10-K 1 fmcc-20231231.htm 10-K fmcc-20231231
00010262142023FYfalseX100010262142023-01-012023-12-310001026214us-gaap:CommonStockMember2023-01-012023-12-310001026214fmcc:NumberOneClassYear1996VariableRateMember2023-01-012023-12-310001026214fmcc:NumberThreeClassPercent5Member2023-01-012023-12-310001026214fmcc:NumberFourClassYear1998VariableRateMember2023-01-012023-12-310001026214fmcc:NumberFiveClassPercent5Point10Member2023-01-012023-12-310001026214fmcc:NumberEightClassPercent5Point79Member2023-01-012023-12-310001026214fmcc:NumberNineClassYear1999VariableRateMember2023-01-012023-12-310001026214fmcc:NumberTenClassYear2001VariableRateMember2023-01-012023-12-310001026214fmcc:NumberElevenClassYear2001VariableRateMember2023-01-012023-12-310001026214fmcc:NumberTwelveClassPercent5Point81Member2023-01-012023-12-310001026214fmcc:NumberThirteenClassPercent6Member2023-01-012023-12-310001026214fmcc:NumberFourteenClassYear2001VariableRateMember2023-01-012023-12-310001026214fmcc:NumberFifteenClassPercent5Point70Member2023-01-012023-12-310001026214fmcc:NumberSeventeenClassYear2006VariableRateMember2023-01-012023-12-310001026214fmcc:NumberEighteenClassPercent6Point42Member2023-01-012023-12-310001026214fmcc:NumberNineteenClassPercent5Point9Member2023-01-012023-12-310001026214fmcc:NumberTwentyClassPercent5Point57Member2023-01-012023-12-310001026214fmcc:NumberTwentyOneClassPercent5Point66Member2023-01-012023-12-310001026214fmcc:NumberTwentyTwoClassPercent6Point02Member2023-01-012023-12-310001026214fmcc:NumberTwentyThreeClassPercent6Point55Member2023-01-012023-12-310001026214fmcc:NumberTwentyFourClassYear2007FixedToFloatingRateMember2023-01-012023-12-3100010262142023-06-30iso4217:USD00010262142024-01-31xbrli:shares00010262142022-01-012022-12-3100010262142021-01-012021-12-31iso4217:USDxbrli:shares00010262142023-12-3100010262142022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214fmcc:SeniorPreferredStockMember2020-12-310001026214us-gaap:PreferredStockMember2020-12-310001026214fmcc:CommonStockOutstandingMember2020-12-310001026214us-gaap:RetainedEarningsMember2020-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001026214us-gaap:TreasuryStockCommonMember2020-12-3100010262142020-12-310001026214us-gaap:RetainedEarningsMember2021-01-012021-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310001026214fmcc:SeniorPreferredStockMember2021-12-310001026214us-gaap:PreferredStockMember2021-12-310001026214fmcc:CommonStockOutstandingMember2021-12-310001026214us-gaap:RetainedEarningsMember2021-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001026214us-gaap:TreasuryStockCommonMember2021-12-3100010262142021-12-310001026214us-gaap:RetainedEarningsMember2022-01-012022-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310001026214fmcc:SeniorPreferredStockMember2022-12-310001026214us-gaap:PreferredStockMember2022-12-310001026214fmcc:CommonStockOutstandingMember2022-12-310001026214us-gaap:RetainedEarningsMember2022-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001026214us-gaap:TreasuryStockCommonMember2022-12-310001026214us-gaap:RetainedEarningsMember2023-01-012023-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310001026214fmcc:SeniorPreferredStockMember2023-12-310001026214us-gaap:PreferredStockMember2023-12-310001026214fmcc:CommonStockOutstandingMember2023-12-310001026214us-gaap:RetainedEarningsMember2023-12-310001026214us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001026214us-gaap:TreasuryStockCommonMember2023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-12-310001026214srt:ParentCompanyMember2023-01-012023-12-310001026214srt:ParentCompanyMember2022-01-012022-12-310001026214srt:ParentCompanyMember2021-01-012021-12-310001026214fmcc:SeniorPreferredStockMember2008-09-072008-09-0800010262142008-09-08xbrli:pure00010262142017-12-310001026214us-gaap:SubsequentEventMember2024-03-310001026214fmcc:SeniorPreferredStockMember2012-01-012012-12-3100010262142022-06-3000010262142023-01-0100010262142022-01-010001026214us-gaap:GovernmentMember2023-01-012023-12-310001026214us-gaap:GovernmentMember2021-01-012021-12-310001026214us-gaap:GovernmentMember2022-01-012022-12-3100010262142014-10-012023-12-310001026214fmcc:CSSMember2023-12-310001026214fmcc:CSSMember2022-12-310001026214fmcc:Level1SecuritizationproductsMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-12-310001026214fmcc:Level1SecuritizationproductsMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214fmcc:OtherSecuritizationProductMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-12-310001026214fmcc:OtherSecuritizationProductMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214fmcc:Multifamily55DayPCsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2023-12-310001026214fmcc:Multifamily55DayPCsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2022-12-310001026214fmcc:OtherSecuritizationTrustMemberfmcc:OtherSecuritizationProductMemberfmcc:MultifamilySegmentMember2023-12-310001026214fmcc:OtherSecuritizationTrustMemberfmcc:OtherSecuritizationProductMemberfmcc:MultifamilySegmentMember2022-12-310001026214fmcc:WIkdealcertificatesMemberfmcc:MultifamilySegmentMember2023-01-012023-12-310001026214fmcc:WIkdealcertificatesMemberfmcc:MultifamilySegmentMember2022-01-012022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:WIkdealcertificatesMemberfmcc:MultifamilySegmentMember2023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:WIkdealcertificatesMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMemberfmcc:FannieMaeSecuritiesBackingFreddieMacResecuritizationTrustMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:StructuredFinanceMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-12-310001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMemberus-gaap:StructuredFinanceMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:OtherSecuritizationProductMember2023-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMemberfmcc:FannieMaeSecuritiesBackingFreddieMacResecuritizationTrustMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMemberus-gaap:StructuredFinanceMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMemberus-gaap:StructuredFinanceMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberfmcc:OtherSecuritizationProductMember2022-12-310001026214us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310001026214srt:SingleFamilyMember2023-12-310001026214srt:MultifamilyMember2023-12-310001026214srt:SingleFamilyMember2022-12-310001026214srt:MultifamilyMember2022-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2023-01-012023-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2022-01-012022-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2021-01-012021-12-310001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2023-01-012023-12-310001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2022-01-012022-12-310001026214srt:SingleFamilyMemberfmcc:HeldforSaleMember2021-01-012021-12-310001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2023-01-012023-12-310001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2022-01-012022-12-310001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2021-01-012021-12-310001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2023-01-012023-12-310001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2022-01-012022-12-310001026214srt:MultifamilyMemberfmcc:HeldforSaleMember2021-01-012021-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:SingleFamilyAdjustableRateMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateMember2023-01-012023-12-310001026214srt:SingleFamilyMember2023-01-012023-12-310001026214srt:MultifamilyMember2023-01-012023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2021-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMember2021-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:SingleFamilyAdjustableRateMember2021-12-310001026214fmcc:SingleFamilyAdjustableRateMember2022-01-012022-12-310001026214srt:SingleFamilyMember2021-12-310001026214srt:SingleFamilyMember2022-01-012022-12-310001026214srt:MultifamilyMember2021-12-310001026214srt:MultifamilyMember2022-01-012022-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214us-gaap:LtvLessThan80PercentMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatio80To90PercentMember2023-12-310001026214fmcc:DebtToValueRatio90To100PercentMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214fmcc:GreaterThan100LoanToValueRatioMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214us-gaap:LtvLessThan80PercentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214fmcc:DebtToValueRatio80To90PercentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214fmcc:DebtToValueRatio90To100PercentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214fmcc:GreaterThan100LoanToValueRatioMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214us-gaap:LtvLessThan80PercentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214fmcc:DebtToValueRatio80To90PercentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214fmcc:DebtToValueRatio90To100PercentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214fmcc:GreaterThan100LoanToValueRatioMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2023-01-012023-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:LtvLessThan80PercentMembersrt:SingleFamilyMember2023-12-310001026214srt:SingleFamilyMemberfmcc:DebtToValueRatio80To90PercentMember2023-12-310001026214fmcc:DebtToValueRatio90To100PercentMembersrt:SingleFamilyMember2023-12-310001026214fmcc:GreaterThan100LoanToValueRatioMembersrt:SingleFamilyMember2023-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214us-gaap:LtvLessThan80PercentMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:DebtToValueRatio80To90PercentMember2022-12-310001026214fmcc:DebtToValueRatio90To100PercentMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214fmcc:GreaterThan100LoanToValueRatioMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214us-gaap:LtvLessThan80PercentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:DebtToValueRatio80To90PercentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:DebtToValueRatio90To100PercentMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:GreaterThan100LoanToValueRatioMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214us-gaap:LtvLessThan80PercentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc:DebtToValueRatio80To90PercentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc:DebtToValueRatio90To100PercentMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc:GreaterThan100LoanToValueRatioMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc:DebtToValueRatioLessThan60PerentMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:LtvLessThan80PercentMembersrt:SingleFamilyMember2022-12-310001026214srt:SingleFamilyMemberfmcc:DebtToValueRatio80To90PercentMember2022-12-310001026214fmcc:DebtToValueRatio90To100PercentMembersrt:SingleFamilyMember2022-12-310001026214fmcc:GreaterThan100LoanToValueRatioMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:PassMembersrt:MultifamilyMember2023-12-310001026214us-gaap:SpecialMentionMembersrt:MultifamilyMember2023-12-310001026214us-gaap:SubstandardMembersrt:MultifamilyMember2023-12-310001026214us-gaap:DoubtfulMembersrt:MultifamilyMember2023-12-310001026214us-gaap:PassMembersrt:MultifamilyMember2022-12-310001026214us-gaap:SpecialMentionMembersrt:MultifamilyMember2022-12-310001026214us-gaap:SubstandardMembersrt:MultifamilyMember2022-12-310001026214us-gaap:DoubtfulMembersrt:MultifamilyMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamily15YearAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamily15YearAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamily15YearAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamilyAdjustableRateMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMembersrt:MultifamilyMember2023-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:MultifamilyMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:MultifamilyMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:MultifamilyMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMember2023-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamily15YearAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamily15YearAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily15YearAmortizingFixedRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamily15YearAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMemberfmcc:SingleFamilyAdjustableRateMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMembersrt:MultifamilyMember2022-12-310001026214us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:MultifamilyMember2022-12-310001026214us-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:PaymentDelayMember2023-01-012023-12-310001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:PaymentDelayMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-01-012023-12-310001026214fmcc:PaymentDelayMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-01-012023-12-310001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-01-012023-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-01-012023-12-310001026214srt:SingleFamilyMemberfmcc:PaymentDelayMember2023-01-012023-12-310001026214fmcc:PaymentDelayAndTermExtensionMembersrt:SingleFamilyMember2023-01-012023-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMembersrt:SingleFamilyMember2023-01-012023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberfmcc:PaymentDelayMember2022-01-012022-12-310001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:PaymentDelayMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-01-012022-12-310001026214fmcc:PaymentDelayMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-01-012022-12-310001026214fmcc:PaymentDelayAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-01-012022-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-01-012022-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMember2022-01-012022-12-310001026214srt:SingleFamilyMemberfmcc:PaymentDelayMember2022-01-012022-12-310001026214fmcc:PaymentDelayAndTermExtensionMembersrt:SingleFamilyMember2022-01-012022-12-310001026214fmcc:PaymentDelayInterestRateReductionAndTermExtensionMembersrt:SingleFamilyMember2022-01-012022-12-31utr:Rate0001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2023-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateAndOtherMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2023-12-310001026214srt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001026214srt:SingleFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:SingleFamilyMember2023-12-310001026214srt:SingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214fmcc:SingleFamily15YearOrLessAmortizingFixedRateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310001026214us-gaap:FinancingReceivables60To89DaysPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfmcc:SingleFamily15YearOrLessAmortizingFixedRateMember2022-12-310001026214us-gaap:FinancialAssetNotPastDueMemberfmcc:SingleFamilyAdjustableRateAndOtherMember2022-12-310001026214fmcc: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:SingleFamilyMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001026214srt:SingleFamilyMember2021-01-012021-12-310001026214fmcc:SingleFamily20And30YearOrMoreAmortizingFixedRateMember2021-01-012021-12-31fmcc:loan0001026214fmcc:SingleFamily15YearAmortizingFixedRateMember2021-01-012021-12-310001026214fmcc:SingleFamilyAdjustableRateMember2021-01-012021-12-310001026214srt:MultifamilyMember2021-01-012021-12-310001026214us-gaap:FinancialGuaranteeMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:FinancialGuaranteeMembersrt:SingleFamilyMember2023-01-012023-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2023-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2023-01-012023-12-310001026214us-gaap:FinancialGuaranteeMembersrt:MultifamilyMember2023-12-310001026214us-gaap:FinancialGuaranteeMembersrt:MultifamilyMember2023-01-012023-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:MultifamilyMember2023-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:MultifamilyMember2023-01-012023-12-310001026214fmcc:FannieMaeSecuritiesBackingFreddieMacResecuritizationTrustMember2023-12-310001026214fmcc:FannieMaeSecuritiesBackingFreddieMacResecuritizationTrustMember2023-01-012023-12-310001026214us-gaap:PaymentGuaranteeMember2023-12-310001026214us-gaap:PaymentGuaranteeMember2023-01-012023-12-310001026214us-gaap:FinancialGuaranteeMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:FinancialGuaranteeMembersrt:SingleFamilyMember2022-01-012022-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2022-12-310001026214us-gaap:GuaranteeTypeOtherMembersrt:SingleFamilyMember2022-01-012022-12-310001026214us-gaap:FinancialGuaranteeMembersrt:MultifamilyMember2022-12-310001026214us-gaap:FinancialGuaranteeMembersrt:MultifamilyMember2022-01-012022-12-310001026214us-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:CRTRelatedDerivativesMember2023-12-310001026214fmcc:CRTRelatedDerivativesMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:AllowanceForCreditLossMember2022-12-310001026214srt:MultifamilyMemberus-gaap:AllowanceForCreditLossMember2022-12-310001026214us-gaap:AllowanceForCreditLossMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:AllowanceForCreditLossMember2021-12-310001026214srt:MultifamilyMemberus-gaap:AllowanceForCreditLossMember2021-12-310001026214us-gaap:AllowanceForCreditLossMember2021-12-310001026214srt:SingleFamilyMemberus-gaap:AllowanceForCreditLossMember2020-12-310001026214srt:MultifamilyMemberus-gaap:AllowanceForCreditLossMember2020-12-310001026214us-gaap:AllowanceForCreditLossMember2020-12-310001026214srt:SingleFamilyMemberus-gaap:AllowanceForCreditLossMember2023-01-012023-12-310001026214srt:MultifamilyMemberus-gaap:AllowanceForCreditLossMember2023-01-012023-12-310001026214us-gaap:AllowanceForCreditLossMember2023-01-012023-12-310001026214srt:SingleFamilyMemberus-gaap:AllowanceForCreditLossMember2022-01-012022-12-310001026214srt:MultifamilyMemberus-gaap:AllowanceForCreditLossMember2022-01-012022-12-310001026214us-gaap:AllowanceForCreditLossMember2022-01-012022-12-310001026214srt:SingleFamilyMemberus-gaap:AllowanceForCreditLossMember2021-01-012021-12-310001026214srt:MultifamilyMemberus-gaap:AllowanceForCreditLossMember2021-01-012021-12-310001026214us-gaap:AllowanceForCreditLossMember2021-01-012021-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2023-12-310001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2023-12-310001026214fmcc:HeldforInvestmentMember2023-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2022-12-310001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2022-12-310001026214fmcc:HeldforInvestmentMember2022-12-310001026214fmcc:HeldforInvestmentMembersrt:SingleFamilyMember2021-12-310001026214fmcc:HeldforInvestmentMembersrt:MultifamilyMember2021-12-310001026214fmcc:HeldforInvestmentMember2021-12-310001026214fmcc:OtherAllowanceForCreditLossesMembersrt:SingleFamilyMember2023-12-310001026214fmcc:OtherAllowanceForCreditLossesMembersrt:MultifamilyMember2023-12-310001026214fmcc:OtherAllowanceForCreditLossesMember2023-12-310001026214fmcc:OtherAllowanceForCreditLossesMembersrt:SingleFamilyMember2022-12-310001026214fmcc:OtherAllowanceForCreditLossesMembersrt:MultifamilyMember2022-12-310001026214fmcc:OtherAllowanceForCreditLossesMember2022-12-310001026214fmcc:OtherAllowanceForCreditLossesMembersrt:SingleFamilyMember2021-12-310001026214fmcc:OtherAllowanceForCreditLossesMembersrt:MultifamilyMember2021-12-310001026214fmcc:OtherAllowanceForCreditLossesMember2021-12-310001026214us-gaap:MortgageBackedSecuritiesMember2023-12-310001026214us-gaap:MortgageBackedSecuritiesMember2022-12-310001026214fmcc:NonMortgageRelatedSecuritiesMember2023-12-310001026214fmcc:NonMortgageRelatedSecuritiesMember2022-12-310001026214us-gaap:AgencySecuritiesMember2023-12-310001026214fmcc:NonAgencyAndOtherMember2023-12-310001026214us-gaap:AgencySecuritiesMember2022-12-310001026214fmcc:NonAgencyAndOtherMember2022-12-31fmcc:security0001026214srt:ParentCompanyMember2023-12-310001026214srt:ParentCompanyMember2022-12-310001026214fmcc:Singlefamily20And30YearOrMoreFixedRateMembersrt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001026214fmcc:Singlefamily20And30YearOrMoreFixedRateMembersrt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:SingleFamily15YearOrLessFixedRateMember2023-12-310001026214srt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberfmcc:SingleFamily15YearOrLessFixedRateMember2022-12-310001026214fmcc:SingleFamilyAdjustableRateMembersrt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001026214fmcc:SingleFamilyAdjustableRateMembersrt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214srt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001026214srt:SingleFamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MultifamilyMember2023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MultifamilyMember2022-12-310001026214srt:ParentCompanyMemberfmcc:ReferenceBillsSecuritesAndDiscountNotesMember2023-12-310001026214srt:ParentCompanyMemberfmcc:ReferenceBillsSecuritesAndDiscountNotesMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:MediumTermNotesMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:MediumTermNotesMember2022-12-310001026214srt:ParentCompanyMemberfmcc:CallableMediumTermNotesMemberfmcc:FixedRateMember2023-12-310001026214srt:ParentCompanyMemberfmcc:CallableMediumTermNotesMemberfmcc:FixedRateMember2022-12-310001026214srt:ParentCompanyMemberfmcc:FixedRateMemberfmcc:NonCallableMediumTermNotesMember2023-12-310001026214srt:ParentCompanyMemberfmcc:FixedRateMemberfmcc:NonCallableMediumTermNotesMember2022-12-310001026214srt:ParentCompanyMemberfmcc:NonCallableUsDollarReferenceNotesSecuritiesMemberfmcc:FixedRateMember2023-12-310001026214srt:ParentCompanyMemberfmcc:NonCallableUsDollarReferenceNotesSecuritiesMemberfmcc:FixedRateMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:StructuredFinanceMemberfmcc:FixedRateMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:StructuredFinanceMemberfmcc:FixedRateMember2022-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberfmcc:CallableMediumTermNotesMember2023-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberfmcc:CallableMediumTermNotesMember2022-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberfmcc:NonCallableMediumTermNotesMember2023-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberfmcc:NonCallableMediumTermNotesMember2022-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberus-gaap:StructuredFinanceMember2023-12-310001026214srt:ParentCompanyMemberfmcc:VariableRateMemberus-gaap:StructuredFinanceMember2022-12-310001026214fmcc:ZeroCouponMembersrt:ParentCompanyMemberfmcc:NonCallableMediumTermNotesMember2023-12-310001026214fmcc:ZeroCouponMembersrt:ParentCompanyMemberfmcc:NonCallableMediumTermNotesMember2022-12-310001026214srt:ParentCompanyMemberfmcc:OtherMember2023-12-310001026214srt:ParentCompanyMemberfmcc:OtherMember2022-12-310001026214srt:ParentCompanyMemberfmcc:HedgingRelatedBasisAdjustmentMember2023-12-310001026214srt:ParentCompanyMemberfmcc:HedgingRelatedBasisAdjustmentMember2022-12-310001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214fmcc:WrittenOptionMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMember2023-12-310001026214fmcc:WrittenOptionMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMember2022-12-310001026214fmcc:PurchasedOptionsMemberus-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214fmcc:PurchasedOptionsMemberus-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:FutureMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214us-gaap:FutureMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:NondesignatedMember2023-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:NondesignatedMember2022-12-310001026214fmcc:CommitmentMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214fmcc:CommitmentMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214fmcc:CreditrisktransferMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214fmcc:CreditrisktransferMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:OtherContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214us-gaap:OtherContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214us-gaap:SwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001026214us-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001026214us-gaap:SwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001026214us-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001026214us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001026214us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001026214us-gaap:CreditDefaultSwaptionMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001026214us-gaap:CreditDefaultSwaptionMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001026214fmcc:SPEquivalentInvestmentGradeRatingMemberfmcc:NetuncollateralizedexposuretoderivativecounterpartiesMemberus-gaap:OverTheCounterMember2023-12-31fmcc:counterparty0001026214us-gaap:OverTheCounterMember2023-12-310001026214us-gaap:OverTheCounterMember2022-12-310001026214fmcc:ExchangeTradedAndClearedMember2023-12-310001026214fmcc:ExchangeTradedAndClearedMember2022-12-310001026214fmcc:CommitmentMember2023-12-310001026214fmcc:CommitmentMember2022-12-310001026214us-gaap:OtherContractMember2023-12-310001026214us-gaap:OtherContractMember2022-12-310001026214us-gaap:SwapMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214us-gaap:SwapMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214us-gaap:SwapMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214fmcc:WrittenOptionMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMember2023-01-012023-12-310001026214fmcc:WrittenOptionMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMember2022-01-012022-12-310001026214fmcc:WrittenOptionMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMember2021-01-012021-12-310001026214fmcc:PurchasedOptionsMemberus-gaap:LongMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214fmcc:PurchasedOptionsMemberus-gaap:LongMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214fmcc:PurchasedOptionsMemberus-gaap:LongMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214us-gaap:FutureMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214us-gaap:FutureMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214us-gaap:FutureMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214us-gaap:InterestRateSwapMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214us-gaap:InterestRateSwapMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214us-gaap:InterestRateSwapMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214fmcc:CommitmentMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214fmcc:CommitmentMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214fmcc:CommitmentMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214fmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CRTRelatedDerivativesMember2023-01-012023-12-310001026214fmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CRTRelatedDerivativesMember2022-01-012022-12-310001026214fmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberfmcc:CRTRelatedDerivativesMember2021-01-012021-12-310001026214us-gaap:OtherContractMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214us-gaap:OtherContractMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214us-gaap:OtherContractMemberfmcc:DerivativeGainsLossesExcludingAccrualOfPeriodicSettlementsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-12-310001026214us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2023-01-012023-12-310001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2022-01-012022-12-310001026214us-gaap:InterestIncomeMemberfmcc:InterestrateriskonheldforinvestmentmortgageloanMember2021-01-012021-12-310001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2023-01-012023-12-310001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2022-01-012022-12-310001026214us-gaap:InterestExpenseMemberfmcc:InterestrateriskondebtMemberMember2021-01-012021-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2023-12-310001026214fmcc:MortgageLoansHeldForSaleMember2023-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2022-12-310001026214fmcc:MortgageLoansHeldForSaleMember2022-12-310001026214us-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember2023-12-310001026214us-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember2022-12-310001026214us-gaap:MaturityOvernightAndOnDemandMemberus-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:MaturityUpTo30DaysMember2023-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:Maturity30To90DaysMember2023-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:MaturityOver90DaysMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:MaturityOvernightAndOnDemandMemberus-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:MaturityUpTo30DaysMember2022-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:Maturity30To90DaysMember2022-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:MaturityOver90DaysMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:USTreasurySecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:NotesPayableOtherPayablesMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:NotesReceivableMemberus-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:NotesReceivableMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001026214us-gaap:NotesPayableOtherPayablesMemberus-gaap:NotesReceivableMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:NotesReceivableMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001026214us-gaap:NotesPayableOtherPayablesMemberus-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:NotesPayableOtherPayablesMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214fmcc:TradingsecuritiesMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:NotesReceivableMemberus-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:NotesReceivableMemberus-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-12-310001026214us-gaap:NotesPayableOtherPayablesMemberus-gaap:NotesReceivableMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:NotesReceivableMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:DerivativeMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-12-310001026214us-gaap:NotesPayableOtherPayablesMemberus-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214us-gaap:AssetPledgedAsCollateralWithRightMember2022-12-310001026214fmcc:SeniorPreferredStockMember2023-12-310001026214fmcc:SeniorPreferredStockMember2008-09-080001026214fmcc:SeniorPreferredStockMember2008-12-310001026214fmcc:SeniorPreferredStockMember2017-12-310001026214fmcc:SeniorPreferredStockMember2019-12-310001026214fmcc:SeniorPreferredStockMember2020-12-310001026214fmcc:SeniorPreferredStockMember2021-12-310001026214fmcc:SeniorPreferredStockMember2022-12-310001026214fmcc:SeniorPreferredStockMember2008-01-012008-12-310001026214fmcc:SeniorPreferredStockMember2009-01-012009-12-310001026214fmcc:SeniorPreferredStockMember2010-01-012010-12-310001026214fmcc:SeniorPreferredStockMember2011-01-012011-12-310001026214fmcc:SeniorPreferredStockMember2018-01-012018-12-310001026214fmcc:SeniorPreferredStockMember2023-01-012023-12-310001026214fmcc:NumberOneClassYear1996VariableRateMember2023-12-310001026214fmcc:NumberTwoClassPercent5Point81Member2023-01-012023-12-310001026214fmcc:NumberTwoClassPercent5Point81Member2023-12-310001026214fmcc:NumberThreeClassPercent5Member2023-12-310001026214fmcc:NumberFourClassYear1998VariableRateMember2023-12-310001026214fmcc:NumberFiveClassPercent5Point10Member2023-12-310001026214fmcc:NumberSixClassPercent5Point30Member2023-01-012023-12-310001026214fmcc:NumberSixClassPercent5Point30Member2023-12-310001026214fmcc:NumberSevenClassPercent5Point10Member2023-01-012023-12-310001026214fmcc:NumberSevenClassPercent5Point10Member2023-12-310001026214fmcc:NumberEightClassPercent5Point79Member2023-12-310001026214fmcc:NumberNineClassYear1999VariableRateMember2023-12-310001026214fmcc:NumberTenClassYear2001VariableRateMember2023-12-310001026214fmcc:NumberElevenClassYear2001VariableRateMember2023-12-310001026214fmcc:NumberTwelveClassPercent5Point81Member2023-12-310001026214fmcc:NumberThirteenClassPercent6Member2023-12-310001026214fmcc:NumberFourteenClassYear2001VariableRateMember2023-12-310001026214fmcc:NumberFifteenClassPercent5Point70Member2023-12-310001026214fmcc:NumberSixteenClassPercent5Point81Member2023-01-012023-12-310001026214fmcc:NumberSixteenClassPercent5Point81Member2023-12-310001026214fmcc:NumberSeventeenClassYear2006VariableRateMember2023-12-310001026214fmcc:NumberEighteenClassPercent6Point42Member2023-12-310001026214fmcc:NumberNineteenClassPercent5Point9Member2023-12-310001026214fmcc:NumberTwentyClassPercent5Point57Member2023-12-310001026214fmcc:NumberTwentyOneClassPercent5Point66Member2023-12-310001026214fmcc:NumberTwentyTwoClassPercent6Point02Member2023-12-310001026214fmcc:NumberTwentyThreeClassPercent6Point55Member2023-12-310001026214fmcc:NumberTwentyFourClassYear2007FixedToFloatingRateMember2023-12-310001026214us-gaap:PreferredStockMember2023-12-310001026214fmcc:NumberOneClassYear1996VariableRateMembersrt:MaximumMember2023-01-012023-12-310001026214fmcc:NumberFourClassYear1998VariableRateMembersrt:MaximumMember2023-01-012023-12-310001026214srt:MaximumMemberfmcc:NumberNineClassYear1999VariableRateMember2023-01-012023-12-310001026214fmcc:NumberTenClassYear2001VariableRateMembersrt:MaximumMember2023-01-012023-12-310001026214fmcc:NumberElevenClassYear2001VariableRateMembersrt:MaximumMember2023-01-012023-12-310001026214fmcc:NumberSeventeenClassYear2006VariableRateMembersrt:MinimumMember2023-01-012023-12-310001026214fmcc:NumberTwentyFourClassYear2007FixedToFloatingRateMember2012-01-012012-12-310001026214fmcc:NumberTwentyFourClassYear2007FixedToFloatingRateMembersrt:MaximumMember2023-01-012023-12-310001026214us-gaap:RestrictedStockUnitsRSUMember2023-12-310001026214us-gaap:RestrictedStockMember2023-12-310001026214us-gaap:RestrictedStockMember2022-12-3100010262142010-07-080001026214us-gaap:OperatingSegmentsMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-01-012023-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2023-01-012023-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-01-012022-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2022-01-012022-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:SingleFamilyGuaranteeSegmentMember2021-01-012021-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2021-01-012021-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:SingleFamilyGuaranteeSegmentMember2023-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:SingleFamilyGuaranteeSegmentMember2022-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2023-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:MultifamilySegmentMember2022-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:OperatingSegmentsAndCorporateNonSegmentMember2023-12-310001026214us-gaap:OperatingSegmentsMemberfmcc:OperatingSegmentsAndCorporateNonSegmentMember2022-12-310001026214us-gaap:MaterialReconcilingItemsMember2023-12-310001026214us-gaap:MaterialReconcilingItemsMember2022-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:WestMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:WestMember2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:NortheastMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:NortheastMember2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:SoutheastMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:SoutheastMember2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:SouthwestMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:SouthwestMember2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:NorthCentralMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:NorthCentralMember2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberstpr:CAus-gaap:GeographicConcentrationRiskMember2023-12-310001026214stpr:CA2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberstpr:TXus-gaap:GeographicConcentrationRiskMember2023-12-310001026214stpr:TX2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberstpr:FLus-gaap:GeographicConcentrationRiskMember2023-12-310001026214stpr:FL2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberstpr:NYus-gaap:GeographicConcentrationRiskMember2023-12-310001026214stpr:NY2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberstpr:ILus-gaap:GeographicConcentrationRiskMember2023-12-310001026214stpr:IL2023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:AllOtherStatesMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:AllOtherStatesMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:WestMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:NortheastMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:SouthwestMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:SoutheastMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:NorthCentralMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberstpr:CAus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberstpr:TXus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberstpr:FLus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberstpr:NYus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberstpr:GAus-gaap:GeographicConcentrationRiskMember2023-12-310001026214stpr:GA2023-12-310001026214fmcc:MultifamilyUnpaidPrincipalBalanceMemberfmcc:AllOtherStatesMemberus-gaap:GeographicConcentrationRiskMember2023-12-310001026214fmcc:TopTenSinglefamilySellerServicersMemberfmcc:SingleFamilyTop10SellersMemberfmcc:SingleFamilyLoanPurchaseVolumeMember2023-01-012023-12-310001026214fmcc:TopTenSinglefamilySellerServicersMemberfmcc:SingleFamilyLoanPurchaseVolumeMember2023-01-012023-12-310001026214fmcc:TopSingleFamilyNonDepositorySellerMemberfmcc:FiveLargestNonDepositorySellersMemberfmcc:SingleFamilyLoanPurchaseVolumeMember2023-01-012023-12-310001026214fmcc:SellerservicersMember2023-12-310001026214fmcc:SellerservicersMember2023-01-012023-12-310001026214fmcc:SingleFamilyLoanServicedMemberfmcc:SingleFamilyServicersMemberfmcc:TopTenSinglefamilySellerServicersMember2023-01-012023-12-310001026214fmcc:SingleFamilyUnpaidPrincipalBalanceMemberfmcc:TopSingleFamilyNonDepositoryServicersMemberfmcc:TopSingleFamilyNonDepositoryServicersMember2023-01-012023-12-310001026214fmcc:MultifamilySellersMemberfmcc:MultifamilyLoanPurchaseVolumeMemberfmcc:TopTenMultifamilySellerServicersMember2023-01-012023-12-310001026214fmcc:MultifamilyServicersMemberfmcc:MultifamilyLoanServicedMemberfmcc:TopTenMultifamilySellerServicersMember2023-01-012023-12-310001026214fmcc:MortgageInsurersMember2023-12-310001026214fmcc:MortgageGuarantyInsuranceCorporationMemberfmcc:MortgageInsurerCounterpartyMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:ArchMortgageInsuranceCompanyMemberfmcc:MortgageInsurerCounterpartyMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:RadianGuarantyInc.Memberfmcc:MortgageInsurerCounterpartyMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:EssentGuarantyInc.Memberfmcc:MortgageInsurerCounterpartyMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:MortgageInsurerCounterpartyMemberfmcc:EnactMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:MortgageInsurerCounterpartyMemberfmcc:NationalMortgageInsuranceCorporationMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:CounterpartiesAccountedForTenPercentOrMoreMemberfmcc:MortgageInsurerCounterpartyMemberfmcc:MortgageInsuranceCoverageMember2023-01-012023-12-310001026214fmcc:CashAndOtherInvestmentCounterpartiesMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214fmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001026214us-gaap:FairValueInputsLevel1Memberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberfmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214fmcc:NonMortgageRelatedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2022-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2023-01-012023-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2023-12-310001026214fmcc:TradingsecuritiesMember2022-12-310001026214fmcc:TradingsecuritiesMember2023-01-012023-12-310001026214fmcc:TradingsecuritiesMember2023-12-310001026214us-gaap:SecuritiesInvestmentMember2022-12-310001026214us-gaap:SecuritiesInvestmentMember2023-01-012023-12-310001026214us-gaap:SecuritiesInvestmentMember2023-12-310001026214fmcc:MortgageLoansHeldForSaleMember2022-12-310001026214fmcc:MortgageLoansHeldForSaleMember2023-01-012023-12-310001026214fmcc:MortgageLoansHeldForSaleMember2023-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2022-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2023-01-012023-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2023-12-310001026214fmcc:GuaranteeAssetMember2022-12-310001026214fmcc:GuaranteeAssetMember2023-01-012023-12-310001026214fmcc:GuaranteeAssetMember2023-12-310001026214fmcc:AllOtherAssetsMember2022-12-310001026214fmcc:AllOtherAssetsMember2023-01-012023-12-310001026214fmcc:AllOtherAssetsMember2023-12-310001026214fmcc:OtherAssetMember2022-12-310001026214fmcc:OtherAssetMember2023-01-012023-12-310001026214fmcc:OtherAssetMember2023-12-310001026214us-gaap:DebtMember2022-12-310001026214us-gaap:DebtMember2023-01-012023-12-310001026214us-gaap:DebtMember2023-12-310001026214us-gaap:OtherLiabilitiesMember2022-12-310001026214us-gaap:OtherLiabilitiesMember2023-01-012023-12-310001026214us-gaap:OtherLiabilitiesMember2023-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2021-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2022-01-012022-12-310001026214fmcc:TradingsecuritiesMember2021-12-310001026214fmcc:TradingsecuritiesMember2022-01-012022-12-310001026214us-gaap:SecuritiesInvestmentMember2021-12-310001026214us-gaap:SecuritiesInvestmentMember2022-01-012022-12-310001026214fmcc:MortgageLoansHeldForSaleMember2021-12-310001026214fmcc:MortgageLoansHeldForSaleMember2022-01-012022-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2021-12-310001026214fmcc:MortgageLoansHeldForInvestmentMember2022-01-012022-12-310001026214fmcc:GuaranteeAssetMember2021-12-310001026214fmcc:GuaranteeAssetMember2022-01-012022-12-310001026214fmcc:AllOtherAssetsMember2021-12-310001026214fmcc:AllOtherAssetsMember2022-01-012022-12-310001026214fmcc:OtherAssetMember2021-12-310001026214fmcc:OtherAssetMember2022-01-012022-12-310001026214us-gaap:DebtMember2021-12-310001026214us-gaap:DebtMember2022-01-012022-12-310001026214us-gaap:OtherLiabilitiesMember2021-12-310001026214us-gaap:OtherLiabilitiesMember2022-01-012022-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2020-12-310001026214us-gaap:AvailableforsaleSecuritiesMember2021-01-012021-12-310001026214fmcc:TradingsecuritiesMember2020-12-310001026214fmcc:TradingsecuritiesMember2021-01-012021-12-310001026214us-gaap:SecuritiesInvestmentMember2020-12-310001026214us-gaap:SecuritiesInvestmentMember2021-01-012021-12-310001026214fmcc:GuaranteeAssetMember2020-12-310001026214fmcc:GuaranteeAssetMember2021-01-012021-12-310001026214fmcc:AllOtherAssetsMember2020-12-310001026214fmcc:AllOtherAssetsMember2021-01-012021-12-310001026214fmcc:OtherAssetMember2020-12-310001026214fmcc:OtherAssetMember2021-01-012021-12-310001026214us-gaap:DebtMember2020-12-310001026214us-gaap:DebtMember2021-01-012021-12-310001026214us-gaap:OtherLiabilitiesMember2020-12-310001026214us-gaap:OtherLiabilitiesMember2021-01-012021-12-310001026214us-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:AvailableforsaleSecuritiesMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:AvailableforsaleSecuritiesMembersrt:MaximumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:AvailableforsaleSecuritiesMembersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214fmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberfmcc:MortgageLoansHeldForSaleMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberfmcc:MortgageLoansHeldForSaleMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberfmcc:MortgageLoansHeldForSaleMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberfmcc:MortgageLoansHeldForInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberfmcc:MortgageLoansHeldForInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberfmcc:MortgageLoansHeldForInvestmentMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfmcc:GuaranteeAssetMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfmcc:GuaranteeAssetMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfmcc:GuaranteeAssetMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001026214us-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:AvailableforsaleSecuritiesMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:AvailableforsaleSecuritiesMembersrt:MaximumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:AvailableforsaleSecuritiesMembersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214fmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:TradingsecuritiesMemberfmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberfmcc:MortgageLoansHeldForSaleMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberfmcc:MortgageLoansHeldForSaleMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberfmcc:MortgageLoansHeldForSaleMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberfmcc:MortgageLoansHeldForInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberfmcc:MortgageLoansHeldForInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214fmcc:SingleExternalSourceMemberus-gaap:FairValueInputsLevel3Memberfmcc:MortgageLoansHeldForInvestmentMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfmcc:GuaranteeAssetMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfmcc:GuaranteeAssetMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfmcc:GuaranteeAssetMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-12-310001026214us-gaap:ResidentialMortgageMemberfmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-01-012022-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-01-012022-12-310001026214us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfmcc:MedianOfExternalSourcesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-01-012022-12-310001026214us-gaap:ResidentialMortgageMemberfmcc:OtherValuationTechniquesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001026214fmcc:AmortizedCostMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001026214fmcc:LowerOfCostOrFairValueMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMemberfmcc:FairValueThroughNetIncomeMember2023-12-310001026214fmcc:AmortizedCostMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214fmcc:LowerOfCostOrFairValueMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001026214us-gaap:CarryingReportedAmountFairValueDisclosureMemberfmcc:FairValueThroughNetIncomeMember2022-12-310001026214fmcc:HeldforSaleMember2023-12-310001026214fmcc:HeldforSaleMember2022-12-310001026214fmcc:HeldforInvestmentMember2023-12-310001026214fmcc:HeldforInvestmentMember2022-12-310001026214us-gaap:InterestOnlyStripMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001026214us-gaap:InterestOnlyStripMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001026214us-gaap:LoansReceivableMember2023-01-012023-12-310001026214us-gaap:LoansReceivableMember2022-01-012022-12-310001026214us-gaap:LoansReceivableMember2021-01-012021-12-310001026214fmcc:HeldforInvestmentMember2023-01-012023-12-310001026214fmcc:HeldforInvestmentMember2022-01-012022-12-310001026214fmcc:HeldforInvestmentMember2021-01-012021-12-310001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2023-01-012023-12-310001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2022-01-012022-12-310001026214us-gaap:LongTermDebtMembersrt:ParentCompanyMember2021-01-012021-12-310001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-12-310001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-12-310001026214us-gaap:LongTermDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-12-310001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2023-01-012023-12-310001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2022-01-012022-12-310001026214us-gaap:WrittenLoanCommitmentFairValueOptionMember2021-01-012021-12-310001026214us-gaap:PendingLitigationMember2022-11-072022-11-070001026214fmcc:JuniorPreferredShareholderMemberus-gaap:JudicialRulingMember2023-08-142023-08-140001026214us-gaap:JudicialRulingMemberfmcc:CommonShareholderMember2023-08-142023-08-1400010262142023-09-300001026214fmcc:MinimumCapitalRequirementMember2023-12-310001026214fmcc:AvailableCapitalActualMember2023-12-310001026214fmcc:CapitalRequirementIncludingBufferMember2023-12-310001026214fmcc:AvailableCapitalActualMember2022-12-310001026214fmcc:MinimumCapitalRequirementMember2022-12-310001026214fmcc:CapitalRequirementIncludingBufferMember2022-12-3100010262142023-10-012023-12-31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-34139
primarylogo.jpg
Federal Home Loan Mortgage Corporation
(Exact name of registrant as specified in its charter)
Federally chartered 52-09048748200 Jones Branch Drive22102-3110(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
Securities registered pursuant to Section 12(g) of the Act:
Voting Common Stock, no par value per share (OTCQB: FMCC)
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCI)
5% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCKK)
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCG)
5.1% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCH)
5.79% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCK)
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCL)
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCM)
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCN)
5.81% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCO)
6% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCP)
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCJ)
5.7% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCKP)
Variable Rate, Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCCS)
6.42% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCCT)
5.9% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKO)
5.57% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKM)
5.66% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKN)
6.02% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKL)
6.55% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKI)
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKJ)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   No 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  No 
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 filerAccelerated filerEmerging growth company
 Non-accelerated filerSmaller reporting 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 has filed a report on and attestation to its management's assessment of the effectiveness of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
The aggregate market value of the common stock held by non-affiliates computed by reference to the price at which the common stock was last sold on June 30, 2023 (the last business day of the registrant's most recently completed second fiscal quarter) was $0.3 billion.
As of January 31, 2024, there were 650,059,553 shares of the registrant's common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE: None


