Fourth Quarter 2015 

Financial Results Supplement

February 18, 2016
© Freddie Mac 2

Table of contents

Financial Results Segment Business Information

3 – Annual Financial Results 11 – Single-Family New Funding Volume

4 – Quarterly Financial Results

5 – Market-Related Items

12 – Single-Family Management and Guarantee Fees Charged on 

 New Acquisitions

6 – Segment Financial Results 13 – Single-Family Credit Risk Transfer Transactions

7 – Treasury Draw Requests and Dividend Payments 14 – Single-Family Transferred Credit Risk

Housing Market 15 – Single-Family Credit Quality – Purchases

8 – National Home Prices 16 – Single-Family Credit Quality – Credit Guarantee Portfolio

9 – Home Price Performance by State: December 2014 to

 December 2015

17 – Single-Family Mortgage Market and Freddie Mac Delinquency

 Rates

10 – Housing Market Support 18 – Multifamily Business Volume and Portfolio Composition

19 – Multifamily Percentage of Affordable Units Financed

20 – Multifamily Securitization Volume

21 – Multifamily Market and Freddie Mac Delinquency Rates

22 – Investments – Purchase Agreement Portfolio Limits

23 – Investments – Mortgage-Related Investments Portfolio

 Composition

24 – Investments – Mortgage-Related Investments Portfolio

 Composition, Continued

25 – Interest Rate Risk Measures

26 – Safe Harbor Statements
© Freddie Mac 3

Annual financial results

Note: Columns and rows may not add due to rounding.

$ Millions 2015

vs

2015 2014 2014

1 Net interest income $14,946 $14,263 $ 683

2 Benefit (provision) for credit losses 2,665 (58) 2,723

3 Derivative losses (2,696) (8,291) 5,595

4 Other non-interest income (loss) (903) 8,178 (9,081)

5 Non-interest income (loss) (3,599) (113) (3,486)

6 Non-interest expense (4,738) (3,090) (1,648)

7 Pre-tax income $ 9,274 $11,002 $ (1,728)

8 Income tax expense (2,898) (3,312) 414

9 Net income $ 6,376 $ 7,690 $ (1,314)

10 Total other comprehensive income (loss), 

net of taxes (577) 1,736 (2,313)

11 Comprehensive income $ 5,799 $ 9,426 $ (3,627)

12 Total equity / GAAP net worth (ending balance) $ 2,940 $ 2,651 $ 289
© Freddie Mac 4

Quarterly financial results

Note: Columns and rows may not add due to rounding.

$ Millions 4Q15 4Q15

vs vs

4Q15 3Q15 4Q14 3Q15 4Q14

1 Net interest income $ 3,587 $ 3,743 $ 3,587 $ (156) $ -

2 Benefit (provision) for credit losses 781 528 (17) 253 798

3 Derivative gains (losses) 744 (4,172) (3,397) 4,916 4,141

4 Other non-interest income (loss) (896) 331 815 (1,227) (1,711)

5 Non-interest income (loss) (152) (3,841) (2,582) 3,689 2,430

6 Non-interest expense (1,139) (1,099) (823) (40) (316)

7 Pre-tax income (loss) $ 3,077 $ (669) $ 165 $ 3,746 $ 2,912

8 Income tax benefit (expense) (919) 194 62 (1,113) (981)

9 Net income (loss) $ 2,158 $ (475) $ 227 $ 2,633 $ 1,931

10 Total other comprehensive income (loss), 

net of taxes (517) (26) 24 (491) (541)

11 Comprehensive income (loss) $ 1,641 $ (501) $ 251 $ 2,142 $ 1,390

12 Total equity / GAAP net worth (ending balance) $ 2,940 $ 1,299 $ 2,651 $ 1,641 $ 289
© Freddie Mac 5

$0.02 

$0.7 

($0.6)

($0.3)

($0.1)

1Q15 2Q15 3Q15 4Q15 2015

Market-related items

Estimated Net Interest Rate Effect

$ in Billions, after-tax

Estimated Spread Change Effect

$ in Billions, after-tax

($0.5)

$1.4 

($1.4)

$0.3 

($0.2)

1Q15 2Q15 3Q15 4Q15 2015

Note: Totals may not add due to rounding.
© Freddie Mac 6

$2.0 

$(0.4)

$4.5 

$3.8 

2014 2015

Segment financial results

 $ Billions

Investments

Comprehensive Income (Loss)

Segment Earnings (Loss) Segment Other Comprehensive Income (Loss)

1 Comprehensive income approximated segment earnings for both 2014 and 2015.

 Note: Totals may not add due to rounding.

