Third Qu

Financial Results S

N
Table of contents

Financial Results3 – Quarterly Financial Results4 – Market-Related Items5 – Segment Financial Results6 – Treasury Draw Requests and Dividend PaymentsHousing Market7 – National Home Prices8 – Home Price Performance by State: September 2015 to

September 2016

9 – Housing Market Support

Segment Business Information10 – Single-Family New Funding Volume11 – Single-Family Guarantee Fees Charg

Acquisitions

12 – Single-Family Credit Risk Transfer Tr13 – Single-Family Transferred Credit Risk14 – Single-Family Credit Quality – Credit 15 – Single-Family Mortgage Market and F

Delinquency Rates

16 – Multifamily Business Volume and Por17 – Multifamily Percentage of Affordable 18 – Multifamily Securitization Volume19 – Multifamily Market and Freddie Mac D20 – Investments – Purchase Agreement P21 – Investments – Mortgage-Related Inve

Composition

22 – Investments – Mortgage-Related Inve

Composition, Continued

23 – Interest-Rate Risk Measures24 – Safe Harbor Statements
Quarterly financial results

$ Millions 3Q1

vs

3Q16 2Q16 3Q15 2Q1

1 Net interest income 3,646 $ 3,443 $ 3,743 $ 

$ 

2 (Provision) benefit for credit losses (113) 775 528 (3 Derivative gains (losses) (36) (2,058) (4,172) 2,

 

4 Other non-interest income (loss) 1 813 234 331 

 

5 Non-interest income (loss) 777 (1,824) (3,841) 2,

 

6 Administrative expense (498) (475) (465) 

 

7 Other non-interest expense (487) (460) (634) 

 

8 Non-interest expense (985) (935) (1,099) 

 

9 Pre-tax income (loss) 3,325 $ 1,459 $ (669) $ 1,

$ 

10 Income tax (expense) benefit (996) (466) 194 (

 

11 Net income (loss) 2,329 $ 993 $ (475) $ 1,

$ 

12 Total other comprehensive income (loss), net of taxes (19) 140 (26) (

 

13 Comprehensive income (loss) 2,310 $ 1,133 $ (501) $ 1,

$ 

Memo Items

14 Guarantee fee income1 $ 124 133 $ 90 $ 

$ 

15 Total Equity / GAAP net worth (ending balance) $ 2,133 3,510 $ 1,299 $ 1,

$ 

1 Guarantee fee income on a GAAP basis is primarily from the company’s multifamily business and is included in Other income (loss) on Freddie Mac’s co

comprehensive income.
($0.5)

($0.3)

($0.6)

3Q15 4Q15 1Q16 

Market-related items

Estimated Net Interest Rate Effect1

$ Billions, after-tax

Estimated Spread Cha

$ Billions, after-

($1.4)

$0.3 

($1.4)

($0.4)

$0.0 

3Q15 4Q15 1Q16 2Q16 3Q16

1 Represents estimated effect on comprehensive income. 
$145 $134 

2Q16 

$264 

$744 

2Q16 3Q16

Segment financial results1

1 The financial performance of the company’s Single-Family Guarantee segment is measured based on its contribution to GAAP net income (loss). The fin

company’s Multifamily segment and Investments segment are measured based on each segment’s contribution to GAAP comprehensive income (loss).

Note: Totals may not add due to rounding.

Inve

Comprehensive Income (Loss)

Segment Earnings (Loss) Segment Other Comprehensive Income (Loss)

Single-Family Guarantee Multifamily

$279

$147

$271

$ Millions

OCI = $7

$584 $497 

2Q16 3Q16

$790

OCI = $46
Dividend Payments to Tre

$23.8

$47.6

$19.6

$5.5 

2008 -

2012

2013 2014 2015 

$71.3

$0.0 $0.0 $0.0 $0.0

$71.3

2008 -

2012

2013 2014 2015 YTD

20161

Cumulative

Total2

Draw Requests from Treasury

Treasury draw requests and dividend payments

1 Data for the nine months ended September 30, 2016. 2 Excludes the initial $1 billion liquidation preference of senior preferred stock issued to Treasury in September 2008 as consideration for Treasury’s fund

company received no cash proceeds as a result of issuing this initial $1 billion liquidation preference of senior preferred stock.

