Companies: 10,793     total market cap: $134.657 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Freddie Mac
FMCC
#3432
Rank
$4.10 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$6.32
Share price
-0.47%
Change (1 day)
10.68%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Freddie Mac
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q2

Freddie Mac - 10-Q quarterly report FY2023 Q2


Text size:
000102621412/312023Q2falseX100010262142023-01-012023-06-3000010262142023-07-11xbrli:shares0001026214srt:ParentCompanyMember2023-06-30iso4217:USD0001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-3000010262142023-04-012023-06-3000010262142022-04-012022-06-3000010262142022-01-012022-06-30iso4217:USDxbrli:shares00010262142023-06-3000010262142022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214fmcc:SeniorPreferredStockMember2023-03-310001026214us-gaap:PreferredStockMember2023-03-310001026214us-gaap:CommonStockMember2023-03-310001026214us-gaap:RetainedEarningsMember2023-03-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001026214us-gaap:TreasuryStockCommonMember2023-03-3100010262142023-03-310001026214us-gaap:RetainedEarningsMember2023-04-012023-06-300001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001026214fmcc:SeniorPreferredStockMember2023-06-300001026214us-gaap:PreferredStockMember2023-06-300001026214us-gaap:CommonStockMember2023-06-300001026214us-gaap:RetainedEarningsMember2023-06-300001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001026214us-gaap:TreasuryStockCommonMember2023-06-300001026214fmcc:SeniorPreferredStockMember2022-03-310001026214us-gaap:PreferredStockMember2022-03-310001026214us-gaap:CommonStockMember2022-03-310001026214us-gaap:RetainedEarningsMember2022-03-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001026214us-gaap:TreasuryStockCommonMember2022-03-3100010262142022-03-310001026214us-gaap:RetainedEarningsMember2022-04-012022-06-300001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001026214fmcc:SeniorPreferredStockMember2022-06-300001026214us-gaap:PreferredStockMember2022-06-300001026214us-gaap:CommonStockMember2022-06-300001026214us-gaap:RetainedEarningsMember2022-06-300001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001026214us-gaap:TreasuryStockCommonMember2022-06-3000010262142022-06-300001026214fmcc:SeniorPreferredStockMember2022-12-310001026214us-gaap:PreferredStockMember2022-12-310001026214us-gaap:CommonStockMember2022-12-310001026214us-gaap:RetainedEarningsMember2022-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001026214us-gaap:TreasuryStockCommonMember2022-12-310001026214us-gaap:RetainedEarningsMember2023-01-012023-06-300001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001026214fmcc:SeniorPreferredStockMember2021-12-310001026214us-gaap:PreferredStockMember2021-12-310001026214us-gaap:CommonStockMember2021-12-310001026214us-gaap:RetainedEarningsMember2021-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001026214us-gaap:TreasuryStockCommonMember2021-12-3100010262142021-12-310001026214us-gaap:RetainedEarningsMember2022-01-012022-06-300001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300001026214srt:ParentCompanyMember2023-01-012023-06-300001026214srt:ParentCompanyMember2022-01-012022-06-300001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-06-300001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMemberfmcc:FannieMaesecuritiesbackingFreddieMacresecuritizationtrustMember2023-06-300001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:StructuredFinanceMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-06-300001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-06-300001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2023-06-300001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:StructuredFinanceMemberfmcc:MultifamilySegmentMember2023-06-300001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2023-06-300001026214fmcc:OtherSecuritizationProductMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMemberfmcc:FannieMaesecuritiesbackingFreddieMacresecuritizationtrustMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:StructuredFinanceMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:StructuredFinanceMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2022-12-310001026214fmcc:OtherSecuritizationProductMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310001026214srt:SingleFamilyMember2023-06-300001026214srt:MultifamilyMember2023-06-300001026214srt:SingleFamilyMember2022-12-310001026214srt:MultifamilyMember2022-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2023-04-012023-06-300001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2022-04-012022-06-300001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2023-01-012023-06-300001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2022-01-012022-06-300001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2023-04-012023-06-300001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2022-04-012022-06-300001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2023-01-012023-06-300001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2022-01-012022-06-300001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2023-04-012023-06-300001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2022-04-012022-06-300001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2023-01-012023-06-300001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2022-01-012022-06-300001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2023-04-012023-06-300001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2022-04-012022-06-300001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2023-01-012023-06-300001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2022-01-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-03-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-04-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-01-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-03-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-04-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-01-012023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2023-03-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2023-04-012023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2023-01-012023-06-300001026214srt:SingleFamilyMember2023-03-310001026214srt:SingleFamilyMember2023-04-012023-06-300001026214srt:SingleFamilyMember2023-01-012023-06-300001026214srt:MultifamilyMember2023-03-310001026214srt:MultifamilyMember2023-04-012023-06-300001026214srt:MultifamilyMember2023-01-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-03-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-04-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-01-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-03-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-04-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-01-012022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-03-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-04-012022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-01-012022-06-300001026214srt:SingleFamilyMember2022-06-300001026214srt:SingleFamilyMember2022-03-310001026214srt:SingleFamilyMember2022-04-012022-06-300001026214srt:SingleFamilyMember2022-01-012022-06-300001026214srt:MultifamilyMember2022-06-300001026214srt:MultifamilyMember2022-03-310001026214srt:MultifamilyMember2022-04-012022-06-300001026214srt:MultifamilyMember2022-01-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatioLessThan60PerentMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:LtvLessThan80PercentMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatio80To90PercentMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatio90To100PercentMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:GreaterThan100LoanToValueRatioMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:DebtToValueRatioLessThan60PerentMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:LtvLessThan80PercentMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:DebtToValueRatio80To90PercentMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:DebtToValueRatio90To100PercentMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:GreaterThan100LoanToValueRatioMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:DebtToValueRatioLessThan60PerentMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:LtvLessThan80PercentMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:DebtToValueRatio80To90PercentMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:DebtToValueRatio90To100PercentMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:GreaterThan100LoanToValueRatioMember2023-06-300001026214fmcc:DebtToValueRatioLessThan60PerentMembersrt:SingleFamilyMember2023-06-300001026214srt:SingleFamilyMemberus-gaap:LtvLessThan80PercentMember2023-06-300001026214srt:SingleFamilyMemberfmcc:DebtToValueRatio80To90PercentMember2023-06-300001026214srt:SingleFamilyMemberfmcc:DebtToValueRatio90To100PercentMember2023-06-300001026214fmcc:GreaterThan100LoanToValueRatioMembersrt:SingleFamilyMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatioLessThan60PerentMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:LtvLessThan80PercentMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatio80To90PercentMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatio90To100PercentMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:GreaterThan100LoanToValueRatioMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:DebtToValueRatioLessThan60PerentMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:LtvLessThan80PercentMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:DebtToValueRatio80To90PercentMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:DebtToValueRatio90To100PercentMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:GreaterThan100LoanToValueRatioMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:DebtToValueRatioLessThan60PerentMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:LtvLessThan80PercentMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:DebtToValueRatio80To90PercentMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:DebtToValueRatio90To100PercentMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:GreaterThan100LoanToValueRatioMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMembersrt:SingleFamilyMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:LtvLessThan80PercentMember2022-12-310001026214srt:SingleFamilyMemberfmcc:DebtToValueRatio80To90PercentMember2022-12-310001026214srt:SingleFamilyMemberfmcc:DebtToValueRatio90To100PercentMember2022-12-310001026214fmcc:GreaterThan100LoanToValueRatioMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:PassMembersrt:MultifamilyMember2023-06-300001026214us-gaap:SpecialMentionMembersrt:MultifamilyMember2023-06-300001026214us-gaap:SubstandardMembersrt:MultifamilyMember2023-06-300001026214srt:MultifamilyMemberus-gaap:DoubtfulMember2023-06-300001026214us-gaap:PassMembersrt:MultifamilyMember2022-12-310001026214us-gaap:SpecialMentionMembersrt:MultifamilyMember2022-12-310001026214us-gaap:SubstandardMembersrt:MultifamilyMember2022-12-310001026214srt:MultifamilyMemberus-gaap:DoubtfulMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-06-300001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-06-300001026214srt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214srt:SingleFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2023-06-300001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:SingleFamilyMember2023-06-300001026214srt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214srt:MultifamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:MultifamilyMember2023-06-300001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:MultifamilyMember2023-06-300001026214us-gaap:FinancialAssetNotPastDueMember2023-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214us-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:SingleFamilyMember2022-12-310001026214srt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214srt:MultifamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:MultifamilyMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:MultifamilyMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMember2022-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayMember2023-04-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2023-04-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2023-04-012023-06-30xbrli:pure0001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayMember2023-04-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2023-04-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2023-04-012023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayMember2023-04-012023-06-300001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-04-012023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2023-04-012023-06-300001026214srt:SingleFamilyMemberfmcc:PaymentDelayMember2023-04-012023-06-300001026214fmcc:PaymentDelayAndTermExtensionMembersrt:SingleFamilyMember2023-04-012023-06-300001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMembersrt:SingleFamilyMember2023-04-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayMember2022-04-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2022-04-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2022-04-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayMember2022-04-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2022-04-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2022-04-012022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayMember2022-04-012022-06-300001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-04-012022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2022-04-012022-06-300001026214srt:SingleFamilyMemberfmcc:PaymentDelayMember2022-04-012022-06-300001026214fmcc:PaymentDelayAndTermExtensionMembersrt:SingleFamilyMember2022-04-012022-06-300001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMembersrt:SingleFamilyMember2022-04-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayMember2023-01-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2023-01-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2023-01-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayMember2023-01-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2023-01-012023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2023-01-012023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayMember2023-01-012023-06-300001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-01-012023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2023-01-012023-06-300001026214srt:SingleFamilyMemberfmcc:PaymentDelayMember2023-01-012023-06-300001026214fmcc:PaymentDelayAndTermExtensionMembersrt:SingleFamilyMember2023-01-012023-06-300001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMembersrt:SingleFamilyMember2023-01-012023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayMember2022-01-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2022-01-012022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2022-01-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayMember2022-01-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayAndTermExtensionMember2022-01-012022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2022-01-012022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayMember2022-01-012022-06-300001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-01-012022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberfmcc:PaymentDelayInterestRateReductionAndTermExtensionMember2022-01-012022-06-300001026214srt:SingleFamilyMemberfmcc:PaymentDelayMember2022-01-012022-06-300001026214fmcc:PaymentDelayAndTermExtensionMembersrt:SingleFamilyMember2022-01-012022-06-300001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMembersrt:SingleFamilyMember2022-01-012022-06-30utr:Rate0001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214us-gaap:FinancialAssetNotPastDueMembersrt:SingleFamilyMember2023-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:SingleFamilyMember2023-06-300001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2023-06-300001026214srt:SingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-06-300001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-06-300001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-06-300001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-06-300001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-06-300001026214us-gaap:FinancialAssetNotPastDueMembersrt:SingleFamilyMember2022-06-300001026214us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:SingleFamilyMember2022-06-300001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2022-06-300001026214srt:SingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-06-300001026214srt:SingleFamilyMemberus-gaap:FinancialGuaranteeMember2023-06-300001026214srt:SingleFamilyMemberus-gaap:FinancialGuaranteeMember2023-01-012023-06-300001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2023-06-300001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2023-01-012023-06-300001026214srt:MultifamilyMemberus-gaap:FinancialGuaranteeMember2023-06-300001026214srt:MultifamilyMemberus-gaap:FinancialGuaranteeMember2023-01-012023-06-300001026214us-gaap:GuaranteeTypeOtherMembersrt:MultifamilyMember2023-06-300001026214us-gaap:GuaranteeTypeOtherMembersrt:MultifamilyMember2023-01-012023-06-300001026214fmcc:FannieMaesecuritiesbackingFreddieMacresecuritizationtrustMember2023-06-300001026214fmcc:FannieMaesecuritiesbackingFreddieMacresecuritizationtrustMember2023-01-012023-06-300001026214us-gaap:PaymentGuaranteeMember2023-06-300001026214us-gaap:PaymentGuaranteeMember2023-01-012023-06-300001026214srt:SingleFamilyMemberus-gaap:FinancialGuaranteeMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:FinancialGuaranteeMember2022-01-012022-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2022-01-012022-12-310001026214srt:MultifamilyMemberus-gaap:FinancialGuaranteeMember2022-12-310001026214srt:MultifamilyMemberus-gaap:FinancialGuaranteeMember2022-01-012022-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:MultifamilyMember2022-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:MultifamilyMember2022-01-012022-12-310001026214fmcc:FannieMaesecuritiesbackingFreddieMacresecuritizationtrustMember2022-12-310001026214fmcc:FannieMaesecuritiesbackingFreddieMacresecuritizationtrustMember2022-01-012022-12-310001026214us-gaap:PaymentGuaranteeMember2022-12-310001026214us-gaap:PaymentGuaranteeMember2022-01-012022-12-310001026214fmcc:CRTRelatedDerivativesMember2022-12-310001026214fmcc:CRTRelatedDerivativesMember2023-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2023-03-310001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2023-03-310001026214us-gaap:AllowanceForCreditLossMember2023-03-310001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2022-03-310001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2022-03-310001026214us-gaap:AllowanceForCreditLossMember2022-03-310001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2022-12-310001026214us-gaap:AllowanceForCreditLossMember2022-12-310001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2021-12-310001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2021-12-310001026214us-gaap:AllowanceForCreditLossMember2021-12-310001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2023-04-012023-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2023-04-012023-06-300001026214us-gaap:AllowanceForCreditLossMember2023-04-012023-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2022-04-012022-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2022-04-012022-06-300001026214us-gaap:AllowanceForCreditLossMember2022-04-012022-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2023-01-012023-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2023-01-012023-06-300001026214us-gaap:AllowanceForCreditLossMember2023-01-012023-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:SingleFamilyMember2022-01-012022-06-300001026214us-gaap:AllowanceForCreditLossMembersrt:MultifamilyMember2022-01-012022-06-300001026214us-gaap:AllowanceForCreditLossMember2022-01-012022-06-300001026214srt:SingleFamilyMemberfmcc:HeldforInvestmentMember2023-06-300001026214srt:MultifamilyMemberfmcc:HeldforInvestmentMember2023-06-300001026214fmcc:HeldforInvestmentMember2023-06-300001026214srt:SingleFamilyMemberfmcc:HeldforInvestmentMember2022-06-300001026214srt:MultifamilyMemberfmcc:HeldforInvestmentMember2022-06-300001026214fmcc:HeldforInvestmentMember2022-06-300001026214srt:SingleFamilyMemberfmcc:OtherAllowanceForCreditLossesMember2023-06-300001026214srt:MultifamilyMemberfmcc:OtherAllowanceForCreditLossesMember2023-06-300001026214fmcc:OtherAllowanceForCreditLossesMember2023-06-300001026214srt:SingleFamilyMemberfmcc:OtherAllowanceForCreditLossesMember2022-06-300001026214srt:MultifamilyMemberfmcc:OtherAllowanceForCreditLossesMember2022-06-300001026214fmcc:OtherAllowanceForCreditLossesMember2022-06-300001026214us-gaap:MortgageBackedSecuritiesMember2023-06-300001026214us-gaap:MortgageBackedSecuritiesMember2022-12-310001026214fmcc:NonMortgageRelatedSecuritiesMember2023-06-300001026214fmcc:NonMortgageRelatedSecuritiesMember2022-12-310001026214us-gaap:AgencySecuritiesMember2023-06-300001026214fmcc:NonAgencyAndOtherMember2023-06-300001026214us-gaap:AgencySecuritiesMember2022-12-310001026214fmcc:NonAgencyAndOtherMember2022-12-310001026214srt:ParentCompanyMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:SingleFamilyMemberfmcc:Singlefamily20And30YearOrMoreFixedRateMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:SingleFamilyMemberfmcc:Singlefamily20And30YearOrMoreFixedRateMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:SingleFamily15YearFixedRateMembersrt:SingleFamilyMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:SingleFamily15YearFixedRateMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:SingleFamilyMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:SingleFamilyMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:SingleFamilyMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MultifamilyMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MultifamilyMember2022-12-310001026214fmcc:ReferenceBillsSecuritesAndDiscountNotesMembersrt:ParentCompanyMember2023-06-300001026214fmcc:ReferenceBillsSecuritesAndDiscountNotesMembersrt:ParentCompanyMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:MediumTermNotesMember2023-06-300001026214srt:ParentCompanyMemberus-gaap:MediumTermNotesMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-06-300001026214srt:ParentCompanyMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-12-310001026214us-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMembersrt:ParentCompanyMember2023-06-300001026214us-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMembersrt:ParentCompanyMember2022-12-310001026214fmcc:CallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:FixedRateMember2023-06-300001026214fmcc:CallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:FixedRateMember2022-12-310001026214fmcc:NonCallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:FixedRateMember2023-06-300001026214fmcc:NonCallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:FixedRateMember2022-12-310001026214srt:ParentCompanyMemberfmcc:NonCallableUSDollarReferenceNotesSecuritiesMemberfmcc:FixedRateMember2023-06-300001026214srt:ParentCompanyMemberfmcc:NonCallableUSDollarReferenceNotesSecuritiesMemberfmcc:FixedRateMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:StructuredFinanceMemberfmcc:FixedRateMember2023-06-300001026214srt:ParentCompanyMemberus-gaap:StructuredFinanceMemberfmcc:FixedRateMember2022-12-310001026214fmcc:CallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:VariableRateMember2023-06-300001026214fmcc:CallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:VariableRateMember2022-12-310001026214fmcc:NonCallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:VariableRateMember2023-06-300001026214fmcc:NonCallableMediumTermNotesMembersrt:ParentCompanyMemberfmcc:VariableRateMember2022-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberus-gaap:StructuredFinanceMember2023-06-300001026214srt:ParentCompanyMemberfmcc:VariableRateMemberus-gaap:StructuredFinanceMember2022-12-310001026214fmcc:ZeroCouponMemberfmcc:NonCallableMediumTermNotesMembersrt:ParentCompanyMember2023-06-300001026214fmcc:ZeroCouponMemberfmcc:NonCallableMediumTermNotesMembersrt:ParentCompanyMember2022-12-310001026214srt:ParentCompanyMemberfmcc:OtherMember2023-06-300001026214srt:ParentCompanyMemberfmcc:OtherMember2022-12-310001026214fmcc:HedgingRelatedBasisAdjustmentsMembersrt:ParentCompanyMember2023-06-300001026214fmcc:HedgingRelatedBasisAdjustmentsMembersrt:ParentCompanyMember2022-12-310001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-06-300001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:WrittenOptionMemberus-gaap:ShortMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:WrittenOptionMemberus-gaap:ShortMember2022-12-310001026214fmcc:PurchasedOptionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:LongMember2023-06-300001026214fmcc:PurchasedOptionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:LongMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:FutureMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:FutureMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:NondesignatedMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:NondesignatedMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CommitmentMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CommitmentMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CreditrisktransferMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CreditrisktransferMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:OtherContractMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:OtherContractMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:SwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001026214us-gaap:SwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001026214us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001026214us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CreditDefaultSwaptionMember2023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CreditDefaultSwaptionMember2022-12-310001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-04-012023-06-300001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-04-012022-06-300001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-01-012023-06-300001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:WrittenOptionMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:ShortMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:WrittenOptionMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:ShortMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:WrittenOptionMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:ShortMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:WrittenOptionMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:ShortMember2022-01-012022-06-300001026214fmcc:PurchasedOptionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:LongMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-04-012023-06-300001026214fmcc:PurchasedOptionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:LongMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-04-012022-06-300001026214fmcc:PurchasedOptionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:LongMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-01-012023-06-300001026214fmcc:PurchasedOptionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:LongMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:FutureMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:FutureMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:FutureMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:FutureMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:InterestRateSwapMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:InterestRateSwapMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:InterestRateSwapMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:InterestRateSwapMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CommitmentMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CommitmentMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CommitmentMemberus-gaap:GainLossOnDerivativeInstrumentsMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CommitmentMemberus-gaap:GainLossOnDerivativeInstrumentsMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:CreditRiskContractMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:CreditRiskContractMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:CreditRiskContractMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:CreditRiskContractMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:OtherContractMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:OtherContractMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:OtherContractMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:GainLossOnDerivativeInstrumentsMemberus-gaap:OtherContractMember2022-01-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-04-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-04-012022-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-06-300001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-06-300001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2023-04-012023-06-300001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2022-04-012022-06-300001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2023-04-012023-06-300001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2022-04-012022-06-300001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2023-01-012023-06-300001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2022-01-012022-06-300001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2023-01-012023-06-300001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2022-01-012022-06-300001026214fmcc:HeldforInvestmentMember2023-06-300001026214fmcc:HeldforSaleMember2023-06-300001026214fmcc:HeldforInvestmentMember2022-12-310001026214fmcc:HeldforSaleMember2022-12-310001026214us-gaap:OverTheCounterMember2023-06-300001026214fmcc:ExchangeTradedAndClearedMember2023-06-300001026214fmcc:CommitmentMember2023-06-300001026214us-gaap:OtherContractMember2023-06-300001026214us-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-06-300001026214us-gaap:OverTheCounterMember2022-12-310001026214fmcc:ExchangeTradedAndClearedMember2022-12-310001026214fmcc:CommitmentMember2022-12-310001026214us-gaap:OtherContractMember2022-12-310001026214us-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-12-310001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMemberfmcc:TradingsecuritiesMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberfmcc:TradingsecuritiesMember2023-06-300001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesPayableOtherPayablesMemberfmcc:TradingsecuritiesMember2023-06-300001026214us-gaap:AssetPledgedAsCollateralWithRightMemberfmcc:TradingsecuritiesMember2023-06-300001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-06-300001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesPayableOtherPayablesMember2023-06-300001026214us-gaap:AssetPledgedAsCollateralWithRightMember2023-06-300001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMemberfmcc:TradingsecuritiesMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberfmcc:TradingsecuritiesMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesPayableOtherPayablesMemberfmcc:TradingsecuritiesMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberfmcc:TradingsecuritiesMember2022-12-310001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesReceivableMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesReceivableMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesReceivableMemberus-gaap:NotesPayableOtherPayablesMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesReceivableMember2022-12-310001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:NotesPayableOtherPayablesMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:MaturityOvernightAndOnDemandMemberus-gaap:USTreasurySecuritiesMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:MaturityUpTo30DaysMemberus-gaap:USTreasurySecuritiesMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:Maturity30To90DaysMemberus-gaap:USTreasurySecuritiesMember2023-06-300001026214us-gaap:MaturityOver90DaysMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:USTreasurySecuritiesMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:USTreasurySecuritiesMember2023-06-300001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:MaturityOvernightAndOnDemandMemberus-gaap:USTreasurySecuritiesMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:MaturityUpTo30DaysMemberus-gaap:USTreasurySecuritiesMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:Maturity30To90DaysMemberus-gaap:USTreasurySecuritiesMember2022-12-310001026214us-gaap:MaturityOver90DaysMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:USTreasurySecuritiesMember2022-12-310001026214us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:USTreasurySecuritiesMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300001026214srt:ParentCompanyMember2023-04-012023-06-300001026214srt:ParentCompanyMember2022-04-012022-06-30fmcc:segment0001026214fmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2023-04-012023-06-300001026214fmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2022-04-012022-06-300001026214fmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2023-01-012023-06-300001026214fmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2022-01-012022-06-300001026214fmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:OperatingSegmentsMember2023-06-300001026214fmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:OperatingSegmentsMember2022-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2023-06-300001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:OperatingSegmentsAndCorporateNonSegmentMember2023-06-300001026214us-gaap:OperatingSegmentsMemberfmcc:OperatingSegmentsAndCorporateNonSegmentMember2022-12-310001026214us-gaap:MaterialReconcilingItemsMember2023-06-300001026214us-gaap:MaterialReconcilingItemsMember2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:WestMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:WestMember2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:WestMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214fmcc:WestMember2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NortheastMember2023-06-300001026214fmcc:NortheastMember2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NortheastMember2022-12-310001026214fmcc:NortheastMember2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NorthCentralMember2023-06-300001026214fmcc:NorthCentralMember2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NorthCentralMember2022-12-310001026214fmcc:NorthCentralMember2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:SoutheastMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:SoutheastMember2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:SoutheastMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214fmcc:SoutheastMember2022-12-310001026214fmcc:SouthwestMemberfmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:SouthwestMember2023-06-300001026214fmcc:SouthwestMemberfmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214fmcc:SouthwestMember2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214stpr:CAfmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214stpr:CA2023-06-300001026214stpr:CAfmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214stpr:CA2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberstpr:TX2023-06-300001026214stpr:TX2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberstpr:TX2022-12-310001026214stpr:TX2022-12-310001026214stpr:FLfmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214stpr:FL2023-06-300001026214stpr:FLfmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214stpr:FL2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberstpr:NY2023-06-300001026214stpr:NY2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberstpr:NY2022-12-310001026214stpr:NY2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberstpr:IL2023-06-300001026214stpr:IL2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberstpr:IL2022-12-310001026214stpr:IL2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:AllOtherStatesMember2023-06-300001026214fmcc:AllOtherStatesMember2023-06-300001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:AllOtherStatesMember2022-12-310001026214fmcc:AllOtherStatesMember2022-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:WestMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:WestMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NortheastMember2023-06-300001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NortheastMember2022-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NorthCentralMember2023-06-300001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMemberfmcc:NorthCentralMember2022-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:SoutheastMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:SoutheastMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214fmcc:SouthwestMemberfmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:SouthwestMemberfmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-06-300001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberfmcc:NonMortgageRelatedSecuritiesMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:NonMortgageRelatedSecuritiesMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMember2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberfmcc:NonMortgageRelatedSecuritiesMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:NonMortgageRelatedSecuritiesMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:ParentCompanyMember2022-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2023-03-310001026214us-gaap:AvailableforsaleSecuritiesMember2023-04-012023-06-300001026214us-gaap:AvailableforsaleSecuritiesMember2023-06-300001026214fmcc:TradingsecuritiesMember2023-03-310001026214fmcc:TradingsecuritiesMember2023-04-012023-06-300001026214fmcc:TradingsecuritiesMember2023-06-300001026214us-gaap:SecuritiesInvestmentMember2023-03-310001026214us-gaap:SecuritiesInvestmentMember2023-04-012023-06-300001026214us-gaap:SecuritiesInvestmentMember2023-06-300001026214fmcc:MortgageLoansHeldForSaleMember2023-03-310001026214fmcc:MortgageLoansHeldForSaleMember2023-04-012023-06-300001026214fmcc:MortgageLoansHeldForSaleMember2023-06-300001026214fmcc:MortgageLoansHeldForInvestmentMember2023-03-310001026214fmcc:MortgageLoansHeldForInvestmentMember2023-04-012023-06-300001026214fmcc:MortgageLoansHeldForInvestmentMember2023-06-300001026214fmcc:GuaranteeAssetMember2023-03-310001026214fmcc:GuaranteeAssetMember2023-04-012023-06-300001026214fmcc:GuaranteeAssetMember2023-06-300001026214fmcc:AllOtherAssetsMember2023-03-310001026214fmcc:AllOtherAssetsMember2023-04-012023-06-300001026214fmcc:AllOtherAssetsMember2023-06-300001026214fmcc:OtherAssetMember2023-03-310001026214fmcc:OtherAssetMember2023-04-012023-06-300001026214fmcc:OtherAssetMember2023-06-300001026214us-gaap:DebtMember2023-03-310001026214us-gaap:DebtMember2023-04-012023-06-300001026214us-gaap:DebtMember2023-06-300001026214us-gaap:OtherLiabilitiesMember2023-03-310001026214us-gaap:OtherLiabilitiesMember2023-04-012023-06-300001026214us-gaap:OtherLiabilitiesMember2023-06-300001026214us-gaap:AvailableforsaleSecuritiesMember2022-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2023-01-012023-06-300001026214fmcc:TradingsecuritiesMember2022-12-310001026214fmcc:TradingsecuritiesMember2023-01-012023-06-300001026214us-gaap:SecuritiesInvestmentMember2022-12-310001026214us-gaap:SecuritiesInvestmentMember2023-01-012023-06-300001026214fmcc:MortgageLoansHeldForSaleMember2022-12-310001026214fmcc:MortgageLoansHeldForSaleMember2023-01-012023-06-300001026214fmcc:MortgageLoansHeldForInvestmentMember2022-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2023-01-012023-06-300001026214fmcc:GuaranteeAssetMember2022-12-310001026214fmcc:GuaranteeAssetMember2023-01-012023-06-300001026214fmcc:AllOtherAssetsMember2022-12-310001026214fmcc:AllOtherAssetsMember2023-01-012023-06-300001026214fmcc:OtherAssetMember2022-12-310001026214fmcc:OtherAssetMember2023-01-012023-06-300001026214us-gaap:DebtMember2022-12-310001026214us-gaap:DebtMember2023-01-012023-06-300001026214us-gaap:OtherLiabilitiesMember2022-12-310001026214us-gaap:OtherLiabilitiesMember2023-01-012023-06-300001026214us-gaap:AvailableforsaleSecuritiesMember2022-03-310001026214us-gaap:AvailableforsaleSecuritiesMember2022-04-012022-06-300001026214us-gaap:AvailableforsaleSecuritiesMember2022-06-300001026214fmcc:TradingsecuritiesMember2022-03-310001026214fmcc:TradingsecuritiesMember2022-04-012022-06-300001026214fmcc:TradingsecuritiesMember2022-06-300001026214us-gaap:SecuritiesInvestmentMember2022-03-310001026214us-gaap:SecuritiesInvestmentMember2022-04-012022-06-300001026214us-gaap:SecuritiesInvestmentMember2022-06-300001026214fmcc:MortgageLoansHeldForSaleMember2022-03-310001026214fmcc:MortgageLoansHeldForSaleMember2022-04-012022-06-300001026214fmcc:MortgageLoansHeldForSaleMember2022-06-300001026214fmcc:GuaranteeAssetMember2022-03-310001026214fmcc:GuaranteeAssetMember2022-04-012022-06-300001026214fmcc:GuaranteeAssetMember2022-06-300001026214fmcc:AllOtherAssetsMember2022-03-310001026214fmcc:AllOtherAssetsMember2022-04-012022-06-300001026214fmcc:AllOtherAssetsMember2022-06-300001026214fmcc:OtherAssetMember2022-03-310001026214fmcc:OtherAssetMember2022-04-012022-06-300001026214fmcc:OtherAssetMember2022-06-300001026214us-gaap:DebtMember2022-03-310001026214us-gaap:DebtMember2022-04-012022-06-300001026214us-gaap:DebtMember2022-06-300001026214us-gaap:OtherLiabilitiesMember2022-03-310001026214us-gaap:OtherLiabilitiesMember2022-04-012022-06-300001026214us-gaap:OtherLiabilitiesMember2022-06-300001026214us-gaap:AvailableforsaleSecuritiesMember2021-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2022-01-012022-06-300001026214fmcc:TradingsecuritiesMember2021-12-310001026214fmcc:TradingsecuritiesMember2022-01-012022-06-300001026214us-gaap:SecuritiesInvestmentMember2021-12-310001026214us-gaap:SecuritiesInvestmentMember2022-01-012022-06-300001026214fmcc:MortgageLoansHeldForSaleMember2021-12-310001026214fmcc:MortgageLoansHeldForSaleMember2022-01-012022-06-300001026214fmcc:GuaranteeAssetMember2021-12-310001026214fmcc:GuaranteeAssetMember2022-01-012022-06-300001026214fmcc:AllOtherAssetsMember2021-12-310001026214fmcc:AllOtherAssetsMember2022-01-012022-06-300001026214fmcc:OtherAssetMember2021-12-310001026214fmcc:OtherAssetMember2022-01-012022-06-300001026214us-gaap:DebtMember2021-12-310001026214us-gaap:DebtMember2022-01-012022-06-300001026214us-gaap:OtherLiabilitiesMember2021-12-310001026214us-gaap:OtherLiabilitiesMember2022-01-012022-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMember2023-06-300001026214us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:AvailableforsaleSecuritiesMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberfmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForSaleMembersrt:MinimumMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForSaleMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForSaleMembersrt:WeightedAverageMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForInvestmentMembersrt:MinimumMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForInvestmentMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:MortgageLoansHeldForInvestmentMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:GuaranteeAssetMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:GuaranteeAssetMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:GuaranteeAssetMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMember2022-12-310001026214us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:AvailableforsaleSecuritiesMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberfmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForSaleMembersrt:MinimumMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForSaleMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForSaleMembersrt:WeightedAverageMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForInvestmentMembersrt:MinimumMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:MortgageLoansHeldForInvestmentMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:MortgageLoansHeldForInvestmentMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:GuaranteeAssetMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberfmcc:GuaranteeAssetMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberfmcc:GuaranteeAssetMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMember2023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMembersrt:MinimumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMembersrt:MaximumMemberus-gaap:ResidentialMortgageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMembersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMemberfmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMember2022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMembersrt:MinimumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMembersrt:MaximumMemberus-gaap:ResidentialMortgageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMembersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialMortgageMemberfmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001026214us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001026214us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001026214srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-06-300001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-06-300001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001026214us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214fmcc:AmortizedCostMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001026214fmcc:LowerOfCostOrFairValueMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001026214fmcc:FairValueThroughNetIncomeMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001026214fmcc:AmortizedCostMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214fmcc:LowerOfCostOrFairValueMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214fmcc:FairValueThroughNetIncomeMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214fmcc:HeldforSaleMember2023-06-300001026214fmcc:HeldforSaleMember2022-12-310001026214fmcc:HeldforInvestmentMember2023-06-300001026214fmcc:HeldforInvestmentMember2022-12-310001026214us-gaap:InterestOnlyStripMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214us-gaap:InterestOnlyStripMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300001026214us-gaap:LoansReceivableMember2023-04-012023-06-300001026214us-gaap:LoansReceivableMember2022-04-012022-06-300001026214us-gaap:LoansReceivableMember2023-01-012023-06-300001026214us-gaap:LoansReceivableMember2022-01-012022-06-300001026214fmcc:HeldforInvestmentMember2023-04-012023-06-300001026214fmcc:HeldforInvestmentMember2022-04-012022-06-300001026214fmcc:HeldforInvestmentMember2023-01-012023-06-300001026214fmcc:HeldforInvestmentMember2022-01-012022-06-300001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2023-04-012023-06-300001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2022-04-012022-06-300001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2023-01-012023-06-300001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2022-01-012022-06-300001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2023-04-012023-06-300001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2022-04-012022-06-300001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2023-01-012023-06-300001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2022-01-012022-06-300001026214fmcc:AvailableCapitalActualMember2023-06-300001026214fmcc:MinimumCapitalRequirementMember2023-06-300001026214fmcc:CapitalRequirementIncludingBufferMember2023-06-300001026214fmcc:AvailableCapitalActualMember2022-12-310001026214fmcc:MinimumCapitalRequirementMember2022-12-310001026214fmcc:CapitalRequirementIncludingBufferMember2022-12-31

