First Quarter 2021 

Financial Results Supplement

April 29, 2021
© Freddie Mac 2

Financial Highlights

$2.4

$4.1

$5.1 $5.0 $5.3

$0.2

$1.8

$2.5

$2.9 $2.8

$0.6

$1.9

$2.4 $2.5 $2.4

Net revenues Net income Comprehensive income

1Q20 2Q20 3Q20 4Q20 1Q21

Net Revenues, Net Income, and Comprehensive Income

$ Billions

▪ Net income of $2.8 billion and comprehensive income of $2.4 billion for the first quarter of 2021, an increase of 

$2.6 billion and $1.8 billion year-over-year, respectively, driven by mortgage portfolio growth, higher deferred fee 

income recognition, higher revenues from Multifamily loan purchase and securitization activities, and lower creditrelated expense

▪ Net revenues increased 118% year-over-year to $5.3 billion, primarily from higher net interest income and higher 

net investment gains
© Freddie Mac 3

$334 $349 $345 $345 $339

$211 $194 $198 $182 $174

$123 $155 $147 $163 $165

Mortgage-related investments portfolio

Other investments portfolio

03/31/20 06/30/20 09/30/20 12/31/20 03/31/21

$2,362 $2,415 $2,545 $2,714 $2,852

$2,020 $2,061 $2,179 $2,326 $2,458

$342 $354 $366 $388 $394

Single-Family mortgage portfolio

Multifamily mortgage portfolio

03/31/20 06/30/20 09/30/20 12/31/20 03/31/21

Total Portfolio Balances

Total debt outstanding5

$ Billions

Total mortgage portfolio Portfolio balance highlights 1

$ Billions

Total investments portfolio

$ Billions

21% YoY 

increase

▪ Total mortgage portfolio: 

• Single-Family - grew $438 billion, or 22%, year-overyear

• Multifamily - grew $52 billion, or 15%, year-over-year

▪ Total investments portfolio:

• Mortgage-related investments portfolio - decreased 

$37 billion, or 18%, year-over-year

• Other investments portfolio - increased $42 billion, or 

34%, year-over-year

1% YoY 

increase

45% 45% 51% 52% 52%

30% 30%

41% 43% 43%

25% 25%

8% 4% 5%

2.4 2.5

3.4 3.6 3.5

Non-callable debt Callable debt

Discount Notes and other Weighted average maturity in years

03/31/20 06/30/20 09/30/20 12/31/20 03/31/21

Note: Totals may not add due to rounding.

*In February 2019, FHFA directed the company to maintain the mortgage-related investments portfolio at or below $225 billion at all times.

Purchase Agreement

Debt Cap $300B

$288 $289 $287 $287

2,3

FHFA 

 Limit 

$225B*

4

 $263
© Freddie Mac 4

Multifamily7 Single-Family6

Percentage of Loans in Forbearance

0.06%

1.82% 1.88%

Forbearance Period Repayment Period Total

0.32%

0.13% 0.12%

0.41%

1.21%

2.19%

Current One

Month

Two

Months

Three

Months

to Six

Months

Greater

Than Six

Months

Total

Percentage of loans in the single-family mortgage portfolio that were in forbearance by payment status as of 

March 31, 2021 (based on loan count).

Percentage of loans in the multifamily mortgage portfolio currently under a forbearance program (based 

on UPB).

Past Due
© Freddie Mac 5

Conservatorship Matters 

Due to changes to the terms of the senior preferred stock pursuant to the January 2021 Letter Agreement, Freddie Mac will not be required to pay a dividend to Treasury until it has built sufficient capital to meet the 

capital requirements and buffers set forth in the Enterprise Regulatory Capital Framework (ERCF). 

