10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                                       to

Commission File Number: 001-34139

Federal Home Loan Mortgage Corporation

(Exact name of registrant as specified in its charter)

Federally chartered	52-0904874	8200 Jones Branch Drive			22102-3110		(703)	903-2000
corporation			McLean,	Virginia
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)	(Address of principal executive offices)			(Zip Code)	(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒ Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of April 11, 2023, there were 650,059,553 shares of the registrant's common stock outstanding.

Table of Contents

Table of Contents

	Page
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	1
n    Introduction	1
n    Housing and Mortgage Market Conditions	4
n    Consolidated Results of Operations	6
n    Consolidated Balance Sheets Analysis	9
n    Our Portfolios	10
n    Our Business Segments	12
n    Risk Management	22
l Credit Risk	22
l Market Risk	29
n    Liquidity and Capital Resources	32
n    Critical Accounting Estimates	39
n    Regulation and Supervision	40
n    Forward-Looking Statements	42
FINANCIAL STATEMENTS	44
OTHER INFORMATION	90
CONTROLS AND PROCEDURES	92
EXHIBIT INDEX	93
SIGNATURES	94
FORM 10-Q INDEX	95

Freddie Mac 1Q 2023 Form 10-Q i

Table of Contents

MD&A TABLE INDEX

Table	Description	Page
1	Summary of Consolidated Statements of Income and Comprehensive Income	6
2	Components of Net Interest Income	6
3	Analysis of Net Interest Yield	7
4	Components of Non-Interest Income	7
5	(Provision) Benefit for Credit Losses	8
6	Components of Non-Interest Expense	8
7	Summarized Condensed Consolidated Balance Sheets	9
8	Mortgage Portfolio	10
9	Mortgage-Related Investments Portfolio	11
10	Other Investments Portfolio	11
11	Single-Family Segment Financial Results	17
12	Multifamily Segment Financial Results	21
13	Allowance for Credit Losses Activity	22
14	Allowance for Credit Losses Ratios	22
15	Single-Family New Business Activity	24
16	Single-Family Mortgage Portfolio CRT Issuance	24
17	Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding	24
18	Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio	25
19	Credit Quality Characteristics of Our Single-Family Mortgage Portfolio	26
20	Single-Family Mortgage Portfolio Attribute Combinations	26
21	Multifamily Mortgage Portfolio CRT Issuance	28
22	Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio	29
23	Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement	29
24	PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve	30
25	Duration Gap and PVS Results	30
26	PVS-L Results Before Derivatives and After Derivatives	30
27	Earnings Sensitivity to Changes in Interest Rates	31
28	Liquidity Sources	32
29	Funding Sources	33
30	Debt of Freddie Mac Activity	33
31	Maturity and Redemption Dates	34
32	Debt of Consolidated Trusts Activity	34
33	Net Worth Activity	35
34	Regulatory Capital Components	36
35	Statutory Capital Components	36
36	Capital Metrics Under ERCF	37
37	Forecasted House Price Growth Rates	39

Freddie Mac 1Q 2023 Form 10-Q ii

Management's Discussion and Analysis Introduction

Management's Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q includes forward-looking statements that are based on current expectations and that are subject to significant risks and uncertainties. These forward-looking statements are made as of the date of this Form 10-Q. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 10-Q. Actual results might differ significantly from those described in or implied by such statements due to various factors and uncertainties, including those described in the MD&A - Forward-Looking Statements section of this Form 10-Q and the Introduction and Risk Factors sections of our Annual Report on Form 10-K for the year ended December 31, 2022, or 2022 Annual Report.

Throughout this Form 10-Q, we use certain acronyms and terms that are defined in the Glossary of our 2022 Annual Report.

You should read the following MD&A in conjunction with our 2022 Annual Report and our condensed consolidated financial statements and accompanying notes for the three months ended March 31, 2023 included in Financial Statements.

INTRODUCTION

Freddie Mac is a GSE chartered by Congress in 1970, with a mission to provide liquidity, stability, and affordability to the U.S. housing market. We do this primarily by purchasing single-family and multifamily residential mortgage loans originated by lenders. In most instances, we package these loans into guaranteed mortgage-related securities, which are sold in the global capital markets, and transfer interest-rate and liquidity risks to third-party investors. In addition, we transfer mortgage credit risk exposure to third-party investors through our credit risk transfer programs, which include securities- and insurance-based offerings. We also invest in mortgage loans and mortgage-related securities. We do not originate mortgage loans or lend money directly to mortgage borrowers.

We support the U.S. housing market and the overall economy by enabling America's families to access mortgage loan funding with better terms and by providing consistent liquidity to the single-family and multifamily mortgage markets. We have helped many distressed borrowers keep their homes or avoid foreclosure and have helped many distressed renters avoid eviction.

Since September 2008, we have been operating in conservatorship, with FHFA as our Conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. Our future is uncertain, and the conservatorship has no specified termination date. We do not know what changes may occur to our business model during or following conservatorship, including whether we will continue to exist. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For additional information on the conservatorship and related matters and the Purchase Agreement, see our 2022 Annual Report.

Freddie Mac 1Q 2023 Form 10-Q 1

Management's Discussion and Analysis Introduction

Business Results

Consolidated Financial Results

Net Revenues and Net Income

(In billions)

Net Worth

(In billions)

Key Drivers:

n    Net income was $2.0 billion, a decrease of 47% year-over-year, primarily driven by lower net revenues and a credit reserve build in the current period compared to a credit reserve release in the prior year period.

n    Net revenues were $4.8 billion, a decrease of 17% year-over-year, as higher net interest income was offset by a decline in non-interest income.

n    Net worth was $39.1 billion as of March 31, 2023, up from $37.0 billion as of December 31, 2022 and $31.7 billion as of March 31, 2022. The quarterly increases in net worth have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. The liquidation preference of the senior preferred stock was $109.7 billion on March 31, 2023, and will increase to $111.7 billion on June 30, 2023 based on the increase in net worth in 1Q 2023.

Market Liquidity

                      Market Liquidity

(In thousands)

We support the U.S. housing market by executing our mission to provide liquidity and help maintain credit availability for new and refinanced single-family mortgages as well as for rental housing. We provided $65 billion in liquidity to the mortgage market in 1Q 2023, which enabled the financing of 250,000 home purchases, refinancings, and rental units.

Freddie Mac 1Q 2023 Form 10-Q 2

Management's Discussion and Analysis Introduction

Mortgage Portfolio Balances

Mortgage Portfolio

(UPB in billions)

Key Drivers:

n    Our mortgage portfolio increased 4% year-over-year to $3.4 trillion at March 31, 2023.

l    Our Single-Family mortgage portfolio was $3.0 trillion at March 31, 2023, up 4% year-over-year and flat quarter-over-quarter, as portfolio growth has moderated in recent periods due to the slowdown in new business activity as both home purchase activity and refinance activity slowed due to higher mortgage interest rates.

l    Our Multifamily mortgage portfolio was $426 billion at March 31, 2023, up 3% year-over-year and down 1% quarter-over-quarter, primarily due to the slowdown in new business activity as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily mortgage financing.

Credit Risk Transfer

Single-Family Mortgage Portfolio with Credit Enhancement

(UPB in billions)

Multifamily Mortgage Portfolio with Credit Enhancement

(UPB in billions)

In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various credit enhancement arrangements to reduce our credit risk exposure. We transfer a portion of the credit risk, primarily on recently acquired loans, through our CRT programs. We also reduce our credit risk exposure through other credit enhancement arrangements, mainly primary mortgage insurance. See MD&A - Risk Management – Credit Risk for additional information on our credit enhancements and CRT programs.

Freddie Mac 1Q 2023 Form 10-Q 3

Management's Discussion and Analysis Housing and Mortgage Market Conditions

HOUSING AND MORTGAGE MARKET CONDITIONS

The following charts present certain housing and mortgage market indicators that can significantly affect our business and financial results. Certain market and macroeconomic prior period data have been updated to reflect revised historical data. For additional information on the effect of these indicators on our business and financial results, see MD&A – Consolidated Results of Operations and MD&A – Our Business Segments.

Single-Family

U.S. Single-Family Home Sales and House Prices

Sources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index.

U.S. Single-Family Mortgage Originations

_

(UPB in billions)

Source: Inside Mortgage Finance. 1Q 2023 U.S. single-family mortgage originations data is not yet available.

Single-Family Serious Delinquency Rates

Source: Freddie Mac and National Delinquency Survey from the Mortgage Bankers Association. 1Q 2023 total mortgage market rate is not yet available.

Single-Family Mortgage Debt Outstanding

(UPB in billions)

Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. 1Q 2023 U.S. single-family mortgage debt outstanding data is not yet available.

Freddie Mac 1Q 2023 Form 10-Q 4

Management's Discussion and Analysis Housing and Mortgage Market Conditions

Multifamily

Apartment Vacancy Rates and Change in Effective Rents

Source: Reis.

Multifamily Property Price Growth Rate

Source: Real Capital Analytics Commercial Property Price Index (RCA CPPI).

Multifamily Delinquency Rates

Source: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS market, excluding REOs). The 1Q 2023 delinquency rate for FDIC insured institutions is not yet available.

Multifamily Mortgage Debt Outstanding

(UPB in billions)

Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. 1Q 2023 U.S. multifamily mortgage debt outstanding data is not yet available.

Freddie Mac 1Q 2023 Form 10-Q 5

Management's Discussion and Analysis Consolidated Results of Operations

CONSOLIDATED RESULTS OF OPERATIONS

The discussion of our consolidated results of operations should be read in conjunction with our condensed consolidated financial statements and accompanying notes. Our financial results and business volumes could be negatively affected by adverse changes in the housing market or economic conditions, including volatility and stress within the banking sector and the measures governments and financial services companies take in response. Stress in U.S. regional banks could drive elevated counterparty credit risk and indirect risk due to financing or banking relationships that our counterparties have with the affected banking organizations. We could also experience declines in the liquidity in the markets for our securities as a result of any such adverse changes or regulatory responses to adverse changes. See Risk Factors in our 2022 Annual Report for additional information.

The table below compares our summarized consolidated results of operations.

Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Net interest income	$4,501	$4,104	$397	10	%
Non-interest income	326	1,742	(1,416)	(81)
Net revenues	4,827	5,846	(1,019)	(17)
(Provision) benefit for credit losses	(395)	837	(1,232)	(147)
Non-interest expense	(1,932)	(1,932)	—	—
Income before income tax expense	2,500	4,751	(2,251)	(47)
Income tax expense	(505)	(953)	448	47
Net income	1,995	3,798	(1,803)	(47)
Other comprehensive income (loss), net of taxes and reclassification adjustments	54	(120)	174	145
Comprehensive income	$2,049	$3,678	($1,629)	(44)	%

Net Revenues

Net Interest Income

The table below presents the components of net interest income.

Table 2 - Components of Net Interest Income

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Guarantee net interest income:
Contractual net interest income	$3,666	$3,334	$332	10	%
Deferred fee income	207	1,042	(835)	(80)
Total guarantee net interest income	3,873	4,376	(503)	(11)
Investments net interest income	1,432	579	853	147
Impact on net interest income from hedge accounting	(804)	(851)	47	6
Net interest income	$4,501	$4,104	$397	10	%

Key Drivers:

n    Guarantee net interest income

l    1Q 2023 vs. 1Q 2022 - Decreased as continued mortgage portfolio growth and higher average portfolio guarantee fee rates were offset by a decline in deferred fee income due to slower prepayments driven by higher mortgage interest rates.

n    Investments net interest income

l    1Q 2023 vs. 1Q 2022 - Increased primarily due to higher returns on securities purchased under agreements to resell as a result of higher short-term interest rates.

Freddie Mac 1Q 2023 Form 10-Q 6

Management's Discussion and Analysis Consolidated Results of Operations

n    Impact on net interest income from hedge accounting

l    1Q 2023 vs. 1Q 2022 - Decreased due to a favorable change in the earnings mismatch on qualifying fair value hedge relationships, partially offset by higher interest expense on derivatives in hedge relationships as a result of higher interest rates.

Net Interest Yield Analysis

The table below presents a yield analysis of interest-earning assets and interest-bearing liabilities.

Table 3 - Analysis of Net Interest Yield

	1Q 2023				1Q 2022
(Dollars in millions)	Average Balance	Interest Income (Expense)	Average Rate		Average Balance	Interest Income (Expense)	Average Rate
Interest-earning assets:
Cash and cash equivalents	$13,758	$121	3.51	%	$15,832	$3	0.07	%
Securities purchased under agreements to resell	107,516	1,220	4.54		88,675	23	0.11
Investment securities	38,126	316	3.31		50,373	384	3.05
Mortgage loans(1)	3,042,128	23,304	3.06		2,901,060	17,310	2.39
Other assets	1,930	26	5.30		5,534	20	1.40
Total interest-earning assets	3,203,458	24,987	3.12		3,061,474	17,740	2.32
Interest-bearing liabilities:
Debt of consolidated trusts	2,975,417	(18,261)	(2.45)		2,836,484	(13,249)	(1.87)
Debt of Freddie Mac	187,599	(2,225)	(4.74)		182,580	(387)	(0.85)
Total interest-bearing liabilities	3,163,016	(20,486)	(2.59)		3,019,064	(13,636)	(1.81)
Impact of net non-interest-bearing funding	40,442	—	0.03		42,410	—	0.03
Total funding of interest-earning assets	3,203,458	(20,486)	(2.56)		3,061,474	(13,636)	(1.78)
Net interest income/yield		$4,501	0.56	%		$4,104	0.54	%

(1)Loan fees included in net interest income were $0.3 billion and $0.5 billion during 1Q 2023 and 1Q 2022, respectively.

Non-Interest Income

The table below presents the components of non-interest income.

Table 4 - Components of Non-Interest Income

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Guarantee income:
Contractual guarantee fees	324	$318	$6	2	%
Guarantee obligation amortization	279	299	(20)	(7)
Guarantee asset fair value changes	(137)	(547)	410	75
Total guarantee income	466	70	396	566
Investment gains, net:
Single-Family	(179)	1,252	(1,431)	(114)
Multifamily	(46)	261	(307)	(118)
Total investment gains, net	(225)	1,513	(1,738)	(115)
Other income	85	159	(74)	(47)
Non-interest income	$326	$1,742	($1,416)	(81)	%

Freddie Mac 1Q 2023 Form 10-Q 7

Management's Discussion and Analysis Consolidated Results of Operations

Key Drivers:

n    Guarantee income

l    1Q 2023 vs. 1Q 2022 - Increased as 1Q 2022 included fair value losses on guarantee assets due to rising interest rates.

n    Investment gains, net

l    1Q 2023 vs. 1Q 2022 - Net investment gains in Single-Family declined from elevated levels in 1Q 2022, which were driven by spread-related gains on commitments to hedge the securitization pipeline during that period. Multifamily net investment gains also declined due to lower revenue from held-for-sale loan purchase and securitization activity as a result of lower volumes and lower margins, coupled with net losses from interest-rate risk management activities.

(Provision) Benefit for Credit Losses

The table below presents the components of provision for credit losses.

Table 5 - (Provision) Benefit for Credit Losses

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Single-Family	($318)	$831	($1,149)	(138)	%
Multifamily	(77)	6	(83)	(1,383)
(Provision) benefit for credit losses	($395)	$837	($1,232)	(147)	%

Key Drivers:

n    1Q 2023 vs. 1Q 2022 - The provision for credit losses for 1Q 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family. The benefit for credit losses for 1Q 2022 was primarily driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions.

Non-Interest Expense

The table below presents the components of non-interest expense.

Table 6 - Components of Non-Interest Expense

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Salaries and employee benefits	($374)	($356)	($18)	(5)	%
Credit enhancement expense	(530)	(459)	(71)	(15)
Benefit for (decrease in) credit enhancement recoveries	49	(17)	66	388
Legislative assessments expense:
Legislated guarantee fees expense	(708)	(666)	(42)	(6)
Affordable housing funds allocation	(27)	(93)	66	71
Total legislative assessments expense	(735)	(759)	24	3
Other expense	(342)	(341)	(1)	—
Non-interest expense	($1,932)	($1,932)	$—	—	%

Key Drivers:

n    Credit enhancement expense

l    1Q 2023 vs. 1Q 2022 - Increased primarily due to a higher volume of outstanding cumulative CRT transactions.

n    Benefit for (decrease in) credit enhancement recoveries

l    1Q 2023 vs. 1Q 2022 - Increased primarily due to an increase in expected credit losses on covered loans.

n    Legislative assessments expense

l    1Q 2023 vs. 1Q 2022 - Decreased primarily due to lower affordable housing funds allocation as a result of lower Single-Family new business activity, partially offset by higher legislated guarantee fees expense due to growth in our Single-Family mortgage portfolio.

Freddie Mac 1Q 2023 Form 10-Q 8

Management's Discussion and Analysis Consolidated Balance Sheets Analysis

CONSOLIDATED BALANCE SHEETS ANALYSIS

The table below compares our summarized condensed consolidated balance sheets.

Table 7 - Summarized Condensed Consolidated Balance Sheets

			Change
(Dollars in millions)	March 31, 2023	December 31, 2022	$	%
Assets:
Cash and cash equivalents	$5,873	$6,360	($487)	(8)	%
Securities purchased under agreements to resell	108,036	87,295	20,741	24
Investment securities, at fair value	37,712	38,701	(989)	(3)
Mortgage loans held-for-sale	12,782	12,197	585	5
Mortgage loans held-for-investment	3,024,249	3,022,318	1,931	—
Accrued interest receivable, net	8,662	8,529	133	2
Deferred tax assets, net	5,329	5,777	(448)	(8)
Other assets	22,337	27,156	(4,819)	(18)
Total assets	$3,224,980	$3,208,333	$16,647	1	%
Liabilities and Equity:
Liabilities:
Accrued interest payable	$7,507	$7,309	$198	3	%
Debt	3,167,514	3,145,832	21,682	1
Other liabilities	10,892	18,174	(7,282)	(40)
Total liabilities	3,185,913	3,171,315	14,598	—
Total equity	39,067	37,018	2,049	6
Total liabilities and equity	$3,224,980	$3,208,333	$16,647	1	%

Key Drivers:

As of March 31, 2023 compared to December 31, 2022:

n    Securities purchased under agreements to resell and debt increased primarily due to an increase in debt issuance to prefund upcoming debt maturities and anticipated calls of outstanding debt.

n    Other assets decreased primarily due to a decline in receivables related to U.S. Treasury securities sold but not yet settled.

n    Other liabilities decreased primarily due to a decline in payables related to U.S. Treasury securities purchased but not yet settled.

Freddie Mac 1Q 2023 Form 10-Q 9

Management's Discussion and Analysis Our Portfolios

OUR PORTFOLIOS

Mortgage Portfolio

The table below presents the UPB of our mortgage portfolio by segment.

Table 8 - Mortgage Portfolio

	March 31, 2023			December 31, 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Mortgage loans held-for-investment:
By consolidated trusts	$2,909,802	$34,978	$2,944,780	$2,907,999	$30,574	$2,938,573
By Freddie Mac	35,147	12,375	47,522	33,506	17,805	51,311
Total mortgage loans held-for-investment	2,944,949	47,353	2,992,302	2,941,505	48,379	2,989,884
Mortgage loans held-for-sale	3,373	10,255	13,628	3,564	9,544	13,108
Total mortgage loans	2,948,322	57,608	3,005,930	2,945,069	57,923	3,002,992
Mortgage-related guarantees:
Mortgage loans held by nonconsolidated trusts	31,023	357,747	388,770	31,500	360,869	392,369
Other mortgage-related guarantees	9,290	10,684	19,974	9,476	10,510	19,986
Total mortgage-related guarantees	40,313	368,431	408,744	40,976	371,379	412,355
Total mortgage portfolio	$2,988,635	$426,039	$3,414,674	$2,986,045	$429,302	$3,415,347
Guaranteed mortgage-related securities:
Issued by consolidated trusts	$2,920,201	$34,978	$2,955,179	$2,916,038	$30,813	$2,946,851
Issued by nonconsolidated trusts	25,329	316,606	341,935	25,772	319,117	344,889
Total guaranteed mortgage-related securities	$2,945,530	$351,584	$3,297,114	$2,941,810	$349,930	$3,291,740

Investments Portfolio

Our investments portfolio consists of our mortgage-related investments portfolio and our other investments portfolio.

Mortgage-Related Investments Portfolio

The Purchase Agreement limits the size of our mortgage-related investments portfolio to a maximum amount of $225 billion. The calculation of mortgage assets subject to the Purchase Agreement cap includes the UPB of mortgage assets and 10% of the notional value of interest-only securities. We are also subject to additional limitations on the size and composition of our mortgage-related investments portfolio pursuant to FHFA guidance. For additional information on the restrictions on our mortgage-related investments portfolio, see the MD&A - Conservatorship and Related Matters section in our 2022 Annual Report.

Freddie Mac 1Q 2023 Form 10-Q 10

Management's Discussion and Analysis Our Portfolios

The table below presents the details of our mortgage-related investments portfolio.

Table 9 - Mortgage-Related Investments Portfolio

	March 31, 2023			December 31, 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Unsecuritized mortgage loans:
Securitization pipeline and other loans	$10,863	$22,630	$33,493	$10,093	$27,349	$37,442
Seasoned loans	27,657	—	$27,657	26,977	—	26,977
Total unsecuritized mortgage loans	38,520	22,630	61,150	37,070	27,349	64,419
Mortgage-related securities:
Investment securities	3,988	6,183	10,171	3,440	6,396	9,836
Debt of consolidated trusts	17,077	698	17,775	17,939	536	18,475
Total mortgage-related securities	21,065	6,881	27,946	21,379	6,932	28,311
Mortgage-related investments portfolio	$59,585	$29,511	$89,096	$58,449	$34,281	$92,730
10% of notional amount of interest-only securities			$21,554			$21,758
Mortgage-related investments portfolio for purposes of Purchase Agreement cap			110,650			114,488

Other Investments Portfolio

The table below presents the details of our other investments portfolio.

Table 10 - Other Investments Portfolio

	March 31, 2023				December 31, 2022
(In millions)	Liquidity and Contingency Operating Portfolio	Custodial Account	Other	Total Other Investments Portfolio (1)	Liquidity and Contingency Operating Portfolio	Custodial Account	Other	Total Other Investments Portfolio (1)
Cash and cash equivalents	$5,038	$741	$94	$5,873	$5,652	$611	$97	$6,360
Securities purchased under agreements to resell	100,948	10,881	859	112,688	88,499	9,703	1,084	99,286
Non-mortgage-related securities	17,531	—	4,738	22,269	20,188	—	3,645	23,833
Other assets	—	—	5,644	5,644	—	—	4,565	4,565
Other investments portfolio	$123,517	$11,622	$11,335	$146,474	$114,339	$10,314	$9,391	$134,044

(1)Represents carrying value.

Freddie Mac 1Q 2023 Form 10-Q 11

Management's Discussion and Analysis Our Business Segments

OUR BUSINESS SEGMENTS

As shown in the table below, we have two reportable segments, which are based on the way we manage our business.

Segment	Description
Single-Family	Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.
Multifamily	Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.

Segment Net Revenues and Net Income

The charts below show our net revenues and net income by segment.

Segment Net Revenues

(In billions)

Segment Net Income

(In billions)

Freddie Mac 1Q 2023 Form 10-Q 12

Management's Discussion and Analysis Our Business Segments | Single-Family

Single-Family

Business Results

The charts, tables, and related discussion below present the business results of our Single-Family segment.

New Business Activity

UPB of Single-Family Loan Purchases and Guarantees by Loan Purpose and Average Estimated Guarantee Fee Rate(1) on New Acquisitions

(UPB in billions)

(1)Estimated guarantee fee rate calculation excludes the legislated guarantee fees and includes deferred fees recognized over the estimated life of the related loans.

Number of Families Helped to Own a Home and Average Loan UPB of New Acquisitions

(Loan count in thousands)

n    1Q 2023 vs. 1Q 2022

l    Our loan purchase and guarantee activity slowed due to higher mortgage interest rates. We expect volume for the remainder of the year to be lower than 2022 due in part to higher mortgage interest rates.

l    The average loan size of new acquisitions increased due to a higher conforming loan limit and house price appreciation in recent quarters.

l    The average estimated guarantee fee rate on new acquisitions increased primarily due to higher contractual guarantee fees and faster expected credit fee recognition driven by higher estimated prepayments on new acquisitions. This increase was partially offset by a shift in the business mix of new acquisitions.

For additional information on credit fee changes, see the MD&A - Regulation and Supervision section in this Form 10-Q and our 2022 Annual Report.

Freddie Mac 1Q 2023 Form 10-Q 13

Management's Discussion and Analysis Our Business Segments | Single-Family

Single-Family Mortgage Portfolio

Single-Family Mortgage Portfolio and Average Estimated Guarantee Fee Rate(1) on Mortgage Portfolio

(UPB in billions)

(1)Estimated guarantee fee rate is calculated as of acquisition and excludes the legislated guarantee fees. Estimated guarantee fee rate calculation also excludes certain loans, the majority of which are held by VIEs that we do not consolidate. The UPB of these excluded loans was $43 billion as of March 31, 2023.

Single-Family Mortgage Loans

(Loan count in millions)

n    The Single-Family mortgage portfolio was $3.0 trillion at March 31, 2023, up 4% year-over-year and flat quarter-over-quarter, as portfolio growth has moderated in recent periods due to the slowdown in new business activity as both home purchase activity and refinance activity slowed due to higher mortgage interest rates.

n    The average estimated guarantee fee rate on the Single-Family mortgage portfolio increased year-over-year as older vintages with lower estimated guarantee fee rates were replaced by acquisitions of new loans with higher estimated guarantee fee rates.

Freddie Mac 1Q 2023 Form 10-Q 14

Management's Discussion and Analysis Our Business Segments | Single-Family

CRT Activities

We transfer credit risk on a portion of our Single-Family mortgage portfolio to the private market, reducing the risk of future losses to us when borrowers default. The charts below show the issuance amounts associated with CRT transactions for loans in our Single-Family mortgage portfolio.

UPB Covered by New CRT Issuance

(In billions)

New CRT Issuance Maximum Coverage

(In billions)

n    1Q 2023 vs. 1Q 2022

l    The UPB of mortgage loans covered by CRT transactions and related maximum coverage issued during 1Q 2023 decreased compared to 1Q 2022 due to a decrease in loan acquisition activity in recent quarters and changes in business strategy and market conditions.

l    Our percentage of Single-Family acquisitions targeted for CRT transactions (primarily 30-year fixed rate loans with LTV ratios between 60% and 97%) increased to 81% during 1Q 2023, from 67% during 1Q 2022, primarily driven by an increase in the percentage of recently acquired loans with original LTV ratios above 60% and an increase in the percentage of 30-year loan acquisitions.

See MD&A - Risk Management - Single-Family Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for additional information on our CRT activities and other credit enhancements.

Freddie Mac 1Q 2023 Form 10-Q 15

Management's Discussion and Analysis Our Business Segments | Single-Family

Loss Mitigation Activities

The following chart provides details about the single-family loan workout activities that were completed during the periods presented. The forbearance data included below is limited to loans in forbearance that are past due based on the loans' original contractual terms and excludes both loans for which we do not control servicing and loans included in certain legacy transactions, as the forbearance data for such loans is either not reported to us by the servicers or is otherwise not readily available to us.

Completed Loan Workout Activity

(UPB in billions, number of loan workouts in thousands)

(1)Other includes repayment plans and foreclosure alternatives.

n    Completed loan workout activity includes forbearance plans where borrowers fully reinstated the loan to current status during or at the end of the forbearance period, payment deferral plans, loan modifications, successfully completed repayment plans, short sales, and deeds in lieu of foreclosure. Completed loan workout activity excludes active loss mitigation activity that was ongoing and had not been completed as of the end of the period, such as forbearance plans that had been initiated but not completed and trial period modifications. There were approximately 27,000 loans in active forbearance plans and approximately 13,000 loans in other active loss mitigation activity as of March 31, 2023.

n    1Q 2023 vs. 1Q 2022 - Our loan workout activity decreased as the overall forbearance population continued to decline.

Freddie Mac 1Q 2023 Form 10-Q 16

Management's Discussion and Analysis Our Business Segments | Single-Family

Financial Results

The table below presents the results of operations for our Single-Family segment. See Note 11 for additional information about segment financial results.

Table 11 - Single-Family Segment Financial Results

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Net interest income	$4,296	$3,806	$490	13	%
Non-interest income	(93)	1,408	(1,501)	(107)
Net revenues	4,203	5,214	(1,011)	(19)
(Provision) benefit for credit losses	(318)	831	(1,149)	(138)
Non-interest expense	(1,783)	(1,778)	(5)	—
Income before Income tax expense	2,102	4,267	(2,165)	(51)
Income tax expense	(425)	(856)	431	50
Net income	1,677	3,411	(1,734)	(51)
Other comprehensive income (loss), net of taxes and reclassification adjustments	(1)	(12)	11	92
Comprehensive income	$1,676	$3,399	($1,723)	(51)	%

Key Business Drivers:

n 1Q 2023 vs. 1Q 2022

l    Net income of $1.7 billion, down 51% year-over-year.

–Net revenues were $4.2 billion, down 19% year-over-year.

◦Net interest income was $4.3 billion, up 13% year-over-year, primarily driven by mortgage portfolio growth, higher average portfolio guarantee fee rates, and higher investments net interest income due to higher interest rates. These increases were partially offset by a decline in deferred fee income due to slower prepayments driven by higher mortgage interest rates.

◦Non-interest income was a loss of $0.1 billion for 1Q 2023, compared to non-interest income of $1.4 billion for 1Q 2022, which was primarily driven by spread-related gains on commitments to hedge the securitization pipeline during that period.

–Provision for credit losses was $0.3 billion for 1Q 2023, driven by a modest credit reserve build primarily attributable to new acquisitions. The benefit for credit losses of $0.8 billion for 1Q 2022 was driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions.

Freddie Mac 1Q 2023 Form 10-Q 17

Management's Discussion and Analysis Our Business Segments | Multifamily

Multifamily

Business Results

The charts, tables, and related discussion below present the business results of our Multifamily segment.

New Business Activity

New Business Activity

(In billions)

Total Number of Rental Units Financed(1)

(In thousands)

(1) Includes rental units financed by supplemental loans.

n    As of March 31, 2023, the multifamily new business activity subject to the FHFA 2023 loan purchase cap of $75 billion was $5.7 billion. Approximately 60% of this activity, based on UPB, was mission-driven, affordable housing, currently exceeding FHFA's minimum requirement of 50%.

n    Our new business activity was lower year-over-year as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily mortgage financing.

n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $19.2 billion and $19.9 billion as of March 31, 2023 and March 31, 2022, respectively.

Freddie Mac 1Q 2023 Form 10-Q 18

Management's Discussion and Analysis Our Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Portfolio

Mortgage Portfolio

(UPB in billions)

Guarantee Portfolio

(In billions)

n    Our Multifamily mortgage portfolio was $426 billion at March 31, 2023, up 3% year-over-year and down 1% quarter-over-quarter, primarily due to the slowdown in new business activity as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily mortgage financing. Our guarantee portfolio was $362 billion at March 31, 2023, up 3% year-over-year as our securitization activities outpaced payoffs.

n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC fund partnerships with carrying values totaling $2.9 billion and $2.8 billion as of March 31, 2023 and December 31, 2022, respectively.

Freddie Mac 1Q 2023 Form 10-Q 19

Management's Discussion and Analysis Our Business Segments | Multifamily

CRT Activities

UPB Covered by New CRT Issuance New CRT Issuance Maximum Coverage

(In billions) (In billions)

n    1Q 2023 vs. 1Q 2022

l    The UPB of mortgage loans covered by new CRT transactions and the maximum coverage decreased year-over-year, primarily due to fewer securitizations with subordination as a result of a smaller average held-for-sale securitization pipeline.

See MD&A - Risk Management - Multifamily Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for more information on risk transfer transactions and credit enhancements on our Multifamily mortgage portfolio.

Freddie Mac 1Q 2023 Form 10-Q 20

Management's Discussion and Analysis Our Business Segments | Multifamily

Financial Results

The table below presents the results of operations for our Multifamily segment. See Note 11 for additional information about segment financial results.

Table 12 - Multifamily Segment Financial Results

			Change
(Dollars in millions)	1Q 2023	1Q 2022	$	%
Net interest income	$205	$298	($93)	(31)	%
Non-interest income	419	334	85	25
Net revenues	624	632	(8)	(1)
(Provision) benefit for credit losses	(77)	6	(83)	(1,383)
Non-interest expense	(149)	(154)	5	3
Income before income tax expense	398	484	(86)	(18)
Income tax expense	(80)	(97)	17	18
Net income	318	387	(69)	(18)
Other comprehensive income (loss), net of taxes and reclassification adjustments	55	(108)	163	151
Comprehensive income	$373	$279	$94	34	%

Key Business Drivers:

n    1Q 2023 vs. 1Q 2022

l    Net income of $0.3 billion, down 18% year-over-year.

–Net revenues were $0.6 billion, down 1% year-over-year.

–Net interest income was $0.2 billion, down 31% year-over-year, primarily due to lower prepayment income driven by higher mortgage interest rates.

–Non-interest income was $0.4 billion, up 25% year-over-year, primarily driven by higher guarantee income, partially offset by lower net investment gains. Guarantee income increased as 1Q 2022 included fair value losses on guarantee assets due to rising interest rates. Net investment gains declined due to lower revenue from held-for-sale loan purchase and securitization activity as a result of lower volumes and lower margins, coupled with net losses from interest-rate risk management activities.

–Provision for credit losses was $0.1 billion for 1Q 2023, compared to a small benefit for credit losses for 1Q 2022, primarily due to a credit reserve build to reflect increased uncertainty in forecasted economic conditions.

Freddie Mac 1Q 2023 Form 10-Q 21

Management's Discussion and Analysis Risk Management

RISK MANAGEMENT

To achieve our mission, we take risks as an integral part of our business activities. We are exposed to the following key types of risk: credit risk, market risk, liquidity risk, operational risk, compliance risk, legal risk, strategic risk, and reputation risk.

Credit Risk

Allowance for Credit Losses

The tables below present a summary of the changes in our allowance for credit losses and key allowance for credit losses ratios.

Table 13 - Allowance for Credit Losses Activity

	1Q 2023						1Q 2022
(Dollars in millions)	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
Allowance for credit losses:
Beginning balance	$7,746		$147		$7,893		$5,440		$78		$5,518
Provision (benefit) for credit losses	318		77		395		(831)		(6)		(837)
Charge-offs	(90)		—		(90)		(173)		—		(173)
Recoveries collected	32		—		32		52		—		52
Net charge-offs	(58)		—		(58)		(121)		—		(121)
Other(1)	91		—		91		361		—		361
Ending balance	$8,097		$224		$8,321		$4,849		$72		$4,921
Average loans outstanding during the period(2)	$2,985,726		$47,748		$3,033,474		$2,868,454		$28,079		$2,896,533
Net charge-offs to average loans outstanding	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Components of ending balance of allowance for credit losses:
Mortgage loans held-for-investment	$7,675		$160		$7,835		$4,358		$31		$4,389
Other(3)	422		64		486		491		41		532
Total ending balance	$8,097		$224		$8,321		$4,849		$72		$4,921

(1)Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications.

(2)Based on amortized cost basis of held-for-investment loans for which we have not elected the fair value option.

(3)Includes allowance for credit losses related to advances of pre-foreclosure costs, accrued interest receivable, and off-balance sheet credit exposures.

Table 14 - Allowance for Credit Losses Ratios

	March 31, 2023						December 31, 2022
(Dollars in millions)	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
Allowance for credit losses ratios:
Allowance for credit losses(1) to total loans outstanding	0.26	%	0.35	%	0.26	%	0.25	%	0.16	%	0.24	%
Non-accrual loans to total loans outstanding	0.34		0.09		0.34		0.34		0.09		0.33
Allowance for credit losses to non-accrual loans	75.88		390.24		77.15		72.45		183.33		72.91
Balances:
Allowance for credit losses on mortgage loans held-for-investment	$7,675		$160		$7,835		$7,314		$77		$7,391
Total loans outstanding(2)	2,984,782		46,064		3,030,846		2,981,401		47,094		3,028,495
Non-accrual loans(2)	10,114		41		10,155		10,095		42		10,137

(1)Represents allowance for credit losses on total held-for-investment loans.

(2)Based on amortized cost basis of held-for-investment loans for which we have not elected the fair value option.

As of March 31, 2023 compared to December 31, 2022:

n    The ratio of allowance for credit losses to non-accrual loans increased due to a modest credit reserve build primarily attributable to new acquisitions in Single-Family.

Freddie Mac 1Q 2023 Form 10-Q 22

Management's Discussion and Analysis Risk Management

Single-Family Mortgage Credit Risk

Maintaining Prudent Underwriting Standards and Quality Control Practices and Managing Seller/Servicer Performance

Loan Purchase Credit Characteristics

We monitor and evaluate market conditions that could affect the credit quality of our single-family loan purchases. Additionally, when managing our new acquisitions, we consider our risk limits and guidance from FHFA and capital requirements under the ERCF. This may affect the volume and characteristics of our loan acquisitions.

The charts below show the credit profile of the single-family loans we purchased or guaranteed. The average original LTV increased year-over-year due to the increase in the percentage of loan acquisitions related to home purchases as home purchase loans typically have higher LTV ratios than refinance loans. The percentage of loans with a DTI ratio greater than 45% also increased year-over-year due to changes in market conditions, such as increasing house prices and higher mortgage interest rates in recent quarters.

Weighted Average Original LTV Ratio

Weighted Average Original Credit Score(1)

(1)Weighted average original credit score is generally based on three credit bureaus (Equifax, Experian, and TransUnion).

Freddie Mac 1Q 2023 Form 10-Q 23

Management's Discussion and Analysis Risk Management

The table below contains additional information about the single-family loans we purchased or guaranteed.

Table 15 - Single-Family New Business Activity

	1Q 2023			1Q 2022
(Dollars in millions)	Amount	% of Total		Amount	% of Total
20- and 30-year or more, amortizing fixed-rate	$55,469	94	%	$181,977	88	%
15-year or less, amortizing fixed-rate	2,214	4		23,484	11
Adjustable-rate	1,282	2		1,627	1
Total	$58,965	100	%	$207,088	100	%
Percentage of purchases
DTI ratio > 45%		23	%		15	%
Original LTV ratio > 90%		28			14
Transaction type:
Cash window		28			25
Guarantor swap		72			75
Property type:
Detached single-family houses and townhouses		91			93
Condominium or co-op		9			7
Occupancy type:
Primary residence		92			89
Second home		2			5
Investment property		6			6
Loan purpose:
Purchase		86			45
Cash-out refinance		9			33
Other refinance		5			22

Transferring Credit Risk to Third-Party Investors

To reduce our credit risk exposure, we engage in various credit enhancement arrangements, which include CRT transactions and other credit enhancements.

Single-Family Mortgage Portfolio CRT Issuance

The table below provides the UPB of the mortgage loans covered by CRT transactions issued during the periods presented as well as the maximum coverage provided by those transactions.

Table 16 - Single-Family Mortgage Portfolio CRT Issuance

	1Q 2023		1Q 2022
(In millions)	UPB(1)	Maximum Coverage(2)	UPB(1)	Maximum Coverage(2)
STACR	$14,887	$611	$123,562	$5,088
ACIS	—	—	83,991	3,226
Other	46	46	146	146
Total CRT issuance	$14,933	$657	$207,699	$8,460

(1)    Represents the UPB of the assets included in the associated reference pool or securitization trust, as applicable.

(2)    For STACR transactions, represents the balance held by third parties at issuance. For ACIS transactions, represents the aggregate limit of insurance purchased from third parties at issuance.

Freddie Mac 1Q 2023 Form 10-Q 24

Management's Discussion and Analysis Risk Management

Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding

The table below provides information on the UPB and maximum coverage associated with credit-enhanced loans in our Single-Family mortgage portfolio.

Table 17 - Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding

	March 31, 2023
(Dollars in millions)	UPB(1)	% of Portfolio		Maximum Coverage(2)
Primary mortgage insurance(3)	$613,366	21	%	$156,920
STACR	1,184,605	40		34,150
ACIS	901,506	30		19,260
Other	40,958	1		11,057
Less: UPB with multiple credit enhancements and other reconciling items(4)	(900,339)	(30)		—
Single-Family mortgage portfolio - credit-enhanced	1,840,096	62		221,387
Single-Family mortgage portfolio - non-credit-enhanced	1,148,539	38		N/A
Total	$2,988,635	100	%	$221,387

	December 31, 2022
(Dollars in millions)	UPB(1)	% of Portfolio		Maximum Coverage(2)
Primary mortgage insurance(3)	$609,123	21	%	$155,022
STACR	1,188,017	40		35,111
ACIS	938,409	31		19,774
Other	41,572	1		11,105
Less: UPB with multiple credit enhancements and other reconciling items(4)	(945,062)	(32)		—
Single-Family mortgage portfolio - credit-enhanced	1,832,059	61		221,012
Single-Family mortgage portfolio - non-credit-enhanced	1,153,986	39		N/A
Total	$2,986,045	100	%	$221,012

(1)    Represents the current UPB of the assets included in the associated reference pool or securitization trust, as applicable.

(2)    For STACR transactions, represents the outstanding balance held by third parties. For ACIS transactions, represents the remaining aggregate limit of insurance purchased from third parties.

(3)    Amounts exclude certain loans for which we do not control servicing, as the coverage information for these loans is not readily available to us.

(4)    Other reconciling items primarily include timing differences in reporting cycles between the UPB of certain CRT transactions and the UPB of the underlying loans.

Credit Enhancement Coverage Characteristics

The table below provides the serious delinquency rates for the credit-enhanced and non-credit-enhanced loans in our Single-Family mortgage portfolio. The credit-enhanced categories are not mutually exclusive as a single loan may be covered by both primary mortgage insurance and other credit enhancements.

Table 18 - Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio

	March 31, 2023				December 31, 2022
(% of portfolio based on UPB)(1)	% of Portfolio(2)		SDQ Rate		% of Portfolio(2)		SDQ Rate
Credit-enhanced:
Primary mortgage insurance	21	%	0.99	%	21	%	1.05	%
CRT and other	56		0.64		56		0.68
Non-credit-enhanced	38		0.52		39		0.57
Total	N/A		0.62		N/A		0.66

(1)Excludes loans underlying certain securitization products for which loan-level data is not available.

(2)Percentages do not total to 100% as a single loan may be included in multiple line items.

Credit Enhancement Recoveries

Our expected recovery receivable from freestanding credit enhancements, net of allowance, was $0.4 billion for both March 31, 2023 and December 31, 2022.

Freddie Mac 1Q 2023 Form 10-Q 25

Management's Discussion and Analysis Risk Management

Monitoring Loan Performance and Characteristics

We review loan performance, including delinquency statistics and related loan characteristics, in conjunction with housing market and economic conditions, to assess credit risk when estimating our allowance for credit losses. We also use this information to determine if our pricing and eligibility standards reflect the risk associated with the loans we purchase and guarantee.

Loan Characteristics

The table below contains details of the characteristics of the loans in our Single-Family mortgage portfolio.

Table 19 - Credit Quality Characteristics of Our Single-Family Mortgage Portfolio

	March 31, 2023
(Dollars in millions)	UPB	Original Credit Score (1)	Current Credit Score(1)(2)	Original LTV Ratio		Current LTV Ratio
Single-Family mortgage portfolio year of origination:
2023	$34,412	749	748	80	%	80	%
2022	455,538	745	742	76		74
2021	1,038,828	752	756	71		59
2020	763,137	761	766	71		51
2019	128,761	746	751	76		50
2018 and prior	567,959	737	749	75		35
Total	$2,988,635	750	755	73		55

	December 31, 2022
(Dollars in millions)	UPB		Original Credit Score (1)	Current Credit Score(1)(2)	Original LTV Ratio		Current LTV Ratio
Single-Family mortgage portfolio year of origination:
2022	$438,339		745	742	76	%	74	%
2021	1,054,844		752	758	71		59
2020	776,425		761	766	71		51
2019	131,637		746	752	76		50
2018	52,921		736	736	76		47
2017 and prior	531,879		737	752	75		34
Total	$	2,986,045	750	756	73		54

(1)Original credit score is generally based on three credit bureaus (Equifax, Experian, and TransUnion). Current credit score is based on Experian only.

(2)Credit scores for certain recently acquired loans may not have been updated by the credit bureau since the loan acquisition, and therefore the original credit scores also represent the current credit scores.

The following table presents the combination of credit score and CLTV ratio attributes of loans in our Single-Family mortgage portfolio.

Table 20 - Single-Family Mortgage Portfolio Attribute Combinations(1)

		March 31, 2023
		CLTV ≤ 60				CLTV > 60 to 80				CLTV > 80 to 90				CLTV > 90 to 100				CLTV > 100			All Loans
Original credit score		% of Portfolio		SDQ Rate		% of Portfolio		SDQ Rate(2)		% of Portfolio		SDQ Rate(2)		% of Portfolio		SDQ Rate(2)		% of Portfolio		SDQ Rate(2)	% of Portfolio		SDQ Rate
740 and above	< 620	41	%	0.19	%	18	%	0.24	%	4	%	0.25	%	2	%	0.22	%	—	%	NM	65	%	0.21	%
700 to 739		11		0.63		7		0.73		2		0.77		1		0.51		—		NM	21		0.66
680 to 699		4		1.05		3		1.28		—		NM		—		NM		—		NM	7		1.12
660 to 679		2		1.49		1		1.81		—		NM		—		NM		—		NM	3		1.57
620 to 659		2		2.24		1		2.87		—		NM		—		NM		—		NM	3		2.39
Less than 620		1		5.40		—		NM		—		NM		—		NM		—		NM	1		5.92
Total		61	%	0.59		30	%	0.66		6	%	0.65		3	%	0.46		—	%	NM	100	%	0.62

Referenced footnotes are included after the prior period table

Freddie Mac 1Q 2023 Form 10-Q 26

Management's Discussion and Analysis Risk Management

	December 31, 2022
	CLTV ≤ 60				CLTV > 60 to 80				CLTV > 80 to 90				CLTV > 90 to 100				CLTV > 100			All Loans
Original credit score	% of Portfolio		SDQ Rate		% of Portfolio		SDQ Rate(2)		% of Portfolio		SDQ Rate(2)		% of Portfolio		SDQ Rate(2)		% of Portfolio		SDQ Rate(2)	% of Portfolio		SDQ Rate
740 and above	40	%	0.22	%	18	%	0.25	%	4	%	0.23	%	2	%	0.16	%	—	%	NM	64	%	0.23	%
700 to 739	12		0.70		6		0.75		2		0.72		1		0.38		—		NM	21		0.71
680 to 699	5		1.16		2		1.28		—		NM		—		NM		—		NM	7		1.18
660 to 679	3		1.65		1		1.77		—		NM		—		NM		—		NM	4		1.68
620 to 659	2		2.46		1		2.78		—		NM		—		NM		—		NM	3		2.54
Less than 620	1		5.97		—		NM		—		NM		—		NM		—		NM	1		6.52
Total	63	%	0.66		28	%	0.67		6	%	0.60		3	%	0.37		—	%	NM	100	%	0.66

(1)     Excludes loans underlying certain securitization products for which original credit score is not available.

(2)     NM - not meaningful due to the percentage of the portfolio rounding to zero.

Geographic Concentrations

We purchase mortgage loans from across the U.S. However, local economic conditions can affect the borrower's ability to repay and the value of the underlying collateral, leading to concentrations of credit risk in certain geographic areas. In addition, certain states and municipalities have passed or may pass laws that limit our ability to foreclose or evict and make it more difficult and costly to manage our risk.

See Note 12 for more information about the geographic distribution of our Single-Family mortgage portfolio.

Delinquency Rates

We report Single-Family delinquency rates based on the number of loans in our Single-Family mortgage portfolio that are past due as reported to us by our servicers as a percentage of the total number of loans in our Single-Family mortgage portfolio.

The chart below shows the delinquency rates of mortgage loans in our Single-Family mortgage portfolio.

Our Single-Family serious delinquency rate decreased to 0.62% as of March 31, 2023, compared to 0.92% as of March 31, 2022, as borrowers completed loan workout activities that returned the mortgages to current status primarily for borrowers exiting forbearance. See Note 3 for additional information on the payment status of our single-family mortgage loans.

Freddie Mac 1Q 2023 Form 10-Q 27

Management's Discussion and Analysis Risk Management

Multifamily Mortgage Credit Risk

Maintaining Policies and Procedures for New Business Activity, Including Prudent Underwriting Standards

Our underwriting standards focus on the LTV ratio and DSCR, which estimates a borrower's ability to repay the loan using the secured property's cash flows, after expenses. The charts below provide the weighted average original LTV and DSCR for our new business activity for the periods presented.

Weighted Average Original LTV Ratio

Weighted Average Original DSCR

Transferring Credit Risk to Third-Party Investors

To reduce our credit risk exposure, we engage in a variety of CRT activities; however, securitizations remain our principal credit risk transfer mechanism. Through securitizations (i.e., subordination), we have transferred a substantial amount of the expected and stressed credit risk on the Multifamily mortgage portfolio, thereby reducing our overall credit risk exposure and required capital.

Multifamily Mortgage Portfolio CRT Issuance

The table below provides the UPB of the mortgage loans covered by CRT transactions issued during the periods presented as well as the maximum coverage provided by those transactions.

Table 21 - Multifamily Mortgage Portfolio CRT Issuance

	1Q 2023		1Q 2022
(In millions)	UPB(1)	Maximum Coverage(2)	UPB(1)	Maximum Coverage(2)
Subordination	$6,149	$425	$14,105	$974
SCR	1,166	105	—	—
Lender risk-sharing	239	48	—	—
Total CRT issuance	$7,554	$578	$14,105	$974

(1) Represents the UPB of the assets included in the associated reference pool or securitization trust, as applicable.

(2) For subordination, represents the UPB of the securities that are held by third parties at issuance and are subordinate to the securities we guarantee. For SCR transactions, represents the UPB of securities held by third parties at issuance. For lender risk-sharing, represents the amount of loss recovery that is available subject to the terms of counterparty agreements at issuance.

Multifamily Mortgage Portfolio Credit Enhancement Coverage Outstanding

While we obtain various forms of credit protection in connection with the acquisition, guarantee, and/or securitization of a loan or group of loans, our principal credit enhancement type is subordination, which is created through our senior subordinate securitization transactions. As of March 31, 2023 and December 31, 2022, our maximum coverage provided by subordination in nonconsolidated VIEs was $41.1 billion and $41.7 billion, respectively.

Freddie Mac 1Q 2023 Form 10-Q 28

Management's Discussion and Analysis Risk Management

The table below presents the UPB and delinquency rates for both credit-enhanced and non-credit-enhanced loans underlying our Multifamily mortgage portfolio.

Table 22 - Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio

	March 31, 2023			December 31, 2022
(Dollars in millions)	UPB	Delinquency Rate		UPB	Delinquency Rate
Credit-enhanced:
Subordination	$355,747	0.14	%	$358,813	0.12	%
Other	40,011	0.15		38,870	0.12
Total credit-enhanced	395,758	0.14		397,683	0.12
Non-credit-enhanced	30,281	0.09		31,619	0.08
Total	$426,039	0.13		$429,302	0.12

The table below contains details on the loans underlying our Multifamily mortgage portfolio that are not credit-enhanced.

Table 23 - Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement

	March 31, 2023			December 31, 2022
(Dollars in millions)	UPB	Delinquency Rate		UPB	Delinquency Rate
Mortgage loans held-for-sale	$9,609	0.27	%	$9,138	0.29	%
Mortgage loans held-for-investment:
Held by Freddie Mac	10,453	—		15,468	—
Held by consolidated trusts	7,881	0.02		4,665	—
Other mortgage-related guarantees	2,338	—		2,348	—
Total	$30,281	0.09		$31,619	0.08

Market Risk

Overview

Our business segments have embedded exposure to market risk, which is the economic risk associated with adverse changes in interest rates, volatility, and spreads. Market risk can adversely affect future cash flows, or economic value, as well as earnings and net worth. The primary sources of interest-rate risk are our investments in mortgage-related assets, the debt we issue to fund these assets, and our Single-Family guarantees.

Interest-Rate Risk

Our primary interest-rate risk measures are duration gap and Portfolio Value Sensitivity (PVS). Duration gap measures the difference in price sensitivity to interest rate changes between our financial assets and liabilities and is expressed in months relative to the value of assets. PVS is an estimate of the change in the present value of the cash flows of our financial assets and liabilities from an instantaneous shock to interest rates, assuming spreads are held constant and no rebalancing actions are undertaken. PVS is measured in two ways, one measuring the estimated sensitivity of our portfolio value to a 50 basis point parallel movement in interest rates (PVS-L) and the other to a non-parallel movement resulting from a 25 basis point change in the slope of the yield curve (PVS-YC). While we believe that duration gap and PVS are useful risk management tools, they should be understood as estimates rather than as precise measurements.

The following tables provide our duration gap, estimated point-in-time and minimum and maximum PVS-L and PVS-YC results, and an average of the daily values and standard deviation. The table below also provides PVS-L estimates assuming an immediate 100 basis point shift in the yield curve. The interest-rate sensitivity of a mortgage portfolio varies across a wide range of interest rates.

Freddie Mac 1Q 2023 Form 10-Q 29

Management's Discussion and Analysis Risk Management

Table 24 - PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve

	March 31, 2023			December 31, 2022
	PVS-YC	PVS-L		PVS-YC	PVS-L
(In millions)	25 bps	50 bps	100 bps	25 bps	50 bps	100 bps
Assuming shifts of the yield curve, (gains) losses on:(1)
Assets:
Investments	$420	$3,410	$6,736	$362	($3,131)	($6,340)
Guarantees(2)	(92)	(462)	(863)	(93)	512	1,090
Total assets	328	2,948	5,873	269	(2,619)	(5,250)
Liabilities	69	(1,832)	(3,690)	68	1,958	3,912
Derivatives	(395)	(1,106)	(2,160)	(336)	648	1,278
Total	$2	$10	$23	$1	($13)	($60)
PVS	$2	$10	$23	$1	$—	$—

(1)The categorization of the PVS impact between assets, liabilities, and derivatives on this table is based upon the economic characteristics of those assets and liabilities, not their accounting classification. For example, purchase and sale commitments of mortgage-related securities and debt of consolidated trusts held by the mortgage-related investments portfolio are both categorized as assets on this table.

(2)Represents the interest-rate risk from our guarantees, which include buy-ups, float, and upfront fees (including buy-downs).

Table 25 - Duration Gap and PVS Results

	1Q 2023			1Q 2022
(Duration gap in months, dollars in millions)	Duration Gap	PVS-YC 25 bps	PVS-L 50 bps	Duration Gap	PVS-YC 25 bps	PVS-L 50 bps
Average	—	$3	$3	—	$8	$11
Minimum	(0.2)	—	—	(0.3)	—	—
Maximum	0.2	9	24	0.4	16	77
Standard deviation	0.1	2	6	0.2	4	19

Derivatives enable us to reduce our economic interest-rate risk exposure as we continue to align our derivative portfolio with the changing duration of our economically hedged assets and liabilities. The table below shows that the PVS-L risk levels, assuming a 50 basis point shift in the yield curve for the periods presented, would have been higher if we had not used derivatives.

Table 26 - PVS-L Results Before Derivatives and After Derivatives

	PVS-L (50 bps)
(In millions)	Before Derivatives	After Derivatives	Effect of Derivatives
March 31, 2023	$1,116	$10	($1,106)
December 31, 2022(1)	645	—	(645)

(1)Before derivatives, our adverse PVS-L rate movement was -50 whereas after derivatives our adverse PVS-L rate movement was +50 bps.

Earnings Sensitivity to Market Risk

The accounting treatment for our financial assets and liabilities (i.e., some are measured at amortized cost, while others are measured at fair value) creates variability in our GAAP earnings when interest rates and spreads change. We manage this variability of GAAP earnings, which may not reflect the economics of our business, using fair value hedge accounting. See MD&A - Consolidated Results of Operations and MD&A - Our Business Segments for additional information on the effect of changes in interest rates and market spreads on our financial results.

Freddie Mac 1Q 2023 Form 10-Q 30

Management's Discussion and Analysis Risk Management

Interest Rate-Related Earnings Sensitivity

While we manage our interest-rate risk exposure on an economic basis to a low level as measured by our models, changes in interest rates may still result in significant earnings variability from period to period.

By electing fair value hedge accounting for certain single-family mortgage loans and certain debt instruments, we are able to reduce the potential variability in our earnings attributable to changes in interest rates. See Note 8 for additional information on hedge accounting.

Earnings Sensitivity to Changes in Interest Rates

We evaluate a range of interest rate scenarios to determine the sensitivity of our earnings due to changes in interest rates and to determine our fair value hedge accounting strategies. The interest rate scenarios evaluated include parallel shifts in the yield curve in which interest rates increase or decrease by 100 basis points, non-parallel shifts in the yield curve in which long-term interest rates increase or decrease by 100 basis points, and non-parallel shifts in the yield curve in which short-term and medium-term interest rates increase or decrease by 100 basis points. This evaluation identifies the net effect on comprehensive income from changes in fair value attributable to changes in interest rates for financial instruments measured at fair value recognized on our condensed consolidated balance sheets at period end, including the effects of fair value hedge accounting, for each of the identified scenarios. This evaluation does not include the net effect on comprehensive income from interest-rate sensitive items that are not measured at fair value (e.g., amortization of mortgage loan premiums and discounts, changes in fair value of held-for-sale mortgage loans for which we have not elected the fair value option), from changes in our future contractual net interest income due to repricing of our interest-bearing assets and liabilities, or from future new business activities. The before-tax results of this evaluation are shown in the table below.

Table 27 - Earnings Sensitivity to Changes in Interest Rates

(In millions)	March 31, 2023	March 31, 2022
Interest Rate Scenarios(1)
Parallel yield curve shifts:
+100 basis points	$25	($44)
-100 basis points	(25)	44
Non-parallel yield curve shifts - long-term interest rates:
+100 basis points	118	181
-100 basis points	(118)	(181)
Non-parallel yield curve shifts - short-term and medium-term interest rates:
+100 basis points	(92)	(224)
-100 basis points	92	224

(1)The earnings sensitivity presented is calculated using the change in interest rates and net effective duration exposure.

The actual effect of changes in interest rates on our comprehensive income in any given period may vary based on a number of factors, including, but not limited to, the composition of our assets and liabilities, the actual changes in interest rates that are realized at different terms along the yield curve, and the effectiveness of our hedge accounting strategies. Even if implemented properly, our hedge accounting programs may not be effective in reducing earnings volatility, and our hedges may fail in any given future period, which could expose us to significant earnings variability in that period.

Freddie Mac 1Q 2023 Form 10-Q 31

Management's Discussion and Analysis Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES

Our business activities require that we maintain adequate liquidity to meet our financial obligations as they come due and to meet the needs of customers in a timely and cost-efficient manner. We also must maintain adequate capital resources to avoid being placed into receivership by FHFA.

Liquidity

Primary Sources of Liquidity

The following table lists the sources of our liquidity, the balances as of the dates shown, and a brief description of their importance to Freddie Mac.

