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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, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-34139
fmcc-20221231_g1.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, 2022 (the last business day of the registrant's most recently completed second fiscal quarter) was $0.3 billion.
As of January 31, 2023, 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
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    2022 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 | 2022 Form 10-K
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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 CRT Issuance
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
23Single-Family Credit Enhancement Receivables
24Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
25Characteristics of the Loans in Our Single-Family Mortgage Portfolio
26Single-Family Mortgage Portfolio Attribute Combinations
27Seriously Delinquent Single-Family Loans
28Single-Family Relief Refinance Loans
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 | 2022 Form 10-K
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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
56ERCF Available Capital and Capital Requirements
572021 and 2020 Affordable Housing Goals Results
582022-2024 Single-Family Affordable Housing Goal Benchmark Levels
592022 Multifamily Affordable Housing Goal Benchmark Levels
602023-2024 Multifamily Affordable Housing Goal Benchmark Levels
61Forecasted House Price Growth Rates
62Board Compensation Levels
63Director Compensation
642022 Target TDC
652022 Deferred Salary
66CEO Pay Ratio
67Compensation Summary
68Grants of Plan-Based Awards
69SERP and SERP II Benefits
70Compensation and Benefits if NEO Terminated Employment as of December 31, 2022
71Stock Ownership by Directors and Executive Officers
72Stock Ownership by Greater-Than 5% Holders
73Auditor Fees
FREDDIE MAC | 2022 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 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)fmcc-20221231_g2.jpg
Net Worth as of December 31,
(In billions)
fmcc-20221231_g3.jpg
Key Drivers:
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.
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IntroductionAbout Freddie Mac
n    2021 vs. 2020
l    Net income was $12.1 billion, an increase of 65% year-over-year, primarily driven by higher net revenues and a credit reserve release in Single-Family.
l    Net revenues increased 32% year-over-year to $22.0 billion, primarily driven by higher net interest income and higher net investment gains.
l    Net worth was $28.0 billion as of December 31, 2021, up from $16.4 billion as of December 31, 2020.
Market Liquidity
Market Liquidity
(In thousands)
fmcc-20221231_g4.jpg
We support the U.S. housing market by executing our mission to provide liquidity and help maintain credit availability for new and refinanced single-family mortgages as well as for rental housing. We provided $614 billion in liquidity to the mortgage market in 2022, which enabled the financing of nearly 2.5 million home purchases, refinancings, and rental units.
FREDDIE MAC | 2022 Form 10-K
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IntroductionAbout Freddie Mac
Portfolio Balances
Mortgage Portfolio as of December 31,
(UPB in billions)
fmcc-20221231_g5.jpg
Key Drivers:
n    2022 vs. 2021
l    Our mortgage portfolio increased 6% year-over-year to $3.4 trillion at December 31, 2022.
l    Our Single-Family mortgage portfolio increased 7% year-over-year to $3.0 trillion at December 31, 2022, 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 recent periods, which contributed to new business acquisitions having a larger loan size compared to older vintages that continued to run off.
l    Our Multifamily mortgage portfolio increased 3% year-over-year to $0.4 trillion at December 31, 2022, primarily driven by new business activity, partially offset by increased borrower payoff activity driven by market conditions.
n    2021 vs. 2020
l    Our mortgage portfolio increased 18% year-over-year to $3.2 trillion at December 31, 2021.
l    Our Single-Family mortgage portfolio increased 20% year-over-year to $2.8 trillion at December 31, 2021, primarily driven by higher new business activity. Additionally, continued house price appreciation contributed to new business acquisitions having a higher average loan size compared to older vintages that continued to run off.
l     Our Multifamily mortgage portfolio increased 7% year-over-year to $0.4 trillion at December 31, 2021, primarily driven by ongoing loan purchase and securitization activity attributable to continued high demand for multifamily financing.

FREDDIE MAC | 2022 Form 10-K
3

IntroductionAbout Freddie Mac
Credit Risk Transfer
Single-Family Mortgage Portfolio with Credit Enhancement as of December 31,
(UPB in billions)
fmcc-20221231_g6.jpg
Multifamily Mortgage Portfolio with Credit Enhancement as of December 31,
(UPB in billions)
fmcc-20221231_g7.jpg
In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various credit enhancement arrangements to reduce our credit risk exposure. We transfer a portion of the credit risk, primarily on recently acquired loans, through our CRT programs. We also reduce our credit risk exposure through other credit enhancement arrangements, mainly primary mortgage insurance. See MD&A - Our Business Segments and MD&A - Risk Management - Credit Risk for additional information on our credit enhancements and CRT programs.
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. The senior preferred stock and warrant were issued as an initial commitment fee in consideration for Treasury's commitment to provide funding to us under the Purchase Agreement. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe that the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities.
Our 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.
We have had a net worth sweep dividend requirement to Treasury on the senior preferred stock since the first quarter of 2013, which was implemented pursuant to the August 2012 amendment to the Purchase Agreement. 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
FREDDIE MAC | 2022 Form 10-K
4

