© Freddie Mac

Third Quarter 2021 

Financial Results Supplement

October 29, 2021
© Freddie Mac 2

Financial Highlights

$5.1 $5.0 $5.3

$5.9

$5.2

$2.5

$2.9 $2.8

$3.7

$2.9

$2.4 $2.5 $2.4

$3.6

$2.9

Net revenues Net income Comprehensive income

3Q20 4Q20 1Q21 2Q21 3Q21

Net revenues, net income, and comprehensive income

$ Billions

▪ Net income and comprehensive income of $2.9 billion for the third quarter of 2021, an increase of 19% each 

year-over-year, driven by higher net revenues and a credit reserve release

▪ Net revenues increased 4% year-over-year to $5.2 billion, primarily driven by mortgage portfolio growth and 

higher average portfolio guarantee fee rates
© Freddie Mac 3

$345 $345 $339

$284 $255

$198 $182 $174 $113 $114

$147 $163 $165

$171 $141

Mortgage-related investments portfolio

Other investments portfolio

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

$2,545 $2,714 $2,852 $2,962 $3,086

$2,179 $2,326 $2,458 $2,564 $2,682

$366 $388 $394 $398 $404

Single-Family mortgage portfolio

Multifamily mortgage portfolio

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

Total Portfolio Balances

Total debt outstanding5*

$ Billions

Mortgage portfolio Portfolio balance highlights 1

$ Billions

Investments portfolio

$ Billions

21% YoY 

increase

▪ Total mortgage portfolio: 

• Single-Family - grew $503 billion, or 23%, year-overyear

• Multifamily - grew $38 billion, or 10%, year-over-year

▪ Total investments portfolio:

• Mortgage-related investments portfolio - decreased 

$84 billion, or 42%, year-over-year

• Other investments portfolio - decreased $6.0 billion, or 

4%, year-over-year

26% YoY 

decrease

51% 52% 52% 56% 59%

41% 43% 43% 39% 36%

8% 4% 5% 5% 5%

3.4 3.6 3.5 3.5 3.6

Non-callable debt Callable debt

Discount Notes and other Weighted average maturity in years

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

$287 $287

Totals may not add due to rounding.

*See Endnotes 2, 3, and 5 regarding limitations on our mortgage-related investments portfolio and total debt outstanding.

$263 $231

2,3*

 $198

4
© Freddie Mac 4

Multifamily7 Single-Family6

Percentage of Loans in Forbearance

0.06%

0.40% 0.46%

Forbearance Period Repayment Period Total

0.15% 0.08% 0.06%

0.17%

0.69%

1.15%

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 

September 30, 2021 (based on loan count).

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

September 30, 2021 (based on UPB).

Past Due
© Freddie Mac 5

$25.3

$95.0

$140.2

Net worth

Senior preferred stock

liquidation preference

Remaining Treasury funding commitment

As of September 30, 2021

Conservatorship Matters 

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

$71.6

$119.7

Cumulative draws from Treasury

Cumulative dividend payments to Treasury

As of September 30, 2021

Net worth, liquidation preference8, and 

Treasury funding commitment

$ Billions
© Freddie Mac 6

1,342,000

213,000 518,000 615,000 550,000

7.8% 6.7% 6.0% 5.9% 4.8%

Average monthly net new jobs (non-farm)

National unemployment rate

(as of the last month in each quarter)

3Q20 4Q20 1Q21 2Q21 3Q21

National home prices increased by an average of 18.6% 

over the past year

Quarterly ending interest rates

2.90% 2.67%

3.17% 3.02% 3.01%

0.71% 0.93%

1.82% 1.44% 1.57%

30-year mortgage rate, based on Primary Mortgage

Market Survey (PMMS)

10-year LIBOR

09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 163

249

United States (Seasonally Adjusted)

2006 2009 2012 2015 2018 2021

Freddie Mac House Price Index (December 2000 = 100)

National home prices since 2006

Unemployment rate and job creation

Key Economic Indicators
© Freddie Mac 7

1.08% 1.01%

0.73% 0.73% 0.76%

0.50% 0.38% 0.27% 0.21% 0.20%

3.04%

2.64%

2.34%

1.86%

1.46%

One month past due Two months past due

Seriously delinquent

3Q20 4Q20 1Q21 2Q21 3Q21

$2,179

$2,326 $2,458 $2,564 $2,682

3Q20 4Q20 1Q21 2Q21 3Q21

$337

$383 $362

$288 $299

$101 $109 $89 $98 $132

$236 $274 $273 $190 $167

46 47 50 49 48

Home purchase UPB Refinance UPB

3Q20 4Q20 1Q21 2Q21 3Q21

Single-Family 

Financial Highlights and Key Metrics

$1,282

$1,747 $1,738

$2,855

$2,028

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

$2,781

$2,046

Net income Comprehensive income

3Q20 4Q20 1Q21 2Q21 3Q21

Net income and comprehensive income

$ Millions

Totals may not add due to rounding.