Table of Contents

Table of Contents
n    About Freddie Mac
n    Our Business
n    Forward-Looking Statements
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
n    Housing and Mortgage Market Conditions
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
l Operational Risk
n    Liquidity and Capital Resources
n    Conservatorship and Related Matters
n    Regulation and Supervision
n    Critical Accounting Estimates
RISK FACTORS
LEGAL PROCEEDINGS
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
n    Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
n    Consolidated Financial Statements
CONTROLS AND PROCEDURES
OTHER INFORMATION
DIRECTORS, CORPORATE GOVERNANCE, AND EXECUTIVE OFFICERS
n    Directors
n    Corporate Governance
n    Executive Officers
EXECUTIVE COMPENSATION
n    Compensation Discussion and Analysis
n    Compensation and Risk
n    CEO Pay Ratio
n    2023 Compensation Information for NEOs
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
PRINCIPAL ACCOUNTING FEES AND SERVICES
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
GLOSSARY
EXHIBIT INDEX
SIGNATURES
FORM 10-K INDEX
FREDDIE MAC | 2023 Form 10-K
i

Table of ContentsMD&A Table Index

MD&A TABLE INDEX
TableDescriptionPage
1Summary of Consolidated Statements of Income and Comprehensive Income
2Components of Net Interest Income
3Analysis of Net Interest Yield
4Net Interest Income Rate / Volume Analysis
5Components of Non-Interest Income
6(Provision) Benefit for Credit Losses
7Components of Non-Interest Expense
8Summarized Consolidated Balance Sheets
9Mortgage Portfolio
10Mortgage-Related Investments Portfolio
11Other Investments Portfolio
12Single-Family Segment Financial Results
13Multifamily Segment Financial Results
14Allowance for Credit Losses Activity
15Allowance for Credit Losses Ratios
16Principal Amounts Due for Held-for-Investment Loans
17Single-Family New Business Activity
18Single-Family Mortgage Portfolio Newly Acquired Credit Enhancements
19Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
20Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
21Credit Enhancement Coverage by Year of Origination
22Single-Family Mortgage Portfolio Without Credit Enhancement
23Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
24Characteristics of the Loans in Our Single-Family Mortgage Portfolio
25Single-Family Mortgage Portfolio Attribute Combinations
26Seriously Delinquent Single-Family Loans
27Single-Family Relief Refinance Loans
28Single-Family Completed Loan Workout Activity
29Credit Characteristics of Single-Family Modified Loans
30Payment Performance of Single-Family Modified Loans
31Single-Family REO Activity
32Single-Family Collateral Deficiency Ratios
33Percentage of Multifamily New Business Activity With Higher Risk Characteristics
34Multifamily Mortgage Portfolio CRT Issuance
35Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
36Level of Subordination Outstanding
37Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement
38Single-Family Mortgage Purchases from Non-Depository Sellers
39Single-Family Mortgage Portfolio Non-Depository Servicers
40Single-Family Primary Mortgage Insurers
41Single-Family ACIS Counterparties
42Derivative Counterparty Credit Exposure
43PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
44Duration Gap and PVS Results
FREDDIE MAC | 2023 Form 10-K
ii

Table of ContentsMD&A Table Index

TableDescriptionPage
45PVS-L Results Before Derivatives and After Derivatives
46Earnings Sensitivity to Changes in Interest Rates
47Liquidity Sources
48Funding Sources
49
Debt of Freddie Mac Activity
50
Maturity and Redemption Dates
51Debt of Consolidated Trusts Activity
52Freddie Mac Credit Ratings
53Net Worth Activity
54Regulatory Capital Components
55Statutory Capital Components
56Capital Metrics Under ERCF
572022 and 2021 Affordable Housing Goals Results
582022-2024 Single-Family Affordable Housing Goal Benchmark Levels
592023-2024 Multifamily Affordable Housing Goal Benchmark Levels
60Forecasted House Price Growth Rates
61Board Compensation Levels
62Director Compensation
632023 Target TDC
642023 Deferred Salary
65CEO Pay Ratio
66Compensation Summary
67Grants of Plan-Based Awards
68SERP Benefit
69Compensation and Benefits if NEO Terminated Employment as of December 31, 2023
70Stock Ownership by Directors and Executive Officers
71Stock Ownership by Greater-Than 5% Holders
72Auditor Fees
FREDDIE MAC | 2023 Form 10-K
iii

IntroductionAbout Freddie Mac
Introduction
This Annual Report on Form 10-K 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-K. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 10-K. 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 Forward-Looking Statements and Risk Factors sections of this Form 10-K.
Throughout this Form 10-K, we use certain acronyms and terms that are defined in the Glossary.
ABOUT FREDDIE MAC
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 a portion of our 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.
Business Results
Consolidated Financial Results
Net Revenues and Net Income
(In billions)45
Net Worth as of December 31,
(In billions)
90
Key Drivers:
n    2023 vs. 2022
l    Net income was $10.5 billion, an increase of 13% year-over-year, primarily driven by a credit reserve release in Single-Family in 2023 compared to a credit reserve build in Single-Family in 2022, partially offset by higher non-interest expense.
l    Net revenues were $21.2 billion, down slightly year-over-year, as higher net interest income was offset by lower non-interest income.
FREDDIE MAC | 2023 Form 10-K
1

IntroductionAbout Freddie Mac
l    Net worth was $47.7 billion as of December 31, 2023, up from $37.0 billion as of December 31, 2022.
n    2022 vs. 2021
l    Net income was $9.3 billion, a decrease of 23% year-over-year, primarily driven by a credit reserve build in Single-Family.
l    Net revenues were $21.3 billion, down 3% year-over-year, as higher net interest income in Single-Family was offset by a decline in non-interest income in Multifamily.
l    Net worth was $37.0 billion as of December 31, 2022, up from $28.0 billion as of December 31, 2021.
Market Liquidity
Market Liquidity
(In thousands)
36
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 $348 billion in liquidity to the mortgage market in 2023, which enabled the financing of 1.4 million home purchases, refinancings, and rental units.
FREDDIE MAC | 2023 Form 10-K
2

IntroductionAbout Freddie Mac
Portfolio Balances
Mortgage Portfolio as of December 31,
(UPB in billions)
60
Key Drivers:
n    2023 vs. 2022
l    Our mortgage portfolio increased 2% year-over-year to $3.5 trillion at December 31, 2023.
Our Single-Family mortgage portfolio was $3.0 trillion at December 31, 2023, up 2% year-over-year, as portfolio growth moderated in 2023 due to the slowdown in new business activity as both home purchase and refinance activity were adversely affected by higher mortgage interest rates.
Our Multifamily mortgage portfolio was $441 billion at December 31, 2023, up 3% year-over-year, as portfolio growth moderated in 2023 due to the slowdown in new business activity driven by higher mortgage interest rates.
n    2022 vs. 2021
l    Our mortgage portfolio increased 6% year-over-year to $3.4 trillion at December 31, 2022.
Our Single-Family mortgage portfolio was $3.0 trillion at December 31, 2022, up 7% year-over-year, primarily driven by an increase in average portfolio loan size and a higher share of single-family mortgage debt outstanding. The increase in the average portfolio loan size was driven by house price appreciation in 2022, which contributed to new business acquisitions having a larger loan size compared to older vintages that continued to run off.
Our Multifamily mortgage portfolio was $429 billion at December 31, 2022, up 3% year-over-year, primarily driven by new business activity, partially offset by increased borrower payoff activity driven by market conditions.






