Federal Home Loan Mortgage (FMCC) 8-K Freddie Mac Reports Third Quarter 2015 Financial Results

Third Quarter 2015

Financial Results Supplement

November 3, 2015

Exhibit 99.2

©  Freddie Mac

2

Table of contents

Financial Results

Segment Business Information

3 -

Quarterly Financial Results

   9 -

Single-Family New Funding Volume

4 -

Segment Financial Results

10 -

5 -

Treasury Draw Requests and Dividend Payments

11 -

Single-Family Risk Transfer Transactions

Housing Market

6 -

National Home Prices

13 -

7 -

Home Price Performance by State:  September 2014 to September 2015

14 -

8 -

Housing Market Support

15 -

16 -

17 -

18 -

19 -

20 -

21 -

22 -

23 -

24 -

12 -

Safe Harbor Statements

Investments - Mortgage-Related Investments Portfolio: 

More Liquid versus Less Liquid Assets

Single-Family Mortgage Market and Freddie Mac Delinquency Rates

Single-Family Management and Guarantee Fees Charged on New

Acquisitions

Interest Rate Risk Measures

Single-Family Credit Quality -  Purchases

Multifamily Market and Freddie Mac Delinquency Rates

Investments - Purchase Agreement Portfolio Limits

Multifamily Percentage of Affordable Units Financed

Investments - Mortgage-Related Investments Portfolio Composition

Single-Family Credit Quality - Credit Guarantee Portfolio

Multifamily Business Volume and Portfolio Composition

Multifamily Securitization Volume

Single-Family Transferred Credit Risk

©  Freddie Mac

3

Quarterly financial results

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

$ Millions

3Q15

3Q15

vs

vs

3Q15

2Q15

3Q14

2Q15

3Q14

1

Net interest income

3,743

$       

3,969

$  

3,663

$  

(226)

$    

80

$        

2

Benefit (provision) for credit losses

528

857

(574)

(329)

1,102

3

    Derivative gains (losses)

(4,172)

3,135

(617)

(7,307)

(3,555)

4

    Other non-interest income (loss)

331

(594)

1,381

925

(1,050)

5

Non-interest income (loss)

(3,841)

2,541

764

(6,382)

(4,605)

6

Non-interest expense

(1,099)

(1,289)

(816)

190

(283)

7

Pre-tax income (loss)

(669)

$         

6,078

$  

3,037

$  

(6,747)

$ 

(3,706)

$ 

8

Income tax benefit (expense)

194

(1,909)

(956)

2,103

1,150

9

Net income (loss)

(475)

$         

4,169

$  

2,081

$  

(4,644)

$ 

(2,556)

$ 

10

Total other comprehensive income (loss),

net of taxes

(26)

(256)

705

230

(731)

11

Comprehensive income (loss)

(501)

$         

3,913

$  

2,786

$  

(4,414)

$ 

(3,287)

$ 

12

Total equity / GAAP net worth (ending balance)

1,299

$       

5,713

$  

5,186

$  

(4,414)

$ 

(3,887)

$ 

©  Freddie Mac

4

($0.2)

$3.2

2Q15

3Q15

($0.1)

$0.5

2Q15

3Q15

($0.1)

($0.05)

$0.5

$0.6

2Q15

3Q15

Segment financial results

$ Billions

Multifamily

Comprehensive Income (Loss)

Segment Earnings (Loss)

Segment  Other Comprehensive Income (Loss)

$3.0

$0.4

$0.5

1

Comprehensive income approximated segment earnings for both 2Q15 and 3Q15.

Note: Totals may not add due to rounding.

($0.1)

Single-Family

Guarantee

1

Investments

$0.6

($1.0)

($1.0)

$0.02

©  Freddie Mac

5

$0.2

$4.1

$5.7

$6.5

$7.2

$47.6

$19.6

$5.5

2008

2009

2010

2011

2012

2013

2014

YTD

2015

$44.6

$6.1

$13.0

$7.6

$0.02

$0.0

$0.0

$0.0

2008

2009

2010

2011

2012

2013

2014

YTD

2015

Draw Requests from Treasury

Treasury draw requests and dividend payments

1

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

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

2

Because the company’s net worth at September 30, 2015 was less than the applicable capital reserve amount for 2015 of $1.8 billion, Freddie Mac will not have a dividend                               

obligation in December 2015.

3

Data

for the nine months ended September 30, 2015.

4

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

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

5

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

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

worth sweep dividend payment beginning in the first quarter of 2013.  See the company’s Annual Report on Form 10-K for the year ended December 31, 2014 for more information.

