First Quarter 2013 

Financial Results 

Supplement

May 8, 2013
2

Table of contents

Business Results Credit Supplement

3 - Quarterly Net Income and Comprehensive Income 21 - National Home Prices

4 - Comprehensive Income (Loss) 22 - State-by-State Home Prices: June 2006 to March 2013

5 - Senior Preferred Stock Purchase Agreement with Treasury 23 - State-by-State Home Prices: March 2012 to March 2013

6 - Treasury Draw Requests and Dividend Payments 24 - Mortgage Market and Freddie Mac Serious Delinquency Rates

7 - Total Equity (Deficit) and Senior Preferred Stock Activity 25 -

8 - Loan Loss Reserves 26 -

9 - Deferred Tax Asset Valuation Allowance 27 -

 10 - Total Accumulated Other Comprehensive Income (Loss) 28 -

 11 - Real Estate Owned 29 -

 12 - 30 -

 13 - 31 -

 14 - 32 -

 15 - 33 - Multifamily Portfolio Composition

 16 - 34 - Multifamily New Business Volume by State

 17 - 35 - Multifamily Mortgage Portfolio UPB Concentration by State

 18 - 36 - Multifamily Mortgage Portfolio by Attribute

 19 - Purchase Agreement Portfolio Limits 37 - Multifamily Mortgage Portfolio by Attribute, Continued

 38 - Multifamily Market and Freddie Mac Delinquency Rates

Loan Purpose of Single-Family Credit Guarantee Portfolio 

Purchases

Credit Quality of Single-Family Credit Guarantee Portfolio Purchases

Single-Family Credit Guarantee Portfolio Characteristics

Single-Family 1Q 2013 Credit Losses and REO by Region and State

Single-Family Credit Profile by Book Year and Product Feature

Single-Family Serious Delinquency Rates by State and Region

Aging of Single-Family Seriously Delinquent Loans by Judicial and 

Non-Judicial States

Market Liquidity Provided

Single-Family Cumulative Foreclosure Transfer and Short Sale 

Rates by Book Year

Single-Family Refinance Activity

Single-Family Loan Workouts

Repurchase Requests

Performance of Single-Family Modified Loans

Single-Family Loan Modifications

Administrative Expenses
3

Quarterly net income and comprehensive income 

 Line 5: Net impairment of available-for-sale (AFS) 

securities decreased from 4Q12 to 1Q13. 4Q12 net 

impairment expense included the impact of implementing 

a third-party model to project cash flow estimates on 

Freddie Mac’s single-family non-agency mortgage-related 

securities. 

 Line 13: Income tax benefit decreased in 1Q13 primarily 

due to the release of tax reserves during 4Q12 as a result 

of a favorable resolution of tax matters with the Internal 

Revenue Service.

 Line 15: Total other comprehensive income increased in 

1Q13 primarily due to the favorable impact of spread 

tightening on the fair value of the company’s non-agency 

available-for-sale securities.

($ Millions) 1Q 2013

vs

1Q 2012 4Q 2012 1Q 2013 4Q 2012

1 Net interest income $4,500 $4,456 $4,265 ($191)

2 Benefit (provision) for credit losses (1,825) 700 503 (197)

3 Net interest income after benefit (provision) 

for credit losses 2,675 5,156 4,768 (388)

Non-interest income (loss)

4 Derivative gains (losses) (1,056) (22) 375 397

5 Net impairment of available-for-sale securities 

recognized in earnings (564) (1,239) (43) 1,196

6 Other non-interest income 104 5 70 65

7 Non-interest income (loss) (1,516) (1,256) 402 1,658

Non-interest expense

8 Total administrative expenses (337) (422) (432) (10)

9 Real estate owned operations income (expense) (171) 33 (6) (39)

10 Other expenses (88) (199) (186) 13

11 Non-interest expense (596) (588) (624) (36)

12 Income before income tax benefit 563 3,312 4,546 1,234

13 Income tax benefit 14 1,145 35 (1,110)

14 Net income 577 4,457 4,581 124

15 Total other comprehensive income, 

net of taxes 1,212 1,271 2,390 1,119

16 Comprehensive income $1,789 $5,728 $6,971 $1,243
$2.7 

$(1.1)

$(4.4)

$1.5 $1.8 

$2.9 

$5.6 $5.7 

$7.0 

(6)

(4)

(2)

0

2

4

6

8

1Q

 2011

2Q

 2011

3Q

 2011

4Q

 2011

1Q

 2012

2Q

 2012

3Q

2012

4Q

2012

1Q

2013

$ Billions

Net income (loss)

Total other comprehensive income (loss), net of taxes

Comprehensive income (loss)

4

Comprehensive income (loss) 

 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
Senior Preferred Stock Purchase Agreement with 

Treasury

 Senior preferred stock outstanding and held by Treasury remained $72.3 billion at March 

31, 2013. 1

» Dividend payments do not offset prior Treasury draws.

» Any future draws will increase the balance of senior preferred stock outstanding.

 Since entering conservatorship in September 2008, Freddie Mac has:

» Paid cumulative dividends to Treasury of $29.6 billion. Includes $5.8 billion dividend payment for 

first quarter 2013.

» Received cumulative draws of $71.3 billion from Treasury. No draws have been requested for 

the past four quarters; last draw was $19 million to eliminate first quarter 2012 net worth deficit.

 Freddie Mac’s net worth sweep dividend obligation to Treasury will be $7.0 billion in June 

2013 based on net worth of $10.0 billion at March 31, 2013.

 The amount of remaining Treasury funding currently available to Freddie Mac under the 

Purchase Agreement is $140.5 billion. Any future draws will reduce this amount.

1 Senior preferred stock outstanding of $72.3 billion at March 31, 2013 includes cumulative draws of $71.3 billion plus the initial liquidation preference of $1 billion. 5
$44.6 

$6.1 

$13.0 

$7.6 

$0.02 $0.0 

2008 2009 2010 2011 2012 YTD

2013

$0.2 

$4.1 

$5.7 $6.5 $7.2 

$5.8 

2008 2009 2010 2011 2012 YTD

2013

Draw Request from Treasury Dividend Payment to Treasury

6

Treasury draw requests and dividend payments

1 2013 data as of March 31, 2013.

2 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 1Q 2012 was funded in 2Q 2012).

3 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 for more 

information. 

