Monthly Volume Summary: January 2014

(unaudited & subject to change)

(dollars in millions)

January 2014 Highlights: 

• The total mortgage portfolio decreased at an annualized rate of 1.9% in January.

• Single-family refinance-loan purchase and guarantee volume was $10.5 billion in January representing 55% of total single-family mortgage 

portfolio purchases or issuances. Relief refinance mortgages comprised approximately 34% of our total single-family refinance volume during 

January 2014 based on unpaid principal balance (UPB).

• Total number of loan modifications for the month ended January 31, 2014 was 6,094.

 

• Multifamily new business activity was $1.3 billion for the month ended January 31, 2014, which reflects the UPB of Freddie Mac's 

multifamily new loan purchases, issuances of other guarantee commitments and issuances of other structured securities during the period.

• The aggregate UPB of our mortgage-related investments portfolio decreased by approximately $7.1 billion in January.

• Freddie Mac mortgage-related securities and other guarantee commitments increased at an annualized rate of 1.0% in January.

• Our single-family seriously delinquent rate decreased from 2.39% in December to 2.34% in January. Our multifamily delinquency rate 

decreased from 0.09% in December to 0.05% in January.

• The measure of our exposure to changes in portfolio market value (PMVS-L) averaged $207 million in January. Duration gap averaged -1 

month.

• 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 1, 2

Purchases or

Issuances 3 Sales 4Liquidations

Net Increase/

(Decrease)

Ending

Balance

Annualized Growth

Rate

Annualized

Liquidation

Rate

Jan 2013 $43,119 ($293) ($50,710) ($7,884) $1,948,392 (4.8%) 31.1%

Feb 42,850 (559) (48,959) (6,668) 1,941,724 (4.1%) 30.2%

Mar 52,009 (617) (44,853) 6,539 1,948,263 4.0% 27.7%

Apr 47,298 (627) (45,720) 951 1,949,214 0.6% 28.2%

May 42,381 (2,010) (45,169) (4,798) 1,944,416 (3.0%) 27.8%

Jun 48,388 (1,428) (46,131) 829 1,945,245 0.5% 28.5%

Jul 42,250 (2,177) (42,849) (2,776) 1,942,469 (1.7%) 26.4%

Aug 35,963 (3,866) (40,270) (8,173) 1,934,296 (5.0%) 24.9%

Sep 28,207 (3,251) (31,858) (6,902) 1,927,394 (4.3%) 19.8%

Oct 22,379 (6,392) (26,238) (10,251) 1,917,143 (6.4%) 16.3%

Nov 22,663 (1,393) (24,427) (3,157) 1,913,986 (2.0%) 15.3%

Dec 25,434 (1,191) (23,568) 675 1,914,661 0.4% 14.8%

Full-Year 2013 452,941 (23,804) (470,752) (41,615) 1,914,661 (2.1%) 24.1%

Jan 2014 20,298 (476) (22,876) (3,054) 1,911,607 (1.9%) 14.3%

YTD 2014 $20,298 ($476) ($22,876) ($3,054) $1,911,607 (1.9%) 14.3%

TABLE 2 - MORTGAGE-RELATED INVESTMENTS PORTFOLIO 1 TABLE 3 - MORTGAGE-RELATED INVESTMENTS PORTFOLIO COMPONENTS 1

Purchases 5 Sales 6Liquidations Ending Balance

Annualized

Growth

Rate

Annualized

Liquidation Rate

Mortgage 

Purchase

Agreements 7

Mortgage Sale

Agreements 8

Net Purchase

(Sale)

Agreements 9

PCs, REMICs and

Other Structured

Securities

Non-Freddie Mac Mortgage-Related

Securities

Mortgage

Loans

Ending

Agency Non-Agency Balance

Jan 2013 $15,075 ($11,651) ($10,926) $550,042 (16.1%) 23.5% $19,030 ($17,074) $1,956 Jan 2013 $183,841 $23,026 $124,169 $219,006 $550,042

Feb 13,939 (10,672) (10,575) 542,734 (15.9%) 23.1% 19,689 (15,570) 4,119 Feb 182,034 22,122 122,952 215,626 542,734

Mar 13,568 (12,048) (10,104) 534,150 (19.0%) 22.3% 17,000 (12,297) 4,703 Mar 178,659 21,482 121,500 212,509 534,150