$ Billions

5

4

Draw Requests From Treasury

Dividend Payments to Treasury

Cumulative

Total

Total Senior Preferred Stock Outstanding

$72.3

Less:  Initial Liquidation Preference

1.0

Treasury Draws

$71.3

Cumulative

Total

Dividend Payments as of 9/30/15

$96.5

4Q15 Dividend Obligation

2

Total Dividend Payments

$96.5

3

Dividend Payments to Treasury

3

-

1

©  Freddie Mac

6

1

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

single-family

credit

guarantee

portfolio.

Other

indices

of

home

prices

may

have

different

results,

as

they

are

determined

using

home

prices

relating

to

different

pools

of

mortgage

loans

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

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

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

the percent change from June 2006 to September 2015.

Source: Freddie Mac.

National home prices

1

Cumulative decline of 6% since June 2006

(NSA Series)

Freddie Mac House Price Index (December 2000=100)

100

110

120

130

140

150

160

170

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

United States (SA)

United States (NSA)

2015Q3 NSA Index Growth: 0.8%

2015Q3 SA Index Growth: 1.4%

7

4%

AL

3%

AK

8%

4 to 7%

< 2%

2 to 3%

4%

AR

9%

AZ

8%

CA

12%

CO

CT 2%

DC 7%

DE 0%

12%

FL

7%

GA

2%

HI

3%

IA

8%

ID

2%

IL

5%

IN

4%

KS

KY 5%

4%

LA

1%

3%

ME

5%

MI

5%

MN

4%

MO

2%

MS

4%

MT

NC 5%

2%

ND

6%

NE

NJ 3%

3%

NM

11%

NV

3%

NY

3%

OH

4%

OK

10%

OR

2%

PA

RI 5%

5%

SC

5%

SD

TN 6%

8%

TX

7%

UT

3%

VA

10%

WA

3%

WI

3%

WV

6%

WY

5%

4%

VT

5%

MD

MA

NH

Home price performance by state

September 2014 to September 2015

United States 6%

1

1

The

Freddie

Mac

House

Price

Index

for

the

U.S.

is

a

value-weighted

average

of

the

state

indexes

where

the

value

weights

are

based

on

Freddie

Mac’s

single-family

credit

guarantee

portfolio.

Other

indices

of

home

prices

may

have

different

results,

as

they

are

determined

using

different

pools

of

mortgage

loans

and

calculated

under

different

conventions.

The

Freddie

Mac

House

Price

Index

for

the

U.S.

is

a

non-seasonally

adjusted

monthly

series.

Percent

changes

were

rounded

to

nearest

whole

percentage

point.

Source: Freddie Mac

©  Freddie Mac

©  Freddie Mac

8

120

2009

2010

2011

2012

2013

2014

YTD

2015

2,480

2,089

1,830

2,472

2,458

1,627

1,715

2009

2010

2011

2012

2013

2014

YTD

2015

Housing market support

Number of Families Freddie Mac Helped

to Own or Rent a Home

In Thousands

Single-Family Loan Workouts

2

Number of Loans (000)

1

Based on the company’s purchases of loans and issuances of mortgage-related securities.  For the periods presented, a borrower may be counted more than once if the company

purchased more than one loan (purchase or refinance mortgage) relating to the same borrower.

2 

Consists of both home retention actions and foreclosure alternatives.

3

Data for the nine months ended September 30, 2015.

4

These categories are not mutually exclusive and a borrower in one category may also be included in another category in the same or another period.  For example, a borrower

helped through a home retention action in one period may subsequently lose his or her home through a foreclosure alternative in a later period.

Repayment plans

4

Loan modifications

4

Forbearance agreements

4

Short sales and deed-in-lieu of

foreclosure transactions

4

Home Retention Actions

Foreclosure Alternatives

Cumulative Since 2009:    14,671

Cumulative Since 2009:   1,148

3

3

133

275

208

169

168

75

1

9

$33

$36

$52

$62

$46

$43

$35

$28

$39

$47

3Q14

4Q14

1Q15

2Q15

3Q15

Refi UPB

Purchase UPB

Single-family new funding volume

$ Billions

$77

$71

$80

1

Data

for the nine months ended September 30, 2015.

Note: Totals may not add due to rounding.

Annual

2013

:  $423

2014

:  $255

YTD

2015

:

$275       

$101

$94

©  Freddie Mac

1

©  Freddie Mac

10

Single-family management and guarantee fees charged

on new acquisitions

1

Data

for

the

nine

months

ended

September

30,

2015.