$ Billions

2 3

1

($ Billions) Cumulative 

Total

Initial Liquidation Preference $1.0

Treasury Draw Requests $71.3

 Total Senior Preferred Stock 

 Outstanding $72.3

($ Billions) Cumulative 

Total

Dividend Payments $29.6

1
7

Total equity (deficit) and Senior Preferred Stock activity

1 See the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 for a description of the company’s dividend obligation to Treasury.

2 Includes the initial liquidation preference of Freddie Mac’s senior preferred stock of $1.0 billion.

($ Millions)

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

1 Beginning balance - Total equity (deficit) / GAAP net worth ($146) ($18) $1,086 $4,907 $8,827

2 Capital draw funded by Treasury 146 19 0 0 0

3 Net income 577 3,020 2,928 4,457 4,581

4 Total other comprehensive income (loss), net of taxes 1,212 (128) 2,702 1,271 2,390

5 Comprehensive income 1,789 2,892 5,630 5,728 6,971

6 Dividends paid to Treasury (1,807) (1,809) (1,809) (1,808) (5,827)

7 Other 0 2 0 0 0

8 Ending balance - Total equity (deficit) / GAAP net worth1 ($18) $1,086 $4,907 $8,827 $9,971

9 Requested capital draw $19 $0 $0 $0 $0

10 Aggregate liquidation preference of the senior preferred stock 

(including the current quarter's requested capital draw)2 $72,336 $72,336 $72,336 $72,336 $72,336

11 Remaining senior preferred stock funding beginning in 2013 N/A N/A N/A N/A $140,474
$3.0 $3.1 $3.2 $3.2 $3.3 $2.9 $3.0 

$2.5 

$2.0 $2.1 

$2.5 

$3.6 

$2.6 

$1.8 

$0.2 

$0.6 

($0.7) ($0.5)

$39.3 $39.1 $39.7 $39.5 $38.3

$35.8

$33.8

$30.9 $28.6

$5.0

$15.0

$25.0

$35.0

$45.0

($2.0)

($1.0)

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Period End Balances

$ Billions $ Billions

Net Charge-offs Provision (Benefit) Loan Loss Reserves

8

Loan loss reserves

1

 1 

1 Includes amounts related to certain loans purchased under financial guarantees and reflected within other expenses on the company’s consolidated statements of comprehensive 

income.

2 Consists of the allowance for loan losses and the reserve for guarantee losses. 

 2
Deferred tax asset valuation allowance

 A deferred tax asset (DTA) is recorded on the company’s balance sheet and reflects future deductions against the 

company’s taxable income. The realization of these net DTAs depends on sufficient taxable income in future periods 

and the company’s intent and ability to hold available-for-sale (AFS) securities until the recovery of any temporary 

unrealized losses. 

 Valuation allowances are recorded to reduce net DTAs when it is more likely than not that a tax benefit will not be 

realized. As of March 31, 2013, the company maintains a valuation allowance of $30.1 billion on its net DTAs. 

 The company determines whether a valuation allowance is necessary on its net DTAs considering objective and 

subjective evidence including, but not limited to, the following:

 Our consideration of evidence requires significant judgments, estimates, and assumptions about inherently uncertain 

matters.

 In recent periods, certain of the negative objective evidence has been improving and could become positive as early as 

the second quarter of 2013. Specifically, the company currently expects that we will no longer be in a three-year 

cumulative loss position.

9

Objective Evidence Subjective Evidence

 Its cumulative loss position for the past three years and 

estimated 2012 taxable income (loss), which is 

expected to be break-even

 Difficulty in predicting unsettled circumstances related 

to conservatorship

 Its significant tax net operating loss and low income 

housing tax credit carryforwards

 The likelihood of estimated taxable income for 2013

 Its access to capital under the agreements associated 

with the conservatorship

 Management’s intent and ability to hold the company’s 

AFS securities until losses can be recovered

 The positive trend of the company’s financial results
10

Total accumulated other comprehensive income (loss)1

1 Total other comprehensive income (loss) represents the change in Total AOCI, net of taxes, on the company’s consolidated balance sheets. 

($ Millions) 3/31/2013

vs

12/31/2012 3/31/2013 12/31/2012

Accumulated other comprehensive income (loss) 

(AOCI), net of taxes, related to:

1 Total agency available-for-sale securities $3,688 $3,239 ($449)

2 Total non-agency available-for-sale securities (5,132) (2,403) 2,729

3 Available-for-sale securities (1,444) 836 2,280

4 Cash flow hedge relationships (1,316) (1,226) 90

5 Defined benefit plans (178) (158) 20

6 Total AOCI, net of taxes ($2,938) ($548) $2,390
49,077 47,974 

17,882 

(18,985) 

12/31/12

 Inventory

Acquisitions Dispositions 3/31/13

 Inventory

11

Real estate owned1

Property Inventory 

1Q 2013 Activity

Geographic Distribution2

Based on Number of Properties in Inventory

Historical Trend

Ending Property Inventory

1 Includes single-family and multifamily REO. Multifamily ending property inventory was 6 properties as of both December 31, 2012 and March 31, 2013.

2 Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); Southeast (AL, FL, GA, KY, MS, 

NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); and Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY).

((Number of Properties)

 In 1Q13, REO dispositions continued to exceed the volume of REO acquisitions. The 

volume of our single-family REO acquisitions in recent periods has been significantly 

affected by the length of the foreclosure process and a high volume of foreclosure 

alternatives, which result in fewer loans proceeding to foreclosure, and thus fewer 

properties transitioning to REO. 

 The North Central region comprised 42 percent of our REO property inventory at 

March 31, 2013. This region generally has experienced more challenging economic 

conditions, and includes a number of states with longer foreclosure timelines due to 

the local laws and foreclosure process in the region. Seven of the nine states in the 

North Central region require a judicial foreclosure process. Foreclosures generally 

take longer to complete in states where judicial foreclosures (those conducted under 

the supervision of a court) are required than in states where non-judicial foreclosures 

are permitted.

5k 

11k 

21k 

5k 

6k 5k 

12k 

20k 

5k 6k

0

5,000

10,000

15,000

20,000

25,000

Northeast Southeast North Central Southwest West

Number of 

Properties

12/31/2012 3/31/2013

65k 

61k 60k 61k 59k 

53k 51k 

49k 48k

30,000

40,000

50,000

60,000

70,000

1Q

2011

2Q

2011

3Q

2011

4Q

2011

1Q

2012

2Q

2012

3Q

2012

4Q

2012

1Q

2013

Number of 

Properties 
12

Market liquidity provided

Number of Families Freddie Mac 

Helped to Own or Rent a Home1

In Thousands

Purchase and Issuance Volume2, 3 

(Single-Family and Multifamily)

$ Billions

1 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 Includes cash purchases of single-family and multifamily mortgage loans, issuances of Freddie Mac mortgage-related securities through the company’s guarantor swap program, 

issuances of other guarantee commitments and purchases of non-Freddie Mac mortgage-related securities.

