FREDDIE MAC

FIRST QUARTER 2013 FINANCIAL RESULTS

FINANCIAL STATEMENTS AND CORE TABLES

TABLE OF CONTENTS

GAAP Financial Statements Page

Consolidated Statements of Comprehensive Income 2

Consolidated Balance Sheets 3

Table GAAP Financial Results

1A Net Interest Yield Analysis 4

1B Net Interest Income 5

2 Non-Interest Income (Loss) 6

3 Credit Quality Indicators 7

Segment Earnings Results

4A Segment Earnings — Consolidated 8

4B Segment Earnings — Investments Segment 9

4C Segment Earnings — Single-Family Guarantee Segment 10

4D Segment Earnings — Multifamily Segment 11
FREDDIE MAC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

Three Months Ended

Line:

March 31,

2012

June 30,

2012

September 30,

2012

December 31,

2012

March 31,

2013

(in millions)

Interest income

Mortgage loans:

1 Held by consolidated trusts $ 17,468 $ 16,806 $ 15,838 $ 14,977 $ 14,504

2 Unsecuritized 2,312 2,224 2,108 2,316 2,009

3 Total mortgage loans 19,780 19,030 17,946 17,293 16,513

4 Investments in securities 2,938 2,777 2,522 2,346 2,157

5 Other 13 21 26 26 18

6 Total interest income 22,731 21,828 20,494 19,665 18,688

Interest expense

7 Debt securities of consolidated trusts (15,253) (14,625) (13,584) (12,647) (12,030)

8 Other debt (2,816) (2,660) (2,493) (2,424) (2,262)

9 Total interest expense (18,069) (17,285) (16,077) (15,071) (14,292)

10 Expense related to derivatives (162) (157) (148) (138) (131)

11 Net interest income 4,500 4,386 4,269 4,456 4,265

12 Benefit (provision) for credit losses (1,825) (155) (610) 700 503

13 Net interest income after benefit (provision) for credit losses 2,675 4,231 3,659 5,156 4,768

Non-interest income (loss)

14 Gains (losses) on extinguishment of debt securities of consolidated trusts (4) (1) (34) (19) 34

15 Gains (losses) on retirement of other debt (21) (45) 11 (22) (32)

16 Gains (losses) on debt recorded at fair value (17) 62 (10) (19) 12

17 Derivative gains (losses) (1,056) (882) (488) (22) 375

Impairment of available-for-sale securities:

18 Total other-than-temporary impairment of available-for-sale securities (475) (135) (332) (294) (21)

19 Portion of other-than-temporary impairment recognized in AOCI (89) 37 65 (945) (22)

20 Net impairment of available-for-sale securities recognized in earnings (564) (98) (267) (1,239) (43)

21 Other gains (losses) on investment securities recognized in earnings (288) (356) (330) (548) (276)

22 Other income 434 569 558 613 332

23 Non-interest income (loss) (1,516) (751) (560) (1,256) 402

Non-interest expense

24 Salaries and employee benefits (176) (227) (202) (205) (208)

25 Professional services (71) (81) (93) (116) (109)

26 Occupancy expense (14) (14) (15) (14) (13)

27 Other administrative expenses (76) (79) (91) (87) (102)

28 Total administrative expenses (337) (401) (401) (422) (432)

29 Real estate owned operations income (expense) (171) 30 49 33 (6)

30 Other expenses (88) (165) (121) (199) (186)

31 Non-interest expense (596) (536) (473) (588) (624)

32 Income before income tax benefit 563 2,944 2,626 3,312 4,546

33 Income tax benefit 14 76 302 1,145 35

34 Net income 577 3,020 2,928 4,457 4,581

Other comprehensive income (loss), net of taxes and reclassification adjustments:

35 Changes in unrealized gains (losses) related to available-for-sale securities 1,147 (238) 2,599 1,261 2,280

36 Changes in unrealized gains (losses) related to cash flow hedge relationships 111 107 102 94 90

37 Changes in defined benefit plans (46) 3 1 (84) 20

38 Total other comprehensive income (loss), net of taxes and reclassification adjustments 1,212 (128) 2,702 1,271 2,390

39 Comprehensive income $ 1,789 $ 2,892 $ 5,630 $ 5,728 $ 6,971

40 Net income $ 577 $ 3,020 $ 2,928 $ 4,457 $ 4,581

41 Undistributed net worth sweep and senior preferred stock dividends (1,804) (1,808) (1,809) (7,635) (6,971)

42 Net income (loss) attributable to common stockholders $ (1,227) $ 1,212 $ 1,119 $ (3,178) $ (2,390)

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FREDDIE MAC

CONSOLIDATED BALANCE SHEETS

(unaudited)

Line: March 31, 2012 June 30, 2012 September 30, 2012 December 31, 2012 March 31, 2013

(in millions)

Assets

1 Cash and cash equivalents (includes $1, $1, $1, $1, and $1,

respectively, related to our consolidated VIEs) $ 8,569 $ 19,182 $ 7,783 $ 8,513 $ 27,733

2 Restricted cash and cash equivalents (includes $27,332,

$9,905, $8,247, $14,289, and $1,539, respectively,

related to our consolidated VIEs) 27,790 10,240 8,759 14,592 1,848

3 Federal funds sold and securities purchased under

agreements to resell (includes $3,000, $18,250, $21,000,

$19,250, and $27,200, respectively, related to our

consolidated VIEs) 24,349 38,858 45,805 37,563 38,646

Investments in securities:

4 Available-for-sale, at fair value (includes $187, $166,

$149, $132, and $118, respectively, pledged as

collateral that may be repledged) 202,422 194,098 183,504 174,896 167,760

5 Trading, at fair value 58,319 47,436 46,596 41,492 31,589

6 Total investments in securities 260,741 241,534 230,100 216,388 199,349

Mortgage loans:

Held-for-investment, at amortized cost:

7 By consolidated trusts (net of allowances for loan

losses of $7,139, $6,258, $5,788, $4,919, and

$4,090, respectively) 1,555,067 1,532,939 1,505,576 1,495,932 1,505,211

8 Unsecuritized (net of allowances for loan losses of

$30,925, $29,298, $27,729, $25,788, and $24,397

respectively) 199,945 187,053 179,914 176,177 168,803

9 Total held-for-investment mortgage loans, net 1,755,012 1,719,992 1,685,490 1,672,109 1,674,014

10 Held-for-sale, at fair value 11,337 10,120 12,845 14,238 14,140

11 Total mortgage loans, net 1,766,349 1,730,112 1,698,335 1,686,347 1,688,154

12 Accrued interest receivable (includes $6,079, $5,867,

$5,631, $5,426, and $5,293, respectively, related to our

consolidated VIEs) 7,820 7,460 7,174 6,875 6,657

13 Derivative assets, net 182 168 765 657 599

14 Real estate owned, net (includes $67, $53, $43, $45, and

$44, respectively, related to our consolidated VIEs) 5,454 4,809 4,502 4,378 4,323

15 Deferred tax assets, net 2,929 3,053 1,551 778 —

16 Other assets (includes $6,227, $6,637, $7,310, $7,986, and

$5,997, respectively, related to our consolidated VIEs) 10,761 10,919 11,729 13,765 12,077

17 Total assets $2,114,944 $2,066,335 $2,016,503 $1,989,856 $1,979,386

Liabilities and equity (deficit)

Liabilities

18 Accrued interest payable (includes $5,832, $5,636, $5,362,

$5,142, and $4,976, respectively, related to our

consolidated VIEs) $ 8,129 $ 8,322 $ 7,528 $ 7,710 $ 6,926

Debt, net:

19 Debt securities of consolidated trusts held by third

parties (includes $0, $0, $0, $70, and $67 at fair value,

respectively) 1,481,622 1,468,613 1,432,632 1,419,524 1,425,913

20 Other debt (includes $2,221, $2,158, $2,168, $2,187, and

$1,508 at fair value, respectively) 618,629 581,743 565,036 547,518 529,936

21 Total debt, net 2,100,251 2,050,356 1,997,668 1,967,042 1,955,849

22 Derivative liabilities, net 296 336 287 178 225

23 Other liabilities (includes $2, $2, $2, $1, and $1,

respectively, related to our consolidated VIEs) 6,286 6,235 6,113 6,099 6,415

24 Total liabilities 2,114,962 2,065,249 2,011,596 1,981,029 1,969,415

25 Commitments and contingencies

Equity (deficit)

26 Senior preferred stock, at redemption value 72,317 72,336 72,336 72,336 72,336

27 Preferred stock, at redemption value 14,109 14,109 14,109 14,109 14,109

28 Common stock — — — — —

29 Additional paid-in capital — 1 1 1 1

30 Retained earnings (accumulated deficit) (75,775) (74,564) (73,445) (70,796) (72,042)

Accumulated other comprehensive income (loss), or

AOCI, net of taxes, related to:

31 Available-for-sale securities (5,066) (5,304) (2,705) (1,444) 836

32 Cash flow hedge relationships (1,619) (1,512) (1,410) (1,316) (1,226)

33 Defined benefit plans (98) (95) (94) (178) (158)

34 Total AOCI, net of taxes (6,783) (6,911) (4,209) (2,938) (548)

35 Treasury stock, at cost (3,886) (3,885) (3,885) (3,885) (3,885)

36 Total equity (deficit) (18) 1,086 4,907 8,827 9.971

37 Total liabilities and equity (deficit) $2,114,944 $2,066,335 $2,016,503 $1,989,856 $1,979,386

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FREDDIE MAC

TABLE 1A—NET INTEREST YIELD ANALYSIS (unaudited) (dollars in millions)

1Q 2012 2Q 2012 

Net Interest Income:

1 Net interest income $ 4,500 $ 4,386 

Average Balance:(1)

2 Cash and cash equivalents $ 51,029 $ 32,039 3 Federal funds sold and securities purchased under agreements to resell 26,057 37,995 

Mortgage-related securities:

4 Mortgage-related securities(2) 383,227 358,279 

5 Extinguishment of PCs held by Freddie Mac (125,363) (111,351) 

6 Total mortgage-related securities, net 257,864 246,928 7 Non-mortgage-related securities 28,464 24,779 8 Mortgage loans held by consolidated trusts(2)(3) 1,559,823 1,538,134 

9 Unsecuritized mortgage loans(3) 254,877 240,693 

10 Total interest-earning assets 2,178,114 2,120,568 

Debt securities of consolidated trusts:

11 Debt securities of consolidated trusts including PCs held by Freddie Mac(2) 1,580,749 1,560,470 

12 Extinguishment of PCs held by Freddie Mac (125,363) (111,351) 

13 Total debt securities of consolidated trusts held by third parties 1,455,386 1,449,119 

Other debt:(2)

14 Short-term debt 149,130 128,860 15 Long-term debt 496,644 464,966 16 Total other debt 645,774 593,826 17 Total interest-bearing liabilities 2,101,160 2,042,945 18 Net non-interest-bearing funding 76,954 77,623 19 Total funding of interest-earning assets $2,178,114 $2,120,568 

Yield/Cost:

20 Cash and cash equivalents 0.03% 0.07% 

21 Federal funds sold and securities purchased under agreements to resell 0.14 0.16 

Mortgage-related securities:

22 Mortgage-related securities 4.55 4.51 

23 Extinguishment of PCs held by Freddie Mac (4.60) (4.58) 24 Total mortgage-related securities, net 4.53 4.48 25 Non-mortgage-related securities 0.23 0.22 26 Mortgage loans held by consolidated trusts 4.48 4.37 27 Unsecuritized mortgage loans 3.63 3.69 28 Yield on total interest-earning assets 4.18 4.12 

