Monthly Volume Summary: December 2014

(unaudited & subject to change)

(dollars in millions)

December 2014 Highlights: 

• The total mortgage portfolio increased at an annualized rate of 4.5% in December.

• Single-family refinance-loan purchase and guarantee volume was $13.1 billion in December representing 56% of total single-family mortgage 

portfolio purchases or issuances. Relief refinance mortgages comprised approximately 15% of our total single-family refinance volume during 

December based on unpaid principal balance (UPB).

• Total number of loan modifications were 5,371 in December and 67,152 for the twelve months ended December 31, 2014.

 

• Multifamily new business activity was $7.8 billion in December and $28.3 billion for the twelve months ended December 31, 2014, which 

reflects the UPB of Freddie Mac's multifamily new loan purchases, issuances of other guarantee commitments and issuances of other structured 

securities during the period.

• The aggregate UPB of our mortgage-related investments portfolio increased by approximately $6.4 billion in December.

• Freddie Mac mortgage-related securities and other guarantee commitments increased at an annualized rate of 3.3% in December.

• Our single-family seriously delinquent rate decreased from 1.91% in November to 1.88% in December. Our multifamily delinquency rate 

increased from 0.03% in November to 0.04% in December.

• The measure of our exposure to changes in portfolio market value (PMVS-L) averaged $99 million in December. Duration gap averaged 0 

months.

• On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA) appointed FHFA as Conservator of Freddie Mac. 

TABLE 1 - TOTAL MORTGAGE PORTFOLIO 1, 2

Purchases or

Issuances 3 Sales 4Liquidations

Net Increase/

(Decrease)

Ending

Balance

Annualized Growth

Rate

Annualized

Liquidation

Rate

Dec 2013 $25,434 ($1,191) ($23,568) $675 $1,914,661 0.4% 14.8%

Full-Year 2013 452,941 (23,804) (470,752) (41,615) 1,914,661 (2.1%) 24.1%

Jan 2014 20,298 (476) (22,876) (3,054) 1,911,607 (1.9%) 14.3%

Feb 17,009 (1,390) (19,069) (3,450) 1,908,157 (2.2%) 12.0%

Mar 15,112 (1,630) (18,132) (4,650) 1,903,507 (2.9%) 11.4%

Apr 19,884 (4,149) (20,465) (4,730) 1,898,777 (3.0%) 12.9%

May 19,569 (1,322) (21,549) (3,302) 1,895,475 (2.1%) 13.6%

Jun 24,604 (1,631) (23,129) (156) 1,895,319 (0.1%) 14.6%

Jul 25,375 (1,132) (24,065) 178 1,895,497 0.1% 15.2%

Aug 29,722 (2,955) (27,447) (680) 1,894,817 (0.4%) 17.4%

Sep 29,691 (2,284) (23,881) 3,526 1,898,343 2.2% 15.1%

Oct 28,761 (1,324) (23,433) 4,004 1,902,347 2.5% 14.8%

Nov 29,455 (5,346) (23,495) 614 1,902,961 0.4% 14.8%

Dec 31,917 (564) (24,208) 7,145 1,910,106 4.5% 15.3%

YTD 2014 $291,397 ($24,203) ($271,749) ($4,555) $1,910,106 (0.2%) 14.2%

TABLE 2 - MORTGAGE-RELATED INVESTMENTS PORTFOLIO 1 TABLE 3 - MORTGAGE-RELATED INVESTMENTS PORTFOLIO COMPONENTS 1

Purchases 5 Sales 6Liquidations Ending Balance

Annualized

Growth

Rate

Annualized

Liquidation Rate

Mortgage 

Purchase

Agreements 7

Mortgage Sale 

Agreements 8

Net Purchase

(Sale)

Agreements 9

PCs, REMICs and

Other Structured

Securities

Non-Freddie Mac Mortgage-Related

Securities

Mortgage

Loans

Ending

Agency Non-Agency Balance

Dec 2013 $10,963 ($8,995) ($7,699) $461,024 (14.7%) 19.8% $12,459 ($11,419) $1,040 Dec 2013 $168,034 $16,907 $94,775 $181,308 $461,024