Table 28 - Liquidity Sources

(In millions)	March 31, 2023(1)	December 31, 2022(1)	Description
Other Investments Portfolio - Liquidity and Contingency Operating Portfolio	$123,517	$114,339	The liquidity and contingency operating portfolio, included within our other investments portfolio, is primarily used for short-term liquidity management.
Mortgage Loans and Mortgage-Related Securities	25,580	25,853	The liquid portion of our mortgage-related investments portfolio can be pledged or sold for liquidity purposes. The amount of cash we may be able to successfully raise may be substantially less than the balance.

(1)Represents carrying value for the liquidity and contingency operating portfolio, included within our other investments portfolio, and UPB for the liquid portion of the mortgage-related investments portfolio.

Other Investments Portfolio

Our other investments portfolio is important to our cash flow, collateral management, asset and liability management, and ability to provide liquidity and stability to the mortgage market.

Our liquidity and contingency operating portfolio primarily includes securities purchased under agreements to resell and non-mortgage-related securities. Our non-mortgage-related securities consist of U.S. Treasury securities and other investments that we could sell to provide us with an additional source of liquidity to fund our business operations. We also maintain non-interest-bearing deposits at the Federal Reserve Bank of New York and interest-bearing deposits at commercial banks. Our interest-bearing deposits at commercial banks totaled $4.8 billion and $5.0 billion as of March 31, 2023 and December 31, 2022, respectively. See MD&A - Our Portfolios - Investments Portfolio - Other Investments Portfolio for more information about our other investments portfolio.

Mortgage Loans and Mortgage-Related Securities

We invest principally in mortgage loans and mortgage-related securities, certain categories of which are largely unencumbered and liquid. Our primary source of liquidity among these mortgage assets is our holdings of agency securities. See MD&A - Our Portfolios - Investments Portfolio - Mortgage-Related Investments Portfolio for more information about our mortgage loans and mortgage-related securities.

Freddie Mac 1Q 2023 Form 10-Q 32

Management's Discussion and Analysis Liquidity and Capital Resources

Primary Sources of Funding

The following table lists the sources of our funding, the balances as of the dates shown, and a brief description of their importance to Freddie Mac.

Table 29 - Funding Sources

(In millions)	March 31, 2023(1)	December 31, 2022(1)	Description
Debt of Freddie Mac	$180,464	$166,762	Debt of Freddie Mac is used to fund our business activities.
Debt of Consolidated Trusts	2,987,050	2,979,070	Debt of consolidated trusts is used primarily to fund our Single-Family guarantee activities. This type of debt is principally repaid by the cash flows of the associated mortgage loans. As a result, our repayment obligation is limited to amounts paid pursuant to our guarantee of principal and interest and to purchase modified or seriously delinquent loans from the trusts.

(1)Represents the carrying value of debt balances after consideration of offsetting arrangements.

Debt of Freddie Mac

We issue debt of Freddie Mac to fund our operations. Competition for funding can vary with economic, financial market, and regulatory environments. The amount, type, and term of debt issued is based on a variety of factors and is designed to meet our ongoing cash needs and to comply with our Liquidity Management Framework.

The table below summarizes the par value and the average rate of debt of Freddie Mac we issued or paid off, including regularly scheduled principal payments, payments resulting from calls, and payments for repurchases. We call, exchange, or repurchase our outstanding debt from time to time for a variety of reasons, including managing our funding composition and supporting the liquidity of our debt securities.

Table 30 - Debt of Freddie Mac Activity

	1Q 2023			1Q 2022
(Dollars in millions)	Par Value	Average Rate(1)		Par Value	Average Rate(1)
Short-term:
Beginning balance	$7,716	3.49	%	$—	—	%
Issuances	50,739	4.18		5,553	0.15
Repayments	—	—		—	—
Maturities	(49,739)	4.04		(2,253)	0.01
Ending balance	8,716	4.36		3,300	0.25
Securities sold under agreements to repurchase	4,652	4.58		11,260	0.01
Offsetting arrangements	(4,652)	—		(11,260)	—
Securities sold under agreements to repurchase, net	—	—		—	—
Total short-term debt	8,716	4.36		3,300	0.25
Long-term:
Beginning balance	170,363	2.22		181,613	1.11
Issuances	14,192	5.33		1,810	2.21
Repayments	(2,491)	5.93		(1,834)	2.98
Maturities	(680)	1.50		(16,713)	0.12
Total long-term debt	181,384	2.51		164,876	1.21
Total debt of Freddie Mac, net	$190,100	2.60	%	$168,176	1.19	%

(1)Average rate is weighted based on par value.

Total debt issuance increased year-over-year primarily to fund upcoming debt maturities and anticipated calls of outstanding debt. As of March 31, 2023, our aggregate indebtedness pursuant to the Purchase Agreement was $190.1 billion, which was below the current $270.0 billion debt cap limit. Our aggregate indebtedness calculation primarily includes the par value of short- and long-term debt.

Freddie Mac 1Q 2023 Form 10-Q 33

Management's Discussion and Analysis Liquidity and Capital Resources

Maturity and Redemption Dates

The following table presents the par value of debt of Freddie Mac by contractual maturity date and earliest redemption date. The earliest redemption date refers to the earliest call date for callable debt and the contractual maturity date for all other debt of Freddie Mac.

Table 31 - Maturity and Redemption Dates

	As of March 31, 2023		As of December 31, 2022
(In millions)	Contractual Maturity Date	Earliest Redemption Date	Contractual Maturity Date	Earliest Redemption Date
Debt of Freddie Mac(1):
1 year or less	$56,692	$161,845	$60,534	$156,515
1 year through 2 years	43,276	7,234	32,261	3,820
2 years through 3 years	50,206	10,106	51,658	13,071
3 years through 4 years	5,580	198	5,739	212
4 years through 5 years	8,713	204	7,603	170
Thereafter	26,750	11,630	27,623	11,630
STACR and SCR debt(2)	3,535	3,535	4,652	4,652
Total debt of Freddie Mac	$194,752	$194,752	$190,070	$190,070

(1)Includes payables related to securities sold under agreements to repurchase that we offset against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets, when such amounts meet the conditions for offsetting in the accounting guidance.

(2)STACR debt notes and SCR debt notes are subject to prepayment risk as their payments are based upon the performance of a reference pool of mortgage assets that may be prepaid by the related mortgage borrower at any time generally without penalty and are, therefore, included as a separate category in the table.

Debt of Consolidated Trusts

The largest component of debt on our condensed consolidated balance sheets is debt of consolidated trusts, which relates to securitization transactions that we consolidate for accounting purposes. We primarily issue this type of debt by securitizing mortgage loans to fund our Single-Family guarantee activities.

The table below shows activity for the debt of consolidated trusts.

Table 32 - Debt of Consolidated Trusts Activity

(In millions)	1Q 2023	1Q 2022
Beginning balance	$2,929,567	$2,732,056
Issuances	87,021	295,247
Repayments and extinguishments	(77,867)	(192,232)
Ending balance	2,938,721	2,835,071
Unamortized premiums and discounts	48,329	64,155
Debt of consolidated trusts	$2,987,050	$2,899,226

Off-Balance Sheet Arrangements

We enter into certain business arrangements that are not recorded on our condensed consolidated balance sheets or that may be recorded in amounts that differ from the full contractual or notional amount of the transaction that affect our short- and long-term liquidity needs. Our off-balance sheet arrangements primarily consist of guarantees and commitments. See Note 2 and Note 4 for additional information on these transactions. See MD&A - Risk Management - Credit Risk for additional information on our credit risk exposure on off-balance sheet arrangements.

Cash Flows

Cash and cash equivalents (including restricted cash and cash equivalents) decreased by $4.7 billion from $10.5 billion as of March 31, 2022 to $5.9 billion as of March 31, 2023, primarily driven by an increase in securities purchased under agreements to resell.

Freddie Mac 1Q 2023 Form 10-Q 34

Management's Discussion and Analysis Liquidity and Capital Resources

Capital Resources

The table below presents activity related to our net worth.

Table 33 - Net Worth Activity

(In millions)	1Q 2023	1Q 2022
Beginning balance	$37,018	$28,033
Comprehensive income (loss)	2,049	3,678
Capital draw from Treasury	—	—
Senior preferred stock dividends declared	—	—
Total equity / net worth	$39,067	$31,711
Remaining Treasury funding commitment	$140,162	$140,162
Aggregate draws under Purchase Agreement	71,648	71,648
Aggregate cash dividends paid to Treasury	119,680	119,680
Liquidation preference of the senior preferred stock	109,666	100,681

ERCF

The charts below present the ERCF capital adequacy requirements under the risk-based capital requirement (CET1 capital ratio relative to RWA) and leverage capital requirement (Tier 1 capital ratio relative to ATA).

Risk-Based Capital Requirement: CET1 Capital Ratio

Leverage Capital Requirement: Tier 1 Capital Ratio

Freddie Mac 1Q 2023 Form 10-Q 35

Management's Discussion and Analysis Liquidity and Capital Resources

Capital Metrics

The table below presents the components of our regulatory capital.

Table 34 - Regulatory Capital Components

(In billions)	March 31, 2023	December 31, 2022
Total equity	$39	$37
Less:
Senior preferred stock	73	73
Preferred stock	14	14
Common equity	(48)	(50)
Less: deferred tax assets arising from temporary differences that exceed 10% of CET1 capital and other regulatory adjustments	5	5
Common equity Tier 1 capital	(53)	(55)
Add: Preferred stock	14	14
Tier 1 capital	(39)	(41)
Tier 2 capital adjustments	—	—
Adjusted total capital	($39)	($41)

The table below presents the components of our statutory capital.

Table 35 - Statutory Capital Components

(In billions)	March 31, 2023	December 31, 2022
Total equity	$39	$37
Less:
Senior preferred stock	73	73
AOCI, net of taxes	(1)	(1)
Core capital	(33)	(35)
General allowance for foreclosure losses(1)	8	8
Total capital	($25)	($27)

(1)Represents our allowance for credit losses.

Freddie Mac 1Q 2023 Form 10-Q 36

Management's Discussion and Analysis Liquidity and Capital Resources

Table 36 - Capital Metrics Under ERCF

(In billions)				March 31, 2023				December 31, 2022
Adjusted total assets				$3,716				$3,710
Risk-weighted assets (standardized approach):
Credit risk				781				778
Market risk				57				51
Operational risk				70				70
Total risk-weighted assets				$908				$899
(In billions)				March 31, 2023				December 31, 2022
Stress capital buffer				$27				$27
Stability capital buffer				23				23
Countercyclical capital buffer amount				—				—
PCCBA				$50				$50
PLBA				$11				$11
	March 31, 2023
(Dollars in billions)	Minimum Capital Requirement		Applicable Buffer(1)			Capital Requirement (Including Buffer)		Available Capital (Deficit)		Capital Shortfall
Risk-based capital amounts:
Total capital	$73		N/A			$73		($25)		($98)
CET1 capital	41		$50			91		(53)		(144)
Tier 1 capital	54		50			104		(39)		(143)
Adjusted total capital	73		50			123		(39)		(162)
Risk-based capital ratios(2):
Total capital	8.0	%	N/A			8.0	%	(2.8)	%	(10.8)	%
CET1 capital	4.5		5.6		%	10.1		(5.8)		(15.9)
Tier 1 capital	6.0		5.6			11.6		(4.3)		(15.9)
Adjusted total capital	8.0		5.6			13.6		(4.3)		(17.9)
Leverage capital amounts:
Core capital	$93		N/A			$93		($33)		($126)
Tier 1 capital	93		$11			104		(39)		(143)
Leverage capital ratios(3):
Core capital	2.5	%	N/A			2.5	%	(0.9)	%	(3.4)	%
Tier 1 capital	2.5		0.3		%	2.8		(1.0)		(3.8)

Referenced footnotes are included after the prior period table.

Freddie Mac 1Q 2023 Form 10-Q 37

Management's Discussion and Analysis Liquidity and Capital Resources

	December 31, 2022
(Dollars in billions)	Minimum Capital Requirement		Applicable Buffer(1)		Capital Requirement (Including Buffer)		Available Capital (Deficit)		Capital Shortfall
Risk-based capital amounts:
Total capital	$72		N/A		$72		($27)		($99)
CET1 capital	40		$50		90		(55)		(145)
Tier 1 capital	54		50		104		(41)		(145)
Adjusted total capital	72		50		122		(41)		(163)
Risk-based capital ratios(2):
Total capital	8.0	%	N/A		8.0	%	(3.1)	%	(11.1)	%
CET1 capital	4.5		5.6	%	10.1		(6.2)		(16.3)
Tier 1 capital	6.0		5.6		11.6		(4.6)		(16.2)
Adjusted total capital	8.0		5.6		13.6		(4.6)		(18.2)
Leverage capital amounts:
Core capital	$93		N/A		$93		($35)		($128)
Tier 1 capital	93		$11		104		(41)		(145)
Leverage capital ratios(3):
Core capital	2.5	%	N/A		2.5	%	(1.0)	%	(3.5)	%
Tier 1 capital	2.5		0.3	%	2.8		(1.1)		(3.9)

(1)PCCBA for risk-based capital and PLBA for leverage capital.

(2)As a percentage of RWA.

(3)As a percentage of ATA.

At March 31, 2023, our maximum payout ratio under the ERCF was 0.0%.

See Note 15 for additional information on our amounts of capital and ratios under the ERCF and see MD&A - Regulation and Supervision - Capital Standards and Public Disclosures for additional information on the ERCF.

Freddie Mac 1Q 2023 Form 10-Q 38

Management's Discussion and Analysis Critical Accounting Estimates

CRITICAL ACCOUNTING ESTIMATES

Our critical accounting estimates and policies relate to the Single-Family allowance for credit losses. For additional information about our critical accounting estimates and other significant accounting policies, see Note 1 and Critical Accounting Estimates in our 2022 Annual Report.

Single-Family Allowance for Credit Losses

The Single-Family allowance for credit losses represents our estimate of expected credit losses over the contractual term of the mortgage loans. The Single-Family allowance for credit losses pertains to all single-family loans classified as held-for-investment on our condensed consolidated balance sheets.

Determining the appropriateness of the Single-Family allowance for credit losses is a complex process that is subject to numerous estimates and assumptions requiring significant management judgment about matters that involve a high degree of subjectivity. This process involves the use of models that require us to make judgments about matters that are difficult to predict, the most significant of which is the probability of default.

Changes in forecasted house price growth rates can have a significant effect on our allowance for credit losses estimates. The table below shows our nationwide forecasted house price growth rates that were used in determining our allowance for credit losses. See Note 5 for additional information regarding our current period provision for credit losses.

Table 37 - Forecasted House Price Growth Rates

	12-Month Forward		13- to 24-Month Forward
March 31, 2023	(2.9)	%	(1.3)	%
December 31, 2022	(3.0)		(1.8)

Freddie Mac 1Q 2023 Form 10-Q 39

Management's Discussion and Analysis Regulation and Supervision

REGULATION AND SUPERVISION

In addition to oversight by FHFA as our Conservator, we are subject to regulation and oversight by FHFA under our Charter and the GSE Act and to certain regulation by other government agencies. FHFA has the power to require us from time to time to change our processes, take action and/or stop taking action that could impact our business. Furthermore, regulatory activities by other government agencies can affect us indirectly, even if we are not directly subject to such agencies' regulation or oversight. For example, regulations that modify requirements applicable to the purchase or servicing of mortgages can affect us.

Federal Housing Finance Agency

Targeted Pricing Changes to Enterprise Pricing Framework

In January 2023, FHFA announced further changes to Freddie Mac and Fannie Mae’s single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans, including a new upfront fee for certain borrowers with a DTI above 40 percent. On March 15, 2023, FHFA announced that it would delay the effective date of the DTI ratio-based fee by three months to August 1, 2023, to ensure a level playing field for all lenders to have sufficient time to deploy the fee.

Single-Family Social Bond Policy

In February 2023, FHFA requested input on Freddie Mac and Fannie Mae’s single-family social bond policy and program design. FHFA solicited input on the opportunities and potential risks associated with single-family social bond issuance, including with regard to borrower benefits and privacy. FHFA also sought input to facilitate defining the criteria and appropriate impact measures for Enterprise-labeled single-family social bonds.

Capital Standards and Public Disclosures

On February 23, 2023, FHFA announced that it is seeking comment on a notice of proposed rulemaking that would amend several provisions of the ERCF for Freddie Mac and Fannie Mae. The proposed rule includes modifications of certain provisions of the ERCF related to guarantees on commingled securities, multifamily mortgage exposures secured by properties with government subsidies, derivatives and cleared transactions, and credit scores. These proposed amendments would clarify certain aspects of the ERCF and help to further align the ERCF with the risks faced by the Enterprises.

Resecuritization Fee for New Issuances of Commingled Securities

Effective July 1, 2022, as a result of the ERCF, Freddie Mac began charging a 50 bps fee for any newly-issued commingled security. This fee applied to collateral issued by Fannie Mae based on the UPB of the collateral when it is used for a new commingled security. Freddie Mac has not been applying the fee to any Freddie Mac-issued collateral used for a new commingled security. Due to the market's reaction to this fee, our issuances of commingled securities effectively ceased after July 1, 2022. Effective April 1, 2023, we reduced the fee from 50 bps to 9.375 bps per FHFA's guidance.

Enhanced Payment Deferral Policies for Borrowers Facing Financial Hardship

Effective July 1, 2023, Freddie Mac, in conjunction with Fannie Mae and under the direction of FHFA, will implement a new payment deferral policy allowing eligible borrowers recovering from short-term hardship to defer up to six months of delinquent mortgage payments. This policy is separate from our COVID-19 and Disaster Payment Deferral policies.

Freddie Mac 1Q 2023 Form 10-Q 40

Management's Discussion and Analysis Regulation and Supervision

Updated Equitable Housing Finance Plan

On April 5, 2023, FHFA announced updates to Freddie Mac and Fannie Mae’s 2022-2024 Equitable Housing Finance Plans for 2023. The updates build upon the inaugural plans first announced last year and make adjustments based on initial research and findings.

In addition, we released a performance report that outlines our progress under our Equitable Housing Finance Plan during 2022 and actions we are taking to advance equity in our automated underwriting systems, such as the inclusion of rental payments and cash flow underwriting and the use of advanced statistical techniques to improve model fairness.

Final Rule Amending the Duty to Serve Underserved Markets Regulation

On April 12, 2023, FHFA issued a final rule to amend the Enterprise Duty to Serve Underserved Markets regulation. The final rule allows Freddie Mac’s activities in all colonia census tracts to be eligible for Duty to Serve credit. The final rule: (1) adds a new definition for “colonia census tract” to mean that a census tract containing a colonia will serve as a census tract-based proxy for a colonia; (2) amends the definition of “high-needs rural region” by substituting “colonia census tract” for “colonia”; and (3) amends the definition of “rural area” to include all colonia census tracts, regardless of their location. The final rule will go into effect on July 1, 2023.

Fair Lending, Fair Housing, and Equitable Housing Finance Plans

On April 19, 2023, FHFA announced that it is seeking comment on a notice of proposed rulemaking that would formalize many of its existing practices and programs regarding fair housing and fair lending oversight of its regulated entities.

Specifically, the proposed rule would codify in regulation:

n    FHFA’s fair lending oversight requirements for Freddie Mac and Fannie Mae and the Federal Home Loan Banks;

n    The requirements for the Enterprises to maintain Equitable Housing Finance Plans; and

n    The requirements for the Enterprises to collect and report homeownership education, housing counseling, and language preference information from the Supplemental Consumer Information Form.

The proposed rule would also expand requirements for the Enterprises in fair lending compliance and provide greater oversight and transparency regarding the Equitable Housing Finance Plans.

Freddie Mac 1Q 2023 Form 10-Q 41

Management's Discussion and Analysis Forward-Looking Statements

FORWARD-LOOKING STATEMENTS

We regularly communicate information concerning our business activities to investors, the news media, securities analysts, and others as part of our normal operations. Some of these communications, including this Form 10-Q, contain "forward-looking statements." Examples of forward-looking statements include, but are not limited to, statements pertaining to the conservatorship, our current expectations and objectives for the Single-Family and Multifamily segments of our business, our efforts to assist the housing market, our liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in observed and forecasted house price appreciation, our market share, the effect of legislative and regulatory developments and new accounting guidance, the credit quality of loans we own or guarantee, the costs and benefits of our CRT transactions, banking crises or failures, the effects of natural disasters, other catastrophic events, and significant climate change effects and actions taken in response thereto on our business, and our results of operations and financial condition. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Forward-looking statements are often accompanied by, and identified with, terms such as "could," "may," "will," "believe," "expect," "anticipate," "forecast," and similar phrases. These statements are not historical facts, but rather represent our expectations based on current information, plans, judgments, assumptions, estimates, and projections. Actual results may differ significantly from those described in or implied by such forward-looking statements due to various factors and uncertainties, including those described in the Risk Factors section in our 2022 Annual Report, and including, without limitation, the following:

n The actions the federal government (including FHFA, Treasury, and Congress) and state governments may take, require us to take, or restrict us from taking, including actions to promote equitable access to affordable and sustainable housing, such as programs to implement the expectations in FHFA's Conservatorship Scorecards, recent requirements and guidance related to equitable housing, and other objectives for us;

n Changes in the fiscal and monetary policies of the Federal Reserve, including changes in target interest rates and in the amount of agency MBS and agency CMBS held by the Federal Reserve;

n The effect of the restrictions on our business due to the conservatorship and the Purchase Agreement;

n Changes in our Charter, applicable legislative or regulatory requirements (including any legislation affecting the future status of our company), or the Purchase Agreement;

n Changes to our capital requirements and potential effects of such changes on our business strategies;

n Changes in tax laws;

n Changes in privacy and cybersecurity laws and regulations;

n Changes in accounting policies, practices, standards, or guidance;

n Changes in economic and market conditions, including volatility in the financial services industry, changes in employment rates, inflation, interest rates, spreads, and house prices;

n Changes in the U.S. residential mortgage market, including changes in the supply and type of loan products (e.g., refinance vs. purchase and fixed-rate vs. ARM);

n The success of our efforts to mitigate our losses on our Single-Family mortgage portfolio;

n The success of our strategy to transfer mortgage credit risk through STACR, ACIS, K Certificate, SCR, MCIP, and other CRT transactions;

n Our ability to maintain adequate liquidity to fund our operations;

n Our ability to maintain the security and resiliency of our operational systems and infrastructure, including against cyberattacks or other security incidents, whether due to insider error or malfeasance or system errors or vulnerabilities in our or our third parties' systems;

n Our ability to effectively execute our business strategies, implement significant changes, and improve efficiency;

n The adequacy of our risk management framework, including the adequacy of our regulatory capital framework prescribed by FHFA and internal models for measuring risk;

n Our ability to manage mortgage credit risk, including the effect of changes in underwriting and servicing practices;

n Our ability to limit or manage our economic exposure and GAAP earnings exposure to interest-rate volatility and spread volatility, including the availability of derivative financial instruments needed for interest-rate risk management purposes and our ability to apply hedge accounting;

n Our operational ability to issue new securities, make timely and correct payments on securities, and provide initial and ongoing disclosures;

n Our reliance on CSS and the CSP for the operation of the majority of our Single-Family securitization activities, limits on our influence over CSS Board decisions, and any additional changes FHFA may require in our relationship with, or support of, CSS;

n    Changes in the methodologies, models, assumptions, and estimates we use to prepare our financial statements, make business decisions, and manage risks;

Freddie Mac 1Q 2023 Form 10-Q 42

Management's Discussion and Analysis Forward-Looking Statements

n Changes in investor demand for our debt or mortgage-related securities;

n Our ability to maintain market acceptance of the UMBS, including our ability to maintain alignment of the prepayment speeds of our and Fannie Mae's respective UMBS;

n Changes in the practices of loan originators, servicers, investors, and other participants in the secondary mortgage market;

n Competition from other market participants, which could affect the pricing we offer for our products, the credit characteristics of the loans we purchase, and our ability to meet our affordable housing goals and other mandated activities;

n The discontinuance of, transition from, or replacement of LIBOR and the adverse consequences it could have on our business and operations;

n The availability of critical third parties, or their vendors and other business partners, to deliver products or services, or to manage risks, including cybersecurity risk, effectively;

n The occurrence of a major natural disaster, other catastrophic event, or significant climate change effects in areas in which our offices, significant portions of our total mortgage portfolio, or the offices of critical third parties are located, and for which we may be uninsured or significantly underinsured; and

n    Other factors and assumptions described in this Form 10-Q and our 2022 Annual Report, including in the MD&A section.

Forward-looking statements are made only as of the date of this Form 10-Q, and we undertake no obligation to update any forward-looking statements we make to reflect events or circumstances occurring after the date of this Form 10-Q.

Freddie Mac 1Q 2023 Form 10-Q 43

Financial Statements

Financial Statements

Freddie Mac 1Q 2023 Form 10-Q 44

Financial Statements Condensed Consolidated Statements of Income and Comprehensive Income

FREDDIE MAC

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

(In millions, except share-related amounts)	1Q 2023	1Q 2022
Net interest income
Interest income	$24,987	$17,740
Interest expense	(20,486)	(13,636)
Net interest income	4,501	4,104
Non-interest income
Guarantee income	466	70
Investment gains, net	(225)	1,513
Other income	85	159
Non-interest income	326	1,742
Net revenues	4,827	5,846
(Provision) benefit for credit losses	(395)	837
Non-interest expense
Salaries and employee benefits	(374)	(356)
Credit enhancement expense	(530)	(459)
Benefit for (decrease in) credit enhancement recoveries	49	(17)
Legislative assessments expense	(735)	(759)
Other expense	(342)	(341)
Non-interest expense	(1,932)	(1,932)
Income before income tax expense	2,500	4,751
Income tax expense	(505)	(953)
Net income	1,995	3,798
Other comprehensive income (loss), net of taxes and reclassification adjustments	54	(120)
Comprehensive income	$2,049	$3,678
Net income	$1,995	$3,798
Amounts attributable to senior preferred stock	(2,049)	(3,678)
Net income attributable to common stockholders	($54)	$120
Net income per common share	($0.02)	$0.04
Weighted average common shares (in millions)	3,234	3,234

The accompanying notes are an integral part of these condensed consolidated financial statements.

Freddie Mac 1Q 2023 Form 10-Q 45

Financial Statements Condensed Consolidated Balance Sheets

FREDDIE MAC

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,	December 31,
(In millions, except share-related amounts)	2023	2022
Assets
Cash and cash equivalents (includes $834 and $707 of restricted cash and cash equivalents)	$5,873	$6,360
Securities purchased under agreements to resell	108,036	87,295
Investment securities, at fair value	37,712	38,701
Mortgage loans held-for-sale (includes $2,926 and $3,218 at fair value)	12,782	12,197
Mortgage loans held-for-investment (net of allowance for credit losses of $7,835 and $7,391 and includes $1,238 and $1,214 at fair value)	3,024,249	3,022,318
Accrued interest receivable, net	8,662	8,529
Deferred tax assets, net	5,329	5,777
Other assets (includes $5,982 and $5,890 at fair value)	22,337	27,156
Total assets	$3,224,980	$3,208,333
Liabilities and equity
Liabilities
Accrued interest payable	$7,507	$7,309
Debt (includes $2,811 and $3,047 at fair value)	3,167,514	3,145,832
Other liabilities (includes $894 and $759 at fair value)	10,892	18,174
Total liabilities	3,185,913	3,171,315
Commitments and contingencies (Notes 4, 8, 14)
Equity
Senior preferred stock (liquidation preference of $109,666 and $107,878)	72,648	72,648
Preferred stock, at redemption value	14,109	14,109
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and 650,059,553 shares outstanding	—	—
Retained earnings	(43,671)	(45,666)
AOCI, net of taxes, related to:
Available-for-sale securities	(32)	(84)
Other	(102)	(104)
AOCI, net of taxes	(134)	(188)
Treasury stock, at cost, 75,804,333 shares	(3,885)	(3,885)
Total equity	39,067	37,018
Total liabilities and equity	$3,224,980	$3,208,333

The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on our condensed consolidated balance sheets.

	March 31,	December 31,
(In millions)	2023	2022
Assets:
Cash and cash equivalents (includes $740 and $610 of restricted cash and cash equivalents)	$741	$611
Securities purchased under agreements to resell	10,881	9,703
Investment securities, at fair value	113	126
Mortgage loans held-for-investment, net	2,977,998	2,971,601
Accrued interest receivable, net	8,083	7,944
Other assets	5,925	5,019
Total assets of consolidated VIEs	$3,003,741	$2,995,004
Liabilities:
Accrued interest payable	$6,779	$6,619
Debt	2,987,050	2,979,070
Total liabilities of consolidated VIEs	$2,993,829	$2,985,689

The accompanying notes are an integral part of these condensed consolidated financial statements.

Freddie Mac 1Q 2023 Form 10-Q 46

Financial Statements Condensed Consolidated Statements of Equity

FREDDIE MAC

Condensed Consolidated Statements of Equity (Unaudited)

	Shares Outstanding			Senior Preferred Stock	Preferred Stock, at Redemption Value	Common Stock, at Par Value	Retained Earnings	AOCI, Net of Tax	Treasury Stock, at Cost	Total Equity
(In millions)	Senior Preferred Stock	Preferred Stock	Common Stock
Balance at December 31, 2022	1	464	650	$72,648	$14,109	$—	($45,666)	($188)	($3,885)	$37,018
Comprehensive income:
Net income	—	—	—	—	—	—	1,995	—	—	1,995
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $14 million)	—	—	—	—	—	—	—	52	—	52
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $0 million)	—	—	—	—	—	—	—	—	—	—
Other (net of taxes of $1 million)	—	—	—	—	—	—	—	2	—	2
Comprehensive income	—	—	—	—	—	—	1,995	54	—	2,049
Ending balance at March 31, 2023	1	464	650	$72,648	$14,109	$—	($43,671)	($134)	($3,885)	$39,067
Balance at December 31, 2021	1	464	650	$72,648	$14,109	$—	($54,993)	$154	($3,885)	$28,033
Comprehensive income:
Net income	—	—	—	—	—	—	3,798	—	—	3,798
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $33 million)	—	—	—	—	—	—	—	(123)	—	(123)
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $0 million)	—	—	—	—	—	—	—	1	—	1
Other (net of taxes of $1 million)	—	—	—	—	—	—	—	2	—	2
Comprehensive income	—	—	—	—	—	—	3,798	(120)	—	3,678
Ending balance at March 31, 2022	1	464	650	$72,648	$14,109	$—	($51,195)	$34	($3,885)	$31,711

The accompanying notes are an integral part of these condensed consolidated financial statements.

Freddie Mac 1Q 2023 Form 10-Q 47

Financial Statements Condensed Consolidated Statements of Cash Flows

FREDDIE MAC

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)	1Q 2023	1Q 2022
Net cash provided by (used in) operating activities	$3,435	$3,749
Cash flows from investing activities
Investment securities:
Purchases	(39,052)	(42,254)
Proceeds from sales	34,919	40,122
Proceeds from maturities and repayments	5,464	1,833
Mortgage loans acquired held-for-investment:
Purchases	(19,991)	(53,755)
Proceeds from sales	1,661	329
Proceeds from repayments	55,034	116,023
Secured lending arrangements:
Advances	(22,317)	(62,351)
Proceeds from repayments	1	238
Net (increase) decrease in securities purchased under agreements to resell	(13,353)	(2,341)
Cash flows related to derivatives	61	826
Other, net	(113)	(141)
Net cash provided by (used in) investing activities	2,314	(1,471)
Cash flows from financing activities
Debt of consolidated trusts:
Proceeds from issuance	44,187	136,361
Repayments and redemptions	(55,197)	(128,700)
Debt of Freddie Mac:
Proceeds from issuance	64,864	7,361
Repayments	(52,748)	(20,849)
Net increase (decrease) in securities sold under agreements to repurchase	(7,339)	3,927
Other, net	(3)	(2)
Net cash provided by (used in) financing activities	(6,236)	(1,902)
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents)	(487)	376
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year	6,360	10,150
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period	5,873	10,526
Supplemental cash flow information
Cash paid for:
Debt interest	20,806	17,996
Income taxes	—	—
Non-cash investing and financing activities (Notes 3 and 6)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Freddie Mac 1Q 2023 Form 10-Q 48

Financial Statements Notes to the Condensed Consolidated Financial Statements | Note 1

Notes to Condensed Consolidated Financial Statements

NOTE 1

Summary of Significant Accounting Policies

Freddie Mac is a GSE chartered by Congress in 1970, with a mission to provide liquidity, stability, and affordability to the U.S. housing market. We are regulated by FHFA, the SEC, HUD, and Treasury, and are currently operating under the conservatorship of FHFA. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For more information on the conservatorship, the roles of FHFA and Treasury, and the Purchase Agreement, see our 2022 Annual Report. Throughout our unaudited condensed consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the Glossary of our 2022 Annual Report.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our 2022 Annual Report.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated.

We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. In the opinion of management, our unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our results.

Use of Estimates

The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Management has made significant estimates to report the allowance for credit losses on single-family mortgage loans. Actual results could be different from these estimates.

Freddie Mac 1Q 2023 Form 10-Q 49

Financial Statements Notes to the Condensed Consolidated Financial Statements | Note 1

Recently Issued Accounting Guidance

Recently Adopted Accounting Guidance
Standard	Description	Date of  Adoption	Effect on Consolidated Financial Statements
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method	The amendments in this Update provide clarifications of the guidance in ASC Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The Update amends the guidance in ASU 2017-12 that, among other things, establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible by allowing the entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The Update provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method.	January 1, 2023	The adoption of these amendments did not have a material effect on our consolidated financial statements. We adopted the guidance in this Update related to disclosures on a prospective basis.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in this Update require disclosure of current period gross write-offs by year of origination for financing receivables within the scope of ASC Subtopic 326-20.	January 1, 2023 for the amendments related to disclosure of gross write-offs by year of origination.	The adoption of these amendments did not have a material effect on our consolidated financial statements. See Note 3 for additional disclosure of gross write-offs by year of origination.

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements
Standard	Description	Date of  Adoption	Effect on Consolidated Financial Statements
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this Update expand the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain conditions. This Update also amends those conditions primarily to assess projected benefits on a discounted basis and expands the disclosure requirements of those investments.	January 1, 2024	We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements.

Freddie Mac 1Q 2023 Form 10-Q 50

Financial Statements                                        Notes to the Condensed Consolidated Financial Statements | Note 2

NOTE 2

Securitizations and Variable Interest Entities

Nonconsolidated VIEs

The following table presents the carrying amounts and classification of the assets and liabilities recorded on our condensed consolidated balance sheets that relate to our variable interests in VIEs for which we are not the primary beneficiary and with which we were involved in the design and creation and have a significant continuing involvement, our maximum exposure to loss as a result of our involvement with such VIEs, and the total assets of the VIEs. Our involvement with such VIEs primarily consists of guarantees that we have issued to the VIE, some of which are accounted for as derivative instruments, and investments in debt securities issued by the VIE. See Note 4 for additional information on our guarantees to nonconsolidated VIEs.

Total assets shown in the table below represents the remaining UPB of the mortgage loans or other noncash financial assets held by the VIE and excludes cash and nonfinancial assets held by the VIE. Maximum exposure to loss shown in the table below is primarily based on the remaining UPB of the guaranteed securities issued by the VIE and represents the contractual amounts that could be lost if the assets of the VIE (including the assets in the related reference pool for CRT products) became worthless at the balance sheet date, without consideration of proceeds from related collateral liquidation and possible recoveries under credit enhancements. We do not believe the maximum exposure to loss from our involvement with nonconsolidated VIEs is representative of the actual loss we are likely to incur based on our historical loss experience and after consideration of proceeds from related collateral liquidation and available credit enhancements.

Table 2.1 - Nonconsolidated VIEs

	March 31, 2023
	Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets			Total Assets	Maximum Exposure to Loss
(In millions)	Investment securities	Accrued Interest Receivable and Other Assets(1)	Liabilities(1)
Single-Family:
Securitization products	$952	$178	$430	$31,139	$25,329
Resecuritization products(2)	5,800	64	587	116,807	116,807
CRT products(3)	—	211	104	30,701	117
Total Single-Family	6,752	453	1,121	178,647	142,253
Multifamily:
Securitization products(4)	7,641	4,903	4,783	357,747	316,606
CRT products(3)	—	2	4	1,065	—
Total Multifamily	7,641	4,905	4,787	358,812	316,606
Other	—	8	5	166	440
Total	$14,393	$5,366	$5,913	$537,625	$459,299

Referenced footnotes are included after the prior period table.

Freddie Mac 1Q 2023 Form 10-Q 51

Financial Statements                                        Notes to the Condensed Consolidated Financial Statements | Note 2

	December 31, 2022
	Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets			Total Assets	Maximum Exposure to Loss
(In millions)	Investment securities	Accrued Interest Receivable and Other Assets(1)	Liabilities(1)
Single-Family:
Securitization products	$965	$175	$436	$31,614	$25,772
Resecuritization products(2)	5,092	61	659	119,267	119,267
CRT products(3)	—	197	52	30,549	105
Total Single-Family	6,057	433	1,147	181,430	145,144
Multifamily:
Securitization products(4)	7,808	4,931	4,920	360,869	319,117
CRT products(3)	—	2	2	972	—
Total Multifamily	7,808	4,933	4,922	361,841	319,117
Other	—	8	5	185	435
Total	$13,865	$5,374	$6,074	$543,456	$464,696

(1)    Other assets primarily include our guarantee assets. Liabilities primarily include our guarantee obligations.

(2)    Total assets and maximum exposure to loss are based on the UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts. We exclude noncommingled resecuritization trusts from these amounts as we have already guaranteed the underlying collateral and therefore noncommingled resecuritizations do not involve any incremental assets or create any incremental exposure to credit risk. Total assets exclude $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.

(3) Maximum exposure to loss is based on our expected recovery receivables. We also have exposure to loss from our obligations to make certain payments to the VIE to support payment of the interest due on the notes issued by the VIE, which we account for as derivative instruments. The notional value of these derivative instruments is equal to the total assets of the VIE.

(4)    Includes total assets of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off.

We also obtain interests in various other entities created by third parties through the normal course of business that may be VIEs, such as through purchases of multifamily loans, guarantees of multifamily housing revenue bonds, as a derivative counterparty, or through other activities. To the extent that we were not involved in the design or creation of these VIEs, they are excluded from the table above. Our interests in these VIEs are generally passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interests in these VIEs in the same manner that we account for our interests in other third-party transactions.

Freddie Mac 1Q 2023 Form 10-Q 52

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

NOTE 3

Mortgage Loans

The table below provides details of the loans on our condensed consolidated balance sheets.

Table 3.1 - Mortgage Loans

	March 31, 2023			December 31, 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Held-for-sale UPB	$3,373	$10,255	$13,628	$3,564	$9,544	$13,108
Cost basis and fair value adjustments, net	(675)	(171)	(846)	(696)	(215)	(911)
Total held-for-sale loans, net	2,698	10,084	12,782	2,868	9,329	12,197
Held-for-investment UPB	2,944,949	47,353	2,992,302	2,941,505	48,379	2,989,884
Cost basis and fair value adjustments, net(1)	39,833	(51)	39,782	39,896	(71)	39,825
Allowance for credit losses	(7,675)	(160)	(7,835)	(7,314)	(77)	(7,391)
Total held-for-investment loans, net(2)	2,977,107	47,142	3,024,249	2,974,087	48,231	3,022,318
Total mortgage loans, net	$2,979,805	$57,226	$3,037,031	$2,976,955	$57,560	$3,034,515

(1)Includes ($0.7) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023.

(2)Includes $1.2 billion of multifamily held-for-investment loans for which we have elected the fair value option as of both March 31, 2023 and December 31, 2022.

For the purposes of certain single-family mortgage loan disclosures below, we present loans by class of financing receivable type. Financing receivable classes used for disclosure consist of: "20- and 30-year or more, amortizing fixed-rate," "15-year or less, amortizing fixed-rate," and "adjustable-rate and other." The "other" class consists of Alt-A, interest-only, and option ARM loans.

The table below provides details of the UPB of loans we purchased and sold during the periods presented.

Table 3.2 - Loans Purchased and Sold

(In millions)	1Q 2023	1Q 2022
Single-Family:
Purchases:
Held-for-investment loans	$58,965	$206,935
Sales of held-for-sale loans(1)	—	15
Multifamily:
Purchases:
Held-for-investment loans	3,349	2,565
Held-for-sale loans	2,695	12,267
Sales of held-for-sale loans(2)	6,150	14,292

(1)Our sales of single-family loans reflect the sale of single-family seasoned loans.

(2)Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates.

Freddie Mac 1Q 2023 Form 10-Q 53

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

Reclassifications

The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the periods presented.

Table 3.3 - Loan Reclassifications(1)

	1Q 2023			1Q 2022
(In millions)	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale	$—	$—	$—	$248	$—	$—
Held-for-sale to held-for-investment(2)	48	4	4	62	(3)	—
Multifamily reclassifications from:
Held-for-investment to held-for-sale	4,731	1	(27)	315	—	—
Held-for-sale to held-for-investment(2)	561	—	16	246	—	—

(1)Amounts exclude reclassifications related to loans for which we have elected the fair value option.

(2)Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification.

Interest Income

The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end.

Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(1)
(In millions)	December 31, 2022	March 31, 2023	1Q 2023
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$9,307	$9,348	$28
15-year or less, amortizing fixed-rate	427	434	1
Adjustable-rate and other	361	332	1
Total Single-Family	10,095	10,114	30
Total Multifamily	42	41	1
Total Single-Family and Multifamily	$10,137	$10,155	$31

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(1)
(In millions)	December 31, 2021	March 31, 2022	1Q 2022
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$17,013	$13,831	$49
15-year or less, amortizing fixed-rate	844	684	1
Adjustable-rate and other	793	580	1
Total Single-Family	18,650	15,095	51
Total Multifamily	—	42	—
Total Single-Family and Multifamily	$18,650	$15,137	$51

(1)Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end.

Freddie Mac 1Q 2023 Form 10-Q 54

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

The table below provides the amount of accrued interest receivable, net presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off.

Table 3.5 - Accrued Interest Receivable, Net and Related Charge-Offs

	Accrued Interest Receivable, Net		Accrued Interest Receivable Related Charge-Offs
(In millions)	March 31, 2023	December 31, 2022	1Q 2023	1Q 2022
Single-Family loans	$8,090	$7,967	($48)	($87)
Multifamily loans	228	220	—	—

Credit Quality

Single-Family

The current LTV ratio is one key factor we consider when estimating our allowance for credit losses for single-family loans. As current LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance (outside of our relief refinance programs) or to sell the property for an amount at or above the balance of the outstanding loan.

The table below presents the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented. For reporting purposes:

n    Alt-A loans continue to be presented in the "adjustable-rate and other" category following modification, even though the borrower may have provided full documentation of assets and income to complete the modification and

n    Option ARM loans continue to be presented in the "adjustable-rate and other" category following modification, even though the modified loan no longer provides for optional payment provisions.

Freddie Mac 1Q 2023 Form 10-Q 55

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage

	March 31, 2023
	Year of Origination						Total
(In millions)	2023	2022	2021	2020	2019	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$4,065	$69,133	$395,062	$483,968	$86,816	$436,771	$1,475,815
> 60 to 80	11,184	162,441	415,109	184,807	27,759	17,233	818,533
> 80 to 90	6,522	86,335	82,824	5,149	579	568	181,977
> 90 to 100	10,477	86,541	12,317	391	59	152	109,937
> 100	5	6,027	211	6	5	151	6,405
Total 20- and 30-year or more, amortizing fixed-rate	32,253	410,477	905,523	674,321	115,218	454,875	2,592,667
Current-period gross write-offs(1)	—	3	8	2	1	12	26
15-year or less, amortizing fixed-rate
≤ 60	561	17,299	119,253	106,899	14,068	69,206	327,286
> 60 to 80	639	12,575	18,425	1,938	103	26	33,706
> 80 to 90	123	1,500	275	6	—	1	1,905
> 90 to 100	69	462	5	—	—	1	537
> 100	—	12	—	—	—	1	13
Total 15-year or less, amortizing fixed-rate	1,392	31,848	137,958	108,843	14,171	69,235	363,447
Current-period gross write-offs(1)	—	—	—	—	—	1	1
Adjustable-rate and other
≤ 60	74	1,312	2,779	1,498	615	14,915	21,193
> 60 to 80	269	2,391	1,873	200	69	447	5,249
> 80 to 90	211	1,251	173	5	2	35	1,677
> 90 to 100	207	912	13	—	—	16	1,148
> 100	—	71	—	—	—	8	79
Total adjustable-rate and other	761	5,937	4,838	1,703	686	15,421	29,346
Current-period gross write-offs(1)	—	—	—	—	—	5	5
Total for all loan product types by current LTV ratio:
≤ 60	$4,700	$87,744	$517,094	$592,365	$101,499	$520,892	$1,824,294
> 60 to 80	12,092	177,407	435,407	186,945	27,931	17,706	857,488
> 80 to 90	6,856	89,086	83,272	5,160	581	604	185,559
> 90 to 100	10,753	87,915	12,335	391	59	169	111,622
> 100	5	6,110	211	6	5	160	6,497
Total Single-Family loans	$34,406	$448,262	$1,048,319	$784,867	$130,075	$539,531	$2,985,460
Total current-period gross write-offs(1)	$—	$3	$8	$2	$1	$18	$32

Freddie Mac 1Q 2023 Form 10-Q 56

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

	December 31, 2022
	Year of Origination						Total
(In millions)	2022	2021	2020	2019	2018	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$66,153	$394,498	$489,315	$87,188	$38,955	$407,819	$1,483,928
> 60 to 80	158,421	424,141	190,167	28,991	7,870	10,426	820,016
> 80 to 90	79,901	90,006	4,405	569	164	419	175,464
> 90 to 100	86,109	8,911	397	56	24	143	95,640
> 100	2,568	49	6	6	5	156	2,790
Total 20- and 30-year or more, amortizing fixed-rate	393,152	917,605	684,290	116,810	47,018	418,963	2,577,838
15-year or less, amortizing fixed-rate
≤ 60	16,752	119,379	109,685	14,606	5,578	68,240	334,240
> 60 to 80	13,042	22,007	2,503	132	16	16	37,716
> 80 to 90	1,601	368	7	—	—	1	1,977
> 90 to 100	570	5	—	—	—	1	576
> 100	3	—	—	—	—	1	4
Total 15-year or less, amortizing fixed-rate	31,968	141,759	112,195	14,738	5,594	68,259	374,513
Adjustable-rate and other
≤ 60	1,255	2,779	1,524	634	428	15,139	21,759
> 60 to 80	2,322	1,956	214	76	28	445	5,041
> 80 to 90	1,127	186	5	1	1	34	1,354
> 90 to 100	836	11	—	—	—	14	861
> 100	26	—	—	—	—	9	35
Total adjustable-rate and other	5,566	4,932	1,743	711	457	15,641	29,050
Total for all loan product types by current LTV ratio:
≤ 60	$84,160	$516,656	$600,524	$102,428	$44,961	$491,198	$1,839,927
> 60 to 80	173,785	448,104	192,884	29,199	7,914	10,887	862,773
> 80 to 90	82,629	90,560	4,417	570	165	454	178,795
> 90 to 100	87,515	8,927	397	56	24	158	97,077
> 100	2,597	49	6	6	5	166	2,829
Total Single-Family loans	$430,686	$1,064,296	$798,228	$132,259	$53,069	$502,863	$2,981,401

(1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs.

Multifamily

The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows:

n    "Pass" is current and adequately protected by the borrower's current financial strength and debt service capacity;

n    "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit     weaknesses. In addition, this category generally includes loans in forbearance;

n    "Substandard" has a weakness that jeopardizes the timely full repayment; and

n    "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions.

Freddie Mac 1Q 2023 Form 10-Q 57

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

Table 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage

	March 31, 2023
	Year of Origination							Total
(In millions)	2023	2022	2021	2020	2019	Prior	Revolving Loans
Category:
Pass	$1,588	$18,854	$7,733	$6,479	$4,810	$3,660	$2,242	$45,366
Special mention	—	—	39	73	190	17	—	319
Substandard	—	—	78	75	27	199	—	379
Doubtful	—	—	—	—	—	—	—	—
Total	$1,588	$18,854	$7,850	$6,627	$5,027	$3,876	$2,242	$46,064

	December 31, 2022
	Year of Origination							Total
(In millions)	2022	2021	2020	2019	2018	Prior	Revolving Loans
Category:
Pass	$21,854	$7,638	$6,546	$4,784	$1,077	$2,646	$1,924	$46,469
Special mention	—	39	65	232	7	113	—	456
Substandard	—	1	3	27	7	131	—	169
Doubtful	—	—	—	—	—	—	—	—
Total	$21,854	$7,678	$6,614	$5,043	$1,091	$2,890	$1,924	$47,094

Past Due Status

The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status.

Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(1)	Total	Three Months or More Past Due, and Accruing Interest	Non-Accrual With No Allowance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,560,613	$16,017	$4,017	$12,020	$2,592,667	$3,053	$499
15-year or less, amortizing fixed-rate	361,524	1,131	214	578	363,447	157	7
Adjustable-rate and other	28,650	279	75	342	29,346	28	59
Total Single-Family	2,950,787	17,427	4,306	12,940	2,985,460	3,238	565
Total Multifamily	46,008	13	2	41	46,064	—	—
Total Single-Family and Multifamily	$2,996,795	$17,440	$4,308	$12,981	$3,031,524	$3,238	$565

Referenced footnotes are included after the prior period table.

Freddie Mac 1Q 2023 Form 10-Q 58

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

	December 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(1)	Total	Three Months or More Past Due, and Accruing Interest	Non-Accrual with No Allowance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,541,057	$19,820	$4,603	$12,358	$2,577,838	$3,432	$522
15-year or less, amortizing fixed-rate	372,065	1,590	250	608	374,513	191	9
Adjustable-rate and other	28,262	325	88	375	29,050	30	67
Total Single-Family	2,941,384	21,735	4,941	13,341	2,981,401	3,653	598
Total Multifamily	47,039	13	—	42	47,094	—	42
Total Single-Family and Multifamily	$2,988,423	$21,748	$4,941	$13,383	$3,028,495	$3,653	$640

(1)Includes $1.9 billion and $1.6 billion of single-family loans that were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively.

(2)Loans with no allowance for loan losses primarily represent those loans that were previously charged off and therefore the collateral value is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. We exclude the amounts of allowance for credit losses on accrued interest receivable and advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses.

Loan Restructurings

Single-Family Loan Restructurings

We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not offer principal forgiveness.

For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. The amortized cost basis of loans in trial period modification plans was $1.8 billion and $3.1 billion as of March 31, 2023 and March 31, 2022, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans.

Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$6,357	$1,037	$86	$7,480	0.3	%
15-year or less, amortizing fixed-rate	332	19	1	352	0.1
Adjustable-rate and other	76	13	4	93	0.3
Total Single-Family loan restructurings	$6,765	$1,069	$91	$7,925	0.3

	1Q 2022
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$9,133	$683	$2,948	$12,764	0.5	%
15-year or less, amortizing fixed-rate	596	15	55	666	0.2
Adjustable-rate and other	212	15	78	305	1.1
Total Single-Family loan restructurings	$9,941	$713	$3,081	$13,735	0.5

Referenced footnotes are on the next page.

Freddie Mac 1Q 2023 Form 10-Q 59

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

(1)     Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified.

(2)    Includes $2.7 billion and $5.1 billion related to payment deferral plans for 1Q 2023 and 1Q 2022, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays.

(3)    Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans.

The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.9	%	180	$16
15-year or less, amortizing fixed-rate	0.4		354	16
Adjustable-rate and other	2.0		206	19

	1Q 2022
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	1.6	%	186	$24
15-year or less, amortizing fixed-rate	0.8		366	25
Adjustable-rate and other	2.2		226	27

(1)     Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification.

(2)     Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans.

The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings.

Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$704	$175	$206	$1,085
15-year or less, amortizing fixed-rate	32	—	—	32
Adjustable-rate and other	10	2	5	17
Total Single-Family	$746	$177	$211	$1,134

Referenced footnote is included after the prior period table.

Freddie Mac 1Q 2023 Form 10-Q 60

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 3

	1Q 2022
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$391	$7	$7	$405
15-year or less, amortizing fixed-rate	28	—	—	28
Adjustable-rate and other	16	—	—	16
Total Single-Family	$435	$7	$7	$449

(1)    Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans.

The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms.

Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$16,491	$2,381	$1,572	$6,642	$27,086
15-year or less, amortizing fixed-rate	670	98	71	310	1,149
Adjustable-rate and other	227	33	17	115	392
Total Single-Family	$17,388	$2,512	$1,660	$7,067	$28,627

	March 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$7,887	$1,486	$1,359	$2,032	$12,764
15-year or less, amortizing fixed-rate	380	89	88	109	666
Adjustable-rate and other	191	19	16	79	305
Total Single-Family	$8,458	$1,594	$1,463	$2,220	$13,735

Non-Cash Investing and Financing Activities

During 1Q 2023 and 1Q 2022, we acquired $42.5 billion and $153.3 billion, respectively, of loans held-for-investment in exchange for the issuance of debt of consolidated trusts in guarantor swap transactions. We received approximately $21.3 billion and $61.5 billion of loans held-for-investment from sellers during 1Q 2023 and 1Q 2022, respectively, to satisfy advances to lenders that were recorded in other assets on our condensed consolidated balance sheets.

Freddie Mac 1Q 2023 Form 10-Q 61

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 4

NOTE 4

Guarantees and Other Off-Balance Sheet Credit Exposures

Guarantee Activities

The table below shows information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. This table does not include our unrecognized guarantees, such as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements.

Table 4.1 - Financial Guarantees

	March 31, 2023
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$31,130	$25,329	$385	40
Other mortgage-related guarantees	9,290	9,290	192	29
Total Single-Family mortgage-related guarantees	40,420	34,619	577
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	357,747	316,606	4,751	37
Other mortgage-related guarantees	10,684	10,684	378	36
Total Multifamily mortgage-related guarantees	368,431	327,290	5,129
Guarantees of Fannie Mae securities(4)	116,807	116,807	—	39
Other	166	440	—	30

	December 31, 2022
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$31,604	$25,772	$391	40
Other mortgage-related guarantees	9,476	9,476	203	29
Total Single-Family mortgage-related guarantees	41,080	35,248	594
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	360,869	319,117	4,889	37
Other mortgage-related guarantees	10,510	10,510	379	36
Total Multifamily mortgage-related guarantees	371,379	329,627	5,268
Guarantees of Fannie Mae securities(4)	119,267	119,267	—	39
Other	185	435	—	29

(1)    Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures.

(2)    Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE.

(3)    Includes UPB of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $2.1 billion as of both March 31, 2023 and December 31, 2022.

(4)    Excludes $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.

Freddie Mac 1Q 2023 Form 10-Q 62

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 4

The table below shows the payment status of the mortgage loans underlying our mortgage-related guarantees.

Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$35,753	$2,075	$729	$1,863	$40,420
Multifamily	367,681	251	21	478	368,431
Total	$403,434	$2,326	$750	$2,341	$408,851

	December 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$36,241	$2,072	$748	$2,019	$41,080
Multifamily	370,911	23	12	433	371,379
Total	$407,152	$2,095	$760	$2,452	$412,459

Other Off-Balance Sheet Credit Exposures

In addition to our guarantees, we enter into other agreements that expose us to off-balance sheet credit risk. These agreements may require us to transfer cash before or upon settlement of our contractual obligation. We recognize an allowance for credit losses for those agreements not measured at fair value or otherwise recognized in the financial statements. Most of these commitments expire in less than one year. See Note 5 for additional discussion of our allowance for credit losses on our off-balance sheet credit exposures. The table below shows our other off-balance sheet credit exposures.

Table 4.3 – Other Off-Balance Sheet Credit Exposures

(In millions)	March 31, 2023	December 31, 2022
Mortgage loan purchase commitments(1)	$11,249	$9,609
Other commitments(2)	34,923	22,293
Total	$46,172	$31,902

(1)Includes $2.1 billion and $0.5 billion of commitments for which we have elected the fair value option as of March 31, 2023 and December 31, 2022, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments.

(2)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.

Freddie Mac 1Q 2023 Form 10-Q 63

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 5

NOTE 5

Allowance for Credit Losses

The table below summarizes changes in our allowance for credit losses.

Table 5.1 - Details of the Allowance for Credit Losses

	1Q 2023			1Q 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Beginning balance	$7,746	$147	$7,893	$5,440	$78	$5,518
Provision (benefit) for credit losses	318	77	395	(831)	(6)	(837)
Charge-offs	(90)	—	(90)	(173)	—	(173)
Recoveries collected	32	—	32	52	—	52
Other(1)	91	—	91	361	—	361
Ending balance	$8,097	$224	$8,321	$4,849	$72	$4,921
Components of the ending balance of the allowance for credit losses:
Mortgage loans held-for-investment	$7,675	$160	$7,835	$4,358	$31	$4,389
Other(2)	422	64	486	491	41	532
Total ending balance	$8,097	$224	$8,321	$4,849	$72	$4,921

(1)Primarily includes capitalization of past due interest related to non-accrual loans that receive payment deferral plans and loan modifications.

(2)Includes allowance for credit losses related to advances of pre-foreclosure costs, accrued interest receivable, and off-balance sheet credit exposures.

n    1Q 2023 vs. 1Q 2022 - Provision for credit losses for 1Q 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family. The benefit for credit losses for 1Q 2022 was driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions.

In addition, charge-offs decreased year-over-year primarily due to a decrease in charge-offs of accrued interest receivable during 1Q 2023.

Freddie Mac 1Q 2023 Form 10-Q 64

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 6

NOTE 6

Investment Securities

The table below summarizes the fair values of our investments in debt securities by classification.

Table 6.1 - Investment Securities

(In millions)	March 31, 2023	December 31, 2022
Trading securities	$31,343	$32,167
Available-for-sale securities	6,369	6,534
Total fair value of investment securities	$37,712	$38,701

Trading Securities

The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities.

Table 6.2 - Trading Securities

(In millions)	March 31, 2023	December 31, 2022
Mortgage-related securities	$9,074	$8,334
Non-mortgage-related securities	22,269	23,833
Total fair value of trading securities	$31,343	$32,167

For trading securities held at March 31, 2023 and March 31, 2022, we recorded net unrealized losses of $0.2 billion and $1.0 billion during 1Q 2023 and 1Q 2022, respectively.

Available-for-Sale Securities

The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. At March 31, 2023 and December 31, 2022, all available-for-sale securities were mortgage-related securities.

Table 6.3 - Available-for-Sale Securities

	March 31, 2023
	Amortized Cost Basis	Gross Unrealized Gains in Other Comprehensive Income	Gross Unrealized Losses in Other Comprehensive Income	Fair Value	Accrued Interest Receivable
(In millions)
Agency mortgage-related securities	$6,006	$14	($238)	$5,782	$13
Other mortgage-related securities	408	182	(3)	587	3
Total available-for-sale securities	$6,414	$196	($241)	$6,369	$16

	December 31, 2022
	Amortized Cost Basis	Gross Unrealized Gains in Other Comprehensive Income	Gross Unrealized Losses in Other Comprehensive Income	Fair Value	Accrued Interest Receivable
(In millions)
Agency mortgage-related securities	$6,215	$6	($301)	$5,920	$12
Other mortgage-related securities	429	188	(3)	614	3
Total available-for-sale securities	$6,644	$194	($304)	$6,534	$15

The fair value of our available-for-sale securities held at March 31, 2023 scheduled to contractually mature after ten years was $1.5 billion, with an additional $4.0 billion scheduled to contractually mature after five years through ten years.

