%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 100.40 739.05 Td (UNITED STATES SECURITIES AND EXCHANGE COMMISSION) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 238.20 724.65 Td (Washington, D.C. 20549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.70 698.65 Td (? Tj ET Q BT /F1 20.00 Tf ET q 0 0 0 rg BT 251.20 698.65 Td (FORM ) Tj ET Q BT /F1 20.00 Tf ET q 0 0 0 rg BT 316.76 698.65 Td (10-Q) Tj ET Q BT /F1 20.00 Tf ET q 0 0 0 rg BT 362.70 698.65 Td ( ) Tj ET Q /GS0 gs q 8.07 0 0 10.32 51.75 675.33 cm /I1 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 81.75 679.22 Td (QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE SECURITIES EXCHANGE ACT OF 1934.) Tj ET Q BT /F2 9.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 644.65 Td (For ) Tj ET Q q 0 0 0 rg BT 91.79 644.65 Td (the ) Tj ET Q q 0 0 0 rg BT 109.76 644.65 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 155.11 644.65 Td (period ) Tj ET Q q 0 0 0 rg BT 188.43 644.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.84 644.65 Td (September?0, ) Tj ET Q q 0 0 0 rg BT 292.65 644.65 Td (2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 314.89 644.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 625.65 Td (or) Tj ET Q /GS0 gs q 8.07 0 0 10.32 51.75 602.33 cm /I2 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 81.75 606.22 Td (TRANSITION REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE SECURITIES EXCHANGE ACT OF 1934.) Tj ET Q BT /F2 9.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 568.65 Td (For the transition period from                              ?) Tj ET Q q 0 0 0 rg BT 301.50 568.65 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 568.65 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.60 549.65 Td (Commission File Number: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.27 549.65 Td (001-34139) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.82 549.65 Td ( ) Tj ET Q /GS0 gs q 160.00 0 0 35.00 225.75 500.65 cm /I3 Do Q BT /F2 9.00 Tf ET BT /F1 16.00 Tf ET q 0 0 0 rg BT 144.35 472.45 Td (Federal Home Loan Mortgage Corporation ) Tj ET Q BT /F1 16.00 Tf ET q 0 0 0 rg BT 471.52 472.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.70 458.65 Td (\(Exact name of registrant as specified in its charter\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.85 425.42 Td (Federally chartered) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.75 425.42 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 166.40 420.92 Td (52-0904874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.50 425.42 Td (8200 Jones Branch Drive) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.40 420.92 Td (22102-3110) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.05 420.92 Td (\(703\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.40 420.92 Td (903-2000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.20 413.42 Td (corporation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.90 413.42 Td (McLean,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.15 413.42 Td (Virginia) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.30 403.14 Td (\(State or other jurisdiction of) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 56.00 395.14 Td (incorporation or organization\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 152.75 399.64 Td (? Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 167.25 403.14 Td (\(I.R.S. Employer) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 164.90 395.14 Td (Identification No.\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 236.95 399.64 Td (\(Address of principal executive offices\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.85 403.14 Td (\(Zip Code\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 452.35 403.14 Td (\(Registrant’s telephone number,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.35 395.14 Td (including area code\)) Tj ET Q BT /F2 9.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.20 376.35 Td (Securities registered pursuant to Section?2\(b\) of the Act:? Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 362.85 m 48.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 362.85 m 206.75 362.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.75 362.85 m 206.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.75 362.85 m 364.75 362.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 362.85 m 364.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 561.75 362.85 m 561.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 362.85 m 561.75 362.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 348.85 m 48.75 334.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 348.85 m 206.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 334.85 m 206.75 334.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.75 348.85 m 206.75 334.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.75 348.85 m 364.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.75 334.85 m 364.75 334.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 348.85 m 364.75 334.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 561.75 348.85 m 561.75 334.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 348.85 m 561.75 348.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 334.85 m 561.75 334.85 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.35 353.92 Td (Title of each class) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.95 353.92 Td (Trading Symbol\(s\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.35 353.92 Td (Name of each exchange on which registered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 117.65 339.64 Td (None) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.40 339.64 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.90 339.64 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 314.95 Td (Indicate by check mark whether the registrant: \(1\) has filed all reports required to be filed by Section?3 or 15\(d\) of the ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 303.55 Td (Securities Exchange Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 290.35 Td (required to file such reports\), and \(2\) has been subject to such filing requirements for the past 90 days.? Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 484.87 290.35 Td (  ? Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 492.79 288.04 cm /I4 Do Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 500.86 290.35 Td (? Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 503.50 290.35 Td (Yes) Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 518.52 290.35 Td (    ) Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 529.08 288.04 cm /I5 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.15 290.35 Td ( ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 539.66 290.35 Td (No) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 269.95 Td (Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 258.55 Td (submitted pursuant to Rule?05 of Regulation S-T \(?32.405 of this chapter\) during the preceding 12 months \(or for such ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 245.35 Td (shorter period that the registrant was required to submit such files\).) Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 333.80 245.35 Td (    ) Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 344.36 243.04 cm /I6 Do Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 352.43 245.35 Td (? Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 355.07 245.35 Td (Yes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 370.09 245.35 Td (? Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 372.73 245.35 Td (   ) Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 380.65 243.04 cm /I7 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.72 245.35 Td ( ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 391.23 245.35 Td (No) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 224.95 Td (Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 213.55 Td (smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 202.15 Td (filer," "smaller reporting company," and "emerging growth company" in Rule?2b-2 of the Exchange Act.) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 52.50 181.65 Td (? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 61.50 182.72 Td (Large accelerated filer) Tj ET Q /GS0 gs q 8.07 0 0 10.32 199.50 178.83 cm /I8 Do Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.50 181.65 Td (? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.50 182.72 Td (Accelerated filer) Tj ET Q /GS0 gs q 8.07 0 0 10.32 535.50 178.83 cm /I9 Do Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 52.50 167.65 Td (? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 61.50 168.72 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.07 0 0 10.32 199.50 164.83 cm /I10 Do Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.50 167.65 Td (? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.50 168.72 Td (Smaller reporting company) Tj ET Q /GS0 gs q 8.07 0 0 10.32 535.50 164.83 cm /I11 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 61.50 154.72 Td (Emerging growth company) Tj ET Q /GS0 gs q 8.07 0 0 10.32 199.50 150.83 cm /I12 Do Q BT /F2 9.00 Tf ET BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 118.35 Td (period for complying with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 105.15 Td (Exchange Act.) Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 110.91 105.15 Td ( ) Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 113.55 102.84 cm /I13 Do Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 71.55 Td (Act\).  ? Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 76.77 71.55 Td (? Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 79.41 71.55 Td (Yes) Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 94.43 71.55 Td (  ) Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 99.71 69.24 cm /I14 Do Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 107.79 71.55 Td (  ? Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 115.71 71.55 Td ( No) Tj ET Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 130.66 71.55 Td (?) Tj ET Q BT /F7 11.00 Tf ET /GS0 gs q 8.07 0 0 11.32 135.94 69.24 cm /I15 Do Q /GS0 gs q 9.50 0 0 11.32 144.01 69.24 cm /I16 Do Q /GS0 gs q 9.50 0 0 11.32 153.51 69.24 cm /I17 Do Q BT /F6 9.50 Tf ET q 0 0 0 rg BT 163.01 71.55 Td ( ) Tj ET Q /GS0 gs q 9.50 0 0 11.32 165.65 69.24 cm /I18 Do Q /GS0 gs q 9.50 0 0 11.32 175.15 69.24 cm /I19 Do Q /GS0 gs q 9.50 0 0 11.32 184.65 69.24 cm /I20 Do Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 49.50 51.15 Td (As of ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 73.95 51.15 Td (October?5, 2019) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 148.12 51.15 Td (, there were ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 200.55 51.15 Td (650,059,033) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 253.38 51.15 Td ( shares of the registrant’s common stock outstanding.) Tj ET Q endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.25 759 m 564.25 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.75 764.07 Td (Table of Contents) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 555.80 30.07 Td (i) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 24.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 729.90 Td (Table of Contents) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 526.15 690.33 Td (Page) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 673.33 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS OF) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 661.33 Td (FINANCIAL CONDITION AND RESULTS OF OPERATIONS) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 646.12 cm /I21 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 647.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 647.96 Td (Introduction) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 631.12 cm /I22 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 632.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 632.96 Td (Market Conditions and Economic Indicators) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 616.12 cm /I23 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 617.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 617.96 Td (Consolidated Results of Operations) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 601.12 cm /I24 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 602.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 602.96 Td (Consolidated Balance Sheets Analysis) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 586.12 cm /I25 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 587.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 587.96 Td (Our Business Segments) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 571.12 cm /I26 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 572.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 572.96 Td (Risk Management) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 556.12 cm /I27 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 557.