Full-Year 2013 172,688 (154,501) (114,707) 461,024 (17.3%) 20.6% 240,627 (226,927) 13,700 Full-Year 2013 168,034 16,907 94,775 181,308 461,024

Jan 2014 6,931 (7,294) (6,717) 453,944 (18.4%) 17.5% 14,971 (21,210) (6,239) Jan 2014 165,294 16,298 93,458 178,894 453,944

Feb 6,627 (13,006) (5,409) 442,156 (31.2%) 14.3% 13,325 (18,004) (4,679) Feb 158,875 15,727 91,744 175,810 442,156

Mar 11,399 (13,850) (5,307) 434,398 (21.1%) 14.4% 16,111 (17,023) (912) Mar 155,884 15,568 89,441 173,505 434,398

Apr 12,846 (13,130) (5,580) 428,534 (16.2%) 15.4% 18,694 (18,976) (282) Apr 156,958 15,636 84,380 171,560 428,534

May 12,528 (12,655) (5,964) 422,443 (17.1%) 16.7% 24,123 (21,099) 3,024 May 155,375 15,544 82,449 169,075 422,443

Jun 16,516 (12,929) (6,150) 419,880 (7.3%) 17.5% 22,119 (21,025) 1,094 Jun 155,162 15,580 80,053 169,085 419,880

Jul 13,150 (9,562) (5,950) 417,518 (6.8%) 17.0% 26,886 (22,048) 4,838 Jul 155,484 15,538 77,992 168,504 417,518

Aug 18,723 (12,792) (5,708) 417,741 0.6% 16.4% 33,932 (30,793) 3,139 Aug 161,929 15,364 74,808 165,640 417,741

Sep 17,216 (15,459) (5,888) 413,610 (11.9%) 16.9% 31,965 (33,533) (1,568) Sep 161,698 15,691 71,799 164,422 413,610

Oct 14,649 (15,337) (6,138) 406,784 (19.8%) 17.8% 28,027 (24,482) 3,545 Oct 157,703 15,623 69,663 163,795 406,784

Nov 17,931 (17,316) (5,358) 402,041 (14.0%) 15.8% 23,708 (22,668) 1,040 Nov 157,744 15,895 67,122 161,280 402,041

Dec 22,532 (10,028) (6,131) 408,414 19.0% 18.3% 27,540 (21,018) 6,522 Dec 161,541 16,353 66,048 164,472 408,414

YTD 2014 $171,048 ($153,358) ($70,300) $408,414 (11.4%) 15.2% $281,401 ($271,879) $9,522 YTD 2014 $161,541 $16,353 $66,048 $164,472 $408,414

Page 1 of 3

Please see Endnotes on page 3.
TABLE 4 - FREDDIE MAC MORTGAGE-RELATED SECURITIES AND OTHER GUARANTEE COMMITMENTS 1, 10 TABLE 5 - OTHER DEBT ACTIVITIES 13

Original Maturity

1 Year Original Maturity > 1 Year

Issuances Liquidations 11

Net 

Increase/

(Decrease)

Ending 

Balance 12

Annualized

Growth Rate

Annualized

Liquidation Rate

Ending

Balance Issuances

Maturities and

Redemptions Repurchases

Foreign

Exchange

Translation Ending Balance

Total Debt

Outstanding

Dec 2013 $22,620 ($19,466) $3,154 $1,621,671 2.3% 14.4% Dec 2013 $141,767 $9,265 ($13,617) $ - $6 $369,578 $511,345

Full-Year 2013 460,766 (424,590) 36,176 1,621,671 2.3% 26.8% Full-Year 2013 141,767 112,221 (175,138) (2,077) 30 369,578 511,345

Jan 2014 21,114 (19,828) 1,286 1,622,957 1.0% 14.7% Jan 2014 130,577 10,737 (21,659) (1,001) (7) 357,648 488,225

Feb 18,858 (16,939) 1,919 1,624,876 1.4% 12.5% Feb 114,369 6,168 (19,581) - - 344,235 458,604

