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					Freddie Mac Update


     June 2011
Table of Contents

      Section                                                                                                                                               Page


             I              Freddie Mac Overview                                                                                                                3

            II              U.S. Housing Market                                                                                                                16

           III              Credit Guarantee Business                                                                                                          27

           IV               Investment Management Business                                                                                                     45

            V               Global Debt Funding Program                                                                                                        51

           VI               Mortgage Funding                                                                                                                   62




For more information about Freddie Mac and its business, please see the company’s filings with the Securities and Exchange Commission, including the company’s Annual
Report on Form 10-K for the year ended December 31, 2010, which are available on the Investor Relations page of the company’s Web site at
www.FreddieMac.com/investors and the Securities and Exchange Commission’s Web site at www.sec.gov.




                                                                                                                                                                        2
Freddie Mac Overview
Congress created Freddie Mac to provide stability, liquidity,
and affordability to the U.S. residential mortgage market


                                                                           U.S. Residential
                                                                           Mortgage Market




                    Mortgage                                                                              Mortgage
                  Securitization                                             Freddie Mac                Investments




             Mortgage-backed                                                                               Debt
                Securities                                                   Global Capital              Securities
                                                                                Markets

“A primary purpose is to provide stability in the secondary market for home mortgages including mortgages securing housing
for low and moderate income families. This can be accomplished through both portfolio purchasing and selling activities, as
well as through the securitization of home mortgages.”1



1 House of Representatives report on FIRREA, No. 54, 101st Congress, 1st Session, Part 3 at 2 (1989).
                                                                                                                              4
Conservatorship
   The Director of the Federal Housing Finance Agency (FHFA) has placed Freddie Mac
   and Fannie Mae in conservatorship in order to restore the balance between the GSEs’
   safety and soundness and mission

   FHFA is the Conservator for both GSEs
    » The Conservator assumed all powers of the Boards, management and
      shareholders
    » FHFA reconstituted our board of directors and executive management
    » FHFA stated that the GSEs will continue business as usual during the
      conservatorship

   FHFA has indicated that the goals of the conservatorship include:
    » Restoring confidence in the GSEs
    » Enhancing the GSEs’ capacity to fulfill their missions
    » Mitigating the systemic risk that has contributed to market instability

   FHFA has indicated that a GSE’s conservatorship will end when the Director
   determines that FHFA’s plan to restore the GSE to a safe and solvent condition has
   been completed

                                                                                         5
Purchase Agreement with Treasury
   Under the Purchase Agreement, the $200 billion cap on Treasury’s funding commitment to
   Freddie Mac will increase as necessary to accommodate any cumulative reduction in Freddie
   Mac’s net worth during 2010, 2011 and 2012
   What happens after 2012?
    » If Freddie Mac does not have a capital surplus (i.e., positive net worth) at the end of 2012,
      then the amount of funding available after 2012 will be $149.3 billion ($200 billion
      commitment reduced by cumulative draws for net worth deficits through December 31, 2009)
    » If Freddie Mac has a capital surplus at the end of 2012, then the amount of funding available
      after 2012 will depend on the size of that surplus relative to cumulative draws needed for
      deficits during 2010 to 2012, as follows:
         – If the year-end 2012 surplus is lower than the cumulative draws needed for 2010 to
           2012, then the amount of available funding is $149.3 billion less the surplus
         – If the year-end 2012 surplus exceeds the cumulative draws for 2010 to 2012, then the
           amount of available funding is $149.3 billion less the amount of those draws
   Freddie Mac has received a total of $63.7 billion under the Purchase Agreement, including $500
   million received from Treasury during the first quarter of 2011.
   Freddie Mac has paid $11.6 billion in cash dividends on the senior preferred stock as of March 31,
   2011.
    » As of March 31, 2011, Freddie Mac’s annual cash dividend obligation to Treasury is $6.5
      billion, which exceeds our annual historical earnings in all but one period


                                                                                                  6
 Total comprehensive income (loss) attributable to Freddie
 Mac

         $ Billions
         10


           5
                                   $3.7                $3.1
                                                                                                                             $1.4                      $1.2        $2.7
           0
                                                                                                                     $(0.4)
                                                                                                  $(1.9)
          (5)                                                                    $(3.8)
                           $(5.9)

        (10)


        (15)
                        1Q               2Q                3Q               4Q                1Q                2Q               3Q                4Q          1Q
                       2009             2009              2009             2009              2010              2010             2010              2010        2011

                         A                   Net income (loss) attributable to Freddie Mac
                                                                                                                                                               1
                         B                   Change in accumulated other comprehensive income (AOCI), net of taxes
                   C=A+B                     Total comprehensive income (loss) attributable to Freddie Mac

1 AOCI is the section of the balance sheet where the company records a portion of mark-to-market changes on its available-for-sale (AFS) securities.
                                                                                                                                                                          7
Treasury draw requests and dividend payments
$ Billions
                                                                                                                          ($ Billions)                                Cumulative
                                                                                                                                                                        Total
                                                                                                                          Treasury Draw Requests1                       $64.7
                          $30.8
                                                                                                                          Dividend Payments2                            $11.6




            $14.8

                                                                                                   $10.6

                                          $6.1

                                                             $1.1           $1.3          $1.3                    $1.8              $1.6     $1.6              $1.6
                                                 $0.4                                                      $1.3          $1.3
                                 $0.2                                                                                           $0.1     $0.5
                     3                                                                                     4
               3Q             4Q             1Q            2Q             3Q             4Q               1Q        2Q            3Q            4Q            1Q
              2008           2008           2009          2009           2009           2009             2010      2010          2010          2010          2011

                                         Draw Request from Treasury 5                                           Dividend Payment to Treasury 6
1 Includes the initial liquidation preference of Freddie Mac’s senior preferred stock of $1.0 billion.
2 The sum of quarterly dividends does not equal the cumulative total due to rounding.

3 Consists of requested Treasury draw of $13.8 billion for 3Q 2008 and the initial liquidation preference of Freddie Mac’s senior preferred stock of $1.0 billion.

4 On January 1, 2010, the company adopted amendments to the accounting guidance related to transfers of financial assets and consolidation of variable interest entities (VIEs),
  which resulted in a net decrease of $11.7 billion to total equity (deficit) as of January 1, 2010 and drove the decline in net worth for 1Q 2010.
5 Represents the draw requested based on Freddie Mac’s net worth deficit for the quarter presented. Draw requests are funded in the subsequent quarter (e.g., $500 million request
  for 4Q 2010 was funded in 1Q 2011).
6 Represents quarterly cash dividends paid by Freddie Mac during the quarter presented. Treasury is entitled to receive cumulative quarterly cash dividends at the annual rate of 10%
  per year on the liquidation preference of the senior preferred stock. Consistent with the terms of the Senior Preferred Stock Purchase Agreement, accrued dividends relating to 3Q    8
  2008 were included in the quarterly dividend payment made by Freddie Mac on December 31, 2008.
Purchase Agreement portfolio limits1


                          Mortgage Assets 1,2                                                                                    Indebtedness 1,3
                                      ($ Billions)                                                                                       ($ Billions)



                                                                                                        $1,080

                                                                                                                       $972           $972           $972            $972             $972
  $810

                                                                                     $729
  $697             $695            $696             $692
                                                                                                        $728           $725            $717           $729




12/31/2010      1/31/2011        2/28/2011       3/31/2011                        12/31/2011         12/31/2010      1/31/2011      2/28/2011      3/31/2011                        12/31/2011

                     Mortgage-related investments portfolio ending balance                                                              Total debt outstanding
                     Mortgage-related investments portfolio limit                                                                       Indebtedness limit




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, 2010 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 and in Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC).
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 monthly in its Monthly Volume Summary reports, which are available on its Web site and in Current Reports on Form 8-K filed with the SEC.
                                                                                                                                                                                             9
U.S. housing finance market reform
         On February 11, 2011, the Obama Administration delivered a report to Congress that lays
         out the Administration’s plan to reform the U.S. housing finance market
         The report recommends winding down Freddie Mac and Fannie Mae
            » The report identifies a number of policy levers that could be used to wind down Freddie
              Mac and Fannie Mae, shrink the government’s footprint in housing finance, and help
              bring private capital back to the mortgage market, including:
                     – Increasing GSE g-fees
                     – Phasing in a 10 percent down payment requirement on mortgages insured by
                       Freddie Mac and Fannie Mae
                     – Reducing conforming loan limits
                     – Winding down Freddie Mac and Fannie Mae’s investment portfolios, consistent
                       with Freddie Mac and Fannie Mae’s Purchase Agreements with Treasury
         The report states that the government is committed to ensuring that the GSEs have
         sufficient capital to perform under any guarantees issued now or in the future and the ability
         to meet any of their debt obligations
            » The report states that the Administration will not pursue policies or reforms in a way
              that would impair the GSEs’ ability to honor their obligations
            » The report states the Administration’s belief that under the Purchase Agreements there
              is sufficient funding to ensure the orderly and deliberate wind down of Freddie Mac and
              Fannie Mae

Source: The Department of the Treasury and U.S. Department of Housing and Urban Development’s “Reforming America’s Housing Finance Market: A Report to Congress”, February
2011.                                                                                                                                                                        10
   Real estate owned1
                                  Property Inventory                                                                  Geographic Distribution2
                                   1Q 2011 Activity                                                                  Based on Property Inventory
                                ((Number of Properties)                                                                     ((Number of Properties)

                                    24,709
                                                                                                                                       Northeast
                                                                                                                                         6,084
                                                                                                                              West
                                                         (31,628)                                                                        (10%)
                                                                                                                             17,768
             72,093                                                                                                          (27%)             Southeast
                                                                           65,174
                                                                                                                                                 13,838
                                                                                                                                                 (21%)

             12/31/10             Acquisitions      Dispositions            3/31/11                                   Southwest
             Inventory                                                     Inventory                                    7,290           North
                                                                                                                        (11%)          Central
                                    Historical Trend                                                                                   20,194
                                Ending Property Inventory                                                                               (31%)

Number of
Properties
                                                                                                REO acquisitions increased by approximately 930 properties in 1Q 2011.
 80,000                                                             75k       72k               We expect the pace of our REO acquisitions to increase in the remainder
 70,000                                                                                65k
                                                              62k                               of 2011, in part due to the resumption of foreclosure activity by servicers,
 60,000                                            54k                                          as well as the transition of many seriously delinquent loans to REO.
 50,000                                      45k
                                  41k                                                           REO disposition reached record levels in 1Q 2011 with over 30,000 homes
 40,000                  35k
              29k                                                                               sold, two-thirds of which were sold to owner occupants, or buyers who
 30,000
 20,000                                                                                         intend to live in the home.
 10,000                                                                                         Excluding any post-foreclosure period during which a borrower may
       0                                                                                        reclaim a foreclosed property, the average holding period for the
              1Q         2Q        3Q      4Q       1Q       2Q      3Q       4Q       1Q
                                                                                                company’s REO dispositions was 191 days for the first quarter of 2011 but
             2009        2009     2009     2009    2010      2010   2010     2010      2011
                                                                                                varies significantly in different states.
 1 Includes single-family and multifamily REO.

