First Quarter 2015 

Financial Results Supplement

May 5, 2015
© Freddie Mac

Table of contents

1

Financial Results Segment Business Information

2 - Quarterly Financial Results 11 - Single-Family New Funding Volume

3 - Financial Results - Key Drivers 12 - Single-Family Guarantee Fees Charged on New Acquisitions

4 - Financial Results - Key Drivers: Derivative Gains (Losses) 13 - Single-Family Risk Transfer Transactions

5 - Comprehensive Income 14 -

6 - Treasury Draw Requests and Dividend Payments 15 -

7 - Segment Financial Results 16 -

 17 -

Housing Market 18 -

 8 - National Home Prices 19 -

 9 - Home Price Performance by State: March 2014 to March 2015 20 -

 10 - 21 -

 22 -

 23 -

 24 -

 25 -

 

Interest Rate Risk Measures

Investments - Mortgage-Related Investments Portfolio Composition

Single-Family Real Estate Owned

Multifamily Business Volume and Portfolio Composition

Multifamily Securitization Volume

Single-Family Mortgage Market and Freddie Mac Delinquency Rates

Investments - Mortgage-Related Investments Portfolio: 

More Liquid versus Less Liquid Assets

Single-Family Credit Quality - Purchases

Housing Market Support

Single-Family Credit Quality - Credit Guarantee Portfolio

Multifamily Market and Freddie Mac Delinquency Rates

Investments - Purchase Agreement Portfolio Limits

Multifamily Percentage of Affordable Units Financed
© Freddie Mac

Quarterly financial results

Note: Columns and rows may not add due to rounding.

2

$ Millions 1Q15

vs

1Q15 4Q14 4Q14

1 Net interest income $ 3,647 $ 3,587 $ 60

2 Benefit (provision) for credit losses 499 (17) 516

3 Derivative losses (2,403) (3,397) 994

4 Other non-interest income 256 815 (559)

5 Non-interest income (loss) (2,147) (2,582) 435

6 Non-interest expense (1,211) (823) (388)

7 Pre-tax income $ 788 $ 165 $ 623

8 Income tax (expense) benefit (264) 62 (326)

9 Net income $ 524 $ 227 $ 297

10 Total other comprehensive income, 

net of taxes 222 24 198

11 Comprehensive income $ 746 $ 251 $ 495

12 Total equity / GAAP net worth (ending balance) $ 2,546 $ 2,651 $ (105)
© Freddie Mac

$3.5 $3.5 $3.7 $3.6 $3.6

1Q14 2Q14 3Q14 4Q14 1Q15

$0.5 $0.5 $0.7

$0.02 $0.2

1Q14 2Q14 3Q14 4Q14 1Q15

 

$5.5 

$0.5 

$1.4 

$0.8 

$0.3 

1Q14 2Q14 3Q14 4Q14 1Q15

($0.1)

$0.6 

($0.6)

($0.02)

$0.5 

1Q14 2Q14 3Q14 4Q14 1Q15

Financial results – key drivers

Net Interest Income

$ Billions

Benefit (Provision) for Credit Losses

$ Billions

Other Non-Interest Income (Loss)1

$ Billions

Total Other Comprehensive Income

$ Billions

1 Includes settlement benefits from private-label securities litigation. 

3

Annual

 2013: $16.5

 2014: $14.3

Annual

 2013: $2.5

 2014: ($0.1)

Annual 

 2013: $2.9

 2014: $1.7

Annual

2013: $5.9

 2014: $8.2
© Freddie Mac

($0.9) ($0.9) ($0.9) ($0.7) ($0.7) ($0.7) ($0.6) ($0.7) ($0.6)

$1.3 

$2.3 

$0.8 $1.7 

($1.7) ($1.3)

($2.7)

($1.8)

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

Derivative Interest Carry Derivative Fair Value Changes

0.38 0.42 0.51 0.46 0.49 0.55 0.58

0.83 0.89

0.71

0.87 0.81

1.79

2.01

2.69 2.77

3.07

2.85

2.61 2.66

2.29

1.81

2.12 2.03

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Jan-15Feb-15Mar-15

2-Year 10-Year

Financial results – key drivers:

Derivative gains (losses)

2-Year and 10-Year LIBOR Rates

Percent (%)

Derivative Gains (Losses)

Fair Value Changes vs. Interest Carry1

$ Billions

4

($2.4) ($1.9) ($0.6) ($3.4)

1 Represents the net amount the company accrues for interest-rate swap payments it will make or receive during a period. 

 Note: Totals may not add due to rounding.