Mar 15,979 (15,862) 117 1,624,993 0.1% 11.7% Mar 115,181 6,043 (7,125) - - 343,153 458,334

Apr 20,207 (17,999) 2,208 1,627,201 1.6% 13.3% Apr 108,134 3,963 (13,743) (48) - 333,325 441,459

May 19,867 (18,661) 1,206 1,628,407 0.9% 13.8% May 108,461 5,890 (3,068) (4) - 336,143 444,604

Jun 22,160 (19,966) 2,194 1,630,601 1.6% 14.7% Jun 110,326 6,493 (2,555) (1,175) - 338,906 449,232

Jul 24,017 (21,155) 2,862 1,633,463 2.1% 15.6% Jul 118,042 7,590 (15,383) (218) - 330,895 448,937

Aug 30,242 (24,700) 5,542 1,639,005 4.1% 18.1% Aug 121,358 9,165 (13,365) (1,000) - 325,695 447,053

Sep 28,405 (20,979) 7,426 1,646,431 5.4% 15.4% Sep 111,857 5,975 (3,439) (554) - 327,677 439,534

Oct 27,013 (20,178) 6,835 1,653,266 5.0% 14.7% Oct 115,492 5,423 (8,980) - - 324,120 439,612

Nov 26,402 (21,004) 5,398 1,658,664 3.9% 15.2% Nov 117,765 12,548 (14,944) (4) - 321,720 439,485

Dec 25,269 (20,700) 4,569 1,663,233 3.3% 15.0% Dec 134,670 12,645 (15,004) (2) - 319,359 454,029

YTD 2014 $279,533 ($237,971) $41,562 $1,663,233 2.6% 14.7% YTD 2014 $134,670 $92,640 ($138,846) ($4,006) ($7) $319,359 $454,029

TABLE 6 - DELINQUENCIES - TOTAL 14 TABLE 7 - OTHER INVESTMENTS 17 TABLE 8 - INTEREST-RATE RISK SENSITIVITY DISCLOSURES 18

Single-Family 15 Multifamily

Portfolio Market ValueLevel

(PMVS-L) (50 bp)

(dollars in millions)

Portfolio Market ValueYield Curve

(PMVS-YC) (25 bp)

(dollars in millions)

Duration Gap

(Rounded to Nearest Month)

Credit Enhanced

Non-Credit

Enhanced

Primary 

Mortgage 

Insurance19 Other 16 Total Total Ending Balance Monthly Average

Quarterly

Average Monthly Average

Quarterly

Average Monthly Average

Quarterly

Average

Dec 2013 2.09% 4.40% 3.66% 2.39% 0.09% Dec 2013 $77,150 Dec 2013 $56 $89 $17 $19 0 0

Full-Year 2013 77,150 Full-Year 2013 235 -- 21 -- 0 --

Jan 2014 2.05% 4.21% 3.73% 2.34% 0.05% Jan 2014 59,314 Jan 2014 207 -- 17 -- (1) --