Freddie Mac 1Q 2023 Form 10-Q 65

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 6

The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an unrealized loss position for less than 12 months, or 12 months or greater.

Table 6.4 - Available-for-Sale Securities in a Gross Unrealized Loss Position

	March 31, 2023
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$3,038	($80)	$1,696	($158)
Other mortgage-related securities	28	(2)	13	(1)
Total available-for-sale securities in a gross unrealized loss position	$3,066	($82)	$1,709	($159)

	December 31, 2022
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$5,086	($253)	$325	($48)
Other mortgage-related securities	46	(3)	5	—
Total available-for-sale securities in a gross unrealized loss position	$5,132	($256)	$330	($48)

At March 31, 2023, the gross unrealized losses relate to 187 securities.

The table below summarizes the gross realized gains and gross realized losses from sales of available-for-sale securities.

Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities

(In millions)	1Q 2023	1Q 2022
Gross realized gains	$2	$—
Gross realized losses	(2)	(1)
Net realized gains	$—	($1)

Non-Cash Investing and Financing Activities

During 1Q 2023 and 1Q 2022, we recognized $0.6 billion and $3.1 billion, respectively, of investment securities in exchange for the issuance of debt of consolidated trusts through partial sales of commingled single-class resecuritization products that were previously consolidated.

During 1Q 2023 and 1Q 2022, we derecognized $1.4 billion and $1.5 billion of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary.

Freddie Mac 1Q 2023 Form 10-Q 66

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 7

NOTE 7

Debt

The table below summarizes the balances of total debt on our condensed consolidated balance sheets.

Table 7.1 - Total Debt

(In millions)	March 31, 2023	December 31, 2022
Debt of consolidated trusts	$2,987,050	$2,979,070
Debt of Freddie Mac:
Short-term debt	8,681	7,712
Long-term debt	171,783	159,050
Total debt of Freddie Mac	180,464	166,762
Total debt	$3,167,514	$3,145,832

As of March 31, 2023, our aggregate indebtedness pursuant to the Purchase Agreement was $190.1 billion, which was below the current $270.0 billion debt cap limit. Our aggregate indebtedness calculation primarily includes the par value of short- and long-term debt.

Debt of Consolidated Trusts

The table below summarizes the debt of consolidated trusts based on underlying loan product type.

Table 7.2 - Debt of Consolidated Trusts

	March 31, 2023					December 31, 2022
(Dollars in millions)	Contractual Maturity	UPB	Carrying Amount(1)	Weighted Average Coupon(2)		Contractual Maturity	UPB	Carrying Amount(1)	Weighted Average Coupon(2)
Single-Family:
20-and 30-year or more, fixed-rate	2023 - 2061	$2,522,559	$2,564,677	2.82	%	2023 - 2061	$2,507,235	$2,550,137	2.76	%
15-year or less, fixed-rate	2023 - 2038	357,248	363,390	2.15		2023 - 2038	367,844	374,339	2.14
Adjustable-rate and other	2023 - 2053	23,834	24,402	3.29		2023 - 2053	23,561	24,153	3.04
Total Single-Family		2,903,641	2,952,469				2,898,640	2,948,629
Multifamily	2024 - 2053	35,080	34,581	2.88		2023 - 2052	30,927	30,441	2.66
Total debt of consolidated trusts		$2,938,721	$2,987,050				$2,929,567	$2,979,070

(1)Includes $2.1 billion and $1.9 billion as of March 31, 2023 and December 31, 2022, respectively, of debt of consolidated trusts that represents the fair value of debt for which the fair value option was elected.

(2)The effective interest rate for debt of consolidated trusts was 2.47% and 2.39% as of March 31, 2023 and December 31, 2022, respectively.

Freddie Mac 1Q 2023 Form 10-Q 67

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 7

Short-Term Debt

The table below summarizes the balances and effective interest rates for short-term debt.

Table 7.3 - Short-Term Debt

	March 31, 2023				December 31, 2022
(Dollars in millions)	Par Value	Carrying Amount	Weighted Average Effective Rate		Par Value	Carrying Amount	Weighted Average Effective Rate
Short-term debt:
Discount notes and Reference Bills®	$8,051	$8,016	4.56	%	$6,826	$6,822	3.71	%
Medium-term notes	665	665	1.91		890	890	1.81
Securities sold under agreements to repurchase	4,652	4,652	4.58		11,991	11,991	3.86
Offsetting arrangements(1)	(4,652)	(4,652)			(11,991)	(11,991)
Total short-term debt	$8,716	$8,681	4.36	%	$7,716	$7,712	3.49	%

(1)We offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets, when such amounts meet the conditions for offsetting in the accounting guidance.

Long-Term Debt

The table below summarizes our long-term debt.

Table 7.4 - Long-Term Debt

	March 31, 2023					December 31, 2022
(Dollars in millions)	Contractual Maturity	Par Value	Carrying Amount(1)	Weighted Average Effective Rate(2)		Contractual Maturity	Par Value	Carrying Amount(1)	Weighted Average Effective Rate(2)
Long-term debt:
Fixed-rate:
Medium-term notes — callable	2023 - 2050	$115,743	$115,680	2.35	%	2023 - 2050	$103,584	$103,528	1.96	%
Medium-term notes — non-callable	2023 - 2028	2,481	2,481	0.78		2023 - 2028	2,747	2,747	0.73
Reference Notes securities — non-callable	2023 - 2032	49,801	49,839	2.04		2023 - 2032	49,801	49,832	1.76
SCR debt notes	2031 - 2032	86	86	13.00		2031 - 2032	90	93	13.00
Variable-rate:
Medium-term notes — callable	2023 - 2028	4,941	4,939	4.04		2023 - 2027	4,691	4,689	3.95
Medium-term notes — non-callable	2026	47	47	8.10		2026	47	47	8.10
STACR	2023 - 2042	3,449	3,342	9.40		2023 - 2042	4,562	4,448	8.79
Zero-coupon:
Medium-term notes — non-callable	2024 - 2039	4,836	2,955	6.12		2023 - 2039	4,841	2,913	6.11
Other	2047 - 2053	—	128	0.85		2047 - 2052	—	137	0.82
Hedging-related basis adjustments		N/A	(7,714)				N/A	(9,384)
Total long-term debt		$181,384	$171,783	2.49	%		$170,363	$159,050	2.20	%

(1)Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.7 billion and $1.1 billion at March 31, 2023 and December 31, 2022, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected.

(2)Based on carrying amount.

Freddie Mac 1Q 2023 Form 10-Q 68

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 7

The table below summarizes the contractual maturities of long-term debt.

Table 7.5 - Contractual Maturities of Long-Term Debt

	March 31, 2023
(In millions)	Amounts
Annual Maturities
Long-term debt (excluding STACR and SCR debt notes):
2024	$40,271
2025	33,340
2026	58,018
2027	10,097
2028	7,793
Thereafter	28,330
Debt of consolidated trusts, STACR, and SCR debt notes(1)	2,942,256
Total	3,120,105
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments(2)	38,728
Total debt of consolidated trusts, STACR, SCR, and long-term debt	$3,158,833

(1)Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrower at any time generally without penalty.

(2)Other basis adjustments primarily represent changes in fair value on debt where we have elected the fair value option.

Freddie Mac 1Q 2023 Form 10-Q 69

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 8

NOTE 8

Derivatives

We analyze the interest-rate sensitivity of financial assets and liabilities across a variety of interest-rate scenarios based on market prices, models, and economics. We use derivatives primarily to hedge interest-rate sensitivity mismatches between our financial assets and liabilities. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships. Interest-rate risk management derivatives that are not designated in qualifying hedge accounting relationships are economic hedges of financial instruments measured at fair value on a recurring basis or of other transactions or instruments that expose us to interest-rate risk.

We apply fair value hedge accounting to certain single-family mortgage loans and certain issuances of debt where we hedge the changes in fair value of these items attributable to the designated benchmark interest rate, using interest-rate swaps.

Derivative Assets and Liabilities at Fair Value

The table below presents the notional value and fair value of derivatives reported on our condensed consolidated balance sheets.

Table 8.1 - Derivative Assets and Liabilities at Fair Value

	March 31, 2023			December 31, 2022
	Notional or Contractual Amount	Derivatives at Fair Value		Notional or Contractual Amount	Derivatives at Fair Value
(In millions)		Assets	Liabilities		Assets	Liabilities
Not designated as hedges
Interest-rate risk management derivatives:
Swaps	$445,598	$1,427	($604)	$480,824	$1,762	($526)
Written options	49,745	—	(1,550)	46,101	—	(1,857)
Purchased options(1)	87,065	3,703	—	92,010	4,302	—
Futures	134,295	—	—	182,330	—	—
Total interest-rate risk management derivatives	716,703	5,130	(2,154)	801,265	6,064	(2,383)
Mortgage commitment derivatives	39,505	19	(6)	29,354	12	(11)
CRT-related derivatives(2)	31,888	—	(110)	31,647	—	(55)
Other	14,090	3	(539)	14,426	2	(624)
Total derivatives not designated as hedges	802,186	5,152	(2,809)	876,692	6,078	(3,073)
Designated as fair value hedges
Interest-rate risk management derivatives:
Swaps	189,974	328	(6,648)	181,298	321	(7,847)
Total derivatives designated as fair value hedges	189,974	328	(6,648)	181,298	321	(7,847)
Receivables (payables)		1	(214)		35	(25)
Netting adjustments(3)		(5,090)	8,778		(6,127)	10,187
Total derivative portfolio, net	$992,160	$391	($893)	$1,057,990	$307	($758)

(1)Includes swaptions on credit indices with a notional or contractual amount of $6.9 billion and $10.1 billion at March 31, 2023 and December 31, 2022, respectively, and a fair value of $2.0 million as of both March 31, 2023 and December 31, 2022.

(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.

(3)Represents counterparty netting and cash collateral netting.

Freddie Mac 1Q 2023 Form 10-Q 70

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 8

Gains and Losses on Derivatives

The table below presents the gains and losses on derivatives not designated in qualifying hedge relationships. These amounts are reported on our condensed consolidated statements of income as investment gains, net.

Table 8.2 - Gains and Losses on Derivatives(1)

(In millions)	1Q 2023	1Q 2022
Not designated as hedges
Interest-rate risk management derivatives:
Swaps	$29	$390
Written options	195	(364)
Purchased options	(504)	717
Futures	(307)	868
Total interest-rate risk management derivatives fair value gains (losses)	(587)	1,611
Mortgage commitment derivatives	(80)	1,839
CRT-related derivatives(2)	(76)	12
Other	61	(39)
Total derivatives not designated as hedges fair value gains (losses)	($682)	$3,423

(1)Accrual of periodic cash settlements on swaps is included in the respective gain (loss) of the derivative and is no longer presented separately. Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.

Fair Value Hedges

The table below presents the effects of fair value hedge accounting by condensed consolidated statements of income line item, including the gains and losses on derivatives and hedged items designated in qualifying hedge relationships and other components due to the application of hedge accounting.

Table 8.3 - Gains and Losses on Fair Value Hedges

	1Q 2023		1Q 2022
(In millions)	Interest Income	Interest Expense	Interest Income	Interest Expense
Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded:	$24,987	($20,486)	$17,740	($13,636)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items	1,123	—	(2,627)	—
Derivatives designated as hedging instruments	(1,073)	—	2,055	—
Interest accruals on hedging instruments	211	—	(267)	—
Discontinued hedge related basis adjustments amortization	31	—	(124)	—
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items	—	(1,535)	—	3,861
Derivatives designated as hedging instruments	—	1,534	—	(3,896)
Interest accruals on hedging instruments	—	(1,051)	—	144
Discontinued hedge related basis adjustment amortization	—	(38)	—	10

Freddie Mac 1Q 2023 Form 10-Q 71

Financial Statements                          Notes to the Condensed Consolidated Financial Statements | Note 8

The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item.

Table 8.4 - Cumulative Basis Adjustments Due to Fair Value Hedging

	March 31, 2023
	Carrying Amount Assets / (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount			Closed Portfolio Under the Portfolio Layer Method
(In millions)		Total	Under the Portfolio Layer Method	Discontinued - Hedge Related	Total Amount by Amortized Cost Basis	Designated Amount by UPB
Mortgage loans held-for-investment	$1,126,852	($1,967)	($678)	($1,289)	$77,275	$11,516
Mortgage loans held-for-sale	56	1	—	1	—	—
Debt	(156,649)	7,714	—	187	—	—
	December 31, 2022
	Carrying Amount Assets / (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount			Closed Portfolio Under the Portfolio Layer Method
(In millions)		Total	Under the Portfolio Layer Method	Discontinued - Hedge Related	Total Amount by Amortized Cost Basis	Designated Amount by UPB
Mortgage loans held-for-investment	$1,108,098	($3,122)	($959)	($2,163)	$79,070	$11,516
Mortgage loans held-for-sale	67	1	—	1	—	—
Debt	(142,511)	9,384	—	123	—	—

Freddie Mac 1Q 2023 Form 10-Q 72

Financial Statements                        Notes to the Condensed Consolidated Financial Statements | Note 9

NOTE 9

Collateralized Agreements and Offsetting Arrangements

Offsetting of Financial Assets and Liabilities

The table below presents offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements.

Table 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities

	March 31, 2023
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$5,459	($4,052)	($1,038)	$369	($180)	$189
Cleared and exchange-traded derivatives	—	—	—	—	—	—
Mortgage commitment derivatives	19	—	—	19	—	19
Other	3	—	—	3	—	3
Total derivatives	5,481	(4,052)	(1,038)	391	(180)	211
Securities purchased under agreements to resell	112,688	(4,652)	—	108,036	(108,036)	—
Total	$118,169	($8,704)	($1,038)	$108,427	($108,216)	$211
Liabilities:
Derivatives:
OTC derivatives	($8,790)	$4,052	$4,669	($69)	$26	($43)
Cleared and exchange-traded derivatives	(199)	—	57	(142)	142	—
Mortgage commitment derivatives	(33)	—	—	(33)	—	(33)
Other	(649)	—	—	(649)	—	(649)
Total derivatives	(9,671)	4,052	4,726	(893)	168	(725)
Securities sold under agreements to repurchase	(4,652)	4,652	—	—	—	—
Total	($14,323)	$8,704	$4,726	($893)	$168	($725)

Referenced footnotes are included after the next table.

Freddie Mac 1Q 2023 Form 10-Q 73

Financial Statements                        Notes to the Condensed Consolidated Financial Statements | Note 9

	December 31, 2022
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$6,385	($4,468)	($1,681)	$236	($214)	$22
Cleared and exchange-traded derivatives	28	—	22	50	—	50
Mortgage commitment derivatives	19	—	—	19	(4)	15
Other	2	—	—	2	—	2
Total derivatives	6,434	(4,468)	(1,659)	307	(218)	89
Securities purchased under agreements to resell	99,286	(11,991)	—	87,295	(87,295)	—
Total	$105,720	($16,459)	($1,659)	$87,602	($87,513)	$89
Liabilities:
Derivatives:
OTC derivatives	($10,230)	$4,468	$5,702	($60)	$23	($37)
Cleared and exchange-traded derivatives	(25)	—	17	(8)	8	—
Mortgage commitment derivatives	(11)	—	—	(11)	—	(11)
Other	(679)	—	—	(679)	—	(679)
Total derivatives	(10,945)	4,468	5,719	(758)	31	(727)
Securities sold under agreements to repurchase	(11,991)	11,991	—	—	—	—
Total	($22,936)	$16,459	$5,719	($758)	$31	($727)

(1)Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.

(2)Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022.

Freddie Mac 1Q 2023 Form 10-Q 74

Financial Statements                        Notes to the Condensed Consolidated Financial Statements | Note 9

Collateral PledgedThe table below summarizes the carrying value of the collateral pledged by us and recorded on our condensed consolidated balance sheets for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge.

Table 9.2 - Collateral in the Form of Securities Pledged

	March 31, 2023
(In millions)	Derivatives	Securities Sold Under Agreements to Repurchase	Other(1)	Total
Debt of consolidated trusts(2)	$—	$—	$183	$183
Trading securities	2,351	4,619	2,056	9,026
Total securities pledged	$2,351	$4,619	$2,239	$9,209

	December 31, 2022
(In millions)	Derivatives	Securities Sold Under Agreements to Repurchase	Other(1)	Total
Trading securities	$1,533	$2,910	$1,347	$5,790
Other assets	—	6,543	—	6,543
Total securities pledged	$1,533	$9,453	$1,347	$12,333

(1)Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.

(2)Represents debt of consolidated trusts held by us in our mortgage-related investments portfolio which is recorded as a reduction to debt of consolidated trusts on our condensed consolidated balance sheets.

The table below presents the remaining contractual maturity of our gross obligations for securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities.

Table 9.3 - Remaining Contractual Maturity

	March 31, 2023
(In millions)	Overnight and Continuous	30 Days or Less	After 30 Days Through 90 Days	Greater Than 90 Days	Total
Securities sold under agreements to repurchase	$—	$1,165	$3,487	$—	$4,652

	December 31, 2022
(In millions)	Overnight and Continuous	30 Days or Less	After 30 Days Through 90 Days	Greater Than 90 Days	Total
Securities sold under agreements to repurchase	$—	$11,991	$—	$—	$11,991

Freddie Mac 1Q 2023 Form 10-Q 75

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 10

NOTE 10

Net Interest Income

The table below presents the components of net interest income per our condensed consolidated statements of income and comprehensive income.

Table 10.1 - Components of Net Interest Income

(In millions)	1Q 2023	1Q 2022
Interest income:
Mortgage loans	$23,304	$17,310
Investment securities	316	384
Other	1,367	46
Total interest income	24,987	17,740
Interest expense:
Debt of consolidated trusts	(18,261)	(13,249)
Debt of Freddie Mac:
Short-term debt	(154)	—
Long-term debt	(2,071)	(387)
Total interest expense	(20,486)	(13,636)
Net interest income	4,501	4,104
(Provision) benefit for credit losses	(395)	837
Net interest income after (provision) benefit for credit losses	$4,106	$4,941

Freddie Mac 1Q 2023 Form 10-Q 76

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 11

NOTE 11

Segment Reporting

As shown in the table below, we have two reportable segments, Single-Family and Multifamily.

Segment	Description
Single-Family	Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.
Multifamily	Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.

Segment Results

The table below presents the financial results for our Single-Family and Multifamily segments.

Table 11.1 - Segment Financial Results

	1Q 2023			1Q 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Net interest income	$4,296	$205	$4,501	$3,806	$298	$4,104
Non-interest income
Guarantee income	32	434	466	30	40	70
Investment gains, net	(179)	(46)	(225)	1,252	261	1,513
Other income	54	31	85	126	33	159
Non-interest income	(93)	419	326	1,408	334	1,742
Net revenues	4,203	624	4,827	5,214	632	5,846
(Provision) benefit for credit losses	(318)	(77)	(395)	831	6	837
Non-interest expense	(1,783)	(149)	(1,932)	(1,778)	(154)	(1,932)
Income before income tax expense	2,102	398	2,500	4,267	484	4,751
Income tax expense	(425)	(80)	(505)	(856)	(97)	(953)
Net income	1,677	318	1,995	3,411	387	3,798
Other comprehensive income (loss), net of taxes and reclassification adjustments	(1)	55	54	(12)	(108)	(120)
Comprehensive income	$1,676	$373	$2,049	$3,399	$279	$3,678

The table below presents total assets for our Single-Family and Multifamily segments.

Table 11.2 - Segment Assets

(In millions)	March 31, 2023	December 31, 2022
Single-Family	$2,988,635	$2,986,045
Multifamily	426,039	429,302
Total segment assets	3,414,674	3,415,347
Reconciling items(1)	(189,694)	(207,014)
Total assets per condensed consolidated balance sheets	$3,224,980	$3,208,333

(1)Reconciling items include assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.

Freddie Mac 1Q 2023 Form 10-Q 77

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 12

NOTE 12

Concentration of Credit and Other Risks

Single-Family Mortgage Portfolio

The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 2, Note 3, and Note 5 for more information about credit risk associated with single-family loans that we hold or guarantee.

Table 12.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio

		March 31, 2023					December 31, 2022
(Dollars in millions)		Portfolio UPB(1)	% of Portfolio		SDQ Rate		Portfolio UPB(1)	% of Portfolio		SDQ Rate
Region:(2)
	West	$905,823	30	%	0.46	%	$906,123	30	%	0.49	%
	Northeast	694,781	23		0.76		695,944	23		0.82
	North Central	435,435	15		0.61		436,294	15		0.65
	Southeast	514,825	17		0.67		512,495	17		0.73
	Southwest	437,497	15		0.58		434,907	15		0.63
Total		$2,988,361	100	%	0.62		$2,985,763	100	%	0.66
State:
	California	$515,908	17	%	0.47		$516,891	17	%	0.51
	Texas	203,128	7		0.58		200,807	7		0.64
	Florida	192,552	6		0.78		191,009	6		0.84
	New York	130,010	4		1.08		129,935	4		1.16
	Illinois	112,289	4		0.83		112,784	4		0.90
	All other	1,834,474	62		0.58		1,834,337	62		0.63
Total		$2,988,361	100	%	0.62		$2,985,763	100	%	0.66

(1)Excludes UPB of loans underlying certain securitization products for which data was not available.

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

Multifamily Mortgage Portfolio

The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio. See Note 2, Note 3, Note 4, and Note 5 for more information about credit risk associated with multifamily loans that we hold or guarantee.

Table 12.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio

	March 31, 2023					December 31, 2022
(Dollars in millions)	Portfolio UPB	% of Portfolio		Delinquency Rate(1)		Portfolio UPB	% of Portfolio		Delinquency Rate(1)
Region(2)(3):
West	$106,840	25	%	0.04	%	$107,260	25	%	0.04	%
Northeast	104,627	25		0.30		106,478	25		0.28
North Central	40,555	10		0.16		40,524	9		0.16
Southeast	84,801	20		0.04		85,438	20		0.04
Southwest	89,216	20		0.13		89,602	21		0.08
Total	$426,039	100	%	0.13		$429,302	100	%	0.12

(1)Based on loans two monthly payments or more delinquent or in foreclosure.

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

(3)The UPB of loans collateralized by properties located in multiple regions are reported entirely in the region with the largest underlying collateral UPB as of origination.

Freddie Mac 1Q 2023 Form 10-Q 78

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

NOTE 13

Fair Value Disclosures

We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or non-recurring basis.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents our assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option.

Table 13.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis

	March 31, 2023
(In millions)	Level 1	Level 2	Level 3	Netting Adjustments(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$5,516	$853	$—	$6,369
Trading:
Mortgage-related securities	—	6,169	2,905	—	9,074
Non-mortgage-related securities	21,884	385	—	—	22,269
Total trading securities	21,884	6,554	2,905	—	31,343
Total investment securities	21,884	12,070	3,758	—	37,712
Mortgage loans held-for-sale	—	2,579	347	—	2,926
Mortgage loans held-for-investment	—	1,174	64	—	1,238
Other assets:
Guarantee assets	—	—	5,432	—	5,432
Derivative assets, net	—	5,477	3	(5,089)	391
Other assets	—	34	125	—	159
Total other assets	—	5,511	5,560	(5,089)	5,982
Total assets carried at fair value on a recurring basis	$21,884	$21,334	$9,729	($5,089)	$47,858
Liabilities:
Debt:
Debt of consolidated trusts	$—	$1,858	$290	$—	$2,148
Debt of Freddie Mac	—	569	94	—	663
Total debt	—	2,427	384	—	2,811
Other liabilities:
Derivative liabilities, net	13	9,367	77	(8,564)	893
Other liabilities	—	1	—	—	1
Total other liabilities	13	9,368	77	(8,564)	894
Total liabilities carried at fair value on a recurring basis	$13	$11,795	$461	($8,564)	$3,705

Referenced footnote is included after the prior period table.

Freddie Mac 1Q 2023 Form 10-Q 79

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

	December 31, 2022
(In millions)	Level 1	Level 2	Level 3	Netting Adjustments(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$5,640	$894	$—	$6,534
Trading:
Mortgage-related securities	—	5,603	2,731	—	8,334
Non-mortgage-related securities	23,453	380	—	—	23,833
Total trading securities	23,453	5,983	2,731	—	32,167
Total investment securities	23,453	11,623	3,625	—	38,701
Mortgage loans held-for-sale	—	2,908	310	—	3,218
Mortgage loans held-for-investment	—	1,104	110	—	1,214
Other assets:
Guarantee assets	—	—	5,442	—	5,442
Derivative assets, net	—	6,397	2	(6,092)	307
Other assets	—	12	129	—	141
Total other assets	—	6,409	5,573	(6,092)	5,890
Total assets carried at fair value on a recurring basis	$23,453	$22,044	$9,618	($6,092)	$49,023
Liabilities:
Debt:
Debt of consolidated trusts	$—	$1,656	$288	$—	$1,944
Debt of Freddie Mac	—	1,003	100	—	1,103
Total debt	—	2,659	388	—	3,047
Other liabilities:
Derivative liabilities, net	—	10,823	97	(10,162)	758
Other liabilities	—	1	—	—	1
Total other liabilities	—	10,824	97	(10,162)	759
Total liabilities carried at fair value on a recurring basis	$—	$13,483	$485	($10,162)	$3,806

(1)     Represents counterparty netting and cash collateral netting.

Level 3 Fair Value Measurements

The table below presents a reconciliation of all assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities.

Freddie Mac 1Q 2023 Form 10-Q 80

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

	1Q 2023
	Balance, January 1, 2023	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2023	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$894	$1	($3)	$—	$—	$—	($39)	$—	$—	$853	$—	($3)
Trading	2,731	(139)	—	324	—	—	(11)	—	—	2,905	33	—
Total investment securities	3,625	(138)	(3)	324	—	—	(50)	—	—	3,758	33	(3)
Mortgage loans held-for-sale	310	1	—	26	—	—	(1)	11	—	347	—	—
Mortgage loans held-for-investment	110	2	—	—	—	—	—	—	(48)	64	2	—
Other assets:
Guarantee assets	5,442	85	—	—	127	—	(222)	—	—	5,432	85	—
Other assets	131	16	—	(10)	—	—	(9)	—	—	128	16	—
Total other assets	5,573	101	—	(10)	127	—	(231)	—	—	5,560	101	—
Total assets	$9,618	($34)	($3)	$340	$127	$—	($282)	$11	($48)	$9,729	$136	($3)
Liabilities
Debt	$388	($12)	$—	$—	$12	$—	($4)	$—	$—	$384	($8)	$—
Other liabilities	97	(18)	—	—	—	—	(2)	—	—	77	(19)	—
Total liabilities	$485	($30)	$—	$—	$12	$—	($6)	$—	$—	$461	($27)	$—

	1Q 2022
	Balance, January 1, 2022	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2022	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$1,286	($1)	($36)	$—	$—	$—	($91)	$30	$—	$1,188	($1)	($29)
Trading	3,386	(426)	—	243	—	—	(18)	—	(20)	3,165	(256)	—
Total investment securities	4,672	(427)	(36)	243	—	—	(109)	30	(20)	4,353	(257)	(29)
Other assets:
Guarantee assets	5,919	(316)	—	—	333	—	(240)	—	—	5,696	(316)	—
Other assets	101	16	—	(4)	3	—	(2)	—	—	114	16	—
Total other assets	6,020	(300)	—	(4)	336	—	(242)	—	—	5,810	(300)	—
Total assets	$10,692	($727)	($36)	$239	$336	$—	($351)	$30	($20)	$10,163	($557)	($29)
Liabilities
Debt	$294	$23	$—	$—	$86	$—	($1)	$—	$—	$402	$33	$—
Other liabilities	24	24	—	—	—	—	(1)	—	—	47	24	—
Total liabilities	$318	$47	$—	$—	$86	$—	($2)	$—	$—	$449	$57	$—

(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.

(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at March 31, 2023 and March 31, 2022.

Freddie Mac 1Q 2023 Form 10-Q 81

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis.

Table 13.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements

	March 31, 2023
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities:
Available-for-sale	$533	Median of external sources	External pricing sources	$58.2 - $72.8	$68.2
	320	Other
Trading	2,023	Single external source	External pricing source	$0.0 - $5,410.0	$210.0
	882	Other
Mortgage loans held-for-sale	347	Single external source	External pricing source	$39.6 - $98.6	$78.7
Guarantee assets	5,074	Discounted cash flows	OAS	17 - 186 bps	46 bps
	358	Other
Insignificant Level 3 assets(2)	192
Total level 3 assets	$9,729
Liabilities
Insignificant Level 3 liabilities(2)	461
Total level 3 liabilities	$461

	December 31, 2022
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities:
Available-for-sale	$557	Median of external sources	External pricing sources	$66.3 - $74.6	$70.5
	337	Other
Trading	2,080	Single external source	External pricing source	$0.0 - $5,702.4	$224.8
	651	Other
Mortgage loans held-for-sale	310	Single external source	External pricing source	$39.6 - $98.1	$76.6
Mortgage loans held-for-investment	110	Single external source	External pricing source	$76.9 - $87.5	$80.6
Guarantee assets	5,084	Discounted cash flows	OAS	17 - 186 bps	45 bps
	358	Other
Insignificant Level 3 assets(2)	131
Total level 3 assets	$9,618
Liabilities
Insignificant Level 3 liabilities(2)	485
Total level 3 liabilities	$485

(1)     Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

(2) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant.

Freddie Mac 1Q 2023 Form 10-Q 82

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

Assets Measured at Fair Value on a Non-Recurring Basis

We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis. These adjustments usually result from the application of lower-of-cost-or-fair-value accounting or measurement of impairment based on the fair value of the underlying collateral. Certain fair values in the tables below were not obtained as of period end, but were obtained during the period.

The table below presents assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.

Table 13.4 - Assets Measured at Fair Value on a Non-Recurring Basis

	March 31, 2023				December 31, 2022
(In millions)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Mortgage loans(1)	$—	$454	$2,170	$2,624	$—	$386	$1,758	$2,144

(1)Includes loans that are classified as held-for-investment and have an allowance for credit losses based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost.

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.

Table 13.5 - Quantitative Information About Non-Recurring Level 3 Fair Value Measurements

	March 31, 2023
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)			Type	Range	Weighted Average(1)
Mortgage loans	$1,520	Median of external sources	External pricing sources	$75.3 - $97.3	$85.5
	650	Other
Total	$2,170
	December 31, 2022
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)			Type	Range	Weighted Average(1)
Mortgage loans	$1,657	Median of external sources	External pricing sources	$74.8 - $98.6	$86.3
	101	Other
Total	$1,758

(1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

Freddie Mac 1Q 2023 Form 10-Q 83

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

Fair Value of Financial Instruments

The table below presents the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, and certain debt, the carrying value on our condensed consolidated balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility.

Table 13.6 - Fair Value of Financial Instruments

		March 31, 2023
	GAAP Measurement Category(1)	Carrying  Amount	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting  Adjustments(2)	Total
Financial Assets
Cash and cash equivalents	Amortized cost	$5,873	$5,873	$—	$—	$—	$5,873
Securities purchased under agreements to resell	Amortized cost	108,036	—	112,688	—	(4,652)	108,036
Investment securities:
Available-for-sale	FV - OCI	6,369	—	5,516	853	—	6,369
Trading	FV - NI	31,343	21,884	6,554	2,905	—	31,343
Total investment securities		37,712	21,884	12,070	3,758	—	37,712
Mortgage loans:
Loans held by consolidated trusts		2,977,998	—	2,337,448	276,492	—	2,613,940
Loans held by Freddie Mac		59,711	—	25,534	30,236	—	55,770
Total mortgage loans(3)	Various(4)	3,037,709	—	2,362,982	306,728	—	2,669,710
Other assets:
Guarantee assets	FV - NI	5,432	—	—	5,435	—	5,435
Derivative assets, net	FV - NI	391	—	5,477	3	(5,089)	391
Other assets(5)	Various	2,805	—	931	1,880	—	2,811
Total other assets		8,628	—	6,408	7,318	(5,089)	8,637
Total financial assets		$3,197,958	$27,757	$2,494,148	$317,804	($9,741)	$2,829,968
Financial Liabilities
Debt:
Debt of consolidated trusts		$2,987,050	$—	$2,610,811	$696	$—	$2,611,507
Debt of Freddie Mac		180,464	—	182,379	3,306	(4,652)	181,033
Total debt	Various(6)	3,167,514	—	2,793,190	4,002	(4,652)	2,792,540
Other liabilities:
Guarantee obligations	Amortized cost	5,639	—	—	6,018	—	6,018
Derivative liabilities, net	FV - NI	893	13	9,367	77	(8,564)	893
Other liabilities(5)	FV - NI	12	—	828	155	—	983
Total other liabilities		6,544	13	10,195	6,250	(8,564)	7,894
Total financial liabilities		$3,174,058	$13	$2,803,385	$10,252	($13,216)	$2,800,434

Referenced footnotes are included after the prior period table.

Freddie Mac 1Q 2023 Form 10-Q 84

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

		December 31, 2022
	GAAP Measurement Category(1)	Carrying  Amount	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting Adjustments(2)	Total
Financial Assets
Cash and cash equivalents	Amortized cost	$6,360	$6,360	$—	$—	$—	$6,360
Securities purchased under agreements to resell	Amortized cost	87,295	—	99,286	—	(11,991)	87,295
Investment securities:
Available-for-sale	FV - OCI	6,534	—	5,640	894	—	6,534
Trading	FV - NI	32,167	23,453	5,983	2,731	—	32,167
Total investment securities		38,701	23,453	11,623	3,625	—	38,701
Mortgage loans:
Loans held by consolidated trusts		2,971,601	—	2,331,969	244,045	—	2,576,014
Loans held by Freddie Mac		62,914	—	25,921	32,460	—	58,381
Total mortgage loans	Various(4)	3,034,515	—	2,357,890	276,505	—	2,634,395
Other assets:
Guarantee assets	FV - NI	5,442	—	—	5,445	—	5,445
Derivative assets, net	FV - NI	307	—	6,397	2	(6,092)	307
Other assets(5)	Various	1,739	—	907	835	—	1,742
Total other assets		7,488	—	7,304	6,282	(6,092)	7,494
Total financial assets		$3,174,359	$29,813	$2,476,103	$286,412	($18,083)	$2,774,245
Financial Liabilities
Debt:
Debt of consolidated trusts		$2,979,070	$—	$2,564,323	$701	$—	$2,565,024
Debt of Freddie Mac		166,762	—	175,673	3,162	(11,991)	166,844
Total debt	Various(6)	3,145,832	—	2,739,996	3,863	(11,991)	2,731,868
Other liabilities:
Guarantee obligations	Amortized cost	5,779	—	—	6,016	—	6,016
Derivative liabilities, net	FV - NI	758	—	10,823	97	(10,162)	758
Other liabilities(5)	FV - NI	20	—	1,025	211	—	1,236
Total other liabilities		6,557	—	11,848	6,324	(10,162)	8,010
Total financial liabilities		$3,152,389	$—	$2,751,844	$10,187	($22,153)	$2,739,878

(1)FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income.

(2)Represents counterparty netting and cash collateral netting.

(3)Excludes basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. See Note 3 for additional information on basis adjustments associated with closed portfolios during existing portfolio layer method hedges.

(4)The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.0 trillion, $9.9 billion, and $4.2 billion as of March 31, 2023, respectively, and $3.0 trillion, $9.0 billion and $4.4 billion as of December 31, 2022, respectively.

(5)For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments.

(6)The GAAP carrying amounts measured at amortized cost and FV - NI were $3.2 trillion and $2.8 billion as of March 31, 2023, respectively, and $3.1 trillion and $3.0 billion as of December 31, 2022, respectively.

Freddie Mac 1Q 2023 Form 10-Q 85

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 13

Fair Value Option

We elected the fair value option for certain mortgage loans and loan commitments and certain debt issuances.

The table below presents the fair value and UPB related to multifamily loan purchase commitments and loans and debt for which we have elected the fair value option.

Table 13.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected(1)

	March 31, 2023			December 31, 2022
(In millions)	Fair value	UPB	Difference	Fair value	UPB	Difference
Mortgage loans held-for-sale	$2,926	$3,063	($137)	$3,218	$3,421	($203)
Mortgage loans held-for-investment	1,238	1,367	(129)	1,214	1,368	(154)
Debt of Freddie Mac	460	453	7	892	881	11
Debt of consolidated trusts	1,858	1,981	(123)	1,656	1,833	(177)
Other assets/other liabilities	33	N/A	N/A	11	N/A	N/A

(1)    Excludes interest-only securities related to debt of consolidated trusts and debt of Freddie Mac with a fair value of $0.5 billion as of both March 31, 2023 and December 31, 2022.

Changes in Fair Value Under the Fair Value Option Election

The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our condensed consolidated statements of income.

Table 13.8 - Changes in Fair Value Under the Fair Value Option Election

	1Q 2023	1Q 2022
(In millions)	Gains (Losses)
Mortgage loans held-for-sale	$4	($676)
Mortgage loans held-for-investment	26	—
Debt of Freddie Mac	14	(11)
Debt of consolidated trusts	(35)	72
Other assets/other liabilities	55	(36)

Changes in fair value attributable to instrument-specific credit risk were not material for the periods presented for assets or liabilities for which we elected the fair value option.

Freddie Mac 1Q 2023 Form 10-Q 86

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 14

NOTE 14

Legal Contingencies

We are involved, directly or indirectly, in a variety of legal and regulatory proceedings arising from time to time in the ordinary course of business (including, among other things, contractual disputes, personal injury claims, employment-related litigation, and other legal proceedings incidental to our business) and in connection with the conservatorship and Purchase Agreement. We are frequently involved, directly or indirectly, in litigation involving mortgage foreclosures. From time to time, we are also involved in proceedings arising from our termination of a seller's or servicer's eligibility to sell loans to, and/or service loans for, us. In these cases, the former seller or servicer sometimes seeks damages against us for wrongful termination under a variety of legal theories. In addition, we are sometimes sued in connection with the origination or servicing of loans. These suits typically involve claims alleging wrongful actions of sellers and servicers. Our contracts with our sellers and servicers generally provide for indemnification of Freddie Mac against liability arising from sellers' and servicers' wrongful actions with respect to loans sold to or serviced for Freddie Mac.

Litigation claims and proceedings of all types are subject to many uncertainties (including appeals and procedural filings), and there can be no assurance as to the ultimate outcome of those actions (including the matters described below). In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable (as defined in such guidance) and the amount of the loss can be reasonably estimated. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.

It is not possible for us to predict the actions the U.S. government (including Treasury and FHFA) might take in response to any ruling or finding in any of these lawsuits or any future lawsuits. However, it is possible that we could be adversely affected by these events, including, for example, by changes to the Purchase Agreement, or any resulting actual or perceived changes in the level of U.S. government support for our business.

Putative Securities Class Action Lawsuit: Ohio Public Employees Retirement System vs. Freddie Mac, Syron, Et Al.

This putative securities class action lawsuit was filed against Freddie Mac and certain former officers on January 18, 2008 in the U.S. District Court for the Northern District of Ohio purportedly on behalf of a class of purchasers of Freddie Mac stock from August 1, 2006 through November 20, 2007. FHFA later intervened as Conservator, and the plaintiff amended its complaint on several occasions. The plaintiff alleged, among other things, that the defendants violated federal securities laws by making false and misleading statements concerning our business, risk management, and the procedures we put into place to protect the company from problems in the mortgage industry. The plaintiff seeks unspecified damages and interest, and reasonable costs and expenses, including attorney and expert fees.

In August 2018, the District Court denied the plaintiff's motion for class certification, and in January 2019, the Sixth Circuit denied plaintiff's petition for leave to appeal that decision. On September 17, 2020, the District Court granted a request from the plaintiff for summary judgment and entered final judgment in favor of Freddie Mac and the other defendants. On October 9, 2020, the plaintiff filed a notice of appeal in the Sixth Circuit. On April 6, 2023, the Sixth Circuit reversed the District Court’s September 17, 2020 decision and remanded the case to the District Court for further proceedings.

Litigation Concerning the Purchase Agreement in the U.S. District Court for the District of Columbia

In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations. This is a consolidated class action lawsuit filed by private individual and institutional investors (collectively, "Class Plaintiffs") against FHFA, Fannie Mae, and Freddie Mac.

Fairholme Funds, Inc., et al. v. FHFA, et al. This is an individual plaintiffs’ lawsuit by certain institutional investors (“Individual Plaintiffs”) against FHFA, Fannie Mae, and Freddie Mac.

Plaintiffs in each of the District of Columbia lawsuits filed an amended complaint on November 1, 2017 alleging claims for breach of contract, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duties, and violation of Delaware and Virginia corporate law. Additionally, the Class Plaintiffs brought derivative claims against FHFA for breach of fiduciary duties and the Individual Plaintiffs brought claims under the Administrative Procedure Act. Both sets of claims are generally based on allegations that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, including the rights to receive dividends and a liquidation preference. On September 28, 2018, the District Court dismissed all of the claims except those for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial.

Freddie Mac 1Q 2023 Form 10-Q 87

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 14

On September 23 and October 11, 2022, the District Court ruled on the parties' motions for summary judgment and related matters. The rulings limited the Plaintiffs’ remaining damages theories to those based on the decline in Freddie Mac’s and Fannie Mae’s share value immediately after the Third Amendment. The Plaintiffs have asserted losses based on the decline in value of Freddie Mac’s common and junior preferred stock from August 16 to August 17, 2012. During the trial in October and early November 2022, the Plaintiffs requested that the jury award $832 million plus pre-judgment interest as damages against Freddie Mac. The jury in that trial was not able to reach a unanimous verdict and on November 7, 2022 the judge declared a mistrial. The District Court set a new trial for July 24, 2023. At this time, we do not believe the likelihood of loss is probable; therefore, we have not established an accrual in connection with these lawsuits. However, it is reasonably possible that the Plaintiffs could prevail in this matter and, if so, we may incur a loss up to $832 million plus pre-judgment interest as discussed above. We estimate that prejudgment interest, if awarded, would be calculated at a rate of 6%.

Freddie Mac 1Q 2023 Form 10-Q 88

Financial Statements                       Notes to the Condensed Consolidated Financial Statements | Note 15

NOTE 15

Regulatory Capital

ERCF

The table below presents our capital metrics under the ERCF.

Table 15.1 - ERCF Available Capital and Capital Requirements

(In billions)			March 31, 2023			December 31, 2022
Adjusted total assets			$3,716			$3,710
Risk-weighted assets (standardized approach)			908			899
	March 31, 2023
	Amounts			Ratios
(Dollars in billions)	Available Capital (Deficit)	Minimum Capital Requirement	Capital Requirement (Including Buffer(1))	Available Capital (Deficit) Ratio(2)		Minimum Capital Requirement Ratio(2)		Capital Requirement Ratio(2) (Including Buffer(1))
Risk-based capital:
Total capital	($25)	$73	$73	(2.8)	%	8.0	%	8.0	%
CET1 capital	(53)	41	91	(5.8)		4.5		10.1
Tier 1 capital	(39)	54	104	(4.3)		6.0		11.6
Adjusted total capital	(39)	73	123	(4.3)		8.0		13.6
Leverage capital:
Core capital	($33)	$93	$93	(0.9)	%	2.5	%	2.5	%
Tier 1 capital	(39)	93	104	(1.0)		2.5		2.8
	December 31, 2022
	Amounts			Ratios
(Dollars in billions)	Available Capital (Deficit)	Minimum Capital Requirement	Capital Requirement (Including Buffer(1))	Available Capital (Deficit) Ratio(2)		Minimum Capital Requirement Ratio(2)		Capital Requirement Ratio(2) (Including Buffer(1))
Risk-based capital:
Total capital	($27)	$72	$72	(3.1)	%	8.0	%	8.0	%
CET1 capital	(55)	40	90	(6.2)		4.5		10.1
Tier 1 capital	(41)	54	104	(4.6)		6.0		11.6
Adjusted total capital	(41)	72	122	(4.6)		8.0		13.6
Leverage capital:
Core capital	($35)	$93	$93	(1.0)	%	2.5	%	2.5	%
Tier 1 capital	(41)	93	104	(1.1)		2.5		2.8

(1)PCCBA for risk-based capital and PLBA for leverage capital.

(2)As a percentage of RWA for risk-based capital and ATA for leverage capital.

END OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND ACCOMPANYING NOTES

Freddie Mac 1Q 2023 Form 10-Q 89

Other Information

Other Information

LEGAL PROCEEDINGS

We are involved, directly or indirectly, in a variety of legal proceedings arising from time to time in the ordinary course of business and in connection with the conservatorship and Purchase Agreement. See Note 14 for more information regarding our involvement as a party to various legal proceedings, including those in connection with the conservatorship and Purchase Agreement.

Over the last several years, numerous lawsuits have been filed against the U.S. government and, in some cases, the Secretary of the Treasury and the Director of FHFA, challenging certain government actions related to the conservatorship (including actions taken in connection with the imposition of conservatorship) and the Purchase Agreement. Freddie Mac is not a party to all of these lawsuits. Several of the lawsuits seek to invalidate the net worth sweep dividend provisions of the senior preferred stock, which were implemented pursuant to the August 2012 amendment to the Purchase Agreement. Some of these cases also have challenged the constitutionality of the structure of FHFA. A number of cases have been dismissed (some of which have been appealed), and others remain pending.

These cases include one that was filed in the U.S. Court of Federal Claims as a derivative lawsuit, purportedly on behalf of Freddie Mac as a “nominal” defendant: Reid and Fisher vs. the United States of America and Federal Home Loan Mortgage Corporation. This case was filed on February 26, 2014. The complaint alleges, among other items, that the net worth sweep dividend provisions of the senior preferred stock constitute an unlawful taking of private property for public use without just compensation. The plaintiffs ask that Freddie Mac be awarded just compensation for the U.S. government's alleged taking of its property, attorneys' fees, costs, and other expenses. The case remains pending.

Pursuant to the Purchase Agreement, in addition to satisfying other conditions, all currently pending material litigation related to our conservatorship and/or the Purchase Agreement must be resolved or settled and we must indemnify Treasury and the United States from and against any loss, cost, or damage of any kind arising out of our placement into conservatorship or the August 2012 amendment to the Purchase Agreement in order to exit from conservatorship.

RISK FACTORS

This Form 10-Q should be read together with the Risk Factors section in our 2022 Annual Report, which describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties could, directly or indirectly, adversely affect our business, financial condition, results of operations, cash flows, strategies, and/or prospects.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Securities

The securities we issue are "exempted securities" under the Securities Act of 1933, as amended. As a result, we do not file registration statements with the SEC with respect to offerings of our securities.

Following our entry into conservatorship, we suspended the operation of, and ceased making grants under, equity compensation plans. Previously, we had provided equity compensation under those plans to employees and members of the Board of Directors. Under the Purchase Agreement, we cannot issue any new options, rights to purchase, participations, or other equity interests without Treasury's prior approval.

Information About Certain Securities Issuances by Freddie Mac

We make available, free of charge through our website at www.freddiemac.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all other SEC reports and amendments to those reports as soon as reasonably practicable after we electronically file the material with the SEC. The SEC also maintains an internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding companies that file electronically with the SEC.

We provide disclosure about our debt securities on our website at www.freddiemac.com/debt. From this address, investors can access the offering circular and related supplements for debt securities offerings under Freddie Mac's global debt facility,

Freddie Mac 1Q 2023 Form 10-Q 90

Other Information

including pricing supplements for individual issuances of debt securities. Similar information about our STACR transactions and SCR transactions is available at crt.freddiemac.com and mf.freddiemac.com/investors, respectively.

We provide disclosure about our mortgage-related securities, some of which are off-balance sheet obligations (e.g., K Certificates and SB Certificates), on our website at www.freddiemac.com/mbs and mf.freddiemac.com/investors. From these addresses, investors can access information and documents, including offering circulars and offering circular supplements, for mortgage-related securities offerings.

We provide additional information, including product descriptions, investor presentations, securities issuance calendars, transactions volumes and details, redemption notices, Freddie Mac research, and material developments or other events that may be important to investors, in each case as applicable, on the websites for our business activities, which can be found at sf.freddiemac.com, mf.freddiemac.com, and capitalmarkets.freddiemac.com/capital-markets.

We provide information on our ESG efforts on our website at freddiemac.com/about/esg.

EXHIBITS

The exhibits are listed in the Exhibit Index of this Form 10-Q.

Freddie Mac 1Q 2023 Form 10-Q 91

Controls and Procedures

Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC's rules and forms and that such information is accumulated and communicated to management of the company, including the company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we must apply judgment in implementing possible controls and procedures.

Management, including the company's Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2023. As a result of management's evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2023, at a reasonable level of assurance, because we have not been able to update our disclosure controls and procedures to provide reasonable assurance that information known by FHFA on an ongoing basis is communicated from FHFA to Freddie Mac's management in a manner that allows for timely decisions regarding our required disclosure under the federal securities laws. We consider this situation to be a material weakness in our internal control over financial reporting.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING DURING 1Q 2023

We evaluated the changes in our internal control over financial reporting that occurred during 1Q 2023 and concluded that there were no changes that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

MITIGATING ACTIONS RELATED TO THE MATERIAL WEAKNESS IN INTERNAL CONTROL OVER FINANCIAL REPORTING

As described above under Evaluation of Disclosure Controls and Procedures, we have one material weakness in internal control over financial reporting as of March 31, 2023 that we have not remediated.

Given the structural nature of this material weakness, we believe it is likely that we will not remediate it while we are under conservatorship. However, both we and FHFA have continued to engage in activities and employ procedures and practices intended to permit accumulation and communication to management of information needed to meet our disclosure obligations under the federal securities laws. These include the following:

n    FHFA has established the Division of Conservatorship Oversight and Readiness, which is intended to facilitate operation of the company with the oversight of the Conservator.

n    We provide drafts of our SEC filings to FHFA personnel for their review and comment prior to filing. We also provide drafts of certain external press releases and statements to FHFA personnel for their review and comment prior to release.

n    FHFA personnel, including senior officials, review our SEC filings prior to filing, including this Form 10-Q, and engage in discussions with us regarding issues associated with the information contained in those filings. Prior to filing this Form 10-Q, FHFA provided us with a written acknowledgment that it had reviewed the Form 10-Q, was not aware of any material misstatements or omissions in the Form 10-Q, and had no objection to our filing the Form 10-Q.

n    Our senior management meets regularly with senior leadership at FHFA, including, but not limited to, the Director.

n    FHFA representatives attend meetings frequently with various groups within the company to enhance the flow of information and to provide oversight on a variety of matters, including accounting, credit and capital markets management, external communications, and legal matters.

n    Senior officials within FHFA's accounting group meet frequently with our senior financial executives regarding our accounting policies, practices, and procedures.

In view of our mitigating actions related to this material weakness, we believe that our condensed consolidated financial statements for 1Q 2023 have been prepared in conformity with GAAP.

Freddie Mac 1Q 2023 Form 10-Q 92

Exhibit Index

Exhibit Index

Exhibit	Description*
4.1	Federal Home Loan Mortgage Corporation Debt Facility Agreement, dated February 22, 2023
31.1	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)
31.2	Certification of Executive Vice President and Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
32.2	Certification of Executive Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	XBRL Taxonomy Extension Schema
101. CAL	XBRL Taxonomy Extension Calculation
101.DEF	XBRL Taxonomy Extension Definition
101.LAB	XBRL Taxonomy Label
101. PRE	XBRL Taxonomy Extension Presentation
104	Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
*	The SEC file numbers for the Registrant's Registration Statement on Form 10, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K are 000-53330 and 001-34139.

Freddie Mac 1Q 2023 Form 10-Q 93

Signatures

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Federal Home Loan Mortgage Corporation
By:	/s/ Michael J. DeVito
	Michael J. DeVito
	Chief Executive Officer
	(Principal Executive Officer)

Date: May 3, 2023

By:	/s/ Christian M. Lown
	Christian M. Lown
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

Date: May 3, 2023

Freddie Mac 1Q 2023 Form 10-Q 94

Form 10-Q Index

Form 10-Q Index

Item Number		Page(s)
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	44 - 89
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	1 - 43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29 - 31
Item 4.	Controls and Procedures	92
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	90
Item 1A.	Risk Factors	90
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90 - 91
Item 6.	Exhibits	91
Exhibit Index		93
Signatures		94

Freddie Mac 1Q 2023 Form 10-Q 95

EX-4.1

Exhibit 4.1

FEDERAL HOME LOAN MORTGAGE CORPORATION

GLOBAL DEBT FACILITY AGREEMENT

AGREEMENT, dated as of February 22, 2023, among the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Holders of Debt Securities (each as hereinafter defined).

Whereas:

(a) Freddie Mac is a corporation duly organized and existing under and by virtue of the laws of the United States (Title III of the Emergency Home Finance Act of 1970, as amended (the “Freddie Mac Act”)) and has full corporate power and authority to enter into this Agreement and to undertake the obligations undertaken by it herein;

(b) Pursuant to Section 306(a) of the Freddie Mac Act, Freddie Mac is authorized, upon such terms and conditions as it may prescribe, to borrow, to pay interest or other return, and to issue notes, bonds or other obligations or securities; and

(c) To provide funds to permit Freddie Mac to engage in activities consistent with its statutory purposes, Freddie Mac has established a Global Debt Facility (the “Facility”) and authorized the issuance, from time to time, pursuant to this Agreement, of unsecured general obligations of Freddie Mac or, if so provided in the applicable Supplemental Agreement (as hereinafter defined), secured obligations of Freddie Mac (“Debt Securities”).

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is hereby agreed that the following terms and conditions of this Agreement (including, as to each issue of the Debt Securities, the applicable Supplemental Agreement) shall govern the Debt Securities and the rights and obligations of Freddie Mac and Holders with respect to the Debt Securities.

ARTICLE I

Definitions

Whenever used in this Agreement, the following words and phrases shall have the following meanings, unless the context otherwise requires.

Additional Debt Securities: Debt Securities issued by Freddie Mac with the same terms (other than Issue Date, interest commencement date and issue price) and conditions as Debt Securities for which settlement has previously occurred so as to form a single series of Debt Securities as specified in the applicable Supplemental Agreement.

Agreement: This Global Debt Facility Agreement dated as of February 22, 2023, as it may be amended or supplemented from time to time, and successors thereto pursuant to which Freddie Mac issues the Debt Securities.

Amortizing Debt Securities: Debt Securities on which Freddie Mac makes periodic payments of principal during the terms of such Debt Securities as described in the related Supplemental Agreement.

Beneficial Owner: The entity or individual that beneficially owns a Debt Security.

Bonds: Callable or non-callable, puttable or non-puttable Debt Securities with maturities of more than ten years.

Book-Entry Rules: FHFA regulations, 12 C.F.R. Part 1249, applicable to the Fed Book-Entry Debt Securities, and such procedures as to which Freddie Mac and the FRBNY may agree.

Business Day: (i) With respect to Fed Book-Entry Debt Securities, any day other than (a) a Saturday, (b) a Sunday, (c) a day on which the FRBNY is closed, (d) as to any Holder of a Fed Book-Entry Debt Security, a day on which the Federal Reserve Bank that maintains the Holder’s account is closed, or (e) a day on which Freddie Mac’s offices are closed; and (ii) with respect to Registered Debt Securities, any day other than (a) a Saturday, (b) a Sunday, (c) a day on which banking institutions are closed in (i) the City of New York, if the Specified Payment Currency is U.S. dollars or (2) the Principal Financial Center of the country of such Specified Payment Currency, if the Specified Payment Currency is other than U.S. dollars or euro, (d) if the Specified Payment Currency is euro, a day on which the TARGET2 system is not open for settlements, or a day on which payments in euro cannot be settled in the international interbank market as determined by the Global Agent, (e) for any required payment, a day on which banking institutions are closed in the place of payment, or (f) a day on which Freddie Mac’s offices are closed.

Calculation Agent: Freddie Mac or a bank or broker-dealer designated by Freddie Mac in the applicable Supplemental Agreement as the entity responsible for determining the interest rate on a Variable Rate Debt Security.

Calculation Date: In each year, each of those days in the calendar year that are specified in the applicable Supplemental Agreement as being the scheduled Interest Payment Dates regardless, for this purpose, of whether any such date is in fact an Interest Payment Date and, for the avoidance of doubt, a “Calculation Date” may occur prior to the Issue Date or after the last Principal Payment Date.

Cap: A maximum interest rate at which interest may accrue on a Variable Rate Debt Security during any Interest Reset Period.

Citibank — London: Citibank, N.A., London branch, the Global Agent for Registered Debt Securities.

Citigroup — Frankfurt: Citigroup Global Markets Europe AG, the Registrar for Registered Debt Securities.

Clearstream, Luxembourg: Clearstream Banking, société anonyme, which holds securities for its participants and facilitates the clearance and settlement of securities transactions between its participants through electronic book-entry changes in accounts of its participants.

CMT Determination Date: The second New York Banking Day preceding the applicable Reset Date.

CMT Rate: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(M).

Code: The Internal Revenue Code of 1986, as amended.

Common Depositary: Citibank Europe plc will act as the common depositary for Euroclear, Clearstream, Luxembourg and/or any other applicable clearing system, which will hold Other Registered Debt Securities on behalf of Euroclear, Clearstream, Luxembourg and/or any such other applicable clearing system.

Convertible Debt Securities: An issue of Debt Securities that may be convertible to a new security, which may or may not be a debt security of Freddie Mac, as described in the related Supplemental Agreement.

CUSIP Number: A unique nine-character designation assigned to each Debt Security by the CUSIP Service Bureau and used to identify each issuance of Debt Securities on the records of the Federal Reserve Banks or DTC, as applicable.

2

Dealers: Firms that engage in the business of dealing or trading in debt securities as agents, brokers or principals.

Debt Securities: Unsecured subordinated or unsubordinated notes, bonds and other debt securities issued from time to time by Freddie Mac under the Facility, or if so provided in the applicable Supplemental Agreement, secured obligation issued from time to time by Freddie Mac under the Facility.

Deleverage Factor: A Multiplier of less than one by which an applicable Index is multiplied.

Depository: DTC or any successor.

Deposits: Deposits commencing on the applicable Reset Date.

Determination Date: The date as of which the rate of interest applicable to an Interest Reset Period is determined.

Determination Period: The period from, and including, one Calculation Date to, but excluding, the next Calculation Date.

DTC: The Depository Trust Company, a limited-purpose trust company, which holds securities for DTC participants and facilitates the clearance and settlement of transactions between DTC participants through electronic book-entry changes in accounts of DTC participants.

DTC Registered Debt Securities: Registered Debt Securities registered in the name of a nominee of DTC, which will clear and settle through the system operated by DTC.

Euroclear: Euroclear System, a depositary that holds securities for its participants and clears and settles transactions between its participants through simultaneous electronic book-entry delivery against payment.

Extendible Variable Rate Securities: Variable Rate Debt Securities, the maturity of which may be extended at a Beneficial Owner’s option effective as of certain specified dates, subject to a final maturity date, and that bear interest at variable rates subject to different Spreads for different specified periods.

Facility: The Global Debt Facility described in the Offering Circular dated February 22, 2023 under which Freddie Mac issues the Debt Securities.

