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Freddie Mac Update


    January 2009
Table of Contents

       Section                                                                                                                    Page

             I           Freddie Mac Overview                                                                                        2

            II           U.S. Housing Market                                                                                        10

            III          Credit Guarantee Business                                                                                  24

            IV           Investment Management Business                                                                             33

            V            Global Debt Funding Program                                                                                42

            VI           Mortgage Funding                                                                                           48




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 Registration Statement on Form 10, dated July 18, 2008, 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.
                                                                                                                                            1
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
                                                                Freddie Mac
               Securitization                                                                            Investments




            Mortgage-backed                                                                                 Debt
                                                                Global Capital
               Securities                                                                                 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

                                                                                                                       3
1House   of Representatives report on FIRREA, No. 54, 101st Congress, 1st Session, Part 3 at 2 (1989).
Freddie Mac is a central part of the U.S. housing market

$ Trillions
                                     U.S. Residential Mortgage Debt Outstanding
   25


                                             2007                                     $ Trillions
                                                                                                                                        $19.7
   20                                        FRE/FNM Total Portfolio                         5.0
                                             FRE/FNM Eligible                              10.4
                                             Total US Residential Mortgages                12.0

   15
                                                                                                                           $13.3
                                                                                                             $12.4
                                                                                               $12.2
                                                                                 $12.0
                                                                   $11.2
                                                      $10.1
   10

                                         $5.5
     5                     $3.7
              $2.9


     0
              1990        1995          2000         2005          2006          2007          2008          2009          2010         2015
                                                                                                Est.          Est.          Est.         Est.
                     FRE/FNM Total Portfolio              Total U.S. Residential Mortgages                   FRE/FNM Eligible
  Sources: Freddie Mac Total Portfolio: Monthly Volume Summary, January 2008; Fannie Mae Total Portfolio: Monthly Summary, January 2008,
  “Book of Business”; Total US Residential MDO: Federal Reserve Board’s Flow of Funds Accounts, December 11, 2008. The MDO forecast for
  2008 through 2011 is based on the December 2008 forecast of Freddie Mac’s Chief Economist. Forecasted figures for 2012 through 2015 are   4
  from the Homeownership Alliance, based on an 8.25% annual growth rate, and assume a constant FHA & VA share of MDO; FRE/FNM Eligible
  MDO: Nets out an assumed 15% jumbo share of single-family conventional MDO.
Our credit guarantee business has accounted for most of
                           our growth

                                                          Total mortgage portfolio
         UPB
       $ Billions
                                                                                                                                  $2,200
                                                                                                                $2,103
         2,200
             2,000                                                                             $1,827
             1,800                                                           $1,685
                                                           $1,506                                                                  $1,395
             1,600
                                         $1,415
                       $1,317
             1,400
                                                                                                                                                $1,827
             1,200
             1,000
              800
              600
                                                                                                                                    $432
              400                                                                                                        $805
              200
                                                                                                                                    $373
                0
                                1                 1                1
                         2002              2003             2004              2005              2006              2007           2008 YTD
                                    Outstanding Guaranteed PCs and Structured Securities
                                    Retained Portfolio (PCs & Structured Securities)
                                    Retained Portfolio (Non-Freddie Mac Mortgage-Related Securities & Mortgage Loans)
1 Includes PCs and Structured Securities 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.
Source: Data as of period end. Data for 2002-2004 is based on Freddie Mac’s Information Statements dated September 24, 2004 and June 14,          5
2005. Data for 2005-2007 is based on Freddie Mac’s Registration Statement on Form 10 dated July 18, 2008. Data for 2008 is based on Freddie
Mac’s November 2008 Monthly Volume Summary. Figures for 2008 are subject to change.
Housing and Economic Recovery Act of 2008

The Housing and Economic Recovery Act of 2008 was signed into law by President
Bush on July 30, 2008
 » The Act is a comprehensive housing stimulus package containing GSE reform,
    FHA modernization, and foreclosure prevention measures, among other
    provisions
 » The Act consolidates the regulation of Freddie Mac, Fannie Mae, and the
    Federal Home Loan Banks into a single new regulator called the Federal
    Housing Finance Agency (FHFA)

Implementation of many provisions of the new law will occur over time through the
public rulemaking process

The Act requires FHFA to consult with the Federal Reserve with respect to the risk
posed to the financial system before issuing any regulations, guidelines, and orders
regarding safe and sound operations, prudential management and operations
standards, capital requirements, and portfolio standards
 » This consultative requirement expires on December 31, 2009



                                                                                    6
Key provisions of the Act

Under the Act, FHFA has authority to:
 » Assess our safety and soundness
 » Regulate our portfolio investments
 » Change our minimum and risk-based capital levels
 » Approve new products before they are initially offered

In addition, the Act:
  » Allows increases in GSE loan limits based on changes in a new housing price index
     established by FHFA, beginning January 1, 2009
        • In high-cost areas, increases the limits to the lesser of 115% of the median home
           price or 150% of the limit, currently $625,500 for a 1-unit single-family home
  » Establishes a new affordable housing regime
  » Requires the GSEs to set aside and transfer, in each fiscal year, an amount equal to 4.2
     basis points of the unpaid principal balance of total new business purchases to two new
     housing funds

Provides Treasury authority to purchase GSE obligations and securities, under certain
conditions, until December 31, 2009




                                                                                               7
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
 » Treasury Secretary Paulson stated that the primary mission of the GSEs is to
    proactively work to increase the availability of mortgage finance, including consideration
    of mortgage affordability

FHFA is the Conservator for both GSEs
 » The Conservator assumes all power of the Boards, management and shareholders
 » FHFA has appointed a new CEO to lead each GSE
 » FHFA has stated that the GSEs will continue business as usual during the
   conservatorship

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

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

On October 9, 2008, FHFA announced that has suspended the capital classification of both
GSEs during the conservatorship, in light of the United States Treasury Senior Preferred
Stock Purchase Agreement
                                                                                                 8
Treasury Actions

Treasury has announced additional actions:

 »   Entering into a Senior Preferred Stock Purchase Agreement with each GSE
       • Each Agreement provides a commitment for a maximum amount funded of $100
          billion for the GSE
       • As consideration, each GSE has issued to Treasury senior preferred stock and a
          warrant to acquire 79.9% of the GSE’s common stock

 »   Creating a GSE Credit Facility
       • Short-term facility is available to Freddie Mac, Fannie Mae and the Federal Home
         Loan Banks
       • Funding under the facility would be provided directly by Treasury to Freddie Mac in
         exchange for eligible collateral consisting of guaranteed agency MBS
       • Facility available until December 31, 2009

 »   Announcing an MBS Purchase Program
       • Treasury will purchase GSE MBS in the open market
       • Program will begin in September 2008 and expire on December 31, 2009
       • Scale of program will be based on developments in the capital markets and housing
         markets




                                                                                               9
U.S. Housing Market
Single-family mortgage debt is protected in relation to
                           total value of housing stock
    $ Trillions
      25



       20

                                                                                                                                          $8.5
                                                                                                                                          Trillion
                                     Value of Housing Stock1
       15



       10                                                                                     $7.1 Trillion
                                                                                                 (2001)
                                                                                                                                          $10.6
                                                             Home Equity
                                                                                                                                          Trillion
          5

                                                             Single Family Mortgage Debt 2
          0
          1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
1 Value   of Housing Stock: Federal Reserve Board’s Flow of Funds Accounts, December 11, 2008, Table B.100 (line #50). Note this figure
    includes homes with and without underlying mortgages. Home equity is the difference between the value of the housing stock and the
    amount of single-family debt.
                                                                                                                                          11
2   Single-family Mortgage Debt Outstanding: Federal Reserve Board’s Flow of Funds Accounts, December 11, 2008, Table B.100 (line #33).
Source: Federal Reserve Board’s Flow of Funds Accounts. 2008 data as of September 30, 2008.
U.S. nominal house prices declined sharply
                                                 Annual national house price growth
    Percent
     16

     14

     12

     10

      8
                 4.7%: 1952-2008
      6
                 Average Growth Rate
      4

      2

      0

     -2

     -4
                                                                                  - Recession Year
     -6
          1952    1956      1960      1964      1968      1972      1976      1980      1984      1988      1992      1996      2000      2004       2008
                                                                                                                                                    Forecast
Note: Growth rates for 1952 to 2007 are calculated using the annual average of certain third party and Freddie Mac indices. The forecasted growth
                                                                                                                                                      12
rate for 2008 is calculated using a Freddie Mac index.
Sources: E. H. Boeckh and Associates, Bureau of Labor Statistics, U.S. Census Bureau and Freddie Mac.
Inventories of homes for sale remain above recent levels

Months Supply of
Homes for Sale
  15
   14
                         Existing Homes
   13
   12
   11
   10
    9
    8
    7
    6
    5
    4                     New Homes
    3
    2
    1
    0
    1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008
                                                                           - Recession
                                                                                                     13
   Sources: Census Bureau and National Association of Realtors. 2008 data as of November 30, 2008.
Fewer refinances imply a 27 percent drop in mortgage
                        originations in 2008
                                             Total single-family mortgage originations
  $ Billions
   4,000
                 Refinance Originations
                 Home Purchase Originations

   3,000




   2,000




   1,000




        0
            1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                                                                      Est. Est.