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 June 30, 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
primarylogoa04.jpg
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 classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/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 July 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
10
n    Our Portfolios
11
n    Our Business Segments
13
n    Risk Management
23
l Credit Risk
23
l Market Risk
31
n    Liquidity and Capital Resources
34
n    Critical Accounting Estimates
42
n    Regulation and Supervision
43
n    Forward-Looking Statements
44
FINANCIAL STATEMENTS
46
OTHER INFORMATION
97
CONTROLS AND PROCEDURES
99
EXHIBIT INDEX
100
SIGNATURES
101
FORM 10-Q INDEX
102

Freddie Mac 2Q 2023 Form 10-Q
i
Table of Contents
MD&A TABLE INDEX
TableDescriptionPage
1Summary of Consolidated Statements of Income and Comprehensive Income
6
2Components of Net Interest Income
6
3Analysis of Net Interest Yield
7
4Components of Non-Interest Income
8
5(Provision) Benefit for Credit Losses
8
6Components of Non-Interest Expense
9
7Summarized Condensed Consolidated Balance Sheets
10
8Mortgage Portfolio
11
9Mortgage-Related Investments Portfolio
12
10Other Investments Portfolio
12
11Single-Family Segment Financial Results
18
12Multifamily Segment Financial Results
22
13Allowance for Credit Losses Activity
23
14Allowance for Credit Losses Ratios
24
15Single-Family New Business Activity
25
16Single-Family Mortgage Portfolio CRT Issuance
25
17Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
26
18
Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
26
19Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
27
20Single-Family Mortgage Portfolio Attribute Combinations
28
21Multifamily Mortgage Portfolio CRT Issuance
30
22Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
31
23Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement
31
24PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
32
25Duration Gap and PVS Results
32
26PVS-L Results Before Derivatives and After Derivatives
32
27Earnings Sensitivity to Changes in Interest Rates
33
28Liquidity Sources
34
29Funding Sources
35
30Debt of Freddie Mac Activity
35
31Maturity and Redemption Dates
36
32Debt of Consolidated Trusts Activity
37
33Net Worth Activity
38
34Regulatory Capital Components
39
35Statutory Capital Components
39
36
Capital Metrics Under ERCF
40
37Forecasted House Price Growth Rates
42
Freddie Mac 2Q 2023 Form 10-Q
ii
Management's Discussion and AnalysisIntroduction
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 and six months ended June 30, 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 2Q 2023 Form 10-Q
1
Management's Discussion and AnalysisIntroduction
Business Results
Consolidated Financial Results
Net Revenues and Net Income
(In billions)
46
Net Worth
(In billions)
72
Key Drivers:
n    Net income was $2.9 billion, an increase of 20% year-over-year, with the increase primarily driven by a credit reserve release in Single-Family.
n    Net revenues were $5.3 billion, a decrease of 1% year-over-year, as lower net interest income was partially offset by an increase in non-interest income.
n    Net worth was $42.0 billion as of June 30, 2023, up from $39.1 billion as of March 31, 2023 and $34.1 billion as of June 30, 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 $111.7 billion on June 30, 2023, and will increase to $114.6 billion on September 30, 2023 based on the increase in net worth in 2Q 2023.
Market Liquidity
                      Market Liquidity
(In thousands)
74
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 $96 billion in liquidity to the mortgage market in 2Q 2023, which enabled the financing of 372,000 home purchases, refinancings, and rental units.
Freddie Mac 2Q 2023 Form 10-Q
2
Management's Discussion and AnalysisIntroduction
Mortgage Portfolio Balances

Mortgage Portfolio
(UPB in billions)
41
Key Drivers:
n    Our mortgage portfolio increased 3% year-over-year to $3.4 trillion at June 30, 2023.
l    Our Single-Family mortgage portfolio was $3.0 trillion at June 30, 2023, up 3% year-over-year, 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 $427 billion at June 30, 2023, up 3% year-over-year, as portfolio growth has moderated in recent periods due to a slowdown in new business activity due to higher mortgage interest rates.
Credit Risk Transfer
Single-Family Mortgage Portfolio with Credit Enhancement
(UPB in billions)
81
Multifamily Mortgage Portfolio with Credit Enhancement
(UPB in billions)
157
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 2Q 2023 Form 10-Q
3
Management's Discussion and AnalysisHousing 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
119Sources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index.