IntroductionAbout Freddie Mac
sufficient net worth to meet the capital requirements and buffers set forth in the ERCF. As the company 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)
fmcc-20221231_g8.jpg
Draws and Dividend Payments
(In billions)

fmcc-20221231_g9.jpg
FREDDIE MAC | 2022 Form 10-K
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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. Everything we do must be done 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 permits us to purchase first-lien single-family loans with LTV ratios at the time of our purchase of less than or equal to 80%. For the purchase of first-lien single-family loans that do not meet this criterion, 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.
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 $726,200 for 2023, an increase from $647,200 in 2022, $548,250 for 2021, and $510,400 for 2020. Higher limits have been established in certain "high-cost" areas (for 2023, up to $1,089,300 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.
Our Strategic Priorities
Our mission is to provide liquidity, stability, and affordability to the housing market. We interpret this mission expansively to meet the country's broader housing needs in both good times and challenging times by:
n    Enhancing liquidity within the mortgage and capital markets;
n    Stabilizing the housing market throughout the economic cycle, including helping families facing hardship remain in their homes;
n    Working with an array of housing market participants to promote greater access to and supply of affordable and sustainable homes throughout the country;
n    Addressing longstanding issues of inequity in housing;
n    Working with lenders of all sizes to better serve their communities; and
n    Continuing progress to integrate ESG strategies into our business and operations.

FREDDIE MAC | 2022 Form 10-K
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IntroductionOur Business
Delivering on our mission requires that we maintain safety and soundness, financial strength, and operational resilience. It requires us to grow our talent for today and tomorrow. It also requires a commitment to examine our company's business and risk environment in search of new and better ways to serve our mission. For these reasons, we have established the following three focus areas to support our mission:
Practice Risk Management Excellence
n    Improve our operations and risk management to maintain our safety and soundness;
n    Seek to timely remediate outstanding significant safety and soundness issues; and
n    Enhance operational resiliency with respect to our people, processes, and recovery capabilities.
Grow Talent for Today and Tomorrow
n    Develop our current and future leaders and team members;
n    Uphold a culture where talented and committed individuals work together to achieve success; and
n    Build strength through DEI, integrating DEI through all dimensions of our business.
Deliver Results
n    Generate strong financial results, build capital, and excel with respect to our FHFA and Corporate Scorecards;
n    Deliver innovative solutions to advance the mission; and
n    Increase efficiency to enhance productivity and bolster our financial results.
Human Capital Management
Our people are integral to our company’s success. It is our goal to sustain an inclusive and equitable culture with a highly engaged diverse workforce focused on delivering on our mission. We are committed to growing our talent for today and tomorrow, and we seek to be an employer of choice that attracts top talent through our commitment to DEI, employee engagement, training, and other professional development opportunities. We also seek to implement competitive compensation programs and practices within the constraints of our conservatorship status. 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, 2023, we had 7,799 full-time and 40 part-time employees. 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 of the Board of Directors by providing workforce insights that support them in 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 our Conservator and as our regulator. For more 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.
Attracting, Developing, and Retaining Talent
In a marketplace where the competition to attract, develop, and retain talent is increasing, we strive to be an employer of choice. In doing so, we offer our employees a comprehensive suite of financial, health, and other benefits to support their financial, physical, and mental well-being at every stage of their career.
Throughout the COVID-19 pandemic, we offered flexible work arrangements and other benefits, such as expanded leave and expanded back-up childcare, to support our employees as they adjusted to all of the ways the COVID-19 pandemic reshaped their lives. Beginning in mid-2022, we began the phased implementation of our hybrid work approach. Starting in January 2023, the majority of our employees are spending time working in the office on a consistent schedule with the objective of creating more opportunity for community team building, innovation, and collaboration while allowing for focused individual work on designated remote workdays.
We provide our employees with professional development and training opportunities to enhance their competencies and capabilities. We use data and analytics to understand the engagement of our workforce and inform our talent decisions.
Our employee population increased in 2022. Although our voluntary turnover rate was elevated compared to our historical experience, it remained below financial industry benchmarks.
FREDDIE MAC | 2022 Form 10-K
7