($2.4)

$1.0

($0.1)

$1.4

$0.4
© Freddie Mac

$4.5 

$1.9 

$2.8 

$0.3 

$0.7 

1Q14 2Q14 3Q14 4Q14 1Q15

Net income

Total other comprehensive income (loss), net of taxes

Comprehensive income

Comprehensive income

 1

1 Consists of the after-tax changes in: (a) the unrealized gains and losses on available-for-sale securities; (b) the effective portion of derivatives previously designated as cash flow 

hedges; and (c) defined benefit plans. 

A

B

C = A + B

$ Billions

5
© Freddie Mac

$44.6 

$6.1 

$13.0 

$7.6 

$0.02 $0.0 $0.0 $0.0 

2008 2009 2010 2011 2012 2013 2014 1Q15

$0.2 $4.1 $5.7 $6.5 $7.2 

$47.6 

$19.6 

$0.9 

2008 2009 2010 2011 2012 2013 2014 1Q15

Draw Requests from Treasury Dividend Payments to Treasury

Treasury draw requests and dividend payments

1 The initial $1 billion liquidation preference of senior preferred stock was issued to Treasury in September 2008 as consideration for Treasury’s funding commitment. The company 

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

2 Amounts may not add due to rounding.

3 Amount does not include the June 2015 dividend obligation of $0.7 billion.

4 Annual amounts represent the total draws requested based on Freddie Mac’s quarterly net deficits for the periods presented. Draw requests are funded in the subsequent quarter 

(e.g., $19 million draw request for 1Q12 was funded in 2Q12).

5 Represents quarterly cash dividends paid by Freddie Mac to Treasury during the periods presented. Through December 31, 2012, Treasury was entitled to receive cumulative 

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 was replaced with a net 

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 31, 2014 for more information. 

$ Billions

4 5

Draws From Treasury Dividend Payments to Treasury

6

Cumulative 

Total

Total Senior Preferred Stock 

Outstanding $72.3

Less: Initial Liquidation Preference1 $1.0

 Treasury Draws $71.3

Cumulative 

Total

Dividend Payments as of 3/31/15 $91.8

2Q15 Dividend Obligation $0.7

 Total Dividend Payments2 $92.6

3
© Freddie Mac

$0.1 

$0.2 

($0.5)

$0.2

4Q14 1Q15

$0.3 $0.3

4Q14 1Q15

$0.5

$0.1

4Q14 1Q15

Segment financial results

 $ Billions

Single-Family Guarantee Investments Multifamily 1

Comprehensive Income

Segment Earnings Segment Other Comprehensive Income (Loss)

($0.5)

$0.3

$0.5

1 Comprehensive income approximated segment earnings for both 4Q14 and 1Q15.

 Note: Totals may not add due to rounding.

7

$0.1

$0.3

$0.4
© Freddie Mac

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 are based on Freddie Mac’s 

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

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 each quarter. ‘SA’ denotes 

‘Seasonally Adjusted’ and ‘NSA’ denotes ‘Not Seasonally Adjusted’; seasonal factors typically result in stronger house-price appreciation during the second and third quarters. Historical 

growth rates change as new data becomes available. Values for the most recent periods typically see the largest changes. Cumulative decline, based on the NSA series, calculated as 

the percent change from June 2006 to March 2015. 

 Source: Freddie Mac.

National home prices1

Cumulative decline of 10% since June 2006 

(NSA Series)

100

110

120

130

140

150

160

170

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

United States (SA)

United States (NSA) 2015Q1 NSA Index Growth: 1.6%

2015Q1 SA Index Growth: 1.6%

Freddie Mac House Price Index (December 2000=100)

8
© Freddie Mac

2%

AL

0%

AK

≥ 8%

4 to 7%

-2 to -1%

0 to 3%

0%

AR

5%

AZ

7%

CA

11%

CO

CT -1%

DC 5%

DE 0%

11%

FL

7%

GA

8%

HI

2%

IA

4%

ID

3%

IL

5%

IN

4%

KS KY 4%

3%

LA

-1%

1%

ME

7%

MI

2%

MN

3%

MO

0%

MS

2%

MT

NC 6%

5%

ND

3%

NE

NJ 2%

3%

NM

9%

NV

2%

NY

3%

OH

5%

OK

6%

OR

2%

PA

RI 4%

5%

SC

2%

SD

TN 4%

8%

TX

5%

UT

0%

VA

10%

WA

3%

WI

 2%

WV

5%

WY

0% -2%

VT

3%

MD

MA

NH

Home price performance by state

March 2014 to March 20151

United States 5%

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 Mac’s single-family credit guarantee 