U.S. Single-Family Mortgage Originations
_
(UPB in billions)320
Source: Freddie Mac and Inside Mortgage Finance. 2Q 2023 U.S. single-family mortgage originations data is not yet available.
Single-Family Serious Delinquency Rates


473
Source: Freddie Mac and National Delinquency Survey from the Mortgage Bankers Association. 2Q 2023 total mortgage market rate is not yet available.


Single-Family Mortgage Debt Outstanding

(UPB in billions)
4
Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. 2Q 2023 U.S. single-family mortgage debt outstanding data is not yet available.

Freddie Mac 2Q 2023 Form 10-Q
4
Management's Discussion and AnalysisHousing and Mortgage Market Conditions
Multifamily
Apartment Vacancy Rates and Change in Effective Rents
58Source: Reis.


Multifamily Property Price Growth Rate

115
Source: Real Capital Analytics Commercial Property Price Index (RCA CPPI).


Multifamily Delinquency Rates
224Source: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS market, excluding REOs). The 2Q 2023 delinquency rate for FDIC insured institutions is not yet available.



Multifamily Mortgage Debt Outstanding
(UPB in billions)
512Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. 2Q 2023 U.S. multifamily mortgage debt outstanding data is not yet available.
Freddie Mac 2Q 2023 Form 10-Q
5
Management's Discussion and AnalysisConsolidated 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
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Net interest income$4,523 $4,759 ($236)(5)%$9,024 $8,863 $161 2 %
Non-interest income816 645 171 27 1,142 2,387 (1,245)(52)
Net revenues5,339 5,404 (65)(1)10,166 11,250 (1,084)(10)
(Provision) benefit for credit losses537 (307)844 275 142 530 (388)(73)
Non-interest expense(2,204)(2,020)(184)(9)(4,136)(3,952)(184)(5)
Income before income tax expense3,672 3,077 595 19 6,172 7,828 (1,656)(21)
Income tax expense(728)(624)(104)(17)(1,233)(1,577)344 22 
Net income2,944 2,453 491 20 4,939 6,251 (1,312)(21)
Other comprehensive income (loss),
net of taxes and reclassification adjustments		(54)(66)12 18 — (186)186 100 
Comprehensive income$2,890 $2,387 $503 21 %$4,939 $6,065 ($1,126)(19)%
Net Revenues
Net Interest Income
The table below presents the components of net interest income.
Table 2 - Components of Net Interest Income
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Guarantee net interest income:
Contractual net interest income$3,658 $3,468 $190 5 %$7,324 $6,802 $522 8 %
Deferred fee income232 944 (712)(75)439 1,986 (1,547)(78)
Total guarantee net interest income3,890 4,412 (522)(12)7,763 8,788 (1,025)(12)
Investments net interest income1,611 693 918 132 3,043 1,272 1,771 139 
Impact on net interest income from hedge accounting(978)(346)(632)(183)(1,782)(1,197)(585)(49)
Net interest income$4,523 $4,759 ($236)(5)%$9,024 $8,863 $161 2 %
Key Drivers:
n    Guarantee net interest income
l    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022 - Decreased primarily due to a decline in deferred fee income due to slower prepayments driven by higher mortgage interest rates, partially offset by continued mortgage portfolio growth and higher average portfolio guarantee fee rates.
n    Investments net interest income
l    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 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 2Q 2023 Form 10-Q
6
Management's Discussion and AnalysisConsolidated Results of Operations

n    Impact on net interest income from hedge accounting
l    2Q 2023 vs. 2Q 2022 - Expense increased primarily due to higher interest expense on derivatives in hedge relationships as a result of higher interest rates.
l    YTD 2023 vs. YTD 2022 - Expense increased primarily due to higher interest expense on derivatives in hedge relationships as a result of higher interest rates, partially offset by a favorable change in the earnings mismatch on qualifying fair value hedge relationships in 1Q 2023.
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
2Q 20232Q 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$13,572 $135 3.93 %$14,628 $16 0.42 %
Securities purchased under agreements to resell127,016 1,622 5.11 97,150 186 0.77 
Investment securities39,617 363 3.67 50,655 464 3.66 
Mortgage loans(1)
3,047,556 23,598 3.10 2,953,930 19,324 2.62 
Other assets2,749 37 5.40 4,250 18 1.71 
Total interest-earning assets3,230,510 25,755 3.19 3,120,613 20,008 2.56 
Interest-bearing liabilities:
Debt of consolidated trusts2,984,057 (18,608)(2.49)2,903,912 (14,595)(2.01)
Debt of Freddie Mac201,432 (2,624)(5.21)174,018 (654)(1.50)
Total interest-bearing liabilities3,185,489 (21,232)(2.67)3,077,930 (15,249)(1.98)
Impact of net non-interest-bearing funding45,021 — 0.04 42,683 — 0.03 
Total funding of interest-earning assets3,230,510 (21,232)(2.63)3,120,613 (15,249)(1.95)
Net interest income/yield$4,523 0.56 %$4,759 0.61 %
(1)Loan fees included in net interest income were $0.3 billion and $0.4 billion during 2Q 2023 and 2Q 2022, respectively.
 YTD 2023YTD 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$13,665 $256 3.72 %$15,230 $19 0.24 %
Securities purchased under agreements to resell117,266 2,842 4.85 92,913 209 0.45 
Investment securities38,871 679 3.49 50,514 848 3.36 
Mortgage loans(1)
3,044,843 46,902 3.08 2,927,49536,6342.50 
Other assets2,339 63 5.36 4,892381.53 
Total interest-earning assets3,216,984 50,742 3.15 3,091,04437,7482.44 
Interest-bearing liabilities:
Debt of consolidated trusts2,979,737 (36,869)(2.47)2,870,198 (27,844)(1.94)
Debt of Freddie Mac194,516 (4,849)(4.98)178,299 (1,041)(1.17)
Total interest-bearing liabilities3,174,253 (41,718)(2.63)3,048,497 (28,885)(1.89)
Impact of net non-interest-bearing funding42,731 — 0.03 42,547 — 0.03 
Total funding of interest-earning assets3,216,984 (41,718)(2.60)3,091,044 (28,885)(1.86)
Net interest income/yield$9,024 0.55 %$8,863 0.58 %
(1)Loan fees included in net interest income were $0.6 billion and $0.9 billion during YTD 2023 and YTD 2022, respectively.

Freddie Mac 2Q 2023 Form 10-Q
7
Management's Discussion and AnalysisConsolidated Results of Operations

Non-Interest Income
The table below presents the components of non-interest income.
Table 4 - Components of Non-Interest Income
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Guarantee income:
Contractual guarantee fees323 $322 $1 — %$647 $640 $7 1 %
Guarantee obligation amortization286 306 (20)(7)565 605 (40)(7)
Guarantee asset fair value changes(300)(423)123 29 (437)(970)533 55 
Total guarantee income309 205 104 51 775 275 500 182 
Investment gains, net:
Single-Family(4)232 (236)(102)(183)1,484 (1,667)(112)
Multifamily415 89 326 366 369 350 19 5 
Total investment gains, net411 321 90 28 186 1,834 (1,648)(90)
Other income96 119 (23)(19)181 278 (97)(35)
Non-interest income$816 $645 $171 27 %$1,142 $2,387 ($1,245)(52)%
Key Drivers:
n    Guarantee income
l    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022 - Increased primarily due to lower fair value losses on guarantee assets as a result of smaller interest rate increases.
n    Investment gains, net
l    2Q 2023 vs. 2Q 2022 - Net investment gains increased primarily due to fair value gains from interest-rate risk management activities in Multifamily.
l    YTD 2023 vs. YTD 2022 - Net investment gains declined from elevated levels in YTD 2022, which were driven by spread-related gains on commitments to hedge the Single-Family securitization pipeline during that period.
(Provision) Benefit for Credit Losses
The table below presents the components of provision for credit losses.
Table 5 - (Provision) Benefit for Credit Losses
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Single-Family$638 ($298)$936 314 %$320 $533 ($213)(40)%
Multifamily(101)(9)(92)(1,022)(178)(3)(175)(5,833)
 (Provision) benefit for credit losses$537 ($307)$844 275 %$142 $530 ($388)(73)%
Key Drivers:
n    2Q 2023 vs. 2Q 2022 - The benefit for credit losses for 2Q 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in observed and forecasted house price appreciation, partially offset by a credit reserve build in Multifamily due to deterioration in forecasted multifamily market conditions and current loan performance. The provision for credit losses for 2Q 2022 was primarily driven by a credit reserve build in Single-Family due to portfolio growth and deterioration in forecasted economic conditions.
n    YTD 2023 vs. YTD 2022 - The benefit for credit losses for YTD 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in forecasted house price appreciation, partially offset by a credit reserve build in Multifamily due to increased uncertainty in forecasted economic conditions and multifamily market conditions as well as deterioration in loan performance. The benefit for credit losses for YTD 2022 was primarily driven by a credit reserve release in Single-Family due to improvements in observed house price appreciation.

Freddie Mac 2Q 2023 Form 10-Q
8
Management's Discussion and AnalysisConsolidated Results of Operations

Non-Interest Expense
The table below presents the components of non-interest expense.
Table 6 - Components of Non-Interest Expense
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Salaries and employee benefits($405)($376)($29)(8)%($779)($732)($47)(6)%
Credit enhancement expense(590)(558)(32)(6)(1,120)(1,017)(103)(10)
Benefit for (decrease in) credit enhancement recoveries(108)(1)(107)(10,700)(59)(18)(41)(228)
Legislative assessments expense:
Legislated guarantee fees expense(710)(684)(26)(4)(1,418)(1,350)(68)(5)
Affordable housing funds allocation(41)(64)23 36 (68)(157)89 57 
Total legislative assessments expense(751)(748)(3)— (1,486)(1,507)21 1 
Other expense(350)(337)(13)(4)(692)(678)(14)(2)
Non-interest expense($2,204)($2,020)($184)(9)%($4,136)($3,952)($184)(5)%
Key Drivers:
n    Credit enhancement expense
l    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022 - Increased primarily due to a higher volume of outstanding cumulative CRT transactions.
n    Benefit for (decrease in) credit enhancement recoveries
l    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022 - Decreased primarily due to a decrease in expected credit losses on covered loans.
n    Legislative assessments expense
l    2Q 2023 vs. 2Q 2022 - Increased primarily due to higher legislated guarantee fees expense due to growth in our Single-Family mortgage portfolio, partially offset by lower affordable housing funds allocation as a result of lower Single-Family new business activity.
l    YTD 2023 vs. YTD 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 2Q 2023 Form 10-Q
9
Management's Discussion and AnalysisConsolidated 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)June 30, 2023December 31, 2022$%
Assets:
Cash and cash equivalents$5,514 $6,360 ($846)(13)%
Securities purchased under agreements to resell112,386 87,295 25,091 29 
Investment securities, at fair value41,629 38,701 2,928 8 
Mortgage loans held-for-sale11,695 12,197 (502)(4)
Mortgage loans held-for-investment3,042,604 3,022,318 20,286 1 
Accrued interest receivable, net9,081 8,529 552 6 
Deferred tax assets, net5,237 5,777 (540)(9)
Other assets22,810 27,156 (4,346)(16)
Total assets$3,250,956 $3,208,333 $42,623 1 %
Liabilities and Equity:
Liabilities:
Accrued interest payable$8,049 $7,309 $740 10 %
Debt3,189,086 3,145,832 43,254 1 
Other liabilities11,864 18,174 (6,310)(35)
Total liabilities3,208,999 3,171,315 37,684 1 
Total equity41,957 37,018 4,939 13 
Total liabilities and equity$3,250,956 $3,208,333 $42,623 1 %
Key Drivers:
As of June 30, 2023 compared to December 31, 2022:
n    Securities purchased under agreements to resell increased to provide additional liquidity due to the uncertainty created by the debate about increasing the federal debt ceiling.
n    Mortgage loans held-for-investment increased primarily due to growth in our Single-Family mortgage portfolio.
n    Other assets decreased primarily due to a decline in receivables related to U.S. Treasury securities sold but not yet settled.
n    Debt increased due to new debt issuances to provide additional liquidity due to the uncertainty created by the debate about increasing the federal debt ceiling, as well as an increase in debt of consolidated trusts driven by growth in our Single-Family mortgage portfolio.
n    Other liabilities decreased primarily due to a decline in payables related to U.S. Treasury securities purchased but not yet settled.



Freddie Mac 2Q 2023 Form 10-Q
10
Management's Discussion and AnalysisOur Portfolios
OUR PORTFOLIOS
Mortgage Portfolio
The table below presents the UPB of our mortgage portfolio by segment.
Table 8 - Mortgage Portfolio
June 30, 2023December 31, 2022
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Mortgage loans held-for-investment:
By consolidated trusts$2,925,576$39,443$2,965,019$2,907,999$30,574$2,938,573
By Freddie Mac35,88311,86647,74933,50617,80551,311
Total mortgage loans held-for-investment2,961,459 51,309 3,012,768 2,941,505 48,379 2,989,884 
Mortgage loans held-for-sale3,231 9,319 12,550 3,564 9,544 13,108 
Total mortgage loans2,964,690 60,628 3,025,318 2,945,069 57,923 3,002,992 
Mortgage-related guarantees:
Mortgage loans held by nonconsolidated trusts30,475 355,723 386,198 31,500 360,869 392,369 
Other mortgage-related guarantees9,079 10,847 19,926 9,476 10,510 19,986 
Total mortgage-related guarantees39,554 366,570 406,124 40,976 371,379 412,355 
Total mortgage portfolio$3,004,244 $427,198 $3,431,442 $2,986,045 $429,302 $3,415,347 
Guaranteed mortgage-related securities:
Issued by consolidated trusts$2,938,070$39,444$2,977,514$2,916,038$30,813$2,946,851
Issued by nonconsolidated trusts24,828315,542340,37025,772319,117344,889
Total guaranteed mortgage-related securities$2,962,898 $354,986 $3,317,884 $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 2Q 2023 Form 10-Q
11
Management's Discussion and AnalysisOur Portfolios
The table below presents the details of our mortgage-related investments portfolio.
Table 9 - Mortgage-Related Investments Portfolio
June 30, 2023December 31, 2022
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Unsecuritized mortgage loans:
Securitization pipeline and other loans$10,888 $21,185 $32,073 $10,093 $27,349 $37,442 
Seasoned loans28,226 — 28,226 26,977 — 26,977 
Total unsecuritized mortgage loans39,11421,18560,29937,07027,34964,419
Mortgage-related securities:
Investment securities4,815 5,835 10,650 3,440 6,396 9,836 
Debt of consolidated trusts16,327 811 17,138 17,939 536 18,475 
Total mortgage-related securities21,142 6,646 27,788 21,379 6,932 28,311 
Mortgage-related investments portfolio$60,256 $27,831 $88,087 $58,449 $34,281 $92,730 
10% of notional amount of interest-only securities$22,994$21,758
Mortgage-related investments portfolio for purposes of Purchase Agreement cap111,081114,488
Other Investments Portfolio
The table below presents the details of our other investments portfolio.
Table 10 - Other Investments Portfolio
June 30, 2023December 31, 2022
(In millions)Liquidity and Contingency Operating PortfolioCustodial AccountOther
Total Other Investments Portfolio (1)
Liquidity and Contingency Operating PortfolioCustodial AccountOther
Total Other Investments Portfolio (1)
Cash and cash equivalents$4,721 $700 $93 $5,514 $5,652 $611 $97 $6,360 
Securities purchased under
agreements to resell
109,307 11,265 982 121,554 88,499 9,703 1,084 99,286 
Non-mortgage-related securities19,310 — 6,121 25,431 20,188 — 3,645 23,833 
Other assets— — 6,133 6,133 — — 4,565 4,565 
Other investments portfolio$133,338 $11,965 $13,329 $158,632 $114,339 $10,314 $9,391 $134,044 
(1)Represents carrying value.
Freddie Mac 2Q 2023 Form 10-Q
12
Management's Discussion and AnalysisOur 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.
SegmentDescription
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)38
Segment Net Income
(In billions)72
Freddie Mac 2Q 2023 Form 10-Q
13
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)152
(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)
428
n    2Q 2023 vs. 2Q 2022 and YTD 2023 vs YTD 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 2Q 2023 Form 10-Q
14
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)121
(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 $42 billion as of June 30, 2023.
Single-Family Mortgage Loans
(Loan count in millions) 482
n    Our Single-Family mortgage portfolio was $3.0 trillion at June 30, 2023, up 3% year-over-year, 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 our 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 2Q 2023 Form 10-Q
15
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)49
New CRT Issuance Maximum Coverage
(In billions)98
n    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022
l    The UPB of mortgage loans covered by CRT transactions and related maximum coverage issued during 2Q 2023 and YTD 2023 decreased compared to 2Q 2022 and YTD 2022 due to a decrease in loan acquisition activity in recent quarters and changes in business strategy and market conditions.
l    The percentage of our Single-Family acquisitions that were loans in the targeted population for our CRT transactions (primarily 30-year fixed rate loans with LTV ratios between 60% and 97%) increased to 82% during both 2Q 2023 and YTD 2023, from 73% and 70% during 2Q 2022 and YTD 2022, respectively, 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. We expect to include a subset of this targeted population in our future CRT transactions.
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 2Q 2023 Form 10-Q
16
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.
Completed Loan Workout Activity
(UPB in billions, number of loan workouts in thousands)
95
(1)The forbearance data 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. 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 22,000 loans in active forbearance plans and approximately 13,000 loans in other active loss mitigation activity as of June 30, 2023.
n    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022 - Our loan workout activity decreased as the seriously delinquent loan population continued to decline.
Freddie Mac 2Q 2023 Form 10-Q
17
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
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Net interest income$4,295 $4,535 ($240)(5)%$8,591 $8,341 $250 3 %
Non-interest income65 336 (271)(81)(28)1,744 (1,772)(102)
Net revenues4,360 4,871 (511)(10)8,563 10,085 (1,522)(15)
(Provision) benefit for credit losses638 (298)936 314 320 533 (213)(40)
Non-interest expense (2,028)(1,854)(174)(9)(3,811)(3,632)(179)(5)
Income before Income tax expense2,970 2,719 251 9 5,072 6,986 (1,914)(27)
Income tax expense(589)(551)(38)(7)(1,014)(1,407)393 28 
Net income2,381 2,168 213 10 4,058 5,579 (1,521)(27)
Other comprehensive income (loss), net of taxes and reclassification adjustments2 5 (3)(60)1 (7)8 114 
Comprehensive income$2,383 $2,173 $210 10 %$4,059 $5,572 ($1,513)(27)%
Key Business Drivers:
n 2Q 2023 vs. 2Q 2022
l    Net income of $2.4 billion, up 10% year-over-year.
–Net revenues were $4.4 billion, down 10% year-over-year. Net interest income was $4.3 billion, down 5% year-over-year, primarily driven by lower deferred fee income due to slower prepayments as a result of higher mortgage interest rates.
–The benefit for credit losses was $0.6 billion for 2Q 2023, primarily driven by a credit reserve release due to improvements in observed and forecasted house price appreciation. The provision for credit losses of $0.3 billion for 2Q 2022 was primarily driven by a credit reserve build due to portfolio growth and deterioration in forecasted economic conditions.
n YTD 2023 vs. YTD 2022
l    Net income of $4.1 billion, down 27% year-over-year.
–Net revenues were $8.6 billion, down 15% year-over-year.
◦Net interest income was $8.6 billion for YTD 2023, up 3% 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 lower deferred fee income due to slower prepayments as a result of higher mortgage interest rates.
◦Non-interest income of $1.7 billion for YTD 2022 was primarily driven by spread-related gains on commitments to hedge the securitization pipeline during that period.
–The benefit for credit losses was $0.3 billion and $0.5 billion for YTD 2023 and YTD 2022, respectively. The benefit for credit losses for YTD 2023 was primarily driven by a credit reserve release due to improvements in forecasted house price appreciation. The benefit for credit losses for YTD 2022 was primarily driven by a credit reserve release due to improvements in observed house price appreciation.
Freddie Mac 2Q 2023 Form 10-Q
18
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)
227
Total Number of Rental Units Financed(1)
(In thousands)344
(1) Includes rental units financed by supplemental loans.