3 Includes the December 2016 dividend obligation of $2.3 billion.

Note: Totals may not add due to rounding.

Draw Requests From Treasury

$ Billions

Dividend Payments to Tre

$ Billions
1 National home prices use the Freddie Mac House Price Index for the U.S., which is a value-weighted average of the state indices where the value weights 

single-family credit guarantee portfolio. Other indices of home prices may have different results, as they are determined using home prices relating to diffe

and calculated under different conventions than Freddie Mac’s. Quarterly growth rates are calculated as a 3-month change based on the final month of ea‘Seasonally Adjusted’ and ‘NSA’ denotes ‘Not Seasonally Adjusted’; seasonal factors typically result in stronger house-price appreciation during the second growth rates change as new data becomes available. Values for the most recent periods typically see the largest changes. Cumulative increase, based o

the percent change from June 2006 to September 2016. Source: Freddie Mac.

National home prices1

Home Prices Surpassed Levels Reached in June 2006 (NSA Series)

100110120130140150160170

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 

United States (SA)

United States (NSA)

2016Q3 NSA Inde

2016Q3 SA Index 

Freddie Mac House Price Index (December 2000=100)
Home price performance by stateSeptember 2015 to September 20161

United States 6%

1 The Freddie Mac House Price Index for the U.S. is a value-weighted average of the state indexes where the value weights are based on Freddie M

portfolio. Other indices of home prices may have different results, as they are determined using different pools of mortgage loans and calculated u

Freddie Mac House Price Index for the U.S. is a non-seasonally adjusted monthly series. Percent changes were rounded to nearest whole percenSource: Freddie Mac

4%

AL

1%AK

3%

AR

5%

AZ

8%

CA

10%

CO

11%

FL

6%

GA

7%

HI

5%

IA

8%

ID

4%

IL

5%

IN

5%KS KY 5%

2%

LA

7%

MI

5%

MN

6%

MO

1%

MS

5%MT

NC 6%

3%

ND

5%

NE

4%NM

10%

NV

6%

OH

3%

OK

11%

OR

3%PA

5%SC

5%

SD

TN 7%

7%TX

9%

UT

3%VA

12%WA

6%

WI

1%

WV

0%

WY
166 174 209 149 165

208 169 138 182 230

224

182 176 210

255

598

525 522 541

650

3Q15 4Q15 1Q16 2Q16 3Q16

13 11 11 

5

4 4 

1

1 1 

3

3 3

22

19 19

3Q15 4Q15 1Q16 

Housing market support

Number of Families Freddie Mac Helped 

to Own or Rent a Home1

In Thousands

Number of Single-F

Workouts

In Thousand

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

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

2 Consists of both home retention actions and foreclosure alternatives.3 These categories are not mutually exclusive and a borrower in one category may also be included in another category in the same or another period. Fo

helped through a home retention action in one period may subsequently lose his or her home through a foreclosure alternative in a later period.

Note: Totals may not add due to rounding.

Repayment plans3Loan modifications3

Forbearance agreements3Short sales and deed in lieu of foreclosure transactions3

Refinance borrowers Purchase borrowers Multifamily rental units
Single-family new funding volume

$48 $37 $31 $43 

$46

$38

$38

$48

$94

$76

$69

$91

3Q15 4Q15 1Q16 2Q16 

Ann

Refinance UPB Purchase UPB

2014: 2015: 

YTD 20161: 

$ Billions

1 Data for the nine months ended September 30, 2016. 

Note: Totals may not add due to rounding.
20

25 27

31

41

2009 2010 2011 2012 2013 

Single-family guarantee fees charged on new acquisitions1

1 Represents the estimated average rate of guarantee fees for new acquisitions during the period assuming amortization of delivery fees using the estim

rather than the original contractual maturity date of the related loans. Includes the effect of fee adjustments that are based on the price performance of comparable Fannie Mae securities. Net of legislated 10 basis point guarantee fee remitted to Treasury as part of the Temporary Payroll Tax Cut Contin

2 Data for the nine months ended September 30, 2016. 

Quarterly

In Basis Points (bps)

Annual

In Basis Points 

44 44

46 46 47

3Q15 4Q15 1Q16 2Q16 3Q16
$0.7$2.