 2 Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); Southeast (AL, FL, GA, KY, MS,
                                                                                                                                                                               11
  NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY).
 Single-family loan workouts
                                      90,000
                                                                     79,374

                                                 68,911
                    Number of Loans


                                                                                            63,762                 63,209                 62,641
                                      60,000




                                      30,000




                                          0
                                                1Q 2010            2Q 2010                3Q 2010                4Q 2010                1Q 2011
            Loan modifications 1                 Repayment plans 2          Forbearance agreements3                      Short sales and deed-in-lieu transactions 4


                                               Home Retention Actions                                                            Foreclosure Alternatives
1 Loan modifications involve adding outstanding indebtedness, such as delinquent interest, to the unpaid principal balance of the loan or changing other terms of a mortgage.
  Represents the number of modifications completed during the quarter. Includes completed loan modifications under HAMP; however, the number of such completions may differ from
  that reported by the MHA Program administrator in part due to differences in the timing of recognizing the completions by the company and the MHA Program administrator.
2 Repayment plans are agreements between the servicer and a borrower that give the borrower a defined period of time to reinstate the mortgage by paying regular payments plus an
  additional agreed upon amount in repayment of the past due amount. Represents the number of borrowers that completed (made their last additional repayment amount) plans
  during the period and excludes those actively repaying.
3 Forbearance agreements are agreements between the servicer and the borrower where reduced payments or no payments are required during a defined period. Many borrowers
  complete a short-term forbearance agreement before another loan workout is pursued or completed. The company only reports forbearance activity for a single loan once during
  each quarterly period; however, a single loan may be included under separate forbearance agreements in separate periods.
4 Short sales are sales of mortgaged properties in which the homeowner sells the home at market value and the lender accepts proceeds (sometimes together with an additional
  payment or promissory note from the borrower) that are less than the outstanding mortgage indebtedness in full satisfaction of the loan. Deed-in-lieu transactions are an alternative
  to foreclosure in which the borrower voluntarily conveys title to the property to the lender and the lender accepts such title (sometimes together with an additional payment by the    12
  borrower) in full satisfaction of the mortgage indebtedness.
Single-family loan modifications

                                                              Single-family Loan Modifications
                                                                  (HAMP and non-HAMP) 1




                                    50,000                                          50k
                                                               44k
                                    40,000                                                            39k
                  Number of Loans




                                                                                                                         37k
                                                                                                                                             35k

                                    30,000


                                    20,000
                                              16k

                                    10,000


                                        0
                                             4Q 2009        1Q 2010             2Q 2010            3Q 2010            4Q 2010            1Q 2011

                   No change in terms or extension of loan term only                               Reduction of contractual interest rate

                   Rate reduction and term extension                                               Rate reduction, term extension and principal forbearance




1 Includes completed loan modifications under HAMP. Excludes those loan modification activities for which the borrower has started the required process, but the modification has not
 been made permanent, or effective, such as loans in the trial period under HAMP.
                                                                                                                                                                                        13
Reperformance rates

                                             Reperformance Rates of Single-family Loan Modifications
                                                           (HAMP and non-HAMP) 1


           Of the loans modified in 2Q 2009, 56% were current or less than 3 months past due 21 to 23
           months post modification.
           Of the loans modified in 4Q 2010, 94% were current or less than 3 months past due 3 to 5
           months post modification.
                                                               % Current or Less Than 3 Months Past Due 2

                                                                                  Quarter of Loan Modification Completion3

          Time Since Modification                 2Q 2009           3Q 2009           4Q 2009           1Q 2010            2Q 2010           3Q 2010           4Q 2010

          3 to 5 months                             73%               89%                92%                95%              94%               93%                94%

          6 to 8 months                             64%               79%                88%                92%              90%               91%                N/A

          9 to 11 months                            60%               74%                85%                88%              88%                N/A               N/A

          12 to 14 months                           58%               71%                82%                87%               N/A               N/A               N/A

          15 to 17 months                           57%               68%                81%                N/A               N/A               N/A               N/A

          18 to 20 months                           55%               68%                N/A                N/A               N/A               N/A               N/A

          21 to 23 months                           56%                N/A               N/A                N/A               N/A               N/A               N/A
1 Excludes those loan modification activities for which the borrower has started the required process, but the modification has not been made permanent, or effective, such as loans in
 the trial period under HAMP.
2 Includes loans that have been paid-in-full or repurchased.

3 Loan modifications are recognized as completed in the quarterly period in which the servicer has reported the modification as effective and the agreement has been accepted by
 Freddie Mac, which in certain cases may be delayed by a backlog in servicer processing of modifications.                                                                                 14
       Repurchase requests1

            The UPB of outstanding repurchase requests issued to our single-family seller/servicers
            declined from $3.8 billion as of December 31, 2010 to $3.4 billion as of March 31, 2011.2


                Trend in Repurchase Requests Outstanding                                                                    1Q 2011 Repurchase Request Activity
                                                                                                                  $ Billions
  UPB                                                                                       Percent
$ Billions                                                                              3     (%)
   6                                                                              38%            40                                         $2.8
                                                               34%                               35
   5
                                                                                                 30
   4
                                                                                                 25
                        20%                   20%
   3                                                                                             20
                                                                                                                                                                ($3.2)
                                                                                                 15
   2
                 $3.6                                       $3.8                 $3.4            10                  $3.8                                                               $3.4
                                      $4.2
   1
                                                                                                 5
   0                                                                                             0
             12/31/2008           12/31/2009            12/31/2010            3/31/2011                            UPB of             Repurchases          Repurchases               UPB of
                                                                                                                 outstanding             Issued             Resolved 4             outstanding
                              Outstanding repurchase requests                                                    requests at                                                       requests at
                                                                                                                 12/31/2010                                                         3/31/2011
                              Requests outstanding more than 4 months

  1 Freddie Mac’s contracts require that a seller/servicer repurchase a mortgage after a repurchase request has been issued, unless the seller/servicer avails itself of an appeals
       process provided for in the contracts, in which case the deadline for repurchase is extended until Freddie Mac decides the appeal.
  2 The amount the company expects to collect on outstanding requests is significantly less than the unpaid principal balance (UPB) amount primarily because many of these requests
       will likely be satisfied by reimbursement of the company’s realized losses by seller/servicers, or may be rescinded in the course of the contractual appeals process. Based on
       historical loss experience and the fact that many of these loans are covered by credit enhancement, Freddie Mac expects the actual credit losses experienced by the company
       should it fail to collect on these repurchase requests would also be less than the UPB of the loans.
  3 As of March 31, 2011, a significant portion of the repurchase requests outstanding more than four months relates to requests made because the mortgage insurer rescinded the
       mortgage insurance on the loan or denied the mortgage insurance claim. The company’s actual credit losses could increase should the mortgage insurance coverage not be
       reinstated or the company fails to collect on these repurchase requests.
  4 Repurchases resolved include requests paid in addition to those satisfied by cancellation or other recourse/indemnification. During the three months ended March 31, 2011, the             15
       company recovered amounts that covered losses with respect to $1.2 billion of UPB of loans associated with its repurchase requests.
U.S. Housing Market
  U.S. single-family mortgage debt in relation to total value of
  housing stock
$ Trillions
25



20

                                           Value of U.S. Housing Stock1
15
                                                                                                                                                                       $6.3
                                                                                                                                                                       Trillion
                                                                                                     $8.2 Trillion
10
                                                                                                        (2001)

                                                                  U.S. Home Equity 2
  5                                                                                                                                                                   $10.1
                                                                                                                                                                      Trillion
                                                             U.S. Single-family Mortgage Debt Outstanding3
  0
     1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


 1 Value of U.S. housing stock: Federal Reserve Board’s Flow of Funds Accounts, March 10, 2011, Table B.100 (line #49). This figure includes homes with and without
      underlying mortgages.
 2   U.S. home equity is the difference between the value of the U.S. housing stock and the amount of U.S. single-family mortgage debt outstanding.
 3 U.S. single-family mortgage debt outstanding: Federal Reserve Board’s Flow of Funds Accounts, March 10, 2011, Table L.100 (line #26).
                                                                                                                                                                         17
     Source: Federal Reserve Board’s Flow of Funds Accounts. Data as of December 31, 2010.
U.S. nominal house prices have declined sharply

                                                   Annual changes in national house prices
Percent
 16

 14

 12

 10

   8

   6            4.5%: 1952-2009
                Average Growth Rate
   4

   2

   0

  -2

  -4                                                                                             - Recession Year

  -6
       1952 1955 1958 1961 1964 1967 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009
Note: Growth rates for 1952 to 2009 are calculated using the annual average of certain third party and Freddie Mac indices.
Sources: E. H. Boeckh and Associates, Bureau of Labor Statistics, U.S. Census Bureau and Freddie Mac.
                                                                                                                              18
  National home prices have experienced a cumulative decline
  of 27% since June 20061

      Percent
        (% )
         6            5.2
                                              4.5
         4
                                        2.6         2.5                                                                                 2.4
                2.2         2.2                                     2.2
         2                        1.4
                                                          0.8 1.1                   0.7 0.8                                                                    1.0
                                                                                                                 0.0
         0
                                                                                                                                             (0.1)      (0.3)
                                                                        (0.9)
        (2)                                                                 (1.5)
                                                                                               (2.1)                                              (2.1)
                                                                                                                                 (2.5)                                      (2.8)
                                                                                                          (3.0)       (3.0)                                        (3.4) (3.5)
        (4)
                                                                                                    (4.4)
        (6)
                                                                                                                           (6.3)
        (8)
              1Q04                   1Q05                   1Q06                   1Q07                  1Q08                   1Q09                   1Q10                   1Q11