n    As of June 30, 2023, the Multifamily new business activity was $19 billion, down 37% year-over-year, as our new business activity was lower as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily financing. Approximately 66% of this activity, based on UPB, was mission-driven, affordable housing.
n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $17.1 billion and $19.4 billion as of June 30, 2023 and June 30, 2022, respectively.
Freddie Mac 2Q 2023 Form 10-Q
19
Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Portfolio

Mortgage Portfolio
(In billions)
314
Guarantee Portfolio
(In billions) 550
n    Our Multifamily mortgage portfolio was $427 billion at June 30, 2023, up 3% year-over-year, as portfolio growth has moderated in recent periods due to the slowdown in new business activity. Our guarantee portfolio was $366 billion at June 30, 2023, up 3% year-over-year, as our new securitization activities outpaced payoffs.
n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC fund partnerships with carrying values totaling $3.0 billion and $2.8 billion as of June 30, 2023 and December 31, 2022, respectively.
Freddie Mac 2Q 2023 Form 10-Q
20
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)
352
369
n    2Q 2023 vs. 2Q 2022 and YTD 2023 vs. YTD 2022
l    The UPB of mortgage loans covered by new CRT transactions and the maximum coverage decreased 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 2Q 2023 Form 10-Q
21
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
ChangeChange
(Dollars in millions)2Q 20232Q 2022$%YTD 2023YTD 2022$%
Net interest income$228 $224 $4 2 %$433 $522 ($89)(17)%
Non-interest income751 309 442 143 1,170 643 527 82 
Net revenues979 533 446 84 1,603 1,165 438 38 
(Provision) benefit for credit losses(101)(9)(92)(1,022)(178)(3)(175)(5,833)
Non-interest expense(176)(166)(10)(6)(325)(320)(5)(2)
Income before income tax expense702 358 344 96 1,100 842 258 31 
Income tax expense(139)(73)(66)(90)(219)(170)(49)(29)
Net income563 285 278 98 881 672 209 31 
Other comprehensive income (loss), net of taxes and reclassification adjustments(56)(71)15 21 (1)(179)178 99 
Comprehensive income$507 $214 $293 137 %$880 $493 $387 78 %
Key Business Drivers:
n    2Q 2023 vs. 2Q 2022
l    Net income of $0.6 billion, up 98% year-over-year.
–Net revenues were $1.0 billion, up 84% year-over-year.
–Non-interest income was $0.8 billion, up 143% year-over-year, driven by higher guarantee income and higher net investment gains. Guarantee income increased primarily due to lower fair value losses on guarantee assets as a result of smaller interest rate increases. Net investment gains increased primarily due to fair value gains from interest-rate risk management activities.
–Provision for credit losses was $0.1 billion for 2Q 2023, driven by a credit reserve build due to deterioration in forecasted multifamily market conditions and current loan performance.
n    YTD 2023 vs. YTD 2022
l    Net income of $0.9 billion, up 31% year-over-year.
–Net revenues were $1.6 billion, up 38% year-over-year.
–Net interest income was $0.4 billion, down 17% year-over-year, primarily due to lower prepayment income driven by higher mortgage interest rates.
–Non-interest income was $1.2 billion, up 82% year-over-year, driven by higher guarantee income and higher net investment gains. Guarantee income increased primarily due to lower fair value losses on guarantee assets as a result of smaller interest rate increases. Net investment gains increased primarily due to fair value gains from interest rate risk management activities.
–Provision for credit losses was $0.2 billion for YTD 2023, driven by a credit reserve build due to increased uncertainty in forecasted economic conditions and multifamily market conditions as well as deterioration in loan performance.


Freddie Mac 2Q 2023 Form 10-Q
22
Management's Discussion and AnalysisRisk 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
2Q 20232Q 2022YTD 2023YTD 2022
(Dollars in millions) Single-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotal
Allowance for credit losses:
Beginning balance$8,097 $224 $8,321 $4,849 $72 $4,921 $7,746 $147 $7,893 $5,440 $78 $5,518 
Provision (benefit) for credit losses(638)101 (537)298 9 307 (320)178 (142)(533)3 (530)
  Charge-offs(111)— (111)(107)— (107)(201)— (201)(280)— (280)
  Recoveries collected29 — 29 43 — 43 61 — 61 95 — 95 
Net charge-offs(82)— (82)(64)— (64)(140)— (140)(185)— (185)
Other(1)
80 — 80 259 — 259 171 — 171 620 — 620 
Ending balance$7,457 $325 $7,782 $5,342 $81 $5,423 $7,457 $325 $7,782 $5,342 $81 $5,423 
Average loans outstanding during the period(2)
$2,991,397$48,309$3,039,706$2,917,015$29,805$2,946,820$2,988,562$48,029$3,036,591$2,892,734$28,942$2,921,676
Net charge-offs to average loans outstanding— %— %— %— %— %— %— %— %— %0.01 %— %0.01 %
Components of ending balance of allowance for credit losses:
Mortgage loans held-for-investment$7,088 $251 $7,339 $4,904 $35 $4,939 
Other(3)
369 74 443 438 46 484 
Total ending balance$7,457 $325 $7,782 $5,342 $81 $5,423 
(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 on mortgage loans, and off-balance sheet credit exposures.
Freddie Mac 2Q 2023 Form 10-Q
23
Management's Discussion and AnalysisRisk Management
Table 14 - Allowance for Credit Losses Ratios
June 30, 2023December 31, 2022
(Dollars in millions) Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Allowance for credit losses ratios:
Allowance for credit losses(1) to total loans outstanding
0.24 %0.50 %0.24 %0.25 %0.16 %0.24 %
Non-accrual loans to total loans outstanding0.43 0.11 0.42 0.34 0.09 0.33 
Allowance for credit losses to non-accrual loans55.15 448.21 56.86 72.45 183.33 72.91 
Balances:
Allowance for credit losses on mortgage loans held-for-investment$7,088 $251 $7,339 $7,314 $77 $7,391 
Total loans outstanding(2)
2,998,784 49,800 3,048,584 2,981,401 47,094 3,028,495 
Non-accrual loans(2)
12,852 56 12,908 10,095 42 10,137 
(1)Represents allowance for credit losses on held-for-investment loans for which we have not elected the fair value option.
(2)Based on amortized cost basis of held-for-investment loans for which we have not elected the fair value option.
The ratio of allowance for credit losses to non-accrual loans decreased as of June 30, 2023 compared to December 31, 2022, primarily driven by a credit reserve release in Single-Family due to improvements in forecasted house price appreciation.
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, and changes in our purchase guidelines in support of mission-driven activities.
We have observed an increase in serious delinquency rates on certain recently acquired loans. We have updated our purchase guidelines on refinance loans with certain higher risk characteristics that are designed to partially balance our credit risk exposure while supporting affordable housing in a responsible manner.
Weighted Average Original LTV Ratio 153
Weighted Average Original Credit Score(1) 196
(1)Weighted average original credit score is generally based on three credit bureaus (Equifax, Experian, and TransUnion).
Freddie Mac 2Q 2023 Form 10-Q
24
Management's Discussion and AnalysisRisk Management


The table below contains additional information about the single-family loans we purchased or guaranteed.
Table 15 - Single-Family New Business Activity
2Q 20232Q 2022YTD 2023YTD 2022
(Dollars in millions)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
20- and 30-year or more, amortizing fixed-rate$78,730 95 %$124,910 91 %$134,199 95 %$306,887 89 %
15-year or less, amortizing fixed-rate3,038 4 11,084 8 5,252 4 34,568 10 
Adjustable-rate1,082 1 1,671 1 2,364 1 3,298 1 
Total$82,850 100 %$137,665 100 %$141,815 100 %$344,753 100 %
Percentage of purchases
DTI ratio > 45%26 %17 %25 %16 %
Original LTV ratio > 90%27 19 27 16 
Transaction type:
Cash window30 30 29 27 
Guarantor swap70 70 71 73 
Property type:
Detached single-family houses and townhouses91 92 91 93 
Condominium or co-op9 8 9 7 
Occupancy type:
Primary residence92 90 92 89 
Second home2 2 2 4 
Investment property6 8 6 7 
Loan purpose:
Purchase88 62 87 52 
Cash-out refinance8 28 9 31 
   Other refinance4 10 4 17 
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
2Q 20232Q 2022
(In millions)
UPB(1)
Maximum Coverage(2)
UPB(1)
Maximum Coverage(2)
STACR $48,444 $1,591 $111,412 $4,783 
ACIS7,593 293 37,700 1,489 
Other74 74 1,551 248 
Total CRT issuance$56,111 $1,958 $150,663 $6,520 
Referenced footnotes are included after the year-to-date table.
Freddie Mac 2Q 2023 Form 10-Q
25
Management's Discussion and AnalysisRisk Management


YTD 2023YTD 2022
(In millions)
UPB(1)
Maximum Coverage(2)
UPB(1)
Maximum Coverage(2)
STACR$63,331 $2,202 $234,974 $9,871 
ACIS7,593 293 121,691 4,715 
Other120 120 1,697 394 
Total CRT issuance$71,044 $2,615 $358,362 $14,980 
(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.
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
June 30, 2023
(Dollars in millions)
UPB(1)
% of Portfolio
Maximum Coverage(2)
Primary mortgage insurance(3)
$624,103 21 %$160,625 
STACR 1,209,492 40 34,255 
ACIS862,924 29 18,561 
Other40,380 1 11,097 
Less: UPB with multiple credit enhancements and other reconciling items(4)
(873,061)(29)— 
Single-Family mortgage portfolio - credit-enhanced1,863,838 62 224,538 
Single-Family mortgage portfolio - non-credit-enhanced1,140,406 38                               N/A
Total$3,004,244 100 %$224,538 
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 
ACIS938,409 31 19,774 
Other41,572 1 11,105 
Less: UPB with multiple credit enhancements and other reconciling items(4)
(945,062)(32)— 
Single-Family mortgage portfolio - credit-enhanced1,832,059 61 221,012 
Single-Family mortgage portfolio - non-credit-enhanced1,153,986 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.
Freddie Mac 2Q 2023 Form 10-Q
26
Management's Discussion and AnalysisRisk Management


Table 18 - Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
June 30, 2023December 31, 2022
(% of portfolio based on UPB)(1)
% of Portfolio(2)
SDQ Rate
% of Portfolio(2)
SDQ Rate
Credit-enhanced:
   Primary mortgage insurance21 %0.91 %21 %1.05 %
   CRT and other56 0.58 56 0.68 
Non-credit-enhanced38 0.48 39 0.57 
TotalN/A0.56 N/A0.66 
(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 $0.3 billion and $0.4 billion as of June 30, 2023 and December 31, 2022, respectively.
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
June 30, 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$114,995 75074879 %78 %
  2022447,722 74574676 72 
  20211,019,158 75275771 57 
  2020747,307 76176871 49 
  2019125,312 74675376 48 
  2018 and prior 549,750 73775175 34 
Total$3,004,244 75075673 54 
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 74574276 %74 %
  20211,054,844 75275871 59 
  2020776,425 76176671 51 
  2019131,637 74675276 50 
  201852,921 73673676 47 
  2017 and prior 531,879 73775275 34 
Total$2,986,045750 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.
Freddie Mac 2Q 2023 Form 10-Q
27
Management's Discussion and AnalysisRisk Management


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)
June 30, 2023
CLTV ≤ 60CLTV > 60 to 80CLTV > 80 to 90CLTV > 90 to 100
CLTV > 100
All Loans
Original credit score% of PortfolioSDQ Rate% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of PortfolioSDQ Rate
740 and above< 62042 %0.17 %17 %0.23 %4 %0.27 %2 %0.23 %— %NM65 %0.19 %
700 to 73913 0.566 0.721 0.751 0.57— NM21 0.61
680 to 6994 0.932 1.27— NM— NM— NM6 1.03
660 to 6793 1.361 1.76— NM— NM— NM4 1.46
620 to 6592 2.071 2.81— NM— NM— NM3 2.21
Less than 6201 4.77— NM— NM— NM— NM1 5.19
Total65 %0.5327 %0.635 %0.643 %0.48— %NM100 %0.56
December 31, 2022
CLTV ≤ 60CLTV > 60 to 80CLTV > 80 to 90CLTV > 90 to 100
CLTV > 100
All Loans
Original credit score% of PortfolioSDQ Rate% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of PortfolioSDQ Rate
740 and above40 %0.22 %18 %0.25 %4 %0.23 %2 %0.16 %— %NM64 %0.23 %
700 to 73912 0.70 6 0.75 2 0.72 1 0.38 — NM21 0.71 
680 to 6995 1.16 2 1.28 — NM— NM— NM7 1.18 
660 to 6793 1.65 1 1.77 — NM— NM— NM4 1.68 
620 to 6592 2.46 1 2.78 — NM— NM— NM3 2.54 
Less than 6201 5.97 — NM— NM— NM— NM1 6.52 
Total63 %0.6628 %0.67 6 %0.603 %0.37 — %NM100 %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.
Freddie Mac 2Q 2023 Form 10-Q
28
Management's Discussion and AnalysisRisk Management


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.
377
Our Single-Family serious delinquency rate has declined below pre-pandemic levels to 0.56% as of June 30, 2023, compared to 0.76% as of June 30, 2022. See Note 3 for additional information on the payment status of our single-family mortgage loans.
Freddie Mac 2Q 2023 Form 10-Q
29
Management's Discussion and AnalysisRisk 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 153
Weighted Average Original DSCR
212
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
2Q 20232Q 2022YTD 2023YTD 2022
(In millions)
UPB(1)
Maximum Coverage(2)
UPB(1)
Maximum Coverage(2)
UPB(1)
Maximum Coverage(2)
UPB(1)
Maximum Coverage(2)
Subordination$8,626 $610 $14,781 $940 $14,775 $1,035 $28,886 $1,914 
SCR7,636 102 5,982 141 8,802 207 5,982 141 
MCIP7,636 188 5,982 200 7,636 188 5,982 200 
Lender risk-sharing321 32 214 26 560 80 214 26 
Less: UPB with more than one type of CRT(7,636)— (5,982)— (7,636)— (5,982)— 
Total CRT issuance$16,583 $932 $20,977 $1,307 $24,137 $1,510 $35,082 $2,281 
(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 MCIP transactions, represents the aggregate limit of insurance purchased from 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 June 30, 2023 and December 31, 2022, our maximum coverage provided by subordination in nonconsolidated VIEs was $40.2 billion and $41.7 billion, respectively.
Freddie Mac 2Q 2023 Form 10-Q
30
Management's Discussion and AnalysisRisk 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
June 30, 2023December 31, 2022
(Dollars in millions)UPBDelinquency RateUPBDelinquency Rate
Credit-enhanced:
Subordination$353,800 0.21 %$358,813 0.12 %
Other47,762 0.26 38,870 0.12 
Total credit-enhanced401,562 0.22 397,683 0.12 
Non-credit-enhanced25,636 0.16 31,619 0.08 
Total$427,198 0.21 $429,302 0.12 
The Multifamily delinquency rate increased to 0.21% at June 30, 2023, primarily driven by an increase in delinquent loans in our senior housing loan portfolio. 95% of the delinquent loans in the Multifamily mortgage portfolio have credit enhancement coverage while 94% of all loans in the Multifamily mortgage portfolio have credit enhancement coverage.
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
June 30, 2023December 31, 2022
(Dollars in millions)UPBDelinquency RateUPBDelinquency Rate
Mortgage loans held-for-sale$8,317 — %$9,138 0.29 %
Mortgage loans held-for-investment:
  Held by Freddie Mac10,219 0.28 15,468 — 
  Held by consolidated trusts4,845 0.27 4,665 — 
Other mortgage-related guarantees2,255 — 2,348 — 
Total$25,636 0.16 $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 2Q 2023 Form 10-Q
31
Management's Discussion and Analysis
Risk Management
Table 24 - PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
June 30, 2023December 31, 2022
PVS-YCPVS-LPVS-YCPVS-L
(In millions)25 bps50 bps100 bps25 bps50 bps100 bps
Assuming shifts of the yield curve, (gains) losses on:(1)
Assets:
Investments
$381 $3,170 $6,225 $362 ($3,131)($6,340)
Guarantees(2)
(77)(493)(947)(93)512 1,090 
Total assets304 2,677 5,278 269 (2,619)(5,250)
Liabilities87 (1,802)(3,635)68 1,958 3,912 
Derivatives(389)(895)(1,749)(336)648 1,278 
Total$2 ($20)($106)$1 ($13)($60)
PVS$2 $— $— $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
2Q 20232Q 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
Average0.1 $2 $5 (0.1)$7 $6 
Minimum(0.1)— — (0.4)— — 
Maximum0.3 6 31 0.1 18 29 
Standard deviation0.1 2 9 0.1 5 9 
YTD 2023YTD 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— $2 $4 — $8 $8 
Minimum(0.2)— — (0.4)— — 
Maximum0.3 9 31 0.4 18 77 
Standard deviation0.1 2 8 0.2 5 15 
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
June 30, 2023
874 — (874)
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.
Freddie Mac 2Q 2023 Form 10-Q
32
Management's Discussion and Analysis
Risk Management
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.
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)June 30, 2023June 30, 2022
Interest Rate Scenarios(1)
Parallel yield curve shifts:
  +100 basis points($44)$76 
  -100 basis points44 (76)
Non-parallel yield curve shifts - long-term interest rates:
  +100 basis points130 114 
  -100 basis points(130)(114)
Non-parallel yield curve shifts - short-term and medium-term interest rates:
 +100 basis points(175)(38)
    -100 basis points175 38 
(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 2Q 2023 Form 10-Q
33
Management's Discussion and AnalysisLiquidity 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)
June 30, 2023(1)
December 31, 2022(1)
Description
Other Investments Portfolio - Liquidity and Contingency Operating Portfolio$133,338 $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 25,524 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 $4.6 billion and $5.0 billion as of June 30, 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 2Q 2023 Form 10-Q
34
Management's Discussion and AnalysisLiquidity 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)
June 30, 2023(1)
December 31, 2022(1)
Description
Debt of Freddie Mac$181,808 $166,762 Debt of Freddie Mac is used to fund our business activities.
Debt of Consolidated Trusts3,007,278 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
2Q 20232Q 2022
(Dollars in millions)Par Value
Average Rate(1)
Par Value
Average Rate(1)
Short-term:
Beginning balance$8,716 4.36 %$3,300 0.25 %
Issuances28,030 4.65 2,165 1.45 
Repayments— — — — 
Maturities(25,360)4.31 (2,350)0.17 
Ending balance11,386 5.08 3,115 1.14 
Securities sold under agreements to repurchase9,168 4.99 9,977 1.06 
Offsetting arrangements(9,168)— (9,977)— 
Securities sold under agreements to repurchase, net— — — — 
Total short-term debt11,386 5.08 3,115 1.14 
Long-term:
Beginning balance181,384 2.51 164,876 1.21 
Issuances20,341 5.44 15,262 3.28 
Repayments(4,020)5.12 (71)4.36 
Maturities(17,131)0.83 (14,634)0.42 
Total long-term debt180,574 3.21 165,433 1.52 
Total debt of Freddie Mac, net$191,960 3.32 %$168,548 1.52 %
Referenced footnote is included after the year-to-date table.
Freddie Mac 2Q 2023 Form 10-Q
35
Management's Discussion and AnalysisLiquidity and Capital Resources
YTD 2023YTD 2022
(Dollars in millions)Par Value
Average Rate(1)
Par Value
Average Rate(1)
Short-term:
Beginning balance$7,716 3.49 %$— — %
Issuances78,769 4.35 7,718 0.51 
Repayments— — — — 
Maturities(75,099)4.13 (4,603)0.09 
Ending balance11,386 5.08 3,115 1.14 
Securities sold under agreements to repurchase9,168 4.99 9,977 1.06 
Offsetting arrangements(9,168)— (9,977)— 
Securities sold under agreements to repurchase, net— — — — 
Total short-term debt11,386 5.08 3,115 1.14 
Long-term:
Beginning balance170,363 2.22 181,613 1.11 
Issuances34,533 5.40 17,072 3.17 
Repayments(6,511)5.43 (1,905)3.03 
Maturities(17,811)0.86 (31,347)0.26 
Total long-term debt180,574 3.21 165,433 1.52 
Total debt of Freddie Mac, net$191,960 3.32 %$168,548 1.52 %
(1)Average rate is weighted based on par value.
Total debt issuance increased in 2Q 2023 compared to 2Q 2022 to provide additional liquidity due to the uncertainty created by the debate about increasing the federal debt ceiling. Total debt issuance during YTD 2023 increased compared to YTD 2022 due to the uncertainty related to the federal debt ceiling as well as to fund upcoming debt maturities and anticipated calls of outstanding debt during 1Q 2023. As of June 30, 2023, our aggregate indebtedness pursuant to the Purchase Agreement was $192.0 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.
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 June 30, 2023As 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$68,239 $170,255 $60,534 $156,515 
1 year through 2 years40,124 6,100 32,261 3,820 
2 years through 3 years47,119 9,893 51,658 13,071 
3 years through 4 years7,630 106 5,739 212 
4 years through 5 years8,783 364 7,603 170 
Thereafter26,293 11,470 27,623 11,630 
STACR and SCR debt(2)
2,940 2,940 4,652 4,652 
Total debt of Freddie Mac$201,128 $201,128 $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.
Freddie Mac 2Q 2023 Form 10-Q
36
Management's Discussion and AnalysisLiquidity and Capital Resources

