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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2022
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
fmcc-20220331_g1.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 April 12, 2022, 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
n    Introduction
n    Market Conditions and Economic Indicators
n    Consolidated Results of Operations
n    Consolidated Balance Sheets Analysis
n    Our Portfolios
n    Our Business Segments
n    Risk Management
l Credit Risk
l Market Risk
n    Liquidity and Capital Resources
n    Critical Accounting Estimates
n    Regulation and Supervision
n    Forward-Looking Statements
FINANCIAL STATEMENTS
OTHER INFORMATION
CONTROLS AND PROCEDURES
EXHIBIT INDEX
SIGNATURES
FORM 10-Q INDEX

Freddie Mac 1Q 2022 Form 10-Q
i

Table of Contents
MD&A TABLE INDEX
TableDescriptionPage
1Summary of Consolidated Results of Operations
2Components of Net Interest Income
3Analysis of Net Interest Yield
4Components of Guarantee Income
5Investment Gains (Losses), Net
6Benefit (Provision) for Credit Losses
7Components of Legislative Assessments Expense
8Summarized Condensed Consolidated Balance Sheets
9Mortgage Portfolio
10Guarantee Portfolio
11Mortgage-Related Investments Portfolio
12Other Investments Portfolio
13Single-Family Segment Financial Results
14Multifamily Segment Financial Results
15Allowance for Credit Losses Ratios
16Single-Family New Business Activity
17Single-Family Mortgage Portfolio CRT Issuance
18Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
19
Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
20Single-Family Credit Enhancement Receivables
21Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
22Single-Family Mortgage Portfolio Attribute Combinations
23Multifamily Mortgage Portfolio CRT Issuance
24Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
25PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
26Duration Gap and PVS Results
27PVS-L Results Before Derivatives and After Derivatives
28Earnings Sensitivity to Changes in Interest Rates
29Liquidity Sources
30Funding Sources
31Debt of Freddie Mac Activity
32Maturity and Redemption Dates
33Activity for Debt Securities of Consolidated Trusts Held by Third Parties
34Net Worth Activity
35
Capital Metrics Under ERCF
36Forecasted House Price Growth Rates
Freddie Mac 1Q 2022 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, 2021, or 2021 Annual Report.
Throughout this Form 10-Q, we use certain acronyms and terms that are defined in the Glossary of our 2021 Annual Report.
You should read the following MD&A in conjunction with our 2021 Annual Report and our condensed consolidated financial statements and accompanying notes for the three months ended March 31, 2022 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 2021 Annual Report.

Freddie Mac 1Q 2022 Form 10-Q
1

Management's Discussion and AnalysisIntroduction
Business Results
Consolidated Financial Results
Net Revenues and Net Income
(In billions)
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Net Worth
(In billions)
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n    Net income was $3.8 billion for 1Q 2022, an increase of 37% year-over-year. The increase in net income was driven by higher net revenues and a credit reserve release in Single-Family.
n    Net revenues increased 11% year-over-year to $5.8 billion, primarily driven by higher net interest income and higher net investment gains.
n    Net worth was $31.7 billion as of March 31, 2022, up from $28.0 billion as of December 31, 2021. 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 $100.7 billion on March 31, 2022, and will increase to $104.4 billion on June 30, 2022 based on the $3.7 billion increase in net worth in 1Q 2022.
Market Liquidity
                          Market Liquidity
(In thousands)
fmcc-20220331_g4.jpg
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 $223.1 billion in liquidity to the mortgage market in 1Q 2022, which enabled the financing of over 835,000 home purchases, refinancings, and rental units.