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

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

Source: Freddie Mac

9
© Freddie Mac

2,480

2,089

1,830

2,472 2,458

1,627

494

2009 2010 2011 2012 2013 2014 1Q15 2009 2010 2011 2012 2013 2014 1Q15

Housing market support

Number of Families Freddie Mac Helped 

to Own or Rent a Home1

In Thousands

Single-Family Loan Workouts2

Number of Loans (000)

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 than once if the company 

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. For example, a borrower 

helped through a home retention action in one period may subsequently lose his or her home through a short sale or deed-in-lieu transaction in a later period.

133

275

208

169 168

Repayment plans3

Loan modifications3

Forbearance agreements3

Short sales and deed-in-lieu of 

foreclosure transactions3

Home Retention Actions

Foreclosure Alternatives

Cumulative Since 2009: 13,450 Cumulative Since 2009: 1,100

10

120

27
© Freddie Mac

$26 $26 $33 $36

$52

$23 $33

$43 $35

$28

1Q14 2Q14 3Q14 4Q14 1Q15

Refi UPB Purchase UPB

Single-family new funding volume

 $ Billions

$49

$59

$77

$71

11

Note: Totals may not add due to rounding.

Annual

2013: $423

 2014: $255

$80
© Freddie Mac

Single-family guarantee fees charged on new 

acquisitions1

1 Includes the effect of pricing adjustments that are based on the relative performance of Freddie Mac’s PCs compared to comparable Fannie Mae securities. 

2 Effective April 1, 2012, guarantee fees charged on single-family loans sold to Freddie Mac were increased by 10 basis points. Under the Temporary Payroll Tax Cut Continuation Act 

of 2011, Freddie Mac is required to remit the proceeds from this increase to Treasury. 

3 Represents the estimated average rate of management and guarantee fees for new acquisitions during the period assuming amortization of delivery fees using the estimated life of the 

related loans rather than the original contractual maturity date of the related loans. 

Quarterly

In Basis Points (bps), Annualized

Legislated 10 Basis Point Guarantee Fee Remitted to Treasury

Single-Family Guarantee Fee Charged on New Acquisitions (excluding amounts 

remitted to Treasury) 3

2

12

Annual

In Basis Points (bps)

20

25 27

38

51

57

2009 2010 2011 2012 2013 2014

56 58 57 57 57

1Q14 2Q14 3Q14 4Q14 1Q15
© Freddie Mac

Single-family risk transfer transactions

Structured Agency Credit Risk 

(STACR®) Debt Note Issuances

$ Billions

Agency Credit Insurance StructureSM 

(ACISSM Reinsurance) Transactions

$ Millions

13

$1.1

$4.9 

$1.7

2013 2014 1Q15

$77.4

$709.2 $706.7

2013 2014 1Q15

1 At issuance. Includes $44.2 billion of UPB related to 1Q15 credit risk transfer transactions. 

Cumulative

$ Billions

STACR Issuances $7.8

ACIS Reinsurance Transactions $1.5

Reference Pool UPB1 $249.6
© Freddie Mac

Single-family credit quality - purchases

Weighted Average Original LTV Ratio1

Percent (%) Weighted Average Credit Score2

1 Original LTV ratios are calculated as the unpaid principal balance (UPB) of the mortgage Freddie Mac guarantees including the credit-enhanced portion, divided by the lesser of the 

appraised value of the property at the time of mortgage origination or the mortgage borrower’s purchase price. Second liens not owned or guaranteed by Freddie Mac are excluded 

from the LTV ratio calculation. The existence of a second lien mortgage reduces the borrower’s equity in the home and, therefore, can increase the risk of default.

2 Credit score data is based on FICO scores at the time of loan origination or Freddie Mac’s purchase and may not be indicative of the borrowers’ current creditworthiness. FICO 

scores can range between approximately 300 to 850 points.

