Federal Home Loan Mortgage (FMCC) 10-Q2014 Q1 Quarterly report

Filed: 8 May 14, 12:00am

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New words: abated, abating, adequacy, Adhered, Advisor, Alabama, apparent, appetite, architecture, BB, Bruce, Bryndon, Canada, CMG, collaborating, collaboration, commensurate, consortium, constrained, contrast, conveying, Crapo, creditor, customer, Dataset, debate, defect, delay, delaying, depleted, Deutsche, discipline, draft, eleven, eventual, FASB, Fenoglio, Fisher, Fowler, hazard, healthy, Holliday, Horizon, human, innovative, Johnson, left, Magnet, mezzanine, Missouri, multimillion, nominal, Optimizing, outright, overdrafting, people, pilot, PLC, Portal, possession, promptly, Prospector, publicly, redundant, Reid, Republic, revoke, run, scarce, slowly, specialty, STACR, stressing, stronger, succeed, swaption, tapering, team, turnover, unallocated, unexpected, unguaranteed, unlawful, unscheduled, upward, vacant, VIE, voluntarily, website, WMC

Removed: acceptable, accuracy, acknowledgement, assertion, assisting, authorized, automatically, averaged, avoidance, buyer, calibrate, called, cancelled, compensate, competing, complexity, complied, compounding, considerably, contemplate, continually, contracting, convert, convexity, costly, country, created, currency, delegate, deliver, demonstrate, difficulty, directive, discussing, documented, domiciled, Dominion, earn, equipment, error, estimation, Euro, Europe, exhausted, expire, explore, feasible, financially, firm, foundational, GMAC, goodwill, Greece, hardware, headquartered, honor, household, HSH, illiquid, inaccurate, incomplete, ineffective, ineligible, informed, intangible, interpolate, Ireland, Italy, legally, marked, minimize, minimizing, misestimation, mismatch, netted, notably, Notwithstanding, offered, operationally, ordered, outweighed, parent, periodically, perspective, Portugal, predicting, pro, promote, provisioned, publish, qualifying, rata, realizable, recession, reinstatement, reliability, remanded, remit, rent, reorganization, repair, reperform, requesting, restructuring, rule, seasonal, seasonally, shape, show, smaller, software, sovereign, Spain, stabilizing, standardization, stem, submission, subtotal, target, Toronto, traditional, tranche, transference, transparent, treatment, turn, twelve, typical, unsettled, unvested, viability, vintage, weakening, wealth, weight, withdrawn, wound

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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS



	Three Months Ended March 31,				Year Ended December 31,
	2014		2013		2013		2012		2011			2010			2009
	(dollars in millions)
Net income (loss) before income tax (expense) benefit and cumulative effect of changes in accounting principles	$	5,765	$	4,546	$	25,363	$	9,445	$	(5,666	)	$	(14,882	)	$	(22,384	)
Add:
Low-income housing tax credit partnerships	—		—		—		—		—			—			4,155
Total interest expense	14,072		14,292		55,779		66,502		79,988			92,131			22,150
Interest factor in rental expenses	1		1		4		4		4			5			7
Earnings (loss), as adjusted	$	19,838	$	18,839	$	81,146	$	75,951	$	74,326		$	77,254		$	3,928
Fixed charges:
Total interest expense	$	14,072	$	14,292	$	55,779	$	66,502	$	79,988		$	92,131		$	22,150
Interest factor in rental expenses	1		1		4		4		4			5			7
Total fixed charges	$	14,073	$	14,293	$	55,783	$	66,506	$	79,992		$	92,136		$	22,157
Senior preferred stock and preferred stock dividends⁽¹⁾	10,435		5,827		47,591		7,229		6,498			5,749			4,105
Total fixed charges including preferred stock dividends	$	24,508	$	20,120	$	103,374	$	73,735	$	86,490		$	97,885		$	26,262
Ratio of earnings to fixed charges⁽²⁾	1.41		1.32		1.45		1.14		—			—			—
Ratio of earnings to combined fixed charges and preferred stock dividends⁽³⁾	—		—		—		1.03		—			—			—


(1)	Senior preferred stock and preferred stock dividends represent pre-tax earnings required to cover any senior preferred stock and preferred stock dividend requirements computed using our effective tax rate, whenever there is an income tax provision, for the relevant periods.


(2)	Ratio of earnings to fixed charges is computed by dividing earnings (loss), as adjusted by total fixed charges. For the ratio to equal 1.00, earnings (loss), as adjusted must increase by $5.7 billion, $14.9 billion, and $18.2 billion for the years ended December 31, 2011, 2010, and 2009, respectively.

(3)

Ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings (loss), as adjusted by total fixed charges including preferred stock dividends. For the ratio to equal 1.00, earnings (loss), as adjusted must increase by $4.7 billion, $1.3 billion, $22.2 billion, $12.2 billion, $20.6 billion, and $22.3 billion for the three months ended March 31, 2014 and 2013 and for the years ended December 31, 2013, 2011, 2010, and 2009, respectively.