Apr 15,004 (10,390) (10,507) 528,257 (13.2%) 23.6% 21,405 (22,115) (710) Apr 177,316 20,806 119,728 210,407 528,257

May 14,223 (13,749) (10,236) 518,495 (22.2%) 23.3% 26,593 (16,828) 9,765 May 175,222 20,142 116,912 206,219 518,495

Jun 26,336 (13,238) (10,374) 521,219 6.3% 24.0% 38,309 (19,451) 18,858 Jun 184,639 20,135 114,716 201,729 521,219

Jul 20,329 (9,870) (10,432) 521,246 0.1% 24.0% 21,849 (23,732) (1,883) Jul 188,866 20,481 111,459 200,440 521,246

Aug 17,844 (16,592) (10,554) 511,944 (21.4%) 24.3% 20,531 (22,754) (2,223) Aug 190,822 20,701 106,870 193,551 511,944

Sep 8,829 (14,694) (8,265) 497,814 (33.1%) 19.4% 13,560 (21,187) (7,627) Sep 183,278 20,963 102,802 190,771 497,814

Oct 10,246 (17,386) (8,003) 482,671 (36.5%) 19.3% 19,455 (31,153) (11,698) Oct 180,795 18,723 97,775 185,378 482,671

Nov 6,332 (15,216) (7,032) 466,755 (39.6%) 17.5% 10,747 (13,347) (2,600) Nov 171,286 17,570 96,524 181,375 466,755

Dec 10,963 (8,995) (7,699) 461,024 (14.7%) 19.8% 12,459 (11,419) 1,040 Dec 168,034 16,907 94,775 181,308 461,024

Full-Year 2013 172,688 (154,501) (114,707) 461,024 (17.3%) 20.6% 240,627 (226,927) 13,700 Full-Year 2013 168,034 16,907 94,775 181,308 461,024

Jan 2014 6,931 (7,294) (6,717) 453,944 (18.4%) 17.5% 14,971 (21,210) (6,239) Jan 2014 165,294 16,298 93,458 178,894 453,944

YTD 2014 $6,931 ($7,294) ($6,717) $453,944 (18.4%) 17.5% $14,971 ($21,210) ($6,239) YTD 2014 $165,294 $16,298 $93,458 $178,894 $453,944

Page 1 of 3

Please see Endnotes on page 3.
TABLE 4 - FREDDIE MAC MORTGAGE-RELATED SECURITIES AND OTHER GUARANTEE COMMITMENTS 1, 10 TABLE 5 - OTHER DEBT ACTIVITIES 13

Original Maturity

1 Year Original Maturity > 1 Year

Issuances Liquidations 11

Net 

Increase/

(Decrease) Ending Balance 12

Annualized

Growth Rate

Annualized

Liquidation Rate

Ending

Balance Issuances

Maturities and

Redemptions Repurchases

Foreign

Exchange

Translation Ending Balance

Total Debt

Outstanding

Jan 2013 $43,379 ($46,683) ($3,304) $1,582,191 (2.5%) 35.3% Jan 2013 $118,081 $13,625 ($23,961) $ - $23 $424,229 $542,310

Feb 44,001 (45,168) (1,167) 1,581,024 (0.9%) 34.3% Feb 116,193 7,075 (15,021) - (19) 416,264 532,457

Mar 53,123 (41,375) 11,748 1,592,772 8.9% 31.4% Mar 124,325 9,600 (15,366) (197) (9) 410,292 534,617

Apr 47,401 (41,900) 5,501 1,598,273 4.1% 31.6% Apr 124,244 9,339 (9,972) - 13 409,672 533,916

May 44,218 (41,348) 2,870 1,601,143 2.2% 31.0% May 133,774 5,436 (18,351) - (9) 396,748 530,522

Jun 49,401 (41,879) 7,522 1,608,665 5.6% 31.4% Jun 136,030 12,372 (17,817) (1,549) 1 389,755 525,785

Jul 39,656 (38,232) 1,424 1,610,089 1.1% 28.5% Jul 143,621 11,343 (8,218) (216) 11 392,675 536,296

Aug 38,625 (35,540) 3,085 1,613,174 2.3% 26.5% Aug 139,506 7,418 (6,087) (92) (4) 393,910 533,416