14

80 

77 77 

97 91 

82 76 

66 67 67 

68 

71 

76 73 

67 

70 70 

76 

75 

76 78 

2009 2010 2011 2012 2013 2014 1Q15

Relief refinance (includes HARP) All other Total purchases

738 

747 744 740 

727 

713 

719 

757 758 759 

762 

756 

748 

753 

756 755 755 756 

749 

744 

751 

2009 2010 2011 2012 2013 2014 1Q15

Relief refinance (includes HARP) All other Total purchases
© Freddie Mac

61

2

20

5

12

84

7 9

% of Portfolio

As of March 31, 2015

% of Credit Losses

For Three Months Ended March 31, 2015

New single-family book HARP and other relief refinance loans

2005 - 2008 legacy single-family book Pre-2005 legacy single-family book

0.24 0.23 0.23 0.24 0.22

0.65 0.66 0.70 0.75 0.75

8.25 7.93 7.66 7.59

7.10

3.16 3.11 3.12 3.10 2.97

2.20 2.07 1.96 1.88 1.73 

1Q

2014

2Q

2014

3Q

2014

4Q

2014

1Q

2015

New single-family book HARP and other relief refinance loans

2005 - 2008 legacy single-family book Pre-2005 legacy single-family book

Total

Single-family credit quality – credit guarantee 

portfolio

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

Concentration of Credit Risk 

Percent (%)

Serious Delinquency Rates 

Percent (%)

1

1

15
© Freddie Mac

25,768 22,738 

7,201 (10,231) 

12/31/14

 Inventory

Acquisitions Dispositions 3/31/15

 Inventory

48k 

26k 

45k 47k 47k 

44k

36k 

29k

23k

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

Single-family real estate owned

Property Inventory 

1Q15 Activity

Historical Trend

Ending Property Inventory

(Number of Properties) (Number of Properties)

16
© Freddie Mac

0

4

8

12

16

20

24

28

32

Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

Seriously Delinquent (%) 

 Total Mortgage Market Prime Subprime Freddie Mac

1 Source: National Delinquency Survey from the Mortgage Bankers Association. Categories represent first lien single-family loans. Data is not yet available for the first quarter of 2015. 

2 See “MD&A – RISK MANAGEMENT – Credit Risk Overview – Single-Family Mortgage Credit Risk Framework and Profile– Monitoring Loan Performance” in Freddie Mac’s Form 10-K 

for the year ended December 31, 2014, for information about the company’s reported delinquency rates. The single-family serious delinquency rate at March 31, 2015 was 1.73%. 

1 1 1

17.68%

4.52%

2.60%

1.88%

Single-family Serious Delinquency Rates 

Single-family mortgage market and Freddie Mac 

delinquency rates

 2

17
© Freddie Mac

$174

12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 3/31/15

MF unsecuritized loan portfolio

MF investment securities portfolio

MF guarantee portfolio

$169 $167

$180 $177 $169

1

Total Multifamily Portfolio

UPB $ Billions

Multifamily business volume and portfolio 

composition

Multifamily New Business Volume

$ Billions

1 Primarily K-Deals.

18

$15 

$20

$29

$26

$28 

$10 

2010 2011 2012 2013 2014 1Q15
© Freddie Mac

11% 8%

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

62%

56%

61% 67% 63% 58% 61% 60%

17%

19%

15%

14% 13%

14% 16% 15%

11%

18%

10% 7% 8% 11% 10% 9%

2008 2009 2010 2011 2012 2013 2014 YTD 2015

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

Multifamily percentage of affordable units financed

Multifamily Acquisitions of Units by Area Median Income (AMI)

% of Units Acquired

19

91% of units 

acquired in 2015 

are affordable to 

households 

earning at or 

below 100% AMI

Note: Totals may not add due to rounding.
© Freddie Mac

$2.1

$6.4

$13.7

$21.2

$28.0

$21.3

$5.1

2009 2010 2011 2012 2013 2014 1Q15

K-Deal Securitization Volume1

UPB $ Billions

Multifamily securitization volume

1 Represents the UPB of multifamily loans sold via Freddie Mac’s K Certificate transactions.

Note: Totals may not add due to rounding.

20

2009 2010 2011 2012 2013 2014 1Q15 Total

Total UPB1 $2.1 $6.4 $13.7 $21.2 $28.0 $21.3 $5.1 $98.0

Number of 

Transactions 2 6 12 17 19 17 5 78
© Freddie Mac

0

2

4

6

8

10

12

14

4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14

Freddie Mac (60+ day) FDIC Insured Institutions (90+ day)

MF CMBS Market (60+ day) ACLI Investment Bulletin (60+ day)

0.00%

Multifamily market and Freddie Mac delinquency rates

Percent

1 See “MD&A – RISK MANAGEMENT – Credit Risk Overview – Multifamily Mortgage Credit Risk Profile” in Freddie Mac’s Form 10-K for the year ended December 31, 2014, for 

information about the company’s reported multifamily delinquency rate. The multifamily delinquency rate at March 31, 2015 was 0.03%. 