3 In the first quarter of 2013, Freddie Mac made certain changes to more closely align the presentation of the company’s single-family and multifamily securitization activities. As a 

result, the purchase and issuance volumes for all prior periods have been revised to conform with the current period presentation.

$546

$406

$349

$456

$111 $95 $110 $140 $138

0

100

200

300

400

500

600

2009 2010 2011 2012 1Q

 2012

2Q

 2012

3Q

2012

4Q

2012

1Q

2013

2,480

2,089

1,830

2,472

577 540 600 755 723

0

500

1,000

1,500

2,000

2,500

3,000

2009 2010 2011 2012 1Q

 2012

2Q

 2012

3Q

2012

4Q

2012

1Q

2013

Number of Families Freddie Mac Helped to Own or Rent a Home1 (In Thousands)

 Refinance borrowers (includes HARP)

 Purchase borrowers

 Multifamily rental units

Freddie Mac Purchase and Issuance Volume2

Cumulative Totals 

Since 2009

9,594

$1.9 Trillion

6,660

1,613

1,321
13

Single-family refinance activity1

1 Consists of all single-family refinance mortgage loans that the company either purchased or guaranteed during the period, including those associated with other guarantee commitments and 

Other Guarantee Transactions. 

2 Some loans have multiple borrowers, but the company has counted them as one borrower for this purpose. For the periods presented, a borrower may be counted more than once if the 

company purchased more than one refinance loan relating to the same borrower.

3 The relief refinance mortgage initiative is Freddie Mac’s implementation of the Home Affordable Refinance Program (HARP). Under the program, the company allows eligible borrowers who 

have mortgages with high current LTV ratios to refinance their mortgages without obtaining new mortgage insurance in excess of what was already in place. HARP is targeted at borrowers 

with current LTV ratios above 80%; however, Freddie Mac’s program also allows borrowers with LTV ratios at or below 80% to participate. 

2009 2010 2011 2012 1Q

2013

Cumulative 

Total

Number of Borrowers2 (In Thousands)

Other Refinance 1,595 947 740 996 343 4,621

Relief Refinance - LTV ≤ 80% 83 324 268 253 84 1,012

Relief Refinance - LTV > 80% to 100% (HARP) 3 72 166 126 191 52 607

Relief Refinance - LTV > 100% to 125% (HARP) 3 14 43 59 144 37 297

Relief Refinance - LTV > 125% (HARP) 3 0 0 0 99 24 123

 Total Number of Borrowers 1,764 1,480 1,193 1,683 540 6,660

$ Volume (In Billions)

Other Refinance $345 $200 $168 $228 $78 $1,019

Relief Refinance - LTV ≤ 80% $15 $58 $42 $36 $11 $162

Relief Refinance - LTV > 80% to 100% (HARP) 3 $17 $38 $27 $37 $10 $129

Relief Refinance - LTV > 100% to 125% (HARP) 3 $3 $10 $13 $30 $7 $63

Relief Refinance - LTV > 125% (HARP) 3 $0 $0 $0 $20 $5 $25

 Total $ Volume $380 $306 $250 $351 $111 $1,398
0

30

60

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Number of Loans 

(000) 

0

50

100

150

200

250

300

2009 2010 2011 2012

Number of Loans

(000)

Repayment plans

14

Loan modifications Forbearance agreements Short sales and deed-in-lieu of foreclosure transactions

Single-family loan workouts

Home Retention Actions 1 Foreclosure Alternatives 1

 133

 275

 40 41 208 45

1 These categories are not mutually exclusive and a borrower in one category may also be included within another category in the same period. For the periods presented, borrowers 

helped through home retention actions in each period may subsequently lose their home through foreclosure or a short sale or deed-in-lieu transaction.

 43

 169

 46

Number of Families Avoiding Foreclosure1 (In Thousands)

Families Retaining Homes

Cumulative Totals Since 

2009

831

8 out of every 10
0

10

20

30

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Number of 

Loans

(000)

No change in terms Term extension

Reduction of contractual interest rate, and in certain cases, 

term extension

Rate reduction, term extension and principal forbearance 

0

40

80

120

160

200

2009 2010 2011 2012

Number of 

Loans

(000)

15

Single-family loan modifications

1 Includes completed loan modifications under HAMP and under the company’s other modification programs. Excludes those loan modification activities for which the borrower has 

started the required process, but the modification has not been made permanent or effective, such as loans in a modification trial period.

2 Principal forbearance is a change to a loan’s terms to designate a portion of the principal as non-interest bearing and non-amortizing.

Single-family Loan Modifications 

(HAMP and non-HAMP) 1

14

2

65

170

109 15

21 20

70

21
16

Quarterly Percentages of Modified Single-Family Loans

(HAMP and non-HAMP) 1

Performance of single-family modified loans

1 Represents the percentage of loans that are current and performing (no payment is 30 days or more past due) or have been paid in full. Excludes loans in modification trial periods.

2 Loan modifications are recognized as completed in the quarterly period in which the servicer has reported the modification as effective and the agreement has been accepted by the 

company. For loans that have been remodified (e.g., where a borrower has received a new modification after defaulting on the prior modification) the rates reflect the status of each 

modification separately. For example, in the case of a remodified loan where the borrower is performing, the previous modification would be presented as being in default in the 

applicable period.

