© Freddie Mac

Fourth Quarter 2021 

Financial Results Supplement

February 10, 2022
© Freddie Mac 2

Financial Highlights

$5.0 $5.3

$5.9

$5.2 $5.6

$2.9 $2.8

$3.7

$2.9 $2.7 $2.5 $2.4

$3.6

$2.9 $2.7

Net revenues Net income Comprehensive income

4Q20 1Q21 2Q21 3Q21 4Q21

Net revenues, net income, and comprehensive income

$ Billions

▪ Net income of $2.7 billion for the fourth quarter of 2021, a decrease of 6% year-over-year, as higher net revenues 

were offset by an increase in credit-related expense. The company also reported comprehensive income of 

$2.7 billion, an increase of 8% year-over-year.

▪ Net revenues for the fourth quarter of 2021 increased 11% year-over-year to $5.6 billion, primarily driven by 

continued mortgage portfolio growth and higher average portfolio guarantee fee rates.
© Freddie Mac 3

$2,714

$2,852 $2,962 $3,086 $3,207

$2,326 $2,458 $2,564 $2,682 $2,792

$388

$394 $398 $404 $415

Single-Family mortgage portfolio Multifamily mortgage portfolio

12/31/20 03/31/21 06/30/21 09/30/21 12/31/21

Total Portfolio Balances

Mortgage portfolio1

UPB in $ Billions

18% YoY 

increase

7% YoY 

increase

20% YoY 

increase
© Freddie Mac 4

$28.0

$98.0

$140.2

Net worth

Senior preferred stock

liquidation preference

Remaining Treasury funding commitment

As of December 31, 2021

Conservatorship Matters 

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

Capital Framework (ERCF). 

Draws and dividend payments

$ Billions

Net worth, liquidation preference2, and 

Treasury funding commitment

$ Billions

$71.6

$119.7

Cumulative draws from Treasury

Cumulative dividend payments to Treasury

As of December 31, 2021
© Freddie Mac 5

213,000 518,000 615,000 651,000 365,000

6.7% 6.0% 5.9% 4.7% 3.9%

Average monthly net new jobs (non-farm)

National unemployment rate

(as of the last month in each quarter)

4Q20 1Q21 2Q21 3Q21 4Q21

National home prices increased by an average of 16.8%

over the past year

Quarterly ending interest rates

2.67%

3.17% 3.02% 3.01% 3.11%

0.93%

1.82% 1.44% 1.57% 1.57%

0.07% 0.01% 0.03% 0.05% 0.05%

30-year mortgage rate, based on Primary Mortgage

Market Survey (PMMS)

10-year LIBOR

SOFR

12/31/20 03/31/21 06/30/21 09/30/21 12/31/21

163

254

United States (Seasonally Adjusted)

2006 2009 2012 2015 2018 2021

Freddie Mac House Price Index (December 2000 = 100)

National home prices since 2006

Unemployment rate and job creation

Key Economic Indicators

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

$2,326 $2,458 $2,564 $2,682 $2,792

4Q20 1Q21 2Q21 3Q21 4Q21

1.01%

0.73% 0.73% 0.76% 0.81%

0.38% 0.27% 0.21% 0.20% 0.20%

2.64%

2.34%

1.86%

1.46%

1.12%

One month past due Two months past due

Seriously delinquent

4Q20 1Q21 2Q21 3Q21 4Q21

$383 $362

$288 $299 $271

$109 $89 $98 $132 $111

$274 $273 $190 $167 $160

47 50 49 48 47

Home purchase Refinance

4Q20 1Q21 2Q21 3Q21 4Q21

Single-Family 

Financial Highlights and Key Metrics

$1,747 $1,738

$2,855

$2,028 $2,199

$1,373 $1,410

$2,781

$2,046 $2,204

Net income Comprehensive income

4Q20 1Q21 2Q21 3Q21 4Q21

Net income and comprehensive income

$ Millions

Guarantee fees charged on new acquisitions (bps)3

20% YoY 

increase

Mortgage portfolio

UPB in $ Billions

Delinquency rates4

New business activity

UPB in $ Billions
© Freddie Mac 7

70% 69%

71% 72% 71%

4Q20 1Q21 2Q21 3Q21 4Q21

28% 25% 34% 44% 41%

18% 20%

23%

26% 31%

54% 55% 43% 30% 28%

Home purchase Cash-out refinance

Other refinance

4Q20 1Q21 2Q21 3Q21 4Q21

761 759 754 750 748

4Q20 1Q21 2Q21 3Q21 4Q21

10% 10%

11%

12%

13%

4Q20 1Q21 2Q21 3Q21 4Q21

New business activity with debt-to-income 

ratio > 45% 

Weighted average original loan-to-value ratio 

(OLTV)