Freddie Mac 1Q 2022 Form 10-Q
2

Management's Discussion and AnalysisIntroduction
Mortgage Portfolio Balances

Mortgage Portfolio
(UPB in billions)
fmcc-20220331_g5.jpg
n    Our mortgage portfolio increased 16% year-over-year to $3.3 trillion, driven by a 17% increase in our Single-Family mortgage portfolio and a 5% increase in our Multifamily mortgage portfolio.
l    The growth in our Single-Family mortgage portfolio was primarily driven by continued house price appreciation and strong home purchase activity. Continued house price appreciation contributed to new business acquisitions having a higher average loan size compared to older vintages that continued to run off.
l    The growth in our Multifamily mortgage portfolio was primarily driven by ongoing loan purchase and securitization activity attributable to continued high demand for multifamily financing.
Credit Risk Transfer
Single-Family Mortgage Portfolio with Credit Enhancement
(UPB in billions)
fmcc-20220331_g6.jpg
Multifamily Mortgage Portfolio with Credit Enhancement
(UPB in billions)
fmcc-20220331_g7.jpg
In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various credit enhancement arrangements to reduce our credit risk exposure. We transfer a portion of the credit risk, primarily on recently acquired loans, through our CRT programs. We also reduce our credit risk exposure through other credit enhancement arrangements, mainly primary mortgage insurance. See MD&A - Risk Management Credit Risk for additional information on our credit enhancements and CRT programs.
Freddie Mac 1Q 2022 Form 10-Q
3

Management's Discussion and AnalysisMarket Conditions and Economic Indicators

MARKET CONDITIONS AND ECONOMIC INDICATORS
The following graphs and related discussions present certain market and macroeconomic indicators that can significantly affect our business and financial results.
Interest Rates(1)
Quarterly Ending Ratesfmcc-20220331_g8.jpg
(1) 30-year PMMS interest rates are as of the last week in each quarter. SOFR interest rates are 30-day average rates.

n    The 30-year Primary Mortgage Market Survey (PMMS) interest rate is indicative of what a consumer could expect to be offered on a first-lien prime conventional conforming home purchase mortgage with an LTV of 80%. Increases (decreases) in the PMMS rate typically result in decreases (increases) in refinancing activity and total originations.
n    Changes in benchmark interest rates can significantly affect our financial position and results of operations, including our net interest income and the fair value of our financial instruments. We have elected hedge accounting for certain assets and liabilities in an effort to reduce GAAP earnings variability attributable to changes in benchmark interest rates.

Unemployment Rate and Monthly Net New Jobs
fmcc-20220331_g9.jpgSource: U.S. Bureau of Labor Statistics.
n    Changes in the national unemployment rate can affect several market factors, including the demand for single-family and multifamily housing and loan delinquency rates.
n    The unemployment rate fell to 3.6% as of March 2022, down from 6.0% in March 2021. The labor force participation rate is still below its pre-pandemic levels as many workers have yet to re-enter the labor market after their initial exit.

Freddie Mac 1Q 2022 Form 10-Q
4

Management's Discussion and AnalysisMarket Conditions and Economic Indicators
Single-Family Housing and Mortgage Market Conditions
U.S. Single-Family Home Sales and House Prices
fmcc-20220331_g10.jpgSources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index.

U.S. Single-Family Mortgage Originations
(UPB in billions)
fmcc-20220331_g11.jpg
Source: Inside Mortgage Finance. 1Q 2022 U.S. single-family mortgage originations data is not yet available.
n    Home sales decreased in 1Q 2022. We expect home sales in 2022 to decline compared to 2021 as higher mortgage interest rates and house prices offset the strong demand for housing.
n    Single-family house prices increased 5.0% during 1Q 2022, compared to an increase of 4.3% during 1Q 2021. Although supply constraints could continue to exert pressure on house prices, we expect house price growth to moderate during the remainder of 2022.

















n    U.S. single-family loan origination volumes decreased to $1.1 trillion in 4Q 2021 from $1.3 trillion in 4Q 2020 as a result of higher mortgage interest rates and increasing house prices. We expect total originations to decrease in 2022 primarily due to a decrease in refinance originations driven by higher mortgage interest rates.


Freddie Mac 1Q 2022 Form 10-Q
5

Management's Discussion and AnalysisMarket Conditions and Economic Indicators
Multifamily Housing and Mortgage Market Conditions
Apartment Vacancy Rates and Change in Effective Rents
fmcc-20220331_g12.jpgSource: Reis and Real Capital Analytics.
Apartment Completions and Net Absorption
(Units in thousands)
fmcc-20220331_g13.jpg
Source: For 1Q21 - 4Q21, "Reis National Performance Trends Report." For 1Q22,"Reis 1Q 2022 Construction First Glance." 1Q22 net absorption data is not yet available.
n    Vacancy rates continued to decrease during 1Q 2022. The decrease in vacancy rates was driven by higher demand for rental housing as a result of improving economic conditions, changing migration patterns, and rising home prices.
n    Effective rent growth (i.e., the average rent paid by the renter over the term of the lease, adjusted for concessions by the property owner and costs borne by the renter) was positive at the national level and in most major geographic markets in 1Q 2022, increasing 15.6% over the past year.
n    Multifamily property prices grew 4.2% in 1Q 2022 and 22.4% over the past year, as the overall investment environment remained attractive given the multifamily market's strong performance and its lower sensitivity to inflation relative to most other asset classes.