Time Since Modification 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012

3 to 5 months 83% 83% 81% 86% 85% 87% 84% 85%

6 to 8 months 77% 77% 79% 80% 80% 83% 82% N/A

9 to 11 months 73% 76% 75% 75% 77% 81% N/A N/A

12 to 14 months 73% 73% 71% 73% 76% N/A N/A N/A

15 to 17 months 70% 69% 69% 73% N/A N/A N/A N/A

18 to 20 months 67% 68% 69% N/A N/A N/A N/A N/A

21 to 23 months 66% 68% N/A N/A N/A N/A N/A N/A

24 to 26 months 66% N/A N/A N/A N/A N/A N/A N/A

% Current and Performing

Quarter of Loan Modification Completion2
$3.0 $2.9 

$2.2

($0.9)

($1.4)

UPB of

outstanding

requests at

12/31/2012

New Requests

Issued

Requests

Collected

Requests

Cancelled

UPB of

outstanding

requests at

3/31/2013

$3.6 $4.2 $3.8

$2.7 $3.0

$2.9

20% 20% 

34% 

39% 41% 

48% 

0

5

10

15

20

25

30

35

40

45

50

0

1

2

3

4

5

6

12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 3/31/2013

Percent

(%)

UPB 

$ Billions

Outstanding repurchase requests

Requests outstanding more than 4 months

17

 The UPB of outstanding repurchase requests issued to our single-family seller/servicers 

based on breaches of representations and warranties declined from $3.0 billion as of 

December 31, 2012 to $2.9 billion as of March 31, 2013.1

1 The amount the company expects to collect on outstanding requests is significantly less than the unpaid principal balance (UPB) of the loans subject to repurchase requests primarily 

because many of these requests are likely to be satisfied by reimbursement of the company’s realized credit losses by seller/servicers, or rescinded in the course of the contractual appeals 

process. Based on historical loss experience and the fact that many of these loans are covered by credit enhancements (e.g., mortgage insurance), Freddie Mac expects the actual credit 

losses experienced by the company should it fail to collect on these repurchase requests to also be less than the UPB of the loans.

2 Approximately $1.1 billion of the total amount of repurchase requests outstanding at March 31, 2013 were issued due to mortgage insurance rescission or mortgage insurance claim denial.

3 Repurchase requests outstanding more than four months include repurchase requests for which appeals were pending.

4 Requests collected are based on the UPB of the loans associated with the repurchase request, which in many cases is more than the amount of payments received for reimbursement of 

losses for requests associated with foreclosed mortgage loans, negotiated settlements and other alternative remedies. 

5 During the first quarter of 2013, repurchase requests related to $1.4 billion of UPB of loans were cancelled, primarily as a result of the servicer providing missing documentation or a 

successful appeal of the request. In addition, requests cancelled includes $6 million of other items that affect the UPB of the loan while the repurchase request is outstanding, such as a 

change in UPB due to payments made on the loan, as well as requests deemed uncollectible due to the insolvency or other failure of the counterparty. 

Repurchase requests

Trend in Repurchase Requests Outstanding 1Q 2013 Repurchase Request Activity

4

2

$ Billions

3

5
18

Administrative expenses

$1,685 $1,597 $1,506 $1,561

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2009 2010 2011 2012

$ Millions

$337

$401 $401 $422 $432

0

200

400

600

1Q

2012

2Q

2012

3Q

2012

4Q

2012

1Q

2013

$ Millions

Quarterly Administrative Expenses Annual Administrative Expenses
$552 $535 

$874.8

$780 $780 $780 $780 

$663 

12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 1/1/2014

$558 $534

$650 $650 $650 $650 

$553

12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013

Mortgage-related investments portfolio ending balance

Mortgage-related investments portfolio limit

19

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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 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.

4 Limit under the Purchase Agreement, as amended on August 17, 2012.

Indebtedness limit

Total debt outstanding

4

4

4

4
20

Credit

Supplement
1 National home prices use the Freddie Mac House Price Index for the U.S., which 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 than Freddie Mac’s. The Freddie Mac House Price Index for the U.S. is a non-seasonally adjusted monthly series; quarterly growth rates are calculated as a 3-month 

change based on the final month of each quarter. Seasonal factors typically result in stronger house-price appreciation during the second and third quarters. Historical quarterly growth 

rates change as new data becomes available. Values for the most recent periods typically see the largest changes. Cumulative decline calculated as the percent change from June 2006 

to March 2013. 

 Source: Freddie Mac. 21

National home prices have experienced a cumulative 

decline of 22% since June 20061

2.3 

5.3 

2.3 

1.5 

2.7 

4.7

2.5 

0.7 

1.1 

2.2 

(0.9)

(1.6)

0.8 0.8

(2.2)

(4.4)

(3.3)

(0.1)

(3.0)

(6.3)

(2.6)

2.0 

(0.0)

(1.7)

(0.3)

1.0

(3.1)(2.9)

(1.2)

1.4 

(1.7)

(2.2)

0.7 

4.7 

0.6 

(0.0)

1.4 

(8)

(6)

(4)

(2)

0

2

4

6

1Q

2004

1Q

2005

1Q

2006

1Q

2007

1Q

2008

1Q

2009

1Q

2010

1Q

2011

1Q

2012

1Q

2013

Percent 

(%)
Home Price Performance By State

June 2006 to March 20131

-13%

AL

0%

AK

≥ 0%

-12 to -1%

≤-23%

-22 to -13%

-8%

AR

-39%

AZ

-35%

CA

-4%

CO

CT -24%

DC 15%

DE -20% 

 -39%

 FL

-28%

 GA

-15%

 HI

-2%

IA

-23%

ID

-28%

IL

-9%

IN

-3%

KS KY -4%

-3%

LA

-18%

-26% 

-14%

ME

-28%

MI

-24%

MN

-18%

MO

-10%

MS

-5%

MT

NC-12%

26%

ND

-3%

NE

NJ-27%

-15%

NM

-52%

NV

-13%

NY

-20%

OH

3%

OK

-23%

OR

-11% 

PA

RI -30%

-14%

SC

7%

SD

TN -9%

6%

TX

-10%

UT -22%

VA

-9%

VT

-19%

WA

-20%

WI

 

0%

WV

0%

WY

-25% MA

MD

NH

22

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.

Source: Freddie Mac

United States -22%
Home Price Performance By State

March 2012 to March 20131

1%

AL

2%

AK

> 6%

3 to 6%

≤ -1%

0 to 2%

-1%

AR

16%

AZ

17%

CA

9%

CO

CT -2%

DC 11%

DE 4%

15%

FL

9%

GA

5%

 HI

3%

IA

12%

ID

3%

IL

3%

IN

5%

KS

2%

KY

2%

LA

5%

3%

ME

16%

MI

7%

MN

2%

MO

1%

MS

6%

MT

0%

NC

7%

ND

3%

NE

NJ -2%

1%

NM

22%

NV

2%

NY

0%

OH

1%

OK

8%

OR

1%

PA

RI 1%

1%

SC

7%

SD

TN 3%

3%

TX

7%

UT

0%

VA

11%

WA

1%

WI

 4%

WV

0%

WY

1%

-1%

VT

4%

NH

MA

MD

United States 7%

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.

Source: Freddie Mac

23
0

4

8

12

16

20

24

28

32

Dec-08Mar-09Jun-09Sep-09Dec-09Mar-10Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12

Seriously Delinquent (%) 

 Total Mortgage Market Prime Subprime Freddie Mac

24

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 2013. 