Fed Book-Entry Debt Securities: U.S. dollar denominated Debt Securities issued and maintained in book-entry form on the Fed Book-Entry System.

Fed Book-Entry System: The book-entry system of the Federal Reserve Banks which provides book-entry holding and settlement for U.S. dollar denominated securities issued by the U.S. Government, certain of its agencies, instrumentalities, government-sponsored enterprises and international organizations of which the United States is a member.

Federal Funds Rate (Daily): The rate determined by the Calculation Agent in accordance with Section 2.07(i)(N).

Federal Funds Rate (Daily) Determination Date: The applicable Reset Date; provided, however, that if the Reset Date is not a Business Day, then the Federal Funds Rate (Daily) Determination Date means the Business Day immediately following the applicable Reset Date.

Federal Reserve: The Board of Governors of the Federal Reserve System.

3

Federal Reserve Bank: Each U.S. Federal Reserve Bank that maintains Debt Securities in book-entry form.

Federal Reserve Banks: Collectively, the Federal Reserve Banks.

Fiscal Agency Agreement: The Uniform Fiscal Agency Agreement between Freddie Mac and the FRBNY.

Fiscal Agent: The FRBNY is fiscal agent for Fed Book-Entry Debt Securities.

Fixed Principal Repayment Amount: An amount equal to 100% of the principal amount of a Debt Security, payable on the applicable Maturity Date or earlier date of redemption or repayment or a specified amount above or below such principal amount, as provided in the applicable Supplemental Agreement.

Fixed Rate Debt Securities: Debt Securities that bear interest at a single fixed rate.

Fixed/Variable Rate Debt Securities: Debt Securities that bear interest at a single fixed rate during one or more specified periods and at a variable rate determined by reference to one or more Indices, or otherwise, during one or more other periods. As to any such fixed rate period, the provisions of this Agreement relating to Fixed Rate Debt Securities shall apply, and, as to any such variable rate period, the provisions of this Agreement relating to Variable Rate Debt Securities shall apply.

Floor: A minimum interest rate at which interest may accrue on a Debt Security during any Interest Reset Period.

Freddie Mac: Federal Home Loan Mortgage Corporation, a government-sponsored enterprise chartered by Congress pursuant to the Freddie Mac Act.

Freddie Mac Act: Title III of the Emergency Home Finance Act of 1970, as amended, 12 U.S.C. § 1451-1459.

FRB: The Board of Governors of the Federal Reserve System.

FRBNY: The Federal Reserve Bank of New York.

FRBNY’s Website: The website of the FRBNY, currently at http://www.newyorkfed.org, or any successor source.

Global Agency Agreement: The agreement between Freddie Mac, the Global Agent and the Registrar.

Global Agent: The entity selected by Freddie Mac to act as its fiscal, transfer and paying agent for Registered Debt Securities.

H.15: The statistical release entitled “Statistical Release H.15, Selected Interest Rates” as published by the Federal Reserve, or any successor publication of the Federal Reserve available on its website at http://www.federalreserve.gov/releases/h15/or any successor site.

Holder: In the case of Fed Book-Entry Debt Securities, the entity whose name appears on the book-entry records of a Federal Reserve Bank as Holder; in the case of Registered Debt Securities in global registered form, the depository, or its nominee, in whose name the Registered Debt Securities are registered on behalf of a related clearing system; and, in the case of Registered Debt Securities in definitive registered form, the person or entity in whose name such Debt Securities are registered in the Register.

Holding Institutions: Entities eligible to maintain book-entry accounts with a Federal Reserve Bank.

4

Index: SOFR, Prime Rate, Treasury Rate, CMT Rate, or Federal Funds Rate (Daily) or other specified interest rate, exchange rate or other index, as the case may be.

Index Currency: The currency or currency unit specified in the applicable Supplemental Agreement with respect to which an Index will be calculated for a Variable Rate Debt Security. If no such currency or currency unit is specified in the applicable Supplemental Agreement, the Index Currency will be U.S. dollars.

Index Maturity: The period with respect to which an Index will be calculated for a Variable Rate Debt Security that is specified in the applicable Supplemental Agreement.

Interest Component: Each future interest payment, or portion thereof, due on or prior to the Maturity Date, or if the Debt Security is subject to redemption or repayment prior to the Maturity Date, the first date on which such Debt Security is subject to redemption or repayment.

Interest Payment Date: The date or dates on which interest on Debt Securities will be payable in arrears.

Interest Payment Period: Unless otherwise provided in the applicable Supplemental Agreement, the period beginning on (and including) the Issue Date or the most recent Interest Payment Date, as the case may be, and ending on (but excluding) the earlier of the next Interest Payment Date or the Principal Payment Date.

Interest Reset Period: The period beginning on the applicable Reset Date and ending on the calendar day preceding the next Reset Date.

Issue Date: The date on which Freddie Mac wires an issue of Debt Securities to Holders or other date specified in the applicable Supplemental Agreement.

Leverage Factor: A Multiplier of greater than one by which an applicable Index is multiplied.

London Banking Day: Any day on which commercial banks are open for business (including dealings in foreign exchange and deposits in the Index Currency) in London.

Maturity Date: The date, one day or longer from the Issue Date, on which a Debt Security will mature unless extended, redeemed or repaid prior thereto.

Mortgage Linked Amortizing Debt Securities: Amortizing Debt Securities on which Freddie Mac makes periodic payments of principal based on the rate of payments on referenced mortgage or mortgage-related assets, as described in the related Supplemental Agreement.

Multiplier: A constant or variable number (which may be greater than or less than one) to be multiplied by the relevant Index for a Variable Rate Debt Security.

Notes: Callable or non-callable, puttable or non-puttable Debt Securities with maturities of more than one day.

New York Banking Day: Any day other than (a) a Saturday, (b) a Sunday, (c) a day on which banking institutions in the City of New York are required or permitted by law or executive order to close, or (d) a day on which the FRBNY is closed.

Offering Circular: The Freddie Mac Global Debt Facility Offering Circular dated February 22, 2023 (including any related Offering Circular Supplement) and successors thereto.

OID Determination Date: The last day of the last accrual period ending prior to the date of the meeting of Holders (or, for consents not at a meeting, prior to a date established by Freddie Mac). The accrual period

5

will be the same as the accrual period used by Freddie Mac to determine its deduction for accrued original issue discount under section 163 (e) of the Code.

Other Registered Debt Securities: Registered Debt Securities that are not DTC Registered Debt Securities, that are deposited with a Common Depositary and that will clear and settle through the systems operated by Euroclear, Clearstream, Luxembourg and/or any such other applicable clearing system other than DTC.

Pricing Supplement: A supplement to the Offering Circular that describes the specific terms of, and provides pricing information and other information for, an issue of Debt Securities or which otherwise amends, modifies or supplements the terms of the Offering Circular.

Prime Rate: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(K).

Prime Rate Determination Date: The New York Banking Day preceding the applicable Reset Date.

Principal Component: The principal payment plus any interest payments that are either due after the date specified in, or are specified as ineligible for stripping in, the applicable Supplemental Agreement.

Principal Financial Center: (1) with respect to U.S. dollars, Sterling, Yen and Swiss francs, the City of New York, London, Tokyo and Zurich, respectively; or (2) with respect to any other Index Currency, the city specified in the related Pricing Supplement.

Principal Payment Date: The Maturity Date, or the earlier date of redemption or repayment, if any (whether such redemption or repayment is in whole or in part).

Range Accrual Debt Securities: Variable Rate Debt Securities on which no interest may accrue during periods when the applicable Index is outside a specified range as described in the related Supplemental Agreement.

Record Date: As to Registered Debt Securities issued in global form, the close of business on the Business Day immediately preceding such Interest Payment Date. As to Registered Debt Securities issued in definitive form, the fifteenth calendar day preceding an Interest Payment Date. Interest on a Registered Debt Security will be paid to the Holder of such Registered Debt Security as of the close of business on the Record Date.

Reference Bonds: U.S. dollar denominated non-callable and non-puttable Reference Securities with maturities of more than ten years.

Reference Notes: U.S. dollar denominated non-callable and non-puttable Reference Securities with maturities of more than one year.

Reference Securities: Scheduled U.S. dollar denominated issues of Debt Securities in large principal amounts, which may be either Reference Bonds or Reference Notes.

Register: A register of the Holders of Registered Debt Securities maintained by the Registrar.

Registered Debt Securities: Debt Securities issued and maintained in global registered or definitive registered form on the books and records of the Registrar.

Registrar: The entity selected by Freddie Mac to maintain the Register.

Representative Amount: A principal amount of not less than U.S. $1,000,000 that, in the Calculation Agent’s sole judgment, is representative for a single transaction in the relevant market at the relevant time.

6

Reset Date: The date on which a new rate of interest on a Debt Security becomes effective.

Reuters: Reuters Group PLC or any successor service.

Reuters USAUCTION10 Page: The display designated as “USAUCTION10” (or any successor page) provided by Reuters.

Reuters USAUCTION11 Page: The display designated as “USAUCTION11” (or any successor page) provided by Reuters.

Reuters US PRIME1 Page: The display designated as page “USPRIME1”’ (or any successor page) provided by Reuters

Secured Overnight Financing Rate: The secured overnight financing rate published by the FRBNY on the FRBNY’s Website.

Social Debt Securities: Debt Securities that are designated as Social Debt Securities in the related Supplemental Agreement.

SOFR: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(H).

Specified Currency: The currency or currency unit in which a Debt Security may be denominated and in which payments of principal of and interest on a Debt Security may be made.

Specified Interest Currency: The Specified Currency provided for the payment of interest on Debt Securities.

Specified Payment Currency: The term to which the Specified Interest Currency and Specified Principal Currency are referred collectively.

Specified Principal Currency: The Specified Currency provided for the payment of principal on Debt Securities.

Spread: A constant or variable percentage or number to be added to or subtracted from the relevant Index for a Variable Rate Debt Security.

Step Debt Securities: Debt Securities that bear interest at different fixed rates during different specified periods.

Sterling: British pounds sterling.

Supplemental Agreement: An agreement which, as to the related issuance of Debt Securities, supplements the other provisions of this Agreement and identifies and establishes the particular offering of Debt Securities issued in respect thereof. A Supplemental Agreement may be documented by a supplement to this Agreement, a Pricing Supplement, a confirmation or a terms sheet. A Supplemental Agreement may, as to any particular issuance of Debt Securities, modify, amend or supplement the provisions of this Agreement in any respect whatsoever. A Supplemental Agreement shall be effective and binding as of its publication, whether or not executed by Freddie Mac.

TARGET2: The Trans-European Automated Real-Time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.

Treasury Auction: The most recent auction of Treasury Bills prior to a given Reset Date.

Treasury Bills: Direct obligations of the United States.

7

Treasury Department: United States Department of the Treasury.

Treasury Rate: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(L).

Treasury Rate Determination Date: The day of the week in which the Reset Date falls on which Treasury Bills would normally be auctioned or, if no auction is held for a particular week, the first Business Day of that week. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following Tuesday, except that the auction may be held on the preceding Friday; provided, however, that if an auction is held on the Friday of the week preceding the Reset Date, the Treasury Rate Determination Date will be that preceding Friday; and provided, further, that if the Treasury Rate Determination Date would otherwise fall on the Reset Date, that Reset Date will be postponed to the next succeeding Business Day.

U.S. Government Securities Business Day: Any day except for (i) a Saturday, (ii) a Sunday, (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities, or (iv) a day on which the FRBNY is closed for business.

Variable Principal Repayment Amount: The principal amount determined by reference to one or more Indices or otherwise, payable on the applicable Maturity Date or date of redemption or repayment of a Debt Security, as specified in the applicable Supplemental Agreement.

Variable Rate Debt Securities: Debt Securities that bear interest at a variable rate, and reset periodically, determined by reference to one or more Indices or otherwise. The formula for a variable rate may include a Spread.

Yen: Japanese yen.

Zero Coupon Debt Securities: Debt Securities that do not bear interest and may be issued at a discount to their principal amount.

ARTICLE II

Authorization; Certain Terms

Section 2.01. Authorization.

Debt Securities shall be issued by Freddie Mac in accordance with the authority vested in Freddie Mac by Section 306(a) of the Freddie Mac Act. The indebtedness represented by the Debt Securities shall be unsecured general obligations of Freddie Mac, or, if so provided in the applicable Supplemental Agreement, secured obligations of Freddie Mac. Debt Securities shall be offered from time to time by Freddie Mac in an unlimited amount and shall be known by the designation given them, and have the Maturity Dates stated, in the applicable Supplemental Agreement. Freddie Mac, in its discretion and at any time, may offer Additional Debt Securities having the same terms and conditions as Debt Securities previously offered. The Debt Securities may be issued as Reference Securities, which includes Reference Notes and Reference Bonds, or may be issued as any other Debt Securities denominated in U.S. dollars or other currencies, with maturities of one day or longer and may be in the form of Notes or Bonds or otherwise. Issuances may consist of new issues of Debt Securities or reopenings of an existing issue of Debt Securities.

8

Section 2.02. Other Debt Securities Issued Hereunder.

Freddie Mac may from time to time create and issue Debt Securities including Convertible Debt Securities hereunder which contain terms and conditions not specified in this Agreement. Such Debt Securities shall be governed by the applicable Supplemental Agreement and, to the extent that the terms of this Agreement are not inconsistent with Freddie Mac’s intent in creating and issuing such Debt Securities, by the terms of this Agreement. Such Debt Securities shall be secured or unsecured obligations of Freddie Mac. If the Debt Securities are secured obligations of Freddie Mac, the provisions of Article V hereof shall apply to such Debt Securities.

Section 2.03. Specified Currencies and Specified Payment Currencies.

(a) Each Debt Security shall be denominated and payable in such Specified Currency as determined by Freddie Mac. Fed Book-Entry Debt Securities will be denominated and payable in U.S. dollars only.

(b) Except under the circumstances provided in Article VI hereof, Freddie Mac shall make payments of any interest on Debt Securities in the Specified Interest Currency and shall make payments of the principal of Debt Securities in the Specified Principal Currency. The Specified Currency for the payment of interest and principal with respect to any Debt Security shall be set forth in the applicable Supplemental Agreement.

Section 2.04. Minimum Denominations.

The Debt Securities shall be issued and maintained in the minimum denominations of U.S. $1,000 and additional increments of U.S. $1,000 for U.S. dollar denominated Debt Securities, unless otherwise provided in the applicable Supplemental Agreement and as may be allowed or required from time to time by the relevant regulatory authority or any laws or regulations applicable to the relevant Specified Currency. In the case of Zero Coupon Debt Securities, denominations will be expressed in terms of the principal amount payable on the Maturity Date.

Section 2.05. Maturity.

(a) Each Debt Security shall mature on its Maturity Date, as provided in the applicable Supplemental Agreement, unless redeemed at the option of Freddie Mac or repaid at the option of the Holder prior thereto in accordance with the provisions described under Section 2.06. Debt Securities may be issued with minimum or maximum maturities allowed or required from time to time by the relevant regulatory or stock exchange authority or clearing systems or any laws or regulations applicable to the Specified Currency.

(b) If so provided in the applicable Supplemental Agreement, certain Debt Securities may have provision permitting their Beneficial Owner to elect to extend the initial Maturity Date specified in such Supplemental Agreement, or any later date to which the maturity of such Debt Securities has been extended, on specified dates. However, the maturity of such Debt Securities may not be extended beyond the final Maturity Date specified in the Supplemental Agreement.

(c) The principal amount payable on the Maturity Date of a Debt Security shall be a Fixed Principal Repayment Amount or a Variable Principal Repayment Amount, in each case as provided in the applicable Supplemental Agreement.

Section 2.06. Optional Redemption and Optional Repayment.

(a) The Supplemental Agreement for any particular issue of Debt Securities shall provide whether such Debt Securities may be redeemed at Freddie Mac’s option or repayable at the Holder’s option, in whole or in part, prior to their Maturity Date. If so provided in the applicable Supplemental Agreement, an issue of Debt Securities shall be subject to redemption at the option of Freddie Mac, or repayable at the option of the Holders, in whole or in part, on one or more specified dates, at any time on or after a specified date, or during one or

9

more specified periods of time. The redemption or repayment price for such Debt Securities (or such part of such Debt Securities as is redeemed or repaid) shall be an amount provided in, or determined in a manner provided in, the applicable Supplemental Agreement, together with accrued and unpaid interest to the date fixed for redemption or repayment.

(b) Unless otherwise provided in the applicable Supplemental Agreement, notice of optional redemption shall be given to Holders of the related Debt Securities not less than 5 Business Days prior to the date of redemption in the manner provided in Section 7.07. The date that we provide such notice constitutes the first Business Day for purposes of this minimum notice period. Freddie Mac also announces its intent to redeem certain Debt Securities on the Freddie Mac website at http://www.freddiemac.com/debt/html/redemption_release.html.

(c) In the case of a partial redemption of an issue of Fed Book-Entry Debt Securities by Freddie Mac, such Fed Book-Entry Debt Securities shall be redeemed pro rata. In the case of a partial redemption of an issue of Registered Debt Securities by Freddie Mac, one or more of such Registered Debt Securities shall be reduced by the Global Agent in the amount of such redemption, subject to the principal amount of such Registered Debt Securities after redemption remaining in an authorized denomination. The effect of any partial redemption of an issue of Registered Debt Securities on the Beneficial Owners of such Registered Debt Securities will depend on the procedures of the applicable clearing system and, if such Beneficial Owner is not a participant therein, on the procedures of the participant through which such Beneficial Owner owns its interest.

(d) If so provided in the applicable Supplemental Agreement, certain Debt Securities shall be repayable, in whole or in part, by Freddie Mac at the option of the relevant Holders thereof or otherwise, on one or more specified dates, at any time on or after a specified date, or during one or more specified periods of time, upon terms and procedures provided in the applicable Supplemental Agreement. Unless otherwise provided in the applicable Supplemental Agreement, in the case of a Registered Debt Security, to exercise such option, the Holder shall deposit with the Global Agent (i) such Registered Debt Security; and (ii) a duly completed notice of optional repayment in the form obtainable from the Global Agent, in each case not more than the number of days nor less than the number of days specified in the applicable Supplemental Agreement prior to the date fixed for repayment. Unless otherwise specified in the applicable Supplemental Agreement, no such Registered Debt Security (or notice of repayment) so deposited may be withdrawn without the prior consent of Freddie Mac or the Global Agent. Unless otherwise provided in the applicable Supplemental Agreement, in the case of a Fed Book-Entry Debt Security, if the Beneficial Owner wishes to exercise such option, then the Beneficial Owner shall give notice thereof to Freddie Mac through the relevant Holding Institution as provided in the applicable Supplemental Agreement.

(e) The principal amount payable upon redemption or repayment of a Debt Security shall be a Fixed Principal Repayment Amount or a Variable Principal Repayment Amount, in each case as provided in the applicable Supplemental Agreement.

Section 2.07. Payment Terms of the Debt Securities.

(a) Debt Securities shall bear interest at one or more fixed rates or variable rates or may not bear interest. If so provided in the applicable Supplemental Agreement, Debt Securities may be separated by a Holder into one or more Interest Components and Principal Components. The Offering Circular or the applicable Supplemental Agreement for such Debt Securities shall specify the procedure for stripping such Debt Securities into such Interest and Principal Components.

(b) The applicable Supplemental Agreement shall specify the frequency with which interest, if any, is payable on the related Debt Securities. Interest on Debt Securities shall be payable in arrears on the Interest Payment Dates specified in the applicable Supplemental Agreement and on each Principal Payment Date.

10

(c) Each issue of interest-bearing Debt Securities shall bear interest during each Interest Payment Period. No interest on the principal of any Debt Security will accrue on or after the Principal Payment Date on which such principal is repaid.

(d) The determination by the Calculation Agent of the interest rate on, or any Index in relation to, a Variable Rate Debt Security and the determination of any payment on any Debt Security (or any interim calculation in the determination of any such interest rate, index or payment) shall, absent manifest error, be final and binding on all parties. If a principal or interest payment error occurs, Freddie Mac may correct it by adjusting payments to be made on later Interest Payment Dates or Principal Payment Dates (as appropriate) or in any other manner Freddie Mac considers appropriate. If the source of an Index changes in format, but the Calculation Agent determines that the Index source continues to disclose the information necessary to determine the related interest rate substantially as required, the Calculation Agent will amend the procedure for obtaining information from that source to reflect the changed format. All Index values used to determine principal or interest payments are subject to correction within 30 days from the applicable payment. The source of a corrected value must be the same source from which the original value was obtained. A correction might result in an adjustment on a later date to the amount paid to the Holder.

(e) Payments on Debt Securities shall be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a Specified Payment Currency other than U.S. dollars, to the nearest smallest transferable unit (with one-half cent or unit being rounded upwards).

(f) In the event that any jurisdiction imposes any withholding or other tax on any payment made by Freddie Mac (or our agent or any other person potentially required to withhold) with respect to a Debt Security, Freddie Mac (or our agent or such other person) will deduct the amount required to be withheld from such payment, and Freddie Mac (or our agent or such other person) will not be required to pay additional interest or other amounts, or redeem or repay the Debt Securities prior to the applicable Maturity Date, as a result.

(g) Fixed Rate Debt Securities

Fixed Rate Debt Securities shall bear interest at a single fixed interest rate. The applicable Supplemental Agreement shall specify the fixed interest rate per annum on a Fixed Rate Debt Security. Unless otherwise specified in the applicable Supplemental Agreement, interest on a Fixed Rate Debt Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

(h) Step Debt Securities

Step Debt Securities shall bear interest from their Issue Date to a specified date at their initial fixed interest rate and from that date to their Maturity Date at one or more different fixed interest rates that shall be prescribed as of the Issue Date. A Step Debt Security will have one or more step periods. The applicable Supplemental Agreement shall specify the fixed interest rate per annum payable on Step Debt Securities for each related period from issuance to maturity. Unless otherwise specified in the applicable Supplemental Agreement, interest on a Step Debt Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

(i) Variable Rate Debt Securities

(A) Variable Rate Debt Securities shall bear interest at a variable rate determined on the basis of a direct or an inverse relationship to one or more specified Indices or otherwise, (x) plus or minus a Spread, if any, or (y) multiplied by one or more Leverage or Deleverage Factors, if any, as specified in the applicable Supplemental Agreement. Variable Rate Debt Securities also may bear interest in any other manner described in the applicable Supplemental Agreement.

(B) Variable Rate Debt Securities may have a Cap and/or a Floor.

11

(C) The applicable Supplemental Agreement shall specify the accrual method (i.e., the day count convention) for calculating interest or any relevant accrual factor on the related Variable Rate Debt Securities. The accrual method may incorporate one or more of the following defined terms:

“Actual/360” shall mean that interest or any other relevant accrual factor shall be calculated on the basis of the actual number of days elapsed in a year of 360 days.

“Actual/365 (fixed)” shall mean that interest or any other relevant accrual factor shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, regardless of whether accrual or payment occurs during a calendar leap year.

“Actual/Actual” shall mean, unless otherwise indicated in the applicable Supplemental Agreement, that interest or any other relevant accrual factor shall be calculated on the basis of (x) the actual number of days elapsed in the Interest Payment Period divided by 365, or (y) if any portion of the Interest Payment Period falls in a calendar leap year, (A) the actual number of days in that portion divided by 366 plus (B) the actual number of days in the remaining portion divided by 365. If so indicated in the applicable Supplemental Agreement, “Actual/Actual” shall mean interest or any other relevant accrual factor shall be calculated in accordance with the definition of “Actual/Actual” adopted by the International Securities Market Association (“Actual/Actual (ISMA)”), which means a calculation on the basis of the following:

(1) where the number of days in the relevant Interest Payment Period is equal to or shorter than the Determination Period during which such Interest Payment Period ends, the number of days in such Interest Payment Period divided by the product of (A) the number of days in such Determination Period and (B) the number of Interest Payment Dates that would occur in one calendar year; or

(2) where the Interest Payment Period is longer than the Determination Period during which the Interest Payment Period ends, the sum of (A) the number of days in such Interest Payment Period falling in the Determination Period in which the Interest Payment Period begins divided by the product of (X) the number of days in such Determination Period and (Y) the number of Interest Payment Dates that would occur in one calendar year; and (B) the number of days in such Interest Payment Period falling in the next Determination Period divided by the product of (X) the number of days in such Determination Period and (Y) the number of Interest Payment Dates that would occur in one calendar year.

(D) The applicable Supplemental Agreement shall specify the frequency with which the rate of interest on the related Variable Rate Debt Securities shall reset. The applicable Supplemental Agreement also shall specify the Reset Date. If the interest rate will reset within an Interest Payment Period, then the interest rate in effect on the sixth Business Day preceding an Interest Payment Date will be the interest rate for the remainder of that Interest Payment Period and the first day of each Interest Payment Period also will be a Reset Date. Variable Rate Debt Securities may bear interest prior to the initial Reset Date at an initial interest rate, if any, specified in the applicable Supplemental Agreement. If so, then the first day of the first Interest Payment Period will not be a Reset Date. The rate of interest applicable to each Interest Reset Period shall be determined as provided below or in the applicable Supplemental Agreement.

Except for a Variable Rate Debt Security as to which the rate of interest thereon is determined by reference to SOFR, Prime Rate, Treasury Rate, CMT Rate, or Federal Funds Rate (Daily) or as otherwise set forth in the applicable Supplemental Agreement, the Determination Date for a Variable Rate Debt Security means the second Business Day preceding the Reset Date applicable to an Interest Reset Period.

12

(E) If the rate of interest on a Variable Rate Debt Security is subject to adjustment within an Interest Payment Period, accrued interest shall be calculated by multiplying the principal amount of such Variable Rate Debt Security by an accrued interest factor. Unless otherwise specified in the applicable Supplemental Agreement, this accrued interest factor shall be computed by adding the interest factor calculated for each Interest Reset Period in such Interest Payment Period and rounding the sum to nine decimal places. The interest factor for each such Interest Reset Period shall be computed by (1) multiplying the number of days in the Interest Reset Period by the interest rate (expressed as a decimal) applicable to such Interest Reset Period; and (2) dividing the product by the number of days in the year referred to in the accrual method specified in the applicable Supplemental Agreement.

(F) For each issue of Variable Rate Debt Securities, the Calculation Agent shall also cause the interest rate for the applicable Interest Reset Period and the amount of interest accrued on the minimum denomination specified for such issue to be made available to Holders as soon as practicable after its determination but in no event later than two Business Days thereafter. Such interest amounts so made available may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without notice in the event of an extension or shortening of the Interest Reset Period.

(G) If the applicable Supplemental Agreement specifies SOFR as the applicable Index for determining the rate of interest for the related Variable Rate Debt Security, the following provisions shall apply (unless otherwise specified in the applicable Supplemental Agreement):

“SOFR” means the Secured Overnight Financing Rate published by the FRBNY on the FRBNY’s Website. With respect to any U.S. Government Securities Business Day:

(1) the Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such rate appears on the FRBNY’s Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business Day (the “SOFR Determination Time”);

(2) if the rate specified in (1) above does not so appear, the Secured Overnight Financing Rate as published in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the FRBNY’s Website;

“Compounded SOFR” means the rate of return of a daily compound interest investment computed in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards to 0.00001):

where, for purposes of applying the above formula:

“d0,” for any Observation Period, is the number of U.S. Government Securities Business Days in the relevant Observation Period;

“i” is a series of whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Observation Period;

13

“SOFRi,” for any U.S. Government Securities Business Day “i” in the relevant Observation Period, is equal to SOFR in respect of that day “i”;

“ni,” for any U.S. Government Securities Business Day “i” in the relevant Observation Period, is the number of calendar days from, and including, such U.S. Government Securities Business Day “i” to, but excluding, the following U.S. Government Securities Business Day (“i+1”); and

“d” is the number of calendar days in the relevant Observation Period.

The following definitions solely apply to the preceding description of SOFR and Compounded SOFR:

“FRBNY’s Website” means the website of the FRBNY, currently at http://www.newyorkfed.org, or any successor source.

“Observation Period” means, in respect of each Interest Period, the period from, and including, the date two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period.

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

Effect of Benchmark Transition Event — SOFR

Benchmark Replacement. Notwithstanding the foregoing, if Freddie Mac determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the notes in respect of all determinations on such date and for all determinations on all subsequent dates.

Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Freddie Mac will have the right to make Benchmark Replacement Conforming Changes from time to time.

Decisions and Determinations. Any determination, decision or election that may be made by Freddie Mac pursuant to this Section titled “Effect of Benchmark Transition Event — SOFR,” including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in Freddie Mac’s sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the Debt Securities, shall become effective without consent from any other party.

Certain Defined Terms. As used in this Section titled “Effect of Benchmark Transition Event — SOFR,” and solely for purposes of this section:

“Benchmark” means, initially, SOFR, as such term is defined in Section titled “SOFR”; provided that if Freddie Mac determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

14

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by Freddie Mac as of the Benchmark Replacement Date.

(1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

(3) the sum of: (a) the alternate rate of interest that has been selected by Freddie Mac as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by Freddie Mac as of the Benchmark Replacement Date:

(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by Freddie Mac giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar- denominated floating rate notes at such time.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that Freddie Mac decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if Freddie Mac decides that adoption of any portion of such market practice is not administratively feasible or if Freddie Mac determines that no market practice for use of the Benchmark Replacement exists, in such other manner as Freddie Mac determines is reasonably necessary).

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

15

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by Freddie Mac after giving effect to the Benchmark Replacement Conforming Changes.

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

(H) If the applicable Supplemental Agreement specifies the Prime Rate as the applicable Index for determining the rate of interest for the related Variable Rate Debt Securities, the following provisions shall apply:

The “Prime Rate” means, with respect to any Reset Date (in the following order of priority):

16

(1) the rate for the Prime Rate Determination Date, as published in H.15 or other recognized electronic source used for the purpose of displaying that rate opposite the caption “Bank prime loan”;

(2) if the rate is not published in H.15 by 5:00 p.m., New York City time, on the Reset Date, then the Prime Rate will be the arithmetic mean, determined by the Calculation Agent, of the rates (after eliminating certain rates, as described below in this clause (2)) that appear, at 11:00 a.m., New York City time, on the Prime Rate Determination Date, on Reuters USPRIME1 Page as the U.S. dollar prime rate or base lending rate of each bank appearing on that page; provided, that at least three rates appear. In determining the arithmetic mean:

(i) if 20 or more rates appear, the highest five rates (or in the event of equality, five of the highest) and the lowest five rates (or in the event of equality, five of the lowest) will be eliminated,

(ii) if fewer than 20 but 10 or more rates appear, the highest two rates (or in the event of equality, two of the highest) and the lowest two rates (or in the event of equality, two of the lowest) will be eliminated, or

(iii) if fewer than 10 but five or more rates appear, the highest rate (or in the event of equality, one of the highest) and the lowest rate (or in the event of equality, one of the lowest) will be eliminated;

(3) if fewer than three rates so appear on Reuters USPRIME1 Page pursuant to clause (2) above, then the Calculation Agent will request five major banks in the City of New York selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation Agent) to provide a quotation of such banks’ U.S. dollar prime rates or base lending rates on the basis of the actual number of days in the year divided by 360 as of the close of business on the Prime Rate Determination Date. If at least three quotations are provided, then the Prime Rate will be the arithmetic mean determined by the Calculation Agent of the quotations obtained (and, if five quotations are provided, eliminating the highest quotation (or in the event of equality, one of the highest) and the lowest quotation (or in the event of equality, one of the lowest));

(4) if fewer than three quotations are so provided pursuant to clause (3) above, the Calculation Agent will request five banks or trust companies organized and doing business under the laws of the United States or any state, each having total equity capital of at least U.S. $500,000,000 and being subject to supervision or examination by federal or state authority, selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation Agent), to provide a quotation of such banks’ or trust companies’ U.S. dollar prime rates or base lending rates on the basis of the actual number of days in the year divided by 360 as of the close of business on the Prime Rate Determination Date. In making such selection of five banks or trust companies, the Calculation Agent will include each bank, if any, that provided a quotation as requested in clause (3) above and exclude each bank that failed to provide a quotation as requested in clause (3). If at least three quotations are provided, then the Prime Rate will be the arithmetic mean determined by the Calculation Agent of the quotations obtained; and

(5) if fewer than three quotations are so provided pursuant to clause (4) above, then the Prime Rate will be the Prime Rate determined for the immediately preceding Reset Date. If the applicable Reset Date is the first Reset Date, then the Prime Rate will be the rate calculated pursuant to clause (1) for the most recent New York Banking Day preceding the Reset Date for which such rate was published in H.15.

17

(I) If the applicable Supplemental Agreement specifies the Treasury Rate as the applicable Index for determining the rate of interest for the related Variable Rate, the following provisions shall apply:

The “Treasury Rate” means, with respect to any Reset Date (in the following order of priority):

(1) the rate for the Treasury Rate Determination Date of Treasury Bills having the Index Maturity, as published in H.15, or other recognized electronic source used for the purpose of displaying that rate under the caption “U.S. government securities/Treasury bills (secondary market)”;

(2) if the rate described in clause (1) above is not so published by 3.00 p.m., New York City time, on the Reset Date, then the rate from Treasury Auction of Treasury Bills having the Index Maturity, as that rate appears under the caption “INVEST RATE” on the display on Reuters USAUCTION10 Page or Reuters USAUCTION11 Page;

(3) if the rate described in clause (2) above is not published by 5:00 p.m., New York City time, on the Reset Date, then the auction average rate for Treasury Bills having the Index Maturity obtained from the applicable Treasury Auction as announced by the Treasury Department in the form of a press release under the heading “Investment Rate” by 5:00 p.m. on such Reset Date;

(4) if the rate described in clause (3) above is not so announced by the Treasury Department by 5:00 p.m., New York City time, on the Reset Date, then auction average rate obtained from the Treasury Auction of the applicable Treasury Bills, as otherwise announced by the Treasury Department by 5:00 p.m., New York City time, on the Reset Date as determined by the Calculation Agent;

(5) if such rate described in clause (4) is not so announced by the Treasury Department by 5:00 p.m., New York City time, on the Reset Date, the Calculation Agent will request five leading primary United States government securities dealers in the City of New York selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation Agent) to provide a quotation of such dealers’ secondary market bid yields, as of 3:00 p.m. on the Reset Date, for Treasury Bills with a remaining maturity closest to the Index Maturity (or, in the event that the remaining maturities are equally close, the longer remaining maturity). If at least three quotations are provided, then the Treasury Rate will be the arithmetic mean determined by the Calculation Agent of the quotations obtained; and

(6) if fewer than three quotations are so provided pursuant to clause (5) above, then the Treasury Rate for the immediately preceding Reset Date. If the applicable Reset Date is the first Reset Date, then the Treasury Rate will be the auction average rate for Treasury Bills having the Index Maturity from the most recent auction of Treasury Bills prior to the Reset Date for which such rate was announced by the Treasury Department in the form of a press release under the heading “Investment Rate.”

The rate (including the auction average rate) for Treasury Bills and the secondary market bid yield for Treasury Bills will be obtained and expressed as a bond equivalent on the basis of a year of 365 or 366 days, as applicable (or, if not so expressed, will be converted by the Calculation Agent to such a bond equivalent yield).

(J) If the applicable Supplemental Agreement specifies the CMT Rate as the applicable Index for determining the rate of interest for the related Variable Rate, the following provisions shall apply:

The “CMT Rate” means, with respect to any Reset Date (in the following order of priority):

(1) for any CMT Determination Date, the daily rate for the Index Maturity that appears on page “FRBCMT” on Reuters (or any other page that replaces the FRBCMT page on that service or any

18

successor service) under the heading “...Treasury Constant Maturities. Federal Reserve Board Release H.15...Mondays Approximately 3:45 p.m.”;

(2) if the applicable rate described in clause (1) is not displayed on Reuters page FRBCMT at 3:45 p.m., New York City time, on the CMT Determination Date, then the CMT Rate will be the Treasury constant maturity rate for the Index Maturity applicable for the CMT Determination Date as published in H.15;

(3) if the CMT Rate is not determined pursuant to clause (1) and the applicable rate described in clause (2) does not appear in H.15 at 3:45 p.m., New York City time, on the CMT Determination Date, then the CMT Rate will be the Treasury constant maturity rate, or other U.S. Treasury rate, applicable to an Index Maturity with reference to the CMT Determination Date, that:

(i) is published by the Federal Reserve or the Treasury Department; and

(ii) Freddie Mac has determined to be comparable to the applicable rate formerly displayed on the FRBCMT page on Reuters and published in H.15;

(4) if the CMT Rate is not determined pursuant to clause (1) or (2) and the rate described in clause (3) above does not appear at 3:45 p.m., New York City time, on the CMT Determination Date, then the CMT Rate will be the yield to maturity of the arithmetic mean of the secondary market offered rates for U.S. Treasury securities with an original maturity of approximately the Index Maturity and a remaining term to maturity of no more than one year shorter than the Index Maturity, and in a Representative Amount, as of approximately 3:45 p.m., New York City time, on the CMT Determination Date, as quoted by three primary U.S. government securities dealers in New York City that Freddie Mac selects. In selecting these offered rates, Freddie Mac will request quotations from five primary dealers and will disregard the highest quotation or, if there is equality, one of the highest and the lowest quotation or, if there is equality, one of the lowest. If two U.S. Treasury securities with an original maturity longer than the Index Maturity have remaining terms to maturity that are equally close to the Index Maturity, Freddie Mac will obtain quotations for the U.S. Treasury security with the shorter remaining term to maturity;

(5) if the CMT Rate is not determined pursuant to clause (1), (2) or (3) and fewer than five but more than two primary dealers are quoting offered rates as described in clause (4), then the CMT Rate for the CMT Determination Date will be based on the arithmetic mean of the offered rates so obtained, and neither the highest nor the lowest of those quotations will be disregarded;

(6) if the CMT Rate is not determined pursuant to clause (1), (2), (3) or (4) and two or fewer primary dealers are quoting offered rates as described in clause (5), then the CMT Rate will be the yield to maturity of the arithmetic mean of the secondary market offered rates for U.S. Treasury securities having an original maturity longer than the Index Maturity and a remaining term to maturity closest to the Index Maturity, and in a Representative Amount, as of approximately 3:45 p.m., New York City time, on the CMT Determination Date, as quoted by three primary U.S. government securities dealers in New York City that Freddie Mac selects. In selecting these offered rates, Freddie Mac will request quotations from five primary dealers and will disregard the highest quotation, or, if there is equality, one of the highest and the lowest quotation or, if there is equality, one of the lowest;

(7) if the CMT Rate is not determined pursuant to clauses (1) through (6) above and fewer than five but more than two primary dealers are quoting offered rates as described in clause (6), then the CMT Rate for the CMT Determination date will be based on the arithmetic mean of the offered rates so obtained, and neither the highest nor the lowest of those quotations will be disregarded;

19

(8) if the Calculation Agent obtains fewer than three quotations of the kind described in clause (6), the CMT Rate in effect for the new Interest Reset Period will be the CMT Rate in effect for the prior Interest Reset Period, or if the applicable Reset Date is the first Reset Date, the rate of interest payable for the new Interest Reset Period will be the initial interest rate; and

(9) if the CMT Rate in its present form ceases to exist and the provisions described in this Agreement for determining a fallback rate are found to be unreliable or result in a fallback rate that is not comparable to the CMT Rate, Freddie Mac, as the Calculation Agent, is authorized to designate an alternative determination method or index to the CMT Rate. If, prior to the time the CMT Rate may cease to exist, a new industry standard index is adopted, the Calculation Agent may elect, in its sole discretion, to use such standard index in lieu of the CMT Rate. If the Calculation Agent has designated an alternative determination method or index to the CMT Rate in accordance with the foregoing, the Calculation Agent in its sole discretion may determine the business day convention, the definition of business day and the interest determination date to be used and any other relevant methodology, including any adjustment factor needed to make such alternative determination method or index comparable to the CMT Rate base rate, in a manner that is consistent with industry-accepted practices. The Calculation Agent’s designation of an alternative determination method or index as described herein will be final and binding on all parties.

(K) If the applicable Supplemental Agreement specifies the Federal Funds Rate (Daily) as the applicable Index for determining the rate of interest for the related Variable Rate, the following provisions shall apply:

The “Federal Funds Rate (Daily)” means, with respect to any Reset Date:

(1) the rate for the Business Day preceding the Federal Funds Rate (Daily) Determination Date for U.S. dollar federal funds, as published in the latest H.15 or other recognized electronic source used for the purpose of displaying that rate opposite the caption “Federal funds (effective)”;

(2) if the rate specified in clause (1) is not published by 5:00 p.m., New York City time, on the Federal Funds Rate Determination Date, then the Calculation Agent will request five leading brokers (which may include the related Dealers or their affiliates) of federal funds transactions in the City of New York selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation Agent) each to provide a quotation of the broker’s effective rate for transactions in overnight federal funds arranged by the broker settling on the Business Day preceding the Federal Funds Rate (Daily) Determination Date. If at least two quotations are provided, then the Federal Funds Rate (Daily) will be the arithmetic mean determined by the Calculation Agent of the quotations obtained (and, if five quotations are provided, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest));

(3) if fewer than two quotations are so provided pursuant to clause (2) above, then the Calculation Agent will request five leading brokers (which may include the related Dealers or their affiliates) of federal funds transactions in the City of New York selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation Agent) each to provide a quotation of the broker’s rates for the last transaction in overnight federal funds arranged by the broker as of 11:00 a.m., New York City time, on the Business Day preceding the Federal Funds Rate (Daily) Determination Date. If at least two quotations are provided, then the Federal Funds Rate (Daily) will be the arithmetic mean determined by the Calculation Agent of the quotations obtained (and, if five quotations are provided, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)); and

20

(4) if fewer than two quotations are so provided pursuant to clause (3) above, then the Federal Funds Rate (Daily) as of such Federal Funds Rate (Daily) Determination Date will be the Federal Funds Rate (Daily) determined for the immediately preceding Reset Date. If the applicable Reset Date is the first Reset Date, then the rate of interest payable for the new Interest Rate Period will be the initial interest rate.

(j) Fixed/Variable Rate Debt Securities

Fixed/Variable Rate Debt Securities shall bear interest at a single fixed rate for one or more specified periods and at a rate determined by reference to one or more Indices, or otherwise, for one or more other specified periods. Fixed/Variable Rate Debt Securities also may bear interest at a rate that Freddie Mac may elect to convert from a fixed rate to a variable rate or from a variable rate to a fixed rate, if so provided in the applicable Supplemental Agreement.

If Freddie Mac may convert the interest rate on a Fixed/Variable Rate Debt Security from a fixed rate to a variable rate, or from a variable rate to a fixed rate, accrued interest for each Interest Payment Period may be calculated using an accrued interest factor in the manner described in Section 2.07(i)(E).

(k) Zero Coupon Debt Securities

Zero Coupon Debt Securities shall not bear interest.

(l) Amortizing Debt Securities

Amortizing Debt Securities are those on which Freddie Mac makes periodic payments of principal during the terms of such Debt Securities as described in the related Supplemental Agreement. Amortizing Debt Securities may bear interest at fixed or variable rates.

(m) Debt Securities with Variable Principal Repayment Amounts

Variable Principal Repayment Amount Debt Securities are those on which the amount of principal payable is determined with reference to an Index specified in the related Supplemental Agreement.

(n) Mortgage Linked Amortizing Debt Securities

Mortgage Linked Amortizing Debt Securities are Amortizing Debt Securities on which Freddie Mac makes periodic payments of principal based on the rate of payments on referenced mortgage or mortgage-related assets, as described in the related Supplemental Agreement. Mortgage Linked Amortizing Debt Securities may bear interest at fixed or variable rates.

(o) Range Accrual Debt Securities

Range Accrual Debt Securities are Variable Rate Debt Securities on which no interest may accrue during periods when the applicable Index is outside a specified range as described in the related Supplemental Agreement.

(p) Extendible Variable Rate Debt Securities

Extendible Variable Rate Debt Securities’ are Variable Rate Debt Securities, the maturity of which may be extended at a Beneficial Owner’s option effective as of specified dates, subject to a final maturity date, and that bear interest at variable rates subject to different Spreads for different specified periods, as described in the related Supplemental Agreement.

21

Section 2.08. Business Day Convention.

Unless otherwise specified in the applicable Supplemental Agreement, in any case in which an Interest Payment Date or Principal Payment Date is not a Business Day, payment of any interest on or the principal of the Debt Securities shall not be made on such date but shall be made on the next Business Day with the same force and effect as if made on such Interest Payment Date or Principal Payment Date, as the case may be. Unless otherwise provided in the applicable Supplemental Agreement, no interest on such payment shall accrue for the period from and after such Interest Payment Date or Principal Payment Date, as the case may be, to the actual date of such payment.

Section 2.09. Reopened Issues and Repurchases.

Freddie Mac reserves the right, in its discretion and at any time, to offer additional Debt Securities which have the same terms (other than Issue Date, interest commencement date and issue price) and conditions as Debt Securities for which settlement has previously occurred or been scheduled so as to form a single series of Debt Securities as specified in the applicable Supplemental Agreement.

Freddie Mac reserves the right, in its discretion and at any time, to purchase Debt Securities or otherwise acquire (either for cash or in exchange for securities) some or all of an issue of Debt Securities at any price or prices in the open market or otherwise. Such Debt Securities may be held, resold or canceled by Freddie Mac.

Section 2.10. No Acceleration Rights

The Debt Securities shall not contain any provision permitting the Holders to accelerate the maturity of the Debt Securities upon the occurrence of a default or other event.

ARTICLE III

Form; Clearance and Settlement Procedures

Section 3.01. Form of Fed Book-Entry Debt Securities.

(a) General

Fed Book-Entry Debt Securities shall be issued and maintained only on the Fed Book-Entry System. Fed Book-Entry Debt Securities shall not be exchangeable for definitive Debt Securities. The Book-Entry Rules are applicable to Fed Book-Entry Debt Securities.

(b) Title

Fed Book-Entry Debt Securities shall be held of record only by Holding Institutions. Such entities whose names appear on the book-entry records of a Federal Reserve Bank as the entities to whose accounts Fed Book-Entry Debt Securities have been deposited shall be the Holders of such Fed Book-Entry Debt Securities. The rights of the Beneficial Owner of a Fed Book-Entry Debt Security with respect to Freddie Mac and the Federal Reserve Banks may be exercised only through the Holder of the Fed Book-Entry Debt Security. Freddie Mac and the Federal Reserve Banks shall have no direct obligation to a Beneficial Owner of a Fed Book-Entry Debt Security that is not also the Holder of the Fed Book-Entry Debt Security. The Federal Reserve Banks shall act only upon the instructions of the Holder in recording transfers of a Debt Security maintained on the Fed Book-Entry System. Freddie Mac and the Federal Reserve Banks may treat the Holders as the absolute owners of Fed Book-Entry Debt Securities for the purpose of making payments in respect thereof and for all other purposes, whether or not such Fed Book-Entry Debt Securities shall be overdue and notwithstanding any notice to the contrary.

22

The Holders and each other financial intermediary holding such Fed Book-Entry Debt Securities directly or indirectly on behalf of the Beneficial Owners shall have the responsibility of remitting payments for the accounts of their customers. All payments on Fed Book-Entry Debt Securities shall be subject to any applicable law or regulation.

(c) Fiscal Agent

The FRBNY shall be the Fiscal Agent for Fed Book-Entry Debt Securities.

In acting under the Fiscal Agency Agreement, the FRBNY shall act solely as Fiscal Agent of Freddie Mac and does not assume any obligation or relationship of agency or trust for or with any Holder of a Fed Book-Entry Debt Security.

Section 3.02. Form of Registered Debt Securities.

(a) General

As specified in the applicable Supplemental Agreement, Registered Debt Securities shall be deposited with (i) a custodian for, and registered in the name of a nominee of, DTC, or (ii) a Common Depositary, and registered in the name of such Common Depositary or a nominee of such Common Depositary.

(b) Title

The person in whose name a Registered Debt Security is registered in the Register shall be the Holder of such Registered Debt Security. Beneficial interests in a Registered Debt Security shall be represented, and transfers thereof shall be effected, only through book-entry accounts of financial institutions acting on behalf of the Beneficial Owners of such Registered Debt Security, as a direct or indirect participant in the applicable clearing system for such Registered Debt Security.

Freddie Mac, the Global Agent and the Registrar may treat the Holders as the absolute owners of Registered Debt Securities for the purpose of making payments and for all other purposes, whether or not such Registered Debt Securities shall be overdue and notwithstanding any notice to the contrary. Owners of beneficial interests in a Registered Debt Security shall not be considered by Freddie Mac, the Global Agent or the Registrar as the owner or Holder of such Registered Debt Security and, except as provided in Section 4.02(a), shall not be entitled to have Debt Securities registered in their names and shall not receive or be entitled to receive definitive Debt Securities. Any Beneficial Owner shall rely on the procedures of the applicable clearing system and, if such Beneficial Owner is not a participant therein, on the procedures of the participant through which such Beneficial Owner holds its interest, to exercise any rights of a Holder of such Registered Debt Securities.

Payments by DTC participants to Beneficial Owners of DTC Registered Debt Securities held through DTC participants shall be the responsibility of such participants. Payments with respect to Other Registered Debt Securities held through Euroclear, Clearstream, Luxembourg or any other applicable clearing system shall be credited to Euroclear participants, Clearstream, Luxembourg participants or participants of any other applicable clearing system in accordance with the relevant system’s rules and procedures.

(c) Global Agent

In acting under the Global Agency Agreement, the Global Agent acts solely as a fiscal agent of Freddie Mac and does not assume any obligation or relationship of agency or trust for or with any Holder of a Registered Debt Security, except that any moneys held by the Global Agent for payment on a Registered Debt Security shall be held in trust for the Holder as provided in the Global Agency Agreement.

23

(d) Registrar

In acting under the Global Agency Agreement, the Registrar does not assume any obligation or relationship of agency or trust for, or with, any Holder of a Registered Debt Security.

Section 3.03. Clearance and Settlement Procedures.

(a) General

Unless otherwise provided in the applicable Supplemental Agreement:

(i) Most Debt Securities denominated and payable in U.S. dollars and distributed within the United States shall clear and settle through the Fed Book-Entry System.

(ii) Most Debt Securities denominated and payable in U.S. dollars and distributed simultaneously within and outside of the United States, including all Reference Securities, shall clear and settle, within the United States, through the Fed Book-Entry System and, outside of the United States, through the systems operated by Euroclear, Clearstream, Luxembourg and/or any other designated clearing system.

(iii) Debt Securities denominated or payable in a Specified Currency other than U.S. dollars (and Debt Securities denominated and payable in U.S. dollars that are not cleared and settled in accordance with clause (i) and (ii) above and distributed solely within the United States will clear and settle through the system operated by DTC.

(iv) Debt Securities denominated or payable in a Specified Currency other than U.S. dollars (and Debt Securities denominated and payable in U.S. dollars that are not cleared and settled in accordance with clauses (i) and (ii) above) and distributed simultaneously within and outside of the United States shall clear and settle through the systems operated by DTC, Euroclear, Clearstream, Luxembourg and/or any other designated clearing system.

(v) Debt Securities, irrespective of the Specified Currency in which such Debt Securities are denominated or payable, distributed solely outside of the United States shall clear and settle through the systems operated by Euroclear, Clearstream, Luxembourg and/or any other designated clearing system or, in certain cases, DTC.

(b) Primary Distribution

(i) General. On initial issue, Debt Securities shall be credited through one or more of the systems specified below or any other system specified in the applicable Supplemental Agreement.

(ii) Federal Reserve Banks. Fed Book-Entry Debt Securities shall be issued and settled through the Fed-Book-Entry System in same-day funds and shall be held by designated Holding Institutions. After initial issue, all Fed Book-Entry Debt Securities shall continue to be held by such Holding Institutions in the Fed Book-Entry System unless arrangements are made for the transfer thereof to another Holding Institution. Fed Book-Entry Debt Securities shall not be exchangeable for definitive Debt Securities.

(iii) DTC. DTC participants acting on behalf of investors holding DTC Registered Debt Securities through DTC shall follow the delivery practices applicable to securities eligible for DTC’s Same-Day Funds Settlement System. DTC Registered Debt Securities shall be credited to DTC participants’ securities accounts following confirmation of receipt of payment to Freddie Mac on the relevant Issue Date.

(iv) Euroclear and Clearstream, Luxembourg. Investors holding Other Registered Debt Securities through Euroclear, Clearstream, Luxembourg or such other clearing system shall follow the settlement

24

procedures applicable to conventional Eurobonds in registered form. Such Other Registered Debt Securities shall be credited to Euroclear, Clearstream, Luxembourg or such other clearing system participants’ securities accounts either on the relevant Issue Date or on the settlement day following the relevant Issue Date against payment in same-day funds (for value on the relevant Issue Date).

(c) Secondary Market Transfers

(i) Fed Book-Entry Debt Securities. Transfers of Fed Book-Entry Debt Securities shall take place only in book-entry form on the Fed Book-Entry System. Such transfers shall occur between Holding Institutions in accordance with the rules of the Fed Book-Entry System.

(ii) Registered Debt Securities. Transfers of beneficial interests in Registered Debt Securities within the various systems that may be clearing and settling interests therein shall be made in accordance with the usual rules and operating procedures of the relevant system applicable to the Registered Debt Securities and the nature of the transfer.

(iii) Freddie Mac shall not bear responsibility for the performance by any system or the performance of the system’s respective direct or indirect participants or accountholders of the respective obligations of such participants or account holders under the rules and procedures governing such system’s operations.

ARTICLE IV

Payments, Exchange for Definitive Debt Securities

Section 4.01. Payments.

(a) Payments on Fed Book-Entry Debt Securities

Payments of principal of and any interest on Fed Book-Entry Debt Securities shall be made in U.S. dollars (except as otherwise provided in the applicable Supplemental Agreement) on the applicable payment dates to Holders thereof as of the end of the Business Day preceding each such payment date. Payments on Fed Book-Entry Debt Securities shall be made by credit of the payment amount to the Holders’ accounts at the relevant Federal Reserve Bank. All payments to or upon the order of a Holder shall be valid and effective to discharge the liability of Freddie Mac and the Fiscal Agent in respect of the related Fed Book-Entry Debt Securities.

(b) Payments on Registered Debt Securities

(i) Payments in respect of Registered Debt Securities shall be made in immediately available funds to DTC, Euroclear, Clearstream, Luxembourg or any other applicable clearing system, or their respective nominees, as the case may be, as the Holders thereof. Except as provided in Article VII hereof, such payments shall be made in the Specified Payment Currency. All payments to or upon the order of the Holder of a Registered Debt Security shall be valid and effective to discharge the liability of Freddie Mac in respect of such Registered Debt Security. Ownership positions within each system shall be determined in accordance with the normal conventions observed by such system. Freddie Mac, the Global Agent and the Registrar shall not have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Registered Debt Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

(ii) Interest on a Registered Debt Security shall be paid on the applicable Interest Payment Date. Such interest payment shall be made to the Holder of such Registered Debt Security as of the close of business on the related Record Date. The first payment of interest on any Registered Debt Security originally issued between a Record Date and the related Interest Payment Date shall be made on the Interest Payment Date following the next Record Date to the Holder on such next Record Date. The principal of

25

each Registered Debt Security, together with accrued and unpaid interest thereon, shall be paid to the Holder thereof against presentation and surrender of such Registered Debt Security.

(iii) All payments on Registered Debt Securities are subject to any applicable law or regulation. If a payment outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions, payments in respect of the related Registered Debt Securities shall be made at the office of any paying agent in the United States.

Section 4.02. Exchange for Definitive Debt Securities.

In the event that Freddie Mac issues definitive Debt Securities in exchange for Registered Debt Securities issued in global form, such definitive Debt Securities shall have terms identical to the Registered Debt Securities for which they were exchanged except as described below.

(a) Issuance of Definitive Debt Securities

Unless otherwise provided in the applicable Supplemental Agreement, beneficial interests in Registered Debt Securities issued in global form shall be subject to exchange for definitive Debt Securities only if such exchange is permitted by applicable law and (i) in the case of a DTC Registered Debt Security, DTC notifies Freddie Mac that it is no longer willing or able to discharge properly its responsibilities as depositary with respect to such DTC Registered Debt Security, or ceases to be a “clearing agency” registered under the Securities Exchange Act of 1934 (if so required), or is at any time no longer eligible to act as such, and in each case Freddie Mac is unable to locate a successor within 90 calendar days of receiving notice of such ineligibility on the part of DTC; or (ii) in the case of any Other Registered Debt Security, if all of the systems through which it is cleared or settled are closed for business for a continuous period of 14 calendar days (other than by reason of holidays, statutory or otherwise) or are permanently closed for business or have announced an intention permanently to cease business and in any such situations Freddie Mac is unable to locate a single successor within 90 calendar days of such closure. In such circumstances, Freddie Mac shall cause sufficient definitive Debt Securities to be executed and delivered as soon as practicable (and in any event within 45 calendar days of Freddie Mac’s receiving notice of the occurrence of such circumstances) to the Global Agent or its agent for completion, authentication and delivery to the relevant registered holders of such definitive Debt Securities. A person having an interest in a DTC Registered Debt Security or Other Registered Debt Security issued in global form shall provide Freddie Mac or the Global Agent with a written order containing instructions and such other information as Freddie Mac or the Global Agent may require to complete, execute and deliver such definitive Debt Securities in authorized denominations.

(b) Title

The person in whose name a definitive Debt Security is registered in the Register shall be the “Holder” of such definitive Debt Security. Freddie Mac, the Global Agent and the Registrar may treat the Holders as the absolute owners of definitive Debt Securities for the purpose of making payments and for all other purposes, whether or not such definitive Debt Securities shall be overdue and notwithstanding any notice to the contrary.

(c) Payments

Interest on a definitive Debt Security shall be paid on the applicable Interest Payment Date. Such interest payments shall be made by check mailed to the Holder thereof at the close of business on the Record Date preceding such Interest Payment Date at such Holder’s address appearing in the Register. The principal of each definitive Debt Security, together with accrued and unpaid interest thereon, shall be due on the Principal Payment Date (subject to the right of the Holder thereof on the related Record Date to receive interest due on an Interest Payment Date that is on or prior to such Principal Payment Date) and shall be paid against presentation and surrender of such definitive Debt Security at the offices of the Global Agent or other paying agent. Payments on the Principal Payment Date shall be made by check provided at the appropriate office of the

26

Global Agent or other paying agent or mailed by the Global Agent to the Holder of such definitive Debt Security. U.S. dollar checks shall be drawn on a bank in the United States. Checks in a Specified Payment Currency other than U.S. dollars shall be drawn on a bank office located outside the United States.

Notwithstanding the provisions described in the preceding paragraph relating to payments by check, the Holder of an aggregate principal amount of at least $10,000,000 of an issue of Debt Securities of which definitive Debt Securities form a part (or, in the case of a definitive Debt Security denominated in a Specified Currency other than U.S. dollars, the Specified Currency equivalent of at least $10,000,000) may elect to receive payments thereon by wire transfer of immediately available funds in the Specified Payment Currency to an account in such Specified Payment Currency with a bank designated by such Holder that is acceptable to Freddie Mac; provided, that such bank has appropriate facilities therefor and accepts such transfer and such transfer is permitted by any applicable law or regulation and will not subject Freddie Mac to any liability, requirement or unacceptable charge. In order for such Holder to receive such payments, the relevant paying agent (including the Global Agent) must receive at its office from such Holder (i) in the case of payments on an Interest Payment Date, a written request therefor not later than the close of business (a) on the related Record Date in the case of a definitive Debt Security or (b) 15 days prior to such Interest Payment Date in the case of a Registered Debt Security issued in the global form; or (ii) in the case of payments on the Principal Payment Date, a written request therefor not later than the close of business on the date 15 days prior to such Principal Payment Date and the related definitive Debt Security not later than two Business Days prior to such Principal Payment Date. Such written request must be delivered to the relevant paying agent (including the Global Agent) by mail, by hand delivery or by tested or authenticated telex. Any such request shall remain in effect until the relevant paying agent receives written notice to the contrary.