Single-Family Guarantee1 Multifamily

$6.5

$1.5 $1.8 

$1.5 

$1.8 

2014 2015

$(0.2) $(0.3)

$1.6 

$0.8 

2014 2015

$1.5

$0.6

$3.4
© Freddie Mac 7

Dividend Payments to Treasury4

$0.2 $4.1 $5.7 $6.5 $7.2

$47.6

$19.6

$5.5

2008 2009 2010 2011 2012 2013 2014 20152

$44.6

$6.1

$13.0

$7.6

$0.02 $0.0 $0.0 $0.0

2008 2009 2010 2011 2012 2013 2014 2015

Draw Requests from Treasury3

Treasury draw requests and dividend payments

1 The initial $1 billion liquidation preference of senior preferred stock was issued to Treasury in September 2008 as consideration for Treasury’s funding commitment. The company 

received no cash proceeds as a result of issuing this initial $1 billion liquidation preference of senior preferred stock.

2 Amount does not include the March 2016 dividend obligation of $1.7 billion.

3 Annual amounts represent the total draws requested based on Freddie Mac’s quarterly net deficits for the periods presented. Draw requests are funded in the subsequent quarter 

(e.g., $19 million draw request for 1Q12 was funded in 2Q12).

4 Represents quarterly cash dividends paid by Freddie Mac to Treasury during the periods presented. Through December 31, 2012, Treasury was entitled to receive cumulative 

quarterly cash dividends at the annual rate of 10% per year on the liquidation preference of the senior preferred stock. However, the fixed dividend rate was replaced with a net 

worth sweep dividend payment beginning in the first quarter of 2013. See the company’s Annual Report on Form 10-K for the year ended December 31, 2015 for more information. 

$ Billions

Draw Requests From Treasury Dividend Payments to Treasury

Cumulative Total

Total Senior Preferred Stock Outstanding $72.3 

Less: Initial Liquidation Preference1 1.0 

 Treasury Draws $71.3 

Cumulative Total

Dividend Payments as of 12/31/15 $96.5 

1Q16 Dividend Obligation 1.7 

 Total Dividend Payments $98.2
© Freddie Mac 8

1 National home prices use the Freddie Mac House Price Index for the U.S., which is a value-weighted average of the state indices where the value weights are based on Freddie Mac’s 

single-family credit guarantee portfolio. Other indices of home prices may have different results, as they are determined using home prices relating to different pools of mortgage loans 

and calculated under different conventions than Freddie Mac’s. Quarterly growth rates are calculated as a 3-month change based on the final month of each quarter. ‘SA’ denotes 

‘Seasonally Adjusted’ and ‘NSA’ denotes ‘Not Seasonally Adjusted’; seasonal factors typically result in stronger house-price appreciation during the second and third quarters. Historical 

growth rates change as new data becomes available. Values for the most recent periods typically see the largest changes. Cumulative decline, based on the NSA series, calculated as 

the percent change from June 2006 to December 2015. 

 Source: Freddie Mac.

