First Qua

Financial Results Su
Table of contents

Financial Results3 – Quarterly Financial Results4 – Market-Related Items5 – Total Segment Earnings (Loss)6 – Segment Financial Results7 – Treasury Draw Requests and Dividend PaymentsHousing Market8 – National Home Prices9 – Home Price Performance by State: March 2015 to March 201610 – Housing Market Support

Segment Business Information11 – Single-Family New Funding Volume12 – Single-Family Management and Gua

on New Acquisitions

13 – Single-Family Credit Risk Transfer Tr14 – Single-Family Transferred Credit Risk15 – Single-Family Credit Quality – Credit 16 – Single-Family Mortgage Market and F

Delinquency Rates

17 – Multifamily Business Volume and Por18 – Multifamily Percentage of Affordable 19 – Multifamily Securitization Volume20 – Multifamily Market and Freddie Mac D21 – Investments – Purchase Agreement P22 – Investments – Mortgage-Related Inve

Composition

23 – Investments – Mortgage-Related Inve

Composition, Continued

24 – Interest-Rate Risk Measures25 – Safe Harbor Statements
Quarterly financial results

vs 

1Q16 4Q15 1Q15 4Q15 

1 Net interest income 3,405 $ 3,587 $ 3,647 $ (182

$ 

2 Benefit for credit losses 467 781 499 (314

 

3 Derivative gains (losses) (4,561) 744 (2,403) (5,305

 

4 Other non-interest income (loss) 1,138 (896) 256 2,034 5 Non-interest income (loss) (3,423) (152) (2,147) (3,271

 

6 Administrative expense (448) (510) (451) 62 

7 Other non-interest expense (509) (629) (760) 120 

8 Non-interest expense (957) (1,139) (1,211) 182 

9 Pre-tax (loss) income (508) $ 3,077 $ 788 $ (3,585

$ 

10 Income tax benefit (expense) 154 (919) (264) 1,073 11 Net (loss) income (354) $ 2,158 $ 524 $ (2,512

$ 

12 Total other comprehensive income (loss), net of taxes 154 (517) 222 671 

13 Comprehensive (loss) income (200) $ 1,641 $ 746 $ (1,841

$ 

14 Total equity / GAAP net worth (ending balance) 1,000 $ 2,940 $ 2,546 $ (1,940

$ 
$0.02

$0.7 

($0.6)

1Q15 2Q15 3Q15 

Market-related items

Estimated Net Interest Rate Effect1

$ Billions, after-tax

Estimated Spread Cha

$ Billions, after-

($0.5)

$1.4 

($1.4)

$0.3 

($1.4)

1Q15 2Q15 3Q15 4Q15 1Q16

1 Represents estimated effect on comprehensive income. 
Total Segment Earnings (Loss)1

$ Millions 1Q

1Q16 4Q15

v

4Q

1 Net interest income 882 $ 981 $ 

$ 

2 Management and guarantee fee income2 1,388 

1,393

3 Benefit for credit losses 294 365 

4 Net interest income and management and guarantee fee income after benefit for credit losses 2,734 

2,569

5 Derivative gains (losses) (3,790) 1,516 (6 Other non-interest income (loss) 1,371 (453) 7 Administrative expenses (448) (510) 8 Other non-interest expense (210) (210) 9 Income tax benefit (expense) 154 (919) 

10 Net (loss) income (354) 2,158 (11 Total other comprehensive income (loss), net of taxes 154 (517) 12 Comprehensive (loss) income (200) $ 1,641 $ (

$ 

1 The Total Segment Earnings measures presented on lines 1 through 6 and Line 8 differ from the comparable amounts on a GAAP basis and are non

reconciliation to the comparable amounts under GAAP, see page 17 of the company’s 1Q16 earnings release.

2 Management and guarantee fee income is included in Other income (loss) on Freddie Mac’s GAAP consolidated statements of comprehensive incom

Consolidated Statements of Comprehensive Income (Loss) table on page 2 of the company’s 1Q16 press release, management and guarantee fee in

Other non-interest income (loss).
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 fina

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.

Inves

Comprehensive Income (Loss)

Segment Earnings (Loss) Segment Other Comprehensive Inc

Single-Family Guarantee Multifamily

$636

$810

4Q15 1Q16

$175

($153)

OCI =

$3

4Q15 1Q16

$1,347 

($378)

4Q15 

$22 

$969

$147

$150

$ Millions
Dividend Payments to T

$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 three months ended March 31, 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 Because the company’s net worth at March 31, 2016 was less than the applicable capital reserve amount for 2016 of $1.2 billion, Freddie Mac will not h

obligation in June 2016.