1 National home prices use the internal Freddie Mac index, which is value-weighted based on Freddie Mac’s single-family credit guarantee portfolio. The U.S. index is a monthly series;
  quarterly growth rates are calculated as a 3-month change based on the final month of each quarter. Cumulative decline of 27% calculated as a cumulative compound growth rate.
  Source: Freddie Mac.                                                                                                                                                                    19
Home price performance by state
June 2006 to March 2011

                                                                    United States –27%

                         -24%
                                                                                                                                                                     -17%
                                                     -13%                     11%                                                                     -9%
                                                                                               -31%
                                                                                                                                                         -26%
                    -32%                                                                                 -21%                                     -13% -22%
                                    -34%                                       -1%
                                                                                                                          -41%
                                                         -6%
                                                                                                   -7%                                       -13% -23%
                                                                                -7%                                              -22%                                    RI –30%
                             -59%                                                                                                                  -31% -20%
                                                                                                              -26% -12%                                                  CT –21%
                                            -20%                                                                                        -3%
                                                               -17%                                                                              -25%                    DC -8%
                                                                                    -8%               -19%                   -5%
                 -45%
                                                                                                                                             -15%
                                                                                                                        -11%
                                        -50%                                            -4%           -12%                                  -12%
                                                          -12%
                                                                                                                                    -31%                      > 0%
                                                                                                                -11% -15%
                                                                                                        -6%
                                                                                                                                                              -13 to 0%
        -2%                                                                         0%
                                                                                                                                                              -27 to -14%
                                                                                                                                             -49%
                                          -22%                                                                                                                < -27%



 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.
 Source: Freddie Mac.                                                                                                                                                        20
Inventories of homes for sale remain elevated
Months Supply of
Homes for Sale
 15
 14
 13
                                               Existing Homes
 12
 11
 10
  9
  8
  7
  6
  5
  4
                                                 New Homes
  3
  2
  1
  0
  1976             1978          1981          1984          1987           1990          1993      1996      1999   2002   2005   2008   2011
                                                                                           - Recession Year

Sources: U.S. Census Bureau and National Association of Realtors. 2011 data as of April 30, 2011.                                          21
  A large inventory overhang remains within the housing
  market

                                                              Excess unsold homes for sale
Numbers in Thousands
      1,000                      Annual Data                                                          Quarterly Data

         900
         800
         700
         600
         500
         400
         300
         200
         100
              0
                                                          Q1           Q4Q1             Q4Q1             Q4 Q1       Q4 Q1   Q4Q1   Q4 Q1
        -100
                  1996             2000             2004 2005                    2006             2007            2008   2009   2010 2011

   Note: The excess unsold homes were estimated based on the average vacancy rate from 1996Q1 to 2005Q4 (1.7%).
   Source: U.S. Census Bureau.                                                                                                              22
    Mortgage originations are expected to decline by 29 percent
    in 2011

                                                      Total single-family mortgage originations
$ Billions
 4,000
                 Refinance Originations
                 Home Purchase Originations

3,000




2,000




1,000




     0
         1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
                                                                                                        Est. Est.
      Note: Estimates and forecasts by the Office of the Chief Economist do not necessarily represent the views of Freddie Mac or its management should not be construed as
      indicating Freddie Mac's business prospects or expected results, and are subject to change without notice.

      Source: U.S. Department of Housing and Urban Development and Federal Financial Institutions Examination Council. 2010 and 2011 data based on the May 2011 estimate
      of Freddie Mac’s Office of the Chief Economist.                                                                                                                         23
Housing affordability increased in the first quarter of 2011

                                                                   Housing affordability

      Index
      200
      190                                                                                                                                                                 191
      180
      170
      160
      150
      140
      130
      120
      110
                                                                                     Average = 131
      100
       90
       80
         1991              1993            1995           1997               1999        2001           2003           2005            2007           2009           2011



 Note: An index of 100 indicates a median income family has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a median
 income family has more than enough income to qualify for a mortgage on a median-priced home. Data seasonally adjusted.
 Source: National Association of Realtors. 2011 data as of March 31, 2011.
                                                                                                                                                                                  24
Jumbo-conforming spreads have declined from record levels
in December 2008

                                        Effective jumbo-conforming interest rate spread
Basis points
 200
 180                                                                                                                  Record: 184 bps
                                                                                                                         12/19/08
 160
                                                                                                                 Most recent: 51 bps
 140                                                                                                                    6/3/11

 120
 100
   80
   60
   40
   20
     0
         1988
                1989
                        1990
                               1991
                                       1992
                                              1993
                                                      1994
                                                              1995
                                                                     1996
                                                                            1997
                                                                                   1998
                                                                                          1999
                                                                                                 2000
                                                                                                        2001
                                                                                                               2002
                                                                                                                       2003
                                                                                                                              2004
                                                                                                                                     2005
                                                                                                                                            2006
                                                                                                                                                   2007
                                                                                                                                                          2008
                                                                                                                                                                 2009
                                                                                                                                                                        2010
                                                                                                                                                                               2011
 Note: Effective spread adds fees and points to the interest rate.

 Source: HSH Associates. Data as of June 3, 2011.
                                                                                                                                                                                  25
 30-year fixed mortgage rates

Percent
8.5
8.0
7.5
7.0
6.5
6.0
5.5
                                                                                                                     5.20%
5.0
                                                                                                                     4.75%
4.5                                                                                                                  4.69%


4.0
3.5
  1/4/08               6/6/08               11/7/08    4/10/09   9/11/09    2/12/10      7/16/10    12/17/10   5/20/11

                     30-Year Conforming                30-Year Conforming Jumbo       30-Year Non-Conforming Jumbo


  Note: Points and fees are added to interest rates.

  Source: HSH Associates. Data as of June 3, 2011.
                                                                                                                     26
Credit Guarantee Business
    Our credit guarantee business accounts for most of our
    total mortgage portfolio

                                                                       Total mortgage portfolio
$ Billions
2,400
                                                                                                                                    $2,251
                                                                                                                    $2,207                           $2,165            $2,138
2,200                                                                                             $2,103
2,000
                                                                                   $1,827
1,800                                                            $1,685
1,600                                            $1,506
                                $1,415
1,400         $1,317                                                                                                                                                   $1,451

                                                                                                                                                                                 $1,706
1,200

1,000

   800

   600                                                                                                                                                                   $255

   400
                                                                                                                                                               $687
   200                                                                                                                                                                   $432

      0
                       1
               2002              2003 1           2004 1            2005             2006           2007             2008             2009             2010           2011 YTD
                                   Outstanding Freddie Mac Mortgage-Related Securities and Other Guarantee Commitments
                                   Mortgage-related Investments Portfolio (PCs, REMICs and Other Structured Securities)
                                   Mortgage-related Investments Portfolio (Non-Freddie Mac Mortgage-Related Securities & Mortgage Loans)
1 Includes Freddie Mac mortgage-related securities and other guarantee commitments Freddie Mac held in connection with PC market-making and support activities accomplished
 through the Securities Sales & Trading Group business unit and the Money Manager program. These programs ceased in the fourth quarter of 2004.
 Note: Totals may not add due to rounding.
 Source: Freddie Mac. 2011 data as of April 30, 2011. Figures for 2011 are subject to change.                                                                                     28
Freddie Mac’s GSE market share

 Freddie Mac share of
  PC/MBS issuances
      (Percent)

               50


                                                        45%
               45
                                                                       43%            43%

                                         41%
                                                                                                     40%
               40
                                                                                                                                   38%
                          37%                                                                                       37%                  37%

               35



               30
                         2003           2004           2005           2006           2007           2008           2009           2010   2011



 Source: Freddie Mac and Fannie Mae Monthly Volume Summaries. 2011 data as of April 30, 2011. Figures for 2011 are subject to change.

                                                                                                                                                29
   Freddie Mac’s single-family credit guarantee portfolio is well
   diversified1




                                                                                                            North Central
                                                                                                                       18%                                         Northeast
                                                                    West
                                                                                                                                                                         25%
                                                                      27%
                                                                                                    Southwest
                                                                                                           12%                           Southeast
                                                                                                                                                 18%




1 Based on the unpaid principal balance of the single-family credit guarantee portfolio, which includes unsecuritized single-family mortgage loans held by the company on its
  consolidated balance sheets and those underlying Freddie Mac mortgage-related securities, or covered by the company's other guarantee commitments.

  Source: Freddie Mac. Data as of March 31, 2011.
                                                                                                                                                                                30
                      Mortgage market and Freddie Mac serious delinquency rates
                                                                                         Single-family Serious Delinquency Rates


                                32

                                28
                                                                                                                                                                                                       27.46%

                                24
Seriously Delinquent (%)




                                20


                                16

                                12

                                                                                                                                                                                                       8.57%
                                 8
                                                                                                                                                                                                       6.25%
                                 4                                                                                                                                                                     3.84%

                                 0
                                      Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10



                                                        Total Mortgage Market 1                               Prime 1               Subprime 1                    Freddie Mac 2


                           1 Source: National Delinquency Survey from the Mortgage Bankers Association. Categories represent first lien single-family loans. Data is not yet available for the first
                             quarter of 2011.
                           2 See “MD&A – RISK MANAGEMENT – Credit Risk – Mortgage Credit Risk – Credit Performance – Delinquencies” in Freddie Mac’s 2010 Form 10-K for the year ended
                                                                                                                                                                                                                31
                             December 31, 2010, for information about the company’s reported delinquency rates. The single-family seriously delinquent rate at March 31, 2011 is 3.63%.
   Estimated current LTV ratio of our single-family credit
   guarantee portfolio

                             Average estimated loan-to-value1 ratio of our single-family credit
                               guarantee portfolio adjusted to reflect current market prices
Average Estimated Current
LTV Ratio (Percent)
   80
                                                                                                                                                                        78%          78%
                                                                                                                                                            77%

   75
                                                                                                                                               72%

   70

              65%
   65
                           63%                                                                                                    63%
                                                     61%         61%           61%
                                        60%
   60
                                                                                           58%
                                                                                                                     57%
                                                                                                        56%
   55
             1998          1999        2000         2001         2002         2003         2004         2005         2006         2007         2008         2009         2010       Mar 31,
                                                                                                                                                                                     2011

  1 Based on the unpaid principal balance of the single-family credit guarantee portfolio, excluding Other Guarantee Transactions for which the loan characteristics data is not available.
    Current market values are estimated by adjusting the value of the property at origination based on changes in the market value of homes since origination.
    Source: Freddie Mac.
                                                                                                                                                                                              32
    Risk characteristics of our single-family credit guarantee
    portfolio
                        Estimated current
                       loan-to-value ratio1,2                                                                                       Credit score2,3
                             (Percent)
                                                                                                                                     Less than 620
                          Above 120
                                                                                                                                          3%     Not Available
         Above 110 to 120    9%                                                                                               620 to 659
                                                                                                                                 7%                   1%
               4%                                                      60 and below
                                                                           26%                             660 to 699
 Above 100 to 110                                                                                            15%
       6%

Above 90 to 100
    10%
                                                                             Above 60 to 70                                                                                 740 and above
                                                                                 12%                                                                                             53%
                                                                                                           700 to 739
    Above 80 to 90                                                                                           21%
        15%
                                                    Above 70 to 80
                                                        18%

  1 Current market values are estimated by adjusting the value of the property at origination based on changes in the market value of homes since origination. Estimated current LTV ratio
    range is not applicable to purchase activity, and excludes any secondary financing by third parties.
  2 Based on the unpaid principal balance of the single-family credit guarantee portfolio. Other Guarantee Transactions with ending balances of $2 billion at March 31, 2011 are excluded
    from portfolio balance data since these securities are backed by non-Freddie Mac issued securities for which the loan characteristics data are not available.