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 557.96 Td (Liquidity and Capital Resources) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 541.12 cm /I28 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 542.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 542.96 Td (Off-Balance Sheet Arrangements) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 526.12 cm /I29 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 527.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 527.96 Td (Conservatorship and Related Matters) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 511.12 cm /I30 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 512.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 512.96 Td (Regulation and Supervision) Tj ET Q /GS0 gs q 6.72 0 0 9.78 51.50 496.12 cm /I31 Do Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 58.22 497.96 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 497.96 Td (Forward-Looking Statements) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 481.33 Td (FINANCIAL STATEMENTS) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 466.33 Td (OTHER INFORMATION) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 451.33 Td (CONTROLS AND PROCEDURES) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 436.33 Td (EXHIBIT INDEX) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 421.33 Td (SIGNATURES) Tj ET Q BT /F9 12.00 Tf ET q 0 0 0 rg BT 51.50 406.33 Td (FORM 10-Q INDEX) Tj ET Q BT /F2 9.00 Tf ET BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 537.45 671.83212890625 m 545.46611328125 671.83212890625 l s q 0 0 1 rg BT 537.45 673.33 Td (1) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 538.95 647.34921875 m 543.95390625 647.34921875 l s q 0 0 1 rg BT 538.95 648.47 Td (1) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 538.95 632.34921875 m 543.95390625 632.34921875 l s q 0 0 1 rg BT 538.95 633.47 Td (4) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 538.95 617.34921875 m 543.95390625 617.34921875 l s q 0 0 1 rg BT 538.95 618.47 Td (6) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 602.34921875 m 546.4578125 602.34921875 l s q 0 0 1 rg BT 536.45 603.47 Td (12) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 587.34921875 m 546.4578125 587.34921875 l s q 0 0 1 rg BT 536.45 588.47 Td (13) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 572.34921875 m 546.4578125 572.34921875 l s q 0 0 1 rg BT 536.45 573.47 Td (37) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 557.34921875 m 546.4578125 557.34921875 l s q 0 0 1 rg BT 536.45 558.47 Td (42) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 542.34921875 m 546.4578125 542.34921875 l s q 0 0 1 rg BT 536.45 543.47 Td (48) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 527.34921875 m 546.4578125 527.34921875 l s q 0 0 1 rg BT 536.45 528.47 Td (49) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 512.34921875 m 546.4578125 512.34921875 l s q 0 0 1 rg BT 536.45 513.47 Td (51) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 536.45 497.34921875 m 546.4578125 497.34921875 l s q 0 0 1 rg BT 536.45 498.47 Td (53) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 533.45 479.83212890625 m 549.4822265625 479.83212890625 l s q 0 0 1 rg BT 533.45 481.33 Td (55) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 529.45 464.83212890625 m 553.49833984375 464.83212890625 l s q 0 0 1 rg BT 529.45 466.33 Td (124) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 529.45 449.83212890625 m 553.49833984375 449.83212890625 l s q 0 0 1 rg BT 529.45 451.33 Td (126) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 529.45 434.83212890625 m 553.49833984375 434.83212890625 l s q 0 0 1 rg BT 529.45 436.33 Td (128) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 529.45 419.83212890625 m 553.49833984375 419.83212890625 l s q 0 0 1 rg BT 529.45 421.33 Td (129) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.60 w 0 i [] 0 d 1 J 1 j 3 M 529.45 404.83212890625 m 553.49833984375 404.83212890625 l s q 0 0 1 rg BT 529.45 406.33 Td (130) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.25 759 m 564.25 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.75 764.07 Td (Table of Contents) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 554.15 30.07 Td (ii) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (MD&A TABLE INDEX) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 49.00 714.65 32.00 -19.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 81.00 714.65 445.00 -19.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 526.00 714.65 36.00 -19.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 681.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 681.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 681.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 653.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 653.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 653.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 625.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 625.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 625.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 597.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 597.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 597.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 569.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 569.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 569.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 541.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 541.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 541.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 513.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 513.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 513.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 485.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 485.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 485.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 457.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 457.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 457.65 36.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 429.65 32.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.00 429.65 445.00 -14.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 526.00 429.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 401.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 401.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 401.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 373.