n    Completions decreased in 1Q 2022 due to supply chain delays and labor shortages.
n    While final unit counts are not yet available, we expect net absorptions to have increased during 1Q 2022 driven by improving economic conditions, pent-up demand, increasing house prices, and rising income levels. We further expect net absorptions to exceed completions for 1Q 2022.





Freddie Mac 1Q 2022 Form 10-Q
6

Management's Discussion and AnalysisMarket Conditions and Economic Indicators
Mortgage Debt Outstanding
Single-Family Mortgage Debt Outstanding
(UPB in billions)
fmcc-20220331_g14.jpgSource: Federal Reserve Financial Accounts of the United States of America. 1Q 2022 U.S. single-family mortgage debt outstanding data is not yet available.
Multifamily Mortgage Debt Outstanding
(UPB in billions)
fmcc-20220331_g15.jpgSource: Federal Reserve Financial Accounts of the United States of America. 1Q 2022 U.S. multifamily mortgage debt outstanding data is not yet available.
n    U.S. single-family mortgage debt outstanding increased year-over-year, primarily driven by house price appreciation and first-time homebuyers, and is expected to continue to increase during 2022. An increase in U.S. single-family mortgage debt outstanding typically results in the growth of our Single-Family mortgage portfolio.














n    Our share of multifamily mortgage debt outstanding increased slightly in 4Q 2021 as we accounted for a larger share of total multifamily mortgage debt origination volume. This growth in our share of debt origination volume was driven by our significant 4Q 2021 new business activity.

Freddie Mac 1Q 2022 Form 10-Q
7

Management's Discussion and AnalysisMarket Conditions and Economic Indicators
Delinquency Rates
Single-Family Serious Delinquency Rates
fmcc-20220331_g16.jpg
Source: National Delinquency Survey from the Mortgage Bankers Association. 1Q 2022 total mortgage market rate is not yet available.

Multifamily Delinquency Rates
fmcc-20220331_g17.jpgSource: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS market, excluding REOs), American Council of Life Insurers (ACLI). The 1Q 2022 delinquency rates for FDIC insured institutions and ACLI investment bulletin are not yet available.
n    Our Single-Family serious delinquency rate is based on the number of loans in our Single-Family mortgage portfolio that are three monthly payments or more past due or in the process of foreclosure.
n    Our Single-Family serious delinquency rate declined quarter-over-quarter and year-over-year, due primarily to borrowers exiting forbearance and completing loan workout activities that return their mortgages to current status.













n    Our Multifamily delinquency rate is based on the UPB of loans in our Multifamily mortgage portfolio that are two monthly payments or more past due or in the process of foreclosure.
n    Our Multifamily delinquency rate returned to pre-pandemic levels and remains low compared to many other market participants.
Freddie Mac 1Q 2022 Form 10-Q
8

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.
The table below compares our summarized consolidated results of operations. Certain amounts in the prior period have been reclassified to conform to the current presentation. See Note 1 for additional information about the prior period reclassifications.
Table 1 - Summary of Consolidated Results of Operations
Change
(Dollars in millions)1Q 20221Q 2021$%
Net interest income
$4,104 $3,639 $465 13 %
Guarantee income70 248 (178)(72)
Investment gains (losses), net
1,513 1,208 305 25 
Other income (loss)
159 178 (19)(11)
Net revenues5,846 5,273 573 11 
Benefit (provision) for credit losses837 196 641 327 
Salaries and employee benefits(356)(344)(12)(3)
Credit enhancement expense(459)(335)(124)(37)
Benefit for (decrease in) credit enhancement recoveries(17)(257)240 93 
Legislative assessments expense(759)(691)(68)(10)
Other expense(341)(361)20 
Non-interest expense(1,932)(1,988)56 3 
Income (loss) before income tax (expense) benefit4,751 3,481 1,270 36 
Income tax (expense) benefit(953)(714)(239)(33)
Net income (loss)3,798 2,767 1,031 37 
Other comprehensive income (loss), net of taxes and reclassification adjustments(120)(389)269 69 
Comprehensive income (loss)$3,678 $2,378 $1,300 55 %
Freddie Mac 1Q 2022 Form 10-Q
9