                                                                                                                                               14
Source: U.S. Department of Housing and Urban Development, Federal Financial Institutions Examination Council, Federal Housing Finance Board.
2008 data based on the December 2008 forecast of Freddie Mac’s Office of the Chief Economist.
National home prices have continued to decline1

                                                    Quarterly home price change

Percent
5
                    3.8
4                           3.4

3        2.5
                                                      1.7
                                     1.7
2
                                              1.2
                                                                                         0.7
1                                                              0.4

0
                                                                                (0.3)
(1)
                                                                                                 (0.9)
                                                                       (1.1)
                                                                                                                            (1.4)
(2)                                                                                                                                  (1.8)

(3)

(4)
                                                                                                          (3.9)    (3.9)
(5)
      1Q 2005             3Q 2005          1Q 2006           3Q 2006           1Q 2007         3Q 2007            1Q 2008           3Q 2008


    1 National   home prices use the internal Freddie Mac index, which is value-weighted based on Freddie Mac’s single-family portfolio.
                                                                                                                                              15
      Source: Freddie Mac.
43 states and Washington DC had home price declines from 3Q
                    2007 to 3Q 20081

                                                      United States -10.5%
                    -4.3                                                                                                                      -2.6
                                                               2.4
                                            -0.9                                                                                    -4.8
                                                                              -7.2                                                     -8.1
                -5.8                                                                   -4.6                                 -1.9       -6.5
                                                                4.1
                              -3.9                                                                   -12.7
                                               -0.1
                                                                                                                         -2.7       -6.7
                                                                                -1.0
                                                                                                                                                 RI –11.7
                                                                 -1.5                                       -5.7
                                                                                                                                -9.3 -5.1
                        -26.8                                                                        -2.9
                                                                                            -6.7                                                 CT –6.1
                                     -6.1                                                                          1.5
                                                   -4.4                                                                    -10.3                 DC –6.5
                                                                                  -3.5
                                                                      -1.4                             -0.1
               -27.7
                                                                                                                         -0.8
                                                                                                     -2.6
                                                                        1.4
                                 -19.2                                               -1.5                             0.0
                                                -3.4
                                                                                                                                       >= 0%
                                                                                                               -5.2
                                                                                              -1.3    0.7
                                                                                                                                       -5 to 0%
                                                                  0.7                  -2.5
      -0.5
                                                                                                                                       -10 to -5%
                                                                                                                         -20.8
                                                                                                                                       -20 to -10%
                                   -3.2
                                                                                                                                       < -20%


1 National   home prices use the internal Freddie Mac index, which is value-weighted based on Freddie Mac’s single-family portfolio.
                                                                                                                                                     16
 Source: Freddie Mac.
Subprime and Alt-A shares of the market quintupled
                        between 2001 and 2006, then declined sharply


                   2001                                               2006                                             2008 YTD


                   5%
3%                                                              14%                                                       8%
                                                 3%
            8%

                                                                                 33%                          17%
     7%

                                                        13%
                              57%
                                                                                                            3%                       64%
          20%                                                                                      1%
                                                                                                                  7%
                                                                                16%
                                                               20%




                $2.2 trillion                                      $3.0 trillion                                       $1.8 trillion




          Conventional,                Jumbo Prime              Subprime             Alt-A        FHA & VA             Home Equity
          Conforming Prime                                                                                             Loans
                                                                                                                                           17
     Source: Inside Mortgage Finance (by dollar amount) and Freddie Mac. 2008 data is as of September 30, 2008.
Recent Alt-A and subprime originations are performing far
                          worse than earlier originations
         Cumulative 60-days or more delinquency rate as a share of the number of loans originated

                               Alt-A                                                                     Subprime
                                                                           Percent (% )
Percent (% )
                                                                              30
11
10
                                                                              25
 9
 8
                                                                              20
 7
 6
                                                                              15
 5
 4
                                                                              10
 3
 2                                                                             5
 1
 0                                                                             0
     0    4     8    12   16    20    24    28   32    36    40    44   48          0      4   8   12   16    20    24   28   32   36   40    44   48
                               Age in Months                                                                 Age in Months


                                            2002         2003         2004          2005       2006          2007
                                                                                                                                             18
  Source: Loan Performance, a subsidiary of First American Real Estate Solutions.
Hybrid ARM mortgages are experiencing faster
                           delinquency rates than fixed-rate mortgages


                   Hybrid ARM Mortgages                                 Fixed-rate Mortgages
                                                            Percent
Percent
 40                                                          40
                                                 Subprime
 35                                                          35

 30                                                          30

 25                                                          25

 20                                                          20

 15                                                Alt-A     15
                                                                                                  Subprime

 10                                                          10
                                                                                                     Alt-A
  5                                                           5
                                                   Jumbo                                            Jumbo
                                                              0
  0
                                                               1998   2000   2002   2004   2006   2008
   1998         2000        2002   2004   2006    2008

                                                                                                    19
      Source: Citigroup.
Subprime ARM defaults are 21 times those on prime fixed-
                       rate mortgages

                                Loans 90 days or more delinquent or in foreclosure
Percent
 25

                                                                                                                  Subprime
                   - Recession
                                                                                                                    ARM
 20


 15


                                                                                            Subprime
 10
                                                                                              FRM
                                                                 FHA & VA
   5
                                                                                Prime Conventional ARM
              Prime Conventional FRM
   0
       1998        1999         2000         2001         2002         2003          2004           2005   2006   2007   2008


                                                                                                                             20
Source: Mortgage Bankers Association. Quarterly data not seasonally adjusted (Q1 1998 – Q2 2008).
Annual MBS issuance by product type


                             Subprime                                                                        Alt-A


                                                                 Percent      $ Billions
   $ Billions                                                                                                                       Percent
   500                                                               25         500                                                      25
    450                                                                         450
    400                                                               20        400                                                      20
    350                                                                         350
    300                                                               15        300                                                      15
    250                                                                         250
    200                                                               10        200                                                      10
    150                                                                         150
    100                                                               5         100                                                      5
     50                                                                          50
       0                                                              0            0                                                     0
           2000 2001 2002 2003 2004 2005 2006 2007 2008                                2000 2001 2002 2003 2004 2005 2006 2007 2008
                                                   YTD                                                                         YTD
                         Subprime MBS Issuance                                                      Alt-A MBS Issuance
                         Percent of Total MBS Issuance                                              Percent of Total MBS Issuance



                                                                                                                                    21
Source: Inside MBS & ABS – October 10, 2008 edition, Freddie Mac and Fannie Mae. Data as of September 30, 2008.
Jumbo-conforming spreads spiked to record levels in
                         December 2008

                                       Effective jumbo-conforming interest rate spread
Basis points
 200

 180                                                                                       Record: 184 bps
                                                                                              12/09/08
 160
                                                                                       Most recent: 169 bps
 140                                                                                         12/26/08

 120

 100

  80

  60

  40

  20

    0
    1988           1990          1992          1994          1996     1998   2000   2002      2004     2006   2008

  Note: Effective spread adds fees and points to the interest rate.
                                                                                                               22
  Source: HSH Associates. Data as of December 26, 2008.
Mortgage rates on conforming jumbo loans

                                                  30-year fixed mortgage rates

Percent
8




7




6




5
     Jan Jan Feb Feb Feb Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug Aug Sep Sep Oct- Oct-
      4 18 1 15 29 14 28 11 25 9 23 6 20 3 18 1 15 29 12 26 10 24

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

                                                                                                             23
    Source: HSH Associates. Points and fees are added to interest rates.
Credit Guarantee Business
Our GSE market share remains near historical levels

    Freddie Mac share of
                                                 Freddie Mac’s GSE market share
    PC/MBS issuances1
         (Percent)
             50


                                                                             45%
             45
                         43%                                                                  43%               43%
                                                           41%
                                                                                                                                 40%
             40
                                          37%

             35



             30
                        2002             2003              2004             2005              2006             2007             2008
                                                                                                                                 YTD

1For 2006, 2007 and 2008, Freddie Mac’s share of PC/MBS issuances is calculated as Freddie Mac’s issuance activities for Total Guaranteed PCs
and Structured Securities Issued divided by the sum of such issuances and Fannie Mae’s Total MBS Issuances.
                                                                                                                                                25
Source: Freddie Mac and Fannie Mae Monthly Summaries. 2008 data as of November 30, 2008. Figures for 2008 are subject to change.
We fulfill our mission through a diversity of mortgage
                            products
       Total mortgage portfolio purchases                                                    Total mortgage portfolio
    Eleven months ended November 30, 2008                                                    As of November 30, 2008
                        $369.1 Billion                                                            $1.9 Trillion
                                               20-year
                                             Fixed Rate                                                               20-year Fixed
                                                                                  30-year Fixed
                                                                                                                          Rate
                                                 2%                                   Rate
                                                              15-year                                                      4% 15-year Fixed
                                                                                      64%
                                                            Fixed Rate
  30-year                                                                                                                           Rate
                                                                8%
Fixed Rate                                                                                                                          13%
   72%

                                                                   IO
                                                                   6% ARM
                                                                                                                                      IO
                                                                       3%                                                             8%


                                                                                                                                     ARM
                                                                                                                                      4%
                                                                                                                                    Option ARM
                                                                                                                                        1%
                                                                    Multifamily
                                                                                                                                    Balloon
                                                                   Conventional
                                                                                                                                     1%
                                                                       6%
                                                                                                                                 Multifamily
                                                          Other
                                                                                                                                Conventional
                                                           3%
                                                                                                                  Other             4%
                                                                                                                   1%

                                                                                                                                     26
     Note: Excludes non-Freddie Mac mortgage-related securities.
     Source: Freddie Mac.
Significant homeowner equity supports the credit quality
                             of our single-family portfolio
                        Average estimated loan-to-value1 ratio of our single-family portfolio
                                     adjusted to reflect current market prices
    Average Estimated Current
    LTV (Percent)
    70
                                                                                                                                                  68%

            65%
    65
                         63%                                                                                                        63%
                                                    61%          61%           61%
                                      60%
    60
                                                                                            58%
                                                                                                                       57%
                                                                                                          56%
    55



    50
           1998         1999          2000         2001         2002          2003         2004          2005         2006         2007       Sept 30,
                                                                                                                                               2008
1 Based on the unpaid principal balance of the single-family mortgage portfolio, excluding Structured Transactions backed by Ginnie Mae Certificates
and certain Structured Transactions that are backed by non-Freddie Mac mortgage-related securities. 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 purchases we made during 2008, includes the credit-enhanced portion of the loan and excludes any secondary financing by third parties. 27
Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of period end.
Freddie Mac’s portfolio is well diversified1




                                                                                  North Central
                                                                                          19%                 Northeast
                                                    West
                                                                                                                24%
                                                     26%
                                                                            Southwest
                                                                                                  Southeast
                                                                                 13%
                                                                                                     18%