2 See “MD&A – RISK MANAGEMENT – Credit Risk – Mortgage Credit Risk – Single-Family Mortgage Credit Risk – Credit Performance – Delinquencies” in Freddie Mac’s Form 10-K for 

the year ended December 31, 2012, for information about the company’s reported delinquency rates. The single-family serious delinquency rate at March 31, 2013 was 3.03%. 

1 1 1

21.70%

6.78%

4.34%

3.25%

Single-family Serious Delinquency Rates 

Mortgage market and Freddie Mac serious delinquency 

rates

 2
44 53 47 41

20 20 22 18 16

56 47 53 59

73

52 52 53 59

4

12 12 20 16

3

16 14 9 9

0

10

20

30

40

50

60

70

80

90

100

2005 2006 2007 2008 2009 2010 2011 2012 1Q

2013

Percent 

(%)

Purchase Other Refinance HARP Relief Refinance (Non-HARP)

25

84%

Loan purpose of single-family credit guarantee 

portfolio purchases

1 The relief refinance mortgage initiative is Freddie Mac’s implementation of the Home Affordable Refinance Program (HARP). Under the program, the company allows eligible 

borrowers who have mortgages with high current LTV ratios to refinance their mortgages without obtaining new mortgage insurance in excess of what was already in place. HARP is 

targeted at borrowers with current LTV ratios above 80%; however, Freddie Mac’s relief refinance initiative also allows borrowers with LTV ratios at or below 80% to participate. 

1 1
26

Credit quality of single-family credit guarantee portfolio 

purchases

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 origination and may not be indicative of the borrowers’ creditworthiness at March 31, 2013. FICO scores can range 

between approximately 300 to 850 points.

3 HARP is the portion of the company’s relief refinance initiative targeted at borrowers with current LTV ratios above 80%. In April 2013, HARP was extended by two years to 

December 31, 2015. 

2009 2010 2011 2012 1Q

2013

Purchase of Relief Refinance Mortgages > 80% LTV (HARP loans)3

$ Billions $19.6 $47.9 $39.7 $86.9 $21.5

% of single-family credit guarantee portfolio purchases 4% 12% 12% 20% 16%

2009 2010 2011 2012 1Q

2013

Weighted Average Original LTV Ratio1

Relief refinance (includes HARP) 80% 77% 77% 97% 93%

All other 66% 67% 67% 68% 68%

 Total purchases 67% 70% 70% 76% 74%

Weighted Average Credit Score2

Relief refinance (includes HARP) 738 747 744 740 731

All other 757 758 759 762 760

 Total purchases 756 755 755 756 753
27

Single-family 1Q 2013 credit losses and REO 

by region and state

1 Based on the unpaid principal balance (UPB) of the single-family credit guarantee portfolio at March 31, 2013. 

2 UPB amounts exclude $527 million of Other Guarantee Transactions since these securities are backed by non-Freddie Mac issued securities for which loan characteristic data was 

not available. 

3 Based on the number of loans that are three monthly payments or more past due or in the process of foreclosure. 

4 Based on the UPB of loans at the time of REO acquisition. 

5 Consist of the aggregate amount of charge-offs, net of recoveries, and REO operations expense for 1Q 2013.

6 Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); Southeast (AL, FL, GA, KY, MS, 

NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); and Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY).

($ Billions) % of Total

UPB2

($ Millions) % of Total

Serious 

Delinquency 

Rate3 

(%)

1Q 2013 

Acquisitions

($ Millions)

REO

Inventory

($ Millions)

% of Total

Inventory ($ Millions) % of Total

Region6

1 West $457 28% $12,926 23% 2.45% $529 $1,316 18% $705 34%

2 Northeast 424 26 18,517 32 3.71% 287 943 13 209 10

3 North Central 292 18 7,589 13 2.30% 758 2,695 36 453 22

4 Southeast 275 17 15,180 27 4.61% 804 1,754 24 616 30

5 Southwest 192 11 3,014 5 1.57% 246 686 9 80 4

6 Total $1,640 100% $57,226 100% 3.03% $2,624 $7,394 100% $2,063 100%

State

7 California $267 16% $6,128 11% 1.97% $240 $652 9% 398 19

8 Florida 94 6 10,782 19 9.11% 480 915 12 473 22

9 Illinois 83 5 3,719 6 3.75% 280 970 13 217 11

10 Washington 56 3 2,055 3 3.23% 96 209 3 67 3

11 Michigan 46 3 808 1 1.69% 133 635 9 72 4

12 Arizona 40 2 933 2 2.01% 100 211 3 89 4

13 Nevada 16 2 1,530 3 7.17% 35 62 1 115 6

14 All other 1,038 63 31,271 55 2.62% 1,260 3,740 50 632 31

15 Total $1,640 100% $57,226 100% 3.03% $2,624 $7,394 100% $2,063 100%

Total Portfolio UPB1 Credit Losses5 REO Acquisitions & Balance4 Seriously Delinquent Loans
0

2

4

6

8

10

12

14

1Q

2010

2Q

2010

3Q

2010

4Q

2010

1Q

 2011

2Q

2011

3Q

2011

4Q

2011

1Q

2012

2Q

 2012

3Q

2012

4Q

2012

1Q

2013

Percent

California Florida Illinois New Jersey

Arizona Nevada New York Total

0

1

2

3

4

5

6

1Q

2010

2Q

2010

3Q

2010

4Q

2010

1Q

 2011

2Q

2011

3Q

2011

4Q

2011

1Q

2012

2Q

 2012

3Q

2012

4Q

2012

1Q

2013

Percent

West Northeast North Central Southeast Southwest Total

Single-family serious delinquency rates by state and 

region

28

Single-family Serious Delinquency Rates 

By State1,2

Single-family Serious Delinquency Rates 

By Region1,3

1 Based on the number of loans that are three monthly payments or more past due or in the process of foreclosure. See “MD&A – RISK MANAGEMENT – Credit Risk – Mortgage 

Credit Risk – Single-Family Mortgage Credit Risk – Credit Performance – Delinquencies” in Freddie Mac’s Form 10-Q for the quarter ended March 31, 2013, for information about the 

company’s reported delinquency rates. 

2 States presented are those with the highest number of seriously delinquent loans as of March 31, 2013. 

3 Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); Southeast (AL, FL, GA, KY, MS, 

NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); and Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY).

