Fourth Quarter 2017 

Financial Results Supplement

February 15, 2018
Ä Freddie Mac 2

Adjusted net interest income Adjusted guarantee fee income

1Q17 2Q17 3Q17 4Q17 2016 2017

$1.2 $1.2 $1.1 $1.1

$4.8 $4.6

$1.6 $1.7 $1.8 $1.8

$6.6 $6.8

Corporate Highlights

Financial highlights Key highlights

$ Billions

Note: Totals may not add due to rounding.

Ä 4Q17 comprehensive loss of $3.3 billion,

driven primarily by a $5.4 billion write-down

of the net deferred tax asset (DTA).

Å Comprehensive income, excluding this

write-down1, was $2.1 billion.

Ä 2017 comprehensive income of $5.6 billion,

driven by the $5.4 billion net DTA writedown in 4Q17, partially offset by a $4.5

billion (pre-tax), or $2.9 billion (after-tax)

litigation settlement in 3Q17.

Å Comprehensive income, excluding the

write-down and the settlement1, was $8.1

billion.

Ä Total guarantee portfolio grew 6% from

prior year while total investments portfolio

decreased 13%.

Total comprehensive income (loss)

1Q17 2Q17 3Q17 4Q17 2016 2017

$2.2 $2.0

$4.7

-$3.3

$7.1

$5.6

Total guarantee portfolio Total investments portfolio

4Q16 1Q17 2Q17 3Q17 4Q17

$1,913 $1,943 $1,958 $1,984 $2,032

$394 $383 $366 $349 $342

1 1

($3.3)
Ä Freddie Mac 3

Draw Requests from Treasury Dividend Payments to Treasury

2008 - 2014 2015 2016 2017 Cumulative

Total

$71.3 $71.3

$91.0

$5.5 $5.0

$10.9

$112.4

Corporate Highlights, continued

Treasury draw requests and dividend payments

$ Billions

DFAST3 - Additional draws needed under

severely adverse scenario

$ Billions

Note: Totals may not add due to rounding.

2

with DTA valuation allowance

without DTA valuation allowance

2015 2016 2017 Remaining

PSPA Funding

$62

$53

$43

$34

$26

$21

$140.5
Ä Freddie Mac 4

United States (Not Seasonally Adjusted)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

168 179

Average monthly net new jobs (non-farm)

National unemployment rate (as of the last month in

each quarter)

4Q16 1Q17 2Q17 3Q17 4Q17

164,000 177,000 190,000

142,000

216,000

4.7% 4.5% 4.3% 4.2% 4.1%

Key Economic Indicators

National home prices increased by an average of 7.1%

over the past year

Quarterly ending interest rates

Unemployment rate and job creation

National home prices have surpassed the 2006 peak

Freddie Mac House Price Index (December 2000 = 100)

(2006 Peak)

30-year PMMS 10-year LIBOR

12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017

4.32% 4.14%

3.88% 3.83%

3.99%

2.32% 2.39% 2.27% 2.28% 2.39%
Ä Freddie Mac 5

Mortgage-related investments portfolio

Other investments and cash portfolio

12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017

$298 $291 $284 $267 $253

$96

$394

$92

$383

$82

$366

$82

$349

$89

$342

Single-family credit guarantee portfolio

Multifamily guarantee portfolio

12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017

$1,755 $1,779 $1,784 $1,800 $1,829

$158

$1,913

$164

$1,943

$174

$1,958

$184

$1,984

$203

$2,032

Total Portfolio Balances

Total debt outstanding6,7

$ Billions

Total guarantee portfolio Portfolio balance highlights 4

$ Billions

Ä Total guarantee portfolio: 

Ä Single-family - grew $74 billion, or 4% year-overyear.

Ä Multifamily - grew $45 billion, or 28% year-overyear.

Ä Total investments portfolio:

Ä Mortgage-related investments portfolio -

decreased $45 billion, or 15% year-over-year.

Note: Totals may not add due to rounding.