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)2Q 20232Q 2022YTD 2023YTD 2022
Beginning balance$2,938,721 $2,835,071 $2,929,567 $2,732,056 
Issuances114,546 203,919 201,567 499,166 
Repayments and extinguishments(92,271)(161,268)(170,138)(353,500)
Ending balance2,960,996 2,877,722 2,960,996 2,877,722 
Unamortized premiums and discounts
46,282 56,393 46,282 56,393 
Debt of consolidated trusts$3,007,278 $2,934,115 $3,007,278 $2,934,115 
Credit Ratings
On May 25, 2023, Fitch changed our credit rating Outlook from Stable to Negative Watch due to the uncertainty created by the debate about increasing the federal debt ceiling. For additional information on our credit ratings, see MD&A - Liquidity and Capital Resources in our 2022 Annual Report.
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) increased slightly from $5.3 billion as of June 30, 2022 to $5.5 billion as of June 30, 2023.
Freddie Mac 2Q 2023 Form 10-Q
37
Management's Discussion and AnalysisLiquidity and Capital Resources

Capital Resources
The table below presents activity related to our net worth.
Table 33 - Net Worth Activity
(In millions)2Q 20232Q 2022YTD 2023YTD 2022
Beginning balance$39,067 $31,711 $37,018 $28,033 
Comprehensive income2,890 2,387 4,939 6,065 
Capital draw from Treasury— — — — 
Senior preferred stock dividends declared— — — — 
Total equity / net worth$41,957 $34,098 $41,957 $34,098 
Remaining Treasury funding commitment$140,162 $140,162 $140,162 $140,162 
Aggregate draws under Purchase Agreement71,648 71,648 71,648 71,648 
Aggregate cash dividends paid to Treasury119,680 119,680 119,680 119,680 
Liquidation preference of the senior preferred stock111,715 104,359 111,715 104,359 
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

278
Leverage Capital Requirement: Tier 1 Capital Ratio
332
Freddie Mac 2Q 2023 Form 10-Q
38
Management's Discussion and AnalysisLiquidity and Capital Resources

Capital Metrics
The table below presents the components of our regulatory capital.
Table 34 - Regulatory Capital Components
(In billions)June 30, 2023December 31, 2022
Total equity$42 $37 
Less:
Senior preferred stock73 73 
Preferred stock14 14 
Common equity(45)(50)
Less: deferred tax assets arising from temporary differences that exceed 10% of CET1 capital and other regulatory adjustments5 5 
Common equity Tier 1 capital(50)(55)
Add: Preferred stock14 14 
Tier 1 capital(36)(41)
Tier 2 capital adjustments— — 
Adjusted total capital($36)($41)
The table below presents the components of our statutory capital.
Table 35 - Statutory Capital Components
(In billions)June 30, 2023December 31, 2022
Total equity$42 $37 
Less:
Senior preferred stock73 73 
AOCI, net of taxes— (1)
Core capital(31)(35)
General allowance for foreclosure losses(1)
8 8 
Total capital($23)($27)
(1)Represents our allowance for credit losses.
Freddie Mac 2Q 2023 Form 10-Q
39
Management's Discussion and AnalysisLiquidity and Capital Resources

Table 36 - Capital Metrics Under ERCF
(In billions)June 30, 2023December 31, 2022
Adjusted total assets$3,744 $3,710
Risk-weighted assets (standardized approach):
    Credit risk802 778
    Market risk57 51
    Operational risk70 70
Total risk-weighted assets$929 $899
(In billions)June 30, 2023December 31, 2022
Stress capital buffer$28 $27
Stability capital buffer23 23
Countercyclical capital buffer amount— —
PCCBA$51 $50
PLBA$11 $11
June 30, 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 $74 N/A$74 ($23)($97)
CET1 capital42 $51 93 (50)(143)
Tier 1 capital56 51 107 (36)(143)
Adjusted total capital74 51 125 (36)(161)
Risk-based capital ratios(2):
Total capital8.0 %N/A8.0 %(2.4)%(10.4)%
CET1 capital4.5 5.4 %9.9 (5.4)(15.3)
Tier 1 capital6.0 5.4 11.4 (3.9)(15.3)
Adjusted total capital8.0 5.4 13.4 (3.9)(17.3)
Leverage capital amounts:
Core capital $94 N/A$94 ($31)($125)
Tier 1 capital94 $11 105 (36)(141)
Leverage capital ratios(3):
Core capital 2.5 %N/A2.5 %(0.8)%(3.3)%
Tier 1 capital2.5 0.3 %2.8 (1.0)(3.8)
Referenced footnotes are included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
40
Management's Discussion and AnalysisLiquidity 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 capital40 $50 90 (55)(145)
Tier 1 capital54 50 104 (41)(145)
Adjusted total capital72 50 122 (41)(163)
Risk-based capital ratios(2):
Total capital8.0 %N/A8.0 %(3.1)%(11.1)%
CET1 capital4.5 5.6 %10.1 (6.2)(16.3)
Tier 1 capital6.0 5.6 11.6 (4.6)(16.2)
Adjusted total capital8.0 5.6 13.6 (4.6)(18.2)
Leverage capital amounts:
Core capital$93 N/A$93 ($35)($128)
Tier 1 capital93 $11 104 (41)(145)
Leverage capital ratios(3):
Core capital2.5 %N/A2.5 %(1.0)%(3.5)%
Tier 1 capital2.5 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 June 30, 2023, our maximum payout ratio under the ERCF was 0.0%.
See Note 15 for additional information on our capital amounts and ratios under the ERCF.
Freddie Mac 2Q 2023 Form 10-Q
41
Management's Discussion and AnalysisCritical 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.
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 Forward13- to 24-Month Forward
June 30, 20230.8 %0.9 %
March 31, 2023(2.9)(1.3)
December 31, 2022(3.0)(1.8)

Freddie Mac 2Q 2023 Form 10-Q
42
Management's Discussion and AnalysisRegulation 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 Changes to Enterprise Pricing Framework
In January 2023, FHFA announced further changes to Freddie Mac’s single-family pricing framework by introducing, among other things, a new upfront fee for certain borrowers with a DTI ratio above 40 percent. In March 2023, FHFA announced that it would delay the effective date of the DTI ratio-based fee by three months from May 1, 2023, to August 1, 2023. On May 10, 2023, FHFA announced the rescission of the DTI ratio-based upfront fee for loans acquired by Freddie Mac.
On May 15, 2023, FHFA issued a Request for Input (RFI) on Freddie Mac’s single-family pricing framework. The RFI solicits public feedback on the goals and policy priorities that FHFA should pursue in its oversight of the pricing framework. FHFA also seeks input on the process for setting the Enterprises’ single-family upfront guarantee fees, including whether it is appropriate to continue to link upfront guarantee fees to the ERCF, which has a significant impact on the risk-based pricing component of the Enterprises’ guarantee fees.
Request for Input on Multifamily Tenant Protections
On May 30, 2023, FHFA issued an RFI on tenant protections at multifamily properties with mortgages backed by Freddie Mac. This RFI will assist FHFA in exploring possible ways that we could advance our mission. Specifically, the RFI seeks: (1) to collect information that highlights tenants’ experiences and stakeholders’ perspectives to explore challenges faced at multifamily properties; and (2) to solicit ideas for improved data collection to better quantify the size and scope of the issues experienced by tenants.
Quality Control Standards for Automated Valuation Models
On June 21, 2023, six federal regulatory agencies, including FHFA, requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans. The proposed standards are designed to ensure a high level of confidence in the estimates produced by AVMs; help protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and promote compliance with applicable nondiscrimination laws.
Legislative and Regulatory Developments
Middle Class Borrower Protection Act of 2023
On June 23, 2023, the House of Representatives passed the Middle Class Borrower Protection Act of 2023. The bill would require FHFA to reverse the changes in fees charged by Freddie Mac and Fannie Mae on certain single-family mortgages and would restrict future fee adjustments. If the bill becomes law, the fee structure that was in place prior to May 1, 2023 would be reinstated and would stay in place until the U.S. Government Accountability Office completes an assessment of the current fee structure and releases its report, 90 days after which FHFA may propose adjustments to the fee structure. FHFA would be required to follow the Administrative Procedure Act requirements as closely as practical when proposing adjustment to the fee structure. Any loan-level pricing adjustment fees based on a mortgagor’s debt to income ratio would be prohibited. The bill has been received in the Senate and referred to the Senate Banking, Housing, and Urban Affairs Committee.
Freddie Mac 2Q 2023 Form 10-Q
43
Management's Discussion and AnalysisForward-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 2Q 2023 Form 10-Q
44
Management's Discussion and AnalysisForward-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 adverse consequences on our business and operations that may occur from the discontinuance of LIBOR and the transition to SOFR as the replacement;
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 2Q 2023 Form 10-Q
45
Financial Statements

Financial Statements
Freddie Mac 2Q 2023 Form 10-Q
46
Financial StatementsCondensed Consolidated Statements of Income and Comprehensive Income
FREDDIE MAC
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In millions, except share-related amounts)
2Q 20232Q 2022YTD 2023YTD 2022
Net interest income
Interest income$25,755 $20,008 $50,742 $37,748 
Interest expense(21,232)(15,249)(41,718)(28,885)
Net interest income4,523 4,759 9,024 8,863 
Non-interest income
Guarantee income309 205 775 275 
Investment gains, net411 321 186 1,834 
Other income96 119 181 278 
Non-interest income816 645 1,142 2,387 
Net revenues5,339 5,404 10,166 11,250 
(Provision) benefit for credit losses537 (307)142 530 
Non-interest expense
Salaries and employee benefits(405)(376)(779)(732)
Credit enhancement expense(590)(558)(1,120)(1,017)
Benefit for (decrease in) credit enhancement recoveries(108)(1)(59)(18)
Legislative assessments expense(751)(748)(1,486)(1,507)
Other expense(350)(337)(692)(678)
Non-interest expense(2,204)(2,020)(4,136)(3,952)
Income before income tax expense3,672 3,077 6,172 7,828 
Income tax expense(728)(624)(1,233)(1,577)
Net income 2,944 2,453 4,939 6,251 
Other comprehensive income (loss), net of taxes and reclassification adjustments(54)(66)— (186)
Comprehensive income $2,890 $2,387 $4,939 $6,065 
Net income $2,944 $2,453 $4,939 $6,251 
Amounts attributable to senior preferred stock(2,890)(2,387)(4,939)(6,065)
Net income attributable to common stockholders$54 $66 $— $186 
Net income per common share $0.02 $0.02 $— $0.06 
Weighted average common shares (in millions) 3,234 3,234 3,234 3,234 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 2Q 2023 Form 10-Q
47
Financial StatementsCondensed Consolidated Balance Sheets
FREDDIE MAC
Condensed Consolidated Balance Sheets (Unaudited)
June 30,December 31,
(In millions, except share-related amounts)
20232022
Assets
Cash and cash equivalents (includes $793 and $707 of restricted cash and cash equivalents)
$5,514 $6,360 
Securities purchased under agreements to resell112,386 87,295 
Investment securities, at fair value41,629 38,701 
Mortgage loans held-for-sale (includes $5,712 and $3,218 at fair value)
11,695 12,197 
Mortgage loans held-for-investment (net of allowance for credit losses of $7,339 and $7,391 and includes $1,359 and $1,214 at fair value)
3,042,604 3,022,318 
Accrued interest receivable, net 9,081 8,529 
Deferred tax assets, net5,237 5,777 
Other assets (includes $5,840 and $5,890 at fair value)
22,810 27,156 
Total assets$3,250,956 $3,208,333 
Liabilities and equity
Liabilities
Accrued interest payable$8,049 $7,309 
Debt (includes $1,995 and $3,047 at fair value)
3,189,086 3,145,832 
Other liabilities (includes $1,017 and $759 at fair value)
11,864 18,174 
Total liabilities3,208,999 3,171,315 
Commitments and contingencies (Notes 4, 8, 14)
Equity
Senior preferred stock (liquidation preference of $111,715 and $107,878)
72,648 72,648 
Preferred stock, at redemption value14,109 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(40,727)(45,666)
AOCI, net of taxes, related to:
Available-for-sale securities(88)(84)
Other(100)(104)
AOCI, net of taxes(188)(188)
Treasury stock, at cost, 75,804,333 shares
(3,885)(3,885)
Total equity
41,957 37,018 
Total liabilities and equity$3,250,956 $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.
June 30,December 31,
(In millions)20232022
Assets:
Cash and cash equivalents (includes $700 and $610 of restricted cash and cash equivalents)
$701$611 
Securities purchased under agreements to resell11,2659,703 
Investment securities, at fair value94126 
Mortgage loans held-for-investment, net2,995,7702,971,601 
Accrued interest receivable, net8,2887,944 
Other assets6,6535,019 
Total assets of consolidated VIEs$3,022,771$2,995,004
Liabilities:
Accrued interest payable$7,014 $6,619 
Debt3,007,278 2,979,070 
Total liabilities of consolidated VIEs$3,014,292 $2,985,689 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 2Q 2023 Form 10-Q
48
Financial StatementsCondensed 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 March 31, 20231 464 650 $72,648 $14,109 $— ($43,671)($134)($3,885)$39,067 
Comprehensive income:
Net income— — — — — — 2,944 — — 2,944 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $15 million)
— — — — — — — (55)— (55)
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 $0 million)
— — — — — — — 2 — 2 
Comprehensive income— — — — — — 2,944 (54)— 2,890 
Ending balance at June 30, 20231 464 650 $72,648 $14,109 $— ($40,727)($188)($3,885)$41,957 
Balance at March 31, 20221 464 650 $72,648 $14,109 $— ($51,195)$34 ($3,885)$31,711 
Comprehensive income:
Net income— — — — — — 2,453 — — 2,453 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $19 million)
— — — — — — — (71)— (71)
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $1 million)
— — — — — — — 3 — 3 
Other (net of taxes of $1 million)
— — — — — — — 2 — 2 
Comprehensive income— — — — — — 2,453 (66)— 2,387 
Ending balance at June 30, 20221 464 650 $72,648 $14,109 $— ($48,742)($32)($3,885)$34,098 
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, 20221 464 650 $72,648 $14,109 $— ($45,666)($188)($3,885)$37,018 
Comprehensive income:
Net income— — — — — — 4,939 — — 4,939 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $1 million)
— — — — — — — (3)— (3)
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)
— — — — — — — 4 — 4 
Comprehensive income— — — — — — 4,939 — — 4,939 
Ending balance at June 30, 20231 464 650 $72,648 $14,109 $— ($40,727)($188)($3,885)$41,957 
Balance at December 31, 20211 464 650 $72,648 $14,109 $— ($54,993)$154 ($3,885)$28,033 
Comprehensive income:
Net income— — — — — — 6,251 — — 6,251 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $52 million)
— — — — — — — (194)— (194)
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $1 million)
— — — — — — — 4 — 4 
Other (net of taxes of $1 million)
— — — — — — — 4 — 4 
Comprehensive income— — — — — — 6,251 (186)— 6,065 
Ending balance at June 30, 20221 464 650 $72,648 $14,109 $— ($48,742)($32)($3,885)$34,098 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 2Q 2023 Form 10-Q
49
Financial StatementsCondensed Consolidated Statements of Cash Flows


FREDDIE MAC
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)YTD 2023YTD 2022
Net cash provided by (used in) operating activities$5,006 $7,783 
Cash flows from investing activities
Investment securities:
Purchases(69,402)(80,629)
Proceeds from sales56,879 74,416 
Proceeds from maturities and repayments9,373 7,993 
Mortgage loans acquired held-for-investment:
Purchases(48,969)(96,257)
Proceeds from sales4,634 2,159 
Proceeds from repayments121,259 211,698 
Secured lending arrangements:
Advances(47,709)(104,516)
Proceeds from repayments12 363 
Net (increase) decrease in securities purchased under agreements to resell(22,267)(17,889)
Cash flows related to derivatives1,654 3,424 
Other, net(221)(237)
Net cash provided by (used in) investing activities5,243 525 
Cash flows from financing activities
Debt of consolidated trusts:
Proceeds from issuance99,146 231,938 
Repayments and redemptions(121,120)(234,680)
Debt of Freddie Mac:
Proceeds from issuance113,098 24,803 
Repayments(99,255)(37,903)
Net increase (decrease) in securities sold under agreements to repurchase(2,824)2,644 
Other, net(140)(3)
Net cash provided by (used in) financing activities(11,095)(13,201)
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents)(846)(4,893)
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year6,360 10,150 
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period$5,514 $5,257 
Supplemental cash flow information
Cash paid for:
Debt interest42,058 $36,287 
Income taxes700 1,500 
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 2Q 2023 Form 10-Q
50
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 2Q 2023 Form 10-Q
51
Financial Statements
Notes to the Condensed Consolidated Financial Statements | Note 1

Recently Issued Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescriptionDate 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
StandardDescriptionDate 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, 2024We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements.
Freddie Mac 2Q 2023 Form 10-Q
52
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
June 30, 2023
Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance SheetsTotal AssetsMaximum Exposure to Loss
(In millions)
Investment securities
Accrued Interest Receivable and Other Assets(1)
Liabilities(1)
Single-Family:
   Securitization products$916 $171 $424 $30,593 $24,828 
Resecuritization products(2)
7,135 76 618 114,359 114,359 
CRT products(3)
— 163 142 31,399 63 
Total Single-Family8,051 410 1,184 176,351 139,250 
Multifamily:
Securitization products(4)
7,161 4,872 4,718 355,723 315,542 
CRT products(3)
— 2 5 1,165 4 
Total Multifamily7,161 4,874 4,723 356,888 315,546 
Other— 7 5 153 478 
Total$15,212 $5,291 $5,912 $533,392 $455,274 
Referenced footnotes are included after the prior period table.

