Second Qua

Financial Results Su
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: June 2015 to June 20169 – 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 2Q16 

vs. 

2Q16 1Q16 2Q15 1Q16 

1 Net interest income 3,443 $ 3,405 $ 3,969 $ 3

$ 

2 Benefit for credit losses 775 467 857 303 Derivative gains (losses) (2,058) (4,561) 3,135 2,50

 

4 Other non-interest income (loss) 1 234 1,138 (594) (90

 

5 Non-interest income (loss) (1,824) (3,423) 2,541 1,59

 

6 Administrative expense (475) (448) (501) (2

 

7 Other non-interest expense (460) (509) (788) 4

 

8 Non-interest expense (935) (957) (1,289) 2

 

9 Pre-tax income (loss) 1,459 $ (508) $ 6,078 $ 1,96

$ 

10 Income tax (expense) benefit (466) 154 (1,909) (62

 

11 Net income (loss) 993 $ (354) $ 4,169 $ 1,34

$ 

12 Total other comprehensive income (loss), net of taxes 140 154 (256) (1

 

13 Comprehensive income (loss) 1,133 $ (200) $ 3,913 $ 1,33

$ 

Memo Items

14 Guarantee fee income1 $ 110 124 $ 92 $ 1

$ 

15 Total Equity / GAAP net worth (ending balance) $ 1,000 2,133 $ 5,713 $ 1,13

$ 

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.
$0.7

($0.6)

($0.3)

2Q15 3Q15 4Q15 

Market-related items

Estimated Net Interest Rate Effect1

$ Billions, after-tax

Estimated Spread Cha

$ Billions, after-

$1.4 

($1.4)

$0.3 

($1.4)

($0.4)

2Q15 3Q15 4Q15 1Q16 2Q16

1 Represents estimated effect on comprehensive income. 
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.

Inves

Comprehensive Income (Loss)

Segment Earnings (Loss) Segment Other Comprehensive Inc

Single-Family Guarantee Multifamily

$810

$584

1Q16 2Q16

$147 $264

1Q16 2Q16

($1,311)

$150 

1Q16 

$150

($1,161)

$147

$271

$ Millions

OCI = $3

OCI = $7
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

2016

Cumulative

Total

Draw Requests from Treasury

Treasury draw requests and dividend payments

1 Data for the six months ended June 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 September 2016 dividend obligation of $933 million.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 3Note: Totals may not add due to rounding.

Draw Requests From Treasury

$ Billions

Dividend Payments to Tre

$ Billions

1 2 
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 June 2016. Source: Freddie Mac.

National home prices1

Cumulative decline of 1% since June 2006 (NSA Series)

100110120130140150160170

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 

United States (SA)

United States (NSA)

2016Q2 NSA Inde

2016Q2 SA Index 

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

2%AK

3%

AR

7%

AZ

8%

CA

11%

CO

11%

FL

8%

GA

9%

HI

2%

IA

8%

ID

3%

IL

5%

IN

6%KS KY 5%

4%

LA

6%

MI

6%

MN

5%

MO

3%

MS

5%MT

NC 6%

2%

ND

4%

NE

3%NM

10%

NV

5%

OH

0%

OK

13%

OR

4%PA

5%SC

3%

SD

TN 7%

7%TX

8%

UT

4%VA

12%WA

5%

WI

-1%

WV

2%

WY
170 166 174 209 148

172 208 169 138 182

277 224

182 176 210

620 598

525 522 540

2Q15 3Q15 4Q15 1Q16 2Q16

16 13 11 

5

5

4 

2

1

1 

3

3

3 

26

22

19 

2Q15 3Q15 4Q15 

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

$39 $47 $37 $31 $62 $46

$38

$38

$101

$94

$76

$69

2Q15 3Q15 4Q15 1Q16 

$ Billions

Note: Totals may not add due to rounding.

Ann

Refinance UPB Purchase UPB

2014: 2015: 

YTD 2016: 
20

25 27

31

41

2009 2010 2011 2012 2013 

Single-family guarantee fees charged on new acquisitions 

1 Data for the six months ended June 30, 2016. 2 Represents the estimated average rate of guarantee fees for new acquisitions during the period assuming amortization of delivery fees using the estimat

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

Quarterly

In Basis Points (bps)

Annual

In Basis Points 

Single-Family Guarantee Fees Charged on New Acquisitions 

(net of amounts remitted to Treasury)2

44 44 44 46 46

2Q15 3Q15 4Q15 1Q16 2Q16
$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

$3.8

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 six months ended June 30, 2016. 4 Upon initial execution. Includes $139.9 billion of UPB related to credit risk transfer transactions completed during the first six months of 2016. 

Cumulative

($ in Billions)

STACR Issuances $16.5ACIS Transactions $5.3Reference Pool UPB4 $524.5
$0.6 $0.7 $1.1 $1.2 $1.4

$10.7 $11.2

$13.8 $15.6

$18.1

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

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

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 $264.6 $272.6 $311.3 $352.1 $415

Total Reference 

Pools $278.7 $287.5 $328.9 $372.1 $438
0.21 0.20 0.21 

0.70 0.70 0.72 

4.46 4.28 4.12 

1.53 1.41 1.32 

2Q15 3Q15 4Q15 

Core Single-Family Book1 HLegacy Single-Family Book T

69

7

17

17

14

76

% of Portfolio as of

June 30, 2016

% of Credit Losses for the Six

Months Ended June 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 Delinque

Percent (%
048

121620242832

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-15 Sep

 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 

June 30, 2016 was 1.08%. 

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 $18 

$2

$17

$9

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 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 six months ended June 30, 2016. 3 Primarily K-Deals. 

Note: Totals may not add due to rounding.

$177 $180 $167 $169

$15

$20

$29 $26 $28

$47

2

3

$27
8% 14% 12% 16% 17% 13% 15% 14%

56%

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

19%

15%

14% 13%

14% 16% 14% 16%

18%

10% 7% 8% 11% 10% 12% 13%

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 six months ended June 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 six months ended June 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

$2

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 $2

Number of 

Transactions 2 6 12 17 19 17 30 
02468

1012

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

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 

30, 2016 was 0.02%. 

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 second quarter of 2016.
$347 $340

$321

$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 $382

$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% 9%

38%

41%

45% 47%

12/31/13 12/31/14 12/31/15 6/30/16

Less Liquid Securitization Pipeline Liquid 4

$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 In the second quarter of 2016, Freddie Mac changed how it categorizes certain less liquid activity related to its Multifamily business. Prior period results ha

the current presentation.

2 Excludes liquidations.3 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).

4 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.

5 Data for the six months ended June 30, 2016. 

Note: Totals may not add due to rounding.

Less Liquid Activ

$ Billions

$19.8

$23.6

$2

$408

$347

$461

$321

3
$0.2 $0.1 $0.1 $0.0 $0.0

$1.6

$1.9

$1.6

$1.5

$1.2

0

0.20.40.60.8

1

1.21.41.61.8

2

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

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

2Q15 3Q15 4Q15 

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 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 the company guarantees, and results of operations and financial condition on a GAAP, Segment Earnings, no

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 Reports on Form 10-ended March 31, 2016 and June 30, 2016 and Current Reports on Form 8-K, which are available on the Investor Recompany’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