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 373.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 373.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 345.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 345.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 345.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 317.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 317.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 317.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 289.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 289.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 289.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 261.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 261.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 261.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 233.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 233.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 233.65 36.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 49.00 205.65 32.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 81.00 205.65 445.00 -14.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 526.00 205.65 36.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 177.64999999999998 m 81 177.64999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 81 177.64999999999998 m 526 177.64999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526 177.64999999999998 m 562 177.64999999999998 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 55.00 700.72 Td (Table) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 282.60 700.72 Td (Description) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 534.65 700.72 Td (Page) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 62.30 686.72 Td (1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 686.72 Td (Summary of Consolidated Statements of Comprehensive Income \(Loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 672.72 Td (2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 672.72 Td (Components of Net Interest Income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 658.72 Td (3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 658.72 Td (Analysis of Net Interest Yield) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 644.72 Td (4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 644.72 Td (Components of Mortgage Loans Gains \(Losses\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 630.72 Td (5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 630.72 Td (Components of Debt Gains \(Losses\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 616.72 Td (6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 616.72 Td (Components of Derivative Gains \(Losses\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 602.72 Td (7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 602.72 Td (Summarized Consolidated Balance Sheets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 588.72 Td (8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 588.72 Td (Single-Family Credit Guarantee Portfolio CRT Issuance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 62.30 574.72 Td (9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 574.72 Td (Details of Credit Enhanced Loans in Our Single-Family Credit Guarantee Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 560.72 Td (10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 560.72 Td (Single-Family Credit Guarantee Portfolio Attribute Combinations for Higher Risk Loans) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 546.72 Td (11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 546.72 Td (Alt-A Loans in Our Single-Family Credit Guarantee Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 532.72 Td (12) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 532.72 Td (Single-Family Credit Guarantee Portfolio Credit Performance Metrics) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 518.72 Td (13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 518.72 Td (Single-Family Individually Impaired Loans with an Allowance Recorded) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 504.72 Td (14) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 504.72 Td (Single-Family TDR and Non-Accrual Loans) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 490.72 Td (15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 490.72 Td (Single-Family REO Activity) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 476.72 Td (16) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 476.72 Td (Single-Family Guarantee Segment Financial Results) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 462.72 Td (17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 462.72 Td (Multifamily Market Support) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 448.72 Td (18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 448.72 Td (Multifamily Segment Financial Results) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 434.72 Td (19) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 434.72 Td (Capital Markets Segment Financial Results) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 420.72 Td (20) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 420.72 Td (Capital Markets Segment Interest Rate-Related and Market Spread-Related Fair Value Changes, Net of Tax) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 406.72 Td (21) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 406.72 Td (PVS-YC and PVS-L Results Assuming Shifts of the LIBOR Yield Curve) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 392.72 Td (22) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 392.72 Td (Duration Gap and PVS Results) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 378.72 Td (23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 378.72 Td (PVS-L Results Before Derivatives and After Derivatives) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 364.72 Td (24) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 364.72 Td (PVS-L Average, Minimum, and Maximum) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 350.72 Td (25) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 350.72 Td (GAAP Adverse Scenario Before and After Hedge Accounting) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 336.72 Td (26) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 336.72 Td (GAAP Adverse Scenario Average, Minimum, and Maximum) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 322.72 Td (27) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 322.72 Td (Estimated