Management's Discussion and AnalysisConsolidated Results of Operations

Net Revenues
Net Interest Income
The table below presents the components of net interest income.
Table 2 - Components of Net Interest Income
Change
(Dollars in millions)1Q 20221Q 2021$%
Guarantee net interest income:
Contractual net interest income(1)
$3,334 $2,348 $986 42 %
Deferred fee income1,042 1,051 (9)(1)
Total guarantee net interest income4,376 3,399 977 29 
Investments net interest income579 949 (370)(39)
Income (expense) from hedge accounting(851)(709)(142)(20)
Net interest income$4,104 $3,639 $465 13 %
(1)Includes majority of amounts previously presented as net interest income related to the legislated guarantee fees. Prior period amount has been reclassified to conform to the current period presentation.
Key Drivers:
n    Guarantee net interest income
l    1Q 2022 vs. 1Q 2021 - Increased primarily driven by continued mortgage portfolio growth and higher average portfolio guarantee fee rates in Single-Family.
n    Investments net interest income
l    1Q 2022 vs. 1Q 2021 - Decreased primarily due to a decline in the size of the mortgage-related investments portfolio, partially offset by lower funding costs.
n    Income (expense) from hedge accounting
l    1Q 2022 vs. 1Q 2021 - Expense increased primarily due to an unfavorable earnings mismatch on qualifying fair value hedge relationships.


Freddie Mac 1Q 2022 Form 10-Q
10

Management's Discussion and AnalysisConsolidated Results of Operations

Net Interest Yield Analysis
The table below presents a yield analysis of interest-earning assets and interest-bearing liabilities.
Table 3 - Analysis of Net Interest Yield
1Q 20221Q 2021
(Dollars in millions)
Average
Balance
Interest
Income
(Expense)
Average
Rate
Average
Balance
Interest
Income
(Expense)
Average
Rate
Interest-earning assets:
Cash and cash equivalents$15,832 $3 0.07 %$65,143 $3 0.02 %
Securities purchased under agreements to resell88,675 23 0.11 80,281 17 0.08 
Investment securities50,373 384 3.05 56,681 610 4.30 
Mortgage loans(1)
2,901,060 17,310 2.39 2,453,325 13,255 2.16 
Other assets5,534 20 1.40 5,601 17 1.27 
Total interest-earning assets3,061,474 17,740 2.32 2,661,031 13,902 2.09 
Interest-bearing liabilities:
Debt securities of consolidated trusts held by third parties2,836,484 (13,249)(1.87)2,342,060 (9,756)(1.67)
Debt of Freddie Mac182,580 (387)(0.85)274,873 (507)(0.74)
Total interest-bearing liabilities3,019,064 (13,636)(1.81)2,616,933 (10,263)(1.57)
Impact of net non-interest-bearing funding42,410 — 0.03 44,098 — 0.03 
Total funding of interest-earning assets3,061,474 (13,636)(1.78)2,661,031 (10,263)(1.54)
Net interest income/yield$4,104 0.54 %$3,639 0.55 %
(1)Loan fees included in net interest income were $0.5 billion and $1.0 billion during 1Q 2022 and 1Q 2021, respectively.
Guarantee Income
The table below presents the components of guarantee income.
Table 4 - Components of Guarantee Income
Change
(Dollars in millions) 1Q 20221Q 2021$%
Contractual guarantee fees$318 $285 $33 12 %
Guarantee obligation amortization299 272 27 10 
Guarantee asset fair value changes(547)(309)(238)(77)
Guarantee income$70 $248 ($178)(72)%
Key Drivers:
n    1Q 2022 vs. 1Q 2021 - Decreased as continued growth in our Multifamily guarantee portfolio was offset by the impact of rising interest rates on the fair values of our guarantee assets.
Investment Gains (Losses), Net
The table below presents the components of investment gains (losses), net.
Table 5 - Investment Gains (Losses), Net
Change
(Dollars in millions)1Q 20221Q 2021$%
Single-Family$1,252$300$952317 %
Multifamily261 908 (647)(71)
Investment gains (losses), net$1,513 $1,208 $305 25 %

