2013 Change

Segment Earnings (loss), net of taxes

1 Investments $ 1.6 $ 2.8 $ 1.2

2 Single-family Guarantee 1.4 1.2 (0.3)

3 Multifamily 0.5 0.6 0.1

4 All Other 0.9 (0.0) (0.9)

5 Total Segment Earnings (loss), net of taxes $ 4.5 $ 4.6 $ 0.1

Comprehensive income (loss) of segments

6 Investments $ 2.5 $ 4.8 $ 2.3

7 Single-family Guarantee 1.4 1.2 (0.2)

8 Multifamily 1.0 1.0 0.0

9 All Other 0.9 (0.0) (0.9)

10 Comprehensive income (loss) of segments $ 5.7 $ 7.0 $ 1.2

Three Months Ended
Freddie Mac First Quarter 2013 Financial Results 

May 8, 2013

Page 12

increase primarily reflects higher segment earnings, coupled with higher fair value gains on non-agency 

AFS securities due to spread tightening.

Single-family Guarantee segment earned $1.2 billion for the first quarter of 2013, compared to $1.4 billion 

for the fourth quarter of 2012. The decrease in segment earnings is primarily attributable to the lower 

benefit for credit losses. Comprehensive income for the Single-family Guarantee segment approximated 

segment earnings for both the fourth quarter of 2012 and first quarter of 2013. 

Multifamily segment earned $585 million for the first quarter of 2013, compared to $494 million for the 

fourth quarter of 2012. The increase in segment earnings is primarily driven by higher gains from 

disposition of AFS securities and lower net AFS security impairments. Comprehensive income for the 

Multifamily segment remained relatively flat at $1.0 billion for the first quarter of 2013, compared to the 

fourth quarter of 2012.