Draws and Dividend Payments

$ Billions

$18.8

$89.1

$140.2

Net worth

Senior preferred stock

liquidation preference

Remaining Treasury funding commitment

As of March 31, 2021

$71.6

$119.7

Cumulative draws from Treasury

Cumulative dividend payments to Treasury

As of March 31, 2021

Net Worth, Liquidation Preference8, and 

Treasury Funding Commitment

$ Billions
© Freddie Mac 6

(360,000)

(4,333,000)

1,342,000 213,000 539,000

4.4%

11.1%

7.8% 6.7% 6.0%

Average monthly net new jobs (non-farm)

National unemployment rate

(as of the last month in each quarter)

1Q20 2Q20 3Q20 4Q20 1Q21

Key Economic Indicators

National home prices increased by an average of 12.9% 

over the past year

Quarterly ending interest rates

3.50% 3.13% 2.90% 2.67%

3.17%

0.72% 0.64% 0.71% 0.93%

1.82%

30-year mortgage rate, based on Primary Mortgage

Market Survey (PMMS)

10-year LIBOR

03/31/20 06/30/20 09/30/20 12/31/20 03/31/21

168

226

United States (Not Seasonally Adjusted)

2006 2009 2012 2015 2018 2021

Freddie Mac House Price Index (December 2000 = 100)

(2006 

Peak)

National home prices since 2006

Unemployment rate and job creation
© Freddie Mac 7

$138

$232

$337

$383 $362

$55 $60

$101 $109 $89

$83

$172

$236 $274 $273

49 48 46 47 50

Home purchase UPB Refinance UPB

1Q20 2Q20 3Q20 4Q20 1Q21

1.26%

1.47%

1.08% 1.01%

0.73%

0.30%

1.66%

0.50% 0.38%

0.27%

0.60%

2.48%

3.04%

2.64%

2.34%

One month past due Two months past due

Seriously delinquent

1Q20 2Q20 3Q20 4Q20 1Q21

Single-Family 

Financial Highlights and Key Metrics

Note: Totals may not add due to rounding.

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

$411

$772

$1,282

$1,747 $1,738

$796 $875

$1,272 $1,373 $1,410

Net income Comprehensive income

1Q20 2Q20 3Q20 4Q20 1Q21

Single-Family net income and comprehensive income

$ Millions

Guarantee fees charged on new acquisitions (bps)9

$2,020 $2,061 $2,179

$2,326

$2,458

1Q20 2Q20 3Q20 4Q20 1Q21

22% YoY 

increase

Mortgage portfolio

$ Billions

Single-Family delinquency rates6

New business activity

$ Billions
© Freddie Mac 8

40% 26% 30% 28% 25%

21%

18% 16% 18% 20%

39% 56% 54% 54% 55%

Home purchase Cash-out refinance

Other refinance

1Q20 2Q20 3Q20 4Q20 1Q21

752 758 761 761 759

1Q20 2Q20 3Q20 4Q20 1Q21

14%

10% 10% 10% 10%

1Q20 2Q20 3Q20 4Q20 1Q21

New business activity with debt-to-income ratio > 45% 

Weighted average original loan-to-value ratio 

(OLTV)

Weighted average original credit score

74% 72% 71% 70% 69%

1Q20 2Q20 3Q20 4Q20 1Q21

Single-Family 

Loan Purchase Credit Characteristics2

Loan purpose
© Freddie Mac 9

CRT issuance protected UPB

$ Billions

$141

$1

$167 $167

$245

1Q20 2Q20 3Q20 4Q20 1Q21

Mortgage portfolio with credit enhancement

UPB in $ Billions

$1,172

$1,103 $1,133 $1,178

$1,258

58%

54%

52% 51% 51%

UPB Percentage

03/31/20 06/30/20 09/30/20 12/31/20 03/31/21

Single-Family Credit Risk Transfer
© Freddie Mac 10

Multifamily acquisitions of units by area median 

income (AMI) (% of eligible units acquired)

32% 34% 39% 33%

43%

40% 37% 31% 38%

34%

24% 24% 26% 25% 20%

4% 5% 4% 4% 3%

≤60% >60% to ≤80% >80% to ≤120% >120%

1Q20 2Q20 3Q20 4Q20 1Q21

69% 69% 66%

70% 69%

1Q20 2Q20 3Q20 4Q20 1Q21

1.42 1.36 1.42 1.38 1.38

1Q20 2Q20 3Q20 4Q20 1Q21

Weighted average original loan-to-value ratio 

(OLTV) for new business activity

Multifamily 

Financial Highlights and Key Metrics

Weighted average original debt service coverage 

ratio (ODSCR) for new business activity

Multifamily net income (loss) and 

comprehensive income (loss)

$ Millions

$(238)

$1,005

$1,181 $1,166 $1,029

$(174)