Guarantee fees charged on new acquisitions (bps)9

23% YoY 

increase

Mortgage portfolio

$ Billions

Delinquency rates6

New business activity

$ Billions
© Freddie Mac 8

71% 70% 69%71% 72%

3Q20 4Q20 1Q21 2Q21 3Q21

30% 28% 25% 34% 44%

16% 18% 20%

23%

26%

54% 54% 55% 43% 30%

Home purchase Cash-out refinance

Other refinance

3Q20 4Q20 1Q21 2Q21 3Q21

761 761 759 754 750

3Q20 4Q20 1Q21 2Q21 3Q21

10% 10% 10%

11%

12%

3Q20 4Q20 1Q21 2Q21 3Q21

New business activity with debt-to-income 

ratio > 45% 

Weighted average original loan-to-value ratio 

(OLTV)

Weighted average original credit score

Single-Family 

Loan Purchase Credit Characteristics

Loan purpose
© Freddie Mac 9

UPB covered by new CRT issuance

$ Billions

$168 $167

$245

$174 $167

3Q20 4Q20 1Q21 2Q21 3Q21

Mortgage portfolio with credit enhancement

UPB in $ Billions

$1,108 $1,152

$1,230 $1,255

$1,345

51% 50% 50% 49% 50%

UPB Percentage

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

Single-Family Credit Risk Transfer
© Freddie Mac 10

Acquisitions of units by area median income 

(AMI) (% of eligible units acquired)

39% 33%

43% 43% 36%

31% 38%

34% 34%

32%

26% 25% 20% 20% 26%

4% 4% 3% 3% 6%

≤60% >60% to ≤80% >80% to ≤120% >120%

3Q20 4Q20 1Q21 2Q21 3Q21

66%

70% 69% 68% 67%

3Q20 4Q20 1Q21 2Q21 3Q21

1.42 1.38 1.38 1.38 1.35

3Q20 4Q20 1Q21 2Q21 3Q21

Weighted average OLTV ratio for new business 

activity

Multifamily 

Financial Highlights and Key Metrics

Weighted average original debt service coverage 

ratio (ODSCR) for new business activity

Net income and comprehensive income

$ Millions

$1,181 $1,166

$1,029

$824 $891

$1,177 $1,149

$968

$830 $863

Net income Comprehensive income

3Q20 4Q20 1Q21 2Q21 3Q21

(89

%)
© Freddie Mac 11

Guarantee activities

$ Billions

$21

$26

$21

$18

$15

3Q20 4Q20 1Q21 2Q21 3Q21

$18

$35

$14

$13

$18

3Q20 4Q20 1Q21 2Q21 3Q21

Multifamily 

Key Metrics, continued

New business activity

$ Billions

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

0.13%

0.12%

0.28%

1.76%

1.30%

0.08%

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

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

3Q20 4Q20 1Q21 2Q21 3Q21

$366 $388 $394 $398 $404

3Q20 4Q20 1Q21 2Q21 3Q21

Multifamily market and Freddie Mac 

delinquency rates7

Mortgage portfolio unit count

In Thousands

Mortgage portfolio loan count

In Thousands

Mortgage portfolio

$ Billions

28

29

30 30 30

3Q20 4Q20 1Q21 2Q21 3Q21

Multifamily Mortgage Portfolio Metrics

10% YOY 

increase 

4,450

4,598 4,613 4,627 4,624

3Q20 4Q20 1Q21 2Q21 3Q21
© Freddie Mac 13

94

52

38

27

21

94

74

50

55

45

6 7 6 6 7

Forbearance agreements

Payment deferrals

Other

3Q20 4Q20 1Q21 2Q21 3Q21

Number of families Freddie Mac helped 

to own or rent a home10

In Thousands

Housing Market Support

1,338

1,598

1,365

1,160 1,188

813

936 940

708

612

340

356 291

315

415

185

306

134

137 161

Single-Family refinance borrowers

Single-Family home purchase borrowers

Multifamily rental units

3Q20 4Q20 1Q21 2Q21 3Q21

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

Number of Single-Family loan workouts11

In Thousands

12

12

Totals may not add due to rounding.

12
© 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. 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 currently capped by FHFA at $225 billion and under the Purchase Agreement 

at $250 billion (the Purchase Agreement cap will be lowered to $225 billion at the end of 2022). The calculation of mortgage assets subject to these caps includes the UPB of these 

assets as well as 10% of the notional value of the company's interest-only securities. The balance of the mortgage-related investments portfolio for purposes of these caps was 

$126.7 billion as of September 30, 2021 (which includes $12.9 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, FHFA has instructed the company to reduce the amount of agency MBS to no more than $20 

billion, based on UPB, by June 30, 2022.

 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 is currently $300 billion and 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. 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 $22.4 billion in increases to our Net Worth Amount pursuant to the Letter Agreements.

 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 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.

 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.
© 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 Reports on Form 10-Q for the quarters ended 

March 31, 2021, June 30, 2021, and September 30, 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 and the SEC’s 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.