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

Mac data is not yet available for the first quarter of 2015.

 

1.25%

0.44%

0.04%

1

21
© Freddie Mac

Mortgage-related investments portfolio ending balance

Mortgage-related investments portfolio limit

Investments – Purchase Agreement portfolio limits

Indebtedness 1, 3

$ 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 the Purchase Agreement, 

mortgage assets and indebtedness are calculated without giving effect to the January 1, 2010 change in the accounting guidance related to the transfer of financial assets and 

consolidation of variable interest entities (VIEs). See the company’s Annual Report on Form 10-K for the year ended December 31, 2014 for more information. 

2 Represents the unpaid principal balance (UPB) of the company’s mortgage-related investments portfolio. The company discloses its mortgage assets on this basis monthly in its 

Monthly Volume Summary reports, which are available on its Web site and in Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC).

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 company discloses its 

indebtedness on this basis monthly in its Monthly Volume Summary reports, which are available on its Web site and in Current Reports on Form 8-K filed with the SEC.

Indebtedness limit

Total debt outstanding

22

$408 $406

$470 $470 $470 $470 

$399

12/31/14 03/31/15 06/30/15 09/30/15 12/31/15

$454 $451

$663

$564 $564 $564 $564

12/31/14 03/31/15 06/30/15 09/30/15 12/31/15
© Freddie Mac

12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 03/31/15

Mortgage Loans

Non-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 determined without giving 

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

2 Mortgage loans totaled $166.1 billion at March 31, 2015 of which $110.5 billion were single-family and $55.6 billion were multifamily.

Investments – mortgage-related investments portfolio 

composition

Mortgage-Related Investments Portfolio1

$ Billions

2

$755

$697

$653

$558

$461

23

$408 $406
© Freddie Mac

62% 63% 62% 59% 59% 58%

36%

38% 37% 38% 41% 41% 42%

$558

$461 $434 $420 $414 $408 $406

12/31/12 12/31/13 03/31/14 06/30/14 03/30/14 12/31/14 03/31/15

Less Liquid Assets More Liquid Assets

64%

Investments – mortgage-related investments portfolio: 

More liquid versus less liquid assets

More Liquid versus Less Liquid Assets

$ Billions

24

1 Less liquid assets include unsecuritized single-family and multifamily mortgage loans, certain structured agency securities collateralized with non-agency mortgage-related securities, 

and the company’s investments in non-agency mortgage-related securities.

1
© Freddie Mac

$ Millions

 Average Monthly PMVS-Level1

Interest-rate risk measures

Average Monthly Duration Gap2

Months

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

interest rates, assuming no rebalancing actions are undertaken and assuming the mortgage-to-LIBOR basis does not change. PMVS-Level or PMVS-L measures the 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 expressed in months relative to the 

market value of assets.

25

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2

3

4

5

6

Mar

14

Apr

14

May

14

Jun

14

Jul

14

Aug

14

Sep

14

Oct

14

Nov

14

Dec

14

Jan

15

Feb

15

Mar

15

$28 $25 

$38 

$95 

$26 $23 

$55 

$93 

$127 

$99 

$122 

$146 

$105 

0

50

100

150

200

Mar

14

Apr

 14

May

14

Jun

14

Jul

14

Aug

14

Sep

 14

Oct

14

Nov

14

Dec

14

Jan

15

Feb

15

Mar

15
© Freddie Mac

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, multifamily and investment businesses, its loan workout 

initiatives and other efforts to assist the U.S. residential mortgage market, liquidity, capital management, economic and market 

conditions and trends, market share, the effect of legislative and regulatory developments and new accounting guidance, credit quality of 

loans we guarantee, and results of operations and financial condition on a GAAP, Segment Earnings and fair value basis. Forwardlooking 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 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, 2014, Quarterly Report on Form 10-Q for the quarter 

ended March 31, 2015 and Current Reports on Form 8-K, which are available on the Investor Relations page of the company’s Web site 

at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov. The company undertakes no obligation to update forwardlooking statements it makes to reflect events or circumstances occurring after the date of this presentation.

26