Weighted average original credit score

Single-Family 

Loan Purchase Credit Characteristics

Loan purpose
© Freddie Mac 8

UPB covered by new CRT issuance

$ Billions

$167

$245

$174 $167

$242

4Q20 1Q21 2Q21 3Q21 4Q21

Mortgage portfolio with credit enhancement

UPB in $ Billions

$1,152

$1,230 $1,255

$1,345

$1,491

50% 50% 49% 50%

53%

UPB Percentage

12/31/20 03/31/21 06/30/21 09/30/21 12/31/21

Single-Family 

Credit Risk Transfer
© Freddie Mac 9

$35

$14 $13

$18

$25

4Q20 1Q21 2Q21 3Q21 4Q21

0.16% 0.08%

0.27% 0.30%

1.95%

1.41%

0.10%

0.00%

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

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

4Q20 1Q21 2Q21 3Q21 4Q21

Multifamily market and Freddie Mac 

delinquency rates5

$388 $394 $398 $404 $415

4,598 4,613 4,627 4,624 4,652

Mortgage portfolio Total unit count (in thousands)

4Q20 1Q21 2Q21 3Q21 4Q21

Multifamily 

Financial Highlights and Key Metrics

Net income and comprehensive income

$ Millions

$1,166

$1,029

$824 $891

$545

$1,149

$968

$830 $863

$518

Net income Comprehensive income

4Q20 1Q21 2Q21 3Q21 4Q21

(89

%)

New business activity

$ Billions

Mortgage portfolio

UPB in $ Billions

7% YoY 

increase

For 2021, the amounts for FDIC insured institutions and ACLI investment bulletin are as of September 30, 

2021 (latest available information).

Total new business activity for 2021 subject to the FHFA loan purchase cap of $70 billion.
© Freddie Mac 10

Acquisitions of units by area median income 

(AMI) (% of eligible units acquired)

33%

43% 43%

36%

25%

38%

34% 34%

32%

32%

25%

20% 20%

26%

34%

4% 3% 3% 6% 9%

≤60% >60% to ≤80% >80% to ≤120% >120%

4Q20 1Q21 2Q21 3Q21 4Q21

1.38 1.38 1.38 1.35 1.33

70% 69% 68% 67% 67%

Weighted average ODSCR

Weighted average OLTV ratio

4Q20 1Q21 2Q21 3Q21 4Q21

Multifamily 

New Business Characteristics

(89

%)

Weighted average original debt service coverage 

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

$346 $362 $373 $380 $389

89%

92%

94% 94% 94%

UPB Percentage

12/31/20 03/31/21 06/30/21 09/30/21 12/31/21

Mortgage portfolio with credit enhancement

UPB in $ Billions

$26 $26

$17

$18

$23

4Q20 1Q21 2Q21 3Q21 4Q21

Multifamily 

Credit Risk Transfer

UPB covered by new CRT Issuance

$ Billions
© Freddie Mac 12

52

38

27

21

16

74

50

55

45

39

7 6 6 7 7

Forbearance agreements

Payment deferral plans

Other

4Q20 1Q21 2Q21 3Q21 4Q21

Number of families Freddie Mac helped 

to own or rent a home6

In Thousands

Housing Market Support

1,598

1,365

1,160 1,188 1,178

936 940

708

612 598

356 291

315

415

357

306

134

137 161

223

Single-Family refinance borrowers

Single-Family home purchase borrowers

Multifamily rental units

4Q20 1Q21 2Q21 3Q21 4Q21

Other includes repayment plans, loan modifications, and foreclosure alternatives.

8

Number of Single-Family loan workouts7

In Thousands

8

8
© Freddie Mac 13

Endnotes

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

 2 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Treasury in September 2008, the $71.6 billion of draws from Treasury, and the $25.3 billion in 

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

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

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

2011 as extended by the Infrastructure Investment and Jobs Act.

 4 Single-family loans in forbearance are reported as delinquent during the forbearance period to the extent that payments are past due based on the loan's original contractual terms, 

irrespective of the forbearance agreement.

 5 Multifamily loans in forbearance are reported as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan. Loans in 

forbearance are therefore not included in the multifamily delinquency rates if the borrower is in compliance with the forbearance agreement.

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

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

 7 Consists of both home retention actions and foreclosure alternatives.

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

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

Safe Harbor Statements

Freddie Mac obligations

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

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

Mac.

No offer or solicitation of securities 

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

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

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

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

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

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

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

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

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

Forward-looking statements 

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

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

liquidity and capital management, economic and market conditions and trends, the effects of the COVID-19 pandemic and actions taken 

in response thereto on its business, financial condition, and liquidity, its market share, the effect of legislative and regulatory 

developments and new accounting guidance, credit quality of loans the company owns or guarantees, the costs and benefits of the 

company’s credit risk transfer transactions, and results of operations and financial condition. Forward-looking statements involve known 

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

future necessarily involve a number of assumptions, judgments, and estimates, and various factors, including changes in market 

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

state and local governments, 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, 2021, which is available on the Investor Relations page of the 

company’s website at www.freddiemac.com and the SEC’s website at www.sec.gov. The company undertakes no obligation to update 

forward-looking statements it makes to reflect events or circumstances occurring after the date of this presentation.