National home prices1

Cumulative decline of 6% since June 2006 (NSA Series)

100

110

120

130

140

150

160

170

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

United States (SA)

United States (NSA) 2015Q4 NSA Index Growth: -0.1%

2015Q4 SA Index Growth: 1.8%

Freddie Mac House Price Index (December 2000=100)
© Freddie Mac 9

3%

AL

4%

AK

≥ 8%

5 to 7%

< 2%

2 to 4%

6%

AR

8%

AZ

8%

CA

10%

CO

CT 0%

DC 7%

DE 4%

11%

FL

7%

GA

6%

HI

5%

IA

9%

ID

4%

IL

3%

IN

5%

KS KY 4%

5%

LA

1%

8%

ME

6%

MI

5%

MN

5%

MO

1%

MS

4%

MT

NC 6%

5%

ND

5%

NE

NJ 1%

4%

NM

12%

NV

3%

NY

5%

OH

4%

OK

11%

OR

3%

PA

RI 7%

8%

SC

5%

SD

TN 6%

7%

TX

8%

UT

3%

VA

12%

WA

5%

WI

 2%

WV

2%

WY

6%

3%

VT

6%

MD

MA

NH

Home price performance by state

December 2014 to December 20151

United States 6%

1 The Freddie Mac House Price Index for the U.S. is a value-weighted average of the state indexes where the value weights are based on Freddie Mac’s single-family credit guarantee 

portfolio. Other indices of home prices may have different results, as they are determined using different pools of mortgage loans and calculated under different conventions. The 

Freddie Mac House Price Index for the U.S. is a non-seasonally adjusted monthly series. Percent changes were rounded to nearest whole percentage point.

Source: Freddie Mac
© Freddie Mac 10

133

275

208

169 168

120

94

2009 2010 2011 2012 2013 2014 2015

2,480

2,089

1,830

2,472 2,458

1,627

2,237

2009 2010 2011 2012 2013 2014 2015

Housing market support

Number of Families Freddie Mac Helped 

to Own or Rent a Home1

In Thousands

Number of Single-Family Loan

Workouts2

In Thousands

1 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.

2 Consists of both home retention actions and foreclosure alternatives.

3 These 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.

Repayment plans3

Loan modifications3

Forbearance agreements3

Short sales and deed-in-lieu of 

foreclosure transactions3

Home Retention Actions

Foreclosure Alternatives

Cumulative Since 2009: 15,193 Cumulative Since 2009: 1,167
© Freddie Mac 11

Single-family new funding volume

$36

$52 $62

$46 $38

$35

$28

$39

$47

$37

$71

$80

$101

$94

$76

4Q14 1Q15 2Q15 3Q15 4Q15

 $ Billions

Note: Totals may not add due to rounding.

Annual

2013: $423

2014: $255

2015: $351

Refi UPB Purchase UPB
© Freddie Mac 12

20

25 27

31

41

47

44

2009 2010 2011 2012 2013 2014 2015

Single-family management and guarantee fees charged 

on new acquisitions 

1 Represents the estimated average rate of management and guarantee fees for new acquisitions during the period assuming amortization of delivery 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 Mac’s 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.

Quarterly

In Basis Points (bps), Annualized

Annual

In Basis Points (bps)

Single-Family Management and Guarantee Fees Charged on New Acquisitions 

(net of amounts remitted to Treasury)1

47 47 45 44 44

4Q14 1Q15 2Q15 3Q15 4Q15
© Freddie Mac 13

$0.7

$2.1

$0.1

$0.7

$2.8

2013 2014 2015

Structure Based

on Calculated Loss

Structure Based

on Actual Loss

$2.2

$4.5

$1.1

$4.9

$6.7

2013 2014 2015

Structure Based

on Calculated Loss

Structure Based

on Actual Loss

Single-family credit risk transfer transactions1

Structured Agency Credit Risk 

(STACR®) Debt Note Issuances

$ Billions

Agency Credit Insurance Structure® 

(ACIS®) Transactions2

$ Billions

1 Excludes whole loan securities and seller indemnification transactions. 

2 Excludes impact of changing the coverage from losses calculated using a predefined formula to coverage based on actual losses for certain existing ACIS policies.

3 Upon initial execution. Includes $179.2 billion of UPB related to credit risk transfer transactions completed during 2015. 