FREDDIE MAC | 2023 Form 10-K
3

IntroductionAbout Freddie Mac
Credit Enhancement Coverage
Single-Family Mortgage Portfolio with Credit Enhancement as of December 31,
(UPB in billions)
98
Multifamily Mortgage Portfolio with Credit Enhancement as of December 31,
(UPB in billions)
205
In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various types of credit enhancements, such as primary mortgage insurance and CRT transactions, to reduce our credit risk exposure and transfer a portion of the credit risk on certain loans in our mortgage portfolio to third parties. At December 31, 2023, we had credit enhancement coverage of 61% on our Single-Family mortgage portfolio and 94% on our Multifamily mortgage portfolio. See MD&A - Our Business Segments and MD&A - Risk Management - Credit Risk for additional information on our credit enhancements.
Conservatorship and Government Support for Our Business
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 in consideration for Treasury's commitment to provide funding to us. The 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 that the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities.
The Purchase Agreement with Treasury significantly affects our business activities, including by limiting: our secondary market activities; our single-family and multifamily loan acquisitions; the amount of indebtedness we can incur; the size of our mortgage-related investments portfolio; and our ability to pay dividends, transfer certain assets, raise capital, pay down the liquidation preference of the senior preferred stock, and exit conservatorship.
Treasury, as the holder of the senior preferred stock, is entitled to receive cumulative quarterly cash dividends, when, as, and if declared by the Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board of Directors.
Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury on the senior preferred stock until it has built sufficient net worth to meet the capital requirements and buffers set forth in the ERCF. As the company
FREDDIE MAC | 2023 Form 10-K
4

IntroductionAbout Freddie Mac
builds capital during this period, increases in our Net Worth Amount have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. After we have maintained the level of capital prescribed in the Purchase Agreement for the requisite time, we will be subject to a new periodic cash dividend requirement, as well as a periodic commitment fee to be agreed upon with Treasury in consultation with the Chairman of the Federal Reserve.
See MD&A - Regulation and Supervision and Note 2 for additional information on the Purchase Agreement, senior preferred stock, and warrant and Risk Factors - Conservatorship and Related Matters for related risks.
The graphs below show our net worth, the liquidation preference of the senior preferred stock, the remaining amount of Treasury's funding commitment to us, the cumulative senior preferred stock dividends we have paid to Treasury, and the cumulative funds we have drawn from Treasury pursuant to its funding commitment.
Net Worth, Liquidation Preference, and Treasury Funding Commitment
(In billions)
85
Draws and Dividend Payments
(In billions)

130
FREDDIE MAC | 2023 Form 10-K
5

IntroductionOur Business
OUR BUSINESS
Primary Business Strategies
Freddie Mac's overall strategic direction is established by management and affirmed by the Board of Directors and FHFA through the approval of our Strategic Framework, which sets forth our strategic priorities and generally covers a three-year timeframe. FHFA, the Administration, or Congress could take actions that cause us to alter our Strategic Framework. FHFA, as Conservator, has influenced, and may in the future influence, our strategic direction, such as through our new initiatives, credit and pricing policies, and capital, liquidity, and risk appetite constraints.
Our Charter and Mission
We are a GSE with a specific and limited corporate purpose to support the liquidity, stability, and affordability of the U.S. housing market as a participant in the secondary mortgage market, while operating as a commercial enterprise earning an appropriate return. All actions we take must be conducted within the constraints of our Charter.
As a result, our Charter forms the framework for our business activities. Pursuant to our Charter, our role in the secondary mortgage market is to:
n    Provide stability in the secondary mortgage market for residential loans;
n    Respond appropriately to the private capital market;
n    Provide ongoing assistance to the secondary mortgage market for residential loans (including activities relating to loans for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing; and
n    Promote access to mortgage loan credit throughout the United States (including central cities, rural areas, and other underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing.
Our Charter requires certain specified credit protections, which include mortgage insurance from a qualified insurer on the portion of the UPB of the loan that exceeds an 80% LTV ratio, a seller's agreement to repurchase or replace a defaulted loan, or the retention by the seller of at least a 10% participation interest in the loan for the purchase of first-lien single-family loans with LTV ratios at the time of purchase of greater than 80%. This Charter requirement does not apply to multifamily loans or to loans that have the benefit of any guarantee, insurance, or other obligation by the U.S. or any of its agencies or instrumentalities (e.g., the FHA, VA, or USDA Rural Development).
Our Charter does not permit us to originate mortgage loans or lend money directly to mortgage borrowers in the primary mortgage market. Our Charter limits our purchase of single-family loans to the conforming loan market, which consists of loans originated with UPBs at or below limits determined annually based on changes in FHFA's housing price index. In most of the U.S., the maximum conforming loan limit for a one-family residence has been set at $766,550 for 2024, an increase from $726,200 for 2023, $647,200 in 2022, and $548,250 for 2021. Higher limits have been established in certain "high-cost" areas (for 2024, up to $1,149,825 for a one-family residence). Higher limits also apply to two- to four-family residences and to one- to four-family residences in Alaska, Guam, Hawaii, and the U.S. Virgin Islands.

FREDDIE MAC | 2023 Form 10-K
6

IntroductionOur Business
Our Strategic Priorities
We have four strategic priorities, each of which was created to ensure we fully serve our mission:
n    Deliver on affordable housing;
n    Identify, assess, and manage our risks;
n    Grow, develop, and empower talent for today and tomorrow; and
n    Build financial strength to serve our mission.
These strategic priorities help us create a more liquid, stable, affordable, and equitable housing finance system that serves lenders, families, and the housing market as a whole. And, as with any mission-driven company, our people are at the center of all we do.
Artboard 1 copy 5@4x-100.jpg
FREDDIE MAC | 2023 Form 10-K
7

IntroductionOur Business
Human Capital Management
Attracting, Developing, and Retaining Talent
Our employees are integral to our company’s success. Our goal is to sustain an inclusive and equitable culture with a highly engaged, diverse workforce so that we can support the U.S. housing industry and make home possible. We strive to be an employer of choice that attracts and retains top talent through our commitment to DEI, employee well-being and engagement, training, and other professional development opportunities.
We are committed to promoting DEI in our organization and business practices. We strive to create a culture where people feel comfortable being their authentic selves in the workplace. We do this through various programs, such as our 10 Business Resource Groups, which provide all employees a place to find community and targeted professional development opportunities.
We encourage employees to volunteer and engage in community outreach in the neighborhoods where they work and live through our Community Crew program, which focuses on mission-related activities and our SERVE program which provides our employees with additional volunteer opportunities with local organizations.
We aim to support our employees’ overall well-being and enable them to perform at their best. Our wide variety of benefits provide employees with flexibility to manage their lives at home and work. We also offer a variety of ways to help our employees plan for their financial well-being. In 2023, we enhanced our vacation and first-time homebuyer benefits, introduced caregiver leave, added more flexibility for hybrid employees, and enhanced our benefits for LGBTQ+ employees. In 2024, we are expanding our caregiving and bereavement leave and introducing new bereavement support services.
We encourage and support professional development to help our employees stay engaged, confident, and credible. Our professional development opportunities include in-person and virtual courses on various topics, such as leadership, business, communications, and technology skill development; our educational assistance program; our student debt repayment program; and our rewards programs for employees to recognize and celebrate their colleagues’ achievements.
We also strive to implement competitive compensation programs and practices within the constraints of the conservatorship. We evaluate the success of our human capital management by measuring and monitoring the performance, development, and retention of our employees.
Employees
At January 31, 2024, we had 8,004 full-time and 31 part-time employees. Our employee population increased in 2023 and our voluntary turnover rate decreased and returned to pre-COVID-19 levels, which is below financial industry benchmarks for voluntary turnover and is more consistent with historical experience. Our headquarters are in McLean, Virginia, and the majority of our employees reside in the Washington, D.C. metropolitan area.
Board and FHFA Oversight
We engage with the CHC Committee by providing workforce insights that support their oversight of compensation and benefits, DEI, talent development and strategies to strengthen our culture. Although the CHC Committee plays a significant role in these matters, FHFA is actively involved in its role as both our conservator and regulator. For additional information, see Directors, Corporate Governance, and Executive Officers - Corporate Governance - Board of Directors and Board Committee Information - Authority of the Board of Directors and Board Committees.
DEI
We believe a strong commitment to DEI creates a stronger Freddie Mac that is better positioned to serve our mission effectively and advance equity in the housing industry. The DEI Division promotes DEI in all aspects of our business and at every level of the organization.
Freddie Mac has a three-year Board-approved DEI strategic plan that establishes our efforts into focus areas that are organized into four components: workforce diversity, supplier diversity, financial transactions, and engagement and outreach. Each focus area has associated goals that are tracked and shared with FHFA, our Board of Directors, our senior operating committee, and our people.
For workforce diversity, we attract a pipeline of diverse candidates by partnering with Hispanic Serving Institutions, Historically Black Colleges and Universities, and other talent organizations. We also provide access to professional development and learning opportunities, formal training programs, mentoring initiatives, and other DEI-related programming.
Our DEI efforts are reflected in the composition of our workforce, leadership, and Board of Directors. For example, we are a majority-minority company, which means more than 50% of our workforce identifies as racially or ethnically diverse, and 40% of our senior operating committee identifies as racially or ethnically diverse. For information on the composition of our Board of Directors, see Directors, Corporate Governance, and Executive Officers – Directors – Director Criteria, Diversity, Qualifications, Experience, and Tenure.
FREDDIE MAC | 2023 Form 10-K
8

IntroductionOur Business
Our efforts for supplier diversity include:
n    Involving diverse suppliers in our competitive bidding process and
n    Establishing a program to understand how our primary suppliers use diverse suppliers.
Our efforts for financial transactions involve:
n    Engaging minority-, women-, and disabled-owned businesses (MWDOBs) in our capital market transactions and
n    Providing training, access, and opportunities to better position MWDOBs for future opportunities with our company, including our Single-Family and Multifamily businesses.
Our efforts for engagement and outreach include:
n    Creating sustainable impact within the Freddie Mac community through our 10 Business Resource Groups and in local communities through Community Crew, our employee volunteerism and matching gifts program.
Business Segments
We have two reportable segments: Single-Family and Multifamily. For additional information on our segments, see MD&A - Our Business Segments and Note 14.
Properties
Our principal offices consist of four office buildings we own in McLean, Virginia, comprising approximately 1.3 million square feet. We operate our business in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories.
Government Regulation and Supervision
Our business is subject to extensive laws, regulations, and supervision. The laws and regulations to which we are subject cover all key aspects of our business, and directly and indirectly impact the key drivers of our results including, for example, our product offerings, guarantee fees, pricing, competitive position and strategic priorities, relationship with sellers and servicers, capital structure, cash needs and uses, liquidity, privacy for borrowers and others, risk management, cybersecurity, and costs of compliance. Failure to comply with our legal and regulatory requirements could result in litigation, investigations, enforcement actions, fines, monetary and other penalties, and harm to our reputation. Our business and results of operations may also be directly and adversely affected by future legislative, regulatory, or judicial actions. Such actions could affect us in a number of ways, including by imposing significant additional legal, compliance, and other costs on us and limiting our business activities. For example, changes to our capital requirements have affected our business and risk management strategies, including our risk appetite, our risk-adjusted returns, and the impact of our CRT transactions on our capital needs, and have increased the amount of capital we will be required to retain or raise to exit from conservatorship.
In addition, our conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. We are under the control of FHFA, as our Conservator, and are not managed to maximize stockholder returns. FHFA determines our strategic direction. We face a variety of different, and sometimes competing, business objectives and FHFA-mandated activities. FHFA has required us to make changes to our business that have adversely affected our financial results and could require us to make additional changes at any time. FHFA may require us to undertake activities that reduce our profitability, expose us to additional credit, market, funding, operational, legal, and other risks, or provide additional support for the mortgage market that serves our mission but adversely affects our financial results. Further, we can be put into receivership at the discretion of the Director of FHFA at any time for a number of reasons set forth in the GSE Act.
FHFA is also Conservator of Fannie Mae, our primary competitor. FHFA’s actions, as Conservator of both companies, could affect competition between us. It is also possible that FHFA could require us and Fannie Mae to take a uniform approach to certain activities, limiting innovation and competition, and possibly putting us at a competitive disadvantage because of differences in our respective businesses. FHFA also could limit our ability to compete with new entrants and other institutions. For additional information on conservatorship and related risks, see Introduction – About Freddie Mac Conservatorship and Government Support for Our Business and Risk Factors Conservatorship and Related Matters.
For additional information on government regulation and supervision and related risks, see MD&A - Regulation and Supervision and Risk Factors - Legal and Compliance Risks.
FREDDIE MAC | 2023 Form 10-K
9