Debt securities of consolidated trusts:

29 Debt securities of consolidated trusts including PCs held by Freddie Mac (4.22) (4.08) 

30 Extinguishment of PCs held by Freddie Mac 4.60 4.58 31 Total debt securities of consolidated trusts held by third parties (4.19) (4.04) 

Other debt:

32 Short-term debt (0.11) (0.13) 

33 Long-term debt (2.23) (2.25) 34 Total other debt (1.74) (1.79) 35 Cost of interest-bearing liabilities (3.44) (3.38) 

36 Expense related to derivatives (0.03) (0.03) 37 Impact of net non-interest-bearing funding 0.12 0.12 38 Total funding of interest-earning assets (3.35) (3.29) 39 Net interest yield (annualized) 0.83 0.83 

(1) We calculate average balances based on amortized cost. For most components of the average balances, a daily weighted average balance was calculated for the per

balance information was not available, a simple monthly average balance was calculated.

(2) When we purchase multiclass REMICs and Other Structured Securities, we record them as investments in debt securities unless we are deemed to be the primary b

investments in debt securities is recognized as well as the interest income from the mortgage loans backing the PCs held by the trusts, which underlie multiclass RESecurities. Additionally, the interest expense from the unsecured debt issued to purchase the security is recognized along with the interest expense of the debt issueconsolidate which underlie multiclass REMICs and Other Structured Securities.

(3) Non-performing loans, where interest income is generally recognized when collected, are included in average balances.

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FREDDIE MAC

TABLE 1B — NET INTEREST INCOME (unaudited) (dollars in millions)

1Q 2012 2Q 2

Net Interest Income:

1 Contractual amounts of net interest income(1) $4,315 $4,0

Amortization income (expense), net:(2)

2 Accretion of impairments on available-for-sale securities(3) 52 

Asset-related amortization income (expense), net:

3 Mortgage loans held by consolidated trusts (866) (94 Unsecuritized mortgage loans 25 5 Mortgage-related securities (21) 6 Other assets (75) 

7 Asset-related amortization expense, net (937) (9

Debt-related amortization income (expense), net:

8 Debt securities of consolidated trusts 1,398 1,5

9 Other long-term debt securities (166) (110 Debt-related amortization income, net 1,232 1,311 Total amortization income, net 347 512 Expense related to derivatives(4) (162) (113 Net interest income $4,500 $4,3(1) Includes the reversal of interest income accrued, net of interest received on a cash basis related to mortgage loans that are on non-accrual status.(2) Represents amortization related to premiums, discounts, deferred fees and other adjustments to the carrying value of our financial instruments and the reclassificati

from AOCI for certain derivatives in closed cash flow hedge relationships related to individual debt issuances and mortgage purchase transactions.

(3) The portion of the impairment charges recognized in earnings where we expect a significant improvement in cash flows is recognized as net interest income.(4) Represents changes in fair value of derivatives in closed cash flow hedge relationships that were previously deferred in AOCI and have been reclassified to earning

issuance of debt affects earnings.

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FREDDIE MAC

TABLE 2 — NON-INTEREST INCOME (LOSS) (unaudited) (dollars in millions)

1Q 2012 2Q 

Non-Interest Income (Loss):

1 Gains (losses) on extinguishment of debt securities of consolidated trusts $ (4) $ 2 Gains (losses) on retirement of other debt (21) 

Gains (losses) on debt recorded at fair value:

3 Translation gains (losses) (19) 

4 Market value adjustments 2

5 Total gains (losses) on debt recorded at fair value (17) 

Derivative gains (losses):

Foreign-currency denominated derivatives gains (losses):

6 Foreign-currency swaps gains (losses) 9 

7 Receive-fixed swaps — foreign-currency denominated gains (losses) (5) 8 U.S. dollar denominated derivative gains (losses) 16 9 Accrual of periodic settlements (1,076) (