1   Based on unpaid principal balances.
                                                                                                                      28
Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of September 30, 2008.
Estimated sensitivity of credit losses to an immediate 5%
                               decline in house prices1

Net Present Value
($ Millions)
   6,000
   5,500
   5,000
   4,500
   4,000
   3,500
   3,000
   2,500
   2,000
   1,500
   1,000
     500
        0
             6/30/2007                     9/30/2007            12/31/2007              3/31/2008            6/30/2008             9/30/2008

                                       Before credit enhancements 2                               After credit enhancements 3
1   Based on the single-family mortgage portfolio, excluding Structured Securities backed by Ginnie Mae Certificates.
2   Assumes that none of the credit enhancements currently covering our mortgage loans has any mitigating impact on our credit losses.
                                                                                                                                                    29
3   Assumes we collect amounts due from credit enhancement providers after giving effect to certain assumptions about counterparty default rates.
Source: Freddie Mac’s Form 10-Q dated November 14, 2008.
Credit delinquencies and losses continue to increase



          90-day single-family delinquencies1                                                             Total credit losses2



                                                                          Basis Points
Basis Points
   130                                                                       20
   120                                                                       18
   110                                                                       16
   100                                                                       14
    90                                                                       12
    80                                                                       10
    70                                                                        8
    60                                                                        6
    50                                                                        4
    40                                                                        2
    30                                                                        0
               2004        2005          2006          2007        Sept 30,           2004                2005           2006          2007          2008
                                                                    2008                                                                              YTD

1 Based  on mortgage loans in our retained portfolio and total guaranteed PCs and Structured Securities issued, excluding Structured Transactions,
Structured Securities backed by Ginnie Mae Certificates and mortgage loans whose contractual terms have been modified under an agreement
with the borrower and the borrower is less than 90 days delinquent under the modified terms.
2Calculated as annualized credit losses divided by the average total mortgage portfolio, excluding non-Freddie Mac mortgage-related securities
                                                                                                                                                     30
and that portion of Structured Securities that is backed by Ginnie Mae Certificates. 2008 YTD is for nine months ended September 30, 2008.
Source: Freddie Mac’s Form 10-Q dated November 14, 2008.
Delinquencies are low relative to the industry

                                                  90-day or more delinquencies
               Basis Points
                300                                                                              287


                 250                                                                   235

                                                                             199
                 200
                                                                   167
                                                                                                                          152
                 150                                                                                          134
                                                                                                     122
                                                                                           93
                 100                                                             77
                                                                       65

                   50

                     0
                          2003 2004 2005 2006 2007                            1Q   2Q   3Q   Oct  Nov
                                                                             2008 2008 2008 2008 2008
                                     MBA Prime Conventional Mortgage Delinquencies
                                                                                                                      1
                                     Freddie Mac Total Single-Family 90-day or More Delinquencies
1Based on mortgage loans in our retained portfolio and total guaranteed PCs and Structured Securities issued, excluding Structured Transactions,
Structured Securities backed by Ginnie Mae Certificates and mortgage loans whose contractual terms have been modified under an agreement
                                                                                                                                                   31
with the borrower and the borrower is less than 90 days delinquent under the modified terms.
Source: Mortgage Bankers Association and Freddie Mac. Data as of period end.
Single-family delinquency rates by region


    (In Basis Points)                                                         3Q 2007         4Q 2007        1Q 2008        2Q 2008 3Q 2008
                                                     1
    Non-credit enhanced delinquency rates
1     North Central                                                               39             48             52              59             72

2     Northeast                                                                   31             39             45              53             69
3     Southeast                                                                   43             59             76              98         131
4     Southwest                                                                   27             32             33              38             46
5     West                                                                        26             42             59              80         108


                                                 2
    Total single-family delinquency rate
6     Total portfolio                                                             51             65             77              93         122




    1 Presentation
                 of non-credit-enhanced delinquency rates with the following regional 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); North Central (Il, IN, IA, MI, MN, ND, OH, SD, WI);
    Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); and Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY).
    2 Based on mortgage loans in our retained portfolio and total guaranteed PCs and Structured Securities issued, excluding Structured
    Transactions, Structured Securities backed by Ginnie Mae Certificates and mortgage loans whose contractual terms have been modified
                                                                                                                                                32
    under an agreement with the borrower and the borrower is less than 90 days delinquent under the modified terms.
    Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of period end.
Investment Management Business
Freddie Mac’s asset-liability management framework is
    disciplined




Return onon Equity Threshold
 Return Equity Threshold                             Interest Rate Risk Management




                               Maximize Fair Value




                                                                                     34
Retained portfolio growth depends on market conditions


                                                          Retained portfolio growth
           UPB
         $ Billions

             90                                                                                                              $85
                                           $78
             80
                         $70
             70
                                                                               $57
             60

             50

             40

             30
                                                                                                            $17
             20
                                                             $7
             10
                                                                                                 -$6
              0

            -10
                        2002              2003              2004              2005               2006      2007             2008
                                                                                                                             YTD


Note: Data represents net growth of the Retained portfolio based on unpaid principal balances.
Source: Data for 2002-2004 is based on Freddie Mac’s Information Statements dated September 24, 2004 and June 14, 2005. Data for 2005-2007   35
is based on Freddie Mac’s SEC Registration Statement on Form 10 dated July 18, 2008. Data for 2008 is based on Freddie Mac’s November 2008
Monthly Volume Summary. Figures for 2008 are subject to change.
Freddie Mac’s Retained portfolio is diversified among a
                                 number of product types



                        Retained portfolio1                                                                  Non-FRE MBS1
                         Mortgage
                          Loans                                                                                               CMBS
                           14%                                                                                                 25%

Freddie Mac
                                                                Non-Freddie
                                                                                             Subprime
 Multi-class
                                                                 Mac MBS
                                                                                               30%
 Structured
                                                                   35%
 Securities
    18%
                                                                                                                                      Alt-A
                                                                                                                                     & Other
                                                                                        Ginnie Mae                                    18%
                                                                                           <1%

                                                                                         Manufactured
          Freddie Mac
                                                                                           Housing
          Single Class
                                                                                                                        Fannie Mae
                                                                                            <1%
              PCs
                                                                                                                           22%
                                                                                                              Mortgage
              33%
                                                                                                           Revenue Bonds
                                                                                                                5%
1   Based on unpaid principal balances. Exclude mortgage-related securities traded, but not yet settled.
                                                                                                                                     36
Source: Freddie Mac. Data as of September 30, 2008.
Retained portfolio composition

                                                               Retained portfolio
                                                                    $737 billion

                                                                              Mortgage
                                                                                Loans
                                                                                 14%
                                                                                            Agency
                                                                               ($100 B)
                                                                                              8%
                                                                                            ($57 B)

                                                                                                   Non-Agency
                                                                                                    Backed by
                                                             PCs and                             Subprime Loans
                                                            Structured                                 11%
                                                            Securities                               ($80 B)
                                                               51%
                                                                                                     Non-Agency
                                                             ($375 B)
                                                                                                    Backed by Alt-A
                                                                                                      and Other
                                                                                      Other
                                                                                                        Loans
                                                                                   Non-Agency
                                                                                                         6%
                                                                                       11%
                                                                                                       ($46 B)
                                                                                     ($79 B)




Note: Credit ratings for most non-agency mortgage-related securities are designated by no fewer than two nationally recognized statistical rating
organizations. Approximately 66% and 96% of total non-agency mortgage-related securities held at September 30, 2008 and December 31, 2007,
respectively, were AAA-rated as of those dates, based on the lowest rating available.
                                                                                                                                                    37
Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data based on unpaid principal balances as of September 30, 2008 and exclude
mortgage-related securities traded, but not yet settled.
The majority of our convexity is hedged upfront


                           Example of how we limit the negative convexity
                          embedded in our Retained portfolio assuming the
                              convexity risk of the mortgage universe
                                                 Asset                                 Dynamically
                                                Selection                              Rebalanced




                                      Mortgage                                                 Swaptions
                                      Structuring



                                                                    Callable
                                                                     Debt
                                        Hedging activities executed upon purchase of mortgage


                                                                                                                                                38
Note: Figure above is an example only. It is not intended to represent percentages of Freddie Mac’s Retained portfolio hedged by each instrument.
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




                                                                                                    39
   Source: Freddie Mac.
Interest-rate risk is well controlled



             Average monthly PMVS-Level                                                               Average monthly duration gap

$ Millions                                                                                   Months
                                       $571 $576
600
                                                                                              6
                                                                                              5
500
                                                                                              4
                  $438          $437
                                                                                              3
                                                                        $395          $394
                                                   $390
      $378 $385
400
                                                                                              2
                                                                               $354
                                                          $348
                         $331
                                                                                              1
300                                                              $271
                                                                                              0
                                                                                             -1
200                                                                                          -2
                                                                                             -3
100                                                                                          -4
                                                                                             -5
  0                                                                                          -6
      Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov                                       Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov
      07 07 08 08 08 08 08 08 08 08 08 08 08                                                      07 07 08 08 08 08 08 08 08 08 08 08 08



Note: 2007 and 2008 figures based on Freddie Mac’s November 2008 Monthly Volume Summary. Figures for 2008 are subject to change.
                                                                                                                                               40
Source: Freddie Mac.
Callable debt is an integral part of our interest-rate risk
                              management framework

                                        Callable debt outstanding as a share of fixed-rate assets1

       Percent
        50

            49

            48

            47

            46

            45

            44

            43
                        2004               2005       2006        2007       1Q 2008     2Q 2008     3Q 2008

1Excludes   callable debt with expired options.                                                                41
Source: Freddie Mac.
Global Debt Funding Program
Freddie Mac’s suite of debt products

                                                       Debt securities outstanding
            $ Billions
              900
                                                                                                                                          10
              800
                                                                                                                                         251
              700

                                                                                                                                           5
              600
                                                                                                                                          78
              500

                                                                                                                                         206
              400

              300

              200
                                                                                                                                         312

