First Quarter 2020 

Financial Results Supplement

April 30, 2020
Ä Freddie Mac 2

COVID-19 Pandemic Response Efforts

Employees & Vendors Sellers & Servicers Communities

Å We activated our Crisis Management

Team to closely monitor the situation

and regularly update and advise our

Board, senior leaders and staff.

Å We have taken several actions to

ensure business continuity, including:

Ç Requiring more than 95% of staff to work

remotely; and 

Ç Taking specific actions to protect and

support essential staff working in our

offices, such as social distancing, face

coverings, and frequent deep cleanings; 

Å We have also taken actions to support

our staff and community, including:

Ç Providing additional paid sick leave to our

staff to care for themselves or family

members due to COVID-19 related

illness; 

Ç Partnering with our vendors to ensure

workers dedicated to Freddie Mac

continue to receive pay and benefits; and 

Ç Launching virtual volunteering

opportunities for staff to support their

communities.

Å For sellers, we have introduced

temporary measures to help provide

sellers with clarity and flexibility.

Ç In the single-family market, this

includes: 

É Allowing flexibility in demonstrating a

borrower's current employment status

or the existence of a borrower's

business; 

É Establishing underwriting restrictions

applicable to a borrower's accounts

containing stocks, stock options, and

mutual funds due to current market

volatility; and 

É Permanently expanding the use of

automated collateral evaluation

eligibility for certain mortgages..

Ç In the multifamily market, this

includes:

É Providing unprecedented flexibility to

make appraisal and inspection

decisions on a case-by-case basis to

protect the safety of landlords, renters

and our staff; and

É Bringing new security issuances to

market. 

Å For servicers, we will also be providing

a payment deferral option to offer to

eligible homeowners on July 1, 2020.

Å For homeowners, we are offering

additional mortgage relief options for

borrowers affected by COVID-19,

including:

Ç Providing mortgage forbearance for up to

12 months;

Ç Waiving assessments of penalties and

late fees;

Ç Suspending reporting to credit bureaus of

delinquency related to forbearance; and

Ç Offering loan modification options that

lower payments or keep payments the

same after the forbearance period.

Å To keep renters in multifamily

properties in their homes and to

support multifamily borrowers, we are:

Ç Offering multifamily borrowers mortgage

forbearance, with the condition that they

suspend all evictions for renters unable

to pay rent due to this pandemic; and

Ç Allowing multifamily borrowers with a fully

performing loan as of February 1, 2020,

to defer their loan payments for up to 90

days by showing a COVID-19-related

hardship and by gaining lender approval.

See the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, for additional information on its response efforts related to the COVID-19 pandemic.
Ä Freddie Mac 3

1Q19 2Q19 3Q19 4Q19 1Q20

$1.7

$1.8 $1.8

$2.4

$0.6

Adjusted net interest income Adjusted guarantee fee income

1Q19 2Q19 3Q19 4Q19 1Q20

$1.0 $1.0

$0.8 $0.7$0.8

$1.9

$2.2

$2.4 $2.4

$2.5

Comprehensive Income

$ Billions

Financial Highlights

Note: Totals may not add due to rounding.

Ä Comprehensive income of $0.6 billion, down

from the prior quarter, driven by higher creditrelated expenses, primarily due to higher

expected credit losses as a result of the

COVID-19 pandemic, lower gains on singlefamily asset disposition activity, and higher

market-related losses, primarily driven by

spread widening due to the pandemic.

1 1

Ä Adjusted net interest income increased

slightly from the prior quarter, primarily driven by

lower funding costs due to the decline in interest

rates as a result of the pandemic, partially offset

by a higher proportion of the lower yielding other

investments portfolio.

Ä Adjusted guarantee fee income increased

slightly from the prior quarter, primarily driven by

increases in Multifamily guarantee fee income

and Single-Family contractual guarantee fee

income, which were partially offset by lower

Single-Family upfront fee amortization income

due to lower loan prepayments compared to the

prior quarter.