Sep 28,435 (28,751) (316) 1,612,858 (0.2%) 21.4% Sep 136,077 4,620 (14,267) (6) 13 384,270 520,347

Oct 25,143 (22,734) 2,409 1,615,267 1.8% 16.9% Oct 141,411 14,551 (16,117) (4) 3 382,703 524,114

Nov 24,764 (21,514) 3,250 1,618,517 2.4% 16.0% Nov 144,137 7,577 (16,344) (13) 1 373,924 518,061

Dec 22,620 (19,466) 3,154 1,621,671 2.3% 14.4% Dec 141,767 9,265 (13,617) - 6 369,578 511,345

Full-Year 2013 460,766 (424,590) 36,176 1,621,671 2.3% 26.8% Full-Year 2013 141,767 112,221 (175,138) (2,077) 30 369,578 511,345

Jan 2014 21,114 (19,828) 1,286 1,622,957 1.0% 14.7% Jan 2014 130,577 10,737 (21,659) (1,001) (7) 357,648 488,225

YTD 2014 $21,114 ($19,828) $1,286 $1,622,957 1.0% 14.7% YTD 2014 $130,577 $10,737 ($21,659) ($1,001) ($7) $357,648 $488,225

TABLE 6 - DELINQUENCIES - TOTAL 14 TABLE 7 - OTHER INVESTMENTS 16 TABLE 8 - INTEREST-RATE RISK SENSITIVITY DISCLOSURES 17

Single-Family 15 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)

Non-Credit

Enhanced

Credit

Enhanced Total Total Ending Balance Monthly Average

Quarterly

Average Monthly Average

Quarterly

Average Monthly Average

Quarterly

Average

Jan 2013 2.62% 7.21% 3.20% 0.18% Jan 2013 $46,543 Jan 2013 $262 -- $23 -- 0 --

Feb 2.58% 7.04% 3.15% 0.16% Feb 44,796 Feb 251 -- 23 -- 0 --

Mar 2.49% 6.74% 3.03% 0.16% Mar 51,596 Mar 293 269 11 19 0 0

Apr 2.40% 6.42% 2.91% 0.09% Apr 57,637 Apr 275 -- 27 -- 0 --

May 2.35% 6.26% 2.85% 0.08% May 64,698 May 429 -- 28 -- 1 --

Jun 2.31% 6.12% 2.79% 0.09% Jun 51,398 Jun 365 356 12 23 1 1

Jul 2.24% 5.90% 2.70% 0.06% Jul 64,536 Jul 237 -- 16 -- 0 --

Aug 2.25% 5.34% 2.64% 0.05% Aug 72,277 Aug 247 -- 16 -- 0 --

Sep 2.20% 5.20% 2.58% 0.05% Sep 70,896 Sep 186 225 43 24 0 0

Oct 2.12% 5.04% 2.48% 0.06% Oct 88,648 Oct 146 -- 20 -- 0 --

Nov 2.07% 4.91% 2.43% 0.05% Nov 105,386 Nov 60 -- 20 -- 0 --

Dec 2.04% 4.83% 2.39% 0.09% Dec 77,150 Dec 56 89 17 19 0 0

Full-Year 2013 77,150 Full-Year 2013 235 -- 21 -- 0 --

Jan 2014 2.00% 4.73% 2.34% 0.05% Jan 2014 59,314 Jan 2014 207 -- 17 -- (1) --

YTD 2014 $59,314 YTD 2014 $207 -- $17 -- (1) --

Page 2 of 3

Please see Endnotes on page 3.
ENDNOTES

1. The activity and balances set forth in these tables represent UPB, and exclude mortgage loans and mortgage-related securities traded, but not yet settled. For Freddie Mac mortgage-related securities, the balance reflects security 

balances based on the monthly PC factor report. Freddie Mac mortgage-related securities include PCs, REMICs and Other Structured Securities, and Other Guarantee Transactions. Effective January 1, 2010, we adopted amendments 

to the accounting standards for transfers of financial assets and consolidation of VIEs, which resulted in significant changes to our financial statements. However, the information in this monthly volume summary is presented without 

giving effect to those changes. 

2. Total mortgage portfolio (Table 1) is defined as Freddie Mac mortgage-related securities and other guarantee commitments (Table 4) plus the sum of mortgage loans (Table 3) and non-Freddie Mac mortgage-related securities (agency 

and non-agency) (Table 3). 