  3 Credit score data is at the time of mortgage loan origination and is based on FICO scores.

    Source: Freddie Mac. Data as of March 31, 2011.
                                                                                                                                                                                             33
  Estimated sensitivity of credit losses to an immediate
  5% decline in house prices1
   Net Present Value
   ($ Millions)
      14,000

      12,000

                                                                                                                                                                           $9.8
      10,000
                                                                                                                                                                                   $9.0

         8,000

         6,000

         4,000

         2,000

                 0
                         3/31/09           6/30/09            9/30/09 12/31/09                     3/31/10           6/30/10            9/30/10 12/31/10 3/31/11

                            Before receipt of credit enhancements2                                               After receipt of credit enhancements3
1 Based on the single-family credit guarantee portfolio, excluding REMICS and Other Structured Securities backed by Ginnie Mae Certificates. This sensitivity analysis is hypothetical
  and may not be indicative of the company’s actual results. Freddie Mac does not use this analysis for determination of its reported results under GAAP. Credit loss projections in this
  sensitivity analysis beginning as of March 31, 2010 declined, in part, because as of March 31, 2010 the company adjusted its model used in this analysis for both serious delinquency
  and loss severity projections.
2 Assumes that none of the credit enhancements currently covering the company’s mortgage loans has any mitigating impact on its credit losses.

3 Assumes Freddie Mac collects amounts due from credit enhancement providers after giving effect to certain assumptions about counterparty default rates.

  Source: Freddie Mac.                                                                                                                                                                      34
    We fulfill our mission through purchasing a variety of
    mortgage products

         Total mortgage portfolio purchases                                                                     Total mortgage portfolio
          Four months ended April 30, 2011                                                                        As of April 30, 2011
                               $127.2 Billion                                                                         $1.95 Trillion
                                            20-year Fixed                                                                     20-year Fixed
                                                Rate                                                                              Rate
                                                 6%                                                                                4%
                                                                                                                                         15-year Fixed
                                                                                                                                             Rate
                                                                          15-year                                                            14%
                                                                        Fixed Rate                                                              IO
                                                                           21%                                                                  4%
                                                                                 30-year Fixed                                                  ARMs
30-year Fixed                                                                        Rate                                                        3%
    Rate                                                                    ARMs     65%                                                          HFA Bonds
    60%                                                                      6%
                                                                                                                                                       1%
                                                                                                                                                 Multifamily
                                                                     Multifamily                                                                Conventional
                                                                    Conventional                                                        Other
                                                                                                                                                    5%
                                                                        3%                                                               4%
                                                     Other
                                                      3%



    Note: Excludes non-Freddie Mac mortgage-related securities. Percentages may not add up to 100% due to rounding.
    Source: Freddie Mac.                                                                                                                                 35
Loan purpose of single-family credit guarantee portfolio
purchases

       Percent
        (%)
       100
                                                                                                 7
        90                                                                                                       28                                  30
        80                               47
        70             56                                  53                 59
        60                                                                                                                                                                 85%
                                                                                                73
        50
                                                                                                                 52                                  55
        40
        30                               53
        20             44                                  47                 41
        10                                                                                      20               20                                  15
         0
                     2005              2006              2007              2008              2009              2010                             1Q 2011

                                                                                                                                                      1, 2
                                   Purchase                        Non-Relief Refinance                                 Relief Refinance

1 The relief refinance mortgage initiative is Freddie Mac’s implementation of the Home Affordable Refinance Program. Under the program, the company allows eligible borrowers who
  have mortgages with high current LTV ratios to refinance their mortgages without obtaining new mortgage insurance in excess of what was already in place. The program is targeted
  at borrowers with current LTV ratios above 80%; however, Freddie Mac’s program also allows borrowers with LTV ratios below 80% to participate.
2 Relief refinance mortgages with LTV ratios of 80% and above represented approximately 15% of our total single-family credit guarantee portfolio purchases in 1Q 2011.


                                                                                                                                                                                      36
Credit quality of single-family credit guarantee portfolio
purchases1

         Weighted Average Original LTV Ratio 2                                                                       Weighted Average Credit Score3
      of Single-family Mortgage Loans Purchased                                                                of Single-family Mortgage Loans Purchased

                                                                                                   Credit
Percent                                                                                            Score
  80                                                                                                800

                                                                                                                                                       757       758                    758
 75                           74                                                                    750
                   73                                                                                                                        734
                                                                                                              722        720       718
          71                           71
 70                                                                                                 700
                                                           67
                                                 66                           66
 65                                                                                                 650


 60                                                                                                 600
        2005 2006 2007 2008 2009 2010                                        1Q                               2005 2006 2007 2008 2009 2010                                          1Q
                                                                            2011                                                                                                    2011

       2005       2006    2007     2008     2009     2010     1Q 2011                                      2005       2006     2007     2008     2009     2010      1Q 2011
                 % of Purchases with Original LTV Ratio > 90%                                                      % of Purchases with Credit Score of Less than 620
        6%         6%         11%         9%          2%          3%             3%                         4%          5%          6%          3%            -%        1%               -%
                                                                                                                  % of Purchases with Credit Score of 740 and Above
                                                                                                           44%         42%         42%         53%         73%         73%              74%
 1 Beginning in 2009, purchases exclude mortgage loans acquired under the Freddie Mac Relief Refinance MortgageSM initiative. Relief refinance mortgages with LTV ratios of 80%
   and above represented approximately 4%, 12% and 15% of purchases in the single-family credit guarantee portfolio in 2009, 2010 and 1Q 2011, respectively.
 2 Original LTV ratios are calculated as the amount of the mortgage Freddie Mac guarantees including the credit-enhanced portion, divided by the lesser of the appraised value of the
   property at 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.
 3 Credit score data are based on FICO scores at the time of origination and may not be indicative of the borrowers’ creditworthiness at March 31, 2011. FICO scores can range          37
   between approximately 300 to 850 points.
  Single-family credit statistics
 ($ Millions)                                                                                                                                                           1Q 2011
                                                                                                                                                                          vs
                                                                                                         1Q 2010             4Q 2010                1Q 2011             4Q 2010

 1      REO operations expense                                                                                    $156               $224                  $257              $33
 2      Charge-offs, net of recoveries                                                                            2,751             2,862                  2,969             107
 3     Total single-family credit losses                                                                          $2,907           $3,086                 $3,226            $140
 4      Total single-family credit losses (basis points)1                                                           62.3              68.0                   71.0             3.0


 Key Statistics and Balances

 5     Total single-family performing and non-performing assets2                                        $1,885,164          $1,815,939             $1,820,890             $4,951

 6      Delinquent loans excluding troubled debt restructurings (TDRs)                                       100,026              85,722                 79,553            (6,169)
        Single-family TDRs:
 7         Reperforming or less than three monthly payments past due                                              8,493           26,612                 32,205            5,593
 8         Seriously delinquent                                                                                   1,560             3,144                  3,325             181
 9      Total single-family TDRs                                                                              10,053              29,756                 35,530            5,774
 10     REO balance, net                                                                                          5,411             6,961                  6,261            (700)
 11 Total single-family non-performing assets (NPAs)                                                       $115,490            $122,439               $121,344            ($1,095)
 12     Total single-family NPAs as % of total single-family assets                                               6.13%             6.74%                  6.66%          (0.08)%
 13     REO ending inventory (number of properties)                                                           53,831              72,079                 65,159            (6,920)

1 Calculated as annualized credit losses divided by the average total single-family credit guarantee portfolio.

2 Consists of the unpaid principal balance of the single-family credit guarantee portfolio and the net carrying value of single-family REO balances shown on line 10.
                                                                                                                                                                                     38
        Single-family 1Q 2011 credit losses & REO
        by region and state
                                                     1                                             2                                            3                               4
                             Total Portfolio UPB                      Seriously Delinquent Loans                   REO Acquisitions & Balance                   Credit Losses
                                                                                               Serious
                                                                                             Delinquency       1Q 2011         REO
                                                             UPB                                 Rate       Acquisitions     Inventory     % of Total
                          ($ Billions)       % of Total   ($ Millions)        % of Total          (%)        ($ Millions)   ($ Millions)   Inventory      ($ Millions)    % of Total

         Region
    1     West               $498              27%          $26,520             32%                4.20%       $2,055         $4,241            36%         $1,799              56%
    2     Northeast           454               25           18,123              22                3.14%        272            1,229                11        227                7
    3     North Central       330               18           11,276              14                2.90%        863            2,959                25        475               15
    4     Southeast           314               18           21,714              26                5.45%        725            2,253                19        597               18
    5     Southwest           219               12           4,493                6                1.91%        437            1,045                9         128                4
    6      Total            $1,815             100%         $82,126             100%               3.63%      $4,352         $11,727         100%           $3,226          100%


         State
    7     California        $284               16%          $15,067             18%                4.21%      $1,008          $2,230            19%         $1,005              31%
    8     Florida             110                6           15,231              18                10.52%       231            1,062                9         377               12
    9     Illinois            92                 5           5,099                6                4.45%        192             835                 7         130                4
    10    Georgia             57                 3           2,322                3                3.78%        246             583                 5         121                4
    11    Michigan            54                 3           1,607                2                2.66%        304             960                 8         158                5
    12    Arizona             46                 3           3,077                4                5.22%        482             757                 7         427               13
    13    Nevada              20                 1           3,021                4                11.37%       135             276                 2         175                5
    14    All other          1,152              63           36,702              45                2.63%       1,754           5,024                43        833               26
    15     Total            $1,815             100%         $82,126             100%               3.63%       $4,352        $11,727         100%           $3,226          100%