Adjusted Net Interest Income 

and Adjusted Guarantee Fee Income 

$ Billions
Ä Freddie Mac 4

Mortgage-related investments portfolio

Other investments portfolio

3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020

$219 $219 $222 $213 $211

$77

$296

$83

$302

$90

$312

$103

$316

$123

$334

Single-Family credit guarantee portfolio

Multifamily guarantee portfolio

3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020

$1,914 $1,935 $1,961 $1,994 $2,020

$243

$2,157

$249

$2,184

$260

$2,221

$271

$2,265

$275

$2,295

Total Portfolio Balances

Total guarantee portfolio Portfolio balance highlights 2

$ Billions

Ç Total guarantee portfolio: 

Å Single-Family - grew $106 billion, or 6%, year-overyear.

Å Multifamily - grew $32 billion, or 13%, year-overyear.

Ç Total investments portfolio:

Å Mortgage-related investments portfolio - decreased

$8 billion, or 4%, year-over-year.

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. 

6% YoY 

increase

13% YoY

increase 

Total investments portfolio

$ Billions

FHFA 

Limit 

$225B* 

3

2,4

Total debt outstanding4,5

$ Billions

Discount notes Callable debt

Non-callable debt Other

Weighted average maturity in years

3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020

18% 13% 16% 22% 20%

39% 47% 38% 35% 30%

36% 34% 40% 37% 45%

7% 6% 6% 6% 5%

2.6 2.6 2.5 2.4 2.4

$258 $270 $274

Purchase Agreement

 Debt Cap $300B 

 $273 $288
Ä Freddie Mac 5

Draws from Treasury Dividend payments to Treasury

2008-2017 2018 2019 2020 Cumulative

Total

$71.3

$0.3

$71.6

$112.4

$4.1 $3.1

$119.7

Conservatorship Matters and Total Equity

Treasury draws and dividend payments

$ Billions

Note: Totals may not add due to rounding.

 6

*As of March 31, 2020.

Å Pursuant to the September 2019 Letter Agreement, the company will not have a dividend requirement on the senior preferred stock until its Net Worth Amount exceeds $20.0 billion. 

2017 2018 2019 YTD 2020*

$(0.3)

$4.5

$9.1 $9.5

Total Equity / Net Worth

$ Billions
Ä Freddie Mac 6

United States (Not Seasonally Adjusted)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

168

201

National home prices continued upward trend

Average monthly net new jobs (non-farm)

National unemployment rate (as of the last month in

each quarter)

1Q19 2Q19 3Q19 4Q19 1Q20

139,000

159,000

203,000 210,000

(71,000)

3.8% 3.7%

3.5% 3.5%

4.4%

Key Economic Indicators

National home prices increased by an average of 5.2%

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 mortgage rate, based on Primary Mortgage

Market Survey (PMMS)

10-year LIBOR

3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020

4.06% 3.73% 3.64% 3.74% 3.50%

2.41%

1.96%

1.57%

1.89%

0.72%
Ä Freddie Mac 7

Home purchase UPB Refinance UPB

New Busn G-fee

1Q19 2Q19 3Q19 4Q19 1Q20

$46

$65 $76 $63 $55

$24

$70 $37

$102

$58

$134

$84

$147

$83

$138

40

44 45

48 49

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

Legacy and relief refinance single-family portfolio

1Q19 2Q19 3Q19 4Q19 1Q20

$1,579 $1,613 $1,654 $1,701 $1,739

$335

$1,914

$322

$1,935

$307

$1,961

$293

$1,994

$281

$2,020

Single-Family Guarantee 

Financial Highlights and Key Metrics

Credit guarantee portfolio

$ Billions

New business activity

$ Billions

Guarantee fees charged on new acquisitions (bps)7

Serious delinquency rates 6% YoY 

increase

Note: Totals may not add due to rounding.

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

Legacy and relief refinance single-family portfolio

Total

1Q19 2Q19 3Q19 4Q19 1Q20

0.22% 0.23% 0.24% 0.26% 0.26%

1.91% 1.82% 1.77% 1.84% 1.79%

0.67% 0.63% 0.61% 0.63% 0.60%

(82%) (83%) (84%) (85%) (86%)

1Q19 2Q19 3Q19 4Q19 1Q20

$740

$955

$1,250

$1,420

$588

Single-Family Guarantee Segment Earnings

$ Millions
Ä Freddie Mac 8

1Q19 2Q19 3Q19 4Q19 1Q20

77% 77% 77% 75% 74%

1Q19 2Q19 3Q19 4Q19 1Q20

747 750 752 752 752

1Q19 2Q19 3Q19 4Q19 1Q20

16%

14% 13% 13%14%

Home purchase Cash-out refinance

Other refinance

Investment properties as a % of purchases

1Q19 2Q19 3Q19 4Q19 1Q20

65% 64% 57% 43% 40%

20% 18% 16% 20% 21%

15% 18% 27% 37% 39%

6% 5% 4% 4% 5%

Single-Family Guarantee 

Loan Purchase Credit Characteristics

Weighted average original loan-to-value ratio (OLTV)