IntroductionOur Business
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. In April 2022, a Chief Diversity and Inclusion Officer (CDIO) was appointed to lead the newly established standalone DEI division. The DEI division helps promote diversity, equity, and inclusion 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 organizes our efforts into the following focus areas: workforce diversity, supplier diversity, and financial transactions, along with our engagement and outreach programs. Each of these focus areas has associated goals that are tracked and shared with FHFA, our Board of Directors, our senior leadership team, and our people.
For workforce diversity, we seek to attract and sustain a pipeline of diverse candidates by partnering with Hispanic Serving Institutions, Historically Black Colleges and Universities, and other diverse organizations that create career opportunities for underrepresented populations. We provide access to opportunities through targeted development and learning opportunities. For example, we create opportunities for untapped, neurodiverse talent through our Neurodiversity at Work program. Through our engagement and outreach programs, we advance a culture of inclusion through our 10 business resource groups and seek to create a sustainable impact in our local communities through our employee volunteerism efforts.
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. Our Compliance, DEI, Enterprise Risk Management, Human Resources (HR), and Single-Family Portfolio & Servicing functions are led by racially diverse executives. Our HR, Internal Audit, and Legal Divisions are led by women. 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.
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.
Business Segments
We have two reportable segments: Single-Family and Multifamily. For more 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 our product offerings, pricing, competitive position and strategic priorities, relationship with sellers and servicers, capital structure, cash needs and uses, privacy for borrowers and others, and cybersecurity. As a result, such laws and regulations have a significant effect on key drivers of our results of operations, including, for example, our capital and liquidity, guarantee fees, product offerings, risk management, and costs of compliance. Failure to comply with our legal and regulatory requirements could result in 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, recent 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.
FREDDIE MAC | 2022 Form 10-K
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IntroductionOur Business
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. For example, FHFA may require us to undertake activities that reduce our profitability, expose us to additional credit, market, funding, operational, 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.
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, 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 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 ESG efforts on our website at freddiemac.com/about/esg.
FREDDIE MAC | 2022 Form 10-K
9

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 observed and forecasted house price appreciation, our market share, the effect of legislative and regulatory developments and new accounting guidance, the credit quality of loans we own or guarantee, the costs and benefits of our CRT transactions, the effects of natural disasters, other catastrophic events, and significant climate change effects and actions taken in response thereto on our business, and our results of operations and financial condition. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Forward-looking statements are often accompanied by, and identified with, terms such as "could," "may," "will," "believe," "expect," "anticipate," "forecast," and similar phrases. These statements are not historical facts, but rather represent our expectations based on current information, plans, judgments, assumptions, estimates, and projections. Actual results may differ significantly from those described in or implied by such forward-looking statements due to various factors and uncertainties, including those described in the Risk Factors section 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 support the housing market, such as programs to implement the recommendations in FHFA's Conservatorship Scorecards, recent requirements and guidance related to equitable housing, and other objectives for us;
n    Changes in the fiscal and monetary policies of the Federal Reserve, including changes in target interest rates and in the amount of agency MBS and agency CMBS held by the Federal Reserve;
n    The effect of the restrictions on our business due to the conservatorship and the Purchase Agreement;
n    Changes in our Charter, applicable legislative or regulatory requirements (including any legislation affecting the future status of our company), or the Purchase Agreement;
n    Changes to our capital requirements and potential effects of such changes on our business strategies;
n    Changes in tax laws;
n    Changes in privacy and cybersecurity laws and regulations;
n    Changes in accounting policies, practices, standards, or guidance;
n    Changes in economic and market conditions, including changes in employment rates, inflation, interest rates, spreads, and house prices;
n    Changes in the U.S. residential mortgage market, including changes in the supply and type of loan products (e.g., refinance vs. purchase and fixed-rate vs. ARM);
n    The success of our efforts to mitigate our losses on our Single-Family mortgage portfolio;
n    The success of our strategy to transfer mortgage credit risk through STACR, ACIS®, K Certificate, SCR, MCIP, and other CRT transactions;
n    Our ability to maintain adequate liquidity to fund our operations;
n    Our ability to maintain the security and resiliency of our operational systems and infrastructure, including against cyberattacks or other security incidents, whether due to insider error or malfeasance or system errors or vulnerabilities in our or our third parties' systems;
n    Our ability to effectively execute our business strategies, implement significant changes, and improve efficiency;
n    The adequacy of our risk management framework, including the adequacy of our regulatory capital framework prescribed by FHFA and internal models for measuring risk;
n    Our ability to manage mortgage credit risk, including the effect of changes in underwriting and servicing practices;
n    Our ability to limit or manage our economic exposure and GAAP earnings exposure to interest-rate volatility and spread volatility, including the availability of derivative financial instruments needed for interest-rate risk management purposes and our ability to apply hedge accounting;
n    Our operational ability to issue new securities, make timely and correct payments on securities, and provide initial and ongoing disclosures;
n    Our reliance on CSS and the CSP for the operation of the majority of our Single-Family securitization activities, limits on our influence over CSS Board decisions, and any additional changes FHFA may require in our relationship with, or support of, CSS;
n    Changes in the methodologies, models, assumptions, and estimates we use to prepare our financial statements, make business decisions, and manage risks;
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
FREDDIE MAC | 2022 Form 10-K
10