10 Total derivative gains (losses) (1,056) (

Impairment of available-for-sale securities:

11 Total other-than-temporary impairment of available-for-sale securities (475) (12 Portion of other-than-temporary impairment recognized in AOCI (89) 

13 Net impairment of available-for-sale securities recognized in earnings (564) 

Other gains (losses) on investment securities recognized in earnings:

14 Gains (losses) on trading securities (377) (

15 Gains (losses) on sale of available-for-sale securities 89 

16 Total other gains (losses) on investment securities recognized in earnings (288) (

Other income:

17 Gains (losses) on sale of mortgage loans 40 

18 Gains (losses) on mortgage loans recorded at fair value 139 19 Recoveries on loans impaired upon purchase 89 20 Guarantee-related income 70 21 All other 96 

22 Total other income 434 23 Total non-interest income (loss) $(1,516) $(

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FREDDIE MAC

TABLE 3 — CREDIT QUALITY INDICATORS (unaudited) (dollars in millions)

1Q 2012 2Q 20

Credit Enhancements:

1 Credit-enhanced percentage of mortgage loan portfolio purchases 9 % 

2 Credit-enhanced percentage of mortgage loan portfolio(1) 13 % 

Delinquency Rates (at period end):(2)(3)Single-family:

3 Non-credit-enhanced 2.80% 2

4 Credit-enhanced 8.02% 75 Total Single-family 3.51% 3

Multifamily

6 Non-credit-enhanced 0.16% 0

7 Credit-enhanced 0.39% 08 Total Multifamily 0.23% 0

Single-family Loan Workouts(4) (number of units):

9 Loan modifications 13,677 15,110 Repayment plans 10,575 8,711 Forbearance agreements 3,656 4,712 Short sales and deed-in-lieu transactions 12,245 12,5

13 Total single-family loan workouts 40,153 41,1

Non-performing assets(3) (at period end):

14 Non-performing mortgage loans(5) $ 122,497 $ 121,4

15 REO assets, net 5,454 4,8

16 Total non-performing assets $ 127,951 $ 126,2

REO Operations Income (Expense):

17 Single-family $ (172) $ 

18 Multifamily 1 

19 Total $ (171) $ 

Loan Loss Reserves:(6)

20 Beginning balance $ 39,461 $ 38,221 Provision (benefit) for credit losses(7) 1,825 1

22 Charge-offs — single-family, net (3,162) (2,823 Charge-offs — multifamily, net (1) 24 Transfers, net 173 1

25 Ending balance $ 38,296 $ 35,7

Total Credit Losses:(8)

26 Total credit losses $ 3,435 $ 2,827 Annualized credit losses / average mortgage loan portfolio(9) 73.6 bps 62.5 b(1) Based on the total mortgage portfolio, excluding non-Freddie Mac mortgage-related securities and that portion of REMICs and Other Structured Securities that is backed by (2) See “MD&A — RISK MANAGEMENT — Credit Risk — Mortgage Credit Risk” in our Form 10-K for the year ended December 31, 2012, for further information about ou

(3) Based on loans held by us on our consolidated balance sheets as well as those underlying non-consolidated Freddie Mac issued mortgage-related securities and other guarant(4) Represents completed activities and excludes those modification, repayment and forbearance activities for which the borrower has started the required process, but the action

effective. These categories are not mutually exclusive and a loan in the category may also be included within another category. We only report activity for a single loan in thquarterly period; however a single loan may be included under separate forbearance agreements in separate periods. Forbearance agreements exclude loans with long-term fomodification. For more information on our loan workout activities see “MD&A — RISK MANAGEMENT — Credit Risk — Single-Family Mortgage Credit Risk — Single

Program” in our Form 10-K for the year ended December 31, 2012.