Freddie Mac 2Q 2023 Form 10-Q
53
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 SheetsTotal AssetsMaximum 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-Family6,057 433 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 Multifamily7,808 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 June 30, 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 $0.3 billion and $0.4 billion as of June 30, 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.

Freddie Mac 2Q 2023 Form 10-Q
54
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
June 30, 2023 December 31, 2022
(In millions)Single-FamilyMultifamily TotalSingle-FamilyMultifamily Total
Held-for-sale UPB$3,231 $9,319 $12,550 $3,564 $9,544 $13,108 
Cost basis and fair value adjustments, net(686)(169)(855)(696)(215)(911)
Total held-for-sale loans, net2,545 9,150 11,695 2,868 9,329 12,197 
Held-for-investment UPB2,961,459 51,309 3,012,768 2,941,505 48,379 2,989,884 
Cost basis and fair value adjustments, net(1)
37,325 (150)37,175 39,896 (71)39,825 
Allowance for credit losses(7,088)(251)(7,339)(7,314)(77)(7,391)
   Total held-for-investment loans, net(2)
2,991,696 50,908 3,042,604 2,974,087 48,231 3,022,318 
Total mortgage loans, net$2,994,241 $60,058 $3,054,299 $2,976,955 $57,560 $3,034,515 
(1)Includes ($0.3) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of June 30, 2023.
(2)Includes $1.4 billion and $1.2 billion of multifamily held-for-investment loans for which we have elected the fair value option as of June 30, 2023 and December 31, 2022, respectively.
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)2Q 20232Q 2022YTD 2023YTD 2022
Single-Family:
Purchases:
  Held-for-investment loans
$82,850 $137,665 $141,815 $344,600 
Sales of held-for-sale loans(1)
— 1,429 — 1,444 
Multifamily:
Purchases:
  Held-for-investment loans
4,661 2,957 8,010 5,522 
  Held-for-sale loans
7,398 11,372 10,093 23,639 
Sales of held-for-sale loans(2)
8,626 14,899 14,776 29,191 
(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 2Q 2023 Form 10-Q
55
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)
2Q 20232Q 2022
(In millions)UPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or ReversedUPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale$— $— $— $325 $10 $— 
Held-for-sale to held-for-investment(2)
— — — 75 (4)3 
Multifamily reclassifications from:
Held-for-investment to held-for-sale735 1 (6)386 1 — 
   Held-for-sale to held-for-investment(2)
161 — — 39 — — 
YTD 2023YTD 2022
(In millions)UPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or ReversedUPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale$— $— $— $573 $10 $— 
Held-for-sale to held-for-investment(2)
48 4 4 137 (7)3 
Multifamily reclassifications from:
Held-for-investment to held-for-sale5,466 2 (33)701 1 — 
   Held-for-sale to held-for-investment(2)
722 — 16 285 — — 
(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(1)
Non-Accrual Amortized Cost Basis
Interest Income Recognized(2)
(In millions)June 30, 2023March 31, 20232Q 2023YTD 2023
Single-Family:
20- and 30-year or more, amortizing fixed-rate$11,989 $9,348 $28 $78 
15-year or less, amortizing fixed-rate540 434 1 2 
Adjustable-rate and other323 332 1 2 
Total Single-Family12,852 10,114 30 82 
Total Multifamily56 41 1 1 
Total Single-Family and Multifamily$12,908 $10,155 $31 $83 
Referenced footnotes are included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
56
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


Non-Accrual Amortized Cost Basis
Interest Income Recognized(2)
(In millions)June 30, 2022March 31, 20222Q 2022YTD 2022
Single-Family:
20- and 30-year or more, amortizing fixed-rate$11,021 $13,831 $40 $80 
15-year or less, amortizing fixed-rate562 684 1 3 
Adjustable-rate and other435 580 1 3 
Total Single-Family12,018 15,095 42 86 
Total Multifamily42 42 — — 
Total Single-Family and Multifamily$12,060 $15,137 $42 $86 
(1)Excludes amounts related to loans for which we have elected the fair value option.
(2)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)June 30, 2023December 31, 20222Q 20232Q 2022YTD 2023YTD 2022
Single-Family loans$8,285 $7,967 ($88)($58)($136)($145)
Multifamily loans234 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 2Q 2023 Form 10-Q
57
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
June 30, 2023
Year of Origination Total
(In millions)20232022202120202019Prior
Current LTV ratio:
  20- and 30-year or more, amortizing fixed-rate
≤ 60$14,338 $76,635 $435,402 $510,674 $90,381 $429,346 $1,556,776 
> 60 to 8042,991 175,477 389,009 147,535 21,066 12,364 788,442 
> 80 to 90
20,207 87,422 59,288 2,371 380 418 170,086 
> 90 to 100 31,434 61,855 5,608 328 38 120 99,383 
> 100
14 2,459 101 4 5 121 2,704 
  Total 20- and 30-year or more, amortizing fixed-rate
108,984 403,848 889,408 660,912 111,870 442,369 2,617,391 
  Current year-to-date gross write-offs(1)
— 5 11 3 2 20 41 
  15-year or less, amortizing fixed-rate
≤ 601,753 18,368 121,835 104,298 13,525 64,685 324,464 
> 60 to 801,958 11,244 11,942 925 47 12 26,128 
> 80 to 90
340 1,092 94 2 1 2 1,531 
> 90 to 100192 180 3 — — — 375 
> 100
— 6 — — — 1 7 
  Total 15-year or less, amortizing fixed-rate4,243 30,890 133,874 105,225 13,573 64,700 352,505 
  Current year-to-date gross write-offs(1)
— — 1 — — — 1 
  Adjustable-rate and other
≤ 60186 1,416 2,970 1,499 604 14,230 20,905 
> 60 to 80725 2,594 1,616 147 49 349 5,480 
> 80 to 90
433 1,145 108 3 1 26 1,716 
> 90 to 100376 669 6 — — 13 1,064 
> 100
— 39 — — — 6 45 
  Total adjustable-rate and other1,720 5,863 4,700 1,649 654 14,624 29,210 
    Current year-to-date gross write-offs(1)
— — — — — — — 
Total for all loan product types by current LTV ratio:
≤ 60
16,277 96,419 560,207 616,471 104,510 508,261 1,902,145 
> 60 to 8045,674 189,315 402,567 148,607 21,162 12,725 820,050 
> 80 to 90
20,980 89,659 59,490 2,376 382 446 173,333 
> 90 to 10032,002 62,704 5,617 328 38 133 100,822 
> 100
14 2,504 101 4 5 128 2,756 
Total Single-Family loans$114,947 $440,601 $1,027,982 $767,786 $126,097 $521,693 $2,999,106 
Total current year-to-date gross write-offs(1)
$— $5 $12 $3 $2 $20 $42 
Referenced footnotes are included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
58
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


December 31, 2022
Year of Origination Total
(In millions)20222021202020192018Prior
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 80158,421 424,141 190,167 28,991 7,870 10,426 820,016 
> 80 to 9079,901 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
≤ 6016,752 119,379 109,685 14,606 5,578 68,240 334,240 
> 60 to 8013,042 22,007 2,503 132 16 16 37,716 
> 80 to 901,601 368 7 — — 1 1,977 
> 90 to 100
570 5 — — — 1 576 
> 100
3 — — — — 1 4 
  Total 15-year or less, amortizing fixed-rate31,968 141,759 112,195 14,738 5,594 68,259 374,513 
  Adjustable-rate and other
≤ 601,255 2,779 1,524 634 428 15,139 21,759 
> 60 to 802,322 1,956 214 76 28 445 5,041 
> 80 to 901,127 186 5 1 1 34 1,354 
> 90 to 100
836 11 — — — 14 861 
> 100
26 — — — — 9 35 
  Total adjustable-rate and other5,566 4,932 1,743 711 457 15,641 29,050 
Total for all loan product types by current LTV ratio:
≤ 6084,160 516,656 600,524 102,428 44,961 491,198 1,839,927 
> 60 to 80173,785 448,104 192,884 29,199 7,914 10,887 862,773 
> 80 to 9082,629 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 2Q 2023 Form 10-Q
59
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
June 30, 2023
Year of OriginationTotal
(In millions) 20232022202120202019PriorRevolving Loans
Category:
Pass
$6,026 $18,547 $7,660 $6,427 $4,556 $3,262 $2,081 $48,559 
Special mention
20 14 4 109 226 61 — 434 
Substandard
— — 64 77 205 461 — 807 
Doubtful
— — — — — — — — 
Total $6,046 $18,561 $7,728 $6,613 $4,987 $3,784 $2,081 $49,800 
December 31, 2022


Year of OriginationTotal
(In millions) 20222021202020192018PriorRevolving 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
June 30, 2023
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure(1)
TotalThree 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$2,581,894 $19,586 $4,299 $11,612 $2,617,391 $— $507 
  15-year or less, amortizing fixed-rate350,510 1,257 212 526 352,505 — 8 
Adjustable-rate and other28,524 301 81 304 29,210 — 56 
Total Single-Family2,960,928 21,144 4,592 12,442 2,999,106 — 571 
Total Multifamily49,713 30 1 56 49,800 — 15 
Total Single-Family and Multifamily$3,010,641 $21,174 $4,593 $12,498 $3,048,906 $— $586 
Referenced footnotes are included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
60
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


December 31, 2022
(In millions)CurrentOne
Month
Past Due		Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure(1)
TotalThree 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-rate372,065 1,590 250 608 374,513 191 9 
Adjustable-rate and other28,262 325 88 375 29,050 30 67 
Total Single-Family2,941,384 21,735 4,941 13,341 2,981,401 3,653 598 
Total Multifamily47,039 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 June 30, 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 $2.6 billion as of June 30, 2023 and June 30, 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)
2Q 2023
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$5,328 $1,116 $32 $6,476 0.2 %
15-year or less, amortizing fixed-rate265 — — 265 0.1 
Adjustable-rate and other63 8 1 72 0.2 
Total Single-Family loan restructurings$5,656 $1,124 $33 $6,813 0.2 
2Q 2022
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$6,832 $520 $2,476 $9,828 0.4 %
15-year or less, amortizing fixed-rate429 15 16 460 0.1 
Adjustable-rate and other139 14 50 203 0.7 
Total Single-Family loan restructurings$7,400 $549 $2,542 $10,491 0.4 
Referenced footnotes are included after the year-to-date table.

Freddie Mac 2Q 2023 Form 10-Q
61
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


YTD 2023
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$10,607 $2,148 $118 $12,873 0.5 %
15-year or less, amortizing fixed-rate547 — — 547 0.2 
Adjustable-rate and other123 18 5 146 0.5 
Total Single-Family loan restructurings$11,277 $2,166 $123 $13,566 0.5 
YTD 2022
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$14,268 $1,172 $5,361 $20,801 0.8 %
15-year or less, amortizing fixed-rate910 28 69 1,007 0.3 
Adjustable-rate and other314 29 126 469 1.6 
Total Single-Family loan restructurings$15,492 $1,229 $5,556 $22,277 0.8 
(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 $2.2 billion and $4.8 billion related to payment deferral plans for 2Q 2023 and YTD 2023, respectively, compared to $3.6 billion and $8.4 billion for 2Q 2022 and YTD 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)
2Q 2023
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate1.1 %179$18 
15-year or less, amortizing fixed-rate— 016 
Adjustable-rate and other1.6 20115 
2Q 2022
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate1.4 %185$21 
15-year or less, amortizing fixed-rate0.6 35922 
Adjustable-rate and other2.2 23426 
Referenced footnotes are included after the year-to-date table.
Freddie Mac 2Q 2023 Form 10-Q
62
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


YTD 2023
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate1.0 %181$17 
15-year or less, amortizing fixed-rate— 016 
Adjustable-rate and other1.9 20017 
YTD 2022
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate1.5 %187$23 
15-year or less, amortizing fixed-rate0.6 35824 
Adjustable-rate and other2.3 22827 
(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)
2Q 2023
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$710 $239 $131 $1,080 
15-year or less, amortizing fixed-rate33 — — 33 
Adjustable-rate and other11 2 2 15 
Total Single-Family$754 $241 $133 $1,128 
2Q 2022
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$364 $30 $69 $463 
15-year or less, amortizing fixed-rate18 — — 18 
Adjustable-rate and other10 2 1 13 
Total Single-Family$392 $32 $70 $494 
Referenced footnotes are included after the year-to-date table.
Freddie Mac 2Q 2023 Form 10-Q
63
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


YTD 2023
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$1,286 $381 $305 $1,972 
15-year or less, amortizing fixed-rate59 — — 59 
Adjustable-rate and other18 3 6 27 
Total Single-Family$1,363 $384 $311 $2,058 
YTD 2022
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$717 $38 $76 $831 
15-year or less, amortizing fixed-rate45 — — 45 
Adjustable-rate and other24 2 1 27 
Total Single-Family$786 $40 $77 $903 
(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
June 30, 2023
(In millions)CurrentOne Month Past DueTwo Months Past DueThree Months or More Past DueTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$13,660 $2,341 $1,478 $6,244 $23,723 
15-year or less, amortizing fixed-rate572 94 57 281 1,004 
Adjustable-rate and other158 32 19 84 293 
Total Single-Family$14,390 $2,467 $1,554 $6,609 $25,020 
June 30, 2022
(In millions)CurrentOne Month Past DueTwo Months Past DueThree Months or More Past DueTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$13,524 $1,905 $1,224 $4,148 $20,801 
15-year or less, amortizing fixed-rate610 97 72 228 1,007 
Adjustable-rate and other292 31 21 125 469 
Total Single-Family$14,426 $2,033 $1,317 $4,501 $22,277 

Freddie Mac 2Q 2023 Form 10-Q
64
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


Non-Cash Investing and Financing Activities
During YTD 2023 and YTD 2022, we acquired $100.9 billion and $247.8 billion, respectively, of loans held-for-investment in exchange for the issuance of debt of consolidated trusts in guarantor swap transactions. We received approximately $46.3 billion and $105.8 billion of loans held-for-investment from sellers during YTD 2023 and YTD 2022, respectively, to satisfy advances to lenders that were recorded in other assets on our condensed consolidated balance sheets.