IntroductionForward-Looking Statements

speeds of our and Fannie Mae's respective UMBS;
n    Changes in the practices of loan originators, servicers, investors, and other participants in the secondary mortgage market;
n    Competition from other market participants, which could affect the pricing we offer for our products, the credit characteristics of the loans we purchase, and our ability to meet our affordable housing goals;
n    The discontinuance of, transition from, or replacement of LIBOR and the adverse consequences it could have on our business and operations;
n    The availability of critical third parties, or their vendors and other business partners, to deliver products or services, or to manage risks, including cybersecurity risk, effectively;
n    The occurrence of a major natural disaster, other catastrophic event, or significant climate change effects in areas in which our offices, significant portions of our total mortgage portfolio, or the offices of critical third parties are located, and for which we may be uninsured or significantly underinsured; and
n Other factors and assumptions described in this Form 10-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 | 2022 Form 10-K
11

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 graphs and related discussions 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 ___
fmcc-20221231_g10.jpgSources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index.

U.S. Single-Family Mortgage Originations ___
(UPB in billions)
fmcc-20221231_g11.jpg
Source: Inside Mortgage Finance.
Single-Family Serious Delinquency Rates
as of December 31,
fmcc-20221231_g12.jpg
Source: National Delinquency Survey from the Mortgage Bankers Association. For 2022, the total mortgage market rate is as of September 30, 2022 (latest available information).

Single-Family Mortgage Debt Outstanding
(UPB in billions)
fmcc-20221231_g13.jpgSource: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. For 2022, the U.S. single-family mortgage debt outstanding amount is as of September 30, 2022 (latest available information).
FREDDIE MAC | 2022 Form 10-K
12

Management's Discussion and AnalysisHousing and Mortgage Market Conditions
Multifamily
Apartment Vacancy Rates and Change in Effective Rents
fmcc-20221231_g14.jpg
Source: Reis.



Multifamily Property Price Growth Rate

fmcc-20221231_g15.jpg
Source: Real Capital Analytics Commercial Property Price Index (RCA CPPI).


Multifamily Delinquency Rates as of December 31,
fmcc-20221231_g16.jpgSource: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS market, excluding REOs), American Council of Life Insurers (ACLI). For 2022, the amount for FDIC insured institutions is as of September 30, 2022 (latest available information) and the amounts for the Multifamily CMBS market and ACLI investment bulletin are as of December 31, 2022.

Multifamily Mortgage Debt Outstanding
(UPB in billions)
fmcc-20221231_g17.jpgSource: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. For 2022, the U.S. multifamily mortgage debt outstanding amount is as of September 30, 2022 (latest available information).
FREDDIE MAC | 2022 Form 10-K
13

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.
The table below compares our consolidated results of operations for the past three years. Certain amounts in the prior periods have been reclassified to conform to the current presentation. See Note 1 for additional information about the prior period reclassifications.
Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income
Year Over Year Change
Year Ended December 31,2022 vs. 20212021 vs. 2020
(Dollars in millions)202220212020$%$%
Net interest income$18,005 $17,580 $12,771 $425 %$4,809 38 %
Non-interest income3,259 4,371 3,888 (1,112)(25)483 12 
Net revenues21,264 21,951 16,659 (687)(3)5,292 32 
(Provision) benefit for credit losses(1,841)1,041 (1,452)(2,882)(277)2,493 172 
Non-interest expense(7,819)(7,793)(5,978)(26)— (1,815)(30)
Income before income tax expense11,604 15,199 9,229 (3,595)(24)5,970 65 
Income tax expense(2,277)(3,090)(1,903)813 26 (1,187)(62)
Net income9,327 12,109 7,326 (2,782)(23)4,783 65 
Other comprehensive income (loss),
net of taxes and reclassification adjustments
(342)(489)205 147 30 (694)(339)
Comprehensive income$8,985 $11,620 $7,531 ($2,635)(23)%$4,089 54 %
See 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 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 expense 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 | 2022 Form 10-K
14