              100

                 0
                      1996     1997     1998     1999     2000     2001     2002     2003     2004     2005     2006     2007     2008
                                                Short-term Debt                                Callable Debt
                                                MTN Bullet Debt                                Subordinated Debt
                                                US$ Reference Notes®                           €Reference Notes®
Note: All figures represent face amounts in USD billions based on trade date. These figures could differ significantly from proceeds, amortized
                                                                                                                                                  43
principal amount and book value figures, particularly for zero-coupon securities.
Source: Freddie Mac. 2008 data as of December 31, 2008.
Refinancing our maturing debt requires substantial
                        issuance of debt
                                          Freddie Mac long-term debt maturities1
$ Billions
   250




   200
                                                                                         Other Debt Securities

                                                                                         Reference Notes

   150

                                                                                                                                149

   100

                  52
                                 46

     50                                         27
                                                                              33
                                                               14
                   53            51                                                                                              49
                                                                                                                            4
                                                35                                          13
                                                                              26
                                                               24                                                5   17
                                                                                                         11
                                                                                            9
      0
                 2009           2010           2011          2012             2013         2014         2015         2016       >2017

1Freddie   Mac long-term debt maturity figures excluding subordinated debt.
                                                                                                                                        44
Note: All figures represent face amounts in USD billions based on the settlement date.
Source: Freddie Mac. Data as of December 31, 2008.
Short-term debt balances have grown but remain within
                             historical levels

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

$ Billions
                                                                                      40%
350


300
                                                                                      35%
250


200
                                                                                      30%

150


100                                                                                   25%

 50

                                                                                      20%
  0
                                                                                         Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul-
      Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul-
                                                                                          02 02 03 03 04 04 05 05 06 06 07 07 08 08
       02 02 03 03 04 04 05 05 06 06 07 07 08 08




                                                                        Rapid Portfolio Growth Periods

                                                                                                                                                           45
Source: Freddie Mac. Data as of December 31, 2008.
Our debt funding program accesses diverse pools of
                          global capital


                         Geographical area                                                        Investor type
                                                                                                  Insurance &
                                         Other                                                      Pension
                                          2%                                                          6%
                                                        Europe
                                                                                                                  Central Bank
                                                                                          Bank
                                                         14%
                                                                                                                     42%
                                                                                          10%



                                                                                Other
                                                                                12%




                                                                  Asia
                                                                  33%
   N. America
      51%                                                                            Investment
                                                                                      Manager
                                                                                        30%
Note: Data reflects orders placed in our US$ Reference Notes® securities syndicated bond deals.
                                                                                                                          46
Source: Freddie Mac. Data for the 12 months ended December 31, 2008.
Agencies vs FDIC guaranteed bank paper

                                            Freddie Mac                          FDIC Guaranteed Bank Paper
                             Unlimited secured short-term borrowing           FDIC has unlimited borrowing authority at
                             facility through Treasury                        Treasury
Funding
                             $100 billion of preferred capital from U.S.      FDIC guarantee on members’ debt
                             Treasury
                             Short-term borrowing facility reverts to $2.25   FDIC borrowing reverts to $30 billion on
                             billion on December 31, 2009                     December 31, 2009
Expiration
                             $100 billion of preferred capital agreement is   Valid on debt issued from now until June 30,
                             indefinite in duration                           2009, with coverage ending in June 2012
Risk Weight                  20% (possibly lowered to 10%)                    Yet to be decided

                             Mandate for some local entities and banks        New instrument with no precedence
Structural
                             allows them to invest in Agencies in addition
Considerations               to Treasuries
                             Traditional investors already hold a large       Attractive for investors looking to diversify from
Diversification              pool of Agencies                                 Agencies
Liquidity                    Issues with > $1 billion are liquid              To be determined

Repo                         Easy to repo                                     Repo market needs to be established
                             Offer tailored, flexible investment and          Less flexible maturity structure
Flexibility                  maturity dates and size
                             Over $1 trillion of short-term debt maturing     Maximum of $1.4 trillion of debt could be
New Supply                   for Freddie Mac, Fannie Mae & Home Loan          guaranteed by the FDIC
through Dec ‘09              Bank combined
                                                                                                                            47
Sources: Freddie Mac, Barclays Capital and Morgan Stanley
Mortgage Funding
U.S. mortgage securities are the largest fixed-income
                             sector

                            Outstanding public and private bond market debt – $33.2 Trillion

                                                            Treasury 1                                  2
                                                                                     Agency Debt
                                                             ($5.5)
                                                                                        ($3.2)
                                                   Municipal 17%                         10%
                                                     ($2.7)
                                                      8%
                                                                                                        3
                                                            4
                                                                                                MBS
                                               Corporate
                                                                                               ($8.9)
                                                 Debt
                                                                                                27%
                                                ($6.1)
                                                 18%
                                                                                                    4
                                                                                Asset-Backed
                                                    Money       Market 5
                                                                                   ($2.8)
                                                       ($4.0)
                                                                                    8%
                                                        12%
1   Interest-bearing marketable public debt.
2   Includes Freddie Mac, Fannie Mae, Federal Home Loan Banks, Tennessee Valley Authority and Farm Credit System.
3   MBS include Ginnie Mae, Fannie Mae and Freddie Mac mortgage-backed securities, CMOs and private-label MBS/CMOs.
4   Securities Industry and Financial Markets Association estimates.
5   Includes commercial paper, bankers acceptances and large time deposits. Beginning in 2006, bankers’ acceptance are excluded.
                                                                                                                                   49
Note: Percentages may not add up to 100% due to rounding.
Source: Securities Industry and Financial Markets Association as of September 30, 2008.
MBS – a major investment vehicle

Amount Outstanding
$ Billions
 7,000


6,000


5,000


4,000


3,000


2,000


1,000


    0
          1970         1975         1980          1985         1990         1995         2000         2005         2006        2007   2Q 2008
                    GSE, Ginnie Mae & Private-Label MBS                   Treasury Securities             Non-GSE Corporate Bonds

                                                                                                                                        50
    Sources: Federal Reserve Board and Securities Industry and Financial Markets Association. 2008 data as of June 30, 2008.
To-be-announced (TBA) market

Buyer and seller decide on general trade parameters
 » Term
 » Agency
 » Coupon
 » Settlement date
 » Par amount
 » Price

Buyer does not know which pools will actually be delivered until two days before
settlement

Seller is obligated to provide pool information by 3 p.m. two days prior to settlement
(“48-Hour Rule”)

Pools must satisfy Securities Industry and Financial Markets Association (SIFMA)
good delivery guidelines



                                                                                   51
Secondary market securities

Pass-throughs or participation certificates (PCs)
 » Securitization structure where a GSE or other entity ‘passes’ the amount
   collected from the borrowers every month to the investor, after deducting fees
   and expenses

CMOs or REMICs
 » Collateralized Mortgage Obligations or Real Estate Mortgage Investment
   Conduits
 » Multiclass securities backed by mortgage loans, pools of mortgages, or even
   existing CMOs or REMICs

Strips
 » Separation of coupons from a bond, where the coupons become a security and
     the remaining face-value bond becomes another security
       • Interest-only (IO)
       • Principal-only (PO)



                                                                                 52
Pass-through formation

                                        TBA Market
              P
    Loan A    i
              P          Pass-through
    Loan B    i
              P
                         Freddie PC
    Loan C                                 P
              i
.
                                           i
.
              P
.

              i
    Loan X                                           Pass-through

                                                     Freddie Giant
              P
                                                          PC
    Loan A    i
              P                            P
    Loan B               Pass-through
              i                            i
              P
    Loan C    i          Freddie PC
.
.
              P
.

              i
    Loan X



                                                                     53
REMIC formation



                                                   Tranche A
    Pass-Through
                                                   Tranche B
                     P
     Freddie PC
                     i
                                                   Tranche C
                                               .
                               REMIC Trust
.
                                               .
.                                                  Tranche D
                                               .
.
                               Freddie REMIC
                                                   Tranche E
                                                    Tranche D
                     P
                     i
    Pass-Through
                                                   Tranche E
                                                           F
    Freddie Giant
         PC                                        Tranche G




                                                                54
Sequential REMIC tranches




Note: Chart shows how principal (darker shading) and interest (lighter shading) would be allocated to each of three hypothetical
                                                                                                                                   55
sequential tranches if no repayments were made on the underlying mortgages.
Strip formation




    Pass-through                                   Principal-only

                      P
    Freddie PC                                          PO
                                               P
                       i

                                Strip Trust
.
.
.
                               Freddie Giant
                                    PC
                      P
    Pass-through                                   Interest-only
                                               i
                       i

    Freddie PC                                          IO




                                                                    56
Reference REMIC securities offer liquidity, transparency
    and predictability



Liquidity
 » Broad dealer sponsorship and secondary market support

Transparency
 » Primary issuance through syndicated offerings
 » Secondary market support through Freddie Mac REMIC Dealer Group
 » PCs underlying the offered GMC are disclosed prior to pricing

Predictability
 » Calendar-based monthly optional issuance windows
 » Maximum of three Reference REMICs issued per quarter
 » Average life extension limited by shortened stated final maturity date




                                                                            57
Freddie Mac’s mortgage products

                                            Mortgage products outstanding
 $ Billions
 1,800


 1,600


 1,400


 1,200


 1,000


   800


   600


   400


   200


     0
              2000        2001          2002         2003      2004        2005        2006      2007   2008-YTD


                           REMICs        Reference REMIC    T-deals/Whole Loan REMIC    Strips   PCs
                                                                                                                   58
Source: Freddie Mac. Data as of November 30, 2008.
Freddie Mac mortgage securities products

Gold PCs
 » Pass-through securities representing an undivided interest in a pool of
    residential mortgages

Giant PCs
 » Pass-through securities that are created by consolidating smaller PCs into
    larger Giant PCs

ARM PCs
 » Mortgage-backed securities representing an undivided interest in a pool of
   residential adjustable-rate mortgages

Multifamily PCs
 » PCs backed by loans covering residences with five or more units designed
    principally for residential use




                                                                                59
Freddie Mac mortgage securities products

REMICs
 » Customized mortgage structures created from mortgage pass-through
   securities by redistributing cash flows to cater to a variety of market demands