All payments on definitive Debt Securities shall be subject to any applicable law or regulation. If a payment outside the United States is illegal or effectively precluded by exchange controls or similar restrictions, payments in respect of the related definitive Debt Securities may be made at the office of any paying agent in the United States.

(d) Partial Redemption

Definitive Debt Securities subject to redemption in part by Freddie Mac shall be selected by the Global Agent by lot or in such other manner as the Global Agent deems fair and appropriate, subject to the requirement that the principal amount of each outstanding definitive Debt Security after such redemption is in an authorized denomination.

(e) Transfer and Exchange

Definitive Debt Securities shall be presented for registration of transfer or exchange (with the form of transfer included thereon properly endorsed, or accompanied by a written instrument of transfer, with such evidence of due authorization and guaranty of signature as may be required by the Registrar, duly executed) at the office of the Registrar or any other transfer agent upon payment of any taxes and other governmental charges and other amounts, but without payment of any service charge to the Registrar or such transfer agent for such transfer or exchange. A transfer or exchange shall not be effective unless, and until, recorded in the Register.

A transfer or exchange of a definitive Debt Security shall be effected upon satisfying the Registrar with regard to the documents and identity of the person making the request and subject to such reasonable regulations as Freddie Mac may from time to time agree with the Registrar. Such documents may include forms prescribed by U.S. tax authorities to establish the applicability of, or the exemption from, withholding or other taxes regarding the transferee Holder. Definitive Debt Securities may be transferred or exchanged in whole or in part only in the authorized denominations of the DTC Registered Debt Securities or Other Registered Debt Securities issued in global form for which they were exchanged. In the case of a transfer of a definitive Debt

27

Security in part, a new definitive Debt Security in respect of the balance not transferred shall be issued to the transferor. In addition, replacement of mutilated, destroyed, stolen or lost definitive Debt Securities also is subject to the conditions discussed above with respect to transfers and exchanges generally. Each new definitive Debt Security to be issued upon transfer of such a definitive Debt Security, as well as the definitive Debt Security issued in respect of the balance not transferred, shall be mailed to such address as may be specified in the form or instrument of transfer at the risk of the Holder entitled thereto in accordance with the customary procedures of the Registrar.

ARTICLE V

Secured Debt Securities

If so provided in the applicable Supplemental Agreement, the indebtedness represented by certain Debt Securities shall be secured obligations of Freddie Mac. In such event, the description of the security interest and the terms of the grant of the security interest shall be set forth in the applicable Supplemental Agreement.

Social Debt Securities

If so provided in the applicable Supplemental Agreement, Freddie Mac shall designate certain Debt Securities as Social Debt Securities. Freddie Mac shall allocate the net proceeds of any Social Debt Securities in accordance with the Freddie Mac Single-Family Social MBS and Corporate Social Debt Bonds Framework published on Freddie Mac’s website, currently at https://capitalmarkets.freddiemac.com/mbs/docs/Freddie_Mac_SF_Social_MBS_and_Corporate_Social_Debt_Bonds_Framework.pdf.

ARTICLE VI

Currency Conversions

Section 6.01. Currency Conversions for DTC Registered Debt Securities.

(a) In the case of DTC Registered Debt Securities whose Specified Payment Currency is other than U.S. dollars, the Currency Exchange Bank specified in the applicable Supplemental Agreement, for Holders of such DTC Registered Debt Securities, shall convert any amounts paid by Freddie Mac in such Specified Payment Currency into U.S. dollars, unless such Holders elect to receive payments in such Specified Payment Currency as hereinafter described. Freddie Mac shall have no responsibility for the conversion of the Specified Payment Currency for such DTC Registered Debt Securities into U.S. dollars.

(b) The U.S. dollar amount to be received by a Holder of a DTC Registered Debt Security in respect of which payments are to be converted from the Specified Payment Currency into U.S. dollars shall be determined by the Currency Exchange Bank in the morning of the day that would be considered the date for “spot” settlement of the Specified Payment Currency on the applicable payment date in accordance with market convention (generally two New York business days prior to such payment date) at the market rate determined by the Currency Exchange Bank to accomplish the conversion on such payment date of the aggregate amount of the Specified Payment Currency payable in respect of DTC Registered Debt Securities scheduled to receive payments converted into U.S. dollars. All currency exchange costs shall be borne by the Holders of such DTC Registered Debt Securities (and, accordingly, by the related Beneficial Owners) by deductions from such payments. In the event all or any portion of a Specified Payment Currency is not convertible into U.S. dollars, Holders of such DTC Registered Debt Securities shall receive payment in the Specified Payment Currency.

(c) A Holder of a DTC Registered Debt Security to be paid in a Specified Payment Currency other than U.S. dollars shall have the option to receive payments of the principal of and any interest on such DTC Registered Debt Security in the Specified Payment Currency by notifying DTC no later than the date 12 days prior to such Principal Payment Date or Interest Payment date, as applicable.

28

ARTICLE VII

Miscellaneous Provisions

Section 7.01. Limitations on Liability of Freddie Mac and Others.

Neither Freddie Mac nor any of its directors, officers, employees or agents shall be under any liability to the Holders or Beneficial Owners for any action taken, or not taken, by them in good faith under this Agreement or for errors in judgment. This provision will not protect Freddie Mac or any other related person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence or by reason of reckless disregard of obligations and duties under this Agreement. Freddie Mac and such related persons shall have no liability of whatever nature for special, indirect or consequential damages, lost profits or business, or any other liability or claim (other than for direct damages), even if reasonably foreseeable or Freddie Mac has been advised of the possibility of such loss, damage, liability or claim.

In performing its responsibilities under this Agreement, Freddie Mac may employ agents or independent contractors. Freddie Mac shall not be subject to the control of Holders in any manner in the discharge of its responsibilities pursuant to this Agreement.

Freddie Mac shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its responsibilities under this Agreement and which in its opinion may involve it in any expense or liability. However, Freddie Mac may in its discretion undertake any such legal action which it may deem necessary or desirable in the interests of the Holders. In such event, the legal expenses and costs of such action shall be expenses and costs of Freddie Mac.

Section 7.02. Binding Effect of this Agreement.

(a) By receiving and accepting a Debt Security, each Holder, financial intermediary and Beneficial Owner of such Debt Security unconditionally agrees, without any signature or further manifestation of assent, to be bound by the terms and conditions of this Agreement, as supplemented, modified or amended pursuant to its terms.

(b) This Agreement shall be binding upon and inure to the benefit of any successor to Freddie Mac.

Section 7.03. Replacement.

Any Registered Debt Security in definitive form that becomes mutilated, destroyed, stolen or lost shall be replaced by Freddie Mac at the expense of the Holder upon delivery to the Global Agent of evidence of the destruction, theft or loss thereof, and an indemnity satisfactory to Freddie Mac and the Global Agent. Upon the issuance of any substituted Registered Debt Security, Freddie Mac or the Global Agent may require the payment by the Holder of a sum sufficient to cover any taxes and expenses connected therewith.

Section 7.04. Conditions to Payment, Transfer or Exchange.

Freddie Mac, its agent or any other person potentially required to withhold with respect to payments on a Debt Security shall have the right to require a Holder of a Debt Security, as a condition to payment of principal of or interest on such Debt Security, or as a condition to transfer or exchange of such Debt Security, to present at such place as Freddie Mac, its agent or such other person shall designate a certificate in such form as Freddie Mac, its agent or such other person may from time to time prescribe, to enable Freddie Mac, its agent or such other person to determine its duties and liabilities with respect to (i) any taxes, assessments or governmental charges which Freddie Mac, any Federal Reserve Bank, the Global Agent or such other person, as the case may be, may be required to deduct or withhold from payments in respect of such Debt Security under any present or future law of the United States or jurisdiction therein or any regulation or interpretation of any taxing authority thereof; and (ii) any reporting or other requirements under such laws, regulations or interpretations. Freddie

29

Mac, its agent or such other person shall be entitled to determine its duties and liabilities with respect to such deduction, withholding, reporting or other requirements on the basis of information contained in such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law, regulation or interpretation, and shall be entitled to act in accordance with such determination.

Section 7.05. Amendment.

(a) Freddie Mac may modify, amend or supplement this Agreement and the terms of an issue of Debt Securities, without the consent of the Holders or Beneficial Owners, (i) to cure any ambiguity, or to correct or supplement any defective provision or to make any other provision with respect to matters or questions arising under this Agreement or the terms of any Debt Security that are not inconsistent with any other provision of this Agreement or the Debt Security; (ii) to add to the covenants of Freddie Mac for the benefit of the Holders or surrender any right or power conferred upon Freddie Mac; (iii) to evidence the succession of another entity to Freddie Mac and its assumption of the covenants of Freddie Mac; (iv) to conform the terms of an issue of Debt Securities or cure any ambiguity or discrepancy resulting from any changes in the Book-Entry Rules or any regulation or document that are applicable to book-entry securities of Freddie Mac; (v) to increase the amount of an issue of Debt Securities as contemplated under Section 2.09; or (vi) in any other manner that Freddie Mac may determine and that will not adversely affect in any material respect the interests of Holders or Beneficial Owners at the time of such modification, amendment or supplement.

(b) In addition, either (i) with the written consent of the Holders of at least 50% of the aggregate then outstanding principal amount or notional principal amount of an issue of Debt Securities affected thereby, excluding any such Debt Securities owned by Freddie Mac; or (ii) by the adoption of a resolution at a meeting of Holders at which a quorum is present, by the Holders of at least 50% of the aggregate then outstanding principal amount or notional principal amount of an issue of Debt Securities represented at such meeting, excluding any such Debt Securities owned by Freddie Mac, Freddie Mac may from time to time and at any time modify, amend or supplement the terms of an issue of Debt Securities for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of such Debt Securities or modifying in any manner the rights of the Holders; provided, however, that no such modification, amendment or supplement may, without the written consent or affirmative vote of each Holder of a Debt Security; (A) change the Maturity Date or any Interest Payment Date of such Debt Security; (B) materially modify the redemption or repayment provisions, if any, relating to the redemption or repayment price of, or any redemption or repayment date or period for, such Debt Security; (C) reduce the principal amount of, delay the principal payment of, or materially modify the rate of interest or the calculation of the rate of interest on, such Debt Security; (D) in the case of Registered Debt Securities only, change the Specified Payment Currency of such Registered Debt Security; or (E) reduce the percentage of Holders whose consent or affirmative vote is necessary to modify, amend or supplement the terms of the relevant issue of Debt Securities. A quorum at any meeting of Holders called to adopt a resolution shall be Holders entitled to vote a majority of the then aggregate outstanding principal amount or notional principal amount of an issue of such Debt Securities called to such meeting and, at any reconvened meeting adjourned for lack of a quorum, 25% of the then aggregate outstanding principal amount or notional principal amount of such issue of Debt Securities, in both cases excluding any such Debt Securities owned by Freddie Mac. It shall not be necessary for the Holders to approve the particular form of any proposed amendment, but it shall be sufficient if such consent or resolution approves the substance of such change. If any modification, amendment or supplement of the terms of an issue of Debt Securities that have been separated into Interest and Principal Components requires the consent of Holders, only the Holders of the Principal Components will be entitled to give or withhold that consent. Holders of Interest Components will have no right to give or withhold such consent.

(c) The “principal amount,” for purposes of the preceding paragraph, for a Debt Security that is a Zero Coupon Debt Security issued at a discount or for a Debt Security issued at an “issue price” of 80% or less of its principal amount will be equal to (i) the issue price of such Debt Security; plus (ii) the original issue discount

30

that has accrued from the Issue Date of such Debt Security to the OID Determination Date; minus (iii) any amount considered as part of the “stated redemption price at maturity” of such Debt Security that has been paid from the Issue Date of such Debt Security to the OID Determination Date.

The “principal amount,” for purposes of the second preceding paragraph, of a Debt Security whose Specified Principal Currency is other than U.S. dollars will be the U.S. dollar equivalent, determined on the Issue Date, of the principal amount (or, in the case of the Debt Securities referred to in the preceding paragraph, the amount determined in accordance with the provisions described in such preceding paragraph) of such Debt Security. The “principal amount” of a Debt Security with principal determined by reference to an Index will be described in the applicable Supplemental Agreement. The “principal amount” of a Debt Security with principal determined by reference to an Index will be described in the applicable Supplemental Agreement.

(d) Freddie Mac may establish a record date for the determination of Holders entitled to vote at any meeting of Holders of Debt Securities, to grant any consent in respect of Debt Securities and to notice with respect to any such meeting or consent.

(e) Any instrument given by or on behalf of any Holder of a Debt Security in connection with any consent to any such modification, amendment or supplement shall be irrevocable once given and shall be conclusive and binding on all subsequent Holders of such Debt Security or any Debt Security issued, directly or indirectly, in exchange or substitution therefor, irrespective of whether or not notation in regard thereto is made thereon. Any modification, amendment or supplement of this Agreement or of the terms of Debt Securities shall be conclusive and binding on all Holders of Debt Securities affected thereby, whether or not they have given such consent or were present at any meeting (unless by the terms of this Agreement a written consent or an affirmative vote of such Holders is required), and whether or not notation of such modification, amendment or supplement is made upon the Debt Securities.

Section 7.06. Securities Acquired by Freddie Mac.

Freddie Mac may, from time to time, repurchase or otherwise acquire (either for cash or in exchange for newly-issued Debt Securities) all or a portion of any issue of Debt Securities. Any Debt Securities owned by Freddie Mac shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority or distinction as among such Debt Securities, except that in determining whether the Holders of the required percentage of the outstanding principal amount (or notional principal amount) of an issue of Debt Securities have given any required demand, authorization, notice, consent or waiver under this Agreement, any Debt Securities owned by Freddie Mac or any person directly or indirectly controlling or controlled by or under direct or indirect common control with Freddie Mac shall be disregarded and deemed not to be outstanding for the purpose of such determination.

Section 7.07. Notice.

(a) Any notice, demand or other communication which by any provision of this Agreement is required or permitted to be given to or served upon any Holder may be given or served in writing by deposit thereof, postage prepaid, in the mail, addressed to such Holder as such Holder’s name and address may appear in the records of Freddie Mac, a Federal Reserve Bank or the Registrar, as the case may be, or, in the case of a Holder of a Fed Book-Entry Debt Security by transmission to such Holder through the communication system linking the Federal Reserve Banks, or, in the case of a Holder of a Debt Security maintained on DTC, by transmission to such Holder through the DTC communication system. In the event that the Federal Reserve Banks’ communication system and/or the DTC communication system is unavailable, Freddie Mac may give notice to a Holder by making use of an alternate comparable communication system, platform or service. Such notice, demand or other communication to or upon any Holder shall be deemed to have been sufficiently given or made, for all purposes, upon mailing or transmission.

31

(b) Any notice, demand or other communication which by any provision of this Agreement is required or permitted to be given to or served upon Freddie Mac shall be given in writing addressed (until another address is published by Freddie Mac) as follows: Federal Home Loan Mortgage Corporation, 8200 Jones Branch Drive, McLean, Virginia 22102 Attention: General Counsel and Secretary. Such notice, demand or other communication to or upon Freddie Mac shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by Freddie Mac.

Section 7.08. Governing Law.

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE HOLDERS AND FREDDIE MAC WITH RESPECT TO THE DEBT SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE UNITED STATES. INSOFAR AS THERE MAY BE NO APPLICABLE PRECEDENT, AND INSOFAR AS TO DO SO WOULD NOT FRUSTRATE THE PURPOSES OF THE FREDDIE MAC ACT OR ANY PROVISION OF THIS AGREEMENT OR THE TRANSACTIONS GOVERNED THEREBY, THE LAWS OF THE STATE OF NEW YORK SHALL BE DEEMED REFLECTIVE OF THE LAWS OF THE UNITED STATES.

Section 7.09. Headings.

The Article, Section and Subsection headings are for convenience only and shall not affect the construction of this Agreement.

FEDERAL HOME LOAN MORTGAGE CORPORATION

32

EX-31.1

Exhibit 31.1

CERTIFICATION

PURSUANT TO SECURITIES EXCHANGE ACT RULE 13a-14(a)

I, Michael J. DeVito, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 of the Federal Home Loan Mortgage Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2023

/s/ Michael J. DeVito

Michael J. DeVito

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

PURSUANT TO SECURITIES EXCHANGE ACT RULE 13a-14(a)

I, Christian M. Lown, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 of the Federal Home Loan Mortgage Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2023

/s/ Christian M. Lown

Christian M. Lown

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 of the Federal Home Loan Mortgage Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael J. DeVito, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2023

/s/ Michael J. DeVito

Michael J. DeVito

Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 of the Federal Home Loan Mortgage Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christian M. Lown, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2023

/s/ Christian M. Lown

Christian M. Lown

Executive Vice President and Chief Financial Officer

XML

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 11, 2023
Cover [Abstract]
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Entity File Number	001-34139
Entity Registrant Name	Federal Home Loan Mortgage Corporation
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-0904874
Entity Address, Address Line One	8200 Jones Branch Drive
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-3110
City Area Code	(703)
Local Phone Number	903-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		650,059,553
Entity Central Index Key	0001026214
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net interest income
Interest income	$ 24,987	$ 17,740
Interest expense	(20,486)	(13,636)
Net interest income	4,501	4,104
Non-interest income
Guarantee income	466	70
Investment gains, net	(225)	1,513
Other income	85	159
Non-interest income	326	1,742
Net revenues	4,827	5,846
(Provision) benefit for credit losses	(395)	837
Non-interest expense
Salaries and employee benefits	(374)	(356)
Credit enhancement expense	(530)	(459)
Benefit for (decrease in) credit enhancement recoveries	49	(17)
Legislative assessments expense	(735)	(759)
Other expense	(342)	(341)
Non-interest expense	(1,932)	(1,932)
Income before income tax expense	2,500	4,751
Income tax expense	(505)	(953)
Net income	1,995	3,798
Other comprehensive income (loss), net of taxes and reclassification adjustments
Other comprehensive income (loss), net of taxes and reclassification adjustments	54	(120)
Comprehensive income	2,049	3,678
Net income	1,995	3,798
Amounts attributable to senior preferred stock	(2,049)	(3,678)
Net income attributable to common stockholders	$ (54)	$ 120
Net income (loss) per common share - basic (in dollars per share)	$ (0.02)	$ 0.04
Net income (loss) per common share - diluted (in dollars per share)	$ (0.02)	$ 0.04
Weighted average common shares outstanding - basic (in shares)	3,234,000	3,234,000
Weighted average common shares outstanding - diluted (in shares)	3,234,000	3,234,000

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Cash and cash equivalents (includes $834 and $707 of restricted cash and cash equivalents)	$ 5,873	$ 6,360
Securities purchased under agreements to resell	108,036	87,295
Investments in securities, at fair value	37,712	38,701
Mortgage loans held-for-sale (includes $2,926 and $3,218 at fair value)	12,782	12,197
Mortgage loans held-for-investment (net of allowance for credit losses of $7,835 and $7,391 and includes $1,238 and $1,214 at fair value)	3,024,249	3,022,318
Accrued interest receivable, net	8,662	8,529
Deferred tax assets, net	5,329	5,777
Other assets (includes $5,982 and $5,890 at fair value)	22,337	27,156
Total assets	3,224,980	3,208,333
Liabilities
Accrued interest payable	7,507	7,309
Debt (includes $2,811 and $3,047 at fair value)	3,167,514	3,145,832
Other liabilities (includes $894 and $759 at fair value)	10,892	18,174
Total liabilities	3,185,913	3,171,315
Equity
Senior preferred stock (liquidation preference of $109,666 and $107,878)	72,648	72,648
Preferred stock, at redemption value	14,109	14,109
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and 650,059,553 shares outstanding	0	0
Retained earnings	(43,671)	(45,666)
AOCI, net of taxes, related to:
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax	(32)	(84)
Accumulated Other Comprehensive (Income) Loss, Other, after Tax	(102)	(104)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total	(134)	(188)
Treasury stock, at cost, 75,804,333 shares	(3,885)	(3,885)
Total equity	39,067	37,018
Total liabilities and equity	3,224,980	3,208,333
Held by consolidated trusts
Assets [Abstract]
Cash and cash equivalents (includes $834 and $707 of restricted cash and cash equivalents)	741	611
Securities purchased under agreements to resell	10,881	9,703
Investments in securities, at fair value	113	126
Mortgage loans held-for-investment (net of allowance for credit losses of $7,835 and $7,391 and includes $1,238 and $1,214 at fair value)	2,977,998	2,971,601
Accrued interest receivable, net	8,083	7,944
Other assets (includes $5,982 and $5,890 at fair value)	5,925	5,019
Total assets	3,003,741	2,995,004
Liabilities
Accrued interest payable	6,779	6,619
Debt (includes $2,811 and $3,047 at fair value)	2,987,050	2,979,070
Total liabilities	$ 2,993,829	$ 2,985,689

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Restricted cash and cash equivalents	$ 834	$ 707
Mortgage loans held-for-sale, fair value	2,926	3,218
Mortgage Loans	1,238	1,214
Allowance for credit losses	7,835	7,391
Other assets, fair value	5,982	5,890
Equity
Senior preferred stock, liquidation preference	$ 109,666	$ 107,878
Common stock, par value (in dollars per share)	$ 0.00	$ 0.00
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	725,863,886	725,863,886
Common stock, shares outstanding	650,059,553	650,059,553
Liabilities [Abstract]
Debt instrument recorded at fair value	$ 2,811	$ 3,047
Other Liabilities, Fair Value	$ 894	$ 759
Treasury Stock, Common, Shares	75,804,333	75,804,333
Held by consolidated trusts
Assets [Abstract]
Restricted cash and cash equivalents	$ 740	$ 610
Liabilities [Abstract]
Debt instrument recorded at fair value	$ 2,100	$ 1,900

XML

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock, at Redemption Value	Common Stock, at Par Value	Retained Earnings	AOCI, Net of Tax	Treasury Stock, at Cost
Beginning balance at Dec. 31, 2021	$ 28,033	$ 72,648	$ 14,109	$ 0	$ (54,993)	$ 154	$ (3,885)
Beginning balance (in shares) at Dec. 31, 2021		1	464	650
Comprehensive income:
Net income	3,798				3,798
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, after Tax	(123)					(123)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent	1					1
Other Comprehensive Income (Loss), Other, Net of Tax, Portion Attributable to Parent	2					2
Comprehensive income	3,678				3,798	(120)
Ending balance at Mar. 31, 2022	31,711	$ 72,648	$ 14,109	$ 0	(51,195)	34	(3,885)
Ending balance (in shares) at Mar. 31, 2022		1	464	650
Comprehensive income:
Changes in net unrealized gains (losses) on available-for-sale securities, taxes	33
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes	0
Other, taxes	1
Beginning balance at Dec. 31, 2022	37,018	$ 72,648	$ 14,109	$ 0	(45,666)	(188)	(3,885)
Beginning balance (in shares) at Dec. 31, 2022		1	464	650
Comprehensive income:
Net income	1,995				1,995
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, after Tax	52					52
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent	0					0
Other Comprehensive Income (Loss), Other, Net of Tax, Portion Attributable to Parent	2					2
Comprehensive income	2,049				1,995	54
Ending balance at Mar. 31, 2023	39,067	$ 72,648	$ 14,109	$ 0	$ (43,671)	$ (134)	$ (3,885)
Ending balance (in shares) at Mar. 31, 2023		1	464	650
Comprehensive income:
Changes in net unrealized gains (losses) on available-for-sale securities, taxes	14
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes	0
Other, taxes	$ 1

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net cash provided by (used in) operating activities	$ 3,435	$ 3,749
Cash flows from investing activities
Purchases	(39,052)	(42,254)
Proceeds from sales	34,919	40,122
Proceeds from maturities and repayments	5,464	1,833
Purchases	(19,991)	(53,755)
Proceeds from sales	1,661	329
Proceeds from repayments	55,034	116,023
Advances	(22,317)	(62,351)
Proceeds from repayments	1	238
Net (increase) decrease in securities purchased under agreements to resell	(13,353)	(2,341)
Cash flows related to derivatives	61	826
Other, net	(113)	(141)
Net cash provided by (used in) investing activities	2,314	(1,471)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net increase (decrease) in securities sold under agreements to repurchase	(7,339)	3,927
Other, net	(3)	(2)
Net cash provided by (used in) financing activities	(6,236)	(1,902)
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents)	(487)	376
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year	6,360	10,150
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period	5,873	10,526
Cash paid for:
Debt interest	20,806	17,996
Income taxes	0	0
Held by consolidated trusts
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance	44,187	136,361
Repayments and redemptions	(55,197)	(128,700)
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year	611
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period	741
Held by Freddie Mac
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance	64,864	7,361
Repayments and redemptions	$ (52,748)	$ (20,849)

XML

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains (losses) on available-for-sale securities, taxes	$ 14	$ 33
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes	0	0
Other, taxes	$ 1	$ 1

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of Significant Accounting Policies

Freddie Mac is a GSE chartered by Congress in 1970, with a mission to provide liquidity, stability, and affordability to the U.S. housing market. We are regulated by FHFA, the SEC, HUD, and Treasury, and are currently operating under the conservatorship of FHFA. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For more information on the conservatorship, the roles of FHFA and Treasury, and the Purchase Agreement, see our 2022 Annual Report. Throughout our unaudited condensed consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the Glossary of our 2022 Annual Report.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our 2022 Annual Report.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated.

We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. In the opinion of management, our unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our results.

Use of Estimates

The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Management has made significant estimates to report the allowance for credit losses on single-family mortgage loans. Actual results could be different from these estimates.

Recently Issued Accounting Guidance

Recently Adopted Accounting Guidance
Standard	Description	Date of  Adoption	Effect on Consolidated Financial Statements
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method	The amendments in this Update provide clarifications of the guidance in ASC Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The Update amends the guidance in ASU 2017-12 that, among other things, establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible by allowing the entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The Update provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method.	January 1, 2023	The adoption of these amendments did not have a material effect on our consolidated financial statements. We adopted the guidance in this Update related to disclosures on a prospective basis.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in this Update require disclosure of current period gross write-offs by year of origination for financing receivables within the scope of ASC Subtopic 326-20.	January 1, 2023 for the amendments related to disclosure of gross write-offs by year of origination.	The adoption of these amendments did not have a material effect on our consolidated financial statements. See Note 3 for additional disclosure of gross write-offs by year of origination.

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements
Standard	Description	Date of  Adoption	Effect on Consolidated Financial Statements
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this Update expand the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain conditions. This Update also amends those conditions primarily to assess projected benefits on a discounted basis and expands the disclosure requirements of those investments.	January 1, 2024	We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements.

XML

Securitization Activities and Consolidation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Securitization Activities and Consolidation

Securitizations and Variable Interest Entities

Nonconsolidated VIEs

The following table presents the carrying amounts and classification of the assets and liabilities recorded on our condensed consolidated balance sheets that relate to our variable interests in VIEs for which we are not the primary beneficiary and with which we were involved in the design and creation and have a significant continuing involvement, our maximum exposure to loss as a result of our involvement with such VIEs, and the total assets of the VIEs. Our involvement with such VIEs primarily consists of guarantees that we have issued to the VIE, some of which are accounted for as derivative instruments, and investments in debt securities issued by the VIE. See Note 4 for additional information on our guarantees to nonconsolidated VIEs.

Total assets shown in the table below represents the remaining UPB of the mortgage loans or other noncash financial assets held by the VIE and excludes cash and nonfinancial assets held by the VIE. Maximum exposure to loss shown in the table below is primarily based on the remaining UPB of the guaranteed securities issued by the VIE and represents the contractual amounts that could be lost if the assets of the VIE (including the assets in the related reference pool for CRT products) became worthless at the balance sheet date, without consideration of proceeds from related collateral liquidation and possible recoveries under credit enhancements. We do not believe the maximum exposure to loss from our involvement with nonconsolidated VIEs is representative of the actual loss we are likely to incur based on our historical loss experience and after consideration of proceeds from related collateral liquidation and available credit enhancements.

Table 2.1 - Nonconsolidated VIEs

	March 31, 2023
	Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets			Total Assets	Maximum Exposure to Loss
(In millions)	Investment securities	Accrued Interest Receivable and Other Assets(1)	Liabilities(1)
Single-Family:
Securitization products	$952	$178	$430	$31,139	$25,329
Resecuritization products(2)	5,800	64	587	116,807	116,807
CRT products(3)	—	211	104	30,701	117
Total Single-Family	6,752	453	1,121	178,647	142,253
Multifamily:
Securitization products(4)	7,641	4,903	4,783	357,747	316,606
CRT products(3)	—	2	4	1,065	—
Total Multifamily	7,641	4,905	4,787	358,812	316,606
Other	—	8	5	166	440
Total	$14,393	$5,366	$5,913	$537,625	$459,299

Referenced footnotes are included after the prior period table.

	December 31, 2022
	Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets			Total Assets	Maximum Exposure to Loss
(In millions)	Investment securities	Accrued Interest Receivable and Other Assets(1)	Liabilities(1)
Single-Family:
Securitization products	$965	$175	$436	$31,614	$25,772
Resecuritization products(2)	5,092	61	659	119,267	119,267
CRT products(3)	—	197	52	30,549	105
Total Single-Family	6,057	433	1,147	181,430	145,144
Multifamily:
Securitization products(4)	7,808	4,931	4,920	360,869	319,117
CRT products(3)	—	2	2	972	—
Total Multifamily	7,808	4,933	4,922	361,841	319,117
Other	—	8	5	185	435
Total	$13,865	$5,374	$6,074	$543,456	$464,696

(1)    Other assets primarily include our guarantee assets. Liabilities primarily include our guarantee obligations.

(2)    Total assets and maximum exposure to loss are based on the UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts. We exclude noncommingled resecuritization trusts from these amounts as we have already guaranteed the underlying collateral and therefore noncommingled resecuritizations do not involve any incremental assets or create any incremental exposure to credit risk. Total assets exclude $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.

(3) Maximum exposure to loss is based on our expected recovery receivables. We also have exposure to loss from our obligations to make certain payments to the VIE to support payment of the interest due on the notes issued by the VIE, which we account for as derivative instruments. The notional value of these derivative instruments is equal to the total assets of the VIE.

(4)    Includes total assets of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off.

We also obtain interests in various other entities created by third parties through the normal course of business that may be VIEs, such as through purchases of multifamily loans, guarantees of multifamily housing revenue bonds, as a derivative counterparty, or through other activities. To the extent that we were not involved in the design or creation of these VIEs, they are excluded from the table above. Our interests in these VIEs are generally passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interests in these VIEs in the same manner that we account for our interests in other third-party transactions.

XML

Mortgage Loans

3 Months Ended

Mar. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Mortgage Loans

Mortgage Loans

The table below provides details of the loans on our condensed consolidated balance sheets.

Table 3.1 - Mortgage Loans

	March 31, 2023			December 31, 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Held-for-sale UPB	$3,373	$10,255	$13,628	$3,564	$9,544	$13,108
Cost basis and fair value adjustments, net	(675)	(171)	(846)	(696)	(215)	(911)
Total held-for-sale loans, net	2,698	10,084	12,782	2,868	9,329	12,197
Held-for-investment UPB	2,944,949	47,353	2,992,302	2,941,505	48,379	2,989,884
Cost basis and fair value adjustments, net(1)	39,833	(51)	39,782	39,896	(71)	39,825
Allowance for credit losses	(7,675)	(160)	(7,835)	(7,314)	(77)	(7,391)
Total held-for-investment loans, net(2)	2,977,107	47,142	3,024,249	2,974,087	48,231	3,022,318
Total mortgage loans, net	$2,979,805	$57,226	$3,037,031	$2,976,955	$57,560	$3,034,515

(1)Includes ($0.7) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023.

(2)Includes $1.2 billion of multifamily held-for-investment loans for which we have elected the fair value option as of both March 31, 2023 and December 31, 2022.

For the purposes of certain single-family mortgage loan disclosures below, we present loans by class of financing receivable type. Financing receivable classes used for disclosure consist of: "20- and 30-year or more, amortizing fixed-rate," "15-year or less, amortizing fixed-rate," and "adjustable-rate and other." The "other" class consists of Alt-A, interest-only, and option ARM loans.

The table below provides details of the UPB of loans we purchased and sold during the periods presented.

Table 3.2 - Loans Purchased and Sold

(In millions)	1Q 2023	1Q 2022
Single-Family:
Purchases:
Held-for-investment loans	$58,965	$206,935
Sales of held-for-sale loans(1)	—	15
Multifamily:
Purchases:
Held-for-investment loans	3,349	2,565
Held-for-sale loans	2,695	12,267
Sales of held-for-sale loans(2)	6,150	14,292

(1)Our sales of single-family loans reflect the sale of single-family seasoned loans.

(2)Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates.

Reclassifications

The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the periods presented.

Table 3.3 - Loan Reclassifications(1)

	1Q 2023			1Q 2022
(In millions)	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale	$—	$—	$—	$248	$—	$—
Held-for-sale to held-for-investment(2)	48	4	4	62	(3)	—
Multifamily reclassifications from:
Held-for-investment to held-for-sale	4,731	1	(27)	315	—	—
Held-for-sale to held-for-investment(2)	561	—	16	246	—	—

(1)Amounts exclude reclassifications related to loans for which we have elected the fair value option.

(2)Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification.

Interest Income

The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end.

Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(1)
(In millions)	December 31, 2022	March 31, 2023	1Q 2023
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$9,307	$9,348	$28
15-year or less, amortizing fixed-rate	427	434	1
Adjustable-rate and other	361	332	1
Total Single-Family	10,095	10,114	30
Total Multifamily	42	41	1
Total Single-Family and Multifamily	$10,137	$10,155	$31

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(1)
(In millions)	December 31, 2021	March 31, 2022	1Q 2022
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$17,013	$13,831	$49
15-year or less, amortizing fixed-rate	844	684	1
Adjustable-rate and other	793	580	1
Total Single-Family	18,650	15,095	51
Total Multifamily	—	42	—
Total Single-Family and Multifamily	$18,650	$15,137	$51

(1)Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end.

The table below provides the amount of accrued interest receivable, net presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off.

Table 3.5 - Accrued Interest Receivable, Net and Related Charge-Offs

	Accrued Interest Receivable, Net		Accrued Interest Receivable Related Charge-Offs
(In millions)	March 31, 2023	December 31, 2022	1Q 2023	1Q 2022
Single-Family loans	$8,090	$7,967	($48)	($87)
Multifamily loans	228	220	—	—

Credit Quality

Single-Family

The current LTV ratio is one key factor we consider when estimating our allowance for credit losses for single-family loans. As current LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance (outside of our relief refinance programs) or to sell the property for an amount at or above the balance of the outstanding loan.

The table below presents the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented. For reporting purposes:

n    Alt-A loans continue to be presented in the "adjustable-rate and other" category following modification, even though the borrower may have provided full documentation of assets and income to complete the modification and

n    Option ARM loans continue to be presented in the "adjustable-rate and other" category following modification, even though the modified loan no longer provides for optional payment provisions.

Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage

	March 31, 2023
	Year of Origination						Total
(In millions)	2023	2022	2021	2020	2019	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$4,065	$69,133	$395,062	$483,968	$86,816	$436,771	$1,475,815
> 60 to 80	11,184	162,441	415,109	184,807	27,759	17,233	818,533
> 80 to 90	6,522	86,335	82,824	5,149	579	568	181,977
> 90 to 100	10,477	86,541	12,317	391	59	152	109,937
> 100	5	6,027	211	6	5	151	6,405
Total 20- and 30-year or more, amortizing fixed-rate	32,253	410,477	905,523	674,321	115,218	454,875	2,592,667
Current-period gross write-offs(1)	—	3	8	2	1	12	26
15-year or less, amortizing fixed-rate
≤ 60	561	17,299	119,253	106,899	14,068	69,206	327,286
> 60 to 80	639	12,575	18,425	1,938	103	26	33,706
> 80 to 90	123	1,500	275	6	—	1	1,905
> 90 to 100	69	462	5	—	—	1	537
> 100	—	12	—	—	—	1	13
Total 15-year or less, amortizing fixed-rate	1,392	31,848	137,958	108,843	14,171	69,235	363,447
Current-period gross write-offs(1)	—	—	—	—	—	1	1
Adjustable-rate and other
≤ 60	74	1,312	2,779	1,498	615	14,915	21,193
> 60 to 80	269	2,391	1,873	200	69	447	5,249
> 80 to 90	211	1,251	173	5	2	35	1,677
> 90 to 100	207	912	13	—	—	16	1,148
> 100	—	71	—	—	—	8	79
Total adjustable-rate and other	761	5,937	4,838	1,703	686	15,421	29,346
Current-period gross write-offs(1)	—	—	—	—	—	5	5
Total for all loan product types by current LTV ratio:
≤ 60	$4,700	$87,744	$517,094	$592,365	$101,499	$520,892	$1,824,294
> 60 to 80	12,092	177,407	435,407	186,945	27,931	17,706	857,488
> 80 to 90	6,856	89,086	83,272	5,160	581	604	185,559
> 90 to 100	10,753	87,915	12,335	391	59	169	111,622
> 100	5	6,110	211	6	5	160	6,497
Total Single-Family loans	$34,406	$448,262	$1,048,319	$784,867	$130,075	$539,531	$2,985,460
Total current-period gross write-offs(1)	$—	$3	$8	$2	$1	$18	$32

	December 31, 2022
	Year of Origination						Total
(In millions)	2022	2021	2020	2019	2018	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$66,153	$394,498	$489,315	$87,188	$38,955	$407,819	$1,483,928
> 60 to 80	158,421	424,141	190,167	28,991	7,870	10,426	820,016
> 80 to 90	79,901	90,006	4,405	569	164	419	175,464
> 90 to 100	86,109	8,911	397	56	24	143	95,640
> 100	2,568	49	6	6	5	156	2,790
Total 20- and 30-year or more, amortizing fixed-rate	393,152	917,605	684,290	116,810	47,018	418,963	2,577,838
15-year or less, amortizing fixed-rate
≤ 60	16,752	119,379	109,685	14,606	5,578	68,240	334,240
> 60 to 80	13,042	22,007	2,503	132	16	16	37,716
> 80 to 90	1,601	368	7	—	—	1	1,977
> 90 to 100	570	5	—	—	—	1	576
> 100	3	—	—	—	—	1	4
Total 15-year or less, amortizing fixed-rate	31,968	141,759	112,195	14,738	5,594	68,259	374,513
Adjustable-rate and other
≤ 60	1,255	2,779	1,524	634	428	15,139	21,759
> 60 to 80	2,322	1,956	214	76	28	445	5,041
> 80 to 90	1,127	186	5	1	1	34	1,354
> 90 to 100	836	11	—	—	—	14	861
> 100	26	—	—	—	—	9	35
Total adjustable-rate and other	5,566	4,932	1,743	711	457	15,641	29,050
Total for all loan product types by current LTV ratio:
≤ 60	$84,160	$516,656	$600,524	$102,428	$44,961	$491,198	$1,839,927
> 60 to 80	173,785	448,104	192,884	29,199	7,914	10,887	862,773
> 80 to 90	82,629	90,560	4,417	570	165	454	178,795
> 90 to 100	87,515	8,927	397	56	24	158	97,077
> 100	2,597	49	6	6	5	166	2,829
Total Single-Family loans	$430,686	$1,064,296	$798,228	$132,259	$53,069	$502,863	$2,981,401

(1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs.

Multifamily

The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows:

n    "Pass" is current and adequately protected by the borrower's current financial strength and debt service capacity;

n    "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit     weaknesses. In addition, this category generally includes loans in forbearance;

n    "Substandard" has a weakness that jeopardizes the timely full repayment; and

n    "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions.

Table 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage

	March 31, 2023
	Year of Origination							Total
(In millions)	2023	2022	2021	2020	2019	Prior	Revolving Loans
Category:
Pass	$1,588	$18,854	$7,733	$6,479	$4,810	$3,660	$2,242	$45,366
Special mention	—	—	39	73	190	17	—	319
Substandard	—	—	78	75	27	199	—	379
Doubtful	—	—	—	—	—	—	—	—
Total	$1,588	$18,854	$7,850	$6,627	$5,027	$3,876	$2,242	$46,064

	December 31, 2022
	Year of Origination							Total
(In millions)	2022	2021	2020	2019	2018	Prior	Revolving Loans
Category:
Pass	$21,854	$7,638	$6,546	$4,784	$1,077	$2,646	$1,924	$46,469
Special mention	—	39	65	232	7	113	—	456
Substandard	—	1	3	27	7	131	—	169
Doubtful	—	—	—	—	—	—	—	—
Total	$21,854	$7,678	$6,614	$5,043	$1,091	$2,890	$1,924	$47,094

Past Due Status

The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status.

Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(1)	Total	Three Months or More Past Due, and Accruing Interest	Non-Accrual With No Allowance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,560,613	$16,017	$4,017	$12,020	$2,592,667	$3,053	$499
15-year or less, amortizing fixed-rate	361,524	1,131	214	578	363,447	157	7
Adjustable-rate and other	28,650	279	75	342	29,346	28	59
Total Single-Family	2,950,787	17,427	4,306	12,940	2,985,460	3,238	565
Total Multifamily	46,008	13	2	41	46,064	—	—
Total Single-Family and Multifamily	$2,996,795	$17,440	$4,308	$12,981	$3,031,524	$3,238	$565

Referenced footnotes are included after the prior period table.

	December 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(1)	Total	Three Months or More Past Due, and Accruing Interest	Non-Accrual with No Allowance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,541,057	$19,820	$4,603	$12,358	$2,577,838	$3,432	$522
15-year or less, amortizing fixed-rate	372,065	1,590	250	608	374,513	191	9
Adjustable-rate and other	28,262	325	88	375	29,050	30	67
Total Single-Family	2,941,384	21,735	4,941	13,341	2,981,401	3,653	598
Total Multifamily	47,039	13	—	42	47,094	—	42
Total Single-Family and Multifamily	$2,988,423	$21,748	$4,941	$13,383	$3,028,495	$3,653	$640

(1)Includes $1.9 billion and $1.6 billion of single-family loans that were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively.

(2)Loans with no allowance for loan losses primarily represent those loans that were previously charged off and therefore the collateral value is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. We exclude the amounts of allowance for credit losses on accrued interest receivable and advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses.

Loan Restructurings

Single-Family Loan Restructurings

We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not offer principal forgiveness.

For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. The amortized cost basis of loans in trial period modification plans was $1.8 billion and $3.1 billion as of March 31, 2023 and March 31, 2022, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans.

Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$6,357	$1,037	$86	$7,480	0.3	%
15-year or less, amortizing fixed-rate	332	19	1	352	0.1
Adjustable-rate and other	76	13	4	93	0.3
Total Single-Family loan restructurings	$6,765	$1,069	$91	$7,925	0.3

	1Q 2022
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$9,133	$683	$2,948	$12,764	0.5	%
15-year or less, amortizing fixed-rate	596	15	55	666	0.2
Adjustable-rate and other	212	15	78	305	1.1
Total Single-Family loan restructurings	$9,941	$713	$3,081	$13,735	0.5

Referenced footnotes are on the next page.

(1)     Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified.

(2)    Includes $2.7 billion and $5.1 billion related to payment deferral plans for 1Q 2023 and 1Q 2022, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays.

(3)    Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans.

The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.9	%	180	$16
15-year or less, amortizing fixed-rate	0.4		354	16
Adjustable-rate and other	2.0		206	19

	1Q 2022
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	1.6	%	186	$24
15-year or less, amortizing fixed-rate	0.8		366	25
Adjustable-rate and other	2.2		226	27

(1)     Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification.

(2)     Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans.

The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings.

Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$704	$175	$206	$1,085
15-year or less, amortizing fixed-rate	32	—	—	32
Adjustable-rate and other	10	2	5	17
Total Single-Family	$746	$177	$211	$1,134

Referenced footnote is included after the prior period table.

	1Q 2022
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$391	$7	$7	$405
15-year or less, amortizing fixed-rate	28	—	—	28
Adjustable-rate and other	16	—	—	16
Total Single-Family	$435	$7	$7	$449

(1)    Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans.

The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms.

Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$16,491	$2,381	$1,572	$6,642	$27,086
15-year or less, amortizing fixed-rate	670	98	71	310	1,149
Adjustable-rate and other	227	33	17	115	392
Total Single-Family	$17,388	$2,512	$1,660	$7,067	$28,627

	March 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$7,887	$1,486	$1,359	$2,032	$12,764
15-year or less, amortizing fixed-rate	380	89	88	109	666
Adjustable-rate and other	191	19	16	79	305
Total Single-Family	$8,458	$1,594	$1,463	$2,220	$13,735

Non-Cash Investing and Financing ActivitiesDuring 1Q 2023 and 1Q 2022, we acquired $42.5 billion and $153.3 billion, respectively, of loans held-for-investment in exchange for the issuance of debt of consolidated trusts in guarantor swap transactions. We received approximately $21.3 billion and $61.5 billion of loans held-for-investment from sellers during 1Q 2023 and 1Q 2022, respectively, to satisfy advances to lenders that were recorded in other assets on our condensed consolidated balance sheets.

XML

Guarantees and Other Off-Balance Sheet Credit Exposures

3 Months Ended

Mar. 31, 2023

Guarantees [Abstract]

Guarantees and Other Off-Balance Sheet Credit Exposures

Guarantees and Other Off-Balance Sheet Credit ExposuresGuarantee Activities

The table below shows information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. This table does not include our unrecognized guarantees, such as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements.

Table 4.1 - Financial Guarantees

	March 31, 2023
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$31,130	$25,329	$385	40
Other mortgage-related guarantees	9,290	9,290	192	29
Total Single-Family mortgage-related guarantees	40,420	34,619	577
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	357,747	316,606	4,751	37
Other mortgage-related guarantees	10,684	10,684	378	36
Total Multifamily mortgage-related guarantees	368,431	327,290	5,129
Guarantees of Fannie Mae securities(4)	116,807	116,807	—	39
Other	166	440	—	30

	December 31, 2022
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$31,604	$25,772	$391	40
Other mortgage-related guarantees	9,476	9,476	203	29
Total Single-Family mortgage-related guarantees	41,080	35,248	594
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	360,869	319,117	4,889	37
Other mortgage-related guarantees	10,510	10,510	379	36
Total Multifamily mortgage-related guarantees	371,379	329,627	5,268
Guarantees of Fannie Mae securities(4)	119,267	119,267	—	39
Other	185	435	—	29

(1)    Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures.

(2)    Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE.

(3)    Includes UPB of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $2.1 billion as of both March 31, 2023 and December 31, 2022.

(4)    Excludes $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.

The table below shows the payment status of the mortgage loans underlying our mortgage-related guarantees.

Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$35,753	$2,075	$729	$1,863	$40,420
Multifamily	367,681	251	21	478	368,431
Total	$403,434	$2,326	$750	$2,341	$408,851

	December 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$36,241	$2,072	$748	$2,019	$41,080
Multifamily	370,911	23	12	433	371,379
Total	$407,152	$2,095	$760	$2,452	$412,459

Other Off-Balance Sheet Credit Exposures

In addition to our guarantees, we enter into other agreements that expose us to off-balance sheet credit risk. These agreements may require us to transfer cash before or upon settlement of our contractual obligation. We recognize an allowance for credit losses for those agreements not measured at fair value or otherwise recognized in the financial statements. Most of these commitments expire in less than one year. See Note 5 for additional discussion of our allowance for credit losses on our off-balance sheet credit exposures. The table below shows our other off-balance sheet credit exposures.

Table 4.3 – Other Off-Balance Sheet Credit Exposures

(In millions)	March 31, 2023	December 31, 2022
Mortgage loan purchase commitments(1)	$11,249	$9,609
Other commitments(2)	34,923	22,293
Total	$46,172	$31,902

(1)Includes $2.1 billion and $0.5 billion of commitments for which we have elected the fair value option as of March 31, 2023 and December 31, 2022, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments.

(2)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.

XML

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

The table below summarizes changes in our allowance for credit losses.

Table 5.1 - Details of the Allowance for Credit Losses

	1Q 2023			1Q 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Beginning balance	$7,746	$147	$7,893	$5,440	$78	$5,518
Provision (benefit) for credit losses	318	77	395	(831)	(6)	(837)
Charge-offs	(90)	—	(90)	(173)	—	(173)
Recoveries collected	32	—	32	52	—	52
Other(1)	91	—	91	361	—	361
Ending balance	$8,097	$224	$8,321	$4,849	$72	$4,921
Components of the ending balance of the allowance for credit losses:
Mortgage loans held-for-investment	$7,675	$160	$7,835	$4,358	$31	$4,389
Other(2)	422	64	486	491	41	532
Total ending balance	$8,097	$224	$8,321	$4,849	$72	$4,921

(1)Primarily includes capitalization of past due interest related to non-accrual loans that receive payment deferral plans and loan modifications.

(2)Includes allowance for credit losses related to advances of pre-foreclosure costs, accrued interest receivable, and off-balance sheet credit exposures.

n    1Q 2023 vs. 1Q 2022 - Provision for credit losses for 1Q 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family. The benefit for credit losses for 1Q 2022 was driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions.

In addition, charge-offs decreased year-over-year primarily due to a decrease in charge-offs of accrued interest receivable during 1Q 2023.

XML

Investment Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The table below summarizes the fair values of our investments in debt securities by classification.

Table 6.1 - Investment Securities

(In millions)	March 31, 2023	December 31, 2022
Trading securities	$31,343	$32,167
Available-for-sale securities	6,369	6,534
Total fair value of investment securities	$37,712	$38,701

Trading Securities

The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities.

Table 6.2 - Trading Securities

(In millions)	March 31, 2023	December 31, 2022
Mortgage-related securities	$9,074	$8,334
Non-mortgage-related securities	22,269	23,833
Total fair value of trading securities	$31,343	$32,167

For trading securities held at March 31, 2023 and March 31, 2022, we recorded net unrealized losses of $0.2 billion and $1.0 billion during 1Q 2023 and 1Q 2022, respectively.

Available-for-Sale Securities

The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. At March 31, 2023 and December 31, 2022, all available-for-sale securities were mortgage-related securities.

Table 6.3 - Available-for-Sale Securities

	March 31, 2023
	Amortized Cost Basis	Gross Unrealized Gains in Other Comprehensive Income	Gross Unrealized Losses in Other Comprehensive Income	Fair Value	Accrued Interest Receivable
(In millions)
Agency mortgage-related securities	$6,006	$14	($238)	$5,782	$13
Other mortgage-related securities	408	182	(3)	587	3
Total available-for-sale securities	$6,414	$196	($241)	$6,369	$16

	December 31, 2022
	Amortized Cost Basis	Gross Unrealized Gains in Other Comprehensive Income	Gross Unrealized Losses in Other Comprehensive Income	Fair Value	Accrued Interest Receivable
(In millions)
Agency mortgage-related securities	$6,215	$6	($301)	$5,920	$12
Other mortgage-related securities	429	188	(3)	614	3
Total available-for-sale securities	$6,644	$194	($304)	$6,534	$15

The fair value of our available-for-sale securities held at March 31, 2023 scheduled to contractually mature after ten years was $1.5 billion, with an additional $4.0 billion scheduled to contractually mature after five years through ten years.

The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an unrealized loss position for less than 12 months, or 12 months or greater.

Table 6.4 - Available-for-Sale Securities in a Gross Unrealized Loss Position

	March 31, 2023
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$3,038	($80)	$1,696	($158)
Other mortgage-related securities	28	(2)	13	(1)
Total available-for-sale securities in a gross unrealized loss position	$3,066	($82)	$1,709	($159)

	December 31, 2022
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$5,086	($253)	$325	($48)
Other mortgage-related securities	46	(3)	5	—
Total available-for-sale securities in a gross unrealized loss position	$5,132	($256)	$330	($48)

At March 31, 2023, the gross unrealized losses relate to 187 securities.

The table below summarizes the gross realized gains and gross realized losses from sales of available-for-sale securities.

Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities

(In millions)	1Q 2023	1Q 2022
Gross realized gains	$2	$—
Gross realized losses	(2)	(1)
Net realized gains	$—	($1)

Non-Cash Investing and Financing Activities

During 1Q 2023 and 1Q 2022, we recognized $0.6 billion and $3.1 billion, respectively, of investment securities in exchange for the issuance of debt of consolidated trusts through partial sales of commingled single-class resecuritization products that were previously consolidated.

During 1Q 2023 and 1Q 2022, we derecognized $1.4 billion and $1.5 billion of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary.

XML

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

DebtThe table below summarizes the balances of total debt on our condensed consolidated balance sheets

Table 7.1 - Total Debt

(In millions)	March 31, 2023	December 31, 2022
Debt of consolidated trusts	$2,987,050	$2,979,070
Debt of Freddie Mac:
Short-term debt	8,681	7,712
Long-term debt	171,783	159,050
Total debt of Freddie Mac	180,464	166,762
Total debt	$3,167,514	$3,145,832

As of March 31, 2023, our aggregate indebtedness pursuant to the Purchase Agreement was $190.1 billion, which was below the current $270.0 billion debt cap limit. Our aggregate indebtedness calculation primarily includes the par value of short- and long-term debt.

Debt of Consolidated Trusts

The table below summarizes the debt of consolidated trusts based on underlying loan product type.

Table 7.2 - Debt of Consolidated Trusts

	March 31, 2023					December 31, 2022
(Dollars in millions)	Contractual Maturity	UPB	Carrying Amount(1)	Weighted Average Coupon(2)		Contractual Maturity	UPB	Carrying Amount(1)	Weighted Average Coupon(2)
Single-Family:
20-and 30-year or more, fixed-rate	2023 - 2061	$2,522,559	$2,564,677	2.82	%	2023 - 2061	$2,507,235	$2,550,137	2.76	%
15-year or less, fixed-rate	2023 - 2038	357,248	363,390	2.15		2023 - 2038	367,844	374,339	2.14
Adjustable-rate and other	2023 - 2053	23,834	24,402	3.29		2023 - 2053	23,561	24,153	3.04
Total Single-Family		2,903,641	2,952,469				2,898,640	2,948,629
Multifamily	2024 - 2053	35,080	34,581	2.88		2023 - 2052	30,927	30,441	2.66
Total debt of consolidated trusts		$2,938,721	$2,987,050				$2,929,567	$2,979,070

(1)Includes $2.1 billion and $1.9 billion as of March 31, 2023 and December 31, 2022, respectively, of debt of consolidated trusts that represents the fair value of debt for which the fair value option was elected.

(2)The effective interest rate for debt of consolidated trusts was 2.47% and 2.39% as of March 31, 2023 and December 31, 2022, respectively.

The table below summarizes the balances and effective interest rates for short-term debt.

	March 31, 2023				December 31, 2022
(Dollars in millions)	Par Value	Carrying Amount	Weighted Average Effective Rate		Par Value	Carrying Amount	Weighted Average Effective Rate
Short-term debt:
Discount notes and Reference Bills®	$8,051	$8,016	4.56	%	$6,826	$6,822	3.71	%
Medium-term notes	665	665	1.91		890	890	1.81
Securities sold under agreements to repurchase	4,652	4,652	4.58		11,991	11,991	3.86
Offsetting arrangements(1)	(4,652)	(4,652)			(11,991)	(11,991)
Total short-term debt	$8,716	$8,681	4.36	%	$7,716	$7,712	3.49	%

(1)We offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets, when such amounts meet the conditions for offsetting in the accounting guidance.

XML

Derivatives

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

We analyze the interest-rate sensitivity of financial assets and liabilities across a variety of interest-rate scenarios based on market prices, models, and economics. We use derivatives primarily to hedge interest-rate sensitivity mismatches between our financial assets and liabilities. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships. Interest-rate risk management derivatives that are not designated in qualifying hedge accounting relationships are economic hedges of financial instruments measured at fair value on a recurring basis or of other transactions or instruments that expose us to interest-rate risk.

We apply fair value hedge accounting to certain single-family mortgage loans and certain issuances of debt where we hedge the changes in fair value of these items attributable to the designated benchmark interest rate, using interest-rate swaps.

Derivative Assets and Liabilities at Fair Value

The table below presents the notional value and fair value of derivatives reported on our condensed consolidated balance sheets.

Table 8.1 - Derivative Assets and Liabilities at Fair Value

	March 31, 2023			December 31, 2022
	Notional or Contractual Amount	Derivatives at Fair Value		Notional or Contractual Amount	Derivatives at Fair Value
(In millions)		Assets	Liabilities		Assets	Liabilities
Not designated as hedges
Interest-rate risk management derivatives:
Swaps	$445,598	$1,427	($604)	$480,824	$1,762	($526)
Written options	49,745	—	(1,550)	46,101	—	(1,857)
Purchased options(1)	87,065	3,703	—	92,010	4,302	—
Futures	134,295	—	—	182,330	—	—
Total interest-rate risk management derivatives	716,703	5,130	(2,154)	801,265	6,064	(2,383)
Mortgage commitment derivatives	39,505	19	(6)	29,354	12	(11)
CRT-related derivatives(2)	31,888	—	(110)	31,647	—	(55)
Other	14,090	3	(539)	14,426	2	(624)
Total derivatives not designated as hedges	802,186	5,152	(2,809)	876,692	6,078	(3,073)
Designated as fair value hedges
Interest-rate risk management derivatives:
Swaps	189,974	328	(6,648)	181,298	321	(7,847)
Total derivatives designated as fair value hedges	189,974	328	(6,648)	181,298	321	(7,847)
Receivables (payables)		1	(214)		35	(25)
Netting adjustments(3)		(5,090)	8,778		(6,127)	10,187
Total derivative portfolio, net	$992,160	$391	($893)	$1,057,990	$307	($758)

(1)Includes swaptions on credit indices with a notional or contractual amount of $6.9 billion and $10.1 billion at March 31, 2023 and December 31, 2022, respectively, and a fair value of $2.0 million as of both March 31, 2023 and December 31, 2022.

(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.

(3)Represents counterparty netting and cash collateral netting.

Gains and Losses on Derivatives

The table below presents the gains and losses on derivatives not designated in qualifying hedge relationships. These amounts are reported on our condensed consolidated statements of income as investment gains, net.

Table 8.2 - Gains and Losses on Derivatives(1)

(In millions)	1Q 2023	1Q 2022
Not designated as hedges
Interest-rate risk management derivatives:
Swaps	$29	$390
Written options	195	(364)
Purchased options	(504)	717
Futures	(307)	868
Total interest-rate risk management derivatives fair value gains (losses)	(587)	1,611
Mortgage commitment derivatives	(80)	1,839
CRT-related derivatives(2)	(76)	12
Other	61	(39)
Total derivatives not designated as hedges fair value gains (losses)	($682)	$3,423

(1)Accrual of periodic cash settlements on swaps is included in the respective gain (loss) of the derivative and is no longer presented separately. Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.