Cumulative

($ in Billions)

STACR Issuances $12.7

ACIS Transactions $3.6

Reference Pool UPB3 $384.6
© Freddie Mac 14

$0.2 $0.6 $0.7 $1.1

$6.7

$8.8

$10.7 $11.2

$15.2

$0.9 $1.2 $1.7 $1.7 $1.9 $1.7 $1.2 $1.2 $1.2 $0.9

 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15

Mezzanine loss

positions: Retained by

Freddie Mac

First loss positions:

Retained by Freddie

Mac

Mezzanine loss

positions: Transferred

to third parties

First loss positions:

Transferred to third

parties

Single-Family Transferred Credit Risk

$ Billions

Single-family transferred credit risk1, 2

1 Consists of STACR issuances and ACIS transactions. Excludes whole loan securities and seller indemnification transactions. 

2 Upon initial execution.

3 Freddie Mac holds the senior risk.

Freddie Mac Senior 

Loss Positions3 $183.3 $216.3 $264.6 $272.6 $365.5

Total Reference 

Pools $192.5 $227.7 $278.7 $287.5 $384.6
© Freddie Mac 15

738

747 744 740

727

713 718

757 758 759 762 756 748 751

756 755 755 756

749 744

750

2009 2010 2011 2012 2013 2014 2015

Relief Refinance (includes HARP) All Other Total Purchases

Single-family credit quality - purchases

Weighted Average Original LTV Ratio1

Percent (%) Weighted Average Credit Score2

1 Original LTV ratios are calculated as the unpaid principal balance (UPB) of the mortgage Freddie Mac guarantees including the credit-enhanced portion, divided by the lesser of the 

appraised value of the property at the time of mortgage origination or the mortgage borrower’s purchase price. Second liens not owned or guaranteed by Freddie Mac are excluded 

from the LTV ratio calculation. The existence of a second lien mortgage reduces the borrower’s equity in the home and, therefore, can increase the risk of default.

2 Credit score data is based on FICO scores at the time of loan origination or Freddie Mac’s purchase and may not be indicative of the borrowers’ current creditworthiness. FICO 

scores can range between approximately 300 and 850 points.

80 77 77

97 91 82 75 66 67 67 68 71 76 74

67 70 70

76 75 76 74

2009 2010 2011 2012 2013 2014 2015

Relief Refinance (Includes HARP) All Other Total Purchases
© Freddie Mac 16

0.24 0.22 0.21 0.20 0.21

0.75 0.75 0.70 0.70 0.72

5.13 

4.84 

4.46 4.28 4.12 

1.88 1.73 1.53 1.41 1.32

4Q14 1Q15 2Q15 3Q15 4Q15

Core Single-Family Book1 HARP and Other Relief Refinance Book

Legacy Single-Family Book Total

66

3

18

8

16

89

% of Portfolio as of

 December 31, 2015

% of Credit Losses for the Year

Ended December 31, 2015

Legacy Single-Family Book

HARP and Other Relief Refinance Book

Core Single-Family Book1

Single-family credit quality – credit guarantee 

portfolio

1 Loans acquired after 2008, excluding HARP and other relief refinance loans which are presented separately.

Concentration of Credit Risk 

Percent (%)

Serious Delinquency Rates 

Percent (%)
© Freddie Mac 17

0

4

8

12

16

20

24

28

32

Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

 Total Mortgage Market1 Prime1 Subprime1 Freddie Mac2

1 Source: National Delinquency Survey from the Mortgage Bankers Association. Categories represent first lien single-family loans. Data is not yet available for the fourth quarter of 2015. 

2 See “Management’s Discussion and Analysis – Risk Management – Single-Family Mortgage Credit Risk – Monitoring Loan Performance and Characteristics – Single-Family Credit 

Guarantee Portfolio” in Freddie Mac’s Form 10-K for the year ended December 31, 2015, for information about the company’s reported delinquency rates. The single-family serious 

delinquency rate at December 31, 2015 was 1.32%. 