Net Interest Rate Effect on Comprehensive Income \(Loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 308.72 Td (28) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 308.72 Td (Estimated Spread Effect on Comprehensive Income \(Loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 294.72 Td (29) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 294.72 Td (Sources of Liquidity) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 280.72 Td (30) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 280.72 Td (Other Investments Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 266.72 Td (31) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 266.72 Td (Sources of Funding) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 252.72 Td (32) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 252.72 Td (Other Debt Activity) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 60.15 238.72 Td (33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 83.50 238.72 Td (Activity for Debt Securities of Consolidated Trusts Held 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J 1 j 3 M 541.3 671.59921875 m 545.61982421875 671.59921875 l s q 0 0 1 rg BT 541.30 672.72 Td (7) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 541.3 657.59921875 m 545.61982421875 657.59921875 l s q 0 0 1 rg BT 541.30 658.72 Td (8) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 643.59921875 m 547.7896484375 643.59921875 l s q 0 0 1 rg BT 539.15 644.72 Td (10) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 629.59921875 m 547.7896484375 629.59921875 l s q 0 0 1 rg BT 539.15 630.72 Td (10) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 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0 i [] 0 d 1 J 1 j 3 M 539.15 447.59921875 m 547.7896484375 447.59921875 l s q 0 0 1 rg BT 539.15 448.72 Td (33) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 433.59921875 m 547.7896484375 433.59921875 l s q 0 0 1 rg BT 539.15 434.72 Td (36) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 419.59921875 m 547.7896484375 419.59921875 l s q 0 0 1 rg BT 539.15 420.72 Td (36) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 405.59921875 m 547.7896484375 405.59921875 l s q 0 0 1 rg BT 539.15 406.72 Td (37) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 391.59921875 m 547.7896484375 391.59921875 l s q 0 0 1 rg BT 539.15 392.72 Td (38) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 377.59921875 m 547.7896484375 377.59921875 l s q 0 0 1 rg BT 539.15 378.72 Td (38) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 363.59921875 m 547.7896484375 363.59921875 l s q 0 0 1 rg BT 539.15 364.72 Td (38) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.45 w 0 i [] 0 d 1 J 1 j 3 M 539.15 349.59921875 m 547.7896484375 349.59921875 l s q 0 0 1 rg BT 539.15 350.72 Td (39) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 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Tw 0 Tc 100 Tz 0 TL endstream endobj 9 0 obj <> endobj 10 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 513.40 764.07 Td (Introduction) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (1) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 24.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 729.90 Td (Management's Discussion and Analysis of ) Tj ET Q BT /F8 24.00 Tf ET q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 701.10 Td (Financial Condition and Results of Operations) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 671.85 Td (This Quarterly Report on Form 10-Q includes forward-looking statements that are based on current expectations and are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (subject to significant risks and uncertainties. These forward-looking statements are made as of the date of this Form 10-Q. We ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 649.35 Td (undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 638.10 Td (10-Q. Actual results might differ significantly from those described in or implied by such statements due to various factors and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 626.85 Td (uncertainties, including those described in the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 236.24 626.85 Td (Forward-Looking Statements) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.46 626.85 Td ( section of this Form 10-Q, the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 496.08 626.85 Td (Risk Factors) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.11 626.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 615.60 Td (section of our Form 10-Q for the quarter ended June 30, 2019 and the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 332.68 615.60 Td (Business, Forward-Looking Statements, and ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 604.35 Td (Risk Factors) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.53 604.35 Td ( sections of our Annual Report on Form 10-K for the year ended December 31, 2018, or 2018 Annual Report.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (Throughout this Form 10-Q, we use certain acronyms and terms that are defined in the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 398.31 587.10 Td (Glossary) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.87 587.10 Td ( of our 2018 Annual Report. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 569.85 Td (You should read the following ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 170.26 569.85 Td (MD&A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.93 569.85 Td ( in conjunction with our 2018 Annual Report and our condensed consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 558.60 Td (statements and accompanying notes for the three and nine months ended September 30, 2019 included in ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 479.01 558.60 Td (Financial ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 547.35 Td (Statements) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.98 547.35 Td (. Throughout this Form 10-Q, we refer to the three months ended September 30, 2019, the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (June 30, 2019, the three months ended March 31, 2019, the three months ended December 31, 2018, the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 524.85 Td (September 30, 2018, the three months ended June 30, 2018, the three months ended March 31, 2018, and the three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (ended December 31, 2017 as "3Q 2019," "2Q 2019," "1Q 2019," "4Q 2018," "3Q 2018," "2Q 2018," "1Q 2018," and "4Q 2017," ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (respectively. We refer to the nine months ended September 30, 2019 and the nine months ended September 30, 2018 as "YTD ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (2019" and "YTD 2018," respectively. ) Tj ET Q BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 463.50 Td (INTRODUCTION) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 443.25 Td (Freddie Mac is a GSE chartered by Congress in 1970. Our public mission is to provide liquidity, stability, and affordability to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 432.00 Td (U.S. housing market. We do this primarily by purchasing residential mortgage loans originated by lenders. In most instances, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (we package these loans into mortgage-related securities, which are guaranteed by us and sold in the global capital markets. In ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 409.50 Td (addition, we transfer mortgage credit risk exposure to private investors through our credit risk transfer programs, which include ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (securities- and insurance-based offerings. We also invest in mortgage loans and mortgage-related securities. We do not ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 387.00 Td (originate loans or lend money directly to mortgage borrowers.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (We support the U.S. housing market and the overall economy by enabling America's families to access mortgage loan funding ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 358.50 Td (with better terms and by providing consistent liquidity to the multifamily mortgage market. We have helped many distressed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (borrowers keep their homes or avoid foreclosure. We are working with FHFA, our customers, and the industry to build a better ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 336.00 Td (housing finance system for the nation.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 308.40 Td (Business Results) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 280.20 Td (Consolidated Financial Results) Tj ET Q BT /F8 16.00 Tf ET BT /F8 9.60 Tf ET q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 259.37 285.80 Td (\(1\)) Tj ET Q BT /F8 16.00 Tf ET q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 269.34 280.20 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 271.4 m 562.5 271.4 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 430.00 0 0 190.00 91.00 68.40 cm /I32 Do Q BT /F2 9.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.85 57.80 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 57.80 Td (Net revenues consist of net interest income, guarantee fee income, and other income \(loss\).) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 513.40 764.07 Td (Introduction) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (2) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (Comprehensive income for 3Q 2019 was $1.8 billion, demonstrating strong business performance in a challenging interest rate ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 729.35 Td (environment. Net revenues declined $0.8 billion, or 21%, from 3Q 2018 largely due to lower net interest income. Market-related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (losses were $0.3 billion in 3Q 2019, primarily due to the decline in long-term interest rates.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 700.85 Td (Our total equity, which is also our Net Worth Amount under the Purchase Agreement with Treasury, was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.98 700.85 Td ($6.7 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.49 700.85 Td ( at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 689.60 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.44 689.60 Td (. On September 27, 2019, the Conservator, acting on our behalf, entered into a Letter Agreement with ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 678.35 Td (Treasury \(the September 2019 Letter Agreement\), increasing the applicable Capital Reserve Amount used in calculating our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 667.10 Td (dividend requirement to Treasury from $3.0 billion to $20.0 billion. As a result of this increase in our Capital Reserve Amount, we ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 655.85 Td (were not required to pay a dividend on the senior preferred stock to Treasury on September 30, 2019 based on our Net Worth ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 644.60 Td (Amount of $4.8 billion as of June 30, 2019, and we will not have a dividend requirement to Treasury in December 2019 based ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 633.35 Td (on our Net Worth Amount of $6.7 billion as of September 30, 2019. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (The September 2019 Letter Agreement also provides that the liquidation preference of the senior preferred stock will be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 604.85 Td (increased, at the end of each fiscal quarter, beginning on September 30, 2019, by an amount equal to the increase in the Net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 593.60 Td (Worth Amount, if any, during the immediately prior fiscal quarter, until the liquidation preference has increased by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 505.51 593.60 Td ($17.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.03 593.60 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 582.35 Td (As a result, the liquidation preference of the senior preferred stock increased from $75.6 billion to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.88 582.35 Td ($77.5 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.40 582.35 Td ( on September ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (30, 2019 based on the $1.8 billion increase in our Net Worth Amount during 2Q 2019, and will increase to $79.3 billion on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 559.85 Td (December 31, 2019 based on the $1.8 billion increase in our Net Worth Amount during 3Q 2019. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 456.49 559.85 Td (Note 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.36 559.85 Td ( for more ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 548.60 Td (information about our Purchase Agreement with Treasury.