Fair Value Hedges

The table below presents the effects of fair value hedge accounting by condensed consolidated statements of income line item, including the gains and losses on derivatives and hedged items designated in qualifying hedge relationships and other components due to the application of hedge accounting.

Table 8.3 - Gains and Losses on Fair Value Hedges

	1Q 2023		1Q 2022
(In millions)	Interest Income	Interest Expense	Interest Income	Interest Expense
Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded:	$24,987	($20,486)	$17,740	($13,636)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items	1,123	—	(2,627)	—
Derivatives designated as hedging instruments	(1,073)	—	2,055	—
Interest accruals on hedging instruments	211	—	(267)	—
Discontinued hedge related basis adjustments amortization	31	—	(124)	—
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items	—	(1,535)	—	3,861
Derivatives designated as hedging instruments	—	1,534	—	(3,896)
Interest accruals on hedging instruments	—	(1,051)	—	144
Discontinued hedge related basis adjustment amortization	—	(38)	—	10

The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item.

Table 8.4 - Cumulative Basis Adjustments Due to Fair Value Hedging

	March 31, 2023
	Carrying Amount Assets / (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount			Closed Portfolio Under the Portfolio Layer Method
(In millions)		Total	Under the Portfolio Layer Method	Discontinued - Hedge Related	Total Amount by Amortized Cost Basis	Designated Amount by UPB
Mortgage loans held-for-investment	$1,126,852	($1,967)	($678)	($1,289)	$77,275	$11,516
Mortgage loans held-for-sale	56	1	—	1	—	—
Debt	(156,649)	7,714	—	187	—	—
	December 31, 2022
	Carrying Amount Assets / (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount			Closed Portfolio Under the Portfolio Layer Method
(In millions)		Total	Under the Portfolio Layer Method	Discontinued - Hedge Related	Total Amount by Amortized Cost Basis	Designated Amount by UPB
Mortgage loans held-for-investment	$1,108,098	($3,122)	($959)	($2,163)	$79,070	$11,516
Mortgage loans held-for-sale	67	1	—	1	—	—
Debt	(142,511)	9,384	—	123	—	—

XML

Collateralized Agreements and Offsetting Arrangements

3 Months Ended

Mar. 31, 2023

Offsetting [Abstract]

Collateralized Agreements and Offsetting Arrangements

Collateralized Agreements and Offsetting Arrangements

Offsetting of Financial Assets and Liabilities

The table below presents offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements.

Table 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities

	March 31, 2023
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$5,459	($4,052)	($1,038)	$369	($180)	$189
Cleared and exchange-traded derivatives	—	—	—	—	—	—
Mortgage commitment derivatives	19	—	—	19	—	19
Other	3	—	—	3	—	3
Total derivatives	5,481	(4,052)	(1,038)	391	(180)	211
Securities purchased under agreements to resell	112,688	(4,652)	—	108,036	(108,036)	—
Total	$118,169	($8,704)	($1,038)	$108,427	($108,216)	$211
Liabilities:
Derivatives:
OTC derivatives	($8,790)	$4,052	$4,669	($69)	$26	($43)
Cleared and exchange-traded derivatives	(199)	—	57	(142)	142	—
Mortgage commitment derivatives	(33)	—	—	(33)	—	(33)
Other	(649)	—	—	(649)	—	(649)
Total derivatives	(9,671)	4,052	4,726	(893)	168	(725)
Securities sold under agreements to repurchase	(4,652)	4,652	—	—	—	—
Total	($14,323)	$8,704	$4,726	($893)	$168	($725)

Referenced footnotes are included after the next table.

	December 31, 2022
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$6,385	($4,468)	($1,681)	$236	($214)	$22
Cleared and exchange-traded derivatives	28	—	22	50	—	50
Mortgage commitment derivatives	19	—	—	19	(4)	15
Other	2	—	—	2	—	2
Total derivatives	6,434	(4,468)	(1,659)	307	(218)	89
Securities purchased under agreements to resell	99,286	(11,991)	—	87,295	(87,295)	—
Total	$105,720	($16,459)	($1,659)	$87,602	($87,513)	$89
Liabilities:
Derivatives:
OTC derivatives	($10,230)	$4,468	$5,702	($60)	$23	($37)
Cleared and exchange-traded derivatives	(25)	—	17	(8)	8	—
Mortgage commitment derivatives	(11)	—	—	(11)	—	(11)
Other	(679)	—	—	(679)	—	(679)
Total derivatives	(10,945)	4,468	5,719	(758)	31	(727)
Securities sold under agreements to repurchase	(11,991)	11,991	—	—	—	—
Total	($22,936)	$16,459	$5,719	($758)	$31	($727)

(1)Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.

(2)Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022.

The table below summarizes the carrying value of the collateral pledged by us and recorded on our condensed consolidated balance sheets for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge.

Table 9.2 - Collateral in the Form of Securities Pledged

	March 31, 2023
(In millions)	Derivatives	Securities Sold Under Agreements to Repurchase	Other(1)	Total
Debt of consolidated trusts(2)	$—	$—	$183	$183
Trading securities	2,351	4,619	2,056	9,026
Total securities pledged	$2,351	$4,619	$2,239	$9,209

	December 31, 2022
(In millions)	Derivatives	Securities Sold Under Agreements to Repurchase	Other(1)	Total
Trading securities	$1,533	$2,910	$1,347	$5,790
Other assets	—	6,543	—	6,543
Total securities pledged	$1,533	$9,453	$1,347	$12,333

(1)Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.

(2)Represents debt of consolidated trusts held by us in our mortgage-related investments portfolio which is recorded as a reduction to debt of consolidated trusts on our condensed consolidated balance sheets.

The table below presents the remaining contractual maturity of our gross obligations for securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities.

Table 9.3 - Remaining Contractual Maturity

	March 31, 2023
(In millions)	Overnight and Continuous	30 Days or Less	After 30 Days Through 90 Days	Greater Than 90 Days	Total
Securities sold under agreements to repurchase	$—	$1,165	$3,487	$—	$4,652

	December 31, 2022
(In millions)	Overnight and Continuous	30 Days or Less	After 30 Days Through 90 Days	Greater Than 90 Days	Total
Securities sold under agreements to repurchase	$—	$11,991	$—	$—	$11,991

XML

Net Interest Income

3 Months Ended

Mar. 31, 2023

Components of Net Interest Income [Abstract]

Net Interest Income

The table below presents the components of net interest income per our condensed consolidated statements of income and comprehensive income.Table 10.1 - Components of Net Interest Income

(In millions)	1Q 2023	1Q 2022
Interest income:
Mortgage loans	$23,304	$17,310
Investment securities	316	384
Other	1,367	46
Total interest income	24,987	17,740
Interest expense:
Debt of consolidated trusts	(18,261)	(13,249)
Debt of Freddie Mac:
Short-term debt	(154)	—
Long-term debt	(2,071)	(387)
Total interest expense	(20,486)	(13,636)
Net interest income	4,501	4,104
(Provision) benefit for credit losses	(395)	837
Net interest income after (provision) benefit for credit losses	$4,106	$4,941

XML

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

The table below presents the financial results for our Single-Family and Multifamily segments.

Table 11.1 - Segment Financial Results

	1Q 2023			1Q 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Net interest income	$4,296	$205	$4,501	$3,806	$298	$4,104
Non-interest income
Guarantee income	32	434	466	30	40	70
Investment gains, net	(179)	(46)	(225)	1,252	261	1,513
Other income	54	31	85	126	33	159
Non-interest income	(93)	419	326	1,408	334	1,742
Net revenues	4,203	624	4,827	5,214	632	5,846
(Provision) benefit for credit losses	(318)	(77)	(395)	831	6	837
Non-interest expense	(1,783)	(149)	(1,932)	(1,778)	(154)	(1,932)
Income before income tax expense	2,102	398	2,500	4,267	484	4,751
Income tax expense	(425)	(80)	(505)	(856)	(97)	(953)
Net income	1,677	318	1,995	3,411	387	3,798
Other comprehensive income (loss), net of taxes and reclassification adjustments	(1)	55	54	(12)	(108)	(120)
Comprehensive income	$1,676	$373	$2,049	$3,399	$279	$3,678

The table below presents total assets for our Single-Family and Multifamily segments.

Table 11.2 - Segment Assets

(In millions)	March 31, 2023	December 31, 2022
Single-Family	$2,988,635	$2,986,045
Multifamily	426,039	429,302
Total segment assets	3,414,674	3,415,347
Reconciling items(1)	(189,694)	(207,014)
Total assets per condensed consolidated balance sheets	$3,224,980	$3,208,333

(1)Reconciling items include assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.

XML

Concentration of Credit and Other Risks

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Concentration of Credit and Other Risks

Concentration of Credit and Other Risks

Single-Family Mortgage Portfolio

The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 2, Note 3, and Note 5 for more information about credit risk associated with single-family loans that we hold or guarantee.

Table 12.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio

		March 31, 2023					December 31, 2022
(Dollars in millions)		Portfolio UPB(1)	% of Portfolio		SDQ Rate		Portfolio UPB(1)	% of Portfolio		SDQ Rate
Region:(2)
	West	$905,823	30	%	0.46	%	$906,123	30	%	0.49	%
	Northeast	694,781	23		0.76		695,944	23		0.82
	North Central	435,435	15		0.61		436,294	15		0.65
	Southeast	514,825	17		0.67		512,495	17		0.73
	Southwest	437,497	15		0.58		434,907	15		0.63
Total		$2,988,361	100	%	0.62		$2,985,763	100	%	0.66
State:
	California	$515,908	17	%	0.47		$516,891	17	%	0.51
	Texas	203,128	7		0.58		200,807	7		0.64
	Florida	192,552	6		0.78		191,009	6		0.84
	New York	130,010	4		1.08		129,935	4		1.16
	Illinois	112,289	4		0.83		112,784	4		0.90
	All other	1,834,474	62		0.58		1,834,337	62		0.63
Total		$2,988,361	100	%	0.62		$2,985,763	100	%	0.66

(1)Excludes UPB of loans underlying certain securitization products for which data was not available.

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

Multifamily Mortgage Portfolio

The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio. See Note 2, Note 3, Note 4, and Note 5 for more information about credit risk associated with multifamily loans that we hold or guarantee.

Table 12.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio

	March 31, 2023					December 31, 2022
(Dollars in millions)	Portfolio UPB	% of Portfolio		Delinquency Rate(1)		Portfolio UPB	% of Portfolio		Delinquency Rate(1)
Region(2)(3):
West	$106,840	25	%	0.04	%	$107,260	25	%	0.04	%
Northeast	104,627	25		0.30		106,478	25		0.28
North Central	40,555	10		0.16		40,524	9		0.16
Southeast	84,801	20		0.04		85,438	20		0.04
Southwest	89,216	20		0.13		89,602	21		0.08
Total	$426,039	100	%	0.13		$429,302	100	%	0.12

(1)Based on loans two monthly payments or more delinquent or in foreclosure.

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

(3)The UPB of loans collateralized by properties located in multiple regions are reported entirely in the region with the largest underlying collateral UPB as of origination.

XML

Fair Value Disclosures

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or non-recurring basis.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents our assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option.

Table 13.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis

	March 31, 2023
(In millions)	Level 1	Level 2	Level 3	Netting Adjustments(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$5,516	$853	$—	$6,369
Trading:
Mortgage-related securities	—	6,169	2,905	—	9,074
Non-mortgage-related securities	21,884	385	—	—	22,269
Total trading securities	21,884	6,554	2,905	—	31,343
Total investment securities	21,884	12,070	3,758	—	37,712
Mortgage loans held-for-sale	—	2,579	347	—	2,926
Mortgage loans held-for-investment	—	1,174	64	—	1,238
Other assets:
Guarantee assets	—	—	5,432	—	5,432
Derivative assets, net	—	5,477	3	(5,089)	391
Other assets	—	34	125	—	159
Total other assets	—	5,511	5,560	(5,089)	5,982
Total assets carried at fair value on a recurring basis	$21,884	$21,334	$9,729	($5,089)	$47,858
Liabilities:
Debt:
Debt of consolidated trusts	$—	$1,858	$290	$—	$2,148
Debt of Freddie Mac	—	569	94	—	663
Total debt	—	2,427	384	—	2,811
Other liabilities:
Derivative liabilities, net	13	9,367	77	(8,564)	893
Other liabilities	—	1	—	—	1
Total other liabilities	13	9,368	77	(8,564)	894
Total liabilities carried at fair value on a recurring basis	$13	$11,795	$461	($8,564)	$3,705

Referenced footnote is included after the prior period table.

	December 31, 2022
(In millions)	Level 1	Level 2	Level 3	Netting Adjustments(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$5,640	$894	$—	$6,534
Trading:
Mortgage-related securities	—	5,603	2,731	—	8,334
Non-mortgage-related securities	23,453	380	—	—	23,833
Total trading securities	23,453	5,983	2,731	—	32,167
Total investment securities	23,453	11,623	3,625	—	38,701
Mortgage loans held-for-sale	—	2,908	310	—	3,218
Mortgage loans held-for-investment	—	1,104	110	—	1,214
Other assets:
Guarantee assets	—	—	5,442	—	5,442
Derivative assets, net	—	6,397	2	(6,092)	307
Other assets	—	12	129	—	141
Total other assets	—	6,409	5,573	(6,092)	5,890
Total assets carried at fair value on a recurring basis	$23,453	$22,044	$9,618	($6,092)	$49,023
Liabilities:
Debt:
Debt of consolidated trusts	$—	$1,656	$288	$—	$1,944
Debt of Freddie Mac	—	1,003	100	—	1,103
Total debt	—	2,659	388	—	3,047
Other liabilities:
Derivative liabilities, net	—	10,823	97	(10,162)	758
Other liabilities	—	1	—	—	1
Total other liabilities	—	10,824	97	(10,162)	759
Total liabilities carried at fair value on a recurring basis	$—	$13,483	$485	($10,162)	$3,806

Level 3 Fair Value Measurements

The table below presents a reconciliation of all assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities.

Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

	1Q 2023
	Balance, January 1, 2023	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2023	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$894	$1	($3)	$—	$—	$—	($39)	$—	$—	$853	$—	($3)
Trading	2,731	(139)	—	324	—	—	(11)	—	—	2,905	33	—
Total investment securities	3,625	(138)	(3)	324	—	—	(50)	—	—	3,758	33	(3)
Mortgage loans held-for-sale	310	1	—	26	—	—	(1)	11	—	347	—	—
Mortgage loans held-for-investment	110	2	—	—	—	—	—	—	(48)	64	2	—
Other assets:
Guarantee assets	5,442	85	—	—	127	—	(222)	—	—	5,432	85	—
Other assets	131	16	—	(10)	—	—	(9)	—	—	128	16	—
Total other assets	5,573	101	—	(10)	127	—	(231)	—	—	5,560	101	—
Total assets	$9,618	($34)	($3)	$340	$127	$—	($282)	$11	($48)	$9,729	$136	($3)
Liabilities
Debt	$388	($12)	$—	$—	$12	$—	($4)	$—	$—	$384	($8)	$—
Other liabilities	97	(18)	—	—	—	—	(2)	—	—	77	(19)	—
Total liabilities	$485	($30)	$—	$—	$12	$—	($6)	$—	$—	$461	($27)	$—

	1Q 2022
	Balance, January 1, 2022	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2022	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$1,286	($1)	($36)	$—	$—	$—	($91)	$30	$—	$1,188	($1)	($29)
Trading	3,386	(426)	—	243	—	—	(18)	—	(20)	3,165	(256)	—
Total investment securities	4,672	(427)	(36)	243	—	—	(109)	30	(20)	4,353	(257)	(29)
Other assets:
Guarantee assets	5,919	(316)	—	—	333	—	(240)	—	—	5,696	(316)	—
Other assets	101	16	—	(4)	3	—	(2)	—	—	114	16	—
Total other assets	6,020	(300)	—	(4)	336	—	(242)	—	—	5,810	(300)	—
Total assets	$10,692	($727)	($36)	$239	$336	$—	($351)	$30	($20)	$10,163	($557)	($29)
Liabilities
Debt	$294	$23	$—	$—	$86	$—	($1)	$—	$—	$402	$33	$—
Other liabilities	24	24	—	—	—	—	(1)	—	—	47	24	—
Total liabilities	$318	$47	$—	$—	$86	$—	($2)	$—	$—	$449	$57	$—

(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.

(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at March 31, 2023 and March 31, 2022.

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis.

Table 13.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements

	March 31, 2023
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities:
Available-for-sale	$533	Median of external sources	External pricing sources	$58.2 - $72.8	$68.2
	320	Other
Trading	2,023	Single external source	External pricing source	$0.0 - $5,410.0	$210.0
	882	Other
Mortgage loans held-for-sale	347	Single external source	External pricing source	$39.6 - $98.6	$78.7
Guarantee assets	5,074	Discounted cash flows	OAS	17 - 186 bps	46 bps
	358	Other
Insignificant Level 3 assets(2)	192
Total level 3 assets	$9,729
Liabilities
Insignificant Level 3 liabilities(2)	461
Total level 3 liabilities	$461

	December 31, 2022
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities:
Available-for-sale	$557	Median of external sources	External pricing sources	$66.3 - $74.6	$70.5
	337	Other
Trading	2,080	Single external source	External pricing source	$0.0 - $5,702.4	$224.8
	651	Other
Mortgage loans held-for-sale	310	Single external source	External pricing source	$39.6 - $98.1	$76.6
Mortgage loans held-for-investment	110	Single external source	External pricing source	$76.9 - $87.5	$80.6
Guarantee assets	5,084	Discounted cash flows	OAS	17 - 186 bps	45 bps
	358	Other
Insignificant Level 3 assets(2)	131
Total level 3 assets	$9,618
Liabilities
Insignificant Level 3 liabilities(2)	485
Total level 3 liabilities	$485

(1)     Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

(2) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant.

Assets Measured at Fair Value on a Non-Recurring Basis

We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis. These adjustments usually result from the application of lower-of-cost-or-fair-value accounting or measurement of impairment based on the fair value of the underlying collateral. Certain fair values in the tables below were not obtained as of period end, but were obtained during the period.

The table below presents assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.

Table 13.4 - Assets Measured at Fair Value on a Non-Recurring Basis

	March 31, 2023				December 31, 2022
(In millions)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Mortgage loans(1)	$—	$454	$2,170	$2,624	$—	$386	$1,758	$2,144

(1)Includes loans that are classified as held-for-investment and have an allowance for credit losses based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost.

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.

Table 13.5 - Quantitative Information About Non-Recurring Level 3 Fair Value Measurements

	March 31, 2023
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)			Type	Range	Weighted Average(1)
Mortgage loans	$1,520	Median of external sources	External pricing sources	$75.3 - $97.3	$85.5
	650	Other
Total	$2,170
	December 31, 2022
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)			Type	Range	Weighted Average(1)
Mortgage loans	$1,657	Median of external sources	External pricing sources	$74.8 - $98.6	$86.3
	101	Other
Total	$1,758

(1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

Fair Value of Financial Instruments

The table below presents the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, and certain debt, the carrying value on our condensed consolidated balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility.

Table 13.6 - Fair Value of Financial Instruments

		March 31, 2023
	GAAP Measurement Category(1)	Carrying  Amount	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting  Adjustments(2)	Total
Financial Assets
Cash and cash equivalents	Amortized cost	$5,873	$5,873	$—	$—	$—	$5,873
Securities purchased under agreements to resell	Amortized cost	108,036	—	112,688	—	(4,652)	108,036
Investment securities:
Available-for-sale	FV - OCI	6,369	—	5,516	853	—	6,369
Trading	FV - NI	31,343	21,884	6,554	2,905	—	31,343
Total investment securities		37,712	21,884	12,070	3,758	—	37,712
Mortgage loans:
Loans held by consolidated trusts		2,977,998	—	2,337,448	276,492	—	2,613,940
Loans held by Freddie Mac		59,711	—	25,534	30,236	—	55,770
Total mortgage loans(3)	Various(4)	3,037,709	—	2,362,982	306,728	—	2,669,710
Other assets:
Guarantee assets	FV - NI	5,432	—	—	5,435	—	5,435
Derivative assets, net	FV - NI	391	—	5,477	3	(5,089)	391
Other assets(5)	Various	2,805	—	931	1,880	—	2,811
Total other assets		8,628	—	6,408	7,318	(5,089)	8,637
Total financial assets		$3,197,958	$27,757	$2,494,148	$317,804	($9,741)	$2,829,968
Financial Liabilities
Debt:
Debt of consolidated trusts		$2,987,050	$—	$2,610,811	$696	$—	$2,611,507
Debt of Freddie Mac		180,464	—	182,379	3,306	(4,652)	181,033
Total debt	Various(6)	3,167,514	—	2,793,190	4,002	(4,652)	2,792,540
Other liabilities:
Guarantee obligations	Amortized cost	5,639	—	—	6,018	—	6,018
Derivative liabilities, net	FV - NI	893	13	9,367	77	(8,564)	893
Other liabilities(5)	FV - NI	12	—	828	155	—	983
Total other liabilities		6,544	13	10,195	6,250	(8,564)	7,894
Total financial liabilities		$3,174,058	$13	$2,803,385	$10,252	($13,216)	$2,800,434

Referenced footnotes are included after the prior period table.

		December 31, 2022
	GAAP Measurement Category(1)	Carrying  Amount	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting Adjustments(2)	Total
Financial Assets
Cash and cash equivalents	Amortized cost	$6,360	$6,360	$—	$—	$—	$6,360
Securities purchased under agreements to resell	Amortized cost	87,295	—	99,286	—	(11,991)	87,295
Investment securities:
Available-for-sale	FV - OCI	6,534	—	5,640	894	—	6,534
Trading	FV - NI	32,167	23,453	5,983	2,731	—	32,167
Total investment securities		38,701	23,453	11,623	3,625	—	38,701
Mortgage loans:
Loans held by consolidated trusts		2,971,601	—	2,331,969	244,045	—	2,576,014
Loans held by Freddie Mac		62,914	—	25,921	32,460	—	58,381
Total mortgage loans	Various(4)	3,034,515	—	2,357,890	276,505	—	2,634,395
Other assets:
Guarantee assets	FV - NI	5,442	—	—	5,445	—	5,445
Derivative assets, net	FV - NI	307	—	6,397	2	(6,092)	307
Other assets(5)	Various	1,739	—	907	835	—	1,742
Total other assets		7,488	—	7,304	6,282	(6,092)	7,494
Total financial assets		$3,174,359	$29,813	$2,476,103	$286,412	($18,083)	$2,774,245
Financial Liabilities
Debt:
Debt of consolidated trusts		$2,979,070	$—	$2,564,323	$701	$—	$2,565,024
Debt of Freddie Mac		166,762	—	175,673	3,162	(11,991)	166,844
Total debt	Various(6)	3,145,832	—	2,739,996	3,863	(11,991)	2,731,868
Other liabilities:
Guarantee obligations	Amortized cost	5,779	—	—	6,016	—	6,016
Derivative liabilities, net	FV - NI	758	—	10,823	97	(10,162)	758
Other liabilities(5)	FV - NI	20	—	1,025	211	—	1,236
Total other liabilities		6,557	—	11,848	6,324	(10,162)	8,010
Total financial liabilities		$3,152,389	$—	$2,751,844	$10,187	($22,153)	$2,739,878

(1)FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income.

(2)Represents counterparty netting and cash collateral netting.

(3)Excludes basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. See Note 3 for additional information on basis adjustments associated with closed portfolios during existing portfolio layer method hedges.

(4)The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.0 trillion, $9.9 billion, and $4.2 billion as of March 31, 2023, respectively, and $3.0 trillion, $9.0 billion and $4.4 billion as of December 31, 2022, respectively.

(5)For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments.

(6)The GAAP carrying amounts measured at amortized cost and FV - NI were $3.2 trillion and $2.8 billion as of March 31, 2023, respectively, and $3.1 trillion and $3.0 billion as of December 31, 2022, respectively.

Fair Value Option

We elected the fair value option for certain mortgage loans and loan commitments and certain debt issuances.

The table below presents the fair value and UPB related to multifamily loan purchase commitments and loans and debt for which we have elected the fair value option.

Table 13.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected(1)

	March 31, 2023			December 31, 2022
(In millions)	Fair value	UPB	Difference	Fair value	UPB	Difference
Mortgage loans held-for-sale	$2,926	$3,063	($137)	$3,218	$3,421	($203)
Mortgage loans held-for-investment	1,238	1,367	(129)	1,214	1,368	(154)
Debt of Freddie Mac	460	453	7	892	881	11
Debt of consolidated trusts	1,858	1,981	(123)	1,656	1,833	(177)
Other assets/other liabilities	33	N/A	N/A	11	N/A	N/A

(1)    Excludes interest-only securities related to debt of consolidated trusts and debt of Freddie Mac with a fair value of $0.5 billion as of both March 31, 2023 and December 31, 2022.

Changes in Fair Value Under the Fair Value Option Election

The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our condensed consolidated statements of income.

Table 13.8 - Changes in Fair Value Under the Fair Value Option Election

	1Q 2023	1Q 2022
(In millions)	Gains (Losses)
Mortgage loans held-for-sale	$4	($676)
Mortgage loans held-for-investment	26	—
Debt of Freddie Mac	14	(11)
Debt of consolidated trusts	(35)	72
Other assets/other liabilities	55	(36)

Changes in fair value attributable to instrument-specific credit risk were not material for the periods presented for assets or liabilities for which we elected the fair value option.

XML

Legal Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Legal Contingencies

Legal Contingencies

We are involved, directly or indirectly, in a variety of legal and regulatory proceedings arising from time to time in the ordinary course of business (including, among other things, contractual disputes, personal injury claims, employment-related litigation, and other legal proceedings incidental to our business) and in connection with the conservatorship and Purchase Agreement. We are frequently involved, directly or indirectly, in litigation involving mortgage foreclosures. From time to time, we are also involved in proceedings arising from our termination of a seller's or servicer's eligibility to sell loans to, and/or service loans for, us. In these cases, the former seller or servicer sometimes seeks damages against us for wrongful termination under a variety of legal theories. In addition, we are sometimes sued in connection with the origination or servicing of loans. These suits typically involve claims alleging wrongful actions of sellers and servicers. Our contracts with our sellers and servicers generally provide for indemnification of Freddie Mac against liability arising from sellers' and servicers' wrongful actions with respect to loans sold to or serviced for Freddie Mac.

Litigation claims and proceedings of all types are subject to many uncertainties (including appeals and procedural filings), and there can be no assurance as to the ultimate outcome of those actions (including the matters described below). In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable (as defined in such guidance) and the amount of the loss can be reasonably estimated. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.

It is not possible for us to predict the actions the U.S. government (including Treasury and FHFA) might take in response to any ruling or finding in any of these lawsuits or any future lawsuits. However, it is possible that we could be adversely affected by these events, including, for example, by changes to the Purchase Agreement, or any resulting actual or perceived changes in the level of U.S. government support for our business.

Putative Securities Class Action Lawsuit: Ohio Public Employees Retirement System vs. Freddie Mac, Syron, Et Al.

This putative securities class action lawsuit was filed against Freddie Mac and certain former officers on January 18, 2008 in the U.S. District Court for the Northern District of Ohio purportedly on behalf of a class of purchasers of Freddie Mac stock from August 1, 2006 through November 20, 2007. FHFA later intervened as Conservator, and the plaintiff amended its complaint on several occasions. The plaintiff alleged, among other things, that the defendants violated federal securities laws by making false and misleading statements concerning our business, risk management, and the procedures we put into place to protect the company from problems in the mortgage industry. The plaintiff seeks unspecified damages and interest, and reasonable costs and expenses, including attorney and expert fees.

In August 2018, the District Court denied the plaintiff's motion for class certification, and in January 2019, the Sixth Circuit denied plaintiff's petition for leave to appeal that decision. On September 17, 2020, the District Court granted a request from the plaintiff for summary judgment and entered final judgment in favor of Freddie Mac and the other defendants. On October 9, 2020, the plaintiff filed a notice of appeal in the Sixth Circuit. On April 6, 2023, the Sixth Circuit reversed the District Court’s September 17, 2020 decision and remanded the case to the District Court for further proceedings.

Litigation Concerning the Purchase Agreement in the U.S. District Court for the District of Columbia

In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations. This is a consolidated class action lawsuit filed by private individual and institutional investors (collectively, "Class Plaintiffs") against FHFA, Fannie Mae, and Freddie Mac.

Fairholme Funds, Inc., et al. v. FHFA, et al. This is an individual plaintiffs’ lawsuit by certain institutional investors (“Individual Plaintiffs”) against FHFA, Fannie Mae, and Freddie Mac.

Plaintiffs in each of the District of Columbia lawsuits filed an amended complaint on November 1, 2017 alleging claims for breach of contract, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duties, and violation of Delaware and Virginia corporate law. Additionally, the Class Plaintiffs brought derivative claims against FHFA for breach of fiduciary duties and the Individual Plaintiffs brought claims under the Administrative Procedure Act. Both sets of claims are generally based on allegations that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, including the rights to receive dividends and a liquidation preference. On September 28, 2018, the District Court dismissed all of the claims except those for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial.

On September 23 and October 11, 2022, the District Court ruled on the parties' motions for summary judgment and related matters. The rulings limited the Plaintiffs’ remaining damages theories to those based on the decline in Freddie Mac’s and Fannie Mae’s share value immediately after the Third Amendment. The Plaintiffs have asserted losses based on the decline in value of Freddie Mac’s common and junior preferred stock from August 16 to August 17, 2012. During the trial in October and early November 2022, the Plaintiffs requested that the jury award $832 million plus pre-judgment interest as damages against Freddie Mac. The jury in that trial was not able to reach a unanimous verdict and on November 7, 2022 the judge declared a mistrial. The District Court set a new trial for July 24, 2023. At this time, we do not believe the likelihood of loss is probable; therefore, we have not established an accrual in connection with these lawsuits. However, it is reasonably possible that the Plaintiffs could prevail in this matter and, if so, we may incur a loss up to $832 million plus pre-judgment interest as discussed above. We estimate that prejudgment interest, if awarded, would be calculated at a rate of 6%.

XML

Regulatory Capital

3 Months Ended

Mar. 31, 2023

Compliance with Regulatory Capital Requirements - ERCF [Abstract]

Regulatory Capital

Regulatory Capital

The table below presents our capital metrics under the ERCF.

Table 15.1 - ERCF Available Capital and Capital Requirements

(In billions)			March 31, 2023			December 31, 2022
Adjusted total assets			$3,716			$3,710
Risk-weighted assets (standardized approach)			908			899
	March 31, 2023
	Amounts			Ratios
(Dollars in billions)	Available Capital (Deficit)	Minimum Capital Requirement	Capital Requirement (Including Buffer(1))	Available Capital (Deficit) Ratio(2)		Minimum Capital Requirement Ratio(2)		Capital Requirement Ratio(2) (Including Buffer(1))
Risk-based capital:
Total capital	($25)	$73	$73	(2.8)	%	8.0	%	8.0	%
CET1 capital	(53)	41	91	(5.8)		4.5		10.1
Tier 1 capital	(39)	54	104	(4.3)		6.0		11.6
Adjusted total capital	(39)	73	123	(4.3)		8.0		13.6
Leverage capital:
Core capital	($33)	$93	$93	(0.9)	%	2.5	%	2.5	%
Tier 1 capital	(39)	93	104	(1.0)		2.5		2.8
	December 31, 2022
	Amounts			Ratios
(Dollars in billions)	Available Capital (Deficit)	Minimum Capital Requirement	Capital Requirement (Including Buffer(1))	Available Capital (Deficit) Ratio(2)		Minimum Capital Requirement Ratio(2)		Capital Requirement Ratio(2) (Including Buffer(1))
Risk-based capital:
Total capital	($27)	$72	$72	(3.1)	%	8.0	%	8.0	%
CET1 capital	(55)	40	90	(6.2)		4.5		10.1
Tier 1 capital	(41)	54	104	(4.6)		6.0		11.6
Adjusted total capital	(41)	72	122	(4.6)		8.0		13.6
Leverage capital:
Core capital	($35)	$93	$93	(1.0)	%	2.5	%	2.5	%
Tier 1 capital	(41)	93	104	(1.1)		2.5		2.8

(1)PCCBA for risk-based capital and PLBA for leverage capital.

(2)As a percentage of RWA for risk-based capital and ATA for leverage capital.

XML

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated.

We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. In the opinion of management, our unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our results.

Use of Estimates

Use of Estimates

The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Management has made significant estimates to report the allowance for credit losses on single-family mortgage loans. Actual results could be different from these estimates.

Other Significant Accounting Policies

Recently Issued Accounting Guidance

Recently Adopted Accounting Guidance
Standard	Description	Date of  Adoption	Effect on Consolidated Financial Statements
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method	The amendments in this Update provide clarifications of the guidance in ASC Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The Update amends the guidance in ASU 2017-12 that, among other things, establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible by allowing the entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The Update provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method.	January 1, 2023	The adoption of these amendments did not have a material effect on our consolidated financial statements. We adopted the guidance in this Update related to disclosures on a prospective basis.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in this Update require disclosure of current period gross write-offs by year of origination for financing receivables within the scope of ASC Subtopic 326-20.	January 1, 2023 for the amendments related to disclosure of gross write-offs by year of origination.	The adoption of these amendments did not have a material effect on our consolidated financial statements. See Note 3 for additional disclosure of gross write-offs by year of origination.

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements
Standard	Description	Date of  Adoption	Effect on Consolidated Financial Statements
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this Update expand the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain conditions. This Update also amends those conditions primarily to assess projected benefits on a discounted basis and expands the disclosure requirements of those investments.	January 1, 2024	We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements.

Loan Restructurings

The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings.

Hedge Accounting

We apply fair value hedge accounting to certain single-family mortgage loans and certain issuances of debt where we hedge the changes in fair value of these items attributable to the designated benchmark interest rate, using interest-rate swaps.

Fair Value of Financial Instruments

We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or non-recurring basis.

XML

Securitization Activities and Consolidation (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Table - Schedule of Various Interest Entities

The following table presents the carrying amounts and classification of the assets and liabilities recorded on our condensed consolidated balance sheets that relate to our variable interests in VIEs for which we are not the primary beneficiary and with which we were involved in the design and creation and have a significant continuing involvement, our maximum exposure to loss as a result of our involvement with such VIEs, and the total assets of the VIEs. Our involvement with such VIEs primarily consists of guarantees that we have issued to the VIE, some of which are accounted for as derivative instruments, and investments in debt securities issued by the VIE. See Note 4 for additional information on our guarantees to nonconsolidated VIEs.

Total assets shown in the table below represents the remaining UPB of the mortgage loans or other noncash financial assets held by the VIE and excludes cash and nonfinancial assets held by the VIE. Maximum exposure to loss shown in the table below is primarily based on the remaining UPB of the guaranteed securities issued by the VIE and represents the contractual amounts that could be lost if the assets of the VIE (including the assets in the related reference pool for CRT products) became worthless at the balance sheet date, without consideration of proceeds from related collateral liquidation and possible recoveries under credit enhancements. We do not believe the maximum exposure to loss from our involvement with nonconsolidated VIEs is representative of the actual loss we are likely to incur based on our historical loss experience and after consideration of proceeds from related collateral liquidation and available credit enhancements.

Table 2.1 - Nonconsolidated VIEs

	March 31, 2023
	Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets			Total Assets	Maximum Exposure to Loss
(In millions)	Investment securities	Accrued Interest Receivable and Other Assets(1)	Liabilities(1)
Single-Family:
Securitization products	$952	$178	$430	$31,139	$25,329
Resecuritization products(2)	5,800	64	587	116,807	116,807
CRT products(3)	—	211	104	30,701	117
Total Single-Family	6,752	453	1,121	178,647	142,253
Multifamily:
Securitization products(4)	7,641	4,903	4,783	357,747	316,606
CRT products(3)	—	2	4	1,065	—
Total Multifamily	7,641	4,905	4,787	358,812	316,606
Other	—	8	5	166	440
Total	$14,393	$5,366	$5,913	$537,625	$459,299

Referenced footnotes are included after the prior period table.

	December 31, 2022
	Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets			Total Assets	Maximum Exposure to Loss
(In millions)	Investment securities	Accrued Interest Receivable and Other Assets(1)	Liabilities(1)
Single-Family:
Securitization products	$965	$175	$436	$31,614	$25,772
Resecuritization products(2)	5,092	61	659	119,267	119,267
CRT products(3)	—	197	52	30,549	105
Total Single-Family	6,057	433	1,147	181,430	145,144
Multifamily:
Securitization products(4)	7,808	4,931	4,920	360,869	319,117
CRT products(3)	—	2	2	972	—
Total Multifamily	7,808	4,933	4,922	361,841	319,117
Other	—	8	5	185	435
Total	$13,865	$5,374	$6,074	$543,456	$464,696

(1)    Other assets primarily include our guarantee assets. Liabilities primarily include our guarantee obligations.

(2)    Total assets and maximum exposure to loss are based on the UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts. We exclude noncommingled resecuritization trusts from these amounts as we have already guaranteed the underlying collateral and therefore noncommingled resecuritizations do not involve any incremental assets or create any incremental exposure to credit risk. Total assets exclude $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.

(3) Maximum exposure to loss is based on our expected recovery receivables. We also have exposure to loss from our obligations to make certain payments to the VIE to support payment of the interest due on the notes issued by the VIE, which we account for as derivative instruments. The notional value of these derivative instruments is equal to the total assets of the VIE.

(4)    Includes total assets of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off.

XML

Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Table - Mortgage Loans

The table below provides details of the loans on our condensed consolidated balance sheets.

Table 3.1 - Mortgage Loans

	March 31, 2023			December 31, 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Held-for-sale UPB	$3,373	$10,255	$13,628	$3,564	$9,544	$13,108
Cost basis and fair value adjustments, net	(675)	(171)	(846)	(696)	(215)	(911)
Total held-for-sale loans, net	2,698	10,084	12,782	2,868	9,329	12,197
Held-for-investment UPB	2,944,949	47,353	2,992,302	2,941,505	48,379	2,989,884
Cost basis and fair value adjustments, net(1)	39,833	(51)	39,782	39,896	(71)	39,825
Allowance for credit losses	(7,675)	(160)	(7,835)	(7,314)	(77)	(7,391)
Total held-for-investment loans, net(2)	2,977,107	47,142	3,024,249	2,974,087	48,231	3,022,318
Total mortgage loans, net	$2,979,805	$57,226	$3,037,031	$2,976,955	$57,560	$3,034,515

(1)Includes ($0.7) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023.

(2)Includes $1.2 billion of multifamily held-for-investment loans for which we have elected the fair value option as of both March 31, 2023 and December 31, 2022.

The table below provides details of the UPB of loans we purchased and sold during the periods presented.

Table 3.2 - Loans Purchased and Sold

(In millions)	1Q 2023	1Q 2022
Single-Family:
Purchases:
Held-for-investment loans	$58,965	$206,935
Sales of held-for-sale loans(1)	—	15
Multifamily:
Purchases:
Held-for-investment loans	3,349	2,565
Held-for-sale loans	2,695	12,267
Sales of held-for-sale loans(2)	6,150	14,292

(1)Our sales of single-family loans reflect the sale of single-family seasoned loans.

(2)Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates.

The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the periods presented.

Table 3.3 - Loan Reclassifications(1)

	1Q 2023			1Q 2022
(In millions)	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale	$—	$—	$—	$248	$—	$—
Held-for-sale to held-for-investment(2)	48	4	4	62	(3)	—
Multifamily reclassifications from:
Held-for-investment to held-for-sale	4,731	1	(27)	315	—	—
Held-for-sale to held-for-investment(2)	561	—	16	246	—	—

(1)Amounts exclude reclassifications related to loans for which we have elected the fair value option.

(2)Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification.

Table - Held-for-Investment Loans on Non-accrual

The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end.

Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(1)
(In millions)	December 31, 2022	March 31, 2023	1Q 2023
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$9,307	$9,348	$28
15-year or less, amortizing fixed-rate	427	434	1
Adjustable-rate and other	361	332	1
Total Single-Family	10,095	10,114	30
Total Multifamily	42	41	1
Total Single-Family and Multifamily	$10,137	$10,155	$31

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(1)
(In millions)	December 31, 2021	March 31, 2022	1Q 2022
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$17,013	$13,831	$49
15-year or less, amortizing fixed-rate	844	684	1
Adjustable-rate and other	793	580	1
Total Single-Family	18,650	15,095	51
Total Multifamily	—	42	—
Total Single-Family and Multifamily	$18,650	$15,137	$51

(1)Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end.

The table below provides the amount of accrued interest receivable, net presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off.

Table 3.5 - Accrued Interest Receivable, Net and Related Charge-Offs

	Accrued Interest Receivable, Net		Accrued Interest Receivable Related Charge-Offs
(In millions)	March 31, 2023	December 31, 2022	1Q 2023	1Q 2022
Single-Family loans	$8,090	$7,967	($48)	($87)
Multifamily loans	228	220	—	—

Table - Amortized Cost Basis of Held-For-Investment Mortgage Loans, by Credit Quality Indicator and Vintage

The table below presents the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented. For reporting purposes:

n    Alt-A loans continue to be presented in the "adjustable-rate and other" category following modification, even though the borrower may have provided full documentation of assets and income to complete the modification and

n    Option ARM loans continue to be presented in the "adjustable-rate and other" category following modification, even though the modified loan no longer provides for optional payment provisions.

Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage

	March 31, 2023
	Year of Origination						Total
(In millions)	2023	2022	2021	2020	2019	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$4,065	$69,133	$395,062	$483,968	$86,816	$436,771	$1,475,815
> 60 to 80	11,184	162,441	415,109	184,807	27,759	17,233	818,533
> 80 to 90	6,522	86,335	82,824	5,149	579	568	181,977
> 90 to 100	10,477	86,541	12,317	391	59	152	109,937
> 100	5	6,027	211	6	5	151	6,405
Total 20- and 30-year or more, amortizing fixed-rate	32,253	410,477	905,523	674,321	115,218	454,875	2,592,667
Current-period gross write-offs(1)	—	3	8	2	1	12	26
15-year or less, amortizing fixed-rate
≤ 60	561	17,299	119,253	106,899	14,068	69,206	327,286
> 60 to 80	639	12,575	18,425	1,938	103	26	33,706
> 80 to 90	123	1,500	275	6	—	1	1,905
> 90 to 100	69	462	5	—	—	1	537
> 100	—	12	—	—	—	1	13
Total 15-year or less, amortizing fixed-rate	1,392	31,848	137,958	108,843	14,171	69,235	363,447
Current-period gross write-offs(1)	—	—	—	—	—	1	1
Adjustable-rate and other
≤ 60	74	1,312	2,779	1,498	615	14,915	21,193
> 60 to 80	269	2,391	1,873	200	69	447	5,249
> 80 to 90	211	1,251	173	5	2	35	1,677
> 90 to 100	207	912	13	—	—	16	1,148
> 100	—	71	—	—	—	8	79
Total adjustable-rate and other	761	5,937	4,838	1,703	686	15,421	29,346
Current-period gross write-offs(1)	—	—	—	—	—	5	5
Total for all loan product types by current LTV ratio:
≤ 60	$4,700	$87,744	$517,094	$592,365	$101,499	$520,892	$1,824,294
> 60 to 80	12,092	177,407	435,407	186,945	27,931	17,706	857,488
> 80 to 90	6,856	89,086	83,272	5,160	581	604	185,559
> 90 to 100	10,753	87,915	12,335	391	59	169	111,622
> 100	5	6,110	211	6	5	160	6,497
Total Single-Family loans	$34,406	$448,262	$1,048,319	$784,867	$130,075	$539,531	$2,985,460
Total current-period gross write-offs(1)	$—	$3	$8	$2	$1	$18	$32

	December 31, 2022
	Year of Origination						Total
(In millions)	2022	2021	2020	2019	2018	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$66,153	$394,498	$489,315	$87,188	$38,955	$407,819	$1,483,928
> 60 to 80	158,421	424,141	190,167	28,991	7,870	10,426	820,016
> 80 to 90	79,901	90,006	4,405	569	164	419	175,464
> 90 to 100	86,109	8,911	397	56	24	143	95,640
> 100	2,568	49	6	6	5	156	2,790
Total 20- and 30-year or more, amortizing fixed-rate	393,152	917,605	684,290	116,810	47,018	418,963	2,577,838
15-year or less, amortizing fixed-rate
≤ 60	16,752	119,379	109,685	14,606	5,578	68,240	334,240
> 60 to 80	13,042	22,007	2,503	132	16	16	37,716
> 80 to 90	1,601	368	7	—	—	1	1,977
> 90 to 100	570	5	—	—	—	1	576
> 100	3	—	—	—	—	1	4
Total 15-year or less, amortizing fixed-rate	31,968	141,759	112,195	14,738	5,594	68,259	374,513
Adjustable-rate and other
≤ 60	1,255	2,779	1,524	634	428	15,139	21,759
> 60 to 80	2,322	1,956	214	76	28	445	5,041
> 80 to 90	1,127	186	5	1	1	34	1,354
> 90 to 100	836	11	—	—	—	14	861
> 100	26	—	—	—	—	9	35
Total adjustable-rate and other	5,566	4,932	1,743	711	457	15,641	29,050
Total for all loan product types by current LTV ratio:
≤ 60	$84,160	$516,656	$600,524	$102,428	$44,961	$491,198	$1,839,927
> 60 to 80	173,785	448,104	192,884	29,199	7,914	10,887	862,773
> 80 to 90	82,629	90,560	4,417	570	165	454	178,795
> 90 to 100	87,515	8,927	397	56	24	158	97,077
> 100	2,597	49	6	6	5	166	2,829
Total Single-Family loans	$430,686	$1,064,296	$798,228	$132,259	$53,069	$502,863	$2,981,401

(1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs.

Multifamily

The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows:

n    "Pass" is current and adequately protected by the borrower's current financial strength and debt service capacity;

n    "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit     weaknesses. In addition, this category generally includes loans in forbearance;

n    "Substandard" has a weakness that jeopardizes the timely full repayment; and

n    "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions.

Table 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage

	March 31, 2023
	Year of Origination							Total
(In millions)	2023	2022	2021	2020	2019	Prior	Revolving Loans
Category:
Pass	$1,588	$18,854	$7,733	$6,479	$4,810	$3,660	$2,242	$45,366
Special mention	—	—	39	73	190	17	—	319
Substandard	—	—	78	75	27	199	—	379
Doubtful	—	—	—	—	—	—	—	—
Total	$1,588	$18,854	$7,850	$6,627	$5,027	$3,876	$2,242	$46,064

	December 31, 2022
	Year of Origination							Total
(In millions)	2022	2021	2020	2019	2018	Prior	Revolving Loans
Category:
Pass	$21,854	$7,638	$6,546	$4,784	$1,077	$2,646	$1,924	$46,469
Special mention	—	39	65	232	7	113	—	456
Substandard	—	1	3	27	7	131	—	169
Doubtful	—	—	—	—	—	—	—	—
Total	$21,854	$7,678	$6,614	$5,043	$1,091	$2,890	$1,924	$47,094

Table - Payment Status of Mortgage Loans

Past Due Status

The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status.

Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(1)	Total	Three Months or More Past Due, and Accruing Interest	Non-Accrual With No Allowance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,560,613	$16,017	$4,017	$12,020	$2,592,667	$3,053	$499
15-year or less, amortizing fixed-rate	361,524	1,131	214	578	363,447	157	7
Adjustable-rate and other	28,650	279	75	342	29,346	28	59
Total Single-Family	2,950,787	17,427	4,306	12,940	2,985,460	3,238	565
Total Multifamily	46,008	13	2	41	46,064	—	—
Total Single-Family and Multifamily	$2,996,795	$17,440	$4,308	$12,981	$3,031,524	$3,238	$565

Referenced footnotes are included after the prior period table.

	December 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(1)	Total	Three Months or More Past Due, and Accruing Interest	Non-Accrual with No Allowance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,541,057	$19,820	$4,603	$12,358	$2,577,838	$3,432	$522
15-year or less, amortizing fixed-rate	372,065	1,590	250	608	374,513	191	9
Adjustable-rate and other	28,262	325	88	375	29,050	30	67
Total Single-Family	2,941,384	21,735	4,941	13,341	2,981,401	3,653	598
Total Multifamily	47,039	13	—	42	47,094	—	42
Total Single-Family and Multifamily	$2,988,423	$21,748	$4,941	$13,383	$3,028,495	$3,653	$640

(1)Includes $1.9 billion and $1.6 billion of single-family loans that were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively.

(2)Loans with no allowance for loan losses primarily represent those loans that were previously charged off and therefore the collateral value is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. We exclude the amounts of allowance for credit losses on accrued interest receivable and advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses.

Table - Loan Restructuring

The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. The amortized cost basis of loans in trial period modification plans was $1.8 billion and $3.1 billion as of March 31, 2023 and March 31, 2022, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans.

Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$6,357	$1,037	$86	$7,480	0.3	%
15-year or less, amortizing fixed-rate	332	19	1	352	0.1
Adjustable-rate and other	76	13	4	93	0.3
Total Single-Family loan restructurings	$6,765	$1,069	$91	$7,925	0.3

	1Q 2022
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$9,133	$683	$2,948	$12,764	0.5	%
15-year or less, amortizing fixed-rate	596	15	55	666	0.2
Adjustable-rate and other	212	15	78	305	1.1
Total Single-Family loan restructurings	$9,941	$713	$3,081	$13,735	0.5

Referenced footnotes are on the next page.

(1)     Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified.

(2)    Includes $2.7 billion and $5.1 billion related to payment deferral plans for 1Q 2023 and 1Q 2022, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays.

(3)    Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans.

The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.9	%	180	$16
15-year or less, amortizing fixed-rate	0.4		354	16
Adjustable-rate and other	2.0		206	19

	1Q 2022
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	1.6	%	186	$24
15-year or less, amortizing fixed-rate	0.8		366	25
Adjustable-rate and other	2.2		226	27

(1)     Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification.

(2)     Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans.

The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings.

Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty(1)

	1Q 2023
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$704	$175	$206	$1,085
15-year or less, amortizing fixed-rate	32	—	—	32
Adjustable-rate and other	10	2	5	17
Total Single-Family	$746	$177	$211	$1,134

Referenced footnote is included after the prior period table.

	1Q 2022
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$391	$7	$7	$405
15-year or less, amortizing fixed-rate	28	—	—	28
Adjustable-rate and other	16	—	—	16
Total Single-Family	$435	$7	$7	$449

(1)    Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans.

The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms.

Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$16,491	$2,381	$1,572	$6,642	$27,086
15-year or less, amortizing fixed-rate	670	98	71	310	1,149
Adjustable-rate and other	227	33	17	115	392
Total Single-Family	$17,388	$2,512	$1,660	$7,067	$28,627

	March 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$7,887	$1,486	$1,359	$2,032	$12,764
15-year or less, amortizing fixed-rate	380	89	88	109	666
Adjustable-rate and other	191	19	16	79	305
Total Single-Family	$8,458	$1,594	$1,463	$2,220	$13,735

XML

Guarantees and Other Off-Balance Sheet Credit Exposures (Tables)

3 Months Ended

Mar. 31, 2023

Guarantees [Abstract]

Table - Financial Guarantees

The table below shows information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. This table does not include our unrecognized guarantees, such as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements.

Table 4.1 - Financial Guarantees

	March 31, 2023
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$31,130	$25,329	$385	40
Other mortgage-related guarantees	9,290	9,290	192	29
Total Single-Family mortgage-related guarantees	40,420	34,619	577
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	357,747	316,606	4,751	37
Other mortgage-related guarantees	10,684	10,684	378	36
Total Multifamily mortgage-related guarantees	368,431	327,290	5,129
Guarantees of Fannie Mae securities(4)	116,807	116,807	—	39
Other	166	440	—	30

	December 31, 2022
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$31,604	$25,772	$391	40
Other mortgage-related guarantees	9,476	9,476	203	29
Total Single-Family mortgage-related guarantees	41,080	35,248	594
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	360,869	319,117	4,889	37
Other mortgage-related guarantees	10,510	10,510	379	36
Total Multifamily mortgage-related guarantees	371,379	329,627	5,268
Guarantees of Fannie Mae securities(4)	119,267	119,267	—	39
Other	185	435	—	29

(1)    Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures.

(2)    Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE.

(3)    Includes UPB of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $2.1 billion as of both March 31, 2023 and December 31, 2022.

(4)    Excludes $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.

The table below shows the payment status of the mortgage loans underlying our mortgage-related guarantees.

Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status

	March 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$35,753	$2,075	$729	$1,863	$40,420
Multifamily	367,681	251	21	478	368,431
Total	$403,434	$2,326	$750	$2,341	$408,851

	December 31, 2022
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$36,241	$2,072	$748	$2,019	$41,080
Multifamily	370,911	23	12	433	371,379
Total	$407,152	$2,095	$760	$2,452	$412,459

Table 4.3 – Other Off-Balance Sheet Credit Exposures

(In millions)	March 31, 2023	December 31, 2022
Mortgage loan purchase commitments(1)	$11,249	$9,609
Other commitments(2)	34,923	22,293
Total	$46,172	$31,902

(1)Includes $2.1 billion and $0.5 billion of commitments for which we have elected the fair value option as of March 31, 2023 and December 31, 2022, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments.

(2)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.

XML

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Table - Details of the Allowance for Credit Losses

The table below summarizes changes in our allowance for credit losses.

Table 5.1 - Details of the Allowance for Credit Losses

	1Q 2023			1Q 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Beginning balance	$7,746	$147	$7,893	$5,440	$78	$5,518
Provision (benefit) for credit losses	318	77	395	(831)	(6)	(837)
Charge-offs	(90)	—	(90)	(173)	—	(173)
Recoveries collected	32	—	32	52	—	52
Other(1)	91	—	91	361	—	361
Ending balance	$8,097	$224	$8,321	$4,849	$72	$4,921
Components of the ending balance of the allowance for credit losses:
Mortgage loans held-for-investment	$7,675	$160	$7,835	$4,358	$31	$4,389
Other(2)	422	64	486	491	41	532
Total ending balance	$8,097	$224	$8,321	$4,849	$72	$4,921

(1)Primarily includes capitalization of past due interest related to non-accrual loans that receive payment deferral plans and loan modifications.

(2)Includes allowance for credit losses related to advances of pre-foreclosure costs, accrued interest receivable, and off-balance sheet credit exposures.

XML

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Table - Investment Securities

The table below summarizes the fair values of our investments in debt securities by classification.

Table 6.1 - Investment Securities

(In millions)	March 31, 2023	December 31, 2022
Trading securities	$31,343	$32,167
Available-for-sale securities	6,369	6,534
Total fair value of investment securities	$37,712	$38,701

Table - Trading Securities

The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities.

Table 6.2 - Trading Securities

(In millions)	March 31, 2023	December 31, 2022
Mortgage-related securities	$9,074	$8,334
Non-mortgage-related securities	22,269	23,833
Total fair value of trading securities	$31,343	$32,167

Table - Available-For-Sale Securities

The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. At March 31, 2023 and December 31, 2022, all available-for-sale securities were mortgage-related securities.

Table 6.3 - Available-for-Sale Securities

	March 31, 2023
	Amortized Cost Basis	Gross Unrealized Gains in Other Comprehensive Income	Gross Unrealized Losses in Other Comprehensive Income	Fair Value	Accrued Interest Receivable
(In millions)
Agency mortgage-related securities	$6,006	$14	($238)	$5,782	$13
Other mortgage-related securities	408	182	(3)	587	3
Total available-for-sale securities	$6,414	$196	($241)	$6,369	$16

	December 31, 2022
	Amortized Cost Basis	Gross Unrealized Gains in Other Comprehensive Income	Gross Unrealized Losses in Other Comprehensive Income	Fair Value	Accrued Interest Receivable
(In millions)
Agency mortgage-related securities	$6,215	$6	($301)	$5,920	$12
Other mortgage-related securities	429	188	(3)	614	3
Total available-for-sale securities	$6,644	$194	($304)	$6,534	$15

Table - Available-For-Sale Securities in a Gross Unrealized Loss Position

The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an unrealized loss position for less than 12 months, or 12 months or greater.

Table 6.4 - Available-for-Sale Securities in a Gross Unrealized Loss Position

	March 31, 2023
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$3,038	($80)	$1,696	($158)
Other mortgage-related securities	28	(2)	13	(1)
Total available-for-sale securities in a gross unrealized loss position	$3,066	($82)	$1,709	($159)

	December 31, 2022
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$5,086	($253)	$325	($48)
Other mortgage-related securities	46	(3)	5	—
Total available-for-sale securities in a gross unrealized loss position	$5,132	($256)	$330	($48)

Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities

The table below summarizes the gross realized gains and gross realized losses from sales of available-for-sale securities.

Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities

(In millions)	1Q 2023	1Q 2022
Gross realized gains	$2	$—
Gross realized losses	(2)	(1)
Net realized gains	$—	($1)

XML

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Table - Total Debt

The table below summarizes the balances of total debt on our condensed consolidated balance sheetsTable 7.1 - Total Debt

(In millions)	March 31, 2023	December 31, 2022
Debt of consolidated trusts	$2,987,050	$2,979,070
Debt of Freddie Mac:
Short-term debt	8,681	7,712
Long-term debt	171,783	159,050
Total debt of Freddie Mac	180,464	166,762
Total debt	$3,167,514	$3,145,832

Table - Debt of Consolidated Trusts

The table below summarizes the debt of consolidated trusts based on underlying loan product type.

Table 7.2 - Debt of Consolidated Trusts

	March 31, 2023					December 31, 2022
(Dollars in millions)	Contractual Maturity	UPB	Carrying Amount(1)	Weighted Average Coupon(2)		Contractual Maturity	UPB	Carrying Amount(1)	Weighted Average Coupon(2)
Single-Family:
20-and 30-year or more, fixed-rate	2023 - 2061	$2,522,559	$2,564,677	2.82	%	2023 - 2061	$2,507,235	$2,550,137	2.76	%
15-year or less, fixed-rate	2023 - 2038	357,248	363,390	2.15		2023 - 2038	367,844	374,339	2.14
Adjustable-rate and other	2023 - 2053	23,834	24,402	3.29		2023 - 2053	23,561	24,153	3.04
Total Single-Family		2,903,641	2,952,469				2,898,640	2,948,629
Multifamily	2024 - 2053	35,080	34,581	2.88		2023 - 2052	30,927	30,441	2.66
Total debt of consolidated trusts		$2,938,721	$2,987,050				$2,929,567	$2,979,070

(1)Includes $2.1 billion and $1.9 billion as of March 31, 2023 and December 31, 2022, respectively, of debt of consolidated trusts that represents the fair value of debt for which the fair value option was elected.

(2)The effective interest rate for debt of consolidated trusts was 2.47% and 2.39% as of March 31, 2023 and December 31, 2022, respectively.

Table - Short-term Debt

The table below summarizes the balances and effective interest rates for short-term debt.