1   Based on the unpaid principal balance (UPB) of the single-family credit guarantee portfolio.
2 UPB amounts exclude Other Guarantee Transactions with ending balances of $752 million since these securities are backed by non-Freddie Mac issued securities for which loan
    characteristic data was not available.
3   Based on the UPB of loans at the time of REO acquisition.
4   Consist of the aggregate amount of charge-offs, net of recoveries, and REO operations expense.
                                                                                                                                                                                       39
Single-family credit guarantee portfolio characteristics1
                                                                Total Portfolio                                                                                         FICO < 620 &
                                                                    as of                                          Option        FICO         FICO       Original LTV     Original
                      Attribute                                  Mar 31, 2011          Alt-A2    Interest-only3     ARM         < 6204      620 - 6594      > 90%        LTV > 90%4
                 1    UPB $ Billions                               $1,815              $109           $88            $9          $60          $128          $160            $12
                 2    Percent of Total Portfolio                    100%                6%            5%             1%           3%           7%            9%             1%
                 3    Average UPB per loan                        $150,874           $163,079      $247,838       $218,302     $128,038     $137,184      $147,653       $122,682
                 4    Fixed Rate (% of total portfolio)              92%                63%           25%            0%          93%           91%          96%             97%
                 5    Owner Occupied                                 91%                82%           84%           75%          95%           94%          96%             99%
                 6    Original Loan-to-Value (OLTV)                  71%                73%           74%           72%          77%           77%          97%             98%
                 7      OLTV > 90%                                   9%                 4%            3%             2%          20%           18%          100%           100%
                 8    Current Loan-to-Value (CLTV)                   78%               101%          115%          116%          90%           90%          105%           107%
                 9      CLTV > 90%                                   29%                58%           76%           71%          46%           45%          81%             75%
                 10     CLTV > 100%                                  19%                47%           63%           61%          33%           32%          52%             56%
                 11     CLTV > 110%                                  13%                37%           50%           51%          23%           23%          30%             37%
                                       4
                 12 Average FICO Score                               734                719           720           711           587          642           708            586
                 13     FICO < 6204                                  3%                 4%            3%             4%          100%          0%            7%            100%
                      Book Year5
                 14     2011                                         2%                 0%            0%             0%           1%           1%            4%             1%
                 15     2010                                         20%                0%            1%             0%           5%           6%           22%             8%
                 16     2009                                         21%                0%            1%             0%           4%           6%           13%             5%
                 17     2008                                         8%                 8%            11%            0%           8%           9%            9%             5%
                 18     2007                                         11%                31%           40%            2%          26%           21%          20%             33%
                 19     2006                                         8%                 27%           28%           11%          15%           14%           7%             11%
                 20     2005                                         9%                 18%           16%           59%          13%           14%           6%             8%
                 21     2004 and prior                               21%                16%           3%            28%          28%           29%          19%             29%
                 22 % of Loans with Credit Enhancement               15%                15%           11%           17%          32%           29%          71%             85%
                                             6
                    23 % Seriously Delinquent                       3.63%             11.88%        17.94%         21.52%       13.01%        9.40%         7.13%         15.74%
1 Portfolio characteristics are based on the unpaid principal balance (UPB) of the single-family credit guarantee portfolio. Approximately $2 billion in UPB for Other Guaranteed Transactions
 is included in total UPB and percentage seriously delinquent but not included in the calculation of other statistics since these securities are backed by non-Freddie Mac issued securities for
 which loan characteristic data was not available.
2 For a description of Alt-A, see the “Glossary” in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. During the first quarter of 2011, the company
 identified approximately $0.6 billion in UPB of single-family loans underlying certain Other Guarantee Transactions that had been previously reported in both the Alt-A and subprime
 categories. As of March 31, 2011, the company no longer reports these loans as Alt-A, but continues to report them as subprime.
3 As of September 1, 2010, the company no longer purchases interest-only loans.

4 The company estimates that approximately $11 billion of loans within the portfolio are missing origination FICO scores and as such are excluded.

5 Indicates year of loan origination. Each Book Year category represents the percentage of loans referenced in line 1 of the same vertical column, which Freddie Mac purchased within the
 respective year.
6 Based on the number of loans that are three monthly payments or more past due or in the process of foreclosure.
                                                                                                                                                                                              40
 Note: Individual categories are not mutually exclusive, and therefore are not additive across columns.
Single-family credit profile by book year and product
feature1

                                                                     Total Portfolio                                                 Book Year 2
                                                                         as of                                                                                                     2004 and
      Attribute                                                       Mar 31, 2011         2011         2010         2009        2008         2007         2006        2005          prior
 1    UPB $ Billions                                                    $1,815              $44         $369        $376         $148         $196        $146         $167          $369
 2    Original Loan-to-Value (OLTV)                                       71%               70%         70%          68%          74%         77%          75%          73%          71%
 3    OLTV > 90%                                                          9%                13%         10%           6%          10%         16%           8%          6%            8%
 4    Current Loan-to-Value (CLTV)                                        78%               68%         70%          71%          88%         107%        106%          92%          59%
 5    CLTV > 100%                                                         19%               5%           4%           4%          28%         53%          50%          34%           7%
 6    CLTV > 110%                                                         13%               2%           1%           1%          15%         39%          38%          25%           5%
 7    Average FICO Score3                                                 734               752          755         755          727          707         711          718           721
 8     FICO < 6203                                                        3%                1%           1%           1%          3%           8%           6%          5%            5%
 9     Adjustable-rate                                                    8%                6%           5%           1%          7%          12%          18%          17%           8%
 10    Interest-only                                                      5%                0%           0%           0%          6%          18%          17%          9%            1%
 11 Investor                                                              4%                4%           3%           2%          7%           7%           6%          4%            4%
 12 Condo                                                                 8%                6%           6%           6%          11%         12%          12%          10%           7%
      Geography:
 13      California                                                       16%               20%         19%          15%          16%         16%          16%          15%          12%
 14      Florida                                                          6%                3%           3%           3%          6%           9%          11%          10%           7%
 15      Illinois                                                         5%                6%           6%           5%          5%           5%           5%          5%            5%
 16      Georgia                                                          3%                2%           2%           3%          4%           4%           4%          3%            4%
 17      Michigan                                                         3%                2%           2%           2%          2%           2%           3%          4%            5%
 18      Arizona                                                          3%                2%           2%           2%          3%           4%           4%          4%            2%
 19      Nevada                                                           1%                1%           0%           0%          1%           2%           2%          2%            1%
 20       All other                                                       63%               64%         66%          70%          63%         58%          55%          57%          64%
 21 % of Loans with Credit Enhancement                                    15%               7%           7%           8%          26%         29%          19%          17%          15%
                          4
 22 % Seriously Delinquent                                               3.63%             0.00%       0.07%        0.31%        4.91%       11.26%      10.34%        6.05%         2.47%

1 Portfolio characteristics are based on the unpaid principal balance (UPB) of the single-family credit guarantee portfolio. Approximately $2 billion in unpaid principal balance for Other
  Guaranteed Transactions is included in total UPB and percentage seriously delinquent but not included in the calculation of other statistics since these securities are backed by non-
  Freddie Mac issued securities for which loan characteristic data was not available.
2 Indicates year of loan origination.
3 The company estimates that approximately $11 billion of loans within the portfolio are missing origination FICO scores and as such are excluded.

4 Based on the number of loans that are three monthly payments or more past due or in the process of foreclosure.                                                                             41
   Single-family cumulative foreclosure transfer and short sale
   rates1 by book year


                                                            6.00%
Cumulative Foreclosure Transfer and Short Sale Rate




                                                            5.50%
                                                                                                                                       2006
                                                                                                                        2007
                                                            5.00%
                                                            4.50%
                                                            4.00%
                                                            3.50%
                                                                                                                                                       2005
                                                            3.00%
                                                            2.50%
                                                            2.00%
                                                            1.50%                                             2008                                                    2004
                                                                                                                                                                                                                                   2000
                                                            1.00%
                                                            0.50%                                                                                                                                       2002           2001
                                                                                                                                                                                       2003
                                                                       2011 2010
                                                            0.00%
                                                                                                     2009
                                                                     Yr1-Q1         Yr2-Q1        Yr3-Q1         Yr4-Q1        Yr5-Q1         Yr6-Q1        Yr7-Q1         Yr8-Q1        Yr9-Q1        Yr10-Q1 Yr11-Q1 Yr12-Q1
                                                                                                                                       Quarter Post Origination
                                                          2000            2001            2002            2003            2004            2005           2006            2007            2008            2009            2010              2011


         1 Rates are calculated for each year of origination as the number of loans that have proceeded to foreclosure transfer or short sale and resulted in a credit loss, excluding any
                                                      subsequent recoveries, divided by the number of loans in the company’s single-family credit guarantee portfolio. Includes Other Guaranteed Transactions where loan characteristics
                                                      data is available.
                                                                                                                                                                                                                                           42
Multifamily mortgage portfolio by attribute1
                                                                    March 31, 2010                     December 31, 2010                     March 31, 2011


                                                                               Delinquency                          Delinquency                         Delinquency
                                                                UPB                Rate2             UPB                Rate2             UPB              Rate2
                                                             ($ Billions)           (%)           ($ Billions)           (%)           ($ Billions)          (%)
                    Year of Acquisition or Guarantee3
                1    2004 and prior                             $18.9              0.24%            $15.9              0.31%             $15.2             0.34%
                2    2005                                         8.3                 -               8.0                 -                7.8                -
                3    2006                                        12.0               0.06             11.7               0.25              11.5              0.62
                4    2007                                        21.2               0.74             20.8               0.97              20.8              0.95
                5    2008                                        23.8               0.07             23.0               0.03              22.9              0.34
                6    2009                                        15.6                 -              15.2                 -               15.0                -
                7    2010                                         1.5                 -              14.1                 -               13.6                -
                8    2011                                        N/A                N/A              N/A                N/A                3.0                -
                        Total                                   $101.3             0.22%            $108.7             0.26%             $109.8            0.36%