$1,063 $1,177 $1,149

$968

Net income (loss) Comprehensive income (loss)

1Q20 2Q20 3Q20 4Q20 1Q21

(89

%)
© Freddie Mac 11

Securitization and guarantee activities10,11

$ Billions

$13 $13

$23

$28

$23

$12 $12

$21

$26

$21

$1 $1

$2

$2

$2

Guaranteed securities and other mortgage-related guarantees

Unguaranteed subordinated securities issued by our securitizations

1Q20 2Q20 3Q20 4Q20 1Q21 $10

$20

$18

$35

$14

1Q20 2Q20 3Q20 4Q20 1Q21

Multifamily 

Key Metrics, continued

New business activity2

$ Billions

Note: Totals may not add due to rounding.

New business activity includes LIHTC new business activity.
© Freddie Mac 12

0.08% 0.26% 0.17%

1.05%

1.48%

0.10%

Freddie Mac (60+ day) FDIC insured institutions (90+ day)

MF CMBS market (60+ day) ACLI investment bulletin (60+ day)

1Q20 2Q20 3Q20 4Q20 1Q21

$342 $354 $366 $388 $394

1Q20 2Q20 3Q20 4Q20 1Q21

Multifamily market and Freddie Mac delinquency 

rates7

Mortgage portfolio unit count

In Thousands

Mortgage portfolio loan count

In Thousands

Mortgage portfolio

$ Billions

27

28 28

29

30

1Q20 2Q20 3Q20 4Q20 1Q21

Multifamily Mortgage Portfolio Metrics

15% YOY 

increase 

4,286

4,371

4,450

4,598 4,613

1Q20 2Q20 3Q20 4Q20 1Q21

Note: Totals may not add due to rounding.
© Freddie Mac 13

1

81

94

52

38

1

94

74

50

8 7 6 7 6

Forbearance agreements

Payment deferrals

Other

1Q20 2Q20 3Q20 4Q20 1Q21

Number of families Freddie Mac helped 

to own or rent a home12

In Thousands

Housing Market Support

637

1,028

1,338

1,598

1,365

309

609

813

936 940

217

218

340

356 291

111

201

185

306

134

Single-Family refinance borrowers

Single-Family purchase borrowers

Multifamily rental units

1Q20 2Q20 3Q20 4Q20 1Q21

Note: Totals may not add due to rounding.

Number of Single-Family loan workouts13

In Thousands

Other includes repayment plans, loan modifications, and foreclosure alternatives.

14

14

14
© Freddie Mac 14

Endnotes

 1 Based on unpaid principal balances (UPB) of securitized mortgage loans, unsecuritized mortgage loans, and other, which primarily consists of mortgage-related guarantees.

 2 The company’s Purchase Agreement with Treasury limits the amount of mortgage assets the company can own and indebtedness it can incur. It also further restricts certain aspects of 

the company's Single-Family and Multifamily new business activities. See the company’s Annual Report on Form 10-K for the year ended December 31, 2020 for more information.

3 Based on unpaid principal balances (UPB) of unsecuritized mortgage loans, agency mortgage-related securities, and non-agency mortgage-related securities. Excludes mortgagerelated securities traded, but not yet settled.

The amount of mortgage assets that the company may own in its mortgage-related investments portfolio is also currently capped under the Purchase Agreement with the Treasury at 

$250 billion. The Purchase Agreement cap will be lowered from $250 billion to $225 billion at the end of 2022. In addition to UPB, the calculation of mortgage assets subject to the FHFA 

and Purchase Agreement caps includes 10% of the notional value of interest-only securities. The balance of the mortgage-related investments portfolio as determined for these purposes 

was $181.5 billion as of March 31, 2021, including $7.0 billion representing 10% of the notional amount of the interest-only securities the company held at that date.

With respect to the composition of Freddie Mac's mortgage-related investments portfolio, in August 2020, FHFA instructed the company to: (1) reduce the amount of agency MBS to no 

more than $50 billion by June 30, 2021 and no more than $20 billion by June 30, 2022, with all dollar caps to be based on UPB; and (2) reduce the UPB of its existing portfolio of 

collateralized mortgage obligations (CMOs), which are also sometimes referred to as REMICs, to zero by June 30, 2021. The company will have a holding period limit to sell any new 

CMO tranches created but not sold at issuance. CMOs do not include tranches initially retained from reperforming loans senior subordinate securitization structures.