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 31,2022 vs. 20212021 vs. 2020
(Dollars in millions)202220212020$%$%
Guarantee net interest income:
Contractual net interest income(1)
$14,020 $11,038 $6,984 $2,982 27%$4,054 58%
Deferred fee income2,984 4,969 3,919 (1,985)(40)1,050 27
Total guarantee net interest income17,004 16,007 10,903 997 65,104 47
Investments net interest income3,417 3,068 4,100 349 11(1,032)(25)
Expense from hedge accounting(2,416)(1,495)(2,232)(921)(62)737 33
Net interest income$18,005 $17,580 $12,771 $425 2%$4,809 38%
(1)    Includes majority of amounts previously presented as net interest income related to the legislated guarantee fees. Prior period amounts have been reclassified to conform to the current period presentation.
Key Drivers:
n    Guarantee net interest income
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.
l    2021 vs. 2020 - Increased primarily due to continued mortgage portfolio growth, higher average portfolio guarantee fee rates, and higher deferred fee income recognition in Single-Family.
n    Investments net interest income
l    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.
l    2021 vs. 2020 - Decreased primarily due to a decline in the size of the mortgage-related investments portfolio, partially offset by lower funding costs.
n    Expense from hedge accounting
l    2022 vs. 2021 - Expense increased primarily due to higher accruals of periodic cash settlements 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.
l    2021 vs. 2020 - Expense decreased primarily due to lower amortization of hedge accounting-related basis adjustments driven by a decline in the unamortized balance.
FREDDIE MAC | 2022 Form 10-K
15

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,
 202220212020
(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$14,705 $179 1.22 %$62,042 $8 0.01 %$24,428 $30 0.12 %
Securities purchased under agreements to resell97,260 1,718 1.77 75,425 48 0.06 94,350 354 0.38 
Investment securities47,612 1,640 3.44 56,211 2,261 4.02 71,842 2,581 3.59 
Mortgage loans(1)
2,967,147 79,826 2.69 2,622,952 59,130 2.25 2,149,787 59,290 2.76 
Other assets4,104 95 2.31 6,049 80 1.32 4,752 85 1.79 
Total interest-earning assets3,130,828 83,458 2.67 2,822,679 61,527 2.18 2,345,159 62,340 2.66 
Interest-bearing liabilities:
Debt of consolidated trusts2,911,235 (61,404)(2.11)2,538,757 (42,209)(1.66)2,020,908 (46,281)(2.29)
Debt of Freddie Mac178,757 (4,049)(2.27)237,572 (1,738)(0.73)294,115 (3,288)(1.12)
Total interest-bearing liabilities3,089,992 (65,453)(2.12)2,776,329 (43,947)(1.58)2,315,023 (49,569)(2.14)
Impact of net non-interest-bearing funding40,836 — 0.03 46,350 — 0.02 30,136 — 0.03 
Total funding of interest-earning assets3,130,828 (65,453)(2.09)2,822,679 (43,947)(1.56)2,345,159 (49,569)(2.11)
Net interest income/yield$18,005 0.58 %$17,580 0.62 %$12,771 0.55 %
(1)    Loan fees included in interest income were $1.5 billion, $3.1 billion, and $4.6 billion during 2022, 2021, and 2020, respectively.
FREDDIE MAC | 2022 Form 10-K
16

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
2022 vs. 20212021 vs. 2020
(In millions)
Rate(1)
Volume(1)
Total Change
Rate(1)
Volume(1)
Total Change
Interest-earning assets:
Cash and cash equivalents$180 ($8)$172 ($43)$21 ($22)
Securities purchased under agreements to resell1,649 21 1,670 (252)(54)(306)
Investment securities292 (913)(621)826 (1,146)(320)
Mortgage loans12,572 8,124 20,696 (11,660)11,500 (160)
Other assets45 (31)14 (16)11 (5)
Total interest-earning assets14,738 7,193 21,931 (11,145)10,332 (813)
Interest-bearing liabilities:
Debt of consolidated trusts(11,448)(7,747)(19,195)15,245 (11,173)4,072 
Debt of Freddie Mac(2,925)614 (2,311)1,374 176 1,550 
Total interest-bearing liabilities(14,373)(7,133)(21,506)16,619 (10,997)5,622 
Net interest income$365 $60 $425 $5,474 ($665)$4,809 
(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.