Monthly Volume Summary: March 2015

(unaudited & subject to change)

(dollars in millions)

March 2015 Highlights: 

• The total mortgage portfolio increased at an annualized rate of 0.9% in March.

• Single-family refinance-loan purchase and guarantee volume was $19.1 billion in March representing 68% of total single-family mortgage 

portfolio purchases or issuances. Relief refinance mortgages comprised approximately 10% of our total single-family refinance volume during 

March.

• Total number of loan modifications were 5,144 in March and 14,621 for the three months ended March 31, 2015.

• The aggregate unpaid principal balance (UPB) of our mortgage-related investments portfolio increased by approximately $1.4 billion in March.

• Freddie Mac mortgage-related securities and other guarantee commitments increased at an annualized rate of 2.2% in March.

• Our single-family serious delinquency rate decreased from 1.81% in February to 1.73% in March. Our multifamily delinquency rate remained 

flat at 0.03% in March.

• The measure of our exposure to changes in portfolio market value (PMVS-L) averaged $105 million in March. Duration gap averaged 0 

months.

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

TABLE 1 - TOTAL MORTGAGE PORTFOLIO

Purchases or

Issuances Sales Liquidations

Net Increase/

(Decrease)

Ending

Balance

Annualized Growth

Rate

Annualized

Liquidation

Rate

Mar 2014 $15,112 ($1,630) ($18,132) ($4,650) $1,903,507 (2.9%) 11.4%

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

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

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

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

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

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

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

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

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

Full-Year 2014 291,397 (24,203) (271,749) (4,555) 1,910,106 (0.2%) 14.2%

Jan 2015 25,310 (1,481) (25,141) (1,312) 1,908,794 (0.8%) 15.8%

Feb 34,104 (1,913) (27,744) 4,447 1,913,241 2.8% 17.4%

Mar 31,406 (1,906) (28,039) 1,461 1,914,702 0.9% 17.6%

YTD 2015 $90,820 ($5,300) ($80,924) $4,596 $1,914,702 1.0% 16.9%

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

Purchases 1 Sales Liquidations Ending Balance

Annualized

Growth

Rate

Annualized

Liquidation Rate

Mortgage 

Purchase

Agreements 

Mortgage Sale 

Agreements 

Net Purchase

(Sale)

Agreements 2

Freddie Mac

Mortgage-Related

Securities

Non-Freddie Mac Mortgage-Related

Securities

Mortgage

Loans

Ending

Agency Non-Agency Balance

Mar 2014 $11,399 ($13,850) ($5,307) $434,398 (21.1%) 14.4% $16,111 ($17,023) ($912) Mar 2014 $155,884 $15,568 $89,441 $173,505 $434,398

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

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

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

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

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

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

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

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

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

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

Jan 2015 14,210 (9,722) (5,501) 407,401 (3.0%) 16.2% 41,150 (38,220) 2,930 Jan 2015 163,447 15,964 63,915 164,075 407,401

Feb 15,339 (13,851) (4,717) 404,172 (9.5%) 13.9% 36,111 (30,552) 5,559 Feb 161,545 15,952 61,140 165,535 404,172

Mar 21,480 (14,732) (5,328) 405,592 4.2% 15.8% 39,126 (38,562) 564 Mar 164,501 15,877 59,069 166,145 405,592

YTD 2015 $51,029 ($38,305) ($15,546) $405,592 (2.8%) 15.2% $116,387 ($107,334) $9,053 YTD 2015 $164,501 $15,877 $59,069 $166,145 $405,592

Page 1 of 3

See Endnotes and Additional Information on Pages 2 and 3.
TABLE 4 - FREDDIE MAC MORTGAGE-RELATED SECURITIES AND OTHER GUARANTEE COMMITMENTS TABLE 5 - OTHER DEBT ACTIVITIES

Original Maturity

1 Year Original Maturity > 1 Year

Issuances Liquidations

Net 

Increase/

(Decrease)

Ending

Balance

Annualized

Growth Rate

Annualized

Liquidation Rate

Ending

Balance Issuances

Maturities and

Redemptions Repurchases Ending Balance

Total Debt

Outstanding

Mar 2014 $15,979 ($15,862) $117 $1,624,993 0.1% 11.7% Mar 2014 $115,181 $6,043 ($7,125) $- $343,153 $458,334