Freddie Mac 1Q 2022 Form 10-Q
11

Management's Discussion and AnalysisConsolidated Results of Operations

Key Drivers:
n    1Q 2022 vs. 1Q 2021 - Increased primarily driven by gains in Single-Family due to mark-to-market gains on commitments to sell guaranteed mortgage-related securities used to economically hedge the securitization pipeline, as spreads on agency mortgage-related securities widened during the quarter. This was partially offset by lower gains in Multifamily due to spread widening and lower initial pricing margins on new loan purchases.
Benefit (Provision) for Credit Losses
The table below presents the components of benefit (provision) for credit losses.
Table 6 - Benefit (Provision) for Credit Losses
Change
(Dollars in millions)1Q 20221Q 2021$%
  Single-Family$831 $146 $685 469 %
  Multifamily50 (44)(88)
Benefit (provision) for credit losses$837 $196 $641 327 %
Key Drivers:
n    1Q 2022 vs. 1Q 2021 - Increased primarily due to observed house price appreciation and higher forecasted house prices.
Non-Interest Expense
Credit Enhancement Expense
Key Drivers:
n    1Q 2022 vs. 1Q 2021 - Increased $124 million primarily due to higher outstanding cumulative volumes of CRT transactions.
Legislative Assessments Expense
Legislative assessments expense relates to the legislated guarantee fees on single-family loans that we are required to remit to Treasury and the affordable housing funds assessment. The legislated guarantee fees relate to the 10 basis point increase in guarantee fees implemented at the direction of FHFA pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 as extended by the Infrastructure Investment and Jobs Act. The affordable housing funds assessment relates to the GSE Act requirement to set aside in each fiscal year an amount equal to 4.2 basis points of each dollar of total new business purchases, and pay such amount to certain housing funds. We are prohibited from passing through the costs of the affordable housing funds assessment to the originators of the loans that we purchase.
The table below presents the components of legislative assessments expense.
Table 7 - Components of Legislative Assessments Expense
Change
(Dollars in millions) 1Q 20221Q 2021$%
Legislated guarantee fees expense($666)($534)($132)(25)%
Affordable housing funds assessment(93)(157)64 41 
Legislative assessments expense($759)($691)($68)(10)%
Key Drivers:
n    1Q 2022 vs. 1Q 2021 - 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 assessment primarily due to lower Single-Family new business activity.
Freddie Mac 1Q 2022 Form 10-Q
12

Management's Discussion and AnalysisConsolidated Balance Sheets Analysis

CONSOLIDATED BALANCE SHEETS ANALYSIS
The table below compares our summarized condensed consolidated balance sheets.
Table 8 - Summarized Condensed Consolidated Balance Sheets
Change
(Dollars in millions)March 31, 2022December 31, 2021$%
Assets:
Cash and cash equivalents$10,526 $10,150 $376 %
Securities purchased under agreements to resell69,617 71,203 (1,586)(2)
Subtotal80,143 81,353 (1,210)(1)
Investment securities, at fair value53,244 53,015 229 — 
Mortgage loans, net2,932,929 2,848,109 84,820 
Accrued interest receivable, net7,675 7,474 201 
Deferred tax assets, net5,865 6,214 (349)(6)
Other assets28,998 29,421 (423)(1)
Total assets$3,108,854 $3,025,586 $83,268 3 %
Liabilities and Equity:
Liabilities:
Accrued interest payable$6,266 $6,268 ($2)— %
Debt3,059,125 2,980,185 78,940 
Other liabilities11,752 11,100 652 
Total liabilities3,077,143 2,997,553 79,590 3 
Total equity31,711 28,033 3,678 13 
Total liabilities and equity$3,108,854 $3,025,586 $83,268 3 %
Key Drivers:
As of March 31, 2022 compared to December 31, 2021:
n    Mortgage loans, net and debt increased primarily due to the increase in the size of the Single-Family mortgage portfolio.