$0.1

$0.7

$2.8

2013 2014 201

Structure Basedon Calculated Loss

Strucon Ac

$2.2$4.5

$1.1

$4.9

$6.7

$5.1

2013 2014 2015 YTD

20163

Structure Basedon Calculated Loss

Structure Basedon Actual Loss

Single-family credit risk transfer transactions1

Structured Agency Credit Risk 

(STACR®) Debt Note Issuances

$ Billions

Agency Credit Insurance 

(ACIS®) Transactio

$ Billions

1 Consists of STACR issuances and ACIS transactions. Excludes whole loan securities, seller indemnification, and Deep Mortgage Insurance CRT transa2 Excludes impact of changing the coverage from losses calculated using a predefined formula to coverage based on actual losses for certain existing AC3 Data for the nine months ended September 30, 2016. 4 Upon initial execution. Includes $180.5 billion of UPB related to credit risk transfer transactions completed during the nine months ended September 30

Cumulative

($ in Billions)

STACR Issuances $17.7ACIS Transactions $5.3Reference Pool UPB4 $565.1
$0.7 $1.1 $1.2 $1.4 $1.5

$11.2

$13.8 $15.6

$18.1 $18.3

$1.7 $1.9 $2.3 $2.8 $1.2 $0.8 $0.9 $1.0 

 9/30/15 12/31/15 3/31/16 6/30/16 9/30/

Cumulative Single-Family Transferred Credit Risk

Based on Remaining Balance as of Period End

$ Billions

Single-family transferred credit risk1

1 Consists of STACR issuances and ACIS transactions. Excludes whole loan securities, seller indemnification, and Deep Mortgage Insurance CRT transactio2 Freddie Mac holds the senior risk. Excludes first and mezzanine loss positions retained by Freddie Mac.

Freddie Mac Senior 

Loss Positions2 $272.6 $311.3 $352.1 $415.5 $429

Total Reference Pools $287.5 $328.9 $372.1 $438.8 $453
4.28 4.12

3.86

0.70 0.72 0.69 

0.20 0.21 0.19 

1.41 1.32 1.20 

3Q15 4Q15 1Q16 

Legacy Single-Family BoHARP and Other Relief RCore Single-Family BookTotal

71

6

16

17

13

77

% of Portfolio as of

September 30, 2016

% of Credit Losses for the Nine

Months Ended September 30, 2016

Legacy Single-Family BookHARP and Other Relief Refinance BookCore Single-Family Book1

Single-family credit quality – credit guarantee portfolio

1 Loans acquired after 2008, excluding HARP and other relief refinance loans which are presented separately.

Concentration of Credit Risk 

Percent (%)

Serious Delinquenc

Percent (%)
048

121620242832

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec

 Total Mortgage Market1 Prime1 Subprime1 Freddie Mac2

1 Source: National Delinquency Survey from the Mortgage Bankers Association. Categories represent first lien single-family loans. Data is not yet available 2 See Freddie Mac’s Form 10-K for the year ended December 31, 2015 for information about the company’s reported delinquency rates. The single-family 

September 30, 2016 was 1.02%. 

Single-Family Serious Delinquency Rates 

Single-family mortgage market and Freddie Mac delinquency rates

Percent
$82 $77 $59 $53 

$59 $52

$33 $25 

$35 $52

$75 $91 

12/31/11 12/31/12 12/31/13 12/31/14 

Unsecuritized LoansMortgage-related SeGuarantee Portfolio

$26 $30 $27 

$2

$17

$12

2010 2011 2012 2013 2014 2015 YTD

20162

Purchase Volume Not Subject to CapPurchase Volume Subject to Cap

Total Multifamily Po

UPB $ Billions

Multifamily business volume and portfolio composition

Multifamily New Business Volume1

UPB $ Billions

1 Reclassifications between new business activity subject to the production cap and new business activity not subject to the production cap may occur d

activity not subject to the production cap have been revised over time and therefore amounts are not comparable. 

2 Data for the nine months ended September 30, 2016. 3 Primarily Freddie Mac’s K Certificate transactions. 

Note: Totals may not add due to rounding.