Reference REMICs®
 » A structured alternative to a traditional 30- or 15-year mortgage-backed
    security and built on the success of Freddie Mac’s guaranteed maturity class
    (GMC) product

Strips
 » Formed from Giant PCs of either Freddie Mac Gold PCs or GNMA certificates
     and generally represent the Interest-only (IO) and Principal-only (PO) cash flow
     components of a pool




                                                                                   60
Composition of Freddie Mac’s single-family pass-through
                             securities1
                                                                                             Conforming-
                                                                     Option ARMs
                                                                                               jumbo
                                                                         <1%
                                                                                                <1%
                                                Balloons/Resets                                       FHA/VA
                                                      1%                                               <1%
                                                    ARMs/                                                   RHS and other
                                                Adjustable-Rate                                                federally
                                                      5%                                                   guaranteed loans
                                                                                                                 <1%
                                              Interest-Only
                                                   9%



                                15-year fixed-rate
                                      14%



                                                                                                                                        2
                                                                                                              30-year fixed-rate
                                                                                                                    71%

1Based on unpaid principal balances of the securities and excludes mortgage-related securities traded, but not yet settled. Also includes long-term standby
commitments for mortgage assets held by third parties that require that we purchase loans from lenders when these loans meet certain delinquency criteria.
2Portfolio balances include $1.9 billion and $1.8 billion of 40-year fixed-rate mortgages as well as $68.7 billion and $72.2 billion of 20-year fixed-rate mortgages
at September 30, 2008 and December 31, 2007, respectively.                                                                                                  61
Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of September 30, 2008.
Agency CMO issuance



                 Agency CMO Issuance                                           Agency CMO Outstanding
$ Billions                                                      $ Billions
   400                                                            1,400
                                                                  1,200
   300
                                                                  1,000
                                                                    800
   200
                                                                    600
                                                                    400
   100
                                                                    200
      0                                                                 0
             2004         2005         2006          2007    2008            2004   2005     2006       2007   2008
             Freddie Mac          Fannie Mae          Ginnie Mae             Freddie Mac   Fannie Mae    Ginnie Mae




                                                                                                                62
  Source: Bloomberg. Data as of December 31, 2008.
Composition of collateral underlying Freddie Mac’s
                          REMICs issued

                                                                   ARM
                                                          Other
                                                                         20-year
                                                                    1%
                                                          <1%
                                                                           5%
                                                         Balloon
                                                          <1%
                                                                           15-year
                                                                            12%




                                                      30-year
                                                       82%




                                                                                     63
Source: Freddie Mac. Data as of September 30, 2008.
Reference REMIC® securities – a structured mortgage-
      backed securities investment option

Calendar-based issuance of REMIC securities with a guaranteed maturity class
(GMC) offered through a syndicate underwriting group

Stated final maturity date guaranteed by Freddie Mac.
 » Average issue size of $1.5 billion

Integrated into Freddie Mac’s Reference suite of products, Reference Bills® and
Reference Notes®, featuring:
  » Liquidity
  » Transparency
  » Calendar-based predictability

Designed to further Freddie Mac’s housing mission by broadening the investor base
for mortgage-backed securities




                                                                                  64
Reference REMIC securities offer an unmatched array of
                attractive features

     Reference REMIC securities are an outstanding compliment to traditional
     REMICs and TBA pass-through securities currently offered by Freddie Mac.

                                        Freddie Mac
                                                      Prepayment     Syndicated
                                         Reference                                ABS
                                                      Linked Notes    Callables
                                           REMIC
                                             √                           √
                                                         Some
TradeWeb Eligibility

                                             √                           √
                                                         Some
Daily Closing Prices

                                             √             √
Guaranteed Shortened Final Maturity

                                             √                           √         √
                                                         Some
Syndicate Led

                                             √
Issuance Calendar

                                             √                                     √
Fully Collateralized by Mortgages/MBS

                                             √
Collateral Disclosed Pre-Pricing

                                             √                                     √
Re-REMIC/MACR Eligible
                                             √                                     √
No Upsize (or quot;Tappingquot;) Post-Pricing


                                                                                       65
Reference REMIC® securities access diverse pools of global
                        capital

                   Geographical area                                                    Investor type
                                                                                           Other
                               Europe
                                                                                            4%
                                1%

                                                                                                        Bank
                                                                                                        27%
                                                              Asia
                                                              36%
                                                                           Investment
                                                                            Manager
                                                                              37%




N. America
   63%
                                                          Other                                         Central Bank
                                                          <1%                                              18%

                                                                                        Insurance &
                                                                                          Pension
                                                                                           14%

 Note: Data reflects orders placed in Freddie Mac’s Reference REMIC® securities.
                                                                                                           66
 Source: Freddie Mac. Data as of December 31, 2008.
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 sometimes contain forward-looking statements pertaining to management's current
            expectations as to the conservatorship and its effect on the business and company’s future business plans,
            capital management, credit losses and credit-related expenses, returns on investments, results of operations
            and/or financial condition. 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 OAS, credit outlook, actions by FHFA and Treasury, and the impacts of newly enacted
            legislation or regulations, could cause actual results to differ materially from these expectations. These
            assumptions, judgments, estimates and factors are discussed in the company’s Registration Statement on Form
            10, dated July 18, 2008, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available
            on the the company’s Web site at www.FreddieMac.com/investors and the Securities and Exchange
            Commission’s Web site at www.sec.gov.

© 2008 by Freddie Mac. No part of this document may be duplicated, reproduced, distributed or displayed in public in any manner or by any means without the
written permission of Freddie Mac.

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freddie mac Investor Presentation – Freddie Mac Update