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

Weighted average credit score

Loan purpose and investment properties as a

percentage of loan purchases

Investment properties as a

percentage of loan purchases
Ä Freddie Mac 9

Reference pool UPB at issuance

Reference pool UPB outstanding

2016 2017 2018 2019 YTD 2020*

$598

$858

$1,144

$1,376

$1,508

$457

$648

$838

$906

$983

26%

35%

44% 45%

49%

Single-Family Guarantee 

Credit Risk Transfer (CRT) 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

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

3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020

$5.8 $5.9 $6.0 $5.9 $6.2

$1.7 $1.3 $1.4 $1.1 $1.4

$6.1 $6.7 $7.3 $8.0 $9.3

$28.1 $28.1 $27.9 $26.9

$28.2

*As of March 31, 2020.

Outstanding reference pool UPB as a

percentage of total single-family portfolio

Å This slide reflects STACR and ACIS CRT transactions only. It excludes senior subordinate securitization structures and lender risk-sharing transactions.
Ä Freddie Mac 10

Total portfolio

$ Billions

Multifamily acquisitions of units by area median

income (AMI) (% of eligible units acquired)

Ñ120% AMI >120% AMI

2016 2017 2018 2019 YTD 2020*

94% 91% 93% 94% 96%

6% 9% 7% 6% 4%

Guarantee portfolio Mortgage-related securities

Unsecuritized loans and other

12/31/2016 12/31/2017 12/31/2018 12/31/2019 3/31/2020

$158

$203

$237

$13 $271 $275

$7

$7

$6 $6

$42

$213 $39

$249 $36

$280 $33

$310

$29

$310

Multifamily 

Financial Highlights and Key Metrics

Multifamily market and Freddie Mac delinquency

rates

Multifamily comprehensive income (loss)

$ Millions

45% increase 

since 2016

(74%) (82%)

Note: Totals may not add due to rounding.

*As of March 31, 2020.

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

MF CMBS market (60+ day)

1Q16 1Q17 1Q18 1Q19 1Q20

0.08%

0.11%

1.05%

1Q19 2Q19 3Q19 4Q19 1Q20

$395

$440

$591

$502

$(174)

4Q19

(85%) (88%) (89%)

$309 $309
Ä Freddie Mac 11

Multifamily securitization activity8,9

$ Billions

Primary securitization products Other securitization products

2016 2017 2018 2019 YTD 2020*

$49.9

$60.7

$66.3 $67.9

$10.6

$2.2

$52.1

$6.8

$67.5 $6.5

$72.8

$7.5

$75.4

$1.7

$12.3

New loan purchase activity LIHTC new business activity

2016 2017 2018 2019 YTD 2020*

$56.8

$56.8

$73.2

$73.2

$77.5 $77.9

$9.9

$0.5

$78.0

$0.5

$78.4

$0.1

$10.0

Multifamily 

Key Metrics, continued

New business activity

$ Billions

Note: Totals may not add due to rounding.

*As of March 31, 2020.

Å The multifamily loan purchase cap is $100.0 billion for the five-quarter period from the fourth

quarter of 2019 through the fourth quarter of 2020, and at least 37.5% must be missiondriven affordable housing. As of March 31, 2020, the total cumulative new business activity

subject to the cap was $27.4 billion, and approximately 39% was mission-driven affordable

housing. 
Ä Freddie Mac 12

Capital Markets investments portfolio 

$ Billions

Mortgage investments portfolio

Other investments portfolio

1Q19 2Q19 3Q19 4Q19 1Q20

$171 $173 $171 $168 $171

$76

$247

$81

$254

$87

$258

$100

$268

$120

$291

Capital Markets cash window securitization

$ Billions

Capital Markets comprehensive income

$ Millions 

1Q19 2Q19 3Q19 4Q19 1Q20

$534

$433

$10

$539

$210

1Q19 2Q19 3Q19 4Q19 1Q20

$30

$45

$59

$73

$59

Liquid Securitization pipeline

Less liquid

1Q19 2Q19 3Q19 4Q19 1Q20

$116 $118 $116 $119 $116

$13 $16 $21 $19 $26

$42 $39 $34 $30 $28

$171 $173 $171 $168 $171

Capital Markets 

Financial Highlights and Key Metrics

Capital Markets mortgage investments portfolio

$ Billions

Flat YoY 

(68%) (68%) (68%) (71%)

Note: Totals may not add due to rounding.