1.6%

2.3%

2.4%

3.0%

3.7%

4.6%

9.1%

7.2%

2.0%

2.0%

6.9%

3.0%

3.8%

4.6%
Aging of single-family seriously delinquent loans by 

judicial and non-judicial states

29

1 Excludes loans underlying single-family Other Guarantee Transactions since the geographic information is not available to us for these loans. As of March 31, 2013, the states and 

territories classified as having a judicial foreclosure process consist of: CT, DE, FL, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, NE, NJ, NM, NY, ND, OH, OK, PA, PR, SC, SD, VI, VT 

and WI. All other states are classified as having a non-judicial foreclosure process. Judicial foreclosures are those conducted under the supervision of a court.

# of Seriously 

Delinquent 

Loans

Percent

# of Seriously 

Delinquent 

Loans

Percent

# of Seriously 

Delinquent 

Loans

Percent

Judicial Review States1

 Less than or equal to 1 year 104,140 26% 87,816 25% 81,421 25%

 More than 1 year and less than or equal to 2 years 68,225 18% 55,192 16% 49,847 15%

 More than 2 years 72,985 18% 83,543 24% 82,047 25%

Non-Judicial States1

 Less than or equal to 1 year 100,022 25% 79,247 23% 70,675 22%

 More than 1 year and less than or equal to 2 years 33,221 8% 25,749 7% 22,381 7%

 More than 2 years 18,450 5% 18,047 5% 17,140 6%

Combined1

 Less than or equal to 1 year 204,162 51% 167,063 48% 152,096 47%

 More than 1 year and less than or equal to 2 years 101,446 26% 80,941 23% 72,228 22%

 More than 2 years 91,435 23% 101,590 29% 99,187 31%

Total 397,043 100% 349,594 100% 323,511 100%

As of 3/31/2012 As of 12/31/2012 As of 3/31/2013
30

Single-family credit guarantee portfolio characteristics1

1 Portfolio characteristics are based on the unpaid principal balance (UPB) of the single-family credit guarantee portfolio. Approximately $1 billion in UPB for Other Guarantee Transactions 

is included in total UPB and percentage seriously delinquent but not included in the calculation of other statistics since these securities are backed by non-Freddie Mac issued securities for 

which loan characteristic data was not available. 

2 For a description of Alt-A, see the “Glossary” in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. 

3 Beginning September 1, 2010, the company fully discontinued purchases of interest-only loans.

4 Represents the FICO score of the borrower at loan origination. The company estimates that less than 1% of loans within the portfolio are missing origination FICO scores and as such are 

excluded. 

5 Indicates year of loan origination. Calculated based on the loans remaining in the portfolio as of March 31, 2013, rather than all loans originally guaranteed by the company and originated 

in the respective year. Each Book Year category represents the percentage of loans referenced in line 1 of the same vertical column. 

6 Based on the number of loans that are three monthly payments or more past due or in the process of foreclosure. 

Note: Individual categories are not mutually exclusive, and therefore are not additive across columns. 

Option FICO FICO

Original 

LTV

FICO < 620 & 

Original 

Attribute Alt-A2 Interest-only3 ARM < 6204 620 - 6594 > 90% LTV > 90%4

1 UPB $ Billions $1,640 $69 $46 $7 $50 $102 $232 $12

2 Percent of Total Portfolio 100% 4% 3% 0% 3% 6% 14% 1%

3 Average UPB per loan $151,734 $153,592 $231,254 $204,274 $126,036 $132,536 $166,496 $133,085

4 Fixed Rate (% of total portfolio) 93% 64% 21% 0% 94% 93% 98% 98%

5 Owner Occupied 90% 82% 82% 76% 95% 94% 92% 96%

6 Original Loan-to-Value (OLTV) 74% 73% 74% 71% 80% 79% 106% 105%

7 OLTV > 90% 14% 4% 3% 2% 25% 21% 100% 100%

8 Current Loan-to-Value (CLTV) 74% 98% 107% 102% 88% 86% 104% 106%

9 CLTV > 90% 22% 57% 70% 60% 44% 40% 75% 75%

10 CLTV > 100% 14% 46% 57% 48% 32% 29% 44% 54%

11 CLTV > 110% 9% 35% 42% 36% 22% 20% 28% 36%

12 Average FICO Score4 738 713 718 711 585 642 723 583

13 FICO < 6204 3% 5% 3% 4% 100% 0% 5% 100%

Book Year5

14 2013 5% 0% 0% 0% 2% 2% 6% 4%

15 2012 25% 0% 0% 0% 10% 10% 38% 23%

16 2011 13% 0% 0% 0% 5% 6% 13% 7%

17 2010 13% 0% 1% 0% 5% 6% 12% 7%

18 2009 11% 0% 1% 0% 4% 5% 6% 4%

19 2008 4% 7% 10% 0% 7% 7% 3% 3%

20 2007 7% 30% 36% 2% 21% 17% 7% 20%

21 2006 5% 27% 28% 11% 12% 12% 3% 7%

22 2005 6% 20% 20% 58% 10% 12% 3% 5%

23 2004 and prior 11% 16% 4% 29% 24% 23% 9% 20%

24 % of Loans with Credit Enhancement 13% 13% 10% 16% 25% 22% 50% 62%

25 % Seriously Delinquent6 3.03% 11.09% 15.52% 15.59% 11.56% 8.50% 4.27% 11.62%

Total Portfolio 

as of 

March 31, 2013
31

Single-family credit profile by book year and product 

feature1

1 Portfolio characteristics are based on the unpaid principal balance (UPB) of the single-family credit guarantee portfolio. Approximately $1 billion in UPB for Other Guarantee Transactions 

is included in total UPB and percentage seriously delinquent but not included in the calculation of other statistics since these securities are backed by non-Freddie Mac issued securities 

for which loan characteristic data was not available. 

2 Indicates year of loan origination. Calculated based on the loans remaining in the portfolio as of March 31, 2013, rather than all loans originally guaranteed by the company and 

originated in the respective year. 

3 Represents the average of the borrowers’ FICO scores at origination. The company estimates that less than 1% of loans within the portfolio are missing FICO scores and as such are 

excluded. 