(5) In the third quarter of 2012, we changed the treatment of single-family loans discharged in Chapter 7 bankruptcy to classify these loans as TDRs (unless they were already cl

regardless of the borrowers’ payment status. As a result, we newly classified loans representing approximately $19.5 billion in UPB discharged in Chapter 7 bankruptcy as T

(6) Loan loss reserves equals the sum of allowance for loan losses (consolidated balance sheets — Lines 7 and 8) and reserve for guarantee losses, which is a component of Othe(7) Provision for credit losses includes our provision for losses incurred on our loans held for investment and our provision for guarantee losses incurred on loans underlying non

mortgage-related securities and other guarantee commitments.

(8) Equal to charge-offs, and REO operations income (expense), net of recoveries.(9) Calculated based on the average total mortgage portfolio, excluding non-Freddie Mac mortgage-related securities and that portion of REMICs and Other Structured Securitie

Certificates.

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FREDDIE MAC

TABLE 4A — SEGMENT EARNINGS — CONSOLIDATED(1)(2) (unaudited) (dollars in millions)

1Q 2012 2Q 2012 

Segment Earnings, net of taxes:

1 Investments segment $ 1,628 $ 2,468 

2 Single-family Guarantee segment (1,675) 241 3 Multifamily segment 624 318 4 All Other — (7) 

5 Total Segment Earnings (loss), net of taxes $ 577 $ 3,020 

Comprehensive Income (Loss) of Segments:

6 Investments segment $ 1,963 $ 2,495 

7 Single-family Guarantee segment (1,698) 242 8 Multifamily segment 1,524 162 9 All Other — (7) 

10 Total comprehensive income (loss) of segments $ 1,789 $ 2,892 

Net interest yield - Segment Earnings (annualized):

11 Investments segment 126 bps 122 bps 

12 Multifamily segment 90 bps 96 bps 

Management and guarantee income - Segment Earnings (annualized):

13 Single-family Guarantee segment 23.2 bps 24.1 bps 

14 Multifamily segment 38.7 bps 36.2 bps 

Credit losses - Segment Earnings (annualized):

15 Single-family Guarantee segment 78.6 bps 66.7 bps 

16 Multifamily segment — bps 3.8 bps 

(1) See “NOTE 13: SEGMENT REPORTING” in our Form 10-Q for the quarter ended March 31, 2013 for more information regarding Segment Earnings.(2) The sum of Segment Earnings for each segment and the All Other category equals GAAP net income (loss). Likewise, the sum of total comprehensive income (los

category equals GAAP total comprehensive income (loss).

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FREDDIE MAC

TABLE 4B — SEGMENT EARNINGS — INVESTMENTS SEGMENT(1)(2) (unaudited) (dollars in millions)

1Q 2012 2Q 201

Segment Earnings, net of taxes:

1 Net interest income $ 1,724 $ 1,52

Non-interest income (loss):

2 Net impairment of available-for-sale securities recognized in earnings (496) (13 Derivative gains (losses) 200 23

4 Gains (losses) on trading securities (398) (415 Gains (losses) on sale of mortgage loans (14) 6 Gains (losses) on mortgage loans recorded at fair value (38) 257 Other non-interest income (loss) 552 70

8 Total non-interest income (loss) (194) 77

Non-interest expense:

9 Administrative expenses (92) (10

10 Other non-interest expense — — 

11 Total non-interest expense (92) (1012 Segment adjustments 155 1613 Segment Earnings before income tax benefit 1,593 2,3614 Income tax benefit 35 1015 Segment Earnings, net of taxes 1,628 2,4616 Total other comprehensive income, net of taxes 335 217 Comprehensive income — Investments segment $ 1,963 $ 2,4918 Net interest yield — Segment Earnings (annualized) 126 bps 122 bp(1) See “NOTE 13: SEGMENT REPORTING” in our Form 10-Q for the quarter ended March 31, 2013 for more information regarding Segment Earnings.(2) Segment Earnings for the Investments segment equals GAAP net income (loss) for the Investments segment.