                9 Maturity Dates
                10 2011                                         $4.9               0.58%             $2.3              0.97%              $1.7             1.32%
                11 2012                                          4.4                0.14              4.1               0.82               4.0              1.11
                12 2013                                          7.3                  -               6.8                 -                6.7              0.94
                13 2014                                          8.7                0.09              8.5               0.02               8.4              0.05
                14 2015                                         11.5                0.36             12.0               0.09              11.9              0.09
                15 Beyond 2015                                  64.5                0.22             75.0               0.29              77.1              0.33
                      Total                                    $101.3              0.22%            $108.7             0.26%             $109.8            0.36%
                               4
                16 Geography
                17  California                                  $18.3                 - %           $19.4              0.06%             $19.4             0.06%
                18  Texas                                        11.8               0.63             12.8               0.52              13.1              0.64
                19  New York                                      8.4                 -               9.2                 -                9.4                -
                20  Florida                                       5.6               0.09             6.4                0.56              6.6               0.68
                21  Virginia                                      5.6                 -               5.6                 -                5.6                -
                22  Georgia                                       5.3               0.34             5.5                0.98              5.6               1.16
                23  All other states                             46.3               0.28             49.8               0.24              50.1              0.39
                24       Total                                  $101.3             0.22%            $108.7             0.26%             $109.8            0.36%

 1 Based on the unpaid principal balance (UPB) of the multifamily mortgage portfolio.
 2 Based on the UPB of mortgages two monthly payments or more past due or in foreclosure. Freddie Mac revised its 2010 delinquency rates to exclude multifamily borrowers who
   have entered into a forbearance agreement and are abiding by the terms of the agreement, but had been previously included in the company’s multifamily delinquency rates.
 3 Based on either: (a) the year of acquisition, for loans recorded on the company’s consolidated balance sheets; or (b) the year that the company issued its guarantee, for the
   remaining loans in its multifamily mortgage portfolio.                                                                                                                          43
 4 Based on top state geographic concentration by UPB at March 31, 2011.
Multifamily mortgage portfolio by attribute, continued1
                                                                                       March 31, 2010                     December 31, 2010                     March 31, 2011


                                                                                                  Delinquency                          Delinquency                        Delinquency
                                                                                    UPB               Rate2             UPB                Rate2            UPB               Rate2
                                                                                 ($ Billions)          (%)           ($ Billions)           (%)          ($ Billions)          (%)
      Current Loan Size
1      > $25M                                                                      $36.5              0.07%             $39.7             0.07%            $39.8              0.23%
2      > $5M & <= $25M                                                              55.7               0.30              59.7              0.38             60.7               0.44
3      > $3M & <= $5M                                                                5.4               0.41               5.6              0.41              5.6               0.43
4      > $750K & <= $3M                                                              3.4               0.26               3.4              0.32              3.4               0.44
5      <= $750K                                                                      0.3               0.19               0.3              0.12              0.3               0.11
6         Total                                                                    $101.3             0.22%             $108.7            0.26%            $109.8             0.36%

   Legal Structure
7   Unsecuritized Loans                                                             $83.1             0.15%             $85.9             0.11%             $84.2             0.24%
8   Non-consolidated Freddie Mac mortgage-related securities                         9.0               1.10              13.1              1.30              16.0              1.07
9   Other guarantee commitments                                                      9.2                 -                9.7              0.23               9.6              0.23
10     Total                                                                       $101.3             0.22%            $108.7             0.26%            $109.8             0.36%

      Credit Enhancement
11     Credit Enhanced                                                             $14.8              0.74%             $21.2             0.85%            $24.0              0.75%
12     Non-Credit Enhanced                                                          86.5               0.13              87.5              0.12             85.8               0.25
13      Total                                                                      $101.3             0.22%             $108.7            0.26%            $109.8             0.36%

      Other
14     Original LTV > 80%                                                           $6.5              1.06%             $6.8              2.30%             $6.7              2.56%
15     Original DSCR below 1.103                                                    $3.4              1.40%             $3.3              1.22%             $3.2              1.55%



1 Based on the unpaid principal balance (UPB) of the multifamily mortgage portfolio.
2 Based on the UPB of mortgages two monthly payments or more past due or in foreclosure.
3 DSCR – Debt Service Coverage Ratio – is an indicator of future credit performance for multifamily loans. DSCR estimates a multifamily borrower’s ability to service its mortgage
    obligation using the secured property’s cash flow, after deducting non-mortgage expenses from income. The higher the DSCR, the more likely a multifamily borrower will be able to
    continue servicing its mortgage obligation.                                                                                                                                         44
Investment Management
       Business
Mortgage-related investments portfolio activity1
                 UPB
               $ Billions
                  110

                    90                                                                                            $84
                                $78
                    70                                           $57
                    50

                    30
                                                                                                 $17
                                                 $7
                    10

                   -10                                                            -$6                                                                         -$10
                   -30

                   -50
                                                                                                                                 -$49
                   -70                                                                                                                         -$58
                               2003            2004            2005             2006            2007            2008            2009           2010           2011
                                                                                                                                                              YTD


1 Data represents net growth of the mortgage-related investments portfolio based on unpaid principal balances. 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 VIEs.
  Note: Under FHFA regulation and the Purchase Agreement with Treasury, our mortgage-related investments portfolio is subject to a cap that decreases by 10%
  each year until the portfolio reaches $250 billion. As a result, the unpaid principal balance of the mortgage-related investments portfolio could not exceed $810
  billion as of December 31, 2010 and may not exceed $729 billion as of December 31, 2011. The Purchase Agreement also limits the amount of indebtedness we
  may incur.
  Source: Freddie Mac. Data as of April 30, 2011. Figures for 2011 are subject to change.                                                                                         46
  Freddie Mac’s mortgage-related investments portfolio is
  diversified among a number of product types


                        Mortgage-related
                                                                                                                                      Non-FRE MBS1
                     investments portfolio1

                                                                                                                              Subprime
                  Mortgage                                                                                                      27%
                   Loans
                    35%


                                                                            Non-Freddie                                                                                Fannie Mae
                                                                             Mac MBS                                                                                      20%
                                                                               28%

                                                                                                                                                                            Alt-A & Other
                                                                                                             CMBS                                                                9%

    Freddie Mac                                                                                               30%
     Multi-class                                                                                                                                                        Option ARM
 REMICs and Other                                                                                                                                                           8%
                                                                                                                    Ginnie Mae
Structured Securities                                    Freddie Mac                                                   <1%                                  Obligations of State
        15%                                              Single-class
                                                                                                                           Manufactured                        and Political
                                                            PCs                                                              Housing                           Subdivisions
                                                            22%                                                                1%                                   5%
 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 any change in accounting standards related to the transfer of financial assets and consolidation of variable interest entities (VIEs).
   Source: Freddie Mac. Data as of March 31, 2011                                                                                                                                            47
 Mortgage-related investments portfolio composition

                                                       Mortgage-related investments portfolio
                                                                                  $692 billion


                                                                                          Mortgage
                                                                                            Loans
                                                                                             35%
                                                                                           ($240 B)
                                                                                                                                            Agency
                                                                                                                                              6%
                                                                                                                                            ($39 B)

                                                                                                                       Non-Agency
                                                                                                                        Backed by
                                                              PCs, REMICs and
                                                                                                                     Subprime Loans
                                                              Other Structured
                                                                                                                           8%
                                                                 Securities
                                                                                                                         ($53 B)
                                                                    37%                                                                 Non-Agency
                                                                  ($258 B)                             Other                          Backed by Alt-A
                                                                                                    Non-Agency                           and Other
                                                                                                        10%                                Loans
                                                                                                      ($68 B)                               3%
                                                                                                                               Non-Agency ($18 B)
                                                                                                                           Backed by Option
                                                                                                                                 ARM
                                                                                                                                  2%
                                                                                                                                ($15 B)
Note: Dollars and percentages may not add due to rounding. Credit ratings for most non-agency mortgage-related securities are designated by no fewer than two nationally recognized
statistical rating organizations. Approximately 22% of total non-agency mortgage-related securities held at March 31, 2011 were AAA-rated based on the unpaid principal balance and
the lowest rating available.
Source: Freddie Mac. Data based on unpaid principal balances as of March 31, 2011 and excludes mortgage loans and mortgage-related securities traded, but not yet settled. The
mortgage-related investments portfolio is determined without giving effect to the change in accounting standards related to the transfer of financial assets and consolidation of variable   48
interest entities (VIEs).
   PMVS is Freddie Mac’s primary interest-rate risk measure



                     PMVS-Level                           PMVS-Yield Curve
            Parallel LIBOR Curve Shifts             Non-Parallel LIBOR Curve Shifts
                            <<


                                                                                  + 12.5 bps(10-year)




                                                                              <
                                 + 50 bps
                            <<



                                 - 50 bps




                                                    <
                                            Yield        - 12.5 bps(2-year)
Yield




                          Term                                      Term




   Source: Freddie Mac.
                                                                                                  49
       Interest-rate risk measures



               Average monthly PMVS-Level                                                                Average monthly duration gap



$ Millions                                                                                     Months
 600                                                               $563                         6
                                                                                                5
 500           $455                                                                             4
                                                       $437 $449
        $397          $396                                                       $401           3
                                                                          $383          $386
 400                                                                                            2
                                                                                                1
 300                                                                                            0
                                                $237
                                                                                               -1
 200                                     $159                                                  -2
                                                                                               -3
                             $81                                                               -4
 100
                                   $35
                                                                                               -5
   0                                                                                           -6
        Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr                                      Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr
        10 10 10 10 10 10 10 10 10 11 11 11 11                                                     10 10 10 10 10 10 10 10 10 11 11 11 11




    Source: Freddie Mac. Data as of April 30, 2011. Figures for 2011 are subject to change.
                                                                                                                                                 50
Global Debt Funding Program
Freddie Mac’s total debt outstanding

($ Billions)
Instrument Type                                                                                       2007              2008              2009              2010           2011 YTD
Short Term                                    Reference Bills® & Discount Notes                         $199.4            $312.3            $228.0           $194.9             $190.9

Medium Term Notes (MTNs)                      Syndicated Callable                                          $1.0              $0.0              $0.0              $0.0             $0.0
                                              MTN Callable                                               196.3             160.1             171.4             130.3             125.3
                                              Callables with Expired Options                               51.4              34.1              23.0              11.7              8.3
                                              MTN Other                                                    41.8              77.6            115.0             137.5             146.6
                                              Freddie Notes                                                20.5              11.4              11.5              12.4              9.1
                                              Total MTNs                                                $311.0            $283.3            $320.9           $291.9             $289.2