Freddie Mac 2Q 2023 Form 10-Q
65
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
June 30, 2023
(Dollars in millions, terms in years)
UPBMaximum Exposure
Recognized Liability(1)
Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)
$30,583 $24,828 $379 39
Other mortgage-related guarantees9,079 9,079 181 29
Total Single-Family mortgage-related guarantees39,662 33,907 560 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
355,723 315,542 4,688 37
Other mortgage-related guarantees10,847 10,847 400 35
Total Multifamily mortgage-related guarantees366,570 326,389 5,088 
Guarantees of Fannie Mae securities(4)
114,359 114,359 — 38
Other153 478 — 30
December 31, 2022
(Dollars in millions, terms in years)
UPBMaximum 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 guarantees9,476 9,476 203 29
Total Single-Family mortgage-related guarantees41,080 35,248 594 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
360,869 319,117 4,889 37
Other mortgage-related guarantees10,510 10,510 379 36
Total Multifamily mortgage-related guarantees371,379 329,627 5,268 
Guarantees of Fannie Mae securities(4)
119,267 119,267 — 39
Other185 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 $0.3 billion and $0.4 billion as of June 30, 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 June 30, 2023 and December 31, 2022.
(4)    Excludes $0.1 billion as of both June 30, 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 2Q 2023 Form 10-Q
66
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
June 30, 2023
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure
Total
Single-Family$35,498 $1,899 $674 $1,591 $39,662 
Multifamily365,658 86 66 760 366,570 
Total$401,156 $1,985 $740 $2,351 $406,232 
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 
Multifamily370,911 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)June 30, 2023December 31, 2022
Mortgage loan purchase commitments(1)
$12,262 $9,609 
Other commitments(2)
22,556 22,293 
Total$34,818 $31,902 
(1)Includes $2.9 billion and $0.5 billion of commitments for which we have elected the fair value option as of June 30, 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 2Q 2023 Form 10-Q
67
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
2Q 20232Q 2022YTD 2023YTD 2022
 (In millions) Single-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotal
Beginning balance$8,097 $224 $8,321 $4,849 $72 $4,921 $7,746 $147 $7,893 $5,440 $78 $5,518 
Provision (benefit) for credit losses(638)101 (537)298 9 307 (320)178 (142)(533)3 (530)
Charge-offs(111)— (111)(107)— (107)(201)— (201)(280)— (280)
Recoveries collected29 — 29 43 — 43 61 — 61 95 — 95 
Other(1)
80 — 80 259 — 259 171 — 171 620 — 620 
Ending balance$7,457 $325 $7,782 $5,342 $81 $5,423 $7,457 $325 $7,782 $5,342 $81 $5,423 
Components of the ending balance of the allowance for credit losses:
Mortgage loans held-for-investment$7,088 $251 $7,339 $4,904 $35 $4,939 
Other(2)
369 74 443 438 46 484 
Total ending balance$7,457 $325 $7,782 $5,342 $81 $5,423 
(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    2Q 2023 vs. 2Q 2022 - The benefit for credit losses for 2Q 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in observed and forecasted house price appreciation, partially offset by a credit reserve build in Multifamily due to deterioration in forecasted multifamily market conditions and current loan performance. The provision for credit losses for 2Q 2022 was primarily driven by a credit reserve build in Single-Family due to portfolio growth and deterioration in forecasted economic conditions.
n    YTD 2023 vs. YTD 2022 - The benefit for credit losses for YTD 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in forecasted house price appreciation, partially offset by a credit reserve build in Multifamily due to increased uncertainty in forecasted economic conditions and multifamily market conditions as well as deterioration in loan performance. The benefit for credit losses for YTD 2022 was primarily driven by a credit reserve release in Single-Family due to improvements in observed house price appreciation.
In addition, charge-offs decreased for YTD 2023, compared to YTD 2022, primarily due to a decrease in charge-offs of accrued interest receivable.
Freddie Mac 2Q 2023 Form 10-Q
68
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)June 30, 2023December 31, 2022
Trading securities$35,687 $32,167 
Available-for-sale securities5,942 6,534 
Total fair value of investment securities$41,629 $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)June 30, 2023December 31, 2022
Mortgage-related securities$10,256 $8,334 
Non-mortgage-related securities25,431 23,833 
Total fair value of trading securities$35,687 $32,167 
For trading securities held at June 30, 2023, we recorded net unrealized losses of $0.3 billion and $0.2 billion during 2Q 2023 and YTD 2023, respectively. For trading securities held at June 30, 2022, we recorded net unrealized losses of $0.3 billion and $1.1 billion during 2Q 2022 and YTD 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 June 30, 2023 and December 31, 2022, all available-for-sale securities were mortgage-related securities.
Table 6.3 - Available-for-Sale Securities
June 30, 2023
Amortized
Cost
Basis		Gross Unrealized Gains in Other Comprehensive IncomeGross Unrealized
Losses in Other Comprehensive Income		Fair ValueAccrued Interest Receivable
(In millions)
Agency mortgage-related securities$5,677 $3 ($297)$5,382 $12 
Other mortgage-related securities383 182 (5)560 3 
Total available-for-sale securities$6,060 $185 ($302)$5,942 $15 
December 31, 2022
Amortized
Cost
Basis		Gross Unrealized Gains in Other Comprehensive IncomeGross Unrealized
Losses in Other Comprehensive Income		Fair ValueAccrued Interest Receivable
(In millions)
Agency mortgage-related securities$6,215 $6 ($301)$5,920 $12 
Other mortgage-related securities429 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 June 30, 2023 scheduled to contractually mature after ten years was $1.4 billion, with an additional $3.5 billion scheduled to contractually mature after five years through ten years.
Freddie Mac 2Q 2023 Form 10-Q
69
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
June 30, 2023
Less than 12 Months12 Months or Greater
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Agency mortgage-related securities$2,346 ($103)$2,520 ($194)
Other mortgage-related securities48 (3)14 (2)
Total available-for-sale securities in a gross unrealized loss position$2,394 ($106)$2,534 ($196)
December 31, 2022
Less than 12 Months12 Months or Greater
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Agency mortgage-related securities$5,086 ($253)$325 ($48)
Other mortgage-related securities46 (3)5 — 
Total available-for-sale securities in a gross unrealized loss position$5,132 ($256)$330 ($48)
At June 30, 2023, the gross unrealized losses relate to 207 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)2Q 20232Q 2022YTD 2023YTD 2022
Gross realized gains$3 $1 $5 $1 
Gross realized losses(2)(3)(4)(4)
Net realized gains (losses)$1 ($2)$1 ($3)
Non-Cash Investing and Financing Activities
During YTD 2023 and YTD 2022, we recognized $1.7 billion and $8.3 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 YTD 2023 and YTD 2022, we derecognized $2.8 billion and $7.7 billion, respectively, of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary.
Freddie Mac 2Q 2023 Form 10-Q
70
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)
June 30, 2023December 31, 2022
Debt of consolidated trusts$3,007,278 $2,979,070 
Debt of Freddie Mac:
Short-term debt
11,330 7,712 
Long-term debt
170,478 159,050 
Total debt of Freddie Mac181,808 166,762 
Total debt
$3,189,086 $3,145,832 
As of June 30, 2023, our aggregate indebtedness pursuant to the Purchase Agreement was $192.0 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
June 30, 2023December 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-rate2023 - 2061$2,551,815 $2,592,440 2.89 %2023 - 2061$2,507,235 $2,550,137 2.76 %
15-year or less, fixed-rate2023 - 2038346,538 352,290 2.17 2023 - 2038367,844 374,339 2.14 
Adjustable-rate and other2023 - 205324,010 24,528 3.52 2023 - 205323,561 24,153 3.04 
Total Single-Family2,922,363 2,969,258 2,898,640 2,948,629 
Multifamily2024 - 205338,633 38,020 2.96 2023 - 205230,927 30,441 2.66 
Total debt of consolidated trusts$2,960,996 $3,007,278 $2,929,567 $2,979,070 
(1)Includes $1.4 billion and $1.9 billion as of June 30, 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 2.50% and 2.39% as of June 30, 2023 and December 31, 2022, respectively.

Freddie Mac 2Q 2023 Form 10-Q
71
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
June 30, 2023December 31, 2022
(Dollars in millions)Par ValueCarrying AmountWeighted
Average
Effective Rate		Par ValueCarrying AmountWeighted
Average
Effective Rate
Short-term debt:
Discount notes and Reference Bills®
$11,386 $11,330 5.08 %$6,826 $6,822 3.71 %
Medium-term notes— — — 890 890 1.81 
Securities sold under agreements to repurchase9,168 9,168 4.99 11,991 11,991 3.86 
Offsetting arrangements(1)
(9,168)(9,168)(11,991)(11,991)
Total short-term debt$11,386 $11,330 5.08 %$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
June 30, 2023December 31, 2022
(Dollars in millions)Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Long-term debt:
Fixed-rate:
Medium-term notes — callable2023 - 2050$132,542 $132,473 2.81 %2023 - 2050$103,584 $103,528 1.96 %
Medium-term notes — non-callable2023 - 20281,971 1,972 0.92 2023 - 20282,747 2,747 0.73 
Reference Notes securities — non-callable2023 - 203236,051 36,095 3.82 2023 - 203249,801 49,832 1.76 
SCR debt notes2031 - 203284 84 13.00 2031 - 203290 93 13.00 
Variable-rate:
Medium-term notes — callable2023 - 2028 2,187 2,184 4.66 2023 - 20274,691 4,689 3.95 
Medium-term notes — non-callable202647 47 8.10 202647 47 8.10 
STACR2023 - 20422,856 2,757 10.30 2023 - 20424,562 4,448 8.79 
Zero-coupon:
Medium-term notes — non-callable2024 - 2039 4,836 3,002 6.14 2023 - 20394,841 2,913 6.11 
Other2047 - 2053— 129 0.83 2047 - 2052— 137 0.82 
Hedging-related basis adjustmentsN/A(8,265)N/A(9,384)
Total long-term debt$180,574 $170,478 3.20 %$170,363 $159,050 2.20 %
(1)Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.6 billion and $1.1 billion at June 30, 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 2Q 2023 Form 10-Q
72
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
June 30, 2023
(In millions)Amounts
Annual Maturities
Long-term debt (excluding STACR and SCR debt notes):
2023$23,376 
202442,095 
202561,105 
202612,024 
20279,434 
Thereafter
29,600 
Debt of consolidated trusts, STACR, and SCR debt notes(1)
2,963,936 
Total3,141,570 
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments(2)
36,186 
Total debt of consolidated trusts, STACR, SCR, and long-term debt$3,177,756 
(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 2Q 2023 Form 10-Q
73
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
June 30, 2023December 31, 2022
 
Notional or
Contractual
Amount
Derivatives at Fair Value
Notional or
Contractual
Amount
Derivatives at Fair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Not designated as hedges
Interest-rate risk management derivatives:
Swaps$743,108 $1,837 ($441)$480,824 $1,762 ($526)
Written options67,813 — (1,910)46,101 — (1,857)
Purchased options(1)
76,970 3,668 — 92,010 4,302 — 
Futures249,149 — — 182,330 — — 
Total interest-rate risk management derivatives1,137,040 5,505 (2,351)801,265 6,064 (2,383)
Mortgage commitment derivatives58,503 6 (20)29,354 12 (11)
CRT-related derivatives(2)
32,681 — (149)31,647 — (55)
Other13,752 13 (581)14,426 2 (624)
Total derivatives not designated as hedges1,241,976 5,524 (3,101)876,692 6,078 (3,073)
Designated as fair value hedges
Interest-rate risk management derivatives:
Swaps181,144 97 (7,478)181,298 321 (7,847)
Total derivatives designated as fair value hedges181,144 97 (7,478)181,298 321 (7,847)
Receivables (payables)52 (100)35 (25)
Netting adjustments(3)
(5,314)9,698 (6,127)10,187 
Total derivative portfolio, net$1,423,120 $359 ($981)$1,057,990 $307 ($758)
(1)Includes swaptions on credit indices with a notional or contractual amount of $5.5 billion and $10.1 billion at June 30, 2023 and December 31, 2022, respectively, and a fair value of $1.0 million and $2.0 million at June 30, 2023 and December 31, 2022, respectively.
(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.
(3)Represents counterparty netting and cash collateral netting.
Freddie Mac 2Q 2023 Form 10-Q
74
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) 2Q 20232Q 2022YTD 2023YTD 2022
Not designated as hedges
Interest-rate risk management derivatives:
Swaps$380 ($141)$408 $249 
Written options82 (320)277 (684)
Purchased options(45)508 (549)1,225 
Futures519 557 212 1,425 
Total interest-rate risk management derivatives fair value gains (losses)936 604 348 2,215 
Mortgage commitment derivatives125 880 45 2,719 
CRT-related derivatives(2)
(68)66 (144)78 
Other(64)(42)(3)(81)
Total derivatives not designated as hedges fair value gains (losses)$929 $1,508 $246 $4,931 
(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.
Freddie Mac 2Q 2023 Form 10-Q
75
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 8

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
2Q 20232Q 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:$25,755 ($21,232)$20,008 ($15,249)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items(964)— (1,523)— 
Derivatives designated as hedging instruments900 — 1,408 — 
Interest accruals on hedging instruments251 — (149)— 
Discontinued hedge related basis adjustments amortization39 — (4)— 
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items— 725 — 1,300 
Derivatives designated as hedging instruments— (749)— (1,328)
Interest accruals on hedging instruments— (1,000)— (44)
Discontinued hedge related basis adjustment amortization— (172)— 2 
YTD 2023YTD 2022
(In millions)Interest IncomeInterest ExpenseInterest IncomeInterest 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:$50,742 ($41,718)$37,748 ($28,885)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items159 — (4,150)— 
Derivatives designated as hedging instruments(173)— 3,463 — 
Interest accruals on hedging instruments462 — (416)— 
Discontinued hedge related basis adjustments amortization70 — (128)— 
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items— (810)— 5,161 
Derivatives designated as hedging instruments— 785 — (5,224)
Interest accruals on hedging instruments— (2,051)— 100 
Discontinued hedge related basis adjustment amortization— (210)— 12 
Freddie Mac 2Q 2023 Form 10-Q
76
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
June 30, 2023
Carrying Amount Assets / (Liabilities)Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying AmountClosed Portfolio Under the Portfolio Layer Method
(In millions)TotalUnder the Portfolio Layer MethodDiscontinued - Hedge RelatedTotal Amount by Amortized Cost BasisDesignated Amount by UPB
Mortgage loans held-for-investment$1,127,522 ($2,893)($322)($2,571)$63,283 $11,670 
Mortgage loans held-for-sale54 1 — 1 — — 
Debt(156,961)8,265 — 193 — — 
December 31, 2022
Carrying Amount Assets / (Liabilities)Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying AmountClosed Portfolio Under the Portfolio Layer Method
(In millions)TotalUnder the Portfolio Layer MethodDiscontinued - Hedge RelatedTotal Amount by Amortized Cost BasisDesignated Amount by UPB
Mortgage loans held-for-investment$1,108,098 ($3,122)($959)($2,163)$79,070 $11,516 
Mortgage loans held-for-sale67 1 — 1 — — 
Debt(142,511)9,384 — 123 — — 

Freddie Mac 2Q 2023 Form 10-Q
77
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
June 30, 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$5,652 ($4,229)($1,112)$311 ($281)$30 
Cleared and exchange-traded derivatives2 — 27 29 — 29 
Mortgage commitment derivatives6 — — 6 — 6 
Other13 — — 13 — 13 
Total derivatives5,673 (4,229)(1,085)359 (281)78 
Securities purchased under agreements to resell121,554 (9,168)— 112,386 (112,386)— 
Total$127,227 ($13,397)($1,085)$112,745 ($112,667)$78 
Liabilities:
Derivatives:
OTC derivatives($9,826)$4,229 $5,434 ($163)$104 ($59)
Cleared and exchange-traded derivatives(68)— 35 (33)33 — 
Mortgage commitment derivatives(55)— — (55)— (55)
Other(730)— — (730)— (730)
Total derivatives(10,679)4,229 5,469 (981)137 (844)
Securities sold under agreements to repurchase(9,168)9,168 — — — — 
Total($19,847)$13,397 $5,469 ($981)$137 ($844)
Referenced footnotes are included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
78
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 derivatives28 — 22 50 — 50 
Mortgage commitment derivatives19 — — 19 (4)15 
Other2 — — 2 — 2 
Total derivatives6,434 (4,468)(1,659)307 (218)89 
Securities purchased under agreements to resell99,286 (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 $119.9 billion and $54.7 billion of collateral that we had the right to repledge as of June 30, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both June 30, 2023 and December 31, 2022.
Freddie Mac 2Q 2023 Form 10-Q
79
Financial Statements
                       Notes to the Condensed Consolidated Financial Statements | Note 9

Collateral Pledged
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
June 30, 2023
(In millions)DerivativesSecurities Sold Under Agreements to Repurchase
Other(1)
Total
Trading securities$2,048 $7,598 $3,112 $12,758 
Total securities pledged$2,048 $7,598 $3,112 $12,758 
December 31, 2022
(In millions)DerivativesSecurities 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 $12,333 
(1)Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.
The table below presents the remaining contractual maturity of our gross obligations for securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities.
Table 9.3 - Remaining Contractual Maturity
June 30, 2023
(In millions)Overnight and Continuous30 Days or LessAfter 30 Days Through 90 DaysGreater Than 90 DaysTotal
Securities sold under agreements to repurchase$— $5,562 $3,606 $— $9,168 
December 31, 2022
(In millions)Overnight and Continuous30 Days or LessAfter 30 Days Through 90 DaysGreater Than 90 DaysTotal
Securities sold under agreements to repurchase$— $11,991 $— $— $11,991 
Freddie Mac 2Q 2023 Form 10-Q
80
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) 2Q 20232Q 2022YTD 2023YTD 2022
Interest income:
Mortgage loans$23,598 $19,324 $46,902 $36,634 
Investment securities363 464 679 848 
Other1,794 220 3,161 266 
Total interest income25,755 20,008 50,742 37,748 
Interest expense:
Debt of consolidated trusts(18,608)(14,595)(36,869)(27,844)
Debt of Freddie Mac:
Short-term debt(248)(20)(402)(20)
Long-term debt(2,376)(634)(4,447)(1,021)
Total interest expense(21,232)(15,249)(41,718)(28,885)
Net interest income4,523 4,759 9,024 8,863 
(Provision) benefit for credit losses537 (307)142 530 
Net interest income after (provision) benefit for credit losses$5,060 $4,452 $9,166 $9,393 
Freddie Mac 2Q 2023 Form 10-Q
81
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
2Q 20232Q 2022
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income $4,295 $228 $4,523 $4,535 $224 $4,759 
Non-interest income
Guarantee income16 293 309 35 170 205 
Investment gains, net(4)415 411 232 89 321 
Other income53 43 96 69 50 119 
Non-interest income65 751 816 336 309 645 
Net revenues4,360 979 5,339 4,871 533 5,404 
(Provision) benefit for credit losses638 (101)537 (298)(9)(307)
Non-interest expense(2,028)(176)(2,204)(1,854)(166)(2,020)
Income before income tax expense2,970 702 3,672 2,719 358 3,077 
Income tax expense(589)(139)(728)(551)(73)(624)
Net income2,381 563 2,944 2,168 285 2,453 
Other comprehensive income (loss), net of taxes and reclassification adjustments2 (56)(54)5 (71)(66)
Comprehensive income $2,383 $507 $2,890 $2,173 $214 $2,387 
Freddie Mac 2Q 2023 Form 10-Q
82
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 11

YTD 2023YTD 2022
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income$8,591 $433 $9,024 $8,341 $522 $8,863 
Non-interest income
Guarantee income48 727 775 65 210 275 
Investment gains, net(183)369 186 1,484 350 1,834 
Other income107 74 181 195 83 278 
Non-interest income (28)1,170 1,142 1,744 643 2,387 
Net revenues8,563 1,603 10,166 10,085 1,165 11,250 
(Provision) benefit for credit losses320 (178)142 533 (3)530 
Non-interest expense(3,811)(325)(4,136)(3,632)(320)(3,952)
Income before income tax expense5,072 1,100 6,172 6,986 842 7,828 
Income tax expense(1,014)(219)(1,233)(1,407)(170)(1,577)
Net income 4,058 881 4,939 5,579 672 6,251 
Other comprehensive income (loss), net of taxes and reclassification adjustments1 (1)— (7)(179)(186)
Comprehensive income$4,059 $880 $4,939 $5,572 $493 $6,065 
The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)June 30, 2023December 31, 2022
Single-Family$3,004,244 $2,986,045 
Multifamily427,198 429,302 
Total segment assets3,431,442 3,415,347 
Reconciling items(1)
(180,486)(207,014)
Total assets per condensed consolidated balance sheets$3,250,956 $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 2Q 2023 Form 10-Q
83
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
June 30, 2023December 31, 2022
(Dollars in millions)
Portfolio UPB(1)
% of PortfolioSDQ Rate
Portfolio UPB(1)
% of PortfolioSDQ Rate
Region:(2)
West$907,973 30 %0.43 %$906,123 30 %0.49 %
Northeast695,851 23 0.70 695,944 23 0.82 
North Central436,738 15 0.55 436,294 15 0.65 
Southeast520,570 17 0.59 512,495 17 0.73 
Southwest442,846 15 0.53 434,907 15 0.63 
Total$3,003,978 100 %0.56 $2,985,763 100 %0.66 
State:
California $515,634 17 %0.44 $516,891 17 %0.51 
Texas 206,944 7 0.55 200,807 7 0.64 
Florida 195,485 7 0.67 191,009 6 0.84 
New York 130,089 4 1.03 129,935 4 1.16 
Illinois 112,581 4 0.73 112,784 4 0.90 
All other1,843,245 61 0.53 1,834,337 62 0.63 
Total$3,003,978 100 %0.56 $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
June 30, 2023December 31, 2022
(Dollars in millions)Portfolio UPB% of Portfolio
Delinquency Rate(1)
Portfolio UPB% of Portfolio
Delinquency Rate(1)
Region(2)(3):
  West$107,717 25 %0.05 %$107,260 25 %0.04 %
  Northeast103,742 24 0.51 106,478 25 0.28 
  North Central40,713 10 0.37 40,524 9 0.16 
  Southeast85,067 20 0.07 85,438 20 0.04 
  Southwest89,959 21 0.13 89,602 21 0.08 
Total$427,198 100 %0.21 $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 2Q 2023 Form 10-Q
84
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
June 30, 2023
(In millions)
Level 1Level 2Level 3
Netting Adjustments(1)
Total
Assets:
Investment securities:
Available-for-sale$— $5,152 $790 $— $5,942 
Trading:
Mortgage-related securities— 7,695 2,561 — 10,256 
Non-mortgage-related securities
24,939 492 — — 25,431 
Total trading securities24,939 8,187 2,561 — 35,687 
Total investment securities24,939 13,339 3,351 — 41,629 
Mortgage loans held-for-sale— 4,831 881 — 5,712 
Mortgage loans held-for-investment— 1,189 170 — 1,359 
Other assets:
 Guarantee assets— — 5,323 — 5,323 
 Derivative assets, net— 5,609 12 (5,262)359 
 Other assets— 11 147 — 158 
 Total other assets— 5,620 5,482 (5,262)5,840 
Total assets carried at fair value on a recurring basis$24,939 $24,979 $9,884 ($5,262)$54,540 
Liabilities:
Debt:
Debt of consolidated trusts$— $1,069 $282 $— $1,351 
Debt of Freddie Mac— 552 92 — 644 
Total debt— 1,621 374 — 1,995 
Other liabilities:
Derivative liabilities, net3 10,486 90 (9,598)981 
Other liabilities— 27 9 — 36 
 Total other liabilities3 10,513 99 (9,598)1,017 
Total liabilities carried at fair value on a recurring basis$3 $12,134 $473 ($9,598)$3,012 
Referenced footnote is included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
85
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