Feb 2.04% 4.07% 2.73% 2.29% 0.05% Feb 42,666 Feb 9 -- 7 -- 0 --

Mar 1.97% 3.89% 2.66% 2.20% 0.04% Mar 44,131 Mar 28 84 11 12 0 0

Apr 1.94% 3.76% 2.15% 2.15% 0.05% Apr 34,174 Apr 25 -- 9 -- 0 --

May 1.91% 3.62% 2.10% 2.10% 0.06% May 42,105 May 38 -- 7 -- 0 --

Jun 1.88% 3.53% 2.05% 2.07% 0.02% Jun 47,155 Jun 95 52 45 20 0 0

Jul 1.84% 3.42% 2.01% 2.02% 0.05% Jul 48,722 Jul 26 -- 16 -- 0 --

Aug 1.82% 3.36% 1.68% 1.98% 0.04% Aug 46,062 Aug 23 -- 22 -- 0 --

Sep 1.80% 3.28% 1.41% 1.96% 0.03% Sep 42,932 Sep 55 35 17 18 0 0

Oct 1.77% 3.18% 1.22% 1.91% 0.03% Oct 47,984 Oct 93 -- 12 -- 0 --

Nov 1.78% 3.17% 1.22% 1.91% 0.03% Nov 51,701 Nov 127 -- 4 -- 0 --

Dec 1.74% 3.10% 1.21% 1.88% 0.04 % Dec 56,013 Dec 99 105 5 7 0 0

YTD 2014 $56,013 YTD 2014 $69 -- $14 -- 0 --

Page 2 of 3

Please see Endnotes on page 3.
ENDNOTES

1. The activity and balances set forth in these tables represent UPB. For Freddie Mac mortgage-related securities, the balance reflects security balances based on the monthly PC factor report. Freddie Mac mortgage-related securities 

include PCs, REMICs and Other Structured Securities, and Other Guarantee Transactions. Effective January 1, 2010, we adopted amendments to the accounting standards for transfers of financial assets and consolidation of VIEs, 

which resulted in significant changes to our financial statements. However, the information in this monthly volume summary is presented without giving effect to those changes. 

2. Total mortgage portfolio (Table 1) is defined as Freddie Mac mortgage-related securities and other guarantee commitments (Table 4) plus the sum of mortgage loans (Table 3) and non-Freddie Mac mortgage-related securities (agency 

and non-agency) (Table 3). 

3. Includes cash purchases of single-family and multifamily mortgage loans, issuances of Freddie Mac mortgage-related securities through our guarantor swap program, issuances of other guarantee commitments, issuances of other 

structured securities and purchases of non-Freddie Mac mortgage-related securities. 

4. Includes sales of non-Freddie Mac mortgage-related securities and sales of mortgage loans.

5. Includes cash purchases of single-family and multifamily mortgage loans, purchases of Freddie Mac and non-Freddie Mac mortgage-related securities from third parties, and additions for seriously delinquent, modified, and balloon/reset 

mortgage loans purchased out of PC pools. Purchases of Freddie Mac mortgage-related securities into the mortgage-related investments portfolio totaled $4,613 million (based on UPB) during December 2014.

6. Includes sales of Freddie Mac mortgage-related securities (including sales to third parties from the securitization of previously purchased single-family and multifamily mortgage loans), sales of non-Freddie Mac mortgage-related 

securities and sales of mortgage loans. 

7. Mortgage purchase agreements reflect trades entered into during the month and include: (a) monthly commitments to purchase mortgage-related securities for our mortgage-related investments portfolio, and (b) the amount of monthly 

mortgage loan purchase agreements entered into during the month. Our purchase commitments may settle during the same month in which we have entered into the related commitment.

8. Mortgage sale agreements reflect trades entered into during the month and include: (a) monthly commitments to sell mortgage-related securities from our mortgage-related investments portfolio, and (b) the amount of monthly mortgage 

loan sale agreements entered into during the month. Our sales commitments may settle during the same month in which we have entered into the related commitment.

9. As of December 31, 2014, we had net unsettled purchase (sale) agreements of approximately $2,903 million. The ending balance of our mortgage-related investments portfolio as of December 31, 2014 after giving effect to these 

unsettled agreements and assuming we did not enter into any other purchase (sale) agreements after December 31, 2014 would have been $411 billion.

10. Includes other guarantee commitments, which consist of tax-exempt multifamily housing revenue bonds, HFA bonds, and credit-related commitments with respect to single-family mortgage loans. Excludes any resecuritization activity 

involving Freddie Mac mortgage-related securities. Notional balances of interest-only strips are excluded because this table is based on UPB. 

11. Represents principal repayments relating to loans underlying Freddie Mac mortgage-related securities and other guarantee commitments. Also includes our purchases of seriously delinquent, modified and balloon/reset mortgage loans 

out of PC pools.

12. The ending balance of Freddie Mac mortgage-related securities and other guarantee commitments (Table 4) differs from the balance of Freddie Mac mortgage-related securities in our quarterly report on Form 10-Q dated November 6, 

2014 because Table 4 includes other guarantee commitments described in Endnote 10.

13. Represents the combined balance and activity of our other debt, including securities sold under agreements to repurchase and federal funds purchased, based on the par values of these liabilities.

14. Single-family serious delinquency rate information is based on the number of loans that are three monthly payments or more past due or in the process of foreclosure as of period end while multifamily delinquencies are based on the 

UPB of mortgage loans that are two monthly payments or more past due or in the process of foreclosure as of period end. Mortgage loans that have been modified are not counted as seriously delinquent as long as the borrower is less 

than three monthly payments past due under the modified terms for single-family, and less than two monthly payments past due for multifamily. Delinquency rates presented in Table 6 include mortgage loans underlying Other 

Guarantee Transactions, but exclude financial guarantees that are backed by either HFA bonds or Ginnie Mae Certificates. For HAMP or non-HAMP standard modifications, we include loans in the trial period as seriously delinquent in 

our statistical reporting, which results in a temporary rise in our seriously delinquent rate until the modifications become effective and are removed from seriously delinquent status. The volume of effective modifications impacts our 

reported seriously delinquent rate.

15. On a monthly basis, Freddie Mac publishes pool-level delinquency disclosures on its single-family PC and Giant PC securities on the company's website, www.FreddieMac.com/mbs. These monthly disclosures include for each PC and 

Giant PC the loan count and associated aggregate UPB for mortgage loans that fall into one of four delinquency groups: 30-59 days delinquent, 60-89 days delinquent, 90-119 days delinquent, and 120 days or more delinquent. 

Additionally, the monthly disclosures include information about certain seriously delinquent loans purchased by Freddie Mac from each PC and Giant PC. Generally, we purchase these delinquent loans, and thereby extinguish the 

related PC debt, at the scheduled PC debt payment date, unless the loans proceed to foreclosure transfer, complete a foreclosure alternative or are paid in full by the borrower before such date. As of December 31, 2014, there were 

approximately $0.8 billion in UPB of loans that were four monthly payments past due, and that met our criteria to allow for the purchase of delinquent mortgage loans out of PC pools.

16. Consists of Freddie Mac single-family mortgage loans covered by financial arrangements (other than primary mortgage insurance) that are designed to reduce our credit risk exposure, including loans in reference pools of mortgages 

covered by Structured Agency Credit Risk (STACR) transactions as well as other forms of credit protection. STACR transactions shift a portion of the mezzanine credit loss position on certain groups of loans from Freddie Mac to private 

investors. The credit enhanced categories are not mutually exclusive as a single loan may be included in both the Primary Mortgage Insurance category and the Other category.

17. Other Investments exclude amounts related to consolidated variable-interest entities. The balance includes cash and cash equivalents, federal funds sold and securities purchased under agreements to resell, and non-mortgage-related 

securities. Investments in non-mortgage-related securities are presented at fair value.

18. Our primary interest-rate risk measures are PMVS and duration gap. These measures include the impact of our purchases and sales of derivative instruments, which we use to limit our exposure to changes in interest rates. Our PMVS 

measures are estimates of the amount of average potential pre-tax loss in the market value of our net assets due to parallel (PMVS-L) and non-parallel (PMVS-YC) movements in London Interbank Offered Rates (LIBOR). While we 

believe that our PMVS and duration gap metrics are useful risk management tools, they should be understood as estimates rather than precise measurements. Methodologies employed to calculate interest-rate risk sensitivity 

disclosures are periodically changed on a prospective basis to reflect improvements in the underlying estimation processes.

19. In December 2014, we revised our previously disclosed single-family credit enhanced primary mortgage insurance seriously delinquent rates due to an error. The error did not impact our total single family seriously delinquent rates, but 

resulted in monthly increases to the credit enhanced primary mortgage insurance seriously delinquent rates ranging from 0.11% to 0.49%.

A glossary of selected Monthly Volume Summary terms is available on the Investor Relations page of our website, www.FreddieMac.com/investors.

The Monthly Volume Summary includes volume and statistical data pertaining to our portfolios. Inquiries should be addressed to our Investor Relations Department, which can be reached by calling (571) 382-4732 or writing to:

1551 Park Run Drive, MS D5F,

McLean, VA 22102-3110

or sending an email to shareholder@freddiemac.com.

Page 3 of 3