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

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

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

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

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

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

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

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

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

Full-Year 2014 279,533 (237,971) 41,562 1,663,233 2.6% 14.7% Full-Year 2014 134,670 92,640 (138,853) (4,006) 319,359 454,029

Jan 2015 24,235 (22,628) 1,607 1,664,840 1.2% 16.3% Jan 2015 123,290 20,481 (8,600) - 331,240 454,530

Feb 31,430 (25,656) 5,774 1,670,614 4.2% 18.5% Feb 109,350 10,322 (9,449) - 332,113 441,463

Mar 28,602 (25,605) 2,997 1,673,611 2.2% 18.4% Mar 116,389 10,110 (7,875) - 334,348 450,737

YTD 2015 $84,267 ($73,889) $10,378 $1,673,611 2.5% 17.8% YTD 2015 $116,389 $40,913 ($25,924) $- $334,348 $450,737

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

Single-Family Multifamily

Portfolio Market ValueLevel

(PMVS-L) (50 bp)

(dollars in millions)

Portfolio Market ValueYield Curve

(PMVS-YC) (25 bp)

(dollars in millions)

Duration Gap

(Rounded to Nearest Month)

Credit Enhanced

Non-Credit

Enhanced

Primary

Mortgage

Insurance Other Total Total Ending Balance Monthly Average

Quarterly

Average Monthly Average

Quarterly

Average Monthly Average

Quarterly

Average

Mar 2014 1.97% 3.89% 2.66% 2.20% 0.04% Mar 2014 $44,116 Mar 2014 $28 $84 $11 $12 0 0

Apr 1.94% 3.76% 2.15% 2.15% 0.05% Apr 34,135 Apr 25 -- 9 -- 0 --

May 1.91% 3.62% 2.10% 2.10% 0.06% May 42,073 May 38 -- 7 -- 0 --

Jun 1.88% 3.53% 2.05% 2.07% 0.02% Jun 47,138 Jun 95 52 45 20 0 0

Jul 1.84% 3.42% 2.01% 2.02% 0.05% Jul 48,710 Jul 26 -- 16 -- 0 --

Aug 1.82% 3.36% 1.68% 1.98% 0.04% Aug 46,055 Aug 23 -- 22 -- 0 --

Sep 1.80% 3.28% 1.41% 1.96% 0.03% Sep 42,924 Sep 55 35 17 18 0 0

Oct 1.77% 3.18% 1.22% 1.91% 0.03% Oct 47,966 Oct 93 -- 12 -- 0 --

Nov 1.78% 3.17% 1.22% 1.91% 0.03% Nov 51,686 Nov 127 -- 4 -- 0 --

Dec 1.74% 3.10% 1.21% 1.88% 0.04% Dec 56,009 Dec 99 105 5 7 0 0

Full-Year 2014 56,009 Full-Year 2014 69 -- 14 -- 0 --

Jan 2015 1.73% 3.03% 1.21% 1.86% 0.03% Jan 2015 55,115 Jan 2015 122 -- 24 -- 0 --

Feb 1.71% 2.93% 1.06% 1.81% 0.03% Feb 48,166 Feb 146 -- 31 -- 0 --

Mar 1.62% 2.79% 0.96% 1.73% 0.03% Mar 52,387 Mar 105 123 29 28 0 0

YTD 2015 $52,387 YTD 2015 $123 -- $28 -- 0 --

ENDNOTES

1. Purchases of Freddie Mac mortgage-related securities into the mortgage-related investments portfolio totaled $5.3 billion (based on UPB) during March 2015. 

2. As of March 31, 2015, we had net unsettled purchase (sale) agreements of approximately $1.2 billion. The ending balance of our mortgage-related investments portfolio as of March 31, 2015 after giving effect to these unsettled agreements 

and assuming we did not enter into any other purchase (sale) agreements after March 31, 2015 would have been $407 billion.

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

1551 Park Run Drive, MS D5F,

McLean, VA 22102-3110

or sending an email to shareholder@freddiemac.com.

