First Quarter 2018 

Financial Results Supplement

May 1, 2018
Ä Freddie Mac 2

Adjusted net interest income Adjusted guarantee fee income

1Q17 2Q17 3Q17 4Q17 1Q18

$1.2 $1.2 $1.1 $1.1 $1.1

$1.6

$1.7

$1.8 $1.8 $1.7

Comprehensive income (loss) Litigation settlement

DTA Write-down

1Q17 2Q17 3Q17 4Q17 1Q18

$2.2 $2.0

$1.8 $2.1

$2.9 $2.2

$4.7

$(5.4)

-$3.3

Corporate Highlights

Financial highlights

$ Billions

Note: Totals may not add due to rounding.

Ä 1Q18 comprehensive income of $2.2

billion was driven by the company's

strong competitive fundamentals, a

$0.4 billion benefit from the reduced

corporate tax rate and continued

guarantee book growth.

1 1

$(3.3)

Ä Adjusted net interest income

remained stable.

Ä Adjusted guarantee fee income

decreased from the prior quarter

primarily driven by lower amortization

of single-family upfront fees resulting

from a decrease in loan prepayments. 
Ä Freddie Mac 3

Mortgage-related investments portfolio

Other investments and cash portfolio

3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018

$291 $284 $267 $253 $241

$92

$383

$82

$366

$82

$349

$89

$342

$70

$311

Single-family credit guarantee portfolio

Multifamily guarantee portfolio

3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018

$1,779 $1,784 $1,800 $1,829 $1,836

$164

$1,943

$174

$1,958

$184

$1,984

$203

$2,032

$213

$2,049

Total Portfolio Balances

Total debt outstanding4,5

$ Billions

Total guarantee portfolio Portfolio balance highlights 2

$ Billions

Ä Total guarantee portfolio: 

Ä Single-family - grew $57 billion, or 3% year-overyear.

Ä Multifamily - grew $49 billion, or 30% year-overyear.

Ä Total investments portfolio:

Ä Mortgage-related investments portfolio -

decreased $50 billion, or 17% year-over-year.

Note: Totals may not add due to rounding.

+5%

-19%

Total investments portfolio

$ Billions

PSPA 

2018 Limit

$250B

Unsecured debt Secured debt

Indebtedness limit

3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018

$351 $334 $312 $306

$271

$8

$6

$9 $10

$10

$407

$346

$359

$340

$321 $317

$282

3

2,4
Ä Freddie Mac 4

Draw Requests from Treasury Dividend Payments to Treasury

2008-2015 2016 2017 2018 YTD Cumulative

Total

$71.3

$0.3

$71.6

$96.5

$5.0

$10.9

$112.4

Conservatorship and Regulatory Matters

Treasury draw requests and dividend payments

$ Billions

DFAST7 - Additional draws needed under

severely adverse scenario

$ Billions

Note: Totals may not add due to rounding.

 6

with DTA valuation allowance

without DTA valuation allowance

2015 2016 2017 Remaining

PSPA Funding*

$62

$53

$43

$34

$26

$21

$140.5

*As of 12/31/2017
Ä Freddie Mac 5

Interest-rate Risk Measures

Pre-Hedge Accounting Post-Hedge Accounting

% Change

03/31/17 06/30/17 09/30/17 12/31/17 03/31/18

($3.5)

($3.3)

($2.8)

($3.1)

($3.3)

($1.8)

($1.5)

($1.2)

($0.5)

($0.6)

50%

55% 58%

84% 83%

GAAP Adverse Scenario8 (Before-Tax)

$ Billions

PMVS-Level9 and Average Duration Gap10

$ Millions

PMVS-L (50 bps)

1Q17 2Q17 3Q17 4Q17 1Q18

$5

$9

$35

$17

$8

Average Duration Gap (months)

1Q17 2Q17 3Q17 4Q17 1Q18

0 0 0 0 0
Ä Freddie Mac 6

National home prices have surpassed the 2006 peak

United States (Not Seasonally Adjusted)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

168

184

Average monthly net new jobs (non-farm)

National unemployment rate (as of the last month in

each quarter)