Reference Notes®                              USD Reference Notes®                                      $246.3            $251.1            $253.8           $239.5             $224.8
                                                                      ®
                                              €Reference Notes                                             13.0                9.5               3.8               1.6             1.6
                                                                              ®
                                              Total Reference Notes                                     $259.3            $260.6            $257.6           $241.1             $226.4

                                              Subordinated Debt                                            $4.8              $4.8              $0.9              $0.9             $0.6

Total Debt Outstanding                                                                                  $774.5            $861.0            $807.3           $728.8             $707.1




 Note: Totals may not recalculate due to rounding. Excludes debt securities of consolidated trusts held by third parties. All figures represent par amounts in USD billions
 based on trade date. These figures could differ significantly from proceeds, amortized principal amount and book value figures, particularly for zero-coupon securities. For
 non-dollar denominated instruments, the U.S. dollar amounts reflected are based on the exchange rate at issuance. Short-term debt is debt with an original maturity of less
 than or equal to one year, except certain medium-term notes that have original maturities of one year or less are categorized as long-term debt.
 Source: Freddie Mac. Data as of May 31, 2011.                                                                                                                                       52
    Freddie Mac’s suite of debt products

                                                                    Debt securities outstanding
                     $ Billions
                        1,000

                          900

                          800

                          700                                                                                                                                        2

                          600                                                                                                                                       225

                          500
                                                                                                                                                                     <1
                          400                                                                                                                                       147

                          300
                                                                                                                                                                    143
                          200

                          100                                                                                                                                       191

                              0
                                   1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
                                                              Short-term Debt                                        Callable Debt
                                                              MTN Bullet Debt                                                      1
                                                                                                                     Subordinated Debt
                                                              US$ Reference Notes®                                   €Reference Notes®
1 Includes Callable MTNs, other callable debt securities with expired options and Freddie Notes® securities.

  Note: Totals may not recalculate due to rounding. Excludes debt securities of consolidated trusts held by third parties. All figures represent par amounts in USD billions based on
  trade date. These figures could differ significantly from proceeds, amortized principal amount and book value figures, particularly for zero-coupon securities. For non-dollar
  denominated instruments, the U.S. dollar amounts reflected are based on the exchange rate at issuance. Short-term debt is debt with an original maturity of less than or equal to one
  year, except certain medium-term notes that have original maturities of one year or less are categorized as long-term debt.
                                                                                                                                                                                          53
  Source: Freddie Mac. 2011 data as of May 31, 2011.
  Debt maturity profile
$ Billions
250



200



150    .
             $180           $10



100

                           $134
  50
             $54

   0
           2011            2012           2013            2014           2015            2016            2017           2018            2019           2020            2021         2022+

                                                                            Long-Term                       Short-Term
    Note: Outstanding balance using par amounts based on settle date. Short-term debt is debt with an original maturity of less than or equal to one year, except certain
    medium-term notes that have original maturities of one year or less are categorized as long-term debt. Excludes debt securities of consolidated trusts held by third parties.
    Source: Freddie Mac. Data as of May 31, 2011.                                                                                                                                     54
Debt maturity profile by quarter


 $ Billions
   140

   120

   100

     80
                                     $100
     60
                                                         $39
     40                                                                      $9

                    $40
                                                                                                        $2
     20                                                                     $37                                   $35                $40                $40               $33
                                       $20               $26                                   $22
                     $7
        0
                   2Q                 3Q                 4Q                 1Q                2Q                 3Q                 4Q                 1Q                 2Q
                  2011               2011               2011               2012              2012               2012               2012               2013               2013
                                                                          Long-term                        Short-term

Note: Outstanding balance using par amounts based on settle date. Short-term debt is debt with an original maturity of less than or equal to one year, except certain
medium-term notes that have original maturities of one year or less are categorized as long-term debt. Excludes debt securities of consolidated trusts held by third parties.
Source: Freddie Mac. Data as of May 31, 2011.                                                                                                                                   55
   Short-term debt balances

                                                                                                                       Total short-term debt outstanding
                  Total short-term debt outstanding
                                                                                                                        as a % of total debt outstanding


$ Billions
400                                                                                                  40%

350

300                                                                                                  35%

250

200                                                                                                  30%                                          Average = 28%


150

100                                                                                                  25%

 50

  0                                                                                                  20%
      Jan-   May- Sep-         Jan-    May- Sep-         Jan-    May- Sep-         Jan-     May-        Jan-       May- Sep-        Jan-     May- Sep- Jan-            May- Sep-       Jan-    May-
       08     08   08           09      09   09           10      10   10           11       11          08         08   08          09       09   09   10              10   10         11      11




       Note: Outstanding balance using par amounts based on settle date. Short-term debt is debt with an original maturity of less than or equal to one year, except certain
       medium-term notes that have original maturities of one year or less are categorized as long-term debt. Excludes debt securities of consolidated trusts held by third parties.
       Source: Freddie Mac. Data as of May 31, 2011.                                                                                                                                          56
Callable debt provides value to Freddie Mac and investors


                Callables provide a critical source of convexity
                 »   Counterparty exposure management
Freddie
  Mac
                Natural hedge to Freddie Mac’s investment portfolio duration profile




                Callables can be used to customize yield curve exposure / express a view on
                volatility
                 »   Freddie Mac focuses on accommodating investor requests for specific
Investors
                     callable structures, i.e., issuing into demand or reverse inquiry


                Callables offer enhanced yield over comparable bullet securities without
                compromising portfolio credit quality




                                                                                              57
 Freddie Mac callable debt issued and called

                                                                                 Callable debt

$Billions                                                                                                                                                   10-Yr UST Yield
50                                                                                                                                                                     4.00
                                            10-Year                                                                                                                          3.85
40
                                            UST Yield
                                                                                                                                                                             3.70
30                                                         $27                                     Issued
                  $25       $24                                       $22                                                                                                    3.55
       $19                            $20
20                                               $16                            $15                                              $15
                                                                                             $13       $14      $12     $13                       $14              $13       3.40
                                                                                                                                          $12
10                                                                                                                                                         $6                3.25

 0                                                                                                                                                                           3.10

(10)                                                                                                                                                                         2.95
                                                                                                                 ($9)                      ($9)
          ($13)                                                                                                                   ($13)                    ($12)     ($13)   2.80
                                                                                                                         ($15)
(20)                                               ($18)                                       ($19)    ($16)
                                                                                                                                                   ($20)
                    ($23)     ($25)                                    ($24)                                                                                                 2.65
                                        ($25)
(30)
                                                                                                                                                                             2.50
                                                                                     ($34)
(40)                                        Called           ($35)                                                                                                           2.35

(50)                                                                                                                                                                         2.20
       Jan-10                                   May-10                                       Sep-10                              Jan-11                            May-11


  Note: All figures represent par amounts in USD billions based on the trade date.
  Source: Freddie Mac. Data as of May 31, 2011.
                                                                                                                                                                             58
Callable debt provides potential yield enhancement over
bullet securities

      Lockout                                                                 Maturity (years)
      (Years)                       2                              3                        5                       7                 10
       Bullet                    0.65%                          1.07%                    1.91%                   2.55%              3.14%

         0.25               0.65 (1)           bps         1.16    (9)       bps         2.12    (21)   bps   2.79   (24)   bps   3.44   (30)   bps
         0.50               0.67 (2)                       1.18    (10)                  2.15    (24)         2.86   (31)         3.49   (35)
           1                                               1.15    (8)                   2.17    (26)         2.88   (32)         3.51   (36)
           2                                               1.09    (2)                   2.09    (17)         2.80   (25)         3.45   (31)
           3                                                                             2.03    (11)         2.74   (19)         3.40   (26)
           4                                                                                                                      3.38   (23)
           5                                                                                                                      3.34   (20)




Source: Indicative offering levels from the Freddie Mac debt issuance desk as of May 31, 2011.
                                                                                                                                                      59
   Our debt funding program accesses diverse pools
   of global capital

                         Geographical region                                                               Investor type


                                                           Asia                                                  Central Bank
                                                           18%                                                      32%



                                                                          Europe
                                                                           2%

                                                                                                                                    Bank
                                                                                   Other                                             6%
                                                                                    4%
N. America
                                                                                                                                  Insurance &
   76%
                                                                                                                                    Pension
                                                                                              Investment                              4%
                                                                                               Manager
                                                                                                                                Other
                                                                                                 50%
                                                                                                                                 8%




    Note: Data reflects orders placed in our US$ Reference Notes® securities syndicated bond offerings.
    Note: Percentages may not add up to 100% due to rounding.
    Source: Freddie Mac. Data for the 12 months ended May 31, 2011.
                                                                                                                                        60
Demand for our Reference Notes® securities


                           Geographic region                                                                                      Investor type

100%                                                                                       100%
                                                                          Other                                                                Other
                                                                                                               Insurance &
                                                                                                                 Pension
80%                                                                                          80%                                       Bank
                                                                  North
                                                                 America
60%                                                                                          60%                                              Investment
                                                                                                                                                Manager

                                                Europe
40%                                                                                          40%


20%                                                     Asia                                 20%
                                                                                                                                              Central Bank

 0%                                                                                            0%
   2003 2004 2005 2006 2007 2008 2009 2010 2011                                                  2003 2004 2005 2006 2007 2008 2009 2010 2011




  Note: Data reflects 6-month moving average of orders placed in our US$ Reference Notes® securities syndicated bond offerings.
  Source: Freddie Mac. Data as of April 30, 2011.
                                                                                                                                                             61
Mortgage Funding
  U.S. mortgage securities are one of the largest fixed-income
  sectors

                            Outstanding public and private bond market debt – $36.0 Trillion
                                                                                  Treasury 1
                                                                                   ($8.9)
                                                                                    25%
                                                      Municipal                                          Agency Debt 2
                                                       ($2.9)                                               ($2.7)
                                                        8%                                                   8%


                                                Corporate
                                                  Debt                           MBS 3
                                                 ($7.5)                         ($8.9)
                                                  21%                             25%
                                                    Money Market 5 Asset-Backed 4
                                                        ($2.9)        ($2.2)
                                                          8%           6%

1 Interest-bearing marketable public debt.

2 Includes Freddie Mac, Fannie Mae, Federal Home Loan Banks, Farmer Mac, the Farm Credit System, and federal budget agencies (e.g. TVA).

3 MBS include Ginnie Mae, Fannie Mae and Freddie Mac mortgage-backed securities and CMOs, CMBS and private-label MBS/CMOs.