4 Beginning September 1, 2010, the company fully discontinued purchases of interest-only loans.

5 States presented are those with the highest percentage of credit losses during the three months ended March 31, 2013.

6 Based on the number of loans that are three monthly payments or more past due or in the process of foreclosure.

Attribute 2013 2012 2011 2010 2009 2008 2007 2006 2005

2004 and 

prior

1 UPB $ Billions $1,640 $74 $410 $209 $216 $182 $69 $108 $81 $92 $199

2 Original Loan-to-Value (OLTV) 74% 75% 77% 72% 72% 70% 74% 77% 75% 73% 72%

3 OLTV > 90% 14% 18% 21% 15% 13% 8% 10% 16% 9% 7% 10%

4 Current Loan-to-Value (CLTV) 74% 74% 74% 66% 67% 68% 86% 105% 102% 87% 55%

5 CLTV > 100% 14% 10% 11% 4% 4% 3% 26% 53% 48% 29% 5%

6 CLTV > 110% 9% 7% 8% 1% 1% 1% 14% 40% 36% 20% 3%

7 Average FICO Score3 738 752 755 752 751 749 718 698 704 711 713

8 FICO < 6203 3% 1% 1% 1% 1% 1% 5% 10% 7% 6% 6%

9 Adjustable-rate 7% 3% 4% 7% 4% 1% 7% 11% 18% 20% 10%

10 Interest-only4 3% 0% 0% 0% 0% 0% 6% 15% 16% 10% 1%

11 Investor 5% 7% 6% 5% 4% 3% 8% 7% 6% 5% 5%

12 Condo 8% 6% 6% 6% 6% 7% 11% 12% 12% 12% 8%

Geography5

13 California 16% 21% 21% 17% 15% 12% 15% 16% 15% 15% 12%

14 Florida 6% 4% 4% 4% 3% 4% 8% 10% 12% 11% 8%

15 Illinois 5% 5% 5% 5% 6% 5% 5% 5% 5% 5% 5%

16 Washington 3% 3% 3% 4% 4% 4% 4% 3% 3% 3% 2%

17 Michigan 3% 3% 3% 2% 2% 2% 1% 2% 2% 3% 5%

18 Arizona 2% 3% 3% 2% 2% 2% 3% 3% 3% 3% 2%

19 Nevada 2% 1% 1% 0% 1% 1% 1% 2% 2% 2% 1%

20 All other 63% 60% 60% 66% 67% 70% 63% 59% 58% 58% 65%

21 % of Loans with Credit Enhancement 13% 13% 13% 10% 8% 9% 26% 26% 15% 13% 12%

22 % Seriously Delinquent6 3.03% 0.00% 0.08% 0.31% 0.58% 0.95% 6.97% 12.18% 11.16% 7.15% 3.23%

Total Portfolio 

as of 

March 31, 2013

Book Year 2
0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

Yr1

Q1

Yr1

Q3

Yr2

Q1

Yr2

Q3

Yr3

Q1

Yr3

Q3

Yr4

Q1

Yr4

Q3

Yr5

Q1

Yr5

Q3

Yr6

Q1

Yr6

Q3

Yr7

Q1

Yr7

Q3

Yr8

Q1

Yr8

Q3

Yr9

Q1

Yr9

Q3

Yr10

Q1

Yr10

Q3

Yr11

Q1

Cumulative Foreclosure Transfer and Short Sale Rate

Quarter Post Origination

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2012

32

Single-family cumulative foreclosure transfer and 

short sale rates1 by book year

1 Rates are calculated for each year of origination as the number of loans that have proceeded to foreclosure transfer or short sale and resulted in a credit loss, excluding any 

subsequent recoveries, divided by the number of loans originated in that year that were acquired in the company’s single-family credit guarantee portfolio. Includes Other Guarantee 

Transactions where loan characteristic data is available. 

2007

2006

2005

2004

2003

2008

2010 2009

2013 2011
33

Total Multifamily (MF) Portfolio

Multifamily portfolio composition

$180

$135

$154

$164 $169 $177 $180

0

20

40

60

80

100

120

140

160

180

200

12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 3/31/2013

MF loan portfolio MF investment securities portfolio MF guarantee portfolio

UPB

$ Billions
Multifamily 1Q 2013 new business volume by state1 (%)

AL

1.2%

AK

0.0%

> 5%

> 3% - 5%

< 1%

> 1% - 3%

MF New Business Volume $6.0B

AR

0.2%

AZ

3.7%

CA

13.1%

CO

2.9%

CT 

0.1%

DC

0.2%

DE

0.0%

FL

12.6%

GA

7.2%

HI

0.0%

IA

<0.1%

ID

0.0%

IL

4.3%

IN

0.2%

KS

0.3%

KY

1.0%

LA

0.2%

MD

2.1%

ME

0.0%

MI

1.2%

MN

0.6%

MO

0.3%

MS

0.2%

MT

0.0%

NC

2.5%

ND

0.0%

NE 

0.0%

NJ

1.8%

NM

0.4%

NV

1.8%

NY

4.7%

OH

1.7%

OK

0.5%

OR

2.6%

PA

3.3%

RI

0.8%

SC

0.6%

SD

0.0%

TN

0.7%

TX

13.5%

UT

1.3% VA

8.7%

VT

0.0%

WA 

2.6%

WI

0.3%

WV

0.0%

WY

0.1%

NH

0.0%

34

1 Based on the unpaid principal balance (UPB) of the multifamily loan purchases and issuance of other guarantee commitments.

MA 0.7%
Multifamily mortgage portfolio UPB concentration by 

state1

AL

0.9%

AK

0.0%

MF Mortgage Portfolio $129.0B2

As of March 31, 2013

AR

0.3%

AZ

2.3%

CA

16.3%

CO

3.1%

CT

0.9%

DC

0.8%

DE

0.2%

FL

7.0%

GA

4.8%

HI

0.2%

IA

0.2%

ID

0.1%

IL

2.6%

IN

0.6%

KS

0.9%

KY

0.5%

LA

0.8%

MA 1.9%

MD

5.2%

ME

<0.1%

MI

1.0%

MN

1.3%

MO

1.1%

MS

0.4%

MT

<0.1%

NC

2.8%

ND

0.1%

NE

0.5%

NJ

2.4%

NM

0.3%

NV

1.4%

NY

8.3%

OH

1.9%

OK

0.5%

OR

0.8%

PA

2.4%

RI

0.2%

SC

1.0%

SD

0.1%

TN

1.4%

TX

12.6%

UT

0.6% VA

5.4%

VT

0.0%

WA

3.2%

WI

0.6%

WV

0.1%

WY

<0.1%

NH

0.1%

35

> 5%

> 2% - 5%

< 1%

> 1% - 2%

1 Percentage based on the unpaid principal balance (UPB) of unsecuritized mortgage loans, other guarantee commitments, and collateral underlying both Freddie Mac guaranteed 

mortgage-related securities and related unguaranteed K Certificates. 