Table 7.3 - Short-Term Debt

	March 31, 2023				December 31, 2022
(Dollars in millions)	Par Value	Carrying Amount	Weighted Average Effective Rate		Par Value	Carrying Amount	Weighted Average Effective Rate
Short-term debt:
Discount notes and Reference Bills®	$8,051	$8,016	4.56	%	$6,826	$6,822	3.71	%
Medium-term notes	665	665	1.91		890	890	1.81
Securities sold under agreements to repurchase	4,652	4,652	4.58		11,991	11,991	3.86
Offsetting arrangements(1)	(4,652)	(4,652)			(11,991)	(11,991)
Total short-term debt	$8,716	$8,681	4.36	%	$7,716	$7,712	3.49	%

(1)We offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets, when such amounts meet the conditions for offsetting in the accounting guidance.

Table - Long-term Debt

The table below summarizes our long-term debt.

Table 7.4 - Long-Term Debt

	March 31, 2023					December 31, 2022
(Dollars in millions)	Contractual Maturity	Par Value	Carrying Amount(1)	Weighted Average Effective Rate(2)		Contractual Maturity	Par Value	Carrying Amount(1)	Weighted Average Effective Rate(2)
Long-term debt:
Fixed-rate:
Medium-term notes — callable	2023 - 2050	$115,743	$115,680	2.35	%	2023 - 2050	$103,584	$103,528	1.96	%
Medium-term notes — non-callable	2023 - 2028	2,481	2,481	0.78		2023 - 2028	2,747	2,747	0.73
Reference Notes securities — non-callable	2023 - 2032	49,801	49,839	2.04		2023 - 2032	49,801	49,832	1.76
SCR debt notes	2031 - 2032	86	86	13.00		2031 - 2032	90	93	13.00
Variable-rate:
Medium-term notes — callable	2023 - 2028	4,941	4,939	4.04		2023 - 2027	4,691	4,689	3.95
Medium-term notes — non-callable	2026	47	47	8.10		2026	47	47	8.10
STACR	2023 - 2042	3,449	3,342	9.40		2023 - 2042	4,562	4,448	8.79
Zero-coupon:
Medium-term notes — non-callable	2024 - 2039	4,836	2,955	6.12		2023 - 2039	4,841	2,913	6.11
Other	2047 - 2053	—	128	0.85		2047 - 2052	—	137	0.82
Hedging-related basis adjustments		N/A	(7,714)				N/A	(9,384)
Total long-term debt		$181,384	$171,783	2.49	%		$170,363	$159,050	2.20	%

(1)Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.7 billion and $1.1 billion at March 31, 2023 and December 31, 2022, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected.

(2)Based on carrying amount.

Table - Contractual Maturity of Long-Term Debt

The table below summarizes the contractual maturities of long-term debt.

Table 7.5 - Contractual Maturities of Long-Term Debt

	March 31, 2023
(In millions)	Amounts
Annual Maturities
Long-term debt (excluding STACR and SCR debt notes):
2024	$40,271
2025	33,340
2026	58,018
2027	10,097
2028	7,793
Thereafter	28,330
Debt of consolidated trusts, STACR, and SCR debt notes(1)	2,942,256
Total	3,120,105
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments(2)	38,728
Total debt of consolidated trusts, STACR, SCR, and long-term debt	$3,158,833

(1)Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrower at any time generally without penalty.

(2)Other basis adjustments primarily represent changes in fair value on debt where we have elected the fair value option.

XML

Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Table - Derivative Assets and Liabilities at Fair Value

The table below presents the notional value and fair value of derivatives reported on our condensed consolidated balance sheets.

Table 8.1 - Derivative Assets and Liabilities at Fair Value

	March 31, 2023			December 31, 2022
	Notional or Contractual Amount	Derivatives at Fair Value		Notional or Contractual Amount	Derivatives at Fair Value
(In millions)		Assets	Liabilities		Assets	Liabilities
Not designated as hedges
Interest-rate risk management derivatives:
Swaps	$445,598	$1,427	($604)	$480,824	$1,762	($526)
Written options	49,745	—	(1,550)	46,101	—	(1,857)
Purchased options(1)	87,065	3,703	—	92,010	4,302	—
Futures	134,295	—	—	182,330	—	—
Total interest-rate risk management derivatives	716,703	5,130	(2,154)	801,265	6,064	(2,383)
Mortgage commitment derivatives	39,505	19	(6)	29,354	12	(11)
CRT-related derivatives(2)	31,888	—	(110)	31,647	—	(55)
Other	14,090	3	(539)	14,426	2	(624)
Total derivatives not designated as hedges	802,186	5,152	(2,809)	876,692	6,078	(3,073)
Designated as fair value hedges
Interest-rate risk management derivatives:
Swaps	189,974	328	(6,648)	181,298	321	(7,847)
Total derivatives designated as fair value hedges	189,974	328	(6,648)	181,298	321	(7,847)
Receivables (payables)		1	(214)		35	(25)
Netting adjustments(3)		(5,090)	8,778		(6,127)	10,187
Total derivative portfolio, net	$992,160	$391	($893)	$1,057,990	$307	($758)

(1)Includes swaptions on credit indices with a notional or contractual amount of $6.9 billion and $10.1 billion at March 31, 2023 and December 31, 2022, respectively, and a fair value of $2.0 million as of both March 31, 2023 and December 31, 2022.

(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.

(3)Represents counterparty netting and cash collateral netting.

Table - Gains and Losses on Derivatives

The table below presents the gains and losses on derivatives not designated in qualifying hedge relationships. These amounts are reported on our condensed consolidated statements of income as investment gains, net.

Table 8.2 - Gains and Losses on Derivatives(1)

(In millions)	1Q 2023	1Q 2022
Not designated as hedges
Interest-rate risk management derivatives:
Swaps	$29	$390
Written options	195	(364)
Purchased options	(504)	717
Futures	(307)	868
Total interest-rate risk management derivatives fair value gains (losses)	(587)	1,611
Mortgage commitment derivatives	(80)	1,839
CRT-related derivatives(2)	(76)	12
Other	61	(39)
Total derivatives not designated as hedges fair value gains (losses)	($682)	$3,423

(1)Accrual of periodic cash settlements on swaps is included in the respective gain (loss) of the derivative and is no longer presented separately. Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.

Table - Gains and Losses on Fair Value Hedge

The table below presents the effects of fair value hedge accounting by condensed consolidated statements of income line item, including the gains and losses on derivatives and hedged items designated in qualifying hedge relationships and other components due to the application of hedge accounting.

Table 8.3 - Gains and Losses on Fair Value Hedges

	1Q 2023		1Q 2022
(In millions)	Interest Income	Interest Expense	Interest Income	Interest Expense
Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded:	$24,987	($20,486)	$17,740	($13,636)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items	1,123	—	(2,627)	—
Derivatives designated as hedging instruments	(1,073)	—	2,055	—
Interest accruals on hedging instruments	211	—	(267)	—
Discontinued hedge related basis adjustments amortization	31	—	(124)	—
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items	—	(1,535)	—	3,861
Derivatives designated as hedging instruments	—	1,534	—	(3,896)
Interest accruals on hedging instruments	—	(1,051)	—	144
Discontinued hedge related basis adjustment amortization	—	(38)	—	10

Table - Cumulative Basis Adjustments Due to Fair Value Hedging

The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item.

Table 8.4 - Cumulative Basis Adjustments Due to Fair Value Hedging

	March 31, 2023
	Carrying Amount Assets / (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount			Closed Portfolio Under the Portfolio Layer Method
(In millions)		Total	Under the Portfolio Layer Method	Discontinued - Hedge Related	Total Amount by Amortized Cost Basis	Designated Amount by UPB
Mortgage loans held-for-investment	$1,126,852	($1,967)	($678)	($1,289)	$77,275	$11,516
Mortgage loans held-for-sale	56	1	—	1	—	—
Debt	(156,649)	7,714	—	187	—	—
	December 31, 2022
	Carrying Amount Assets / (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount			Closed Portfolio Under the Portfolio Layer Method
(In millions)		Total	Under the Portfolio Layer Method	Discontinued - Hedge Related	Total Amount by Amortized Cost Basis	Designated Amount by UPB
Mortgage loans held-for-investment	$1,108,098	($3,122)	($959)	($2,163)	$79,070	$11,516
Mortgage loans held-for-sale	67	1	—	1	—	—
Debt	(142,511)	9,384	—	123	—	—

XML

Collateralized Agreements and Offsetting Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Offsetting [Abstract]

Table - Offsetting and Collateral Information of Financial Assets and Liabilities

The table below presents offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements.

Table 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities

	March 31, 2023
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$5,459	($4,052)	($1,038)	$369	($180)	$189
Cleared and exchange-traded derivatives	—	—	—	—	—	—
Mortgage commitment derivatives	19	—	—	19	—	19
Other	3	—	—	3	—	3
Total derivatives	5,481	(4,052)	(1,038)	391	(180)	211
Securities purchased under agreements to resell	112,688	(4,652)	—	108,036	(108,036)	—
Total	$118,169	($8,704)	($1,038)	$108,427	($108,216)	$211
Liabilities:
Derivatives:
OTC derivatives	($8,790)	$4,052	$4,669	($69)	$26	($43)
Cleared and exchange-traded derivatives	(199)	—	57	(142)	142	—
Mortgage commitment derivatives	(33)	—	—	(33)	—	(33)
Other	(649)	—	—	(649)	—	(649)
Total derivatives	(9,671)	4,052	4,726	(893)	168	(725)
Securities sold under agreements to repurchase	(4,652)	4,652	—	—	—	—
Total	($14,323)	$8,704	$4,726	($893)	$168	($725)

Referenced footnotes are included after the next table.

	December 31, 2022
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$6,385	($4,468)	($1,681)	$236	($214)	$22
Cleared and exchange-traded derivatives	28	—	22	50	—	50
Mortgage commitment derivatives	19	—	—	19	(4)	15
Other	2	—	—	2	—	2
Total derivatives	6,434	(4,468)	(1,659)	307	(218)	89
Securities purchased under agreements to resell	99,286	(11,991)	—	87,295	(87,295)	—
Total	$105,720	($16,459)	($1,659)	$87,602	($87,513)	$89
Liabilities:
Derivatives:
OTC derivatives	($10,230)	$4,468	$5,702	($60)	$23	($37)
Cleared and exchange-traded derivatives	(25)	—	17	(8)	8	—
Mortgage commitment derivatives	(11)	—	—	(11)	—	(11)
Other	(679)	—	—	(679)	—	(679)
Total derivatives	(10,945)	4,468	5,719	(758)	31	(727)
Securities sold under agreements to repurchase	(11,991)	11,991	—	—	—	—
Total	($22,936)	$16,459	$5,719	($758)	$31	($727)

(1)Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.

(2)Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022.

Table - Offsetting and Collateral Information of Financial Assets and Liabilities

The table below presents offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements.

Table 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities

	March 31, 2023
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$5,459	($4,052)	($1,038)	$369	($180)	$189
Cleared and exchange-traded derivatives	—	—	—	—	—	—
Mortgage commitment derivatives	19	—	—	19	—	19
Other	3	—	—	3	—	3
Total derivatives	5,481	(4,052)	(1,038)	391	(180)	211
Securities purchased under agreements to resell	112,688	(4,652)	—	108,036	(108,036)	—
Total	$118,169	($8,704)	($1,038)	$108,427	($108,216)	$211
Liabilities:
Derivatives:
OTC derivatives	($8,790)	$4,052	$4,669	($69)	$26	($43)
Cleared and exchange-traded derivatives	(199)	—	57	(142)	142	—
Mortgage commitment derivatives	(33)	—	—	(33)	—	(33)
Other	(649)	—	—	(649)	—	(649)
Total derivatives	(9,671)	4,052	4,726	(893)	168	(725)
Securities sold under agreements to repurchase	(4,652)	4,652	—	—	—	—
Total	($14,323)	$8,704	$4,726	($893)	$168	($725)

Referenced footnotes are included after the next table.

	December 31, 2022
	Gross Amount Recognized	Amount  Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets	Gross Amount Not Offset in the Condensed  Consolidated Balance Sheets(2)	Net Amount
(In millions)		Counterparty Netting	Cash Collateral Netting(1)
Assets:
Derivatives:
OTC derivatives	$6,385	($4,468)	($1,681)	$236	($214)	$22
Cleared and exchange-traded derivatives	28	—	22	50	—	50
Mortgage commitment derivatives	19	—	—	19	(4)	15
Other	2	—	—	2	—	2
Total derivatives	6,434	(4,468)	(1,659)	307	(218)	89
Securities purchased under agreements to resell	99,286	(11,991)	—	87,295	(87,295)	—
Total	$105,720	($16,459)	($1,659)	$87,602	($87,513)	$89
Liabilities:
Derivatives:
OTC derivatives	($10,230)	$4,468	$5,702	($60)	$23	($37)
Cleared and exchange-traded derivatives	(25)	—	17	(8)	8	—
Mortgage commitment derivatives	(11)	—	—	(11)	—	(11)
Other	(679)	—	—	(679)	—	(679)
Total derivatives	(10,945)	4,468	5,719	(758)	31	(727)
Securities sold under agreements to repurchase	(11,991)	11,991	—	—	—	—
Total	($22,936)	$16,459	$5,719	($758)	$31	($727)

(1)Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.

(2)Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022.

Table - Collateral in the Form of Securities Pledged

Table 9.2 - Collateral in the Form of Securities Pledged

	March 31, 2023
(In millions)	Derivatives	Securities Sold Under Agreements to Repurchase	Other(1)	Total
Debt of consolidated trusts(2)	$—	$—	$183	$183
Trading securities	2,351	4,619	2,056	9,026
Total securities pledged	$2,351	$4,619	$2,239	$9,209

	December 31, 2022
(In millions)	Derivatives	Securities Sold Under Agreements to Repurchase	Other(1)	Total
Trading securities	$1,533	$2,910	$1,347	$5,790
Other assets	—	6,543	—	6,543
Total securities pledged	$1,533	$9,453	$1,347	$12,333

(1)Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.

(2)Represents debt of consolidated trusts held by us in our mortgage-related investments portfolio which is recorded as a reduction to debt of consolidated trusts on our condensed consolidated balance sheets.

Table - Remaining Contractual Pledged

Table 9.3 - Remaining Contractual Maturity

	March 31, 2023
(In millions)	Overnight and Continuous	30 Days or Less	After 30 Days Through 90 Days	Greater Than 90 Days	Total
Securities sold under agreements to repurchase	$—	$1,165	$3,487	$—	$4,652

	December 31, 2022
(In millions)	Overnight and Continuous	30 Days or Less	After 30 Days Through 90 Days	Greater Than 90 Days	Total
Securities sold under agreements to repurchase	$—	$11,991	$—	$—	$11,991

XML

Net Interest Income (Tables)

3 Months Ended

Mar. 31, 2023

Components of Net Interest Income [Abstract]

Components of Net Interest Income

The table below presents the components of net interest income per our condensed consolidated statements of income and comprehensive income.Table 10.1 - Components of Net Interest Income

(In millions)	1Q 2023	1Q 2022
Interest income:
Mortgage loans	$23,304	$17,310
Investment securities	316	384
Other	1,367	46
Total interest income	24,987	17,740
Interest expense:
Debt of consolidated trusts	(18,261)	(13,249)
Debt of Freddie Mac:
Short-term debt	(154)	—
Long-term debt	(2,071)	(387)
Total interest expense	(20,486)	(13,636)
Net interest income	4,501	4,104
(Provision) benefit for credit losses	(395)	837
Net interest income after (provision) benefit for credit losses	$4,106	$4,941

XML

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Table - Segment Earnings and Reconciliation to GAAP Condensed Consolidated Statements of Comprehensive Income

The table below presents the financial results for our Single-Family and Multifamily segments.

Table 11.1 - Segment Financial Results

	1Q 2023			1Q 2022
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Net interest income	$4,296	$205	$4,501	$3,806	$298	$4,104
Non-interest income
Guarantee income	32	434	466	30	40	70
Investment gains, net	(179)	(46)	(225)	1,252	261	1,513
Other income	54	31	85	126	33	159
Non-interest income	(93)	419	326	1,408	334	1,742
Net revenues	4,203	624	4,827	5,214	632	5,846
(Provision) benefit for credit losses	(318)	(77)	(395)	831	6	837
Non-interest expense	(1,783)	(149)	(1,932)	(1,778)	(154)	(1,932)
Income before income tax expense	2,102	398	2,500	4,267	484	4,751
Income tax expense	(425)	(80)	(505)	(856)	(97)	(953)
Net income	1,677	318	1,995	3,411	387	3,798
Other comprehensive income (loss), net of taxes and reclassification adjustments	(1)	55	54	(12)	(108)	(120)
Comprehensive income	$1,676	$373	$2,049	$3,399	$279	$3,678

Reconciliation of Assets from Segment to Consolidated

The table below presents total assets for our Single-Family and Multifamily segments.

Table 11.2 - Segment Assets

(In millions)	March 31, 2023	December 31, 2022
Single-Family	$2,988,635	$2,986,045
Multifamily	426,039	429,302
Total segment assets	3,414,674	3,415,347
Reconciling items(1)	(189,694)	(207,014)
Total assets per condensed consolidated balance sheets	$3,224,980	$3,208,333

(1)Reconciling items include assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.

XML

Concentration of Credit and Other Risks (Tables)

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Table - Concentration of Credit Risk

The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 2, Note 3, and Note 5 for more information about credit risk associated with single-family loans that we hold or guarantee.

Table 12.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio

		March 31, 2023					December 31, 2022
(Dollars in millions)		Portfolio UPB(1)	% of Portfolio		SDQ Rate		Portfolio UPB(1)	% of Portfolio		SDQ Rate
Region:(2)
	West	$905,823	30	%	0.46	%	$906,123	30	%	0.49	%
	Northeast	694,781	23		0.76		695,944	23		0.82
	North Central	435,435	15		0.61		436,294	15		0.65
	Southeast	514,825	17		0.67		512,495	17		0.73
	Southwest	437,497	15		0.58		434,907	15		0.63
Total		$2,988,361	100	%	0.62		$2,985,763	100	%	0.66
State:
	California	$515,908	17	%	0.47		$516,891	17	%	0.51
	Texas	203,128	7		0.58		200,807	7		0.64
	Florida	192,552	6		0.78		191,009	6		0.84
	New York	130,010	4		1.08		129,935	4		1.16
	Illinois	112,289	4		0.83		112,784	4		0.90
	All other	1,834,474	62		0.58		1,834,337	62		0.63
Total		$2,988,361	100	%	0.62		$2,985,763	100	%	0.66

(1)Excludes UPB of loans underlying certain securitization products for which data was not available.

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

The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio. See Note 2, Note 3, Note 4, and Note 5 for more information about credit risk associated with multifamily loans that we hold or guarantee.

Table 12.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio

	March 31, 2023					December 31, 2022
(Dollars in millions)	Portfolio UPB	% of Portfolio		Delinquency Rate(1)		Portfolio UPB	% of Portfolio		Delinquency Rate(1)
Region(2)(3):
West	$106,840	25	%	0.04	%	$107,260	25	%	0.04	%
Northeast	104,627	25		0.30		106,478	25		0.28
North Central	40,555	10		0.16		40,524	9		0.16
Southeast	84,801	20		0.04		85,438	20		0.04
Southwest	89,216	20		0.13		89,602	21		0.08
Total	$426,039	100	%	0.13		$429,302	100	%	0.12

(1)Based on loans two monthly payments or more delinquent or in foreclosure.

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

(3)The UPB of loans collateralized by properties located in multiple regions are reported entirely in the region with the largest underlying collateral UPB as of origination.

XML

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Table - Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents our assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option.

Table 13.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis

	March 31, 2023
(In millions)	Level 1	Level 2	Level 3	Netting Adjustments(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$5,516	$853	$—	$6,369
Trading:
Mortgage-related securities	—	6,169	2,905	—	9,074
Non-mortgage-related securities	21,884	385	—	—	22,269
Total trading securities	21,884	6,554	2,905	—	31,343
Total investment securities	21,884	12,070	3,758	—	37,712
Mortgage loans held-for-sale	—	2,579	347	—	2,926
Mortgage loans held-for-investment	—	1,174	64	—	1,238
Other assets:
Guarantee assets	—	—	5,432	—	5,432
Derivative assets, net	—	5,477	3	(5,089)	391
Other assets	—	34	125	—	159
Total other assets	—	5,511	5,560	(5,089)	5,982
Total assets carried at fair value on a recurring basis	$21,884	$21,334	$9,729	($5,089)	$47,858
Liabilities:
Debt:
Debt of consolidated trusts	$—	$1,858	$290	$—	$2,148
Debt of Freddie Mac	—	569	94	—	663
Total debt	—	2,427	384	—	2,811
Other liabilities:
Derivative liabilities, net	13	9,367	77	(8,564)	893
Other liabilities	—	1	—	—	1
Total other liabilities	13	9,368	77	(8,564)	894
Total liabilities carried at fair value on a recurring basis	$13	$11,795	$461	($8,564)	$3,705

Referenced footnote is included after the prior period table.

	December 31, 2022
(In millions)	Level 1	Level 2	Level 3	Netting Adjustments(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$5,640	$894	$—	$6,534
Trading:
Mortgage-related securities	—	5,603	2,731	—	8,334
Non-mortgage-related securities	23,453	380	—	—	23,833
Total trading securities	23,453	5,983	2,731	—	32,167
Total investment securities	23,453	11,623	3,625	—	38,701
Mortgage loans held-for-sale	—	2,908	310	—	3,218
Mortgage loans held-for-investment	—	1,104	110	—	1,214
Other assets:
Guarantee assets	—	—	5,442	—	5,442
Derivative assets, net	—	6,397	2	(6,092)	307
Other assets	—	12	129	—	141
Total other assets	—	6,409	5,573	(6,092)	5,890
Total assets carried at fair value on a recurring basis	$23,453	$22,044	$9,618	($6,092)	$49,023
Liabilities:
Debt:
Debt of consolidated trusts	$—	$1,656	$288	$—	$1,944
Debt of Freddie Mac	—	1,003	100	—	1,103
Total debt	—	2,659	388	—	3,047
Other liabilities:
Derivative liabilities, net	—	10,823	97	(10,162)	758
Other liabilities	—	1	—	—	1
Total other liabilities	—	10,824	97	(10,162)	759
Total liabilities carried at fair value on a recurring basis	$—	$13,483	$485	($10,162)	$3,806

Table - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities.

Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

	1Q 2023
	Balance, January 1, 2023	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2023	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$894	$1	($3)	$—	$—	$—	($39)	$—	$—	$853	$—	($3)
Trading	2,731	(139)	—	324	—	—	(11)	—	—	2,905	33	—
Total investment securities	3,625	(138)	(3)	324	—	—	(50)	—	—	3,758	33	(3)
Mortgage loans held-for-sale	310	1	—	26	—	—	(1)	11	—	347	—	—
Mortgage loans held-for-investment	110	2	—	—	—	—	—	—	(48)	64	2	—
Other assets:
Guarantee assets	5,442	85	—	—	127	—	(222)	—	—	5,432	85	—
Other assets	131	16	—	(10)	—	—	(9)	—	—	128	16	—
Total other assets	5,573	101	—	(10)	127	—	(231)	—	—	5,560	101	—
Total assets	$9,618	($34)	($3)	$340	$127	$—	($282)	$11	($48)	$9,729	$136	($3)
Liabilities
Debt	$388	($12)	$—	$—	$12	$—	($4)	$—	$—	$384	($8)	$—
Other liabilities	97	(18)	—	—	—	—	(2)	—	—	77	(19)	—
Total liabilities	$485	($30)	$—	$—	$12	$—	($6)	$—	$—	$461	($27)	$—

	1Q 2022
	Balance, January 1, 2022	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2022	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$1,286	($1)	($36)	$—	$—	$—	($91)	$30	$—	$1,188	($1)	($29)
Trading	3,386	(426)	—	243	—	—	(18)	—	(20)	3,165	(256)	—
Total investment securities	4,672	(427)	(36)	243	—	—	(109)	30	(20)	4,353	(257)	(29)
Other assets:
Guarantee assets	5,919	(316)	—	—	333	—	(240)	—	—	5,696	(316)	—
Other assets	101	16	—	(4)	3	—	(2)	—	—	114	16	—
Total other assets	6,020	(300)	—	(4)	336	—	(242)	—	—	5,810	(300)	—
Total assets	$10,692	($727)	($36)	$239	$336	$—	($351)	$30	($20)	$10,163	($557)	($29)
Liabilities
Debt	$294	$23	$—	$—	$86	$—	($1)	$—	$—	$402	$33	$—
Other liabilities	24	24	—	—	—	—	(1)	—	—	47	24	—
Total liabilities	$318	$47	$—	$—	$86	$—	($2)	$—	$—	$449	$57	$—

(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.

(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at March 31, 2023 and March 31, 2022.

Table - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities.

Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

	1Q 2023
	Balance, January 1, 2023	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2023	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$894	$1	($3)	$—	$—	$—	($39)	$—	$—	$853	$—	($3)
Trading	2,731	(139)	—	324	—	—	(11)	—	—	2,905	33	—
Total investment securities	3,625	(138)	(3)	324	—	—	(50)	—	—	3,758	33	(3)
Mortgage loans held-for-sale	310	1	—	26	—	—	(1)	11	—	347	—	—
Mortgage loans held-for-investment	110	2	—	—	—	—	—	—	(48)	64	2	—
Other assets:
Guarantee assets	5,442	85	—	—	127	—	(222)	—	—	5,432	85	—
Other assets	131	16	—	(10)	—	—	(9)	—	—	128	16	—
Total other assets	5,573	101	—	(10)	127	—	(231)	—	—	5,560	101	—
Total assets	$9,618	($34)	($3)	$340	$127	$—	($282)	$11	($48)	$9,729	$136	($3)
Liabilities
Debt	$388	($12)	$—	$—	$12	$—	($4)	$—	$—	$384	($8)	$—
Other liabilities	97	(18)	—	—	—	—	(2)	—	—	77	(19)	—
Total liabilities	$485	($30)	$—	$—	$12	$—	($6)	$—	$—	$461	($27)	$—

	1Q 2022
	Balance, January 1, 2022	Total Realized/Unrealized Gains (Losses)(1)		Purchases	Issues	Sales	Settlements, Net	Transfers into Level 3	Transfers out of Level 3	Balance, March 31, 2022	Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022(2)	Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022
(In millions)		Included in Earnings	Included in Other Comprehensive Income
Assets
Investment securities:
Available-for-sale	$1,286	($1)	($36)	$—	$—	$—	($91)	$30	$—	$1,188	($1)	($29)
Trading	3,386	(426)	—	243	—	—	(18)	—	(20)	3,165	(256)	—
Total investment securities	4,672	(427)	(36)	243	—	—	(109)	30	(20)	4,353	(257)	(29)
Other assets:
Guarantee assets	5,919	(316)	—	—	333	—	(240)	—	—	5,696	(316)	—
Other assets	101	16	—	(4)	3	—	(2)	—	—	114	16	—
Total other assets	6,020	(300)	—	(4)	336	—	(242)	—	—	5,810	(300)	—
Total assets	$10,692	($727)	($36)	$239	$336	$—	($351)	$30	($20)	$10,163	($557)	($29)
Liabilities
Debt	$294	$23	$—	$—	$86	$—	($1)	$—	$—	$402	$33	$—
Other liabilities	24	24	—	—	—	—	(1)	—	—	47	24	—
Total liabilities	$318	$47	$—	$—	$86	$—	($2)	$—	$—	$449	$57	$—

(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.

(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at March 31, 2023 and March 31, 2022.

Table - Quantitative Information about Recurring Level 3 Fair Value Measurements

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis.

Table 13.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements

	March 31, 2023
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities:
Available-for-sale	$533	Median of external sources	External pricing sources	$58.2 - $72.8	$68.2
	320	Other
Trading	2,023	Single external source	External pricing source	$0.0 - $5,410.0	$210.0
	882	Other
Mortgage loans held-for-sale	347	Single external source	External pricing source	$39.6 - $98.6	$78.7
Guarantee assets	5,074	Discounted cash flows	OAS	17 - 186 bps	46 bps
	358	Other
Insignificant Level 3 assets(2)	192
Total level 3 assets	$9,729
Liabilities
Insignificant Level 3 liabilities(2)	461
Total level 3 liabilities	$461

	December 31, 2022
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities:
Available-for-sale	$557	Median of external sources	External pricing sources	$66.3 - $74.6	$70.5
	337	Other
Trading	2,080	Single external source	External pricing source	$0.0 - $5,702.4	$224.8
	651	Other
Mortgage loans held-for-sale	310	Single external source	External pricing source	$39.6 - $98.1	$76.6
Mortgage loans held-for-investment	110	Single external source	External pricing source	$76.9 - $87.5	$80.6
Guarantee assets	5,084	Discounted cash flows	OAS	17 - 186 bps	45 bps
	358	Other
Insignificant Level 3 assets(2)	131
Total level 3 assets	$9,618
Liabilities
Insignificant Level 3 liabilities(2)	485
Total level 3 liabilities	$485

(1)     Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

(2) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant.

Table - Assets Measured at Fair Value on a Nonrecurring Basis

The table below presents assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.

Table 13.4 - Assets Measured at Fair Value on a Non-Recurring Basis

	March 31, 2023				December 31, 2022
(In millions)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Mortgage loans(1)	$—	$454	$2,170	$2,624	$—	$386	$1,758	$2,144

(1)Includes loans that are classified as held-for-investment and have an allowance for credit losses based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost.

Table - Fair Value Assets Measured on Nonrecurring Basis Valuation Techniques

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.

Table 13.5 - Quantitative Information About Non-Recurring Level 3 Fair Value Measurements

	March 31, 2023
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)			Type	Range	Weighted Average(1)
Mortgage loans	$1,520	Median of external sources	External pricing sources	$75.3 - $97.3	$85.5
	650	Other
Total	$2,170
	December 31, 2022
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)			Type	Range	Weighted Average(1)
Mortgage loans	$1,657	Median of external sources	External pricing sources	$74.8 - $98.6	$86.3
	101	Other
Total	$1,758

(1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

Table - Fair Value of Financial Instruments

The table below presents the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, and certain debt, the carrying value on our condensed consolidated balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility.

Table 13.6 - Fair Value of Financial Instruments

		March 31, 2023
	GAAP Measurement Category(1)	Carrying  Amount	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting  Adjustments(2)	Total
Financial Assets
Cash and cash equivalents	Amortized cost	$5,873	$5,873	$—	$—	$—	$5,873
Securities purchased under agreements to resell	Amortized cost	108,036	—	112,688	—	(4,652)	108,036
Investment securities:
Available-for-sale	FV - OCI	6,369	—	5,516	853	—	6,369
Trading	FV - NI	31,343	21,884	6,554	2,905	—	31,343
Total investment securities		37,712	21,884	12,070	3,758	—	37,712
Mortgage loans:
Loans held by consolidated trusts		2,977,998	—	2,337,448	276,492	—	2,613,940
Loans held by Freddie Mac		59,711	—	25,534	30,236	—	55,770
Total mortgage loans(3)	Various(4)	3,037,709	—	2,362,982	306,728	—	2,669,710
Other assets:
Guarantee assets	FV - NI	5,432	—	—	5,435	—	5,435
Derivative assets, net	FV - NI	391	—	5,477	3	(5,089)	391
Other assets(5)	Various	2,805	—	931	1,880	—	2,811
Total other assets		8,628	—	6,408	7,318	(5,089)	8,637
Total financial assets		$3,197,958	$27,757	$2,494,148	$317,804	($9,741)	$2,829,968
Financial Liabilities
Debt:
Debt of consolidated trusts		$2,987,050	$—	$2,610,811	$696	$—	$2,611,507
Debt of Freddie Mac		180,464	—	182,379	3,306	(4,652)	181,033
Total debt	Various(6)	3,167,514	—	2,793,190	4,002	(4,652)	2,792,540
Other liabilities:
Guarantee obligations	Amortized cost	5,639	—	—	6,018	—	6,018
Derivative liabilities, net	FV - NI	893	13	9,367	77	(8,564)	893
Other liabilities(5)	FV - NI	12	—	828	155	—	983
Total other liabilities		6,544	13	10,195	6,250	(8,564)	7,894
Total financial liabilities		$3,174,058	$13	$2,803,385	$10,252	($13,216)	$2,800,434

Referenced footnotes are included after the prior period table.

		December 31, 2022
	GAAP Measurement Category(1)	Carrying  Amount	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting Adjustments(2)	Total
Financial Assets
Cash and cash equivalents	Amortized cost	$6,360	$6,360	$—	$—	$—	$6,360
Securities purchased under agreements to resell	Amortized cost	87,295	—	99,286	—	(11,991)	87,295
Investment securities:
Available-for-sale	FV - OCI	6,534	—	5,640	894	—	6,534
Trading	FV - NI	32,167	23,453	5,983	2,731	—	32,167
Total investment securities		38,701	23,453	11,623	3,625	—	38,701
Mortgage loans:
Loans held by consolidated trusts		2,971,601	—	2,331,969	244,045	—	2,576,014
Loans held by Freddie Mac		62,914	—	25,921	32,460	—	58,381
Total mortgage loans	Various(4)	3,034,515	—	2,357,890	276,505	—	2,634,395
Other assets:
Guarantee assets	FV - NI	5,442	—	—	5,445	—	5,445
Derivative assets, net	FV - NI	307	—	6,397	2	(6,092)	307
Other assets(5)	Various	1,739	—	907	835	—	1,742
Total other assets		7,488	—	7,304	6,282	(6,092)	7,494
Total financial assets		$3,174,359	$29,813	$2,476,103	$286,412	($18,083)	$2,774,245
Financial Liabilities
Debt:
Debt of consolidated trusts		$2,979,070	$—	$2,564,323	$701	$—	$2,565,024
Debt of Freddie Mac		166,762	—	175,673	3,162	(11,991)	166,844
Total debt	Various(6)	3,145,832	—	2,739,996	3,863	(11,991)	2,731,868
Other liabilities:
Guarantee obligations	Amortized cost	5,779	—	—	6,016	—	6,016
Derivative liabilities, net	FV - NI	758	—	10,823	97	(10,162)	758
Other liabilities(5)	FV - NI	20	—	1,025	211	—	1,236
Total other liabilities		6,557	—	11,848	6,324	(10,162)	8,010
Total financial liabilities		$3,152,389	$—	$2,751,844	$10,187	($22,153)	$2,739,878

(1)FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income.

(2)Represents counterparty netting and cash collateral netting.

(3)Excludes basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. See Note 3 for additional information on basis adjustments associated with closed portfolios during existing portfolio layer method hedges.

(4)The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.0 trillion, $9.9 billion, and $4.2 billion as of March 31, 2023, respectively, and $3.0 trillion, $9.0 billion and $4.4 billion as of December 31, 2022, respectively.

(5)For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments.

(6)The GAAP carrying amounts measured at amortized cost and FV - NI were $3.2 trillion and $2.8 billion as of March 31, 2023, respectively, and $3.1 trillion and $3.0 billion as of December 31, 2022, respectively.

Table - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected

The table below presents the fair value and UPB related to multifamily loan purchase commitments and loans and debt for which we have elected the fair value option.

Table 13.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected(1)

	March 31, 2023			December 31, 2022
(In millions)	Fair value	UPB	Difference	Fair value	UPB	Difference
Mortgage loans held-for-sale	$2,926	$3,063	($137)	$3,218	$3,421	($203)
Mortgage loans held-for-investment	1,238	1,367	(129)	1,214	1,368	(154)
Debt of Freddie Mac	460	453	7	892	881	11
Debt of consolidated trusts	1,858	1,981	(123)	1,656	1,833	(177)
Other assets/other liabilities	33	N/A	N/A	11	N/A	N/A

(1)    Excludes interest-only securities related to debt of consolidated trusts and debt of Freddie Mac with a fair value of $0.5 billion as of both March 31, 2023 and December 31, 2022.

The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our condensed consolidated statements of income.

Table 13.8 - Changes in Fair Value Under the Fair Value Option Election

	1Q 2023	1Q 2022
(In millions)	Gains (Losses)
Mortgage loans held-for-sale	$4	($676)
Mortgage loans held-for-investment	26	—
Debt of Freddie Mac	14	(11)
Debt of consolidated trusts	(35)	72
Other assets/other liabilities	55	(36)

XML

Regulatory Capital (Tables)

3 Months Ended

Mar. 31, 2023

Compliance with Regulatory Capital Requirements - ERCF [Abstract]

Table - ERCF Capital Requirements

The table below presents our capital metrics under the ERCF.

Table 15.1 - ERCF Available Capital and Capital Requirements

(In billions)			March 31, 2023			December 31, 2022
Adjusted total assets			$3,716			$3,710
Risk-weighted assets (standardized approach)			908			899
	March 31, 2023
	Amounts			Ratios
(Dollars in billions)	Available Capital (Deficit)	Minimum Capital Requirement	Capital Requirement (Including Buffer(1))	Available Capital (Deficit) Ratio(2)		Minimum Capital Requirement Ratio(2)		Capital Requirement Ratio(2) (Including Buffer(1))
Risk-based capital:
Total capital	($25)	$73	$73	(2.8)	%	8.0	%	8.0	%
CET1 capital	(53)	41	91	(5.8)		4.5		10.1
Tier 1 capital	(39)	54	104	(4.3)		6.0		11.6
Adjusted total capital	(39)	73	123	(4.3)		8.0		13.6
Leverage capital:
Core capital	($33)	$93	$93	(0.9)	%	2.5	%	2.5	%
Tier 1 capital	(39)	93	104	(1.0)		2.5		2.8
	December 31, 2022
	Amounts			Ratios
(Dollars in billions)	Available Capital (Deficit)	Minimum Capital Requirement	Capital Requirement (Including Buffer(1))	Available Capital (Deficit) Ratio(2)		Minimum Capital Requirement Ratio(2)		Capital Requirement Ratio(2) (Including Buffer(1))
Risk-based capital:
Total capital	($27)	$72	$72	(3.1)	%	8.0	%	8.0	%
CET1 capital	(55)	40	90	(6.2)		4.5		10.1
Tier 1 capital	(41)	54	104	(4.6)		6.0		11.6
Adjusted total capital	(41)	72	122	(4.6)		8.0		13.6
Leverage capital:
Core capital	($35)	$93	$93	(1.0)	%	2.5	%	2.5	%
Tier 1 capital	(41)	93	104	(1.1)		2.5		2.8

(1)PCCBA for risk-based capital and PLBA for leverage capital.

(2)As a percentage of RWA for risk-based capital and ATA for leverage capital.

XML

Securitization Activities and Consolidation - Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Investments in securities, at fair value	$ 37,712	$ 38,701
Other Assets	22,337	27,156
Assets	3,224,980	3,208,333
Fannie Mae Collateral Included In Freddie Mac Commingled Security	100	100
Assets in VIE in which we do not have a variable interest in	700	400
Liabilities [Abstract]
Other Liabilities	10,892	18,174
Variable Interest Entity, Not Primary Beneficiary
Assets [Abstract]
Investments in securities, at fair value	14,393	13,865
Other Assets	5,366	5,374
Assets	537,625	543,456
Maximum Exposure to Loss	459,299	464,696
Liabilities [Abstract]
Other Liabilities	5,913	6,074
Variable Interest Entity, Not Primary Beneficiary | Other
Assets [Abstract]
Investments in securities, at fair value	0	0
Other Assets	8	8
Assets	166	185
Maximum Exposure to Loss	440	435
Liabilities [Abstract]
Other Liabilities	5	5
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment
Assets [Abstract]
Investments in securities, at fair value	6,752	6,057
Other Assets	453	433
Assets	178,647	181,430
Maximum Exposure to Loss	142,253	145,144
Liabilities [Abstract]
Other Liabilities	1,121	1,147
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Securitization products
Assets [Abstract]
Investments in securities, at fair value	952	965
Other Assets	178	175
Assets	31,139	31,614
Maximum Exposure to Loss	25,329	25,772
Liabilities [Abstract]
Other Liabilities	430	436
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Guarantees of Fannie Mae securities
Assets [Abstract]
Investments in securities, at fair value	5,800	5,092
Other Assets	64	61
Assets	116,807	119,267
Maximum Exposure to Loss	116,807	119,267
Liabilities [Abstract]
Other Liabilities	587	659
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | CRT products
Assets [Abstract]
Investments in securities, at fair value	0	0
Other Assets	211	197
Assets	30,701	30,549
Maximum Exposure to Loss	117	105
Liabilities [Abstract]
Other Liabilities	104	52
Variable Interest Entity, Not Primary Beneficiary | Multifamily
Assets [Abstract]
Investments in securities, at fair value	7,641	7,808
Other Assets	4,905	4,933
Assets	358,812	361,841
Maximum Exposure to Loss	316,606	319,117
Liabilities [Abstract]
Other Liabilities	4,787	4,922
Variable Interest Entity, Not Primary Beneficiary | Multifamily | Securitization products
Assets [Abstract]
Investments in securities, at fair value	7,641	7,808
Other Assets	4,903	4,931
Assets	357,747	360,869
Maximum Exposure to Loss	316,606	319,117
Liabilities [Abstract]
Other Liabilities	4,783	4,920
Variable Interest Entity, Not Primary Beneficiary | Multifamily | CRT products
Assets [Abstract]
Investments in securities, at fair value	0	0
Other Assets	2	2
Assets	1,065	972
Maximum Exposure to Loss	0	0
Liabilities [Abstract]
Other Liabilities	$ 4	$ 2

XML

Mortgage Loans (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Amortized cost basis of SF HFI loans in trial period modification plans	$ 1.8	$ 3.1
Noncash acquisition, mortgage loans held-for-investment acquired in exchange for issuance of debt securities of consolidated trusts	42.5	153.3
Transfers from advances to lenders to loans HFI	$ 21.3	$ 61.5

XML

Mortgage Loans - Mortgage Loans (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	$ 13,628	$ 13,108
Cost basis and fair value adjustments, net HFS	(846)	(911)
Total held-for-sale loans, net	12,782	12,197
UPB of mortgage loans - HFI	2,992,302	2,989,884
Cost basis adjustment HFI	39,782	39,825
Allowance for credit losses	(7,835)	(7,391)
Total held-for-investment mortgage loans, net	3,024,249	3,022,318
Total mortgage loans, net	3,037,031	3,034,515
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease)	(700)
Mortgage Loans	1,238	1,214
Single-family
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	3,373	3,564
Cost basis and fair value adjustments, net HFS	(675)	(696)
Total held-for-sale loans, net	2,698	2,868
UPB of mortgage loans - HFI	2,944,949	2,941,505
Cost basis adjustment HFI	39,833	39,896
Allowance for credit losses	(7,675)	(7,314)
Total held-for-investment mortgage loans, net	2,977,107	2,974,087
Total mortgage loans, net	2,979,805	2,976,955
Multifamily
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	10,255	9,544
Cost basis and fair value adjustments, net HFS	(171)	(215)
Total held-for-sale loans, net	10,084	9,329
UPB of mortgage loans - HFI	47,353	48,379
Cost basis adjustment HFI	(51)	(71)
Allowance for credit losses	(160)	(77)
Total held-for-investment mortgage loans, net	47,142	48,231
Total mortgage loans, net	$ 57,226	$ 57,560

XML

Mortgage Loans - Loans Purchased and Sold (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Single-family | Held for Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchases	$ 58,965	$ 206,935
Single-family | Held-for-Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Sales	0	15
Multifamily | Held for Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchases	3,349	2,565
Multifamily | Held-for-Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchases	2,695	12,267
Sales	$ 6,150	$ 14,292

XML

Mortgage Loans - Loan Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Held for Investment | Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Single-family reclassifications from held-for-investment to held-for sale, UPB	$ 0	$ 248
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established)	0	0
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed	0	0
Held for Investment | Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Single-family reclassifications from held-for-investment to held-for sale, UPB	4,731	315
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established)	1	0
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed	(27)	0
Held-for-Sale | Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Single-family reclassifications from held-for-sale to held-for-investment, UPB	48	62
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established)	4	(3)
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed	4	0
Held-for-Sale | Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Single-family reclassifications from held-for-sale to held-for-investment, UPB	561	246
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established)	0	0
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed	$ 16	$ 0

XML

Mortgage Loans - Amortized Cost Basis of Held-for-Investment Loans on Nonaccrual (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Non-Accrual Amortized Cost Basis	$ 10,155	$ 15,137	$ 10,137	$ 18,650
Interest Income Recognized	31	51
Single family
Financing Receivable, Allowance for Credit Loss [Line Items]
Non-Accrual Amortized Cost Basis	10,114	15,095	10,095	18,650
Interest Income Recognized	30	51
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Non-Accrual Amortized Cost Basis	9,348	13,831	9,307	17,013
Interest Income Recognized	28	49
15-year or less, amortizing fixed-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Non-Accrual Amortized Cost Basis	434	684	427	844
Interest Income Recognized	1	1
Adjustable-rate and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Non-Accrual Amortized Cost Basis	332	580	361	793
Interest Income Recognized	1	1
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Non-Accrual Amortized Cost Basis	41	42	$ 42	$ 0
Interest Income Recognized	$ 1	$ 0

XML

Mortgage Loans - Accrued Interest Receivable and Related Charge-Offs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Single family
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable, Net	$ 8,090		$ 7,967
Accrued Interest Receivable Related Charge-Offs	(48)	$ (87)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable, Net	228		$ 220
Accrued Interest Receivable Related Charge-Offs	$ 0	$ 0

XML

Mortgage Loans - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratios and Vintage (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year, write-offs	$ 0
Fiscal year before current fiscal year, write-offs	3
Two years before current fiscal Year, write-offs	8
Three years before current fiscal year, write-offs	2
Four years before current fiscal year, write-offs	1
More than five years before current fiscal Year, write-offs	18
Total	3,031,524	$ 3,028,495
Total current-period gross write-offs	32
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	32,253	393,152
Current fiscal year, write-offs	0
One year before current fiscal year	410,477	917,605
Fiscal year before current fiscal year, write-offs	3
Two years before current fiscal year	905,523	684,290
Two years before current fiscal Year, write-offs	8
Three years before current fiscal year	674,321	116,810
Three years before current fiscal year, write-offs	2
Four years before current fiscal year	115,218	47,018
Four years before current fiscal year, write-offs	1
Five years before current fiscal year	454,875	418,963
More than five years before current fiscal Year, write-offs	12
Total	2,592,667	2,577,838
Total current-period gross write-offs	26
15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,392	31,968
Current fiscal year, write-offs	0
One year before current fiscal year	31,848	141,759
Fiscal year before current fiscal year, write-offs	0
Two years before current fiscal year	137,958	112,195
Two years before current fiscal Year, write-offs	0
Three years before current fiscal year	108,843	14,738
Three years before current fiscal year, write-offs	0
Four years before current fiscal year	14,171	5,594
Four years before current fiscal year, write-offs	0
Five years before current fiscal year	69,235	68,259
More than five years before current fiscal Year, write-offs	1
Total	363,447	374,513
Total current-period gross write-offs	1
Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	761	5,566
Current fiscal year, write-offs	0
One year before current fiscal year	5,937	4,932
Fiscal year before current fiscal year, write-offs	0
Two years before current fiscal year	4,838	1,743
Two years before current fiscal Year, write-offs	0
Three years before current fiscal year	1,703	711
Three years before current fiscal year, write-offs	0
Four years before current fiscal year	686	457
Four years before current fiscal year, write-offs	0
Five years before current fiscal year	15,421	15,641
More than five years before current fiscal Year, write-offs	5
Total	29,346	29,050
Total current-period gross write-offs	5
Single family
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	34,406	430,686
One year before current fiscal year	448,262	1,064,296
Two years before current fiscal year	1,048,319	798,228
Three years before current fiscal year	784,867	132,259
Four years before current fiscal year	130,075	53,069
Five years before current fiscal year	539,531	502,863
Total	2,985,460	2,981,401
CLTV ratio less than or equal to 60 percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	4,065	66,153
One year before current fiscal year	69,133	394,498
Two years before current fiscal year	395,062	489,315
Three years before current fiscal year	483,968	87,188
Four years before current fiscal year	86,816	38,955
Five years before current fiscal year	436,771	407,819
Total	1,475,815	1,483,928
CLTV ratio less than or equal to 60 percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	561	16,752
One year before current fiscal year	17,299	119,379
Two years before current fiscal year	119,253	109,685
Three years before current fiscal year	106,899	14,606
Four years before current fiscal year	14,068	5,578
Five years before current fiscal year	69,206	68,240
Total	327,286	334,240
CLTV ratio less than or equal to 60 percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	74	1,255
One year before current fiscal year	1,312	2,779
Two years before current fiscal year	2,779	1,524
Three years before current fiscal year	1,498	634
Four years before current fiscal year	615	428
Five years before current fiscal year	14,915	15,139
Total	21,193	21,759
CLTV ratio less than or equal to 60 percent | Single family
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	4,700	84,160
One year before current fiscal year	87,744	516,656
Two years before current fiscal year	517,094	600,524
Three years before current fiscal year	592,365	102,428
Four years before current fiscal year	101,499	44,961
Five years before current fiscal year	520,892	491,198
Total	1,824,294	1,839,927
CLTV ratio greater than 60 to 80 percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	11,184	158,421
One year before current fiscal year	162,441	424,141
Two years before current fiscal year	415,109	190,167
Three years before current fiscal year	184,807	28,991
Four years before current fiscal year	27,759	7,870
Five years before current fiscal year	17,233	10,426
Total	818,533	820,016
CLTV ratio greater than 60 to 80 percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	639	13,042
One year before current fiscal year	12,575	22,007
Two years before current fiscal year	18,425	2,503
Three years before current fiscal year	1,938	132
Four years before current fiscal year	103	16
Five years before current fiscal year	26	16
Total	33,706	37,716
CLTV ratio greater than 60 to 80 percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	269	2,322
One year before current fiscal year	2,391	1,956
Two years before current fiscal year	1,873	214
Three years before current fiscal year	200	76
Four years before current fiscal year	69	28
Five years before current fiscal year	447	445
Total	5,249	5,041
CLTV ratio greater than 60 to 80 percent | Single family
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	12,092	173,785
One year before current fiscal year	177,407	448,104
Two years before current fiscal year	435,407	192,884
Three years before current fiscal year	186,945	29,199
Four years before current fiscal year	27,931	7,914
Five years before current fiscal year	17,706	10,887
Total	857,488	862,773
CLTV ratio greater than 80 to 90 Percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,522	79,901
One year before current fiscal year	86,335	90,006
Two years before current fiscal year	82,824	4,405
Three years before current fiscal year	5,149	569
Four years before current fiscal year	579	164
Five years before current fiscal year	568	419
Total	181,977	175,464
CLTV ratio greater than 80 to 90 Percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	123	1,601
One year before current fiscal year	1,500	368
Two years before current fiscal year	275	7
Three years before current fiscal year	6	0
Four years before current fiscal year	0	0
Five years before current fiscal year	1	1
Total	1,905	1,977
CLTV ratio greater than 80 to 90 Percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	211	1,127
One year before current fiscal year	1,251	186
Two years before current fiscal year	173	5
Three years before current fiscal year	5	1
Four years before current fiscal year	2	1
Five years before current fiscal year	35	34
Total	1,677	1,354
CLTV ratio greater than 80 to 90 Percent | Single family
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,856	82,629
One year before current fiscal year	89,086	90,560
Two years before current fiscal year	83,272	4,417
Three years before current fiscal year	5,160	570
Four years before current fiscal year	581	165
Five years before current fiscal year	604	454
Total	185,559	178,795
CLTV ratio greater than 90 to 100 percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	10,477	86,109
One year before current fiscal year	86,541	8,911
Two years before current fiscal year	12,317	397
Three years before current fiscal year	391	56
Four years before current fiscal year	59	24
Five years before current fiscal year	152	143
Total	109,937	95,640
CLTV ratio greater than 90 to 100 percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	69	570
One year before current fiscal year	462	5
Two years before current fiscal year	5	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Five years before current fiscal year	1	1
Total	537	576
CLTV ratio greater than 90 to 100 percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	207	836
One year before current fiscal year	912	11
Two years before current fiscal year	13	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Five years before current fiscal year	16	14
Total	1,148	861
CLTV ratio greater than 90 to 100 percent | Single family
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	10,753	87,515
One year before current fiscal year	87,915	8,927
Two years before current fiscal year	12,335	397
Three years before current fiscal year	391	56
Four years before current fiscal year	59	24
Five years before current fiscal year	169	158
Total	111,622	97,077
CLTV ratio greater than 100 percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5	2,568
One year before current fiscal year	6,027	49
Two years before current fiscal year	211	6
Three years before current fiscal year	6	6
Four years before current fiscal year	5	5
Five years before current fiscal year	151	156
Total	6,405	2,790
CLTV ratio greater than 100 percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	3
One year before current fiscal year	12	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Five years before current fiscal year	1	1
Total	13	4
CLTV ratio greater than 100 percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	26
One year before current fiscal year	71	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Five years before current fiscal year	8	9
Total	79	35
CLTV ratio greater than 100 percent | Single family
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5	2,597
One year before current fiscal year	6,110	49
Two years before current fiscal year	211	6
Three years before current fiscal year	6	6
Four years before current fiscal year	5	5
Five years before current fiscal year	160	166
Total	$ 6,497	$ 2,829

XML

Mortgage Loans - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator by Vintage (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 3,031,524	$ 3,028,495
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,588	21,854
One year before current fiscal year	18,854	7,678
Two years before current fiscal year	7,850	6,614
Three years before current fiscal year	6,627	5,043
Four years before current fiscal year	5,027	1,091
Five years before current fiscal year	3,876	2,890
Revolving Loans	2,242	1,924
Total	46,064	47,094
Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,588	21,854
One year before current fiscal year	18,854	7,638
Two years before current fiscal year	7,733	6,546
Three years before current fiscal year	6,479	4,784
Four years before current fiscal year	4,810	1,077
Five years before current fiscal year	3,660	2,646
Revolving Loans	2,242	1,924
Total	45,366	46,469
Multifamily | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One year before current fiscal year	0	39
Two years before current fiscal year	39	65
Three years before current fiscal year	73	232
Four years before current fiscal year	190	7
Five years before current fiscal year	17	113
Revolving Loans	0	0
Total	319	456
Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One year before current fiscal year	0	1
Two years before current fiscal year	78	3
Three years before current fiscal year	75	27
Four years before current fiscal year	27	7
Five years before current fiscal year	199	131
Revolving Loans	0	0
Total	379	169
Multifamily | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Five years before current fiscal year	0	0
Revolving Loans	0	0
Total	$ 0	$ 0

XML

Mortgage Loans - Amortized Cost Basis of Held-for-Investment Loans by Payment Status (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 3,031,524	$ 3,028,495
Three months or more past due and accruing	3,238	3,653
Non-Accrual with no allowance	565	640
Mortgage Loans in Process of Foreclosure, Amount	1,900	1,600
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	2,592,667	2,577,838
Three months or more past due and accruing	3,053	3,432
Non-Accrual with no allowance	499	522
15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	363,447	374,513
Three months or more past due and accruing	157	191
Non-Accrual with no allowance	7	9
Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	29,346	29,050
Three months or more past due and accruing	28	30
Non-Accrual with no allowance	59	67
Single-family
Financing Receivable, Past Due [Line Items]
Total	2,985,460	2,981,401
Three months or more past due and accruing	3,238	3,653
Non-Accrual with no allowance	565	598
Multifamily
Financing Receivable, Past Due [Line Items]
Total	46,064	47,094
Three months or more past due and accruing	0	0
Non-Accrual with no allowance	0	42
Current
Financing Receivable, Past Due [Line Items]
Total	2,996,795	2,988,423
Current | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	2,560,613	2,541,057
Current | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	361,524	372,065
Current | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	28,650	28,262
Current | Single-family
Financing Receivable, Past Due [Line Items]
Total	2,950,787	2,941,384
Current | Multifamily
Financing Receivable, Past Due [Line Items]
Total	46,008	47,039
One Month Past Due
Financing Receivable, Past Due [Line Items]
Total	17,440	21,748
One Month Past Due | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	16,017	19,820
One Month Past Due | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	1,131	1,590
One Month Past Due | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	279	325
One Month Past Due | Single-family
Financing Receivable, Past Due [Line Items]
Total	17,427	21,735
One Month Past Due | Multifamily
Financing Receivable, Past Due [Line Items]
Total	13	13
Two Months Past Due
Financing Receivable, Past Due [Line Items]
Total	4,308	4,941
Two Months Past Due | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	4,017	4,603
Two Months Past Due | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	214	250
Two Months Past Due | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	75	88
Two Months Past Due | Single-family
Financing Receivable, Past Due [Line Items]
Total	4,306	4,941
Two Months Past Due | Multifamily
Financing Receivable, Past Due [Line Items]
Total	2	0
Three Months or More Past Due, or in Foreclosure(1)
Financing Receivable, Past Due [Line Items]
Total	12,981	13,383
Three Months or More Past Due, or in Foreclosure(1) | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	12,020	12,358
Three Months or More Past Due, or in Foreclosure(1) | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	578	608
Three Months or More Past Due, or in Foreclosure(1) | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	342	375
Three Months or More Past Due, or in Foreclosure(1) | Single-family
Financing Receivable, Past Due [Line Items]
Total	12,940	13,341
Three Months or More Past Due, or in Foreclosure(1) | Multifamily
Financing Receivable, Past Due [Line Items]
Total	$ 41	$ 42

XML

Mortgage Loans - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Single family
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	$ 7,925	$ 13,735
Percentage of class of financing receivable	0.30%	0.50%
Amortized cost basis of loans in payment deferral plans	$ 2,700	$ 5,100
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	$ 7,480	$ 12,764
Percentage of class of financing receivable	0.30%	0.50%
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	$ 352	$ 666
Percentage of class of financing receivable	0.10%	0.20%
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	$ 93	$ 305
Percentage of class of financing receivable	0.30%	1.10%
payment delay [Member] | Single family
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	$ 6,765	$ 9,941
payment delay [Member] | 20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	6,357	9,133
payment delay [Member] | 15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	332	596
payment delay [Member] | Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	76	212
payment delay and term extension [Member] | Single family
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	1,069	713
payment delay and term extension [Member] | 20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	1,037	683
payment delay and term extension [Member] | 15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	19	15
payment delay and term extension [Member] | Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	13	15
payment delay, interest rate reduction, and term extension [Member] | Single family
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	91	3,081
payment delay, interest rate reduction, and term extension [Member] | 20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	86	2,948
payment delay, interest rate reduction, and term extension [Member] | 15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	1	55
payment delay, interest rate reduction, and term extension [Member] | Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated	$ 4	$ 78

XML

Mortgage Loans - Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Weighted average interest rate reduction	0.90%	1.60%
Weighted average term extension	180	186
Weighted average payment deferral or principal forbearance	$ 16,000	$ 24,000
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Weighted average interest rate reduction	0.40%	0.80%
Weighted average term extension	354	366
Weighted average payment deferral or principal forbearance	$ 16,000	$ 25,000
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Weighted average interest rate reduction	2.00%	2.20%
Weighted average term extension	206	226
Weighted average payment deferral or principal forbearance	$ 19,000	$ 27,000

XML

Mortgage Loans - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Single family
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	$ 1,134	$ 449
Single family | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	746	435
Single family | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	177	7
Single family | payment delay, interest rate reduction, and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	211	7
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	1,085	405
20- and 30-year or more, amortizing fixed-rate | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	704	391
20- and 30-year or more, amortizing fixed-rate | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	175	7
20- and 30-year or more, amortizing fixed-rate | payment delay, interest rate reduction, and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	206	7
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	32	28
15-year or less, amortizing fixed-rate | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	32	28
15-year or less, amortizing fixed-rate | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	0	0
15-year or less, amortizing fixed-rate | payment delay, interest rate reduction, and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	0	0
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	17	16
Adjustable-rate and other | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	10	16
Adjustable-rate and other | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	2	0
Adjustable-rate and other | payment delay, interest rate reduction, and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default	$ 5	$ 0