  • 1. Freddie Mac Update January 2009
  • 2. Table of Contents Section Page I Freddie Mac Overview 2 II U.S. Housing Market 10 III Credit Guarantee Business 24 IV Investment Management Business 33 V Global Debt Funding Program 42 VI Mortgage Funding 48 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 Registration Statement on Form 10, dated July 18, 2008, 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. 1
  • 4. Congress created Freddie Mac to provide stability, liquidity, and affordability to the U.S. residential mortgage market U.S. Residential Mortgage Market Mortgage Mortgage Freddie Mac Securitization Investments Mortgage-backed Debt Global Capital Securities 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 3 1House of Representatives report on FIRREA, No. 54, 101st Congress, 1st Session, Part 3 at 2 (1989).
  • 5. Freddie Mac is a central part of the U.S. housing market $ Trillions U.S. Residential Mortgage Debt Outstanding 25 2007 $ Trillions $19.7 20 FRE/FNM Total Portfolio 5.0 FRE/FNM Eligible 10.4 Total US Residential Mortgages 12.0 15 $13.3 $12.4 $12.2 $12.0 $11.2 $10.1 10 $5.5 5 $3.7 $2.9 0 1990 1995 2000 2005 2006 2007 2008 2009 2010 2015 Est. Est. Est. Est. FRE/FNM Total Portfolio Total U.S. Residential Mortgages FRE/FNM Eligible Sources: Freddie Mac Total Portfolio: Monthly Volume Summary, January 2008; Fannie Mae Total Portfolio: Monthly Summary, January 2008, “Book of Business”; Total US Residential MDO: Federal Reserve Board’s Flow of Funds Accounts, December 11, 2008. The MDO forecast for 2008 through 2011 is based on the December 2008 forecast of Freddie Mac’s Chief Economist. Forecasted figures for 2012 through 2015 are 4 from the Homeownership Alliance, based on an 8.25% annual growth rate, and assume a constant FHA & VA share of MDO; FRE/FNM Eligible MDO: Nets out an assumed 15% jumbo share of single-family conventional MDO.
  • 6. Our credit guarantee business has accounted for most of our growth Total mortgage portfolio UPB $ Billions $2,200 $2,103 2,200 2,000 $1,827 1,800 $1,685 $1,506 $1,395 1,600 $1,415 $1,317 1,400 $1,827 1,200 1,000 800 600 $432 400 $805 200 $373 0 1 1 1 2002 2003 2004 2005 2006 2007 2008 YTD Outstanding Guaranteed PCs and Structured Securities Retained Portfolio (PCs & Structured Securities) Retained Portfolio (Non-Freddie Mac Mortgage-Related Securities & Mortgage Loans) 1 Includes PCs and Structured Securities 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. Source: Data as of period end. Data for 2002-2004 is based on Freddie Mac’s Information Statements dated September 24, 2004 and June 14, 5 2005. Data for 2005-2007 is based on Freddie Mac’s Registration Statement on Form 10 dated July 18, 2008. Data for 2008 is based on Freddie Mac’s November 2008 Monthly Volume Summary. Figures for 2008 are subject to change.
  • 7. Housing and Economic Recovery Act of 2008 The Housing and Economic Recovery Act of 2008 was signed into law by President Bush on July 30, 2008 » The Act is a comprehensive housing stimulus package containing GSE reform, FHA modernization, and foreclosure prevention measures, among other provisions » The Act consolidates the regulation of Freddie Mac, Fannie Mae, and the Federal Home Loan Banks into a single new regulator called the Federal Housing Finance Agency (FHFA) Implementation of many provisions of the new law will occur over time through the public rulemaking process The Act requires FHFA to consult with the Federal Reserve with respect to the risk posed to the financial system before issuing any regulations, guidelines, and orders regarding safe and sound operations, prudential management and operations standards, capital requirements, and portfolio standards » This consultative requirement expires on December 31, 2009 6
  • 8. Key provisions of the Act Under the Act, FHFA has authority to: » Assess our safety and soundness » Regulate our portfolio investments » Change our minimum and risk-based capital levels » Approve new products before they are initially offered In addition, the Act: » Allows increases in GSE loan limits based on changes in a new housing price index established by FHFA, beginning January 1, 2009 • In high-cost areas, increases the limits to the lesser of 115% of the median home price or 150% of the limit, currently $625,500 for a 1-unit single-family home » Establishes a new affordable housing regime » Requires the GSEs to set aside and transfer, in each fiscal year, an amount equal to 4.2 basis points of the unpaid principal balance of total new business purchases to two new housing funds Provides Treasury authority to purchase GSE obligations and securities, under certain conditions, until December 31, 2009 7
  • 9. 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 » Treasury Secretary Paulson stated that the primary mission of the GSEs is to proactively work to increase the availability of mortgage finance, including consideration of mortgage affordability FHFA is the Conservator for both GSEs » The Conservator assumes all power of the Boards, management and shareholders » FHFA has appointed a new CEO to lead each GSE » FHFA has stated that the GSEs will continue business as usual during the conservatorship FHFA has indicated that the conservatorship goals include: » Restoring confidence in the GSEs » Enhancing the GSEs’ capacity to fulfill their missions » Mitigating systemic risk that contributes to market instability FHFA has indicated that a GSE’s conservatorship will end when the Director determines that it has been restored to a safe and solvent condition On October 9, 2008, FHFA announced that has suspended the capital classification of both GSEs during the conservatorship, in light of the United States Treasury Senior Preferred Stock Purchase Agreement 8
  • 10. Treasury Actions Treasury has announced additional actions: » Entering into a Senior Preferred Stock Purchase Agreement with each GSE • Each Agreement provides a commitment for a maximum amount funded of $100 billion for the GSE • As consideration, each GSE has issued to Treasury senior preferred stock and a warrant to acquire 79.9% of the GSE’s common stock » Creating a GSE Credit Facility • Short-term facility is available to Freddie Mac, Fannie Mae and the Federal Home Loan Banks • Funding under the facility would be provided directly by Treasury to Freddie Mac in exchange for eligible collateral consisting of guaranteed agency MBS • Facility available until December 31, 2009 » Announcing an MBS Purchase Program • Treasury will purchase GSE MBS in the open market • Program will begin in September 2008 and expire on December 31, 2009 • Scale of program will be based on developments in the capital markets and housing markets 9
  • 12. Single-family mortgage debt is protected in relation to total value of housing stock $ Trillions 25 20 $8.5 Trillion Value of Housing Stock1 15 10 $7.1 Trillion (2001) $10.6 Home Equity Trillion 5 Single Family Mortgage Debt 2 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1 Value of Housing Stock: Federal Reserve Board’s Flow of Funds Accounts, December 11, 2008, Table B.100 (line #50). Note this figure includes homes with and without underlying mortgages. Home equity is the difference between the value of the housing stock and the amount of single-family debt. 11 2 Single-family Mortgage Debt Outstanding: Federal Reserve Board’s Flow of Funds Accounts, December 11, 2008, Table B.100 (line #33). Source: Federal Reserve Board’s Flow of Funds Accounts. 2008 data as of September 30, 2008.
  • 13. U.S. nominal house prices declined sharply Annual national house price growth Percent 16 14 12 10 8 4.7%: 1952-2008 6 Average Growth Rate 4 2 0 -2 -4 - Recession Year -6 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 Forecast Note: Growth rates for 1952 to 2007 are calculated using the annual average of certain third party and Freddie Mac indices. The forecasted growth 12 rate for 2008 is calculated using a Freddie Mac index. Sources: E. H. Boeckh and Associates, Bureau of Labor Statistics, U.S. Census Bureau and Freddie Mac.
  • 14. Inventories of homes for sale remain above recent levels Months Supply of Homes for Sale 15 14 Existing Homes 13 12 11 10 9 8 7 6 5 4 New Homes 3 2 1 0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 - Recession 13 Sources: Census Bureau and National Association of Realtors. 2008 data as of November 30, 2008.
  • 15. Fewer refinances imply a 27 percent drop in mortgage originations in 2008 Total single-family mortgage originations $ Billions 4,000 Refinance Originations Home Purchase Originations 3,000 2,000 1,000 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Est. Est. 14 Source: U.S. Department of Housing and Urban Development, Federal Financial Institutions Examination Council, Federal Housing Finance Board. 2008 data based on the December 2008 forecast of Freddie Mac’s Office of the Chief Economist.
  • 16. National home prices have continued to decline1 Quarterly home price change Percent 5 3.8 4 3.4 3 2.5 1.7 1.7 2 1.2 0.7 1 0.4 0 (0.3) (1) (0.9) (1.1) (1.4) (2) (1.8) (3) (4) (3.9) (3.9) (5) 1Q 2005 3Q 2005 1Q 2006 3Q 2006 1Q 2007 3Q 2007 1Q 2008 3Q 2008 1 National home prices use the internal Freddie Mac index, which is value-weighted based on Freddie Mac’s single-family portfolio. 15 Source: Freddie Mac.
  • 17. 43 states and Washington DC had home price declines from 3Q 2007 to 3Q 20081 United States -10.5% -4.3 -2.6 2.4 -0.9 -4.8 -7.2 -8.1 -5.8 -4.6 -1.9 -6.5 4.1 -3.9 -12.7 -0.1 -2.7 -6.7 -1.0 RI –11.7 -1.5 -5.7 -9.3 -5.1 -26.8 -2.9 -6.7 CT –6.1 -6.1 1.5 -4.4 -10.3 DC –6.5 -3.5 -1.4 -0.1 -27.7 -0.8 -2.6 1.4 -19.2 -1.5 0.0 -3.4 >= 0% -5.2 -1.3 0.7 -5 to 0% 0.7 -2.5 -0.5 -10 to -5% -20.8 -20 to -10% -3.2 < -20% 1 National home prices use the internal Freddie Mac index, which is value-weighted based on Freddie Mac’s single-family portfolio. 16 Source: Freddie Mac.
  • 18. Subprime and Alt-A shares of the market quintupled between 2001 and 2006, then declined sharply 2001 2006 2008 YTD 5% 3% 14% 8% 3% 8% 33% 17% 7% 13% 57% 3% 64% 20% 1% 7% 16% 20% $2.2 trillion $3.0 trillion $1.8 trillion Conventional, Jumbo Prime Subprime Alt-A FHA & VA Home Equity Conforming Prime Loans 17 Source: Inside Mortgage Finance (by dollar amount) and Freddie Mac. 2008 data is as of September 30, 2008.
  • 19. Recent Alt-A and subprime originations are performing far worse than earlier originations Cumulative 60-days or more delinquency rate as a share of the number of loans originated Alt-A Subprime Percent (% ) Percent (% ) 30 11 10 25 9 8 20 7 6 15 5 4 10 3 2 5 1 0 0 0 4 8 12 16 20 24 28 32 36 40 44 48 0 4 8 12 16 20 24 28 32 36 40 44 48 Age in Months Age in Months 2002 2003 2004 2005 2006 2007 18 Source: Loan Performance, a subsidiary of First American Real Estate Solutions.
  • 20. Hybrid ARM mortgages are experiencing faster delinquency rates than fixed-rate mortgages Hybrid ARM Mortgages Fixed-rate Mortgages Percent Percent 40 40 Subprime 35 35 30 30 25 25 20 20 15 Alt-A 15 Subprime 10 10 Alt-A 5 5 Jumbo Jumbo 0 0 1998 2000 2002 2004 2006 2008 1998 2000 2002 2004 2006 2008 19 Source: Citigroup.
  • 21. Subprime ARM defaults are 21 times those on prime fixed- rate mortgages Loans 90 days or more delinquent or in foreclosure Percent 25 Subprime - Recession ARM 20 15 Subprime 10 FRM FHA & VA 5 Prime Conventional ARM Prime Conventional FRM 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20 Source: Mortgage Bankers Association. Quarterly data not seasonally adjusted (Q1 1998 – Q2 2008).