 14.55%

3.57%

Single-Family Serious Delinquency Rates 

Single-family mortgage market and Freddie Mac 

delinquency rates

Percent

2.07%

1.41%
© Freddie Mac 18

$86 $82 $77 $59 $53 $49

$60 $59 $52

$33 $25 $19

$24 $35 $52

$75 $91 $120

12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15

MF Guarantee Portfolio1

MF Investment Securities Portfolio

MF Unsecuritized Loan Portfolio

$26 $30 

$2

$17

2010 2011 2012 2013 2014 2015

Capped Purchase Volume

Uncapped Purchase Volume

Total Multifamily Portfolio

UPB $ Billions

Multifamily business volume and portfolio 

composition

Multifamily New Business Volume

$ Billions

1 Primarily K-Deals.

 Note: Totals may not add due to rounding.

$188

$169 $177 $180 $167 $169

$15

$20

$29

$26 $28

$47
© Freddie Mac 19

11% 8%

14% 12% 16% 17% 13% 15%

62%

56%

61% 67% 63% 58% 61% 59%

17%

19%

15%

14% 13%

14% 16% 14%

11%

18%

10% 7% 8% 11% 10% 12%

2008 2009 2010 2011 2012 2013 2014 2015

50% AMI or Less >50% - 80% AMI >80% - 100% AMI >100% AMI

Note: Totals may not add due to rounding.

Multifamily percentage of affordable units financed

Multifamily Acquisitions of Units by Area Median Income (AMI)

% of Eligible Units Acquired

88% of eligible 

units acquired 

during the year 

ended December 

31, 2015 are 

affordable to 

households 

earning at or 

below 100% AMI
© Freddie Mac 20

1 Represents the UPB of multifamily loans sold via Freddie Mac’s K Certificate transactions.

Note: Totals may not add due to rounding.

K-Deal Securitization Volume1

UPB $ Billions

Multifamily securitization volume

$2.1

$6.4

$13.7

$21.2

$28.0

$21.3

$35.6

2009 2010 2011 2012 2013 2014 2015

2009 2010 2011 2012 2013 2014 2015 Total

Total UPB1 $2.1 $6.4 $13.7 $21.2 $28.0 $21.3 $35.6 $128.4

Number of 

Transactions 2 6 12 17 19 17 30 103
© Freddie Mac 21

0

2

4

6

8

10

12

14

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Freddie Mac (60+ day)1 FDIC Insured Institutions (90+ day)

MF CMBS Market (60+ day) ACLI Investment Bulletin (60+ day)

0.00%

Multifamily market and Freddie Mac delinquency rates

Percent

1 See “Management’s Discussion and Analysis – Risk Management – MF Credit Risk – Multifamily Mortgage Credit Risk” in Freddie Mac’s Form 10-K for the year ended 

December 31, 2015, for information about the company’s reported multifamily delinquency rate. The multifamily delinquency rate at December 31, 2015 was 0.02%. 

Source: Freddie Mac, FDIC Quarterly Banking Profile, TREPP (CMBS multifamily 60+ delinquency rate, excluding REOs), American Council of Life Insurers (ACLI). Non-Freddie 

Mac data is not yet available for the fourth quarter of 2015.

 

0.74%

0.33%

0.01%
© Freddie Mac 22

$408 $406

$383 $367

$347

$470 $470 $470 $470

$399

$339

12/31/14 03/31/15 06/30/15 09/30/15 12/31/15 12/31/16

Mortgage-Related Investments Portfolio Ending Balance

Mortgage-Related Investments Portfolio Limit

Investments – Purchase Agreement portfolio limits

Indebtedness 1, 3

$ Billions

Mortgage Assets 1, 2

$ Billions

1 The company’s Purchase Agreement with Treasury limits the amount of mortgage assets the company can own and indebtedness it can incur. Under the Purchase Agreement, 

mortgage assets and indebtedness are calculated without giving effect to the January 1, 2010 change in the accounting guidance related to the transfer of financial assets and 

consolidation of variable interest entities (VIEs). See the company’s Annual Report on Form 10-K for the year ended December 31, 2015 for more information. 

2 Represents the unpaid principal balance (UPB) of the company’s mortgage-related investments portfolio. The company discloses its mortgage assets on this basis monthly in its 

Monthly Volume Summary reports, which are available on its Web site.