4 Represents quarterly cash dividends paid by Freddie Mac to Treasury during the periods presented. Through December 31, 2012, Treasury was entitle

quarterly cash dividends at the annual rate of 10% per year on the liquidation preference of the senior preferred stock. However, the fixed dividend rate 

worth sweep dividend payment beginning in the first quarter of 2013. See the company’s Annual Report on Form 10-K for the year ended December 3

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 decline, based on 

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

National home prices1

Cumulative decline of 5% since June 2006 (NSA Series)

100110120130140150160170

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 

United States (SA)

United States (NSA) 2016Q1 NSA 

2016Q1 SA 

Freddie Mac House Price Index (December 2000=100)
Home price performance by stateMarch 2015 to March 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

3%

AL

1%AK

1%

AR

7%

AZ

8%

CA

10%

CO

11%

FL

6%

GA

3%

HI

4%

IA

7%

ID

4%

IL

3%

IN

5%KS KY 4%

3%

LA

5%

MI

4%

MN

8%

MO

4%

MS

3%MT

NC 5%

3%

ND

2%

NE

1%NM

9%

NV

7%

OH

4%

OK

11%

OR

2%PA

6%SC

5%

SD

TN 5%

8%TX

6%

UT

3%VA

13%WA

4%

WI

-2%

WV

1%

WY
140 170 166 174 209

127

172 208 169 138

227

277 224

182 176

494

620 598

525 522

1Q15 2Q15 3Q15 4Q15 1Q16

15 16 13 

6 5

5

2 2

1

4 3

3

27 26

22

1Q15 2Q15 3Q15 

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

$52 $62 $46 $38 $28

$39

$47

$37 

$80

$101

$94

$76

1Q15 2Q15 3Q15 4Q15 

$ Billions

Note: Totals may not add due to rounding.

Ann

2014: 2015: 

Refinance UPB Purchase UPB
20

25 27

31

2009 2010 2011 2012 2

Single-family management and guarantee fees charged on new acquisitions 

1 Represents the estimated average rate of management and guarantee fees for new acquisitions during the period assuming amortization of delivery fee

related loans rather than the original contractual maturity date of the related loans. Includes the effect of fee adjustments that are based on the price pe

relative to comparable Fannie Mae securities. Net of legislated 10 basis point guarantee fee remitted to Treasury as part of the Temporary Payroll Tax 

Quarterly

In Basis Points (bps), Annualized

Annual

In Basis Points 

Single-Family Management and Guarantee Fees Charged on New Acquisitions (net of amounts remitted to Treasury)1

46 44 44 44 46

1Q15 2Q15 3Q15 4Q15 1Q16
$0.$2.

$0.1

$0.7

$2.

2013 2014 201

Structure Basedon Calculated Loss

Struon A

$2.2$4.5

$1.1

$4.9

$6.7

$1.5

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 and seller indemnification transactions. 2 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 three months ended March 31, 2016. 4 Upon initial execution. Includes $53.7 billion of UPB related to credit risk transfer transactions completed during the first quarter of 2016. 

Cumulative

($ in Billions)

STACR Issuances $14.2ACIS Transactions $4.3Reference Pool UPB4 $438.3
$0.2 $0.6 $0.7 $1.1 $1.2$8.8

$10.7 $11.2

$13.8

$15.6

$1.2 $1.7 $1.7 $1.9 $2.3 $1.2 $1.2 $1.2 $0.8 $0.9

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

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 and seller indemnification transactions. 2 Freddie Mac holds the senior risk.

Freddie Mac Senior 

Loss Positions2 $216.3 $264.6 $272.6 $311.3 $352.1

Total Reference 

Pools $227.7 $278.7 $287.5 $328.9 $372.1
0.22 0.21 0.20 

0.75 0.70 0.70 

4.84 

4.46 4.28 

1.73 1.53 1.41 

1Q15 2Q15 3Q15 

Core Single-Family Book1 HLegacy Single-Family Book T

68

6

17

15

15

79

% of Portfolio as of

March 31, 2016

% of Credit Losses for the Three

Months Ended March 31, 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 Delinque

Percent (%
048

121620242832

Dec-11 Mar-12 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

 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 

March 31, 2016 was 1.20%. 