Freddie Mac 1Q 2022 Form 10-Q
13

Management's Discussion and AnalysisOur Portfolios
OUR PORTFOLIOS
Mortgage Portfolio
The table below presents the UPB of our mortgage portfolio by segment.
Table 9 - Mortgage Portfolio
March 31, 2022December 31, 2021
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Securitized mortgage loans:
Held by consolidated trusts$2,804,121$21,424$2,825,545$2,706,514$18,757$2,725,271
Held by nonconsolidated trusts32,082363,472395,55433,340362,627395,967
Total securitized mortgage loans2,836,203 384,896 3,221,099 2,739,854 381,384 3,121,238 
Unsecuritized mortgage loans:
Securitization pipeline and other loans14,553 19,843 34,396 21,189 22,771 43,960 
Seasoned loans23,342 — 23,342 20,594 — 20,594 
Total unsecuritized mortgage loans37,895 19,843 57,738 41,783 22,771 64,554 
Other10,303 10,529 20,832 10,587 10,508 21,095 
Total mortgage portfolio$2,884,401 $415,268 $3,299,669 $2,792,224 $414,663 $3,206,887 
Guarantee Portfolio
The table below presents the UPB of our guarantee portfolio by segment.
Table 10 - Guarantee Portfolio
March 31, 2022December 31, 2021
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Guaranteed mortgage-related securities:
Issued by consolidated trusts$2,833,233 $21,435 $2,854,668 $2,744,899 $18,883 $2,763,782 
Issued by nonconsolidated trusts26,329 319,939 346,268 27,538 318,756 346,294 
Total guaranteed mortgage-related securities2,859,562 341,374 3,200,936 2,772,437 337,639 3,110,076 
Other 10,303 10,529 20,832 10,587 10,508 21,095 
Total guarantee portfolio$2,869,865 $351,903 $3,221,768 $2,783,024 $348,147 $3,131,171 
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 $250 billion, which will be reduced to $225 billion on December 31, 2022. 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 Conservatorship and Related Matters section in our 2021 Annual Report.

Freddie Mac 1Q 2022 Form 10-Q
14

Management's Discussion and AnalysisOur Portfolios
The table below presents the details of our mortgage-related investments portfolio.
Table 11 - Mortgage-Related Investments Portfolio
March 31, 2022December 31, 2021
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Unsecuritized mortgage loans$37,895 $19,843 $57,738 $41,783 $22,771 $64,554 
Mortgage-related securities31,359 3,706 35,065 43,357 3,100 46,457 
Mortgage-related investments portfolio$69,254 $23,549 $92,803 $85,140 $25,871 $111,011 
10% of notional amount of interest-only
securities
$18,536 $12,517 
Mortgage-related investments portfolio for
purposes of Purchase Agreement cap
111,339 123,528 
Other Investments Portfolio
The table below presents the details of our other investments portfolio.
Table 12 - Other Investments Portfolio
March 31, 2022December 31, 2021
(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$9,568 $774 $184 $10,526 $8,455 $1,596 $99 $10,150 
Securities purchased under
agreements to resell
51,262 28,705 910 80,877 43,729 34,000 807 78,536 
Non-mortgage-related securities32,909 — 3,034 35,943 28,078 — 4,695 32,773 
Other assets— — 8,849 8,849 — — 8,194 8,194 
Other investments portfolio$93,739 $29,479 $12,977 $136,195 $80,262 $35,596 $13,795 $129,653 
(1)Represents carrying value.
Freddie Mac 1Q 2022 Form 10-Q
15

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 (Loss)
The graphs below show our net revenues and net income (loss) by segment.
Segment Net Revenues
(In millions)fmcc-20220331_g18.jpg
Segment Net Income (Loss)
(In millions)fmcc-20220331_g19.jpg
Freddie Mac 1Q 2022 Form 10-Q
16

Management's Discussion and Analysis
Our Business Segments | Single-Family
Single-Family
Business Results
The graphs, 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 Guarantee Fee Rate(1) Charged on New Acquisitions
(UPB in billions, guarantee fee rate in bps) fmcc-20220331_g20.jpg
(1)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)
fmcc-20220331_g21.jpg

n    1Q 2022 vs. 1Q 2021
l    Our loan purchase and guarantee activity decreased primarily due to a decrease in refinance volume, driven by an increase in mortgage interest rates, and a decrease in our share of the GSE volume.
l    The average loan size of new acquisitions increased due to a higher conforming loan limit and house price appreciation.