$177 $180

$167 $169

$15

$20

$29 $26 $28

$47

3

$39
8%

14% 12% 16% 17% 13% 15% 13%

56%

61% 67% 63% 58% 61% 59% 56%

19%

15%

14% 13%

14% 16% 14%

17%

18%

10% 7% 8% 11% 10% 12% 14%

2009 2010 2011 2012 2013 2014 2015 YTD

2016

50% AMI or Less >50% - 80% AMI >80% - 100% AMI >100% AMI

1 Data for the nine months ended September 30, 2016.

Note: Totals may not add due to rounding.

Multifamily percentage of affordable units financed

Multifamily Acquisitions of Units by Area Median Income (AMI)

% of Eligible Units Acquired
1 Represents the UPB of multifamily loans sold via Freddie Mac’s K Certificate transactions.2 Data for the nine months ended September 30, 2016. 

Note: Totals may not add due to rounding.

K-Deal Securitization Volume1

UPB $ Billions

Multifamily securitization volume

$2.1

$6.4

$13.7

$21.2

$28.0

$21.3

$35.6 $3

2009 2010 2011 2012 2013 2014 2015 Y

20

2009 2010 2011 2012 2013 2014 2015 Y

2

Total UPB1 $2.1 $6.4 $13.7 $21.2 $28.0 $21.3 $35.6 $3

Number of 

Transactions 2 6 12 17 19 17 30 
02468

1012

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 

Freddie Mac (60+ day)1 FDIC Insured Institutions (90+ day)MF CMBS Market (60+ day) ACLI Investment Bulletin (60+ day)

Multifamily market and Freddie Mac delinquency rates

Percent

1 See Freddie Mac’s Form 10-K for the year ended December 31, 2015 for information about the company’s reported delinquency rates. The multifamily 

September 30, 2016 was 0.01%. 

Source: Freddie Mac, FDIC Quarterly Banking Profile, TREPP (CMBS multifamily 60+ delinquency rate, excluding REOs), American Council of Life Insu

Mac data is not yet available for the third quarter of 2016.
$347 $340

$321 $308

$399 $399 $399 $399

$339

12/31/15 3/31/16 6/30/16 9/30/16 12/31/16

Mortgage-Related Investments Portfolio Ending BalanceMortgage-Related Investments Portfolio Limit

Investments – Purchase Agreement portfolio limits

Indebtedness 

$ Billions

Mortgage Assets 1, 2

$ Billions

1 The company’s Purchase Agreement with Treasury limits the amount of mortgage assets the company can own and indebtedness it can incur. Under th

mortgage assets and indebtedness are calculated without giving effect to the January 1, 2010 change in the accounting guidance related to the transfer consolidation of variable interest entities (VIEs). See the company’s Annual Report on Form 10-K for the year ended December 31, 2015 for more inform

2 Represents the unpaid principal balance (UPB) of the company’s mortgage-related investments portfolio. The company discloses its mortgage assets o

Monthly Volume Summary reports, which are available on its Web site.

3 Represents the par value of the company’s short-term and long-term debt used to fund its business activities. The company discloses its indebtedness 

Volume Summary reports, which are available on its Web site.

$418 $391 $382 $38

$564 

$479 $479 $47

12/31/15 3/31/16 6/30/16 9/30

Total Debt OuIndebtedness 
$224 $187 $168 $162 $148 

$33

$24 $17 $16 $13 

$143

$126

$95 $66 $40 

$254 

$221 

$181 

$164 

$146 

12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 

Mortgage LoansNon-Freddie Mac Mortgage-Related Securities (Non-Agency)Non-Freddie Mac Mortgage-Related Securities (Agency)Freddie Mac PCs and Structured Securities

1 Based on unpaid principal balances and excludes mortgage-related securities traded, but not yet settled. The mortgage-related investments portfolio is 

effect to the January 1, 2010 change in accounting standards related to the transfer of financial assets and consolidation of variable interest entities (VIE

Note: Totals may not add due to rounding.