3 Represents the par value of the company’s unsecured short-term and long-term debt securities issued to third parties to fund its business activities. The company discloses its 

indebtedness on this basis in its Monthly Volume Summary reports, which are available on its Web site.

$454 $451 $417 $412 $418

$663 

$564 $564 $564 $564 

$479 

12/31/14 03/31/15 06/30/15 09/30/15 12/31/15 01/01/16

Total Debt Outstanding

Indebtedness Limit
© Freddie Mac 23

$375

$264 $224 $187 $168 $162 $148

$66

$40

$33

$24 $17 $16 $13

$176

$158

$143

$126

$95 $66 $40

$139 

$235 

$254 

$221 

$181 

$164 

$146 

12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15

Mortgage Loans

Non-Freddie Mac Mortgage-Related Securities (Non-Agency)

Non-Freddie Mac Mortgage-Related Securities (Agency)

Freddie Mac PCs and Structured Securities

1 Based on unpaid principal balances and excludes mortgage-related securities traded, but not yet settled. The mortgage-related investments portfolio is determined without giving

 effect to the January 1, 2010 change in accounting standards related to the transfer of financial assets and consolidation of variable interest entities (VIEs).

 Note: Totals may not add due to rounding.

Investments – mortgage-related investments portfolio 

composition

Mortgage-Related Investments Portfolio1

$ Billions

$755

$697

$653

$558

$461

$408

 $347
© Freddie Mac 24

58% 54%

46%

4%

5%

9%

38%

41%

45%

12/31/13 12/31/14 12/31/15

Less Liquid2 Securitization Pipeline3 Liquid

$0.9 $0.2 $2.9 $2.8

$13.8

$11.4

$0.6 $2.9

$13.1

$1.9

$0.3 $3.5

$7.0

$8.2

2013 2014 2015

Securitization of Single-Family Reperforming & Modified Loans

Multifamily Sales

Non-Performing Single-Family Loan Sales

Single-Family Non-Agency Mortgage-Related Securities

Other

Investments – mortgage-related investments portfolio 

composition, continued

Liquidity Categories

$ Billions

1 Excludes liquidations.

2 Less liquid assets are less liquid than agency securities and loans in the securitization pipeline (e.g., reperforming loans and performing modified loans and non-agency mortgage-related 

securities).

3 Includes performing multifamily and single-family loans purchased for cash and primarily held for a short period until securitized, with the resulting Freddie Mac issued securities being sold 

or retained. 

4 In 2015, Other includes resecuritization of securities backed by military housing.

Less Liquid Activity1

$ Billions

$20.3

$23.5

$25.7

$408

$347

$461

4
© Freddie Mac 25

$99 

$122 

$146 

$105 

$90 

$78 

$123 

$80 $75 

$61 

$69 $74 

$62 

Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15

1 Portfolio Market Value Sensitivity, or PMVS, is an estimate of the change in the market value of Freddie Mac’s financial assets and liabilities from an instantaneous 50 basis point 

shock to interest rates, assuming no rebalancing actions are undertaken and assuming the mortgage-to-LIBOR basis does not change. PMVS-Level or PMVS-L measures the 

estimated sensitivity of the company’s portfolio market value to parallel movements in interest rates.

2 Duration gap measures the difference in price sensitivity to interest rate changes between Freddie Mac’s financial assets and liabilities, and is expressed in months relative to the 

market value of assets.

$ Millions

 Average Monthly PMVS-Level1

Interest-rate risk measures

Average Monthly Duration Gap2

Months

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2

3

4

5

6

Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15
© Freddie Mac 26

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 Guarantee, Multifamily and Investments segments, its loan 

workout initiatives and other efforts to assist the U.S. residential mortgage market, liquidity, capital management, economic and market 

conditions and trends, market share, the effect of legislative and regulatory developments and new accounting guidance, credit quality of 

loans we guarantee, and results of operations and financial condition on a GAAP, Segment Earnings and fair value basis. Forwardlooking 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 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, 2015, which is available on the Investor Relations page of 

the company’s Web site at www.FreddieMac.com/investors and the SEC’s Web site 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.