2 Consists of the UPB of unsecuritized multifamily loans, other guarantee commitments, and guaranteed Freddie Mac mortgage-related securities. Excludes the UPB associated with 

unguaranteed K Certificates.
36

Multifamily mortgage portfolio by attribute1

1 Based on the unpaid principal balance (UPB) of the multifamily mortgage portfolio. 

2 Based on the UPB of mortgages two monthly payments or more past due or in the process of foreclosure. 

3 Based on either: (a) the year of acquisition, for loans recorded on the company’s consolidated balance sheets; or (b) the year that the company issued its guarantee, for the 

remaining loans in its multifamily mortgage portfolio.

4 Presents the six states with the highest UPB at March 31, 2013.

Year of Acquisition or Guarantee3

1 2004 and prior $11.7 0.18% $9.2 0.35% $8.3 0.19%

2 2005 7.1 0.34 6.5 0.17 6.3 0.14

3 2006 10.5 0.46 9.5 - 9.5 -

4 2007 19.7 0.66 17.8 0.86 16.5 0.89

5 2008 20.3 0.22 16.6 0.30 16.0 0.22

6 2009 13.5 - 12.2 - 12.1 -

7 2010 12.5 - 12.0 - 11.8 -

8 2011 18.2 - 17.0 - 16.9 -

9 2012 5.7 - 26.6 - 25.6 -

10 2013 N/A N/A N/A N/A 6.0 -

Total $119.2 0.23% $127.4 0.19% $129.0 0.16%

Maturity Dates

11 2013 $7.8 0.15% $3.3 0.86% $1.9 1.07%

12 2014 7.5 0.38 5.8 - 5.2 -

13 2015 10.9 0.17 9.8 0.53 9.2 0.15

14 2016 13.3 0.21 13.0 0.05 12.6 0.05

15 2017 10.2 0.43 10.9 0.02 10.6 0.19

16 Beyond 2017 69.5 0.21 84.6 0.19 89.5 0.17

Total $119.2 0.23% $127.4 0.19% $129.0 0.16%

Geography4

17 California $20.5 0.15% $21.1 0.12% $21.2 0.10%

18 Texas 14.6 0.36 15.9 0.13 16.0 0.13

19 New York 10.1 0.10 10.7 0.09 10.8 0.09

20 Florida 7.4 0.05 8.4 0.12 9.0 0.04

21 Virginia 6.4 - 6.6 - 7.0 -

22 Maryland 5.7 - 6.9 - 6.6 -

23 All other states 54.5 0.33 57.8 0.32 58.4 0.26

 Total $119.2 0.23% $127.4 0.19% $129.0 0.16%

UPB

($ Billions)

March 31, 2013

UPB

($ Billions)

Delinquency 

Rate2 

(%) 

December 31, 2012

Delinquency 

Rate2

(%) 

March 31, 2012

Delinquency 

Rate2 

 (%) 

UPB

($ Billions)
37

Multifamily mortgage portfolio by attribute, continued1

1 Based on the unpaid principal balance (UPB) of the multifamily mortgage portfolio. 

2 Based on the UPB of mortgages two monthly payments or more past due or in the process of foreclosure. 

3 DSCR – Debt Service Coverage Ratio – is an indicator of future credit performance for multifamily loans. DSCR estimates a multifamily borrower’s ability to service its mortgage 

obligation using the secured property’s cash flow, after deducting non-mortgage expenses from income. The higher the DSCR, the more likely a multifamily borrower will be able to 

continue servicing its mortgage obligation.

Current Loan Size

1 > $25M $44.2 0.12% $48.5 0.06% $49.1 - %

2 > $5M & <= $25M 65.7 0.29 70.0 0.26 71.0 0.26

3 > $3M & <= $5M 5.8 0.21 5.7 0.22 5.7 0.17

4 > $750K & <= $3M 3.2 0.32 3.0 0.65 3.0 0.56

5 <= $750K 0.3 0.35 0.2 0.37 0.2 0.37

6 Total $119.2 0.23% $127.4 0.19% $129.0 0.16%

Legal Structure

7 Unsecuritized Loans $82.4 0.16% $76.6 0.08% $73.7 0.06%

8 Freddie Mac mortgage-related securities 27.2 0.45 41.4 0.41 46.0 0.35

9 Other guarantee commitments 9.6 0.18 9.4 0.13 9.3 -

10 Total $119.2 0.23% $127.4 0.19% $129.0 0.16%

Credit Enhancement

11 Credit Enhanced $34.7 0.39% $47.8 0.36% $52.2 0.34%

12 Non-Credit Enhanced 84.5 0.16 79.6 0.10 76.8 0.04

13 Total $119.2 0.23% $127.4 0.19% $129.0 0.16%

Other

14 Original LTV > 80% $6.4 2.23% $5.8 2.31% $5.6 2.34%

15 Original DSCR below 1.103 $2.8 2.23% $2.3 2.97% $2.2 3.76%

March 31, 2013

UPB

($ Billions)

Delinquency 

Rate2

(%) 

December 31, 2012

Delinquency 

Rate2 

(%) 

March 31, 2012

Delinquency 

Rate2 

 (%) 

UPB

($ Billions)

UPB

($ Billions)
0

2

4

6

8

10

12

14

4Q 2008 2Q 2009 4Q 2009 2Q 2010 4Q 2010 2Q 2011 4Q 2011 2Q 2012 4Q 2012

Freddie Mac (60+ day)

FDIC Insured Institutions (90+ day)

MF CMBS Market (60+ day)

ACLI Investment Bulletin (60+ day)

0.06%

Multifamily market and Freddie Mac delinquency rates

Percent

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

2012, for information about the company’s reported multifamily delinquency rate. The multifamily delinquency rate at March 31, 2013 was 0.16%. 

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 2013.

 

38

9.94%

1.56%

0.19%

1
39

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 efforts under the MHA Program, the servicing alignment initiative and other 

programs to assist the U.S. residential mortgage market, future business plans, liquidity, capital management, economic and market 

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

credit losses, internal control remediation efforts, and results of operations and financial condition on a GAAP, Segment Earnings and 

fair value basis. Forward-looking 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-to-debt option-adjusted spread, credit outlook, 

actions by FHFA, Treasury, the Federal Reserve, the SEC, HUD, other federal agencies, the Administration 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, 2012, Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 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 forward-looking statements it makes to reflect events or 

circumstances after the date of this presentation.