 December 31, 2022
(In millions)Level 1Level 2Level 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 securities23,453 380 — — 23,833 
Total trading securities23,453 5,983 2,731 — 32,167 
Total investment securities23,453 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 2Q 2023 Form 10-Q
86
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
2Q 2023
Balance,
April 1,
2023
Total Realized/Unrealized Gains (Losses)(1)
Purchases
Issues
Sales
Settlements,
Net
Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
June 30,
2023
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2023
(In millions)
Included in
Earnings
Included in Other
Comprehensive
Income
Assets
Investment securities:
Available-for-sale$853 $— ($5)$— $— $— ($58)$— $— $790 $— ($4)
Trading2,905 (191)— 90 — — (13)— (230)2,561 (25)— 
Total investment securities3,758 (191)(5)90 — — (71)— (230)3,351 (25)(4)
Mortgage loans held-for-sale347 (30)— 727 — — (9)— (154)881 (31)— 
Mortgage loans held-for-investment64 (13)— — — — (6)142 (17)170 (12)— 
Other assets:
Guarantee assets5,432 (79)— — 192 — (222)— — 5,323 (79)— 
Other assets128 39 — (8)4 — (4)— — 159 38 — 
Total other assets5,560 (40)— (8)196 — (226)— — 5,482 (41)— 
Total assets$9,729 ($274)($5)$809 $196 $— ($312)$142 ($401)$9,884 ($109)($4)
Liabilities
Debt$384 ($8)$— $— $— $— ($2)$— $— $374 ($2)$— 
Other liabilities77 23 — — — — (1)— — 99 22 — 
Total liabilities$461 $15 $— $— $— $— ($3)$— $— $473 $20 $— 
 YTD 2023
 Balance,
January 1,
2023
Total Realized/Unrealized Gains (Losses)(1)
PurchasesIssuesSalesSettlements,
Net		Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
June 30,
2023
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2023
(In millions)Included in
Earnings		Included in Other
Comprehensive
Income
 
Assets
Investment securities:
Available-for-sale$894 $1 ($9)$— $— $— ($96)$— $— $790 $— ($7)
Trading2,731 (329)— 183 — — (24)— — 2,561 10 — 
Total investment securities3,625 (328)(9)183 — — (120)— — 3,351 10 (7)
Mortgage loans held-for-sale310 (29)— 753 — — (11)12 (154)881 (31)— 
Mortgage loans held-for-investment110 (11)— — — — (6)142 (65)170 (12)— 
Other assets:
Guarantee assets5,442 8 — — 318 — (445)— — 5,323 8 — 
Other assets131 55 — (18)3 — (12)— — 159 54 — 
Total other assets5,573 63 — (18)321 — (457)— — 5,482 62 — 
Total assets$9,618 ($305)($9)$918 $321 $— ($594)$154 ($219)$9,884 $29 ($7)
Liabilities
Debt$388 ($19)$— $— $11 $— ($6)$— $— $374 ($9)$— 
Other liabilities97 4 — — — — (2)— — 99 2 — 
Total liabilities$485 ($15)$— $— $11 $— ($8)$— $— $473 ($7)$— 
Referenced footnote is included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
87
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

 2Q 2022
 Balance,
April 1,
2022
Total Realized/Unrealized Gains (Losses)(1)
PurchasesIssuesSalesSettlements,
Net		Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
June 30,
2022
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2022(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2022
(In millions)Included in
Earnings		Included in Other
Comprehensive
Income
 
Assets
Investment securities:
Available-for-sale$1,188 $— ($7)$43 $— ($1)($99)$— $— $1,124 $— ($5)
Trading3,165 (232)— 436 — — (15)— (35)3,319 (57)— 
Total investment securities4,353 (232)(7)479 — (1)(114)— (35)4,443 (57)(5)
Mortgage loans held-for-sale— (14)— — — (5)(25)383 — 339 (14)— 
Other assets:
Guarantee assets5,696 (194)— — 376 — (229)— — 5,649 (194)— 
Other assets114 33 — (6)5 (5)(9)— — 132 33 — 
Total other assets5,810 (161)— (6)381 (5)(238)— — 5,781 (161)— 
Total assets$10,163 ($407)($7)$473 $381 ($11)($377)$383 ($35)$10,563 ($232)($5)
Liabilities
Debt$402 $12 $— ($6)$55 $— ($6)$— $— $457 $23 $— 
Other liabilities47 14 — — — — (3)— — 58 13 — 
Total liabilities$449 $26 $— ($6)$55 $— ($9)$— $— $515 $36 $— 
 YTD 2022
 Balance,
January 1,
2022
Total Realized/Unrealized Gains (Losses)(1)
PurchasesIssuesSalesSettlements,
Net		Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
June 30,
2022
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2022(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2022
(In millions)Included in
Earnings		Included in Other
Comprehensive
Income
 
Assets
Investment securities:
Available-for-sale$1,286 $— ($43)$43 $— ($1)($191)$30 $— $1,124 ($1)($33)
Trading3,386 (658)— 644 — — (33)— (20)3,319 (312)— 
Total investment securities4,672 (658)(43)687 — (1)(224)30 (20)4,443 (313)(33)
Mortgage loans held-for-sale— (14)— — — (5)(25)383 — 339 (14)— 
Other assets:
— 
Guarantee assets5,919 (510)— — 708 — (468)— — 5,649 (510)— 
Other assets101 47 — (9)9 (5)(11)— — 132 48 — 
Total other assets6,020 (463)— (9)717 (5)(479)— — 5,781 (462)— 
Total assets$10,692 ($1,135)($43)$678 $717 ($11)($728)$413 ($20)$10,563 ($789)($33)
Liabilities
Debt$294 $35 $— ($6)$141 $— ($7)$— $— $457 $56 $— 
Other liabilities24 37 — 1 — — (4)— — 58 35 — 
Total liabilities$318 $72 $— ($5)$141 $— ($11)$— $— $515 $91 $— 
(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 June 30, 2023 and June 30, 2022.
Freddie Mac 2Q 2023 Form 10-Q
88
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
June 30, 2023
 
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)

TypeRange
Weighted
Average(1)
Assets
Investment securities:
   Available-for-sale $510 Median of external sourcesExternal pricing sources
$57.9 - $71.9
$67.1 
280 Other
   Trading1,944 Single external sourceExternal pricing source
$0.0 - $5,007.3
$183.8 
617 Other
Mortgage loans held-for-sale881 Single external sourceExternal pricing source
$46.7 - $100.2
$91.9 
Mortgage loans held-for-investment170 Single external sourceExternal pricing source
$29.4 - $97.8
$74.8 
Guarantee assets4,981  Discounted cash flows OAS
17 - 233 bps
46 bps
342 Other
Insignificant Level 3 assets(2)
159 
Total level 3 assets$9,884 
Liabilities
Insignificant Level 3 liabilities(2)
473 
Total level 3 liabilities$473 
 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 sourcesExternal pricing sources
$66.3 - $74.6
$70.5 

337 
Other
   Trading2,080 
Single external source
External pricing source
$0.0 - $5,702.4
$224.8 
651 Other
Mortgage loans held-for-sale310 Single external sourceExternal pricing source
$39.6 - $98.1
$76.6 
Mortgage loans held-for-investment110 Single external sourceExternal pricing source
$76.9 - $87.5
$80.6 
    Guarantee assets5,084 
 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 2Q 2023 Form 10-Q
89
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
June 30, 2023December 31, 2022
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Mortgage loans(1)
$— $326 $1,935 $2,261 $— $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
June 30, 2023
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)
TypeRange
Weighted
Average(1)
Mortgage loans$1,568 Median of external sourcesExternal pricing sources
$73.7 - $96.2
$83.6
367Other
Total$1,935 
 December 31, 2022
 
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for unobservable inputs as shown)
TypeRange
Weighted
Average(1)
Mortgage loans$1,657 Median of external sourcesExternal pricing sources
$74.8 - $98.6
$86.3
101Other
Total $1,758 
(1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

Freddie Mac 2Q 2023 Form 10-Q
90
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
June 30, 2023
GAAP Measurement Category(1)
Carrying  AmountFair Value
(In millions)Level 1Level 2Level 3
Netting 
Adjustments(2)
Total
Financial Assets
Cash and cash equivalentsAmortized cost$5,514 $5,514 $— $— $— $5,514 
Securities purchased under agreements to resellAmortized cost112,386 — 121,554 — (9,168)112,386 
Investment securities:
Available-for-saleFV - OCI5,942 — 5,152 790 — 5,942 
TradingFV - NI35,687 24,939 8,187 2,561 — 35,687 
Total investment securities41,629 24,939 13,339 3,351 — 41,629 
Mortgage loans:
Loans held by consolidated trusts2,995,770 — 2,366,320 231,946 — 2,598,266 
Loans held by Freddie Mac58,851 — 24,409 29,565 — 53,974 
Total mortgage loans(3)
Various(4)
3,054,621 — 2,390,729 261,511 — 2,652,240 
Other assets:
Guarantee assetsFV - NI5,323 — — 5,327 — 5,327 
Derivative assets, netFV - NI359 — 5,609 12 (5,262)359 
Other assets(5)
Various3,106 — 895 2,215 — 3,110 
     Total other assets8,788 — 6,504 7,554 (5,262)8,796 
Total financial assets$3,222,938 $30,453 $2,532,126 $272,416 ($14,430)$2,820,565 
Financial Liabilities
Debt:
Debt of consolidated trusts$3,007,278 $— $2,598,799 $677 $— $2,599,476 
Debt of Freddie Mac181,808 — 188,053 3,316 (9,168)182,201 
Total debt
Various(6)
3,189,086 — 2,786,852 3,993 (9,168)2,781,677 
Other liabilities:
Guarantee obligationsAmortized cost5,569 — 107 5,979 — 6,086 
Derivative liabilities, netFV - NI981 3 10,486 90 (9,598)981 
Other liabilities(5)
FV - NI56 — 794 218 — 1,012 
    Total other liabilities6,606 3 11,387 6,287 (9,598)8,079 
Total financial liabilities$3,195,692 $3 $2,798,239 $10,280 ($18,766)$2,789,756 
Referenced footnotes are included after the prior period table.
Freddie Mac 2Q 2023 Form 10-Q
91
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

December 31, 2022
 
GAAP Measurement Category(1)
Carrying  AmountFair Value
(In millions)Level 1Level 2Level 3
Netting Adjustments(2)
Total
Financial Assets
Cash and cash equivalentsAmortized cost$6,360 $6,360 $— $— $— $6,360 
Securities purchased under agreements to resellAmortized cost87,295 — 99,286 — (11,991)87,295 
Investment securities:
Available-for-saleFV - OCI6,534 — 5,640 894 — 6,534 
TradingFV - NI32,167 23,453 5,983 2,731 — 32,167 
Total investment securities38,701 23,453 11,623 3,625 — 38,701 
Mortgage loans:
Loans held by consolidated trusts2,971,601 — 2,331,969 244,045 — 2,576,014 
Loans held by Freddie Mac62,914 — 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 assetsFV - NI5,442 — — 5,445 — 5,445 
Derivative assets, netFV - NI307 — 6,397 2 (6,092)307 
Other assets(5)
Various1,739 — 907 835 — 1,742 
     Total other assets7,488 — 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 Mac166,762 — 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 obligationsAmortized cost5,779 — — 6,016 — 6,016 
Derivative liabilities, netFV - NI758 — 10,823 97 (10,162)758 
Other liabilities(5)
FV - NI20 — 1,025 211 — 1,236 
   Total other liabilities6,557 — 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 June 30, 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, $6.0 billion, and $7.1 billion as of June 30, 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 $2.0 billion as of June 30, 2023, respectively, and $3.1 trillion and $3.0 billion as of December 31, 2022, respectively.

Freddie Mac 2Q 2023 Form 10-Q
92
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 items 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)
June 30, 2023December 31, 2022
(In millions)Fair valueUPBDifferenceFair valueUPBDifference
Mortgage loans held-for-sale$5,712 $5,859 ($147)$3,218 $3,421 ($203)
Mortgage loans held-for-investment1,359 1,566 (207)1,214 1,368 (154)
Debt of Freddie Mac445 441 4 892 881 11 
Debt of consolidated trusts1,068 1,213 (145)1,656 1,833 (177)
Other assets (other liabilities)(26)N/AN/A11 N/AN/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 June 30, 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
2Q 20232Q 2022YTD 2023YTD 2022
(In millions)Gains (Losses) Gains (Losses)
Mortgage loans held-for-sale($127)($273)($123)($949)
Mortgage loans held-for-investment(30)— (4)— 
Debt of Freddie Mac5 (15)19 (26)
Debt of consolidated trusts35 171 — 243 
Other assets/other liabilities(1)(170)54 (206)
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 2Q 2023 Form 10-Q
93
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. The District Court scheduled the trial to begin on October 21, 2024.
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
Freddie Mac 2Q 2023 Form 10-Q
94
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 14

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.
Court rulings have limited the Plaintiffs’ 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 retrial started on July 24, 2023 and is ongoing as of the date hereof. 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 pre-judgment interest, if awarded, would be calculated at a rate of 6%.

Freddie Mac 2Q 2023 Form 10-Q
95
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)June 30, 2023December 31, 2022
Adjusted total assets$3,744 $3,710 
Risk-weighted assets (standardized approach)929 899 
June 30, 2023
AmountsRatios
(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($23)$74 $74 (2.4)%8.0 %8.0 %
CET1 capital(50)42 93 (5.4)4.5 9.9 
Tier 1 capital(36)56 107 (3.9)6.0 11.4 
Adjusted total capital(36)74 125 (3.9)8.0 13.4 
Leverage capital:
Core capital($31)$94 $94 (0.8)%2.5 %2.5 %
Tier 1 capital(36)94 105 (1.0)2.5 2.8 
December 31, 2022
AmountsRatios
(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 2Q 2023 Form 10-Q
96
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 2Q 2023 Form 10-Q
97
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.
OTHER INFORMATION
Amendments to Bylaws
Effective July 11, 2023, our Bylaws were amended to change the duration for which the complete list of stockholders entitled to vote at any meeting of stockholders shall be open to examination by any such stockholder. Previously, the Bylaws provided that the list would be made available for a period of at least 10 days prior to the meeting; the period of such availability is now at least five business days. The amendments also remove the requirement that the stockholders list be kept at the place of the meeting and open to examination throughout the duration of the meeting.
Section 3.10, as amended, is set forth below:
Section 3.10 Stockholders’ List.
(a) A complete list of stockholders entitled to vote at any meeting of stockholders, showing the address of each such stockholder and the number of shares registered in his or her name, shall be open to the examination of any such stockholder, for any purpose germane to the meeting, during ordinary business hours for a period beginning no later than five business days following the delivery of the notice to shareholders pursuant to Section 3.3.(a) and continuing through the last business day before the meeting of stockholders, either at the principal office of the Corporation or at the office of its transfer agent.
(b) If the requirements of this Section have not been substantially complied with, the meeting shall, on the demand of any stockholder in person or by proxy, be adjourned until such requirements are complied with. Refusal or failure to prepare or make available the stockholders’ list shall not affect the validity of action taken at the meeting prior to the making of any such demand, but any action taken by the stockholders after the making of any such demand shall be invalid and of no effect.
A copy of our amended and restated Bylaws is filed as Exhibit 3.1 to this Quarterly Report on Form 10-Q.
Insider Trading Arrangements and Policies
We ceased paying our executive officers and directors stock-based compensation when we entered conservatorship. In addition, the Purchase Agreement prohibits us from issuing any of our equity securities, including as compensation to our directors and executive officers, without the prior written consent of Treasury, and no equity securities, other than the senior preferred stock issued to Treasury, have been issued since we entered conservatorship. Furthermore, company policy prohibits directors and executive officers from engaging in transactions involving our equity securities, except selling company securities owned prior to the implementation of the policy. No executive officer or director adopted or terminated any contract, instruction, or written plan for the purchase or sale of, or any other such trading arrangement for, our securities during 2Q 2023. For more information on executive officer and director compensation and security ownership by our executive officers and directors, see Directors, Corporate Governance, and Executive Officers, Executive Compensation and Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters in our 2022 Annual Report.
EXHIBITS
The exhibits are listed in the Exhibit Index of this Form 10-Q.
Freddie Mac 2Q 2023 Form 10-Q
98
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 June 30, 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 June 30, 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 2Q 2023
We evaluated the changes in our internal control over financial reporting that occurred during 2Q 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 June 30, 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 2Q 2023 have been prepared in conformity with GAAP.
Freddie Mac 2Q 2023 Form 10-Q
99
Exhibit Index

Exhibit Index
ExhibitDescription*
3.1
31.1
31.2
32.1
32.2
101.INSXBRL 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.SCHXBRL Taxonomy Extension Schema
101. CALXBRL Taxonomy Extension Calculation
101.DEFXBRL Taxonomy Extension Definition
101.LABXBRL Taxonomy Label
101. PREXBRL Taxonomy Extension Presentation
104Cover 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 2Q 2023 Form 10-Q
100
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: August 2, 2023
 
By: /s/ Christian M. Lown
 Christian M. Lown
 Executive Vice President and Chief Financial Officer
 (Principal Financial Officer)
Date: August 2, 2023
 


Freddie Mac 2Q 2023 Form 10-Q
101
Form 10-Q Index


Form 10-Q Index
Item NumberPage(s)
PART IFINANCIAL INFORMATION
Item 1.Financial Statements
46 - 96
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
1 - 45
Item 3.Quantitative and Qualitative Disclosures About Market Risk
31 - 33
Item 4.Controls and Procedures
99
PART IIOTHER INFORMATION
Item 1.Legal Proceedings
97
Item 1A.Risk Factors
97
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
97 - 98
Item 5.Other Information
98
Item 6.Exhibits
98
Exhibit Index
100
Signatures
101

Freddie Mac 2Q 2023 Form 10-Q
102

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com