 4 The other investments portfolio is primarily used for short-term liquidity management, cash and other investments held by consolidated trusts, and other investments, which include 

investments in debt securities used to pledge as collateral, LIHTC partnerships, and secured lending activities.

 5 Represents the company’s aggregate indebtedness for purposes of the Purchase Agreement debt cap and primarily includes the par value of Freddie Mac short-term and long-term debt 

used to fund its business activities. The company's debt cap under the Purchase Agreement will decrease to $270 billion on January 1, 2023 as a result of the decrease in the mortgage 

assets limit under the Purchase Agreement to $225 billion on December 31, 2022 pursuant to the January 2021 Letter Agreement.

 6 Information related to single-family loans in forbearance is based on information reported by servicers. Beginning in 4Q 2020, Freddie Mac required single-family servicers to report all 

alternatives to foreclosure to the company, which include forbearance plans on all mortgages, including those where the borrower has continued to make payments in accordance with 

the loan's original contractual terms and remains in current status. The forbearance data the company reported in prior periods was generally limited to loans in forbearance that were 

past due based on the loan's original contractual terms. For the purpose of reporting delinquency rates, the company reports single-family loans in forbearance as delinquent during the 

forbearance period to the extent that payments are past due based on the loan's original contractual terms, irrespective of the forbearance agreement.

 7 Multifamily loans in forbearance are reported as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan. Loans in 

forbearance are therefore not included in the multifamily delinquency rates if the borrower is in compliance with the forbearance agreement.

 8 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Treasury in September 2008, the $71.6 billion of draws from Treasury under the Purchase 

Agreement, and the $16.4 billion in increases to our Net Worth Amount pursuant to the Letter Agreement.

 9 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. Net of legislated 10 basis point guarantee fee remitted to Treasury as part of the Temporary Payroll Tax Cut Continuation 

Act of 2011.

 10 Multifamily's primary securitization products are K Certificates and SB Certificates. In these transactions, the company guarantees the senior securities, but does not issue or guarantee 

the mezzanine or subordinated securities. The interest-rate risk and a substantial amount of the expected and stress credit risk is sold to third-party investors through the mezzanine and 

subordinated securities, thereby reducing the company's risk exposure. 

 11 Excludes re-securitization UPB of primary and other securitization products.

 12 Based on the company’s purchases of loans and issuances of mortgage-related securities. For the periods presented, a borrower may be counted more than once if the company 

purchased more than one loan (purchase or refinance mortgage) relating to the same borrower.

 13 Consists of both home retention actions and foreclosure alternatives.

 14 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.
© Freddie Mac 15

Safe Harbor Statements

Freddie Mac obligations

 Freddie Mac’s securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, 

are not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie 

Mac.

No offer or solicitation of securities 

 This presentation includes information related to, or referenced in the offering documentation for, certain Freddie Mac securities, 

including offering circulars and related supplements and agreements. Freddie Mac securities may not be eligible for offer or sale in 

certain jurisdictions or to certain persons. This information is provided for your general information only, is current only as of its specified 

date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient 

basis for making a decision with respect to the purchase or sale of any security. All information regarding or relating to Freddie Mac 

securities is qualified in its entirety by the relevant offering circular and any related supplements. Investors should review the relevant 

offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, 

before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its 

risks and its suitability as an investment in your particular circumstances.

Forward-looking statements 

 Freddie Mac's presentations may contain forward-looking statements, which may include statements pertaining to the conservatorship, 

the company’s current expectations and objectives for its Single-family and Multifamily segments, its efforts to assist the housing market, 

liquidity and capital management, economic and market conditions and trends, the effects of the COVID-19 pandemic and actions taken 

in response thereto on its business, financial condition, and liquidity, its 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 

company’s credit risk transfer transactions, and results of operations and financial condition. 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 spreads, credit outlook, actions by the U.S. government (including FHFA, Treasury, and Congress) and 

state and local governments, 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, 2020, Quarterly Report on Form 10-Q for the quarter ended 

March 31, 2021, and Current Reports on Form 8-K, which are available on the Investor Relations page of the company’s website at 

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