  • 22. Annual MBS issuance by product type Subprime Alt-A Percent $ Billions $ Billions Percent 500 25 500 25 450 450 400 20 400 20 350 350 300 15 300 15 250 250 200 10 200 10 150 150 100 5 100 5 50 50 0 0 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008 YTD YTD Subprime MBS Issuance Alt-A MBS Issuance Percent of Total MBS Issuance Percent of Total MBS Issuance 21 Source: Inside MBS & ABS – October 10, 2008 edition, Freddie Mac and Fannie Mae. Data as of September 30, 2008.
  • 23. Jumbo-conforming spreads spiked to record levels in December 2008 Effective jumbo-conforming interest rate spread Basis points 200 180 Record: 184 bps 12/09/08 160 Most recent: 169 bps 140 12/26/08 120 100 80 60 40 20 0 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 Note: Effective spread adds fees and points to the interest rate. 22 Source: HSH Associates. Data as of December 26, 2008.
  • 24. Mortgage rates on conforming jumbo loans 30-year fixed mortgage rates Percent 8 7 6 5 Jan Jan Feb Feb Feb Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug Aug Sep Sep Oct- Oct- 4 18 1 15 29 14 28 11 25 9 23 6 20 3 18 1 15 29 12 26 10 24 30-Year Conforming 30-Year Conforming Jumbo 30-Year Non-Conforming Jumbo 23 Source: HSH Associates. Points and fees are added to interest rates.
  • 26. Our GSE market share remains near historical levels Freddie Mac share of Freddie Mac’s GSE market share PC/MBS issuances1 (Percent) 50 45% 45 43% 43% 43% 41% 40% 40 37% 35 30 2002 2003 2004 2005 2006 2007 2008 YTD 1For 2006, 2007 and 2008, Freddie Mac’s share of PC/MBS issuances is calculated as Freddie Mac’s issuance activities for Total Guaranteed PCs and Structured Securities Issued divided by the sum of such issuances and Fannie Mae’s Total MBS Issuances. 25 Source: Freddie Mac and Fannie Mae Monthly Summaries. 2008 data as of November 30, 2008. Figures for 2008 are subject to change.
  • 27. We fulfill our mission through a diversity of mortgage products Total mortgage portfolio purchases Total mortgage portfolio Eleven months ended November 30, 2008 As of November 30, 2008 $369.1 Billion $1.9 Trillion 20-year Fixed Rate 20-year Fixed 30-year Fixed Rate 2% Rate 15-year 4% 15-year Fixed 64% Fixed Rate 30-year Rate 8% Fixed Rate 13% 72% IO 6% ARM IO 3% 8% ARM 4% Option ARM 1% Multifamily Balloon Conventional 1% 6% Multifamily Other Conventional 3% Other 4% 1% 26 Note: Excludes non-Freddie Mac mortgage-related securities. Source: Freddie Mac.
  • 28. Significant homeowner equity supports the credit quality of our single-family portfolio Average estimated loan-to-value1 ratio of our single-family portfolio adjusted to reflect current market prices Average Estimated Current LTV (Percent) 70 68% 65% 65 63% 63% 61% 61% 61% 60% 60 58% 57% 56% 55 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Sept 30, 2008 1 Based on the unpaid principal balance of the single-family mortgage portfolio, excluding Structured Transactions backed by Ginnie Mae Certificates and certain Structured Transactions that are backed by non-Freddie Mac mortgage-related securities. Current market values are estimated by adjusting the value of the property at origination based on changes in the market value of homes since origination. Estimated current LTV ratio range is not applicable to purchases we made during 2008, includes the credit-enhanced portion of the loan and excludes any secondary financing by third parties. 27 Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of period end.
  • 29. Freddie Mac’s portfolio is well diversified1 North Central 19% Northeast West 24% 26% Southwest Southeast 13% 18% 1 Based on unpaid principal balances. 28 Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of September 30, 2008.
  • 30. Estimated sensitivity of credit losses to an immediate 5% decline in house prices1 Net Present Value ($ Millions) 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 Before credit enhancements 2 After credit enhancements 3 1 Based on the single-family mortgage portfolio, excluding Structured Securities backed by Ginnie Mae Certificates. 2 Assumes that none of the credit enhancements currently covering our mortgage loans has any mitigating impact on our credit losses. 29 3 Assumes we collect amounts due from credit enhancement providers after giving effect to certain assumptions about counterparty default rates. Source: Freddie Mac’s Form 10-Q dated November 14, 2008.
  • 31. Credit delinquencies and losses continue to increase 90-day single-family delinquencies1 Total credit losses2 Basis Points Basis Points 130 20 120 18 110 16 100 14 90 12 80 10 70 8 60 6 50 4 40 2 30 0 2004 2005 2006 2007 Sept 30, 2004 2005 2006 2007 2008 2008 YTD 1 Based on mortgage loans in our retained portfolio and total guaranteed PCs and Structured Securities issued, excluding Structured Transactions, Structured Securities backed by Ginnie Mae Certificates and mortgage loans whose contractual terms have been modified under an agreement with the borrower and the borrower is less than 90 days delinquent under the modified terms. 2Calculated as annualized credit losses divided by the average total mortgage portfolio, excluding non-Freddie Mac mortgage-related securities 30 and that portion of Structured Securities that is backed by Ginnie Mae Certificates. 2008 YTD is for nine months ended September 30, 2008. Source: Freddie Mac’s Form 10-Q dated November 14, 2008.
  • 32. Delinquencies are low relative to the industry 90-day or more delinquencies Basis Points 300 287 250 235 199 200 167 152 150 134 122 93 100 77 65 50 0 2003 2004 2005 2006 2007 1Q 2Q 3Q Oct Nov 2008 2008 2008 2008 2008 MBA Prime Conventional Mortgage Delinquencies 1 Freddie Mac Total Single-Family 90-day or More Delinquencies 1Based on mortgage loans in our retained portfolio and total guaranteed PCs and Structured Securities issued, excluding Structured Transactions, Structured Securities backed by Ginnie Mae Certificates and mortgage loans whose contractual terms have been modified under an agreement 31 with the borrower and the borrower is less than 90 days delinquent under the modified terms. Source: Mortgage Bankers Association and Freddie Mac. Data as of period end.
  • 33. Single-family delinquency rates by region (In Basis Points) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 1 Non-credit enhanced delinquency rates 1 North Central 39 48 52 59 72 2 Northeast 31 39 45 53 69 3 Southeast 43 59 76 98 131 4 Southwest 27 32 33 38 46 5 West 26 42 59 80 108 2 Total single-family delinquency rate 6 Total portfolio 51 65 77 93 122 1 Presentation of non-credit-enhanced delinquency rates with the following regional 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); North Central (Il, IN, IA, MI, MN, ND, OH, SD, WI); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); and Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY). 2 Based on mortgage loans in our retained portfolio and total guaranteed PCs and Structured Securities issued, excluding Structured Transactions, Structured Securities backed by Ginnie Mae Certificates and mortgage loans whose contractual terms have been modified 32 under an agreement with the borrower and the borrower is less than 90 days delinquent under the modified terms. Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of period end.
  • 35. Freddie Mac’s asset-liability management framework is disciplined Return onon Equity Threshold Return Equity Threshold Interest Rate Risk Management Maximize Fair Value 34
  • 36. Retained portfolio growth depends on market conditions Retained portfolio growth UPB $ Billions 90 $85 $78 80 $70 70 $57 60 50 40 30 $17 20 $7 10 -$6 0 -10 2002 2003 2004 2005 2006 2007 2008 YTD Note: Data represents net growth of the Retained portfolio based on unpaid principal balances. Source: Data for 2002-2004 is based on Freddie Mac’s Information Statements dated September 24, 2004 and June 14, 2005. Data for 2005-2007 35 is based on Freddie Mac’s SEC Registration Statement on Form 10 dated July 18, 2008. Data for 2008 is based on Freddie Mac’s November 2008 Monthly Volume Summary. Figures for 2008 are subject to change.
  • 37. Freddie Mac’s Retained portfolio is diversified among a number of product types Retained portfolio1 Non-FRE MBS1 Mortgage Loans CMBS 14% 25% Freddie Mac Non-Freddie Subprime Multi-class Mac MBS 30% Structured 35% Securities 18% Alt-A & Other Ginnie Mae 18% <1% Manufactured Freddie Mac Housing Single Class Fannie Mae <1% PCs 22% Mortgage 33% Revenue Bonds 5% 1 Based on unpaid principal balances. Exclude mortgage-related securities traded, but not yet settled. 36 Source: Freddie Mac. Data as of September 30, 2008.
  • 38. Retained portfolio composition Retained portfolio $737 billion Mortgage Loans 14% Agency ($100 B) 8% ($57 B) Non-Agency Backed by PCs and Subprime Loans Structured 11% Securities ($80 B) 51% Non-Agency ($375 B) Backed by Alt-A and Other Other Loans Non-Agency 6% 11% ($46 B) ($79 B) Note: Credit ratings for most non-agency mortgage-related securities are designated by no fewer than two nationally recognized statistical rating organizations. Approximately 66% and 96% of total non-agency mortgage-related securities held at September 30, 2008 and December 31, 2007, respectively, were AAA-rated as of those dates, based on the lowest rating available. 37 Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data based on unpaid principal balances as of September 30, 2008 and exclude mortgage-related securities traded, but not yet settled.
  • 39. The majority of our convexity is hedged upfront Example of how we limit the negative convexity embedded in our Retained portfolio assuming the convexity risk of the mortgage universe Asset Dynamically Selection Rebalanced Mortgage Swaptions Structuring Callable Debt Hedging activities executed upon purchase of mortgage 38 Note: Figure above is an example only. It is not intended to represent percentages of Freddie Mac’s Retained portfolio hedged by each instrument.
  • 40. 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 39 Source: Freddie Mac.
  • 41. Interest-rate risk is well controlled Average monthly PMVS-Level Average monthly duration gap $ Millions Months $571 $576 600 6 5 500 4 $438 $437 3 $395 $394 $390 $378 $385 400 2 $354 $348 $331 1 300 $271 0 -1 200 -2 -3 100 -4 -5 0 -6 Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov 07 07 08 08 08 08 08 08 08 08 08 08 08 07 07 08 08 08 08 08 08 08 08 08 08 08 Note: 2007 and 2008 figures based on Freddie Mac’s November 2008 Monthly Volume Summary. Figures for 2008 are subject to change. 40 Source: Freddie Mac.
  • 42. Callable debt is an integral part of our interest-rate risk management framework Callable debt outstanding as a share of fixed-rate assets1 Percent 50 49 48 47 46 45 44 43 2004 2005 2006 2007 1Q 2008 2Q 2008 3Q 2008 1Excludes callable debt with expired options. 41 Source: Freddie Mac.
  • 44. Freddie Mac’s suite of debt products Debt securities outstanding $ Billions 900 10 800 251 700 5 600 78 500 206 400 300 200 312 100 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Short-term Debt Callable Debt MTN Bullet Debt Subordinated Debt US$ Reference Notes® €Reference Notes® Note: All figures represent face amounts in USD billions based on trade date. These figures could differ significantly from proceeds, amortized 43 principal amount and book value figures, particularly for zero-coupon securities. Source: Freddie Mac. 2008 data as of December 31, 2008.
  • 45. Refinancing our maturing debt requires substantial issuance of debt Freddie Mac long-term debt maturities1 $ Billions 250 200 Other Debt Securities Reference Notes 150 149 100 52 46 50 27 33 14 53 51 49 4 35 13 26 24 5 17 11 9 0 2009 2010 2011 2012 2013 2014 2015 2016 >2017 1Freddie Mac long-term debt maturity figures excluding subordinated debt. 44 Note: All figures represent face amounts in USD billions based on the settlement date. Source: Freddie Mac. Data as of December 31, 2008.