Investments – mortgage-related investments portfolio composition

Mortgage-Related Investments Portfolio1

$ Billions

$653

$558

$461

$408

$347
58% 54%

46% 42%

4%

5%

9%

10%

38%

41%

45%

48%

12/31/13 12/31/14 12/31/15 9/30/16

Less Liquid Securitization Pipeline Liquid 3

$0.9 $0.2 $$2.8

$13.8 $

$0.6 $

$12.6

$2.0

$

$3.5

$7.0

$

2013 2014 2

Securitizations of Single-Family Reperforming Loans & Multifamily ActivitySales of Non-Performing Single-Family LoansSales of Single-Family Non-Agency Mortgage-Related Other

Investments – mortgage-related investments portfolio composition, continued

Liquidity Categories

$ Billions

1 Less liquid activity excludes liquidations and reflects reductions in Freddie Mac’s holdings of less liquid assets.2 Less liquid assets (e.g., reperforming loans and performing modified loans and non-agency mortgage-related securities) are less liquid than agency secu

securitization pipeline.

3 Includes performing multifamily and single-family loans purchased for cash and primarily held for a short period until securitized, with the resulting Freddie 

or retained.

4 Data for the nine months ended September 30, 2016. 

Note: Totals may not add due to rounding.

Less Liquid Acti

$ Billions

$19.8

$23.6

$2

$408

$347

$461

$308

2
$0.1 $0.1 $0.0 $0.0 $0.0

$1.9

$1.6 $1.5

$1.2

$1.0

0

0.20.40.60.8

1

1.21.41.61.8

2

 9/30/15 12/31/15 3/31/16 6/30/16 9/30/16

00.250.50.7511.251.51.7522.252.52.753

PMVS-L (50 bps) GAAP FV-L (50 bps)

1 Portfolio Market Value Sensitivity, or PMVS, is an estimate of the change in the market value of Freddie Mac’s financial assets and liabilities from an instantaneous 50 

assuming no rebalancing actions are undertaken and assuming the mortgage-to-LIBOR basis does not change. PMVS-Level or PMVS-L measures the estimated sensmarket value to parallel movements in interest rates.

2 GAAP FV-L is an estimate of the adverse net effect on pre-tax GAAP earnings from an instantaneous 50 basis point shock to interest rates, assuming no rebalancing a

the mortgage-to-LIBOR basis does not change. GAAP FV-L measures the estimated sensitivity of the company’s pre-tax earnings to parallel movements in interest rat

3 Duration gap measures the difference in price sensitivity to interest rate changes between Freddie Mac’s financial assets and liabilities, and is expressed in months rela4 The PMVS and duration gap measures presented above do not fully reflect the potential effect of negative index values across all of the company’s floating rate assets 

half of the second quarter of 2016, the company incorporated the effect of negative interest rate index values for the majority of its floating rate assets and liabilities. Thassessing the effect of negative interest rate index values for the remaining population of its floating rate assets. Incorporating the effect of the negative interest rate inpopulation could result in significant percentage changes in the disclosed duration gap and PMVS levels. However, the company does not believe any such percentagexposure to interest-rate risk that would be material to its financial condition or results of operations.

Interest-rate risk measures

(6)(5)(4)(3)(2)(1)

0123456

3Q15 4Q15 1Q16 

PMVS-Level1,4 and GAAP Fair Value-Level2

$ Billions

Average Duration 

Months
Safe Harbor Statements

Freddie Mac obligations

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

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

Mac.

No offer or solicitation of securities 

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

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

certain jurisdictions or to certain persons. This information is provided for your general information only, is current odate and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not co

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

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

offering circular and any related supplements before making a decision with respect to the purchase or sale of any s

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

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 th

the company’s current expectations and objectives for its Single-family Guarantee, Multifamily and Investments segassist the housing market, liquidity and capital management, economic and market conditions and trends, market shlegislative and regulatory developments and new accounting guidance, credit quality of loans the company guarante

operations and financial condition on a GAAP, Segment Earnings, non-GAAP and fair value basis. Forward-looking 

known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expecompany’s future necessarily involve a number of assumptions, judgments and estimates, and various factors, inclumarket conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government (including FHFA, TreCongress), and the impacts of legislation or regulations and new or amended accounting guidance, could cause actmaterially from these expectations. These assumptions, judgments, estimates and factors are discussed in the comReport on Form 10-K for the year ended December 31, 2015, Quarterly Reports on Form 10-Q for the quarters endeJune 30, 2016 and September 30, 2016 and Current Reports on Form 8-K, which are available on the Investor Rela

company’s Web site at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov. The company undobligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date