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 531.35 Td (The amount of available funding remaining under the Purchase Agreement is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.75 531.35 Td ($140.2 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.27 531.35 Td ( and will be reduced by any future ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (draws.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 500.90 Td (Portfolio Balances) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 492.1 m 562.5 492.1 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 134.15 479.30 Td (Guarantee Portfolio ) Tj ET Q /GS0 gs q 238.00 0 0 352.00 49.75 122.30 cm /I33 Do Q BT /F2 9.00 Tf ET BT /F11 9.00 Tf ET q 0 0 0 rg BT 405.10 479.30 Td (Investments Portfolio) Tj ET Q /GS0 gs q 238.50 0 0 313.00 324.00 161.30 cm /I34 Do Q BT /F2 9.00 Tf ET BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 116.50 Td (Total Guarantee Portfolio) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 97.40 cm /I35 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 97.40 cm /I36 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 99.25 Td (Our total guarantee portfolio grew ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.45 99.25 Td ($120 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.47 99.25 Td (, or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.14 99.25 Td (6%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.14 99.25 Td (, from September 30, 2018 to September 30, 2019, driven by a 5% ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 88.00 Td (increase in our single-family credit guarantee portfolio and a 15% increase in our multifamily guarantee portfolio.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 71.90 cm /I37 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 71.90 cm /I38 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 73.75 Td (The growth in our single-family credit guarantee portfolio was primarily driven by an increase in U.S. single-family ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 62.50 Td (mortgage debt outstanding as a result of continued home price appreciation and our overall share of the single-family ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 513.40 764.07 Td (Introduction) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 38 m 237 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 38 m 275 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 38 m 561 38 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 28.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 28.07 Td (3) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 742.60 Td (mortgage market. New business acquisitions had a higher average loan size compared to older vintages that ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 731.35 Td (continued to run off.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 715.25 cm /I39 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 715.25 cm /I40 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 717.10 Td (The growth in our multifamily guarantee portfolio was primarily driven by strong loan purchase and securitization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 705.85 Td (activity. Continued strong demand for multifamily financing and healthy multifamily market fundamentals resulted in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 694.60 Td (continued growth in overall multifamily mortgage debt outstanding.) Tj ET Q BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 677.80 Td (Total Investments Portfolio) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 658.70 cm /I41 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 658.70 cm /I42 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 660.55 Td (Our total investments portfolio at September 30, 2019 was relatively unchanged compared to September 30, 2018, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 649.30 Td (primarily due to an increase in our other investments portfolio driven by higher near-term cash needs for upcoming debt ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 638.05 Td (maturities and anticipated calls of other debt, partially offset by a reduction in the balance of our mortgage-related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 626.80 Td (investments portfolio pursuant to the portfolio limits established by the Purchase Agreement and FHFA. In February 2019, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 615.55 Td (FHFA directed us to maintain the mortgage-related investments portfolio at or below $225 billion at all times.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 593.35 Td (Conservatorship and Government Support for Our Business) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 584.55 m 562.5 584.55 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 565.30 Td (Since September 2008, we have been operating in conservatorship, with FHFA as our Conservator. The conservatorship and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 554.05 Td (related matters significantly affect our management, business activities, financial condition, and results of operations. Our future ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 542.80 Td (is uncertain, and the conservatorship has no specified termination date. We do not know what changes may occur to our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 531.55 Td (business model during or following conservatorship, including whether we will continue to exist.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 514.30 Td (Our Purchase Agreement with Treasury and the terms of the senior preferred stock we issued to Treasury also affect our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 503.05 Td (business activities and are critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 491.80 Td (mandatory receivership provisions. We believe that the support provided by Treasury pursuant to the Purchase Agreement ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 480.55 Td (currently enables us to have adequate liquidity to conduct normal business activities. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 463.30 Td (Treasury, as the holder of the senior preferred stock, is entitled to receive cumulative quarterly cash dividends, when, as, and if ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 452.05 Td (declared by the Conservator, acting as successor to the rights, titles, powers, and privileges of our Board of Directors. The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 440.80 Td