3. 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. 

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

5. Includes cash purchases of single-family and multifamily mortgage loans, purchases of Freddie Mac and non-Freddie Mac mortgage-related securities, and additions for seriously delinquent, modified, and balloon/reset mortgage loans 

purchased out of PC pools. Purchases of Freddie Mac mortgage-related securities into the mortgage-related investments portfolio totaled $463 million (based on UPB) during January 2014.

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

securities and sales of multifamily mortgage loans. 

7. Mortgage purchase agreements reflect trades entered into during the month and include: (a) monthly commitments to purchase mortgage-related securities for our mortgage-related investments portfolio, and (b) the amount of monthly 

mortgage loan purchase agreements entered into during the month. Our purchase commitments may settle during the same month in which we have entered into the related commitment.

8. Mortgage sale agreements reflect trades entered into during the month and include: (a) monthly commitments to sell mortgage-related securities from our mortgage-related investments portfolio, and (b) the amount of monthly mortgage 

loan sale agreements entered into during the month. Our sales commitments may settle during the same month in which we have entered into the related commitment.

9. As of January 31, 2014, we had net unsettled purchase (sale) agreements of approximately ($241) million. The ending balance of our mortgage-related investments portfolio as of January 31, 2014 after giving effect to these unsettled 

agreements and assuming we did not enter into any other purchase (sale) agreements after January 31, 2014 would have been $454 billion.

10. Includes other guarantee commitments, which consist of tax-exempt multifamily housing revenue bonds, HFA bonds, and credit-related commitments with respect to single-family mortgage loans. Excludes any resecuritization activity. 

Notional balances of interest-only strips are excluded because this table is based on UPB. 

11. Represents principal repayments relating to loans underlying 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.

12. The ending balance of Freddie Mac mortgage-related securities and other guarantee commitments (Table 4) differs from the balance of Freddie Mac mortgage-related securities in our quarterly report on Form 10-Q dated November 7, 

2013 because Table 4 includes other guarantee commitments described in Endnote 10.

13. Represents the combined balance and activity of our other debt, including securities sold under agreements to repurchase and federal funds purchased, based on the par values of these liabilities.

14. Single-family serious delinquency rate information is based on the number of loans that are three monthly payments or more past due or in the process of foreclosure as of period end while multifamily delinquencies are based on the 

UPB of mortgage loans that are two monthly payments or more past due or in the process of foreclosure as of period end. 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 presented in Table 6 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 standard modifications, we include loans in the trial period as seriously delinquent in 

our statistical reporting, which results in a temporary rise in our seriously delinquent rate until the modifications become effective and are removed from seriously delinquent status. The volume of effective modifications impacts our 

reported seriously delinquent rate.

15. On a monthly basis, Freddie Mac publishes pool-level delinquency disclosures on its single-family PC and Giant PC securities on the company's web site, www.FreddieMac.com/mbs. These monthly disclosures include for each PC and 

Giant PC the loan count and associated aggregate UPB for mortgage loans that fall into one of four delinquency groups: 30-59 days delinquent, 60-89 days delinquent, 90-119 days delinquent, and 120 days or more delinquent. 

Additionally, the monthly disclosures include information about certain seriously delinquent loans purchased by Freddie Mac from each PC and Giant PC. Generally, we purchase these delinquent loans, and thereby extinguish the 

related PC debt, at the scheduled PC debt payment date, unless the loans proceed to foreclosure transfer, complete a foreclosure alternative or are paid in full by the borrower before such date. As of January 31, 2014, there were 

approximately $1.1 billion in UPB of loans that were four monthly payments past due, and that met our criteria to allow for the purchase of delinquent mortgage loans out of PC pools.

16. Other Investments exclude amounts related to consolidated variable-interest entities. The balance includes cash and cash equivalents, federal funds sold and securities purchased under agreements to resell, and non-mortgage-related 

securities. Investments in non-mortgage-related securities are presented at fair value.

17. Our primary interest-rate risk measures are PMVS and duration gap. 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) movements 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.

A glossary of selected Monthly Volume Summary terms is available on the Investor Relations page of our web site, www.FreddieMac.com/investors.

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.

Page 3 of 3