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FREDDIE MAC

TABLE 4C — SEGMENT EARNINGS — SINGLE-FAMILY GUARANTEE SEGMENT(1)(2) (unaudited) (dollars in millions

1Q 2012 2Q 2012 

Segment Earnings (Loss), net of taxes:

1 Net interest income (expense) $ (32) $ (1) 

2 (Provision) benefit for credit losses (2,184) (462) 

Non-interest income:

3 Management and guarantee income 1,011 1,026 

4 Other non-interest income 181 171 

5 Total non-interest income 1,192 1,197 

Non-interest expense:

6 Administrative expenses (193) (232) 

7 REO operations income (expense) (172) 34 8 Other non-interest expense (73) (82) 

9 Total non-interest expense (438) (280) 10 Segment adjustments (196) (192) 11 Segment Earnings (loss) before income tax (expense) benefit (1,658) 262 12 Income tax (expense) benefit (17) (21) 13 Segment Earnings (loss), net of taxes (1,675) 241 14 Total other comprehensive income (loss), net of taxes (23) 1 15 Comprehensive income (loss) — Single-family Guarantee segment $ (1,698) $ 242 

Management and guarantee income — Segment Earnings:

16 Contractual management and guarantee fees (annualized rate) 14.3 bps 14.8 bps 17 Amortization of delivery fees (annualized rate) 8.9 bps 9.3 bps 

18 Segment Earnings management and guarantee income (annualized rate) 23.2 bps 24.1 bps 

Credit losses — Segment Earnings:

19 Annualized credit losses/average single-family credit guarantee portfolio and HFA-related guarantees 78.6 bps 66.7 bps 

(1) See “NOTE 13: SEGMENT REPORTING” in our Form 10-Q for the quarter ended March 31, 2013 for more information regarding Segment Earnings.(2) Segment Earnings for the Single-family Guarantee segment equals GAAP net income (loss) for the Single-family Guarantee segment.

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FREDDIE MAC

TABLE 4D — SEGMENT EARNINGS — MULTIFAMILY SEGMENT (1)(2) (unaudited) (dollars in millions)

1Q 2012 2Q 2012 

Segment Earnings, net of taxes:

1 Net interest income $ 318 $ 330 

2 Benefit for credit losses 19 22 

Non-interest income:

3 Management and guarantee income 33 36 

4 Net impairment of available-for-sale securities recognized in earnings (16) (19) 5 Gains on sale of mortgage loans 54 38 6 Gains (losses) on mortgage loans recorded at fair value 177 (56) 7 Other non-interest income 109 119 

8 Total non-interest income 357 118 

Non-interest expense:

9 Administrative expenses (52) (61) 

10 REO operations income (expense) 1 (4) 11 Other non-interest expense (15) (83) 

12 Total non-interest expense (66) (148) 13 Segment Earnings before income tax benefit (expense) 628 322 14 Income tax benefit (expense) (4) (4) 15 Segment Earnings, net of taxes 624 318 16 Total other comprehensive income, net of taxes 900 (156) 17 Comprehensive income — Multifamily segment $ 1,524 $ 162 18 Net interest yield — Segment Earnings (annualized) 90 bps 96 bps 

Management and guarantee income — Segment Earnings:

Average contractual rate (annualized)(3)

19 K Certificate 19.4 bps 18.8 bps 20 All other guarantees 67.0 bps 68.3 bps 21 Total 38.7 bps 36.2 bps 

Credit losses — Segment Earnings:

22 Annualized credit losses (gains)/average multifamily mortgage portfolio and HFA-related guarantees — bps 3.8 bps 

(1) See “NOTE 13: SEGMENT REPORTING” in our Form 10-Q for the quarter ended March 31, 2013 for more information regarding Segment Earnings.(2) Segment Earnings for the Multifamily segment equals GAAP net income for the Multifamily segment.(3) Excludes prepayment and certain other fees.

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