  • 46. Short-term debt balances have grown but remain within historical levels Total short-term as a % of Total short-term debt outstanding total debt outstanding $ Billions 40% 350 300 35% 250 200 30% 150 100 25% 50 20% 0 Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- 02 02 03 03 04 04 05 05 06 06 07 07 08 08 02 02 03 03 04 04 05 05 06 06 07 07 08 08 Rapid Portfolio Growth Periods 45 Source: Freddie Mac. Data as of December 31, 2008.
  • 47. Our debt funding program accesses diverse pools of global capital Geographical area Investor type Insurance & Other Pension 2% 6% Europe Central Bank Bank 14% 42% 10% Other 12% Asia 33% N. America 51% Investment Manager 30% Note: Data reflects orders placed in our US$ Reference Notes® securities syndicated bond deals. 46 Source: Freddie Mac. Data for the 12 months ended December 31, 2008.
  • 48. Agencies vs FDIC guaranteed bank paper Freddie Mac FDIC Guaranteed Bank Paper Unlimited secured short-term borrowing FDIC has unlimited borrowing authority at facility through Treasury Treasury Funding $100 billion of preferred capital from U.S. FDIC guarantee on members’ debt Treasury Short-term borrowing facility reverts to $2.25 FDIC borrowing reverts to $30 billion on billion on December 31, 2009 December 31, 2009 Expiration $100 billion of preferred capital agreement is Valid on debt issued from now until June 30, indefinite in duration 2009, with coverage ending in June 2012 Risk Weight 20% (possibly lowered to 10%) Yet to be decided Mandate for some local entities and banks New instrument with no precedence Structural allows them to invest in Agencies in addition Considerations to Treasuries Traditional investors already hold a large Attractive for investors looking to diversify from Diversification pool of Agencies Agencies Liquidity Issues with > $1 billion are liquid To be determined Repo Easy to repo Repo market needs to be established Offer tailored, flexible investment and Less flexible maturity structure Flexibility maturity dates and size Over $1 trillion of short-term debt maturing Maximum of $1.4 trillion of debt could be New Supply for Freddie Mac, Fannie Mae & Home Loan guaranteed by the FDIC through Dec ‘09 Bank combined 47 Sources: Freddie Mac, Barclays Capital and Morgan Stanley
  • 50. U.S. mortgage securities are the largest fixed-income sector Outstanding public and private bond market debt – $33.2 Trillion Treasury 1 2 Agency Debt ($5.5) ($3.2) Municipal 17% 10% ($2.7) 8% 3 4 MBS Corporate ($8.9) Debt 27% ($6.1) 18% 4 Asset-Backed Money Market 5 ($2.8) ($4.0) 8% 12% 1 Interest-bearing marketable public debt. 2 Includes Freddie Mac, Fannie Mae, Federal Home Loan Banks, Tennessee Valley Authority and Farm Credit System. 3 MBS include Ginnie Mae, Fannie Mae and Freddie Mac mortgage-backed securities, CMOs and private-label MBS/CMOs. 4 Securities Industry and Financial Markets Association estimates. 5 Includes commercial paper, bankers acceptances and large time deposits. Beginning in 2006, bankers’ acceptance are excluded. 49 Note: Percentages may not add up to 100% due to rounding. Source: Securities Industry and Financial Markets Association as of September 30, 2008.
  • 51. MBS – a major investment vehicle Amount Outstanding $ Billions 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1970 1975 1980 1985 1990 1995 2000 2005 2006 2007 2Q 2008 GSE, Ginnie Mae & Private-Label MBS Treasury Securities Non-GSE Corporate Bonds 50 Sources: Federal Reserve Board and Securities Industry and Financial Markets Association. 2008 data as of June 30, 2008.
  • 52. To-be-announced (TBA) market Buyer and seller decide on general trade parameters » Term » Agency » Coupon » Settlement date » Par amount » Price Buyer does not know which pools will actually be delivered until two days before settlement Seller is obligated to provide pool information by 3 p.m. two days prior to settlement (“48-Hour Rule”) Pools must satisfy Securities Industry and Financial Markets Association (SIFMA) good delivery guidelines 51
  • 53. Secondary market securities Pass-throughs or participation certificates (PCs) » Securitization structure where a GSE or other entity ‘passes’ the amount collected from the borrowers every month to the investor, after deducting fees and expenses CMOs or REMICs » Collateralized Mortgage Obligations or Real Estate Mortgage Investment Conduits » Multiclass securities backed by mortgage loans, pools of mortgages, or even existing CMOs or REMICs Strips » Separation of coupons from a bond, where the coupons become a security and the remaining face-value bond becomes another security • Interest-only (IO) • Principal-only (PO) 52
  • 54. Pass-through formation TBA Market P Loan A i P Pass-through Loan B i P Freddie PC Loan C P i . i . P . i Loan X Pass-through Freddie Giant P PC Loan A i P P Loan B Pass-through i i P Loan C i Freddie PC . . P . i Loan X 53
  • 55. REMIC formation Tranche A Pass-Through Tranche B P Freddie PC i Tranche C . REMIC Trust . . . Tranche D . . Freddie REMIC Tranche E Tranche D P i Pass-Through Tranche E F Freddie Giant PC Tranche G 54
  • 56. Sequential REMIC tranches Note: Chart shows how principal (darker shading) and interest (lighter shading) would be allocated to each of three hypothetical 55 sequential tranches if no repayments were made on the underlying mortgages.
  • 57. Strip formation Pass-through Principal-only P Freddie PC PO P i Strip Trust . . . Freddie Giant PC P Pass-through Interest-only i i Freddie PC IO 56
  • 58. Reference REMIC securities offer liquidity, transparency and predictability Liquidity » Broad dealer sponsorship and secondary market support Transparency » Primary issuance through syndicated offerings » Secondary market support through Freddie Mac REMIC Dealer Group » PCs underlying the offered GMC are disclosed prior to pricing Predictability » Calendar-based monthly optional issuance windows » Maximum of three Reference REMICs issued per quarter » Average life extension limited by shortened stated final maturity date 57
  • 59. Freddie Mac’s mortgage products Mortgage products outstanding $ Billions 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2000 2001 2002 2003 2004 2005 2006 2007 2008-YTD REMICs Reference REMIC T-deals/Whole Loan REMIC Strips PCs 58 Source: Freddie Mac. Data as of November 30, 2008.
  • 60. Freddie Mac mortgage securities products Gold PCs » Pass-through securities representing an undivided interest in a pool of residential mortgages Giant PCs » Pass-through securities that are created by consolidating smaller PCs into larger Giant PCs ARM PCs » Mortgage-backed securities representing an undivided interest in a pool of residential adjustable-rate mortgages Multifamily PCs » PCs backed by loans covering residences with five or more units designed principally for residential use 59
  • 61. Freddie Mac mortgage securities products REMICs » Customized mortgage structures created from mortgage pass-through securities by redistributing cash flows to cater to a variety of market demands Reference REMICs® » A structured alternative to a traditional 30- or 15-year mortgage-backed security and built on the success of Freddie Mac’s guaranteed maturity class (GMC) product Strips » Formed from Giant PCs of either Freddie Mac Gold PCs or GNMA certificates and generally represent the Interest-only (IO) and Principal-only (PO) cash flow components of a pool 60
  • 62. Composition of Freddie Mac’s single-family pass-through securities1 Conforming- Option ARMs jumbo <1% <1% Balloons/Resets FHA/VA 1% <1% ARMs/ RHS and other Adjustable-Rate federally 5% guaranteed loans <1% Interest-Only 9% 15-year fixed-rate 14% 2 30-year fixed-rate 71% 1Based on unpaid principal balances of the securities and excludes mortgage-related securities traded, but not yet settled. Also includes long-term standby commitments for mortgage assets held by third parties that require that we purchase loans from lenders when these loans meet certain delinquency criteria. 2Portfolio balances include $1.9 billion and $1.8 billion of 40-year fixed-rate mortgages as well as $68.7 billion and $72.2 billion of 20-year fixed-rate mortgages at September 30, 2008 and December 31, 2007, respectively. 61 Source: Freddie Mac’s Form 10-Q dated November 14, 2008. Data as of September 30, 2008.
  • 63. Agency CMO issuance Agency CMO Issuance Agency CMO Outstanding $ Billions $ Billions 400 1,400 1,200 300 1,000 800 200 600 400 100 200 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Freddie Mac Fannie Mae Ginnie Mae Freddie Mac Fannie Mae Ginnie Mae 62 Source: Bloomberg. Data as of December 31, 2008.
  • 64. Composition of collateral underlying Freddie Mac’s REMICs issued ARM Other 20-year 1% <1% 5% Balloon <1% 15-year 12% 30-year 82% 63 Source: Freddie Mac. Data as of September 30, 2008.
  • 65. Reference REMIC® securities – a structured mortgage- backed securities investment option Calendar-based issuance of REMIC securities with a guaranteed maturity class (GMC) offered through a syndicate underwriting group Stated final maturity date guaranteed by Freddie Mac. » Average issue size of $1.5 billion Integrated into Freddie Mac’s Reference suite of products, Reference Bills® and Reference Notes®, featuring: » Liquidity » Transparency » Calendar-based predictability Designed to further Freddie Mac’s housing mission by broadening the investor base for mortgage-backed securities 64
  • 66. Reference REMIC securities offer an unmatched array of attractive features Reference REMIC securities are an outstanding compliment to traditional REMICs and TBA pass-through securities currently offered by Freddie Mac. Freddie Mac Prepayment Syndicated Reference ABS Linked Notes Callables REMIC √ √ Some TradeWeb Eligibility √ √ Some Daily Closing Prices √ √ Guaranteed Shortened Final Maturity √ √ √ Some Syndicate Led √ Issuance Calendar √ √ Fully Collateralized by Mortgages/MBS √ Collateral Disclosed Pre-Pricing √ √ Re-REMIC/MACR Eligible √ √ No Upsize (or quot;Tappingquot;) Post-Pricing 65
  • 67. Reference REMIC® securities access diverse pools of global capital Geographical area Investor type Other Europe 4% 1% Bank 27% Asia 36% Investment Manager 37% N. America 63% Other Central Bank <1% 18% Insurance & Pension 14% Note: Data reflects orders placed in Freddie Mac’s Reference REMIC® securities. 66 Source: Freddie Mac. Data as of December 31, 2008.
  • 68. 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 sometimes contain forward-looking statements pertaining to management's current expectations as to the conservatorship and its effect on the business and company’s future business plans, capital management, credit losses and credit-related expenses, returns on investments, results of operations and/or financial condition. 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 OAS, credit outlook, actions by FHFA and Treasury, and the impacts of newly enacted legislation or regulations, could cause actual results to differ materially from these expectations. These assumptions, judgments, estimates and factors are discussed in the company’s Registration Statement on Form 10, dated July 18, 2008, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the the company’s Web site at www.FreddieMac.com/investors and the Securities and Exchange Commission’s Web site at www.sec.gov. © 2008 by Freddie Mac. No part of this document may be duplicated, reproduced, distributed or displayed in public in any manner or by any means without the written permission of Freddie Mac.