IntroductionOur Business
Available Information
We file reports and other information with the SEC. In view of the Conservator's succession to all of the voting power of our stockholders, we have not prepared or provided proxy statements for the solicitation of proxies from stockholders since we entered into conservatorship, and do not expect to do so while we remain in conservatorship. Pursuant to SEC rules, our annual reports on Form 10-K contain certain information typically provided in an annual proxy statement.
We make available, free of charge through our website at www.freddiemac.com/investors, 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 a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding companies that file electronically with the SEC.
We are providing our website addresses and the website address of the SEC here and elsewhere in this Form 10-K solely for your information. Information appearing on our website or on the SEC's website is not incorporated into this Form 10-K.
We provide information on the ERCF on our website at www.freddiemac.com/investors.
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, 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), 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, transaction 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 divisions, which can be found at sf.freddiemac.com, mf.freddiemac.com, and capitalmarkets.freddiemac.com/capital-markets.
We provide information on our sustainability efforts on our website at freddiemac.com/about/sustainability.
FREDDIE MAC | 2023 Form 10-K
10

IntroductionForward-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-K, 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 house prices and house price forecasts, 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, the impact of banking crises or failures, the effects of catastrophic events or 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 of this Form 10-K and:
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    The impact of any changes in our credit ratings or those of the U.S. government;
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. mortgage market, including changes in the supply and type of loan products;
n    The success of our efforts to mitigate our losses;
n    The success of our strategy to transfer mortgage credit risk;
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 cybersecurity incidents 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    Performance of and changes in the methodologies, models, assumptions, and estimates we use to prepare our financial statements, make business decisions, and manage risks;
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 and pricing performance of our and Fannie Mae's respective UMBS;
FREDDIE MAC | 2023 Form 10-K
11

IntroductionForward-Looking Statements

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 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-K, including in the MD&A section.
Forward-looking statements are made only as of the date of this Form 10-K, 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-K.
FREDDIE MAC | 2023 Form 10-K
12

Management's Discussion and AnalysisHousing and Mortgage Market Conditions

Management's Discussion and Analysis of Financial Condition and Results of Operations
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 ___
306Sources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index (seasonally adjusted annual rate).

U.S. Single-Family Mortgage Originations ___(UPB in billions)
508
Source: Inside Mortgage Finance.
Single-Family Serious Delinquency Rates
as of December 31,
603
Source: National Delinquency Survey from the Mortgage Bankers Association. For 2023, the total mortgage market rate is as of September 30, 2023 (latest available information).
Single-Family Mortgage Debt Outstanding
(UPB in trillions)
4Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. For 2023, the U.S. single-family mortgage debt outstanding balance is as of September 30, 2023 (latest available information).
FREDDIE MAC | 2023 Form 10-K
13

Management's Discussion and AnalysisHousing and Mortgage Market Conditions
Multifamily
Apartment Vacancy Rates and Change in Effective Rents
58
Source: Reis.



Multifamily Property Price Growth Rate

117
Source: Real Capital Analytics Commercial Property Price Index (RCA CPPI).


Multifamily Delinquency Rates as of December 31,
245Source: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS conduit market, excluding REOs). For 2023, the delinquency rate for FDIC insured institutions is as of September 30, 2023 (latest available information).



Multifamily Mortgage Debt Outstanding
(UPB in billions)
709Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. For 2023, the U.S. multifamily mortgage debt outstanding balance is as of September 30, 2023 (latest available information).
FREDDIE MAC | 2023 Form 10-K
14

Management's Discussion and AnalysisConsolidated Results of Operations
CONSOLIDATED RESULTS OF OPERATIONS
This discussion of our consolidated results of operations should be read in conjunction with our 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 and non-depository institutions 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 liquidity in the markets for our securities as a result of any such adverse changes or regulatory responses to adverse changes. See Risk Factors for additional information.
The table below compares our consolidated results of operations for the past three years.
Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income
Year Over Year Change
Year Ended December 31,2023 vs. 20222022 vs. 2021
(Dollars in millions)202320222021$%$%
Net interest income$18,542 $18,005 $17,580 $537 %$425 %
Non-interest income2,687 3,259 4,371 (572)(18)(1,112)(25)
Net revenues21,229 21,264 21,951 (35) (687)(3)
(Provision) benefit for credit losses872 (1,841)1,041 2,713 147 (2,882)(277)
Non-interest expense(8,902)(7,819)(7,793)(1,083)(14)(26)— 
Income before income tax expense13,199 11,604 15,199 1,595 14 (3,595)(24)
Income tax expense(2,661)(2,277)(3,090)(384)(17)813 26 
Net income10,538 9,327 12,109 1,211 13 (2,782)(23)
Other comprehensive income (loss),
net of taxes and reclassification adjustments
166 (342)(489)508 149 147 30 
Comprehensive income$10,704 $8,985 $11,620 $1,719 19 %($2,635)(23)%
See MD&A - Critical Accounting Estimates for information concerning certain significant accounting policies and estimates applied in determining our reported results of operations and Note 1 for a summary of our accounting policies and the related notes in which information about them can be found.
Net Revenues
Net Interest Income
Net interest income primarily consists of guarantee net interest income in Single-Family. We consolidate most of our Single-Family securitization trusts and, therefore, we recognize the loans held by the trust and the debt securities issued by the trust on our consolidated balance sheets. The difference between the interest income on these loans and the interest expense on the related debt securities primarily represents the guarantee fees we receive as compensation for our guarantee of the principal and interest payments of the issued debt securities. Guarantee net interest income includes two components:
n    Contractual net interest income, which represents the ongoing monthly guarantee fee we receive for managing the credit risk associated with mortgage loans held by consolidated trusts, including the legislated guarantee fees that we are required to remit to Treasury and
n    Deferred fee income, which primarily consists of recognition of premiums and discounts on mortgage loans and debt of consolidated trusts and the fees that we receive or pay when we acquire single-family loans. These amounts are recognized in net interest income based on the effective yield over the contractual life of the associated financial instrument and may vary significantly from period to period, primarily based on changes in actual prepayments on the underlying loans.
Net interest income also includes investments net interest income, which primarily consists of the difference between the interest income earned on the assets in our investments portfolio and the interest expense incurred on the liabilities used to fund those assets, and the impact on net interest income from hedge accounting, which primarily consists of amortization of previously deferred hedge accounting basis adjustments and the earnings mismatch on qualifying fair value hedge relationships. See Note 9 for additional information on hedge accounting.

FREDDIE MAC | 2023 Form 10-K
15

Management's Discussion and AnalysisConsolidated Results of Operations
The table below presents the components of net interest income.
Table 2 - Components of Net Interest Income
Year Over Year Change
Year Ended December 31,2023 vs. 20222022 vs. 2021
(Dollars in millions)202320222021$%$%
Guarantee net interest income:
Contractual net interest income$14,753 $14,020 $11,038 $733 5%$2,982 27%
Deferred fee income1,012 2,984 4,969 (1,972)(66)(1,985)(40)
Total guarantee net interest income15,765 17,004 16,007 (1,239)(7)997 6
Investments net interest income6,280 3,417 3,068 2,863 84349 11
Impact on net interest income from hedge accounting(3,503)(2,416)(1,495)(1,087)(45)(921)(62)
Net interest income$18,542 $18,005 $17,580 $537 3%$425 2%

Key Drivers:
n    Guarantee net interest income
l    2023 vs. 2022 - Decreased primarily due to a decline in deferred fee income due to slower prepayments as a result of higher mortgage interest rates, partially offset by continued mortgage portfolio growth.
l    2022 vs. 2021 - Increased primarily due to continued mortgage portfolio growth and higher average portfolio guarantee fee rates, partially offset by lower deferred fee income due to slower prepayments as a result of higher mortgage interest rates.
n    Investments net interest income
l    2023 vs. 2022 and 2022 vs. 2021 - Increased primarily due to higher returns on securities purchased under agreements to resell as a result of higher short-term interest rates.
n    Impact on net interest income from hedge accounting
l    2023 vs. 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.
l    2022 vs. 2021 - Expense increased primarily due to higher interest expense on derivatives in hedging relationships as a result of higher interest rates. This increase was partially offset by lower amortization of hedge accounting-related basis adjustments driven by a lower unamortized balance.
FREDDIE MAC | 2023 Form 10-K
16