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 12/31/1

Unsecuritized LoansMortgage-related SecGuarantee Portfolio

$26 $30 

$12 

$2

$17

$6

2010 2011 2012 2013 2014 2015 YTD

2016

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 will occur du

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

2 Data for the three months ended March 31, 2016. 3 Primarily K-Deals. 

Note: Totals may not add due to rounding.

$177 $180 $167 $169

$15

$20

$29

$26 $28

$47

$18

2

3
8% 14% 12% 16% 17% 13% 15% 10%

56%

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

52%

19%

15%

14% 13%

14% 16% 14%

22%

18%

10% 7% 8% 11% 10% 12% 16%

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 three months ended March 31, 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 three months ended March 31, 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

2009 2010 2011 2012 2013 2014 2015 

2009 2010 2011 2012 2013 2014 2015 

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

Number of 

Transactions 2 6 12 17 19 17 30 
02468

1012

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q

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 

31, 2016 was 0.04%. 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 first quarter of 2016.
$347 $340$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 unsecured short-term and long-term debt securities issued to third parties to fund its business activities. The 

indebtedness on this basis in its Monthly Volume Summary reports, which are available on its Web site.

$418 $391

$564 

$479 $479 

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

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% 44%

4%

5%

9% 10%

38%

41%

45% 46%

12/31/13 12/31/14 12/31/15 3/31/16

Less Liquid2 Securitization Pipeline3 Liquid

$0.9 $0.2 $$2.8

$13.8

$

$0.6 $

$13.1

$1.9

$

$3.5 $7.0

$

2013 2014 2

Securitizations of Single-Family Reperforming LoanMultifamily SalesNon-Performing Single-Family Loan SalesSingle-Family Non-Agency Mortgage-Related SecuOther

Investments – mortgage-related investments portfolio composition, continued

Liquidity Categories

$ Billions

1 Excludes liquidations.2 Less liquid assets are less liquid than agency securities and loans in the securitization pipeline (e.g., reperforming loans and performing modified loans an

securities).

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 three months ended March 31, 2016. 5 In 2015, Other includes resecuritization of securities backed by military housing.

Note: Totals may not add due to rounding.

Less Liquid Acti

$ Billions

$20.3

$23.5

$

$408

$347

$461

5

$340
$105 

$90 

$78 

$123 

$80 $75 

$61 

$69 $74 

$62 

$37 

$28 $23 

Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16

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 ins

shock to interest rates, assuming no rebalancing actions are undertaken and assuming the mortgage-to-LIBOR basis does not change. PMVS-Level or 

estimated sensitivity of the company’s portfolio market value to parallel movements in interest rates.

2 Duration gap measures the difference in price sensitivity to interest rate changes between Freddie Mac’s financial assets and liabilities, and is expresse

market value of assets.

3 The PMVS and duration gap information presented above does not fully reflect the potential effect of negative index values across all of the company’s 

liabilities. Because the company manages its interest rate risk exposure on an economic basis to a low level as measured by its models, incorporating thcompany’s process for estimating interest rate risk exposure could result in significant percentage changes in the disclosed duration gap and PMVS levedoes not believe any such percentage change would represent an exposure to interest-rate risk that would be material to the company’s financial conditThe company is evaluating various steps it could take to mitigate this risk.

Average Monthly PMVS-Level1, 3

$ Millions 

Interest-rate risk measures

Average Monthly Dura

Months

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

0123456

Mar-15 May-15 Jul-15 Sep-15 
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 segworkout initiatives and other efforts to assist the U.S. residential mortgage market, liquidity, capital management, ecconditions and trends, market share, the effect of legislative and regulatory developments and new accounting guidaloans we guarantee, and results of operations and financial condition on a GAAP, Segment Earnings, Total Segmen

value basis. Forward-looking statements involve known and unknown risks and uncertainties, some of which are becontrol. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgme

and various factors, including changes in market conditions, liquidity, mortgage spreads, credit outlook, actions by th(including FHFA, Treasury and Congress), and the impacts of legislation or regulations and new or amended accou

cause actual results to differ materially from these expectations. These assumptions, judgments, estimates and factthe company’s Annual Report on Form 10-K for the year ended December 31, 2015, Quarterly Report on Form 10-Q ended March 31, 2016 and Current Reports on Form 8-K, which are available on the Investor Relations page of the at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov. The company undertakes no obligation looking statements it makes to reflect events or circumstances occurring after the date of this presentation.