Freddie Mac 1Q 2022 Form 10-Q
17

Management's Discussion and Analysis
Our Business Segments | Single-Family
Single-Family Mortgage Portfolio
Single-Family Mortgage Portfolio and Average Guarantee Fee Rate(1) Charged on Mortgage Portfolio
(UPB in billions, guarantee fee rate in bps) fmcc-20220331_g22.jpg
(1)Guarantee fee rate calculation excludes the legislated guarantee fees. Guarantee fee rate calculation excludes certain loans, the majority of which are held by VIEs that we do not consolidate. The UPB of these loans excluded was $45 billion as of March 31, 2022.

Single-Family Mortgage Loans
(Loan count in millions)fmcc-20220331_g23.jpg
n    Our Single-Family mortgage portfolio grew $426 billion, or 17%, year-over-year, primarily driven by continued house price appreciation and strong home purchase activity. Continued house price appreciation contributed to new business acquisitions having a higher average loan size compared to older vintages that continued to run off.
n    1Q 2022 vs. 1Q 2021 - The average guarantee fee rate charged on our Single-Family mortgage portfolio increased as older vintages with lower charged guarantee fee rates were replaced by acquisitions of new loans with higher charged guarantee fee rates.
Freddie Mac 1Q 2022 Form 10-Q
18

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 graphs below show the issuance amounts associated with CRT transactions for loans in our Single-Family mortgage portfolio.
UPB Covered by New CRT Issuance New CRT Issuance Maximum Coverage
(In billions) (In billions)
fmcc-20220331_g24.jpg
fmcc-20220331_g25.jpg
n    During 1Q 2022 and 1Q 2021, 67% and 61%, respectively, of our Single-Family acquisitions were loans in the targeted population for our CRT transactions (primarily 30-year fixed rate loans with LTV ratios between 60% and 97%).
n    The UPB of mortgage loans covered by CRT transactions issued during 1Q 2022 decreased compared to 1Q 2021 due to a decrease in loan acquisition activity in recent quarters. The related maximum coverage increased as we obtained a higher amount of credit coverage on the recently acquired loans in response to higher capital requirements under the ERCF.
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. See MD&A – Liquidity and Capital Resources - Capital Resources for additional information on ERCF.



Freddie Mac 1Q 2022 Form 10-Q
19

Management's Discussion and Analysis
Our Business Segments | Single-Family
Loss Mitigation Activities
The following graph provides details about the single-family loan workout activities that were completed during the period. The forbearance data included below is limited to loans in forbearance that are past due based on the loans' original contractual terms and excludes both loans for which we do not control servicing and loans included in certain legacy transactions, as the forbearance data for such loans is either not reported to us by the servicers or is otherwise not readily available to us.
Completed Loan Workout Activity
(UPB in billions, number of loan workouts in thousands)
fmcc-20220331_g26.jpg
(1)Other includes repayment plans, loan modifications, 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 quarter, such as forbearance plans that had been initiated but not completed and trial period modifications. There were approximately 49,000 loans in active forbearance plans and 16,000 loans in other active loss mitigation activity as of March 31, 2022.
n    1Q 2022 vs. 1Q 2021 - Our loan workout activity decreased as the overall forbearance population continues to decline.