2

Represents the estimated average rate of management and guarantee fees for new acquisitions during the period assuming amortization of delivery fees using the estimated life of the

related loans rather than the original contractual maturity date of the related loans. Includes the effect of fee adjustments that are based on the price performance of Freddie Mac’s PCs

relative

to

comparable

Fannie

Mae

securities.

Net

of

legislated

10

basis

point

guarantee

fee

remitted

to

Treasury

as

part

of

the

Temporary

Payroll

Tax

Cut

Continuation

Act

of

2011.

Quarterly

In Basis Points (bps), Annualized

Annual

In Basis Points (bps)

Single-Family Management and Guarantee Fees Charged on New Acquisitions

(net

of

amounts

remitted

to

Treasury)

2

47

47

47

45

44

3Q14

4Q14

1Q15

2Q15

3Q15

2009

2010

2011

2012

2013

2014

YTD

2015

20

25

27

31

41

47

44

1

©  Freddie Mac

11

$1.1

$4.9

$2.2

$2.8

2013

2014

YTD

2015

Calculated loss

Actual loss

Single-family

credit

risk

transfer

transactions

1

Structured Agency Credit Risk

(STACR

®

)

Debt Note Issuances

$ Billions

Agency

Credit

Insurance

Structure

®

(ACIS

®

Reinsurance)

Transactions

$ Bllions

1

Excludes whole loan security and seller indemnification transactions.

2

Excludes

impact

of

changing

the

coverage

from

losses

calculated

using

a

predefined

formula

to

coverage

based

on

actual

losses

for

certain

existing

ACIS

policies.

3

Data for the nine months ended September 30, 2015.

4

Upon initial execution.  Includes $127.4 billion of UPB related to credit risk transfer transactions completed during the first nine months of 2015.

$5.0

3

3

$1.1

Cumulative

$ Billions

STACR Issuances

$11.0

ACIS Reinsurance Transactions

$1.8

Reference

Pool

UPB

4

$332.8

$0.1

$0.7

$0.7

$0.4

2013

2014

YTD

2015

Calculated loss

Actual loss

2

©  Freddie Mac

12

Single-Family Transferred Credit Risk

Based on Remaining Balance as of Period End

$ Billions

Single-family

transferred

credit

risk

1

1

Represents single-family credit risk transferred through STACR debt note and ACIS (re)insurance transactions.

2

Freddie Mac holds the senior risk, which is unfunded and not issued. 

09/30/14               12/31/14                3/31/15                 06/30/15               09/30/15

Mezzanine loss positions:

Transferred to third parties

Mezzanine loss positions:

Retained by Freddie Mac

First loss positions:

Transferred to third parties

First loss positions:

Retained by Freddie Mac

$0.2

$0.6

$0.7

$5.5

$6.7

$8.8

$10.7

$11.2

$0.7

$0.9

$1.2

$1.7

$1.7

$1.7

$1.7

$1.2

$1.2

$1.2

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Freddie Mac

senior loss positions

2

$166.3

$183.3

$216.3

$264.6

$272.6

Total reference pools

$174.2

$192.5

$227.7

$278.7

$287.5

©  Freddie Mac

13

738

747

744

740

727

713

719

757

758

759

762

756

748

752

756

755

755

756

749

744

751

2009

2010

2011

2012

2013

2014

YTD

2015

Relief refinance (includes HARP)

All other

Total purchases

Single-family

credit

quality

-

purchases

Weighted

Average

Original

LTV

Ratio

1

Percent (%)

Weighted

Average

Credit

Score

2

1

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

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

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

2

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

scores can range between approximately 300 and 850 points.

3

Data for the nine months ended September 30, 2015.

80

77

77

97

91

82

75

66

67

67

68

71

76

74

67

70

70

76

75

76

74

2009

2010

2011

2012

2013

2014

YTD

2015

Relief refinance (includes HARP)

All other

Total purchases

3

3

©  Freddie Mac

14

Single-family

credit

quality

–

credit

guarantee

portfolio

1

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

Concentration of Credit Risk

Percent (%)

Serious Delinquency Rates

Percent (%)

1

1

65

3

18

7

11

80

6

10

% of Portfolio

As of September 30, 2015

% of Credit Losses

For Nine Months Ended

September 30, 2015

New single-family book

HARP and other relief refinance loans

2005 -

2008 legacy single-family book

Pre-2005 legacy single-family book

0.23

0.24

0.22

0.21

0.20

0.70

0.75

0.75

0.70

0.70

7.66

7.59

7.10

6.54

6.26

3.12

3.10

2.97

2.75

2.64

1.96

1.88

1.73

1.53

1.41

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

New single-

family book

HARP and other relief refinance loans

2005 -

2008 legacy single-family book

Total

Pre-2005 legacy single-family book

©  Freddie Mac

15

1 

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

2

See

“MD&A

–

RISK

MANAGEMENT

–

Credit

Risk

Overview

–

Single-Family

Mortgage

Credit

Risk

Framework

and

Profile

–

Monitoring

Loan

Performance”

in

Freddie

Mac’s

Form

10-K

for

the

year

ended

December

31,

2014,

for

information

about

the

company’s

reported

delinquency

rates.