1Q17 2Q17 3Q17 4Q17 1Q18

177,000 190,000

142,000

221,000 202,000

4.5% 4.3% 4.2% 4.1% 4.1%

Key Economic Indicators

National home prices increased by an average of 7.6%

over the past year

Quarterly ending interest rates

Unemployment rate and job creation

Freddie Mac House Price Index (December 2000 = 100)

(2006 Peak)

30-year PMMS 10-year LIBOR

3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018

4.14%

3.88% 3.83%

3.99%

4.44%

2.39% 2.27% 2.28% 2.39%

2.78%
Ä Freddie Mac 7

Purchase UPB Refinance UPB

1Q17 2Q17 3Q17 4Q17 1Q18

$39 $45 $57 $57 $38

$47

$86

$28

$73

$30

$87

$41

$98

$28

$66

44 44 42 36 40

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

Legacy and relief refinance single-family portfolio

1Q17 2Q17 3Q17 4Q17 1Q18

$1,317 $1,343 $1,377 $1,424 $1,446

$462

$1,779

$441

$1,784

$423

$1,800

$405

$1,829

$390

$1,836

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)11

Serious delinquency rates 

+3%

Note: Totals may not add due to rounding.

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

Legacy and relief refinance single-family portfolio

Total

1Q17 2Q17 3Q17 4Q17 1Q18

0.19% 0.18% 0.19%

0.35% 0.32%

2.17% 2.07% 2.14%

2.59% 2.41%

0.92% 0.85% 0.86%

1.08% 0.97%

(74%) (75%) (77%) (78%) (79%)

1Q17 2Q17 3Q17 4Q17 1Q18

$710

$778

$255

$758

$702
Ä Freddie Mac 8

Reference pool UPB at issuance

Reference pool UPB outstanding

2014 2015 2016 2017 YTD 2018*

$205

$385

$595

$854

$942

$193

$329

$454

$636

$698

12%

19%

26%

35%

38%

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

3/31/17 6/30/17 9/30/17 12/31/17 3/31/18

$3.6

$4.2 $4.1

$4.6

$1.1 $5.0

$1.4 $1.1

$1.5

$1.7

$1.8 $2.2 $2.3 $2.7 $3.1

$19.4

$20.9 $20.3

$21.6

$23.2

*As of March 31, 2018
Ä Freddie Mac 9

Multifamily acquisitions of units by area median

income (% of eligible units acquired)

Ä100% AMI >100% AMI

2014 2015 2016 2017 YTD 2018*

90% 88% 86% 83% 83%

10% 12% 14% 17% 17%

Guarantee Portfolio Mortgage-related Securities

Unsecuritized Loans

12/31/14 12/31/15 12/31/16 12/31/17 3/31/18

$91 $120

$158

$25 $203 $213

$19

$13

$7

$8

$53

$169

$49

$188

$42

$213 $39

$249

$33

$254

Multifamily Financial Highlights and Key Metrics

Total portfolio

$ Billions

Multifamily market and Freddie Mac delinquency

rates (%)

Multifamily comprehensive income

$ Millions

+50%

(54%) (64%) (74%) (82%) (84%)

Note: Totals may not add due to rounding.

*As of March 31, 2018

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

MF CMBS Market (60+ day)

1Q14 1Q15 1Q16 1Q17 1Q18

0.02

1.14

1Q17 2Q17 3Q17 4Q17 1Q18

$445 $462

$370

$660

$404

0.15

4Q17
Ä Freddie Mac 10

Multifamily securitization volume12

$ Billions

K Certificate UPB SB Certificate UPB

2009-2013 2014 2015 2016 2017 YTD 2018*

$71.5

$21.3

$35.6

$47.3

$56.7

$14.8

$1.8

$37.4

$3.9

$51.2

$5.5

$62.2

$1.4

$16.2

Purchase Volume Subject to Cap

Purchase Volume not Subject to Cap

2014 2015 2016 2017 YTD 2018*

$25.9

$30.0

$36.5 $33.7

$6.2

$2.4

$28.3

$17.3

$47.3

$20.3

$56.8

$39.5

$73.2

$6.8

$13.0

Multifamily Key Metrics, continued

New funding volume

$ Billions

Note: Totals may not add due to rounding.

*As of March 31, 2018

Cap = $30.0

Cap = $36.5

Cap = $25.9

13

Cap = $35.0
Ä Freddie Mac 11

Mortgage Investments Portfolio

Other Investments and Cash Portfolio

1Q17 2Q17 3Q17 4Q17 1Q18

$225 $222 $207 $196 $190

$92

$317

$82

$304

$82

$289

$89

$285

$70

$260

Liquid Securitization Pipeline

Less Liquid

1Q17 2Q17 3Q17 4Q17 1Q18

$141 $137 $129 $130 $126

$8 $12 $13 $10 $11

$76 $73

$64 $56 $53

$225 $222

$207 $196 $190

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

-16%

(63%) (62%) (62%) (66%)

Note: Totals may not add due to rounding.

(66%)

-18%

1Q17 2Q17 3Q17 4Q17 1Q18

$31

$25

$32

$35

$29

1Q17 2Q17 3Q17 4Q17 1Q18

$1.1

$0.7

$4.0

$0.6

$1.0
Ä Freddie Mac 12

Number of single-family loan workouts15

In Thousands

Housing Market Support

Loan modifications

Repayment plans

Forbearance agreements

Short sales and deed-in-lieu

of foreclosure transactions

2014 2015 2016 2017 YTD 2018*

67

54

43 45

14

25

21

12 10

3

9

6

5

15

8

19

120

13

94

9

69 5

75

1

26

Multifamily rental units Purchase borrowers

Refinance borrowers

2014 2015 2016 2017 YTD 2018*

413

650

739

820

152

606

677

745

828

158

608

1,627

910

2,237

937

2,421

663

2,311

124

434

Number of families Freddie Mac helped 

to own or rent a home14

In Thousands

Note: Totals may not add due to rounding.

*As of March 31, 2018

Home

Retention

Actions

Foreclosure

Alternatives

16

16

16

16
Ä Freddie Mac 13

Endnotes

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

the quarter ended March 31, 2018.

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

3 Primarily Freddie MacÅs K Certificate and SB (Small Balance) Certificate transactions.

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

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

5 Represents the companyÅs 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.

6 Excludes the initial $1 billion liquidation preference of senior preferred stock issued to Treasury in September 2008 as consideration for TreasuryÅs 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 $1Çbillion liquidation preference of senior preferred stock or the $3.0 billion increase on December 31, 2017.

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

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

8 The company evaluates the potential benefits of fair value hedge accounting by evaluating a range of interest rate scenarios and identifying which of those scenarios produces the

most adverse GAAP earnings outcome. At March 31, 2018, the GAAP adverse scenario before fair value hedge accounting was a nonparallel shift in which long-term rates decrease

by 100 basis points, while the GAAP adverse scenario after fair value hedge accounting was a non-parallel shift in which short and medium-term rates increase by 100 basis points.

9 Portfolio Market Value Sensitivity (PMVS) is the company's estimate of the change in the market value of its financial assets and liabilities from an instantaneous shock to interest rates,

assuming spreads are held constant and no rebalancing actions are undertaken. PMVS-Level or PMVS-L measures the estimated sensitivity of the companyÅs portfolio market value to

parallel movements in interest rates.

10 Duration gap measures the difference in price sensitivity to interest rate changes between our financial assets and liabilities and is expressed in months relative to the market value of

assets.

11 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 MacÅs 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.

12 Excludes other types of Multifamily securitization products.

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

14 Based on the companyÅs 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.

15 Consists of both home retention actions and foreclosure alternatives.

16 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 14

Safe Harbor Statements

Freddie Mac obligations

Freddie MacÅs 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 companyÅs 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 owns or guarantees, the costs and benefits of the companyÅs 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 companyÅs control. ManagementÅs expectations for the companyÅs 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 companyÅs Annual Report on Form 10-K for the year

ended December 31, 2017, Quarterly Reports on Form 10-Q for the quarter ended March 31, 2018 and Current Reports on Form 8-K, which are available on the

Investor Relations page of the companyÅs Web site at www.freddiemac.com/investors and the SECÅs 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.