Freddie Mac 1Q 2022 Form 10-Q
20

Management's Discussion and Analysis
Our Business Segments | Single-Family
Financial Results
The table below presents the components of net income and comprehensive income for our Single-Family segment.
Table 13 - Single-Family Segment Financial Results
Change
(Dollars in millions)1Q 20221Q 2021$%
 Guarantee net interest income$4,277 $3,346 $931 28 %
 Investments net interest income380 671 (291)(43)
 Income (expense) from hedge accounting(851)(709)(142)(20)
   Net interest income3,806 3,308 498 15 
   Non-interest income1,408 541 867 160 
Net revenues5,214 3,849 1,365 35 
Benefit (provision) for credit losses831 146 685 469 
Non-interest expense (1,778)(1,809)31 
Income (loss) before income tax (expense) benefit 4,267 2,186 2,081 95 
Income tax (expense) benefit(856)(448)(408)(91)
Net income (loss)3,411 1,738 1,673 96 
Other comprehensive income (loss), net of taxes and reclassification adjustments(12)(328)316 96 
Comprehensive income (loss)$3,399 $1,410 $1,989 141 %
Key Business Drivers:
n 1Q 2022 vs. 1Q 2021
l    Higher net interest income primarily due to continued mortgage portfolio growth and higher average portfolio guarantee fee rates.
l    Higher non-interest income primarily due to higher net investment gains driven by mark-to-market gains on commitments to sell guaranteed mortgage-related securities used to economically hedge the securitization pipeline, as spreads on agency mortgage-related securities widened during the quarter.
l    Higher benefit for credit losses driven by observed house price appreciation and higher forecasted house prices.
Freddie Mac 1Q 2022 Form 10-Q
21

Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily
Business Results
The graphs, tables, and related discussion below present the business results of our Multifamily segment.
New Business Activity
New Business Activity
(In billions)
fmcc-20220331_g27.jpg
Total Number of Units Financed
(In thousands)fmcc-20220331_g28.jpg
n    As of March 31, 2022, the total multifamily new business activity subject to the FHFA 2022 loan purchase cap of $78 billion was $14.9 billion. Approximately 65% of this activity, based on UPB, was mission-driven, affordable housing, with approximately 31% being affordable to renters at or below 60% of AMI, both currently exceeding FHFA's minimum requirements (50% and 25%, respectively).
n    While our new business activity was slightly higher year-over-year, we have observed increased competition from other market participants, which we expect to continue for the remainder of 2022.
n    Outstanding commitments, including index lock agreements and commitments to purchase or guarantee multifamily assets, were $19.9 billion and $17.7 billion as of March 31, 2022 and March 31, 2021, respectively.

Freddie Mac 1Q 2022 Form 10-Q
22

Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Portfolio

Mortgage Portfolio
(In billions)
fmcc-20220331_g29.jpg
Guarantee Portfolio
(In billions) fmcc-20220331_g30.jpg
n    Our Multifamily mortgage and guarantee portfolios increased slightly as of March 31, 2022 compared to December 31, 2021 primarily due to ongoing loan purchase and securitization activities. We expect continued growth in these portfolios during the remainder of 2022 as purchase and securitization activities are expected to outpace loan payoffs.
n    While the mortgage portfolio increased slightly as of March 31, 2022 compared to December 31, 2021, total portfolio unit count decreased, primarily driven by the impact of portfolio payoffs and higher per unit cost of newly financed multifamily properties as a result of property price appreciation.
n    In addition to our Multifamily mortgage portfolio, we own equity interests in LIHTC fund partnerships with carrying values totaling $2.1 billion and $2.0 billion as of March 31, 2022 and December 31, 2021, respectively.
Freddie Mac 1Q 2022 Form 10-Q
23

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)
fmcc-20220331_g31.jpg
fmcc-20220331_g32.jpg
n    The UPB of mortgage loans covered by CRT transactions and the related maximum coverage provided by those transactions decreased in 1Q 2022 compared to 1Q 2021 due to a smaller securitization pipeline and no new SCR transactions in 1Q 2022.
See MD&A - Risk Management - Multifamily Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for more information on risk transfer transactions and credit enhancements on our Multifamily mortgage portfolio.

Freddie Mac 1Q 2022 Form 10-Q
24

Management's Discussion and Analysis
Our Business Segments | Multifamily

Financial Results
The table below presents the components of net income and comprehensive income for our Multifamily segment.
Table 14 - Multifamily Segment Financial Results
Change
(Dollars in millions)1Q 20221Q 2021$%
Net interest income$298 $331 ($33)(10)%
Guarantee income40 159 (119)(75)
Investment gains (losses), net261 908 (647)(71)
Other income (loss)33 26 27 
Net revenues632 1,424 (792)(56)
Benefit (provision) for credit losses50 (44)(88)
Non-interest expense(154)(179)25 14 
Income (loss) before income tax (expense) benefit484 1,295 (811)(63)
Income tax (expense) benefit(97)(266)169 64