4 Includes auto, credit card, home equity, manufacturing, student loans and other. CDOs of ABS are included.

5 Includes commercial paper, bankers acceptances and large time deposits.

  Note: Percentages may not add up to 100% due to rounding.
  Source: Securities Industry and Financial Markets Association as of December 31, 2010.
                                                                                                                                           63
Freddie Mac’s mortgage securities products

                                             Mortgage securities products outstanding
 $ Billions
   2,000

   1,800

   1,600

   1,400

   1,200

   1,000

     800

     600

     400

     200

         0
                 2000        2001        2002     2003   2004   2005   2006   2007   2008   2009     2010 Mar 31,
                                                                                                           2011


                                      REMICs         Reference REMIC      T-deals/WLR       Strips     PCs
Source: Freddie Mac. Data as of March 31, 2011.                                                                     64
   Composition of Freddie Mac’s single-family pass-through
   securities1

                                                                                           FHA/VA
                                                                                            <1%

                                                                                       2
                                                            Adjustable-rate
                                                Interest-only    4%
                                                     4%



                                      15-year fixed-rate
                                            15%




                                                                                                                                                          3
                                                                                                                                30-year fixed-rate
                                                                                                                                      77%


1 Based on unpaid principal balances of the securities and excludes mortgage-related debt traded, but not yet settled. Also excludes other guarantee commitments for mortgage assets held by third
  parties that require that Freddie Mac purchase loans from lenders when these loans meet certain delinquency criteria.
2 Portfolio balance includes $1.2 billion in UPB of option ARM mortgage loans as of March 31, 2011.

3 Includes 20 and 40-year fixed-rate mortgage loans.

  Source: Freddie Mac. Data as of March 31, 2011.                                                                                                                                       65
    Agency CMO issuance



                           Agency CMO issuance                 Agency CMO outstanding



$ Billions                                       $ Billions
  500                                            1,400
                                                 1,200
  400
                                                 1,000
  300                                              800
  200                                              600
                                                   400
  100
                                                   200
     0                                                0
          2004 2005 2006 2007 2008 2009 2010 2011         2004 2005 2006 2007 2008 2009 2010 2011
                                             YTD                                             YTD
                  FMCC     FNMA      GNMA                          FMCC     FNMA     GNMA




   Source: Bloomberg. Data as of May 31, 2011.
                                                                                             66
  Composition of collateral underlying Freddie Mac REMICs



                                                                   Other   ARM
                                                                    <1%     1%   15-year
                                                            Balloon
                                                                                  15%
                                                             <1%




                                                                                           20-year
                                                                                             9%




                                                   30-year
                                                    75%




Note: Percentages may not add up to 100% due to rounding.
Source: Freddie Mac. Data as of May 31, 2011.
                                                                                                     67
Institutional holdings of Agency MBS


          $ Billions
          1,200

          1,000

              800

              600

              400

              200

                   0
                                                                        n




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                                                                                                                St


Note: Other investors include hedge funds, structured investment vehicles, pension funds, REITs, saving institutions, nonprofits and individuals.
Source: Freddie Mac, Fannie Mae, Federal Reserve, Inside MBS & ABS, National Credit Union Administration, and the U.S. Treasury Department
Data as of December 31, 2010
                                                                                                                                                    68
Demand for Agency mortgage securities

  $ Billions

 250
 200
 150
 100
    50
      0
  -50
-100
          1/08 4/08 7/08 10/08 1/09 4/09                                              7/09 10/09 1/10 4/10 7/10 10/10 1/11

                                       Comm Bank PT                       Comm Bank CMO                       Freddie                             Fannie
                                       Foreign                            FHLB                                Treasury                            Fed

Note: Presents net purchases/sales of Agency mortgage securities by the listed institutions, excluding securitization activity. Comm Bank PT and Comm Bank CMO represent net
purchases/sales of Agency mortgage securities by commercial banks through passthroughs and CMOs, respectively.
Source: Federal Reserve Board, Freddie Mac and Fannie Mae Monthly Volume Summaries, Treasury International Capital Data, Federal Home Loan Banks, US Treasury
Department, Federal Reserve Bank of New York.
                                                                                                                                                                               69
Asia net flows into agencies



$ Billions
30

20

10

 0

-10

-20

-30
      1/06 5/06 9/06 1/07 5/07 9/07 1/08 5/08 9/08 1/09 5/09 9/09 1/10 5/10 9/10 1/11
                                            Japan    China   Korea   Hong Kong   Taiwan   Singapore




      Source: Treasury International Capital data.

                                                                                                      70
Freddie Mac structured finance securities1


                                                                                                Bloomberg                     Outstanding
                                                                                                                                       2
                             Freddie Mac                           Collateral Description         Ticker          Series       Balance
                                                                     Gold and 75 Day PCs,
                                                                                                                                $480.4B
     REMICs                                                          ReREMICs of Existing           FHR         0001 – 3869
                                                                      Multiclass Securities                                      $55.4B


     Reference REMICs with Guaranteed Final                                Gold PCs                FHRR         R001 – R016     $13.5B

                                                                      Freddie Mac Owned
     T-Deal                                                            New or Seasoned             FSPC         T001 – T082     $18.6B
                                                                       Private Label ABS

                                                                     Gold and 75 Day PCs,                                       $23.5B
     Strips                                                         Excess Servicing Assets
                                                                                                    FHS          001 – 261
                                                                                                                                 $9.0B
                                                                      Freddie Mac Owned
     K-Deal                                                         Multifamily Loans Held as      FHMS         K001 – K013     $13.2B
                                                                       Private Label ABS
                                                                                                     FHM
                                                                   Municipal Bonds Secured by
                                                                                                 (Tax-Exempt)
                                                                     Tax-Exempt or Taxable
     Multifamily Municipal CMBS                                   Multifamily Affordable Housing
                                                                                                                M001 – M024      $4.0B
                                                                                                     FHMT
                                                                               Loans
                                                                                                   (Taxable)




1 Guaranteed as described in the applicable offering documents.
2 Outstanding balance reflects May 2011 factor.

  Source: Freddie Mac. Data as of May 31, 2011.

                                                                                                                                            71
REMIC shelf flexibility

   All fee schedules are fully disclosed on the Bloomberg FMAC page
   Program accommodates multiple REMIC settlement dates throughout the month
   Deal structure options
    » Callable PCs (CPC)
    » Callable REMIC Classes (CRC)
    » Guaranteed Maturity Class (GMC)
    » IO/PO, Floater/Inverse and Excess IO (XSIO) Strips
    » Modifiable and Combinable REMICs (MACR)
    » Reference REMIC®
    » REMIC Unwinds
    » Re-REMICs
    » Reverse REMICs
    » Single Group Residual


                                                                               72
Deal structure options

             REMIC Program Feature                                                                         Benefit
                                                           Pass-through securities that are backed by a Giant PC and subject to a call option. In the
  Callable PCs (CPC)                                       event of a call, the callable class is paid off at par and the call class receives the underlying
                                                           Giant PC.
                                                           Pass-through securities that are backed by a REMIC classes and subject to a call option. In
                                                           the event of a call, the callable class is paid off at par and the call class receives the
  Callable REMIC Classes (CRC)
                                                           underlying REMIC class. Callable REMIC Classes may also be backed by a callable class of
                                                           CPCs and will be retired upon redemption of the collateral.
                                                           GMC is a feature added to a REMIC class to provide a stated legal maturity date, at par,
  Guaranteed Maturity Class (GMC)                          guaranteed by Freddie Mac. GMCs have a final payment date earlier than the latest date by
                                                           which these Classes might be retired solely from payments on their underlying assets.

  IO/PO Strip
                                                           MACR combinations of Floating Rate, Inverse Floating Rate, Floating Rate IO, Inverse
  • Floater/Inverse Floater MACRs                          Floating Rate IO that permit holders to exchange classes for combinations of floating rate and
                                                           inverse floater rate classes with various margins and caps.

  • Gold MACS                                              MACR combinations that permit IO/PO holders to move between various fixed rate coupons.
                                                           Interest Only securities backed by Excess Servicing Spread1 held by mortgage servicers.
  Excess IO Strips (XSIO)                                  Loan characteristics for the loans backing each issued XSIO security are pooled to mirror PC
                                                           pooling practices.
                                                           Holders of a MACR Class can exchange all or part of the class for a predetermined
  Modifiable And Combinable REMICs
                                                           proportionate interest in other REMIC or MACR classes, and vice versa. MACR exchanges
  (MACR)
                                                           are executed at no fee within the first month after REMIC issuance.




 1 Excess Servicing Spread is the excess of the Servicer retained mortgage servicing fee rate over the Freddie Mac minimum core servicing fee rate of 25 basis points.




                                                                                                                                                                         73
Deal structure options (continued)


       REMIC Program Feature                                                Benefit
                               Permits the holder of both the REMIC Residual class and 100% of all outstanding REMIC
REMIC Unwinds                  classes covered by the Residual class to exchange their REMIC interests for all collateral
                               backing the REMIC.
                               Permits the holder of any portion of an issued REMIC class to use that class as collateral to
ReREMIC
                               back a subsequent REMIC.

                               Retail classes are designed primarily for individual investors and are typically issued and
Retail Classes
                               receive principal in $1,000 increments.

                               Permits the holder of a pro-rata portion of all outstanding REMIC classes within a REMIC
Reverse REMIC
                               group to recombine their interests for a pro-rata portion of the underlying REMIC collateral.

                               Simplifies the REMIC Unwind feature for the holder of the Residual class and 100% of all
Single Group Residual          outstanding REMIC classes issued a single REMIC Group. Holder exchanges its interests for
                               all collateral backing the specific REMIC Group.
                               Collateral is stripped into separate Interest Only and Principal Only securities with
Syndicated IO/PO Strips
                               transactions underwritten and distributed by a syndicate of dealers.




                                                                                                                               74
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 efforts under the MHA Program and other initiatives to assist the U.S.
       residential mortgage market, future business plans, liquidity, capital management, economic and market conditions and trends, market
       share, the effect of legislative and regulatory developments, implementation of new accounting guidance, credit losses, internal control
       remediation efforts, and results of operations and financial condition on a GAAP, Segment Earnings and fair value basis. 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-to-debt option-adjusted spread, credit outlook, actions by FHFA, Treasury,
       the Federal Reserve, the Obama Administration 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, 2010, Quarterly Report on
       Form 10-Q for the quarter ended March 31, 2011 and Current Reports on Form 8-K, which are 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 after the date of this presentation or to reflect
       the occurrence of unanticipated events.




                                                                                                                                                          75

				
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