XML

Mortgage Loans - Payment Status of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Single family
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	$ 28,627	$ 13,735
Single family | Current
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	17,388	8,458
Single family | One Month Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	2,512	1,594
Single family | Two Months Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	1,660	1,463
Single family | Three Months or More Past Due, or in Foreclosure(1)
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	7,067	2,220
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	27,086	12,764
20- and 30-year or more, amortizing fixed-rate | Current
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	16,491	7,887
20- and 30-year or more, amortizing fixed-rate | One Month Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	2,381	1,486
20- and 30-year or more, amortizing fixed-rate | Two Months Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	1,572	1,359
20- and 30-year or more, amortizing fixed-rate | Three Months or More Past Due, or in Foreclosure(1)
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	6,642	2,032
15-year or less, amortizing fixed-rate
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	1,149	666
15-year or less, amortizing fixed-rate | Current
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	670	380
15-year or less, amortizing fixed-rate | One Month Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	98	89
15-year or less, amortizing fixed-rate | Two Months Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	71	88
15-year or less, amortizing fixed-rate | Three Months or More Past Due, or in Foreclosure(1)
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	310	109
Adjustable-rate and other
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	392	305
Adjustable-rate and other | Current
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	227	191
Adjustable-rate and other | One Month Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	33	19
Adjustable-rate and other | Two Months Past Due
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	17	16
Adjustable-rate and other | Three Months or More Past Due, or in Foreclosure(1)
Financing Receivable, Modified [Line Items]
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months	$ 115	$ 79

XML

Financial Guarantees (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Assets in VIE in which we do not have a variable interest in	$ 700	$ 400
Fannie Mae Collateral Included In Freddie Mac Commingled Security	100	100
CRT Related Derivatives
Guarantor Obligations [Line Items]
Unpaid Principal Balance	2,100	2,100
Guarantees of Fannie Mae securities
Guarantor Obligations [Line Items]
Unpaid Principal Balance	116,807	119,267
Maximum exposure	116,807	119,267
Recognized Liability	$ 0	$ 0
Maximum Remaining Term	39 years	39 years
Other Guarantees
Guarantor Obligations [Line Items]
Unpaid Principal Balance	$ 166	$ 185
Maximum exposure	440	435
Recognized Liability	$ 0	$ 0
Maximum Remaining Term	30 years	29 years
Single-family
Guarantor Obligations [Line Items]
Unpaid Principal Balance	$ 40,420	$ 41,080
Maximum exposure	34,619	35,248
Recognized Liability	577	594
Single-family | Securitization products
Guarantor Obligations [Line Items]
Unpaid Principal Balance	31,130	31,604
Maximum exposure	25,329	25,772
Recognized Liability	$ 385	$ 391
Maximum Remaining Term	40 years	40 years
Single-family | Other mortgage-related guarantees
Guarantor Obligations [Line Items]
Unpaid Principal Balance	$ 9,290	$ 9,476
Maximum exposure	9,290	9,476
Recognized Liability	$ 192	$ 203
Maximum Remaining Term	29 years	29 years
Multifamily
Guarantor Obligations [Line Items]
Unpaid Principal Balance	$ 368,431	$ 371,379
Maximum exposure	327,290	329,627
Recognized Liability	5,129	5,268
Multifamily | Securitization products
Guarantor Obligations [Line Items]
Unpaid Principal Balance	357,747	360,869
Maximum exposure	316,606	319,117
Recognized Liability	$ 4,751	$ 4,889
Maximum Remaining Term	37 years	37 years
Multifamily | Other mortgage-related guarantees
Guarantor Obligations [Line Items]
Unpaid Principal Balance	$ 10,684	$ 10,510
Maximum exposure	10,684	10,510
Recognized Liability	$ 378	$ 379
Maximum Remaining Term	36 years	36 years

XML

UPB of Loans Underlying Our Guarantees by Payment Status (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Current	$ 403,434	$ 407,152
One Month Past Due	2,326	2,095
Two Months Past Due	750	760
Three Months or More Past Due, or in Foreclosure	2,341	2,452
Total	408,851	412,459
Single family
Guarantor Obligations [Line Items]
Current	35,753	36,241
One Month Past Due	2,075	2,072
Two Months Past Due	729	748
Three Months or More Past Due, or in Foreclosure	1,863	2,019
Total	40,420	41,080
Multifamily
Guarantor Obligations [Line Items]
Current	367,681	370,911
One Month Past Due	251	23
Two Months Past Due	21	12
Three Months or More Past Due, or in Foreclosure	478	433
Total	$ 368,431	$ 371,379

XML

Guarantees and Other Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Mortgage loan purchase commitments	$ 11,249	$ 9,609
Other Loan Commitments	34,923	22,293
Unpaid Principal Balance Of off-Balance Sheet Credit Exposure	46,172	31,902
Commitments with FVO election	$ 2,100	$ 500

XML

Allowance for Credit Losses - Schedule (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	$ 8,321	$ 4,921
Allowance for credit loss
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	7,893	5,518
Provision (benefit) for credit losses	395	(837)
Charge-offs	(90)	(173)
Recoveries collected	32	52
Other(1)	91	361
Held for Investment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	7,835	4,389
Other Allowance for Credit Losses
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	486	532
Single family
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	8,097	4,849
Single family | Allowance for credit loss
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	7,746	5,440
Provision (benefit) for credit losses	318	(831)
Charge-offs	(90)	(173)
Recoveries collected	32	52
Other(1)	91	361
Single family | Held for Investment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	7,675	4,358
Single family | Other Allowance for Credit Losses
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	422	491
Multifamily
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	224	72
Multifamily | Allowance for credit loss
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	147	78
Provision (benefit) for credit losses	77	(6)
Charge-offs	0	0
Recoveries collected	0	0
Other(1)	0	0
Multifamily | Held for Investment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	160	31
Multifamily | Other Allowance for Credit Losses
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance	$ 64	$ 41

XML

Investment Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains (losses) on trading securities held at balance sheets date	$ 200	$ 1,000
Available-for-sale securities scheduled to contractually mature after ten years	1,500
Available-for-sale securities scheduled to contractually mature after five years through ten years	4,000
Investment securities in exchange for issuance of debt securities of consolidated trusts	600	3,100
Deconsolidation Of Investments	$ 1,400	$ 1,500

XML

Investment Securities - Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Trading securities	$ 31,343	$ 32,167
Available-for-Sale, at fair value	6,369	6,534
Total fair value of investment securities	$ 37,712	$ 38,701

XML

Investment Securities - Trading Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Trading Securities [Line Items]
Total fair value of trading securities	$ 31,343	$ 32,167
Mortage-related securities
Trading Securities [Line Items]
Total fair value of trading securities	9,074	8,334
Non-mortgage-related securities
Trading Securities [Line Items]
Total fair value of trading securities	$ 22,269	$ 23,833

XML

Investment Securities - Available-For-Sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 6,414	$ 6,644
Gross Unrealized Gains in Other Comprehensive Income	196	194
Gross Unrealized Losses in Other Comprehensive Income	(241)	(304)
Available-for-sale security, at fair value	6,369	6,534
Accrued Interest Receivable	16	15
Agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	6,006	6,215
Gross Unrealized Gains in Other Comprehensive Income	14	6
Gross Unrealized Losses in Other Comprehensive Income	(238)	(301)
Available-for-sale security, at fair value	5,782	5,920
Accrued Interest Receivable	13	12
Other mortgage-related securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	408	429
Gross Unrealized Gains in Other Comprehensive Income	182	188
Gross Unrealized Losses in Other Comprehensive Income	(3)	(3)
Available-for-sale security, at fair value	587	614
Accrued Interest Receivable	$ 3	$ 3

XML

Investment Securities - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months Fair Value	$ 3,066	$ 5,132
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(82)	(256)
12 Months or Greater Fair Value	1,709	330
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(159)	(48)
Agency
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months Fair Value	3,038	5,086
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(80)	(253)
12 Months or Greater Fair Value	1,696	325
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(158)	(48)
Other mortgage-related securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months Fair Value	28	46
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2)	(3)
12 Months or Greater Fair Value	13	5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (1)	$ 0

XML

Investment Securities - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 2	$ 0
Gross realized losses	(2)	(1)
Net realized gains	$ 0	$ (1)

XML

Debt Text (Details) $ in Billions	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Aggregate indebtedness	$ 190.1
Debt cap limit under Purchase Agreement	$ 270.0

XML

Debt - Total Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Net [Abstract]
Long-term debt carrying amount	$ 3,158,833
Total debt	3,167,514	$ 3,145,832
Held by consolidated trusts
Debt Net [Abstract]
Total debt	2,987,050	2,979,070
Held by Freddie Mac
Debt Net [Abstract]
Short-term Debt	8,681	7,712
Long-term debt carrying amount	171,783	159,050
Total debt	$ 180,464	$ 166,762

XML

Debt - Debt of Consolidated Trusts (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Amount	$ 3,167,514	$ 3,145,832
Debt instrument recorded at fair value	2,811	3,047
Held by consolidated trusts
Debt Instrument [Line Items]
UPB	2,938,721	2,929,567
Carrying Amount	2,987,050	2,979,070
Debt instrument recorded at fair value	$ 2,100	$ 1,900
Effective rate for debt securities of consolidated trusts held by third parties	2.47%	2.39%
Held by consolidated trusts | Single-family
Debt Instrument [Line Items]
UPB	$ 2,903,641	$ 2,898,640
Carrying Amount	2,952,469	2,948,629
Held by consolidated trusts | Multifamily
Debt Instrument [Line Items]
UPB	35,080	30,927
Carrying Amount	$ 34,581	$ 30,441
Weighted Average Coupon	2.88%	2.66%
Held by consolidated trusts | Single-family 20- and 30-year or more, fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 2,522,559	$ 2,507,235
Carrying Amount	$ 2,564,677	$ 2,550,137
Weighted Average Coupon	2.82%	2.76%
Held by consolidated trusts | Single-family 15-year or less, fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 357,248	$ 367,844
Carrying Amount	$ 363,390	$ 374,339
Weighted Average Coupon	2.15%	2.14%
Held by consolidated trusts | Adjustable-rate and other | Single-family
Debt Instrument [Line Items]
UPB	$ 23,834	$ 23,561
Carrying Amount	$ 24,402	$ 24,153
Weighted Average Coupon	3.29%	3.04%

XML

Debt - Short-Term Debt (Details) - Held by Freddie Mac - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Abstract]
Short-term debt par value	$ 8,716	$ 7,716
Short-term Debt	$ 8,681	$ 7,712
Short-term debt weighted average effective rate	4.36%	3.49%
Discount notes and Reference Bills
Short-term Debt [Abstract]
Short-term debt par value	$ 8,051	$ 6,826
Short-term Debt	$ 8,016	$ 6,822
Short-term debt weighted average effective rate	4.56%	3.71%
Medium-term notes
Short-term Debt [Abstract]
Short-term debt par value	$ 665	$ 890
Short-term Debt	$ 665	$ 890
Short-term debt weighted average effective rate	1.91%	1.81%
Securities sold under agreements to repurchase
Short-term Debt [Abstract]
Short-term debt par value	$ 4,652	$ 11,991
Short-term Debt	$ 4,652	$ 11,991
Short-term debt weighted average effective rate	4.58%	3.86%
Offsetting arrangements
Short-term Debt [Abstract]
Short-term debt par value	$ (4,652)	$ (11,991)
Short-term Debt	$ (4,652)	$ (11,991)

XML

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt	$ 3,158,833
Debt instrument recorded at fair value	2,811	$ 3,047
Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	181,384	170,363
Long-term Debt	$ 171,783	$ 159,050
Long-term debt weighted average effective rate	2.49%	2.20%
Debt instrument recorded at fair value	$ 700	$ 1,100
Callable Medium Term Notes | Fixed Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	115,743	103,584
Long-term Debt	$ 115,680	$ 103,528
Long-term debt weighted average effective rate	2.35%	1.96%
Callable Medium Term Notes | Variable Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 4,941	$ 4,691
Long-term Debt	$ 4,939	$ 4,689
Long-term debt weighted average effective rate	4.04%	3.95%
Non Callable Medium Term Notes | Fixed Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 2,481	$ 2,747
Long-term Debt	$ 2,481	$ 2,747
Long-term debt weighted average effective rate	0.78%	0.73%
Non Callable Medium Term Notes | Variable Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 47	$ 47
Long-term Debt	$ 47	$ 47
Long-term debt weighted average effective rate	8.10%	8.10%
Non Callable Medium Term Notes | Zero Coupon | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 4,836	$ 4,841
Long-term Debt	$ 2,955	$ 2,913
Long-term debt weighted average effective rate	6.12%	6.11%
Non Callable US Dollar Reference Notes Securities | Fixed Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 49,801	$ 49,801
Long-term Debt	$ 49,839	$ 49,832
Long-term debt weighted average effective rate	2.04%	1.76%
CRT products | Fixed Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 86	$ 90
Long-term Debt	$ 86	$ 93
Long-term debt weighted average effective rate	13.00%	13.00%
CRT products | Variable Rate | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 3,449	$ 4,562
Long-term Debt	$ 3,342	$ 4,448
Long-term debt weighted average effective rate	9.40%	8.79%
Other | Held by Freddie Mac
Debt Instrument [Line Items]
Par Value Of Long Term Debt	$ 0	$ 0
Long-term Debt	$ 128	$ 137
Long-term debt weighted average effective rate	0.85%	0.82%
Hedging-Related Basis Adjustments | Held by Freddie Mac
Debt Instrument [Line Items]
Long-term Debt	$ (7,714)	$ (9,384)

XML

Debt - Contractual Maturity of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Contractual maturities of long term debt
Debt of consolidated trusts held by third parties, STACR, and SCR debt notes	$ 2,942,256
Par Value Of Total Long Term Debt	3,120,105
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments	38,728
Long-term Debt	3,158,833
Held by Freddie Mac
Contractual maturities of long term debt
Long-term debt - 2024	40,271
Long-term debt - 2025	33,340
Long-term debt - 2026	58,018
Long-term debt - 2027	10,097
Long-term debt - 2028	7,793
Long-Term Debt, Maturity, after Year Five	28,330
Long-term Debt	$ 171,783	$ 159,050

XML

Derivatives - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional or contractual amount	$ 992,160.0	$ 1,057,990.0
Derivative interest receivable and other	1.0	35.0
Netting adjustments to derivative assets	(5,090.0)	(6,127.0)
Derivative Asset	391.0	307.0
Derivative interest payable and other	(214.0)	(25.0)
Netting adjustments to derivative liabilities	8,778.0	10,187.0
Derivative liabilities, net	(893.0)	(758.0)
Other Contract [Member]
Derivative [Line Items]
Derivative Asset	3.0	2.0
Derivative liabilities, net	(649.0)	(679.0)
Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Notional or contractual amount	802,186.0	876,692.0
Derivative assets at fair value	5,152.0	6,078.0
Derivative liabilities at fair value	(2,809.0)	(3,073.0)
Not Designated as Hedging Instrument, Economic Hedge | CDX swaption
Derivative [Line Items]
Notional or contractual amount	6,900.0	10,100.0
Derivative assets at fair value	2.0	2.0
Not Designated as Hedging Instrument, Economic Hedge | Swaps
Derivative [Line Items]
Notional or contractual amount	445,598.0	480,824.0
Derivative assets at fair value	1,427.0	1,762.0
Derivative liabilities at fair value	(604.0)	(526.0)
Not Designated as Hedging Instrument, Economic Hedge | Written options | Written
Derivative [Line Items]
Notional or contractual amount	49,745.0	46,101.0
Derivative assets at fair value	0.0	0.0
Derivative liabilities at fair value	(1,550.0)	(1,857.0)
Not Designated as Hedging Instrument, Economic Hedge | Purchased options | Purchased
Derivative [Line Items]
Notional or contractual amount	87,065.0	92,010.0
Derivative assets at fair value	3,703.0	4,302.0
Derivative liabilities at fair value	0.0	0.0
Not Designated as Hedging Instrument, Economic Hedge | Futures
Derivative [Line Items]
Notional or contractual amount	134,295.0	182,330.0
Derivative assets at fair value	0.0	0.0
Derivative liabilities at fair value	0.0	0.0
Not Designated as Hedging Instrument, Economic Hedge | Interest-rate risk management derivatives
Derivative [Line Items]
Notional or contractual amount	716,703.0	801,265.0
Derivative assets at fair value	5,130.0	6,064.0
Derivative liabilities at fair value	(2,154.0)	(2,383.0)
Not Designated as Hedging Instrument, Economic Hedge | Mortgage commitment derivatives
Derivative [Line Items]
Notional or contractual amount	39,505.0	29,354.0
Derivative assets at fair value	19.0	12.0
Derivative liabilities at fair value	(6.0)	(11.0)
Not Designated as Hedging Instrument, Economic Hedge | Credit risk transfer [Member]
Derivative [Line Items]
Notional or contractual amount	31,888.0	31,647.0
Derivative assets at fair value	0.0	0.0
Derivative liabilities at fair value	(110.0)	(55.0)
Not Designated as Hedging Instrument, Economic Hedge | Other Contract [Member]
Derivative [Line Items]
Notional or contractual amount	14,090.0	14,426.0
Derivative assets at fair value	3.0	2.0
Derivative liabilities at fair value	(539.0)	(624.0)
Designated as Hedging Instrument | Fair Value Hedging
Derivative [Line Items]
Notional or contractual amount	189,974.0	181,298.0
Derivative assets at fair value	328.0	321.0
Derivative liabilities at fair value	(6,648.0)	(7,847.0)
Designated as Hedging Instrument | Fair Value Hedging | Swaps
Derivative [Line Items]
Notional or contractual amount	189,974.0	181,298.0
Derivative assets at fair value	328.0	321.0
Derivative liabilities at fair value	$ (6,648.0)	$ (7,847.0)

XML

Derivatives - Derivative Gains and Losses (Details) - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ (682)	$ 3,423
Gain (Loss) on Derivative Instruments | Interest-rate management derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(587)	1,611
Gain (Loss) on Derivative Instruments | Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	29	390
Gain (Loss) on Derivative Instruments | Written options | Written
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	195	(364)
Gain (Loss) on Derivative Instruments | Purchased options | Purchased
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(504)	717
Gain (Loss) on Derivative Instruments | Futures
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(307)	868
Gain (Loss) on Derivative Instruments | Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(80)	1,839
Gain (Loss) on Derivative Instruments | CRT-Related Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(76)	12
Gain (Loss) on Derivative Instruments | Other
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ 61	$ (39)

XML

Derivatives Derivatives - Gains and Losses on Fair Value Hedge (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Interest income	$ 24,987	$ 17,740
Total interest expense	(20,486)	(13,636)
Interest rate risk on held-for-investment mortgage loans | Interest income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on fair value hedging relationships - hedged items	1,123	(2,627)
Gain (loss) on fair value hedging relationships - derivatives designated as hedging instruments	(1,073)	2,055
Interest accrual on fair value hedging derivatives for held-for-investment loan	211	(267)
Discontinued hedge related basis adjustments amortization	31	(124)
Interest rate risk on debt | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on fair value hedging relationships - hedged items	(1,535)	3,861
Gain (loss) on fair value hedging relationships - derivatives designated as hedging instruments	1,534	(3,896)
Interest accrual on fair value hedging derivatives for debt	(1,051)	144
Discontinued hedge related basis adjustments amortization	$ (38)	$ 10

XML

Derivatives Derivatives - Cumulative Basis Adjustment due to Fair Value Hedges (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items]
Carrying amount debt hedged liability	$ (156,649)	$ (142,511)
Total basis adjustment cumulative amount for hedged liability	7,714	9,384
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease)	(700)
Basis adjustment amount for hedged liability - discontinued hedge	187	123
Mortgage loans held-for-investment
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items]
Carrying amount mortgage loans held-for-investment hedged asset	1,126,852	1,108,098
Total basis adjustment cumulative amount for hedged asset	(1,967)	(3,122)
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease)	(678)	(959)
Basis adjustment amount for hedged asset - discontinued hedge	(1,289)	(2,163)
Closed Portfolio and Beneficial Interest, Portfolio Layer, Amortized Cost	77,275	79,070
Hedged Asset, Fair Value Hedge, Portfolio Layer, Amount	11,516	11,516
Mortgage loans held-for-sale
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items]
Carrying amount mortgage loans held-for-investment hedged asset	56	67
Total basis adjustment cumulative amount for hedged asset	1	1
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease)	0	0
Basis adjustment amount for hedged asset - discontinued hedge	1	1
Closed Portfolio and Beneficial Interest, Portfolio Layer, Amortized Cost	0	0
Hedged Asset, Fair Value Hedge, Portfolio Layer, Amount	$ 0	$ 0

XML

Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Assets:
Gross Amount Recognized	$ 5,481	$ 6,434
Counterparty netting	(4,052)	(4,468)
Cash Collateral netting	(1,038)	(1,659)
Derivative Asset, Total	391	307
Gross Amount Not Offset in the Consolidated Balance Sheets	(180)	(218)
Net Amount	211	89
Securities purchased under agreements to resell:
Gross Amount Recognized	112,688	99,286
Counterparty netting	(4,652)	(11,991)
Net Amount Presented in the Consolidated Balance Sheets	108,036	87,295
Gross Amount Not Offset in the Consolidated Balance Sheets	(108,036)	(87,295)
Net Amount	0	0
Total:
Gross Amount Recognized	118,169	105,720
Counterparty netting	(8,704)	(16,459)
Cash collateral netting	(1,038)	(1,659)
Net Amount Presented in the Consolidated Balance Sheets	108,427	87,602
Gross Amount Not Offset in the Consolidated Balance Sheets	(108,216)	(87,513)
Net Amount	211	89
Collateral Securities Repledged, Delivered, or Used	100	100
Other
Derivative Assets:
Gross Amount Recognized	3	2
Counterparty netting	0	0
Cash Collateral netting	0	0
Derivative Asset, Total	3	2
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	3	2
OTC derivatives
Derivative Assets:
Gross Amount Recognized	5,459	6,385
Counterparty netting	(4,052)	(4,468)
Cash Collateral netting	(1,038)	(1,681)
Derivative Asset, Total	369	236
Gross Amount Not Offset in the Consolidated Balance Sheets	(180)	(214)
Net Amount	189	22
Cleared and exchange-traded derivatives
Derivative Assets:
Gross Amount Recognized	0	28
Counterparty netting	0	0
Cash Collateral netting	0	22
Derivative Asset, Total	0	50
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	0	50
Mortgage commitment derivatives
Derivative Assets:
Gross Amount Recognized	19	19
Counterparty netting	0	0
Cash Collateral netting	0	0
Derivative Asset, Total	19	19
Gross Amount Not Offset in the Consolidated Balance Sheets	0	(4)
Net Amount	19	15
Securities purchased under agreements to resell
Securities purchased under agreements to resell:
Cash Collateral Netting	0	0
Total:
Securities Purchased under Agreements to Resell, Fair Value of Collateral	$ 112,600	$ 54,700

XML

Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Liabilities:
Gross Amount Recognized	$ (9,671)	$ (10,945)
Counterparty netting	4,052	4,468
Cash collateral netting	4,726	5,719
Derivative liabilities, net	(893)	(758)
Gross Amount Not Offset in the Consolidated Balance Sheets	168	31
Net Amount	(725)	(727)
Securities Sold under Agreements to Repurchase [Abstract]
Gross Amount Recognized	(4,652)	(11,991)
Counterparty netting	4,652	11,991
Net Amount Presented in the Consolidated Balance Sheets	0	0
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	0	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Gross Amount Recognized	(14,323)	(22,936)
Counterparty netting	8,704	16,459
Cash collateral netting	4,726	5,719
Net Amount Presented in the Consolidated Balance Sheets	(893)	(758)
Gross Amount Not Offset in the Consolidated Balance Sheets	168	31
Net Amount	(725)	(727)
Other
Derivative Liabilities:
Gross Amount Recognized	(649)	(679)
Counterparty netting	0	0
Cash collateral netting	0	0
Derivative liabilities, net	(649)	(679)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(649)	(679)
OTC derivatives
Derivative Liabilities:
Gross Amount Recognized	(8,790)	(10,230)
Counterparty netting	4,052	4,468
Cash collateral netting	4,669	5,702
Derivative liabilities, net	(69)	(60)
Gross Amount Not Offset in the Consolidated Balance Sheets	26	23
Net Amount	(43)	(37)
Cleared and exchange-traded derivatives
Derivative Liabilities:
Gross Amount Recognized	(199)	(25)
Counterparty netting	0	0
Cash collateral netting	57	17
Derivative liabilities, net	(142)	(8)
Gross Amount Not Offset in the Consolidated Balance Sheets	142	8
Net Amount	0	0
Mortgage commitment derivatives
Derivative Liabilities:
Gross Amount Recognized	(33)	(11)
Counterparty netting	0	0
Cash collateral netting	0	0
Derivative liabilities, net	(33)	(11)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(33)	(11)
Securities sold under agreements to repurchase
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Cash collateral netting	$ 0	$ 0

XML

Collateralized Agreements and Offsetting Arrangements - Collateral in the Form of Securities Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 9,209	$ 12,333
Derivative
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	2,351	1,533
Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	4,619	9,453
Other
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	2,239	1,347
Debt of consolidated trusts
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	183
Debt of consolidated trusts | Derivative
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	0
Debt of consolidated trusts | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	0
Debt of consolidated trusts | Other
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	183
Trading securities
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	9,026	5,790
Trading securities | Derivative
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	2,351	1,533
Trading securities | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	4,619	2,910
Trading securities | Other
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 2,056	1,347
Notes Receivable
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value		6,543
Notes Receivable | Derivative
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value		0
Notes Receivable | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value		6,543
Notes Receivable | Other
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value		$ 0

XML

Collateralized Agreements and Offsetting Arrangements - Underlying Collateral Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 9,209	$ 12,333
Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	4,619	9,453
U.S Treasury securities and other | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	4,652	11,991
U.S Treasury securities and other | Overnight and continuous | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
U.S Treasury securities and other | 30 days or less | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	1,165	11,991
U.S Treasury securities and other | After 30 days through 90 days | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	3,487	0
U.S Treasury securities and other | Greater than 90 days | Securities sold under agreements to repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 0	$ 0

XML

Net Interest Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Mortgage loans	$ 23,304	$ 17,310
Investment securities	316	384
Other	1,367	46
Interest income	24,987	17,740
Interest expense:
Total interest expense	(20,486)	(13,636)
Net interest income	4,501	4,104
(Provision) benefit for credit losses	(395)	837
Net interest income after (provision) benefit for credit losses	4,106	4,941
Held by consolidated trusts
Interest expense:
Debt of consolidated trusts	(18,261)	(13,249)
Held by Freddie Mac
Interest expense:
Short-term debt	(154)	0
Long-term debt	$ (2,071)	$ (387)

XML

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

XML

Segment Reporting - Segment Earnings and Reconciliation to GAAP Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	$ 4,501	$ 4,104
Non-interest income
Guarantee income	466	70
Investment gains, net	(225)	1,513
Other income	85	159
Non-interest income	326	1,742
Net revenues	4,827	5,846
(Provision) benefit for credit losses	(395)	837
Non-interest expense
Noninterest Expense	(1,932)	(1,932)
Income before income tax expense	2,500	4,751
Income tax expense	(505)	(953)
Net income	1,995	3,798
Other comprehensive income (loss), net of taxes and reclassification adjustments	54	(120)
Comprehensive income	2,049	3,678
Single Family Guarantee Segment | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	4,296	3,806
Non-interest income
Guarantee income	32	30
Investment gains, net	(179)	1,252
Other income	54	126
Non-interest income	(93)	1,408
Net revenues	4,203	5,214
(Provision) benefit for credit losses	(318)	831
Non-interest expense
Noninterest Expense	(1,783)	(1,778)
Income before income tax expense	2,102	4,267
Income tax expense	(425)	(856)
Net income	1,677	3,411
Other comprehensive income (loss), net of taxes and reclassification adjustments	(1)	(12)
Comprehensive income	1,676	3,399
Multifamily | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	205	298
Non-interest income
Guarantee income	434	40
Investment gains, net	(46)	261
Other income	31	33
Non-interest income	419	334
Net revenues	624	632
(Provision) benefit for credit losses	(77)	6
Non-interest expense
Noninterest Expense	(149)	(154)
Income before income tax expense	398	484
Income tax expense	(80)	(97)
Net income	318	387
Other comprehensive income (loss), net of taxes and reclassification adjustments	55	279
Comprehensive income	$ 373	$ (108)

XML

Segment Reporting - Segment Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 3,224,980	$ 3,208,333
Reconciling items
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	(189,694)	(207,014)
Single Family Guarantee Segment | Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	2,988,635	2,986,045
Multifamily | Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	426,039	429,302
Operating segments | Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 3,414,674	$ 3,415,347

XML

Concentration of Credit and Other Risks - Concentration of Credit Risk - Single-Family Mortgage Portfolio (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.62%	0.66%
West
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.46%	0.49%
Northeast
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.76%	0.82%
North Central
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.61%	0.65%
Southeast
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.67%	0.73%
Southwest
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.58%	0.63%
California
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.47%	0.51%
Texas
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.58%	0.64%
Florida
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.78%	0.84%
New York
Concentration Risk [Line Items]
Single-Family serious delinquency rate	1.08%	1.16%
Illinois
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.83%	0.90%
All Other
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.58%	0.63%
Geographic Concentration Risk | Single-family UPB
Concentration Risk [Line Items]
Portfolio UPB	$ 2,988,361	$ 2,985,763
Concentration risk percentage	100.00%	100.00%
Geographic Concentration Risk | Single-family UPB | West
Concentration Risk [Line Items]
Portfolio UPB	$ 905,823	$ 906,123
Concentration risk percentage	30.00%	30.00%
Geographic Concentration Risk | Single-family UPB | Northeast
Concentration Risk [Line Items]
Portfolio UPB	$ 694,781	$ 695,944
Concentration risk percentage	23.00%	23.00%
Geographic Concentration Risk | Single-family UPB | North Central
Concentration Risk [Line Items]
Portfolio UPB	$ 435,435	$ 436,294
Concentration risk percentage	15.00%	15.00%
Geographic Concentration Risk | Single-family UPB | Southeast
Concentration Risk [Line Items]
Portfolio UPB	$ 514,825	$ 512,495
Concentration risk percentage	17.00%	17.00%
Geographic Concentration Risk | Single-family UPB | Southwest
Concentration Risk [Line Items]
Portfolio UPB	$ 437,497	$ 434,907
Concentration risk percentage	15.00%	15.00%
Geographic Concentration Risk | Single-family UPB | California
Concentration Risk [Line Items]
Portfolio UPB	$ 515,908	$ 516,891
Concentration risk percentage	17.00%	17.00%
Geographic Concentration Risk | Single-family UPB | Texas
Concentration Risk [Line Items]
Portfolio UPB	$ 203,128	$ 200,807
Concentration risk percentage	7.00%	7.00%
Geographic Concentration Risk | Single-family UPB | Florida
Concentration Risk [Line Items]
Portfolio UPB	$ 192,552	$ 191,009
Concentration risk percentage	6.00%	6.00%
Geographic Concentration Risk | Single-family UPB | New York
Concentration Risk [Line Items]
Portfolio UPB	$ 130,010	$ 129,935
Concentration risk percentage	4.00%	4.00%
Geographic Concentration Risk | Single-family UPB | Illinois
Concentration Risk [Line Items]
Portfolio UPB	$ 112,289	$ 112,784
Concentration risk percentage	4.00%	4.00%
Geographic Concentration Risk | Single-family UPB | All Other
Concentration Risk [Line Items]
Portfolio UPB	$ 1,834,474	$ 1,834,337
Concentration risk percentage	62.00%	62.00%

XML

Concentration of Credit and Other Risks - Concentration of Credit Risk - Multifamily Mortgage Portfolio (Details)(Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.13%	0.12%
West
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.04%	0.04%
Northeast
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.30%	0.28%
North Central
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.16%	0.16%
Southeast
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.04%	0.04%
Southwest
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.13%	0.08%
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member]
Concentration Risk [Line Items]
Portfolio UPB	$ 426,039	$ 429,302
Unpaid Principal Balance, Percent Of Portfolio	100.00%	100.00%
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | West
Concentration Risk [Line Items]
Portfolio UPB	$ 106,840	$ 107,260
Unpaid Principal Balance, Percent Of Portfolio	25.00%	25.00%
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Northeast
Concentration Risk [Line Items]
Portfolio UPB	$ 104,627	$ 106,478
Unpaid Principal Balance, Percent Of Portfolio	25.00%	25.00%
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | North Central
Concentration Risk [Line Items]
Portfolio UPB	$ 40,555	$ 40,524
Unpaid Principal Balance, Percent Of Portfolio	10.00%	9.00%
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Southeast
Concentration Risk [Line Items]
Portfolio UPB	$ 84,801	$ 85,438
Unpaid Principal Balance, Percent Of Portfolio	20.00%	20.00%
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Southwest
Concentration Risk [Line Items]
Portfolio UPB	$ 89,216	$ 89,602
Unpaid Principal Balance, Percent Of Portfolio	20.00%	21.00%

XML

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Available-For-Sale, at Fair Value:
Debt Securities, Available-for-sale	$ 6,369	$ 6,534
Mortgage Loans [Abstract]
Held-for-sale, at fair value	2,926	3,218
Mortgage loans held-for-investment	1,238	1,214
Derivative Assets Net [Abstract]
Derivative Asset, Total	391	307
Other Assets [Abstract]
Total other assets	5,982	5,890
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	2,811	3,047
Other liabilities
Total other liabilities	894	759
Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	2,100	1,900
Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	700	1,100
Fair Value, Measurements, Recurring
Available-For-Sale, at Fair Value:
Debt Securities, Available-for-sale	6,369	6,534
Trading, at Fair Value:
Trading securities, at fair value	31,343	32,167
Total investments in securities	37,712	38,701
Mortgage Loans [Abstract]
Held-for-sale, at fair value	2,926	3,218
Mortgage loans held-for-investment	1,238	1,214
Derivative Assets Net [Abstract]
Derivative assets, net	391	307
Other Assets [Abstract]
Guarantee Assets	5,432	5,442
Derivative assets, net	391	307
All Other Assets	159	141
Netting adjustments	(5,089)	(6,092)
Total other assets	5,982	5,890
Total assets carried at fair value on a recurring basis	47,858	49,023
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	2,811	3,047
Other liabilities
Derivative liabilities, net	893	758
All other, at fair value	1	1
Netting Adjustment	(8,564)	(10,162)
Total other liabilities	894	759
Total liabilities carried at fair value on a recurring basis	3,705	3,806
Fair Value, Measurements, Recurring | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	2,148	1,944
Fair Value, Measurements, Recurring | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	663	1,103
Fair Value, Measurements, Recurring | Mortage-related securities
Trading, at Fair Value:
Trading securities, at fair value	9,074	8,334
Fair Value, Measurements, Recurring | Non-mortgage-related securities
Trading, at Fair Value:
Trading securities, at fair value	22,269	23,833
Fair Value, Measurements, Recurring | Level 1
Available-For-Sale, at Fair Value:
Debt Securities, Available-for-sale	0	0
Trading, at Fair Value:
Trading securities, at fair value	21,884	23,453
Total investments in securities	21,884	23,453
Mortgage Loans [Abstract]
Held-for-sale, at fair value	0	0
Mortgage loans held-for-investment	0	0
Derivative Assets Net [Abstract]
Derivative assets, net	0	0
Other Assets [Abstract]
Guarantee Assets	0	0
Derivative assets, net	0	0
All Other Assets	0	0
Total other assets	0	0
Total assets carried at fair value on a recurring basis	21,884	23,453
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	0	0
Other liabilities
Derivative liabilities, net	13	0
All other, at fair value	0	0
Total other liabilities	13	0
Total liabilities carried at fair value on a recurring basis	13	0
Fair Value, Measurements, Recurring | Level 1 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Mortage-related securities
Trading, at Fair Value:
Trading securities, at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-mortgage-related securities
Trading, at Fair Value:
Trading securities, at fair value	21,884	23,453
Fair Value, Measurements, Recurring | Level 2
Available-For-Sale, at Fair Value:
Debt Securities, Available-for-sale	5,516	5,640
Trading, at Fair Value:
Trading securities, at fair value	6,554	5,983
Total investments in securities	12,070	11,623
Mortgage Loans [Abstract]
Held-for-sale, at fair value	2,579	2,908
Mortgage loans held-for-investment	1,174	1,104
Derivative Assets Net [Abstract]
Derivative assets, net	5,477	6,397
Other Assets [Abstract]
Guarantee Assets	0	0
Derivative assets, net	5,477	6,397
All Other Assets	34	12
Total other assets	5,511	6,409
Total assets carried at fair value on a recurring basis	21,334	22,044
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	2,427	2,659
Other liabilities
Derivative liabilities, net	9,367	10,823
All other, at fair value	1	1
Total other liabilities	9,368	10,824
Total liabilities carried at fair value on a recurring basis	11,795	13,483
Fair Value, Measurements, Recurring | Level 2 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	1,858	1,656
Fair Value, Measurements, Recurring | Level 2 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	569	1,003
Fair Value, Measurements, Recurring | Level 2 | Mortage-related securities
Trading, at Fair Value:
Trading securities, at fair value	6,169	5,603
Fair Value, Measurements, Recurring | Level 2 | Non-mortgage-related securities
Trading, at Fair Value:
Trading securities, at fair value	385	380
Fair Value, Measurements, Recurring | Level 3
Available-For-Sale, at Fair Value:
Debt Securities, Available-for-sale	853	894
Trading, at Fair Value:
Trading securities, at fair value	2,905	2,731
Total investments in securities	3,758	3,625
Mortgage Loans [Abstract]
Held-for-sale, at fair value	347	310
Mortgage loans held-for-investment	64	110
Derivative Assets Net [Abstract]
Derivative assets, net	3	2
Other Assets [Abstract]
Guarantee Assets	5,432	5,442
Derivative assets, net	3	2
All Other Assets	125	129
Total other assets	5,560	5,573
Total assets carried at fair value on a recurring basis	9,729	9,618
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	384	388
Other liabilities
Derivative liabilities, net	77	97
All other, at fair value	0	0
Total other liabilities	77	97
Total liabilities carried at fair value on a recurring basis	461	485
Fair Value, Measurements, Recurring | Level 3 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	290	288
Fair Value, Measurements, Recurring | Level 3 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instrument recorded at fair value	94	100
Fair Value, Measurements, Recurring | Level 3 | Mortage-related securities
Trading, at Fair Value:
Trading securities, at fair value	2,905	2,731
Fair Value, Measurements, Recurring | Level 3 | Non-mortgage-related securities
Trading, at Fair Value:
Trading securities, at fair value	$ 0	$ 0

XML

Fair Value Disclosures - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liabilities:
Beginning Balance	$ 485	$ 318
Included in Earnings	(30)	47
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	12	86
Sales	0	0
Settlements, Net	(6)	(2)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	461	449
Unrealized Gains (Losses) Still Held - Liabilities	(27)	57
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets:
Beginning Balance	9,618	10,692
Included in Earnings	(34)	(727)
Included in Other Comprehensive Income	(3)	(36)
Purchases	340	239
Issues	127	336
Sales	0	0
Settlements, net	(282)	(351)
Transfers into Level 3	11	30
Transfers out of Level 3	(48)	(20)
Ending Balance	9,729	10,163
Unrealized Gains (Losses) Still Held - Assets	136	(557)
Unrealized Gains (Losses) Still Held, Assets, OCI	(3)	(29)
Debt
Liabilities:
Beginning Balance	388	294
Included in Earnings	(12)	23
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	12	86
Sales	0	0
Settlements, Net	(4)	(1)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	384	402
Unrealized Gains (Losses) Still Held - Liabilities	(8)	33
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Other Liabilities
Liabilities:
Beginning Balance	97	24
Included in Earnings	(18)	24
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	0	0
Sales	0	0
Settlements, Net	(2)	(1)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	77	47
Unrealized Gains (Losses) Still Held - Liabilities	(19)	24
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Available-for-sale securities
Assets:
Beginning Balance	894	1,286
Included in Earnings	1	(1)
Included in Other Comprehensive Income	(3)	(36)
Purchases	0	0
Issues	0	0
Sales	0	0
Settlements, net	(39)	(91)
Transfers into Level 3	0	30
Transfers out of Level 3	0	0
Ending Balance	853	1,188
Unrealized Gains (Losses) Still Held - Assets	0	(1)
Unrealized Gains (Losses) Still Held, Assets, OCI	(3)	(29)
Trading securities
Assets:
Beginning Balance	2,731	3,386
Included in Earnings	(139)	(426)
Included in Other Comprehensive Income	0	0
Purchases	324	243
Issues	0	0
Sales	0	0
Settlements, net	(11)	(18)
Transfers into Level 3	0	0
Transfers out of Level 3	0	(20)
Ending Balance	2,905	3,165
Unrealized Gains (Losses) Still Held - Assets	33	(256)
Unrealized Gains (Losses) Still Held, Assets, OCI	0	0
Investments securities
Assets:
Beginning Balance	3,625	4,672
Included in Earnings	(138)	(427)
Included in Other Comprehensive Income	(3)	(36)
Purchases	324	243
Issues	0	0
Sales	0	0
Settlements, net	(50)	(109)
Transfers into Level 3	0	30
Transfers out of Level 3	0	(20)
Ending Balance	3,758	4,353
Unrealized Gains (Losses) Still Held - Assets	33	(257)
Unrealized Gains (Losses) Still Held, Assets, OCI	(3)	(29)
Mortgage loans held-for-sale
Assets:
Beginning Balance	310
Included in Earnings	1
Included in Other Comprehensive Income	0
Purchases	26
Issues	0
Sales	0
Settlements, net	(1)
Transfers into Level 3	11
Transfers out of Level 3	0
Ending Balance	347
Unrealized Gains (Losses) Still Held - Assets	0
Unrealized Gains (Losses) Still Held, Assets, OCI	0
Mortgage loans held-for-investment
Assets:
Beginning Balance	110
Included in Earnings	2
Included in Other Comprehensive Income	0
Purchases	0
Issues	0
Sales	0
Settlements, net	0
Transfers into Level 3	0
Transfers out of Level 3	(48)
Ending Balance	64
Unrealized Gains (Losses) Still Held - Assets	2
Unrealized Gains (Losses) Still Held, Assets, OCI	0
Other Asset
Assets:
Beginning Balance	5,573	6,020
Included in Earnings	101	(300)
Included in Other Comprehensive Income	0	0
Purchases	(10)	(4)
Issues	127	336
Sales	0	0
Settlements, net	(231)	(242)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	5,560	5,810
Unrealized Gains (Losses) Still Held - Assets	101	(300)
Unrealized Gains (Losses) Still Held, Assets, OCI	0	0
Guarantee Asset
Assets:
Beginning Balance	5,442	5,919
Included in Earnings	85	(316)
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	127	333
Sales	0	0
Settlements, net	(222)	(240)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	5,432	5,696
Unrealized Gains (Losses) Still Held - Assets	85	(316)
Unrealized Gains (Losses) Still Held, Assets, OCI	0	0
All Other, at fair value
Assets:
Beginning Balance	131	101
Included in Earnings	16	16
Included in Other Comprehensive Income	0	0
Purchases	(10)	(4)
Issues	0	3
Sales	0	0
Settlements, net	(9)	(2)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	128	114
Unrealized Gains (Losses) Still Held - Assets	16	16
Unrealized Gains (Losses) Still Held, Assets, OCI	$ 0	$ 0

XML

Fair Value Disclosures - Quantitative Information about Recurring Level 3 Fair Value Measurements (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale	$ 6,369	$ 6,534
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	2,926	3,218
Mortgage loans held-for-investment	1,238	1,214
Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale	6,369	6,534
Trading, at Fair Value:
Trading securities, at fair value	31,343	32,167
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	2,926	3,218
Mortgage loans held-for-investment	1,238	1,214
Other assets:
Guarantee Assets	5,432	5,442
Total Assets carried at fair value on a recurring basis	47,858	49,023
Liabilities [Abstract]
Total liabilities carried at fair value on a recurring basis	3,705	3,806
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale	853	894
Trading, at Fair Value:
Trading securities, at fair value	2,905	2,731
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	347	310
Mortgage loans held-for-investment	64	110
Other assets:
Guarantee Assets	5,432	5,442
Insignificant level3 assets	192	131
Total Assets carried at fair value on a recurring basis	9,729	9,618
Liabilities [Abstract]
Insignificant level3 liabilities	461	485
Total liabilities carried at fair value on a recurring basis	461	485
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Median of external sources
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale	533	557
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Single External Source
Trading, at Fair Value:
Trading securities, at fair value	2,023	2,080
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	347	310
Mortgage loans held-for-investment		110
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Discounted Cash Flows
Other assets:
Guarantee Assets	5,074	5,084
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale	320	337
Trading, at Fair Value:
Trading securities, at fair value	882	651
Other assets:
Guarantee Assets	$ 358	$ 358
Fair Value, Measurements, Recurring | Available-for-sale securities | Fair Value, Inputs, Level 3 | Weighted Average | Median of external sources
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	68.2	70.5
Fair Value, Measurements, Recurring | Available-for-sale securities | Fair Value, Inputs, Level 3 | Minimum | Median of external sources
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	58.2	66.3
Fair Value, Measurements, Recurring | Available-for-sale securities | Fair Value, Inputs, Level 3 | Maximum | Median of external sources
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	72.8	74.6
Fair Value, Measurements, Recurring | Trading securities | Fair Value, Inputs, Level 3 | Weighted Average | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	210.0	224.8
Fair Value, Measurements, Recurring | Trading securities | Fair Value, Inputs, Level 3 | Minimum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	0.0	0.0
Fair Value, Measurements, Recurring | Trading securities | Fair Value, Inputs, Level 3 | Maximum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	5,410	5,702.4
Fair Value, Measurements, Recurring | Mortgage loans held-for-sale | Fair Value, Inputs, Level 3 | Weighted Average | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	78.7	76.6
Fair Value, Measurements, Recurring | Mortgage loans held-for-sale | Fair Value, Inputs, Level 3 | Minimum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	39.6	39.6
Fair Value, Measurements, Recurring | Mortgage loans held-for-sale | Fair Value, Inputs, Level 3 | Maximum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	98.6	98.1
Fair Value, Measurements, Recurring | Mortgage loans held-for-investment | Fair Value, Inputs, Level 3 | Weighted Average | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)		80.6
Fair Value, Measurements, Recurring | Mortgage loans held-for-investment | Fair Value, Inputs, Level 3 | Minimum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)		76.9
Fair Value, Measurements, Recurring | Mortgage loans held-for-investment | Fair Value, Inputs, Level 3 | Maximum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)		87.5
Fair Value, Measurements, Recurring | Guarantee Asset | Fair Value, Inputs, Level 3 | Weighted Average | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.46%	0.45%
Fair Value, Measurements, Recurring | Guarantee Asset | Fair Value, Inputs, Level 3 | Minimum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.17%	0.17%
Fair Value, Measurements, Recurring | Guarantee Asset | Fair Value, Inputs, Level 3 | Maximum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	1.86%	1.86%

XML

Fair Value Disclosures - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	$ 1,238	$ 1,214
Fair Value, Measurements, Nonrecurring
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	2,624	2,144
Fair Value, Measurements, Nonrecurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	0	0
Fair Value, Measurements, Nonrecurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	454	386
Fair Value, Measurements, Nonrecurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	$ 2,170	$ 1,758

XML

Fair Value Disclosures - Fair Value Assets Measured on Nonrecurring Basis Valuation Techniques (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	$ 1,238	$ 1,214
Fair Value, Measurements, Nonrecurring
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	2,624	2,144
Fair Value, Measurements, Nonrecurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	2,170	1,758
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Median of external sources
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	1,520	1,657
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Other Valuation Techniques
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans	$ 650	$ 101
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Minimum | Median of external sources
Assets, Fair Value Disclosure [Abstract]
External Pricing Source(s)	75.3	74.8
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Maximum | Median of external sources
Assets, Fair Value Disclosure [Abstract]
External Pricing Source(s)	97.3	98.6
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Weighted Average | Median of external sources
Assets, Fair Value Disclosure [Abstract]
External Pricing Source(s)	85.5	86.3

XML

Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial Assets
Securities Purchased under Agreements to Resell	$ 108,036	$ 87,295
Counterparty netting	(4,652)	(11,991)
Investments in Securities [Abstract]
Debt Securities, Available-for-sale	6,369	6,534
Mortgage Loans [Abstract]
Mortgage Loans	1,238	1,214
Derivative Asset	391	307
Other Assets	5,982	5,890
Financial Liabilities
Debt	2,811	3,047
Counterparty netting	(4,652)	(11,991)
Derivative Liability	893	758
Other Liabilities	10,892	18,174
Other Liabilities, Fair Value	894	759
Held by Freddie Mac
Financial Liabilities
Debt	700	1,100
Held by consolidated trusts
Financial Assets
Securities Purchased under Agreements to Resell	10,881	9,703
Financial Liabilities
Debt	2,100	1,900
GAAP Carrying Amount
Financial Assets
Cash and Cash Equivalents	5,873	6,360
Securities Purchased under Agreements to Resell	108,036	87,295
Investments in Securities [Abstract]
Debt Securities, Available-for-sale	6,369	6,534
Trading, at fair value	31,343	32,167
Total investments in securities	37,712	38,701
Mortgage Loans [Abstract]
Mortgage Loans	3,037,709	3,034,515
Guarantee assets	5,432	5,442
Derivative Asset	391	307
All Other Assets	2,805	1,739
Other Assets	8,628	7,488
Total assets carried at fair value on a recurring basis	3,197,958	3,174,359
Financial Liabilities
Debt	3,167,514	3,145,832
Guarantee obligation	5,639	5,779
Derivative Liability	893	758
Other Liabilities	12	20
Other Liabilities, Fair Value	6,544	6,557
Total Financial Liabilities	3,174,058	3,152,389
GAAP Carrying Amount | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage Loans	59,711	62,914
Financial Liabilities
Debt	180,464	166,762
GAAP Carrying Amount | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage Loans	2,977,998	2,971,601
Financial Liabilities
Debt	2,987,050	2,979,070
GAAP Carrying Amount | AmortizedCost
Mortgage Loans [Abstract]
Mortgage Loans	3,000,000	3,000,000
Financial Liabilities
Debt	3,200,000	3,100,000
GAAP Carrying Amount | Lower Of Cost Or Fair Value
Mortgage Loans [Abstract]
Mortgage Loans	9,900	9,000
GAAP Carrying Amount | FV - NI
Mortgage Loans [Abstract]
Mortgage Loans	4,200	4,400
Financial Liabilities
Debt	2,800	3,000
Fair Value
Financial Assets
Cash and Cash Equivalents	5,873	6,360
Securities Purchased under Agreements to Resell	108,036	87,295
Counterparty netting	(4,652)	(11,991)
Investments in Securities [Abstract]
Debt Securities, Available-for-sale	6,369	6,534
Trading, at fair value	31,343	32,167
Total investments in securities	37,712	38,701
Mortgage Loans [Abstract]
Mortgage Loans	2,669,710	2,634,395
Guarantee assets	5,435	5,445
Derivative Asset	391	307
Netting adjustments	(5,089)	(6,092)
All Other Assets	2,811	1,742
Other Assets	8,637	7,494
Total Asset Netting Adjustment	(9,741)	(18,083)
Total assets carried at fair value on a recurring basis	2,829,968	2,774,245
Financial Liabilities
Debt	2,792,540	2,731,868
Counterparty netting	(4,652)	(11,991)
Guarantee obligation	6,018	6,016
Derivative Liability	893	758
Netting Adjustment	(8,564)	(10,162)
Other Liabilities	983	1,236
Other Liabilities, Fair Value	7,894	8,010
Total Liability Netting Adjustment	(13,216)	(22,153)
Total Financial Liabilities	2,800,434	2,739,878
Fair Value | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage Loans	55,770	58,381
Financial Liabilities
Debt	181,033	166,844
Fair Value | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage Loans	2,613,940	2,576,014
Financial Liabilities
Debt	2,611,507	2,565,024
Fair Value | Level 1
Financial Assets
Cash and Cash Equivalents	5,873	6,360
Securities Purchased under Agreements to Resell	0	0
Investments in Securities [Abstract]
Debt Securities, Available-for-sale	0	0
Trading, at fair value	21,884	23,453
Total investments in securities	21,884	23,453
Mortgage Loans [Abstract]
Mortgage Loans	0	0
Guarantee assets	0	0
Derivative assets, net	0	0
All Other Assets	0	0
Other Assets	0	0
Total assets carried at fair value on a recurring basis	27,757	29,813
Financial Liabilities
Debt	0	0
Guarantee obligation	0	0
Derivative liabilities, net	13	0
Other Liabilities	0	0
Other Liabilities, Fair Value	13	0
Total Financial Liabilities	13	0
Fair Value | Level 1 | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage Loans	0	0
Financial Liabilities
Debt	0	0
Fair Value | Level 1 | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage Loans	0	0
Financial Liabilities
Debt	0	0
Fair Value | Level 2
Financial Assets
Cash and Cash Equivalents	0	0
Securities Purchased under Agreements to Resell	112,688	99,286
Investments in Securities [Abstract]
Debt Securities, Available-for-sale	5,516	5,640
Trading, at fair value	6,554	5,983
Total investments in securities	12,070	11,623
Mortgage Loans [Abstract]
Mortgage Loans	2,362,982	2,357,890
Guarantee assets	0	0
Derivative assets, net	5,477	6,397
All Other Assets	931	907
Other Assets	6,408	7,304
Total assets carried at fair value on a recurring basis	2,494,148	2,476,103
Financial Liabilities
Debt	2,793,190	2,739,996
Guarantee obligation	0	0
Derivative liabilities, net	9,367	10,823
Other Liabilities	828	1,025
Other Liabilities, Fair Value	10,195	11,848
Total Financial Liabilities	2,803,385	2,751,844
Fair Value | Level 2 | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage Loans	25,534	25,921
Financial Liabilities
Debt	182,379	175,673
Fair Value | Level 2 | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage Loans	2,337,448	2,331,969
Financial Liabilities
Debt	2,610,811	2,564,323
Fair Value | Level 3
Financial Assets
Cash and Cash Equivalents	0	0
Securities Purchased under Agreements to Resell	0	0
Investments in Securities [Abstract]
Debt Securities, Available-for-sale	853	894
Trading, at fair value	2,905	2,731
Total investments in securities	3,758	3,625
Mortgage Loans [Abstract]
Mortgage Loans	306,728	276,505
Guarantee assets	5,435	5,445
Derivative assets, net	3	2
All Other Assets	1,880	835
Other Assets	7,318	6,282
Total assets carried at fair value on a recurring basis	317,804	286,412
Financial Liabilities
Debt	4,002	3,863
Guarantee obligation	6,018	6,016
Derivative liabilities, net	77	97
Other Liabilities	155	211
Other Liabilities, Fair Value	6,250	6,324
Total Financial Liabilities	10,252	10,187
Fair Value | Level 3 | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage Loans	30,236	32,460
Financial Liabilities
Debt	3,306	3,162
Fair Value | Level 3 | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage Loans	276,492	244,045
Financial Liabilities
Debt	$ 696	$ 701

XML

Fair Value Disclosures - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Held-for-sale, at fair value	$ 2,926	$ 3,218
Loans Held For Investment Fair Value Disclosure	1,238	1,214
Other assets and other liabilities	33	11
Held by Freddie Mac
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	7	11
Debt, Fair Value	460	892
Debt, Unpaid Principal Balance, with Fair Value Option Elected	453	881
Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(123)	(177)
Debt, Fair Value	1,858	1,656
Debt, Unpaid Principal Balance, with Fair Value Option Elected	1,981	1,833
Interest-Only | Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Debt, Fair Value	500	500
Held-for-Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(137)	(203)
Loans, Unpaid Principal Balance, with Fair Value Elected	3,063	3,421
Mortgage loans held-for-investment
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(129)	(154)
Loans, Unpaid Principal Balance, with Fair Value Elected	$ 1,367	$ 1,368

XML

Fair Value Disclosures Fair Value Disclosures - Changes in Fair Value under the FVO option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Mortgage loans held-for-sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 4	$ (676)
Mortgage loans held-for-investment
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	26	0
Debt | Held by Freddie Mac
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	14	(11)
Debt | Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(35)	72
Other assets/other liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 55	$ (36)

XML

Legal Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Damages Sought, Value	$ 832
Estimated Pre-judgment Interest	6.00%

XML

Regulatory Capital Table - ERCF Capital Requirements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Compliance with Regulatory Capital Requirements - ERCF [Abstract]
Adjustedtotalassets	$ 3,716,000	$ 3,710,000
Risk-weighted assets (standardized approach)	908,000	899,000
Minimum Capital Requirement [Member]
Risk-based capital amounts [Abstract]
Total capital (statutory)	73,000	72,000
CET1 capital	41,000	40,000
Tier 1 capital	54,000	54,000
Adjusted total capital	$ 73,000	$ 72,000
Risk-based capital ratios [Abstract]
Total capital (statutory)	8.00%	8.00%
CET1 capital	4.50%	4.50%
Tier 1 capital	6.00%	6.00%
Adjusted total capital	8.00%	8.00%
Leverage capital amounts: [Abstract]
Core capital (statutory)	$ 93,000	$ 93,000
Tier 1 capital	$ 93,000	$ 93,000
Leverage capital ratios [Abstract]
Core capital (statutory)	2.50%	2.50%
Tier 1 capital	2.50%	2.50%
Capital Requirement Including Buffer [Member]
Risk-based capital amounts [Abstract]
Total capital (statutory)	$ 73,000	$ 72,000
CET1 capital	91,000	90,000
Tier 1 capital	104,000	104,000
Adjusted total capital	$ 123,000	$ 122,000
Risk-based capital ratios [Abstract]
Total capital (statutory)	8.00%	8.00%
CET1 capital	10.10%	10.10%
Tier 1 capital	11.60%	11.60%
Adjusted total capital	13.60%	13.60%
Leverage capital amounts: [Abstract]
Core capital (statutory)	$ 93,000	$ 93,000
Tier 1 capital	$ 104,000	$ 104,000
Leverage capital ratios [Abstract]
Core capital (statutory)	2.50%	2.50%
Tier 1 capital	2.80%	2.80%
Available Capital (Deficit) [Member]
Risk-based capital amounts [Abstract]
Total capital (statutory)	$ (25,000)	$ (27,000)
CET1 capital	(53,000)	(55,000)
Tier 1 capital	(39,000)	(41,000)
Adjusted total capital	$ (39,000)	$ (41,000)
Risk-based capital ratios [Abstract]
Total capital (statutory)	(2.80%)	(3.10%)
CET1 capital	(5.80%)	(6.20%)
Tier 1 capital	(4.30%)	(4.60%)
Adjusted total capital	(4.30%)	(4.60%)
Leverage capital amounts: [Abstract]
Core capital (statutory)	$ (33,000)	$ (35,000)
Tier 1 capital	$ (39,000)	$ (41,000)
Leverage capital ratios [Abstract]
Core capital (statutory)	(0.90%)	(1.00%)
Tier 1 capital	(1.00%)	(1.10%)