(68%)

18% YoY

increase

$269
Ä Freddie Mac 13

Number of single-family loan workouts11

In Thousands

 Housing Market Support

Loan modifications

Repayment plans

Forbearance agreements

Short sales and deed-in-lieu

of foreclosure transactions

2017 2018 2019 YTD 2019* YTD 2020*

45

60

29

9 7

10

11

9

3 3

15

16

7

3

1

11

5

75

3

90

2

47

Multifamily rental units

Single-Family purchase borrowers

Single-Family refinance borrowers

2017 2018 2019 YTD 2019* YTD 2020*

820 866 809

149 111

828

884 987

192 217

663

2,311

442

2,192

782

2,578

108

309

637

Number of families Freddie Mac helped 

to own or rent a home10

In Thousands

Note: Totals may not add due to rounding.

*As of March 31.

Home

Retention

Actions

Foreclosure

Alternatives

12

12

12

12

449

15
Ä Freddie Mac 14

Endnotes

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

quarter ended March 31, 2020.

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

In November 2019, FHFA directed Freddie Mac, by January 31, 2020, to include 10% of the notional value of certain interest-only securities owned by the company in the calculation of

this portfolio, while continuing to maintain the portfolio below the limit imposed by FHFA. For this purpose, the mortgage-related investments portfolio was $215.5 billion as of March 31,

2020, including $4.3 billion representing 10% of the notional amount of the interest-only securities the company held as of March 31, 2020.

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

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

Form 10-K for the year ended December 31, 2019 for more information.

5 Represents the companyÖs 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.

Beginning in 2020, the company offset amounts recognized as payables under repurchase agreements accounted for as collateralized borrowings and amounts recognized as

receivables under reverse repurchase agreements accounted for as collateralized borrowings when such amounts meet the conditions for offsetting repurchase and reverse repurchase

agreements in FASB ASC Subtopic 210-20 (Balance Sheet - Offsetting). Previously, such amounts were presented on a gross basis, with amounts recognized as payables under

repurchase agreements accounted for as collateralized borrowings included in Other Debt and amounts recognized as receivables under reverse repurchase agreements accounted for

as collateralized borrowings included in Other Investments. Prior periods have been revised to conform to the current period presentation.

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

increases in the aggregate liquidation preference of the senior preferred stock pursuant to the December 2017 and September 2019 Letter Agreements. The company received no cash

proceeds in connection with the initial $1Übillion liquidation preference of senior preferred stock or the $3.0 billion, $1.8 billion, $1.8 billion, and $2.4 billion increases on December 31,

2017, September 30, 2019, December 31, 2019, and March 31, 2020, respectively.

7 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 MacÖs 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.

8 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 large majority of expected and stress credit risk is sold to third-party investors through the mezzanine and

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

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

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

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

11 Consists of both home retention actions and foreclosure alternatives.

12 Categories are not mutually exclusive, and a borrower in one category may also be included in another category in the same or another period. For example, a borrower helped through

a home retention action in one period may subsequently lose his or her home through a foreclosure alternative in a later period.
Ä Freddie Mac 15

Safe Harbor Statements

Freddie Mac obligations

Freddie MacÖs 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 companyÖs 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, 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 companyÖs 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 companyÖs control. ManagementÖs expectations for the companyÖs future necessarily involve a number of

assumptions, judgments, and estimates, and various factors, including changes in market conditions, liquidity, mortgage spreads, credit

outlook, uncertainty about the duration and severity, and effects of, the COVID-19 pandemic and actions taken in response thereto,

actions by the U.S. government (including FHFA, Treasury, 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 companyÖs Annual Report on Form 10-K for the year ended

December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and Current Reports on Form 8-K, which are

available on the Investor Relations page of the companyÖs website at www.freddiemac.com/investors and the SECÖs website 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.