Management's Discussion and AnalysisConsolidated Results of Operations
Net Interest Yield Analysis
The table below presents an analysis of interest-earning assets and interest-bearing liabilities. To calculate the average balances, we generally use a daily weighted average of amortized cost. When daily average balance information is not available, such as for mortgage loans, we use monthly averages. Mortgage loans on non-accrual status, where interest income is generally recognized when collected, are included in the average balances.
Table 3 - Analysis of Net Interest Yield
Year Ended December 31,
 202320222021
(Dollars in millions)
Average
Balance
Interest
Income
(Expense)
Average
Rate
Average
Balance
Interest
Income
(Expense)
Average
Rate
Average
Balance
Interest
Income
(Expense)
Average
Rate
Interest-earning assets:
Cash and cash equivalents$13,466 $532 3.95 %$14,705 $179 1.22 %$62,042 $8 0.01 %
Securities purchased under agreements to resell118,579 6,135 5.17 97,260 1,718 1.77 75,425 48 0.06 
Investment securities40,481 1,571 3.88 47,612 1,640 3.44 56,211 2,261 4.02 
Mortgage loans(1)
3,061,638 96,985 3.17 2,967,147 79,826 2.69 2,622,952 59,130 2.25 
Other assets2,479 140 5.65 4,104 95 2.31 6,049 80 1.32 
Total interest-earning assets3,236,643 105,363 3.25 3,130,828 83,458 2.67 2,822,679 61,527 2.18 
Interest-bearing liabilities:
Debt of consolidated trusts2,997,841 (76,703)(2.56)2,911,235 (61,404)(2.11)2,538,757 (42,209)(1.66)
Debt of Freddie Mac192,510 (10,118)(5.26)178,757 (4,049)(2.27)237,572 (1,738)(0.73)
Total interest-bearing liabilities3,190,351 (86,821)(2.72)3,089,992 (65,453)(2.12)2,776,329 (43,947)(1.58)
Impact of net non-interest-bearing funding46,292 — 0.04 40,836 — 0.03 46,350 — 0.02 
Total funding of interest-earning assets3,236,643 (86,821)(2.68)3,130,828 (65,453)(2.09)2,822,679 (43,947)(1.56)
Net interest income/yield$18,542 0.57 %$18,005 0.58 %$17,580 0.62 %
(1)    Loan fees included in interest income were $1.1 billion, $1.5 billion, and $3.1 billion during 2023, 2022, and 2021, respectively.
FREDDIE MAC | 2023 Form 10-K
17

Management's Discussion and AnalysisConsolidated Results of Operations
Net Interest Income Rate / Volume Analysis
The table below presents a rate and volume analysis of our net interest income. Our net interest income reflects the reversal of interest income accrued, net of interest received on a cash basis, related to mortgage loans that are on non-accrual status.
Table 4 - Net Interest Income Rate / Volume Analysis
Variance Analysis
2023 vs. 20222022 vs. 2021
(In millions)
Rate(1)
Volume(1)
Total Change
Rate(1)
Volume(1)
Total Change
Interest-earning assets:
Cash and cash equivalents$361 ($8)$353 $180 ($8)$172 
Securities purchased under agreements to resell3,775 642 4,417 1,649 21 1,670 
Investment securities127 (196)(69)292 (913)(621)
Mortgage loans14,505 2,654 17,159 12,572 8,124 20,696 
Other assets98 (53)45 45 (31)14 
Total interest-earning assets18,866 3,039 21,905 14,738 7,193 21,931 
Interest-bearing liabilities:
Debt of consolidated trusts(13,058)(2,241)(15,299)(11,448)(7,747)(19,195)
Debt of Freddie Mac(5,726)(343)(6,069)(2,925)614 (2,311)
Total interest-bearing liabilities(18,784)(2,584)(21,368)(14,373)(7,133)(21,506)
Net interest income$82 $455 $537 $365 $60 $425 
(1)    The total change variances are allocated between rate and volume based on the relative size of each variance.
Non-Interest Income
Non-interest income primarily consists of guarantee income and investment gains, net.
Guarantee income relates primarily to our Multifamily senior subordinate securitizations. We do not consolidate the trusts used in these transactions and therefore do not recognize the loans held by the trust or the debt securities issued by the trust on our consolidated balance sheets. Rather, we separately account for our guarantee to the trust and recognize the revenue from our guarantee as guarantee income. Guarantee income includes the amortization of our guarantee obligation as we are released from risk under our guarantee and changes in fair value of our guarantee assets, net of contractual guarantee fees received.
Net investment gains primarily consist of the gains on sale of mortgage loans from our multifamily loan purchase and securitization activities. Because we do not consolidate our Multifamily senior subordinate securitization trusts, we account for these transactions as sales of the underlying loans. Net investment gains also include revenues from sales of single-family delinquent and reperforming loans and gains and losses on investment securities. These amounts are shown net of gains and losses from the related debt funding and interest-rate risk management activities, as applicable. Net investment gains can vary significantly from period-to-period based on the pricing of our new multifamily loan purchases, the volume and nature of our investment, funding, and hedging activities, and changes in market conditions, such as interest rates and market spreads.
Derivative instruments are a key component of our interest-rate risk management strategy. We use derivatives to economically hedge the interest-rate risk of our financial assets and liabilities and manage our exposure to interest-rate risk on an economic basis to a low level as measured by our models. We align our derivative portfolio to economically hedge the changing duration of our assets and liabilities and apply fair value hedge accounting to certain single-family mortgage loans and debt to reduce our GAAP earnings variability. As a result, interest-rate-related fair value gains and losses that we recognize on financial instruments that we measure at fair value generally have offsetting impacts from the derivative instruments that we use to economically hedge interest-rate risk. For additional information about our interest-rate risk management activities and the sensitivity of reported GAAP earnings to those activities, see MD&A - Risk Management - Market Risk. For additional information on derivative instruments, see Note 9.
FREDDIE MAC | 2023 Form 10-K
18

Management's Discussion and AnalysisConsolidated Results of Operations
The table below presents the components of non-interest income.
Table 5 - Components of Non-Interest Income
Year Over Year Change
Year Ended December 31,2023 vs. 20222022 vs. 2021
(Dollars in millions)202320222021$%$%
Guarantee income$1,615 $783 $1,032 $832 106 %($249)(24)%
Investment gains, net707 1,969 2,746 (1,262)(64)(777)(28)
Other income365 507 593 (142)(28)(86)(15)
Non-interest income$2,687 $3,259 $4,371 ($572)(18)%($1,112)(25)%
Key Drivers:
n    Guarantee income
l    2023 vs. 2022 - Increased primarily due to lower fair value losses on guarantee assets as a result of lower medium-term interest rates.
l    2022 vs. 2021 - Decreased primarily due to higher fair value losses on guarantee assets as a result of higher interest rates.
n    Investment gains, net
l    2023 vs. 2022 - Net investment gains declined, as the prior year period included spread-related gains on commitments to hedge the Single-Family securitization pipeline that did not recur in 2023.
l    2022 vs. 2021 - Decreased primarily due to lower gains in Multifamily driven by spread widening as well as a decline in revenue from held-for-sale loan purchase and securitization activity as a result of lower volumes and lower margins. This decrease was partially offset by spread-related gains on commitments to hedge the Single-Family securitization pipeline in 2022.
(Provision) Benefit for Credit Losses
Our provision for credit losses relates primarily to single-family loans held-for-investment and can vary substantially from period to period based on a number of factors, such as changes in house prices and house price forecasts, changes in interest rates, borrower prepayments and delinquency rates, events such as pandemics, the type and volume of our loss mitigation and foreclosure activity, and government assistance provided to borrowers. See MD&A - Critical Accounting Estimates for additional information.
The table below presents the components of provision for credit losses.
Table 6 - (Provision) Benefit for Credit Losses
Year Over Year Change
Year Ended December 31,2023 vs. 20222022 vs. 2021
(Dollars in millions)202320222021$%$%
Single-Family$1,172 ($1,772)$919 $2,944 166 %($2,691)(293)%
Multifamily(300)(69)122 (231)(335)(191)(157)
(Provision) benefit for credit losses$872 ($1,841)$1,041 $2,713 147 %($2,882)(277)%
Key Drivers:
n    2023 vs. 2022 - The benefit for credit losses for 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices.
n    2022 vs. 2021 - The provision for credit losses for 2022 was primarily driven by a credit reserve build in Single-Family due to deterioration in house prices.

FREDDIE MAC | 2023 Form 10-K
19

Management's Discussion and AnalysisConsolidated Results of Operations
Non-Interest Expense
Non-interest expense consists of salaries and employee benefits, credit enhancement expense and benefit for credit enhancement recoveries, legislative assessments expense, and other expenses we incur to run our business.
Credit enhancement expense includes the premiums and other costs related to certain CRT transactions that are accounted for as freestanding contracts, primarily STACR and ACIS transactions in Single-Family. Benefit for credit enhancement recoveries primarily represents changes in expected recoveries from those transactions. We recognize expected recoveries from freestanding credit enhancements at the same time that we recognize an allowance for credit losses on the covered loans, measured on the same basis as the allowance for credit losses on the covered loans.
Legislative assessments expense relates to two fees: (1) the legislated guarantee fees on single-family loans that we are required to remit to Treasury and (2) the fee imposed on Freddie Mac's total new business purchases that is allocated to certain affordable housing funds and remitted to Treasury and HUD. The legislated guarantee fees relate to the 10 bps 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 of 2021. The affordable housing funds allocation relates to the GSE Act requirement to set aside in each fiscal year an amount equal to 4.2 bps 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 allocation to the originators of the loans that we purchase.
The table below presents the components of non-interest expense.
Table 7 - Components of Non-Interest Expense
Year Over Year Change
Year Ended December 31,2023 vs. 20222022 vs. 2021
(Dollars in millions)202320222021$%$%
Salaries and employee benefits($1,606)($1,509)($1,398)($97)(6)%($111)(8)%
Credit enhancement expense(2,339)(2,118)(1,518)(221)(10)(600)(40)
Benefit for (decrease in) credit enhancement recoveries(189)236 (542)(425)(180)778 144 
Legislative assessments expense:
Legislated guarantee fees expense(2,856)(2,751)(2,343)(105)(4)(408)(17)
Affordable housing funds allocation(146)(258)(539)112 43 281 52 
Total legislative assessments expense(3,002)(3,009)(2,882)7  (127)(4)
Other expense(1,766)(1,419)(1,453)(347)(24)34 
Non-interest expense($8,902)($7,819)($7,793)($1,083)(14)%($26) %
Key Drivers:
n    Credit enhancement expense
l    2023 vs. 2022 - Increased primarily due to a higher volume of outstanding cumulative CRT transactions and higher losses on STACR Trust note repurchases.
l    2022 vs. 2021 - Increased primarily due to a higher volume of outstanding cumulative CRT transactions and higher spreads on transactions executed during 2022.
n    Benefit for (decrease in) credit enhancement recoveries
l    2023 vs. 2022