+6%

-13%

Total investments portfolio

$ Billions

PSPA 

2017 Limit

$288B

Unsecured debt Secured debt

Indebtedness limit

12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017

$353 $351 $334 $312 $306

$3 $8

$6

$9 $10

$479

$407

$357 $359

$340

$321 $317

5

4,6
Ä Freddie Mac 6

Purchase UPB Refinance UPB

4Q16 1Q17 2Q17 3Q17 4Q17

$46 $39 $45 $57 $57

$71

$117

$47

$86

$28

$73

$30

$87

$41

$98

43 44 44 42 36

Core single-family portfolio (loans originated post-2008)

Legacy and relief refinance single-family portfolio

4Q16 1Q17 2Q17 3Q17 4Q17

$1,275 $1,317 $1,343 $1,377 $1,424

$480

$1,755

$462

$1,779

$441

$1,784

$423

$1,800

$405

$1,829

Single-family Financial Highlights and 

Key Metrics

Single-family segment earnings

$ Millions

Credit guarantee portfolio

$ Billions

New funding volume

$ Billions

Guarantee fees charged on new acquisitions (bps)8

Serious delinquency rates 

+4%

Note: Totals may not add due to rounding.

Core single-family portfolio (loans originated post-2008)

Legacy and relief refinance single-family portfolio

Total

4Q16 1Q17 2Q17 3Q17 4Q17

0.20% 0.19% 0.18% 0.19%

0.35%

2.28% 2.17% 2.07% 2.14%

2.59%

1.00% 0.92% 0.85% 0.86%

1.08%

(73%) (74%) (75%) (77%) (78%)

4Q16 1Q17 2Q17 3Q17 4Q17

$280

$710

$778

$255

$758
Ä Freddie Mac 7

Reference pool UPB at issuance

Reference pool UPB outstanding

2013 2014 2015 2016 2017

$58

$205

$385

$595

$854

$57

$193

$329

$454

$636

3%

12%

19%

26%

35%

Single-family Credit Risk Transfer Ä 

STACR / ACIS

Total Single-family credit guarantee portfolio with

transferred credit risk

$ Billions

Cumulative Single-family transferred credit risk

based on outstanding balance at period end

$ Billions

Outstanding reference pool UPB as a

percentage of total Single-family

portfolio

First loss positions: Retained by Freddie Mac

Mezzanine loss positions: Retained by Freddie Mac

First loss positions: Transferred to third parties

Mezzanine loss positions: Transferred to third parties

12/31/16 3/31/17 6/30/17 9/30/17 12/31/2017

$3.3 $3.6

$4.2 $4.1

$1.0 $4.6

$1.1

$1.4 $1.1

$1.5

$1.5 $1.8 $2.2 $2.3 $2.7

$18.3

$19.4

$20.9 $20.3

$21.6
Ä Freddie Mac 8

Å100% AMI >100% AMI

2013 2014 2015 2016 2017

89% 90% 88% 86% 83%

11% 10% 12% 14% 17%

Guarantee Portfolio Mortgage-related Securities

Unsecuritized Loans

12/31/13 12/31/14 12/31/15 12/31/16 12/31/17

$75

$91 $120

$158

$203 $33

$25

$19

$13

$7

$59

$167

$53

$169

$49

$188

$42

$213 $39

$249

Multifamily Financial Highlights and Key Metrics

Total portfolio

$ Billions

Multifamily market and Freddie Mac delinquency

rates (%)

Multifamily comprehensive income

$ Millions

Multifamily acquisitions of units by area median

income (% of eligible units acquired)

+49%

(45%) (54%) (64%) (74%) (82%)

Note: Totals may not add due to rounding.

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

MF CMBS Market (60+ day)

4Q13 4Q14 4Q15 4Q16 4Q17

0.02

0.15

1.37

4Q16 1Q17 2Q17 3Q17 4Q17

$370

$445 $462

$370

$660

as of

3Q17
Ä Freddie Mac 9

K Certificate UPB SB Certificate UPB

2009-2013 2014 2015 2016 2017

$71.5

$21.3

$35.6

$47.3

$56.7

$1.8

$37.4

$3.9

$51.2

$5.5

$62.2

Purchase Volume Subject to Cap

Purchase Volume not Subject to Cap

2013 2014 2015 2016 2017

$25.9

$25.9

$30.0

$36.5 $33.7

$2.4

$28.3

$17.3

$47.3

$20.3

$56.8

$39.5

$73.2

Multifamily Key Metrics, continued

Multifamily securitization volume

$ Billions

New funding volume

$ Billions

Note: Totals may not add due to rounding.