The

single-family

serious

delinquency

rate

at

September

30,

2015

was

1.41%.

1

1

1

15.14%

3.95%

2.24%

1.53%

Single-Family Serious Delinquency Rates

Single-family mortgage market and Freddie Mac

delinquency rates

2

Percent

Total Mortgage Market

Prime

Subprime

Freddie Mac

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

0

4

8

12

16

20

24

28

32

©  Freddie Mac

16

$167

12/31/10

12/31/11

12/31/12

12/31/13

12/31/14

9/30/15

$169

$177

$169

$15

$20

$29

$26

$28

$34

2010

2011

2012

2013

2014

YTD

2015

Total Multifamily Portfolio

UPB $ Billions

Multifamily business volume and portfolio

composition

Multifamily New Business Volume

$ Billions

1 

Data for the nine months ended September 30, 2015.

2 

Primarily K-Deals.

2

1

$180

$182

MF unsecuritized loan portfolio

MF investment securities portfolio

MF guarantee portfolio

1

Data for the nine months ended September 30, 2015.

Note: Totals may not add due to rounding.

Multifamily percentage of affordable units financed

Multifamily

Acquisitions

of

Units

by

Area

Median

Income

(AMI)

%

of Units Acquired

88% of units

acquired during

the nine months

ended September

30, 2015 are

affordable to

households

earning at or

below 100% AMI

1

11%

8%

14%

12%

16%

17%

13%

15%

62%

56%

61%

67%

63%

58%

61%

58%

17%

19%

15%

14%

13%

14%

16%

15%

11%

18%

10%

7%

8%

11%

10%

12%

2008

2009

2010

2011

2012

2013

2014

YTD 2015

50% AMI or less

>50%-80% AMI

>80%-100% AMI

>100% AMI

17

©  Freddie Mac

©  Freddie Mac

18

$2.1

$6.4

$13.7

$21.2

$28.0

$21.3

$21.9

2009

2010

2011

2012

2013

2014

YTD

2015

1

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

2

Data for the nine months ended September 30, 2015.

Note:  Totals may not add due to rounding.

K-Deal

Securitization

Volume

1

UPB $ Billions

Multifamily securitization volume

2

2009

2010

2011

2012

2013

2014

YTD

2015

2

Total

Total UPB

1

$2.1

$6.4

$13.7

$21.2

$28.0

$21.3

$21.9

$114.7

Number of

Transactions

2

6

12

17

19

17

18

91

©  Freddie Mac

19

0.01%

Multifamily market and Freddie Mac delinquency rates

Percent

1

See

“MD&A

–

RISK

MANAGEMENT

–

Credit

Risk

Overview

–

Multifamily

Mortgage

Credit

Risk

Profile”

in

Freddie

Mac’s

Form

10-K

for

the

year

ended

December

31,

2014,

for

information about the company’s reported multifamily delinquency rate.  The multifamily delinquency rate at September 30, 2015 was 0.01%. 

Source:

Freddie

Mac,

FDIC

Quarterly

Banking

Profile,

TREPP

(CMBS

multifamily

60+

delinquency

rate,

excluding

REOs),

American

Council

of

Life

Insurers

(ACLI).

Non-Freddie

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

1.16%

0.34%

0.01%

1

0

2

4

6

8

10

12

14

2Q11

4Q11

2Q12

4Q12

2Q13

4Q13

2Q14

4Q14

2Q15

Freddie Mac (60+ day)

FDIC Insured Institutions (90+ day)

MF CMBS Market (60+ day)

ACLI Investment Bulletin (60+ day)

©  Freddie Mac

20

$408

$406

$383

$367

$470

$470

$470

$470

$399

12/31/14

03/31/15

06/30/15

09/30/15

12/31/15

Mortgage-related investments portfolio ending balance

Mortgage-related investments portfolio limit

Investments

–

Purchase

Agreement

portfolio

limits

Indebtedness

1,

3

$ Billions

Mortgage

Assets

1,

2

$ Billions

1

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

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

consolidation of variable interest entities (VIEs).  See the company’s Annual Report on Form 10-K for the year ended December 31, 2014 for more information.