See Additional Information on Page 3. Page 2 of 3
ADDITIONAL INFORMATION

General

The activity and balances set forth in Tables 1, 2, 3, 4 and 7 represent unpaid principal balances (UPB), and do not include market valuation adjustments, allowance for loan losses and security impairments, unamortized premiums and 

discounts, and the impact of consolidation of variable interest entities. In addition, all activity and balances in these tables (except for Mortgage Purchase Agreements and Mortgage Sale Agreements in Table 2) are presented on a settlement 

date basis (i.e., exclude amounts that are traded but not yet settled). 

Table 1

Represents the sum of Freddie Mac mortgage-related securities and other guarantee commitments (Table 4), mortgage loans (Table 3), and non-Freddie Mac mortgage-related securities (agency and non-agency) (Table 3). 

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

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

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

Table 2

Represents mortgage loans and mortgage-related securities held by Freddie Mac. Mortgage-related securities balances reflect security balances and not the balance of underlying mortgage loan collateral. 

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

balloon/reset mortgage loans purchased out of PC pools. 

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

of mortgage loans. 

Liquidations. Represents the total amount of prepayments, curtailments, payoffs, foreclosures, or other repayment of principal on loans and securities.

Mortgage Purchase Agreements. Reflects trades entered into during the month and includes monthly commitments to purchase mortgage-related securities and mortgage loans. Our purchase commitments may settle during the 

same month in which we have entered into the related commitment.

Mortgage Sale Agreements. Reflects trades entered into during the month and includes monthly commitments to sell mortgage-related securities and mortgage loans. Our sales commitments may settle during the same month in 

which we have entered into the related commitment. 

Table 3

Breaks out the ending balances of the mortgage-related investments portfolio into four primary components. 

Freddie Mac mortgage-related securities. Includes PCs, REMICs and Other Structured Securities, and Other Guarantee Transactions. 

Table 4

Issuances. Consists of: (a) securities issued by Freddie Mac where the underlying collateral are mortgage loans or mortgage-backed securities; and (b) other guarantee commitments, which are mortgage-related assets held by third 

parties for which we provide our guarantee without securitization of those assets. Other guarantee commitments include tax-exempt multifamily housing revenue bonds, HFA bonds, and credit-related commitments with respect to singlefamily mortgage loans. Excludes any resecuritization activity involving Freddie Mac mortgage-related securities. Notional balances of interest-only strips are excluded because this table is based on UPB.

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

out of PC pools.

Table 5

Represents the balance and activity of our other debt, based on par values. Includes Reference Bills® securities, discount notes, medium-term notes, securities sold under agreements to repurchase, Reference Notes® securities, Structured 

Agency Credit Risk (STACR) debt notes, and other subordinated debt. For more information about Freddie Mac's debt activity, please visit www.freddiemac.com/debt.

Table 6

Reflects Freddie Mac's single-family and multifamily delinquency rates, which are considered mortgage credit performance metrics. 

Single-Family Serious Delinquency Rate information is based on the number of mortgage loans that are three monthly payments or more past due or in the process of foreclosure.

Multifamily Delinquency Rate information is based on the UPB of mortgage loans that are two monthly payments or more past due or in the process of foreclosure.

Single-Family Credit Enhanced Other. Consists of Freddie Mac single-family mortgage loans covered by financial arrangements (other than primary mortgage insurance) that are designed to reduce our credit risk exposure, including 

loans in reference pools covered by STACR debt notes transactions as well as other forms of credit protection. STACR debt notes transactions transfer a portion of credit losses that could occur under adverse home price scenarios on 

certain groups of loans from Freddie Mac to private investors. The credit enhanced categories are not mutually exclusive as a single loan may be included in both the Primary Mortgage Insurance category and the Other category.

Mortgage loans that have been modified are not counted as seriously delinquent as long as the borrower is less than three monthly payments past due under the modified terms for single-family, and less than two monthly payments past due 

for multifamily.

Delinquency rates include mortgage loans underlying Other Guarantee Transactions, but exclude financial guarantees that are backed by either HFA bonds or Ginnie Mae Certificates. For HAMP or non-HAMP modifications, we include loans 

in a trial period as seriously delinquent until the modification becomes effective.

Table 7

Reflects balances of cash and cash equivalents, federal funds sold and securities purchased under agreements to resell, and non-mortgage-related securities.

Table 8

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

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

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

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

Page 3 of 3