Cap = $30.0

Cap = $36.5

Cap = $25.9

9
Ä Freddie Mac 10

Mortgage Investments Portfolio

Other Investments and Cash Portfolio

4Q16 1Q17 2Q17 3Q17 4Q17

$230 $225 $222 $207 $196

$96

$326

$92

$317

$82

$304

$82

$289

$89

$285

Liquid Securitization Pipeline

Less Liquid

4Q16 1Q17 2Q17 3Q17 4Q17

$138 $141 $137 $129 $130

$13 $8 $12 $13 $10

$79

$230

$76

$225

$73

$222

$64

$206

$56

$196

Capital Markets Financial Highlights 

and Key Metrics

Capital Markets mortgage investments portfolio

$ Billions

Capital Markets comprehensive income

$ Billions 

Capital Markets investments portfolio 

$ Billions

Capital Markets cash window securitization

$ Billions

-15%

(60%) (63%) (62%) (62%)

Note: Totals may not add due to rounding.

(66%)

-13%

4Q16 1Q17 2Q17 3Q17 4Q17

$48

$31

$25

$32

$35

4Q16 1Q17 2Q17 3Q17 4Q17

$3.2

$1.1

$0.7

$4.0

$0.6
Ä Freddie Mac 11

Loan modificationsÅÇ

Repayment plansÅÇ

Forbearance agreementsÅÇ

Short sales and deed-in-lieu

of foreclosure transactionsÅÇ

2013 2014 2015 2016 2017

83

67

54

43 45

29

25

21

12 10

12

9

6

5

15

44

168

19

120

13

94

9

69

5

75

Multifamily rental units Purchase borrowers

Refinance borrowers

2013 2014 2015 2016 2017

388 413

650

739

820

515

606

677

745

828

1,555

2,458

608

1,627 910

2,237

937

2,421

663

2,311

Housing Market Support

Number of families Freddie Mac helped 

to own or rent a home10

In Thousands

Number of single-family loan workouts11

In Thousands

Note: Totals may not add due to rounding.

Home

Retention

Actions

Foreclosure

Alternatives
Ä Freddie Mac 12

Endnotes

1 For additional information regarding Freddie MacÉs non-GAAP financial measures and reconciliations to the comparable amounts under GAAP, see the companyÉs Press Release for

the quarter ended December 31, 2017.

2 Excludes the initial $1 billion liquidation preference of senior preferred stock issued to Treasury in September 2008 as consideration for TreasuryÉs funding commitment and the $3.0

billion increase in the aggregate liquidation preference of the senior preferred stock pursuant to the December 21, 2017 Letter Agreement. The company received no cash proceeds as

a result of issuing the initial $1Ñbillion liquidation preference of senior preferred stock or the $3.0 billion increase on December 31, 2017.

3 For additional information, see Regulation and Supervision / Federal Housing Finance Agency / Capital Standards in the companyÉs Annual Report on Form 10-K for the year ended

December 31, 2017. (DFAST: Dodd-Frank Act Stress Test)

4 Based on unpaid principal balances (UPB) of loans and securities. Excludes mortgage-related securities traded, but not yet settled.

5 Primarily Freddie MacÉs K Certificate and SB (Small Balance) Certificate transactions.

6 The companyÉs Purchase Agreement with Treasury limits the amount of mortgage assets the company can own and indebtedness it can incur. See the companyÉs Annual Report on

Form 10-K for the year ended December 31, 2017 for more information.

7 Represents the companyÉs aggregate indebtedness for purposes of the Purchase Agreement debt cap and primarily includes the par value of other short-term and long-term debt

used to fund its business activities.

8 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. Includes the effect of fee adjustments that are based on the price performance of Freddie MacÉs PCs relative to

comparable Fannie Mae securities. Net of legislated 10 basis point guarantee fee remitted to Treasury as part of the Temporary Payroll Tax Cut Continuation Act of 2011.

9 Includes K Certificates without subordination, which are fully guaranteed and issued without subordinate or mezzanine securities.

10 Based on the companyÉs 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.

11 Consists of both home retention actions and foreclosure alternatives.

12 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.
Ä Freddie Mac 13

Safe Harbor Statements

Freddie Mac obligations

Freddie MacÇs 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 companyÇs current expectations and objectives for its Single-family Guarantee, Multifamily and Capital Markets segments, its efforts

to assist the housing market, liquidity and 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 the company guarantees, the costs and

benefits of the companyÇs credit risk transfer transactions, and results of operations and financial condition on a GAAP, Segment

Earnings, non-GAAP and fair value basis. Forward-looking statements involve known and unknown risks and uncertainties, some of

which are beyond the companyÇs control. ManagementÇs expectations for the companyÇs 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 companyÇs Annual Report on Form 10-K for the year ended December 31, 2017,

which is available on the Investor Relations page of the companyÇs Web site at www.freddiemac.com/investors and the SECÇs Web site

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.