2

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

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

3

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

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

Indebtedness limit

Total debt outstanding

$454

$451

$417

$412

$663

$564

$564

$564

$564

$479

12/31/14

03/31/15

06/30/15

09/30/15

12/31/15

01/01/16

©  Freddie Mac

21

1

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

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

2

Mortgage loans totaled $153.4 billion at September 30, 2015 of which $99.2 billion were single-family and $54.2 billion were multifamily.

Investments

–

mortgage-related

investments

portfolio composition

Mortgage-Related

Investments

Portfolio

$ Billions

2

$755

$697

$653

$558

$461

$408

$367

Mortgage Loans

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

Non-Freddie Mac Mortgage-Related Securities (Agency)

Freddie Mac PCs and Structured Securities

12/31/09

12/31/10

12/31/11

12/31/12

12/31/13

12/31/14

09/30/15

1

©  Freddie Mac

22

Investments

–

mortgage-related

investments

portfolio: 

More liquid versus less liquid assets

More Liquid versus Less Liquid Assets

$ Billions

1

Excludes liquidations.

2

Less liquid assets include unsecuritized single-family and multifamily mortgage loans, certain structured agency securities collateralized with non-agency mortgage-related securities,

and the company’s investments in non-agency mortgage-related securities.

3

Data for the nine months ended September 30, 2015.

2

Less

Liquid

Activity

$ Billions

$20.3

$23.5

$19.9

3

62%

59%

56%

36%

38%

41%

44%

$558

$461

$408

$367

12/31/12

12/31/13

12/31/14

09/30/15

Less Liquid Assets

More Liquid Assets

64%

2013

2014

YTD 2015

$0.9

$0.2

$0.1

$2.8

$13.8

$10.3

$0.6

$1.9

$13.1

$1.9

$0.2

$3.5

$7.0

$7.4

Other

Private Label Securities Sales

Non-Performing Single-Family Loan Sales

Multifamily Sales

Securitization of Single-Family Reperforming

& Modified Loans

1

©  Freddie Mac

23

$ Millions

Average

Monthly

PMVS-Level

Interest-rate risk measures

Average

Monthly

Duration

Gap

Months

1

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

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

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

2  

Duration

gap

measures

the

difference

in

price

sensitivity

to

interest

rate

changes

between

Freddie

Mac’s

financial

assets

and

liabilities,

and

is

expressed

in

months

relative

to

the

market value of assets.

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2

3

4

5

6

Sep

14

Oct

14

Nov

14

Dec

14

Jan

15

Feb

15

Mar

15

Apr

15

May

15

Jun

15

Jul

15

Aug

15

Sep

15

$55

$93

$127

$99

$122

$146

$105

$90

$78

$123

$80

$75

$61

0

50

100

150

200

Sep

14

Oct

14

Nov

14

Dec

14

Jan

15

Feb

15

Mar

15

Apr

15

May

15

Jun

15

Jul

15

Aug Sep

15

15

1

2

©  Freddie Mac

24

Safe Harbor Statements

Freddie Mac obligations

Freddie

Mac’s

securities

are

obligations

of

Freddie

Mac

only.

The

securities,

including

any

interest

or

return

of

discount

on

the

securities,

are

not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie

Mac.

No offer or solicitation of securities

This presentation includes information related to, or referenced in the offering documentation for, certain Freddie Mac securities,

including offering circulars and related supplements and agreements. Freddie Mac securities may not be eligible for offer or sale in

certain jurisdictions or to certain persons. This information is provided for your general information only, is current only as of its specified

date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient

basis for making a decision with respect to the purchase or sale of any security. All information regarding or relating to Freddie Mac

securities is qualified in its entirety by the relevant offering circular and any related supplements. Investors should review the relevant

offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition,

before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its

risks and its suitability as an investment in your particular circumstances.

Forward-looking statements

Freddie Mac's presentations may contain forward-looking statements, which may include statements pertaining to the conservatorship,

the company’s current expectations and objectives for its single-family, investment and multifamily businesses, its loan workout

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

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

loans we guarantee, and results of operations and financial condition on a GAAP, Segment Earnings and fair value basis. Forward-

looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control.

Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments and estimates, and

various factors, including changes in market conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government

(including FHFA, Treasury

and Congress), and 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, 2014, Quarterly Reports on Form 10-Q for the quarters

ended March 31, 2015, June 30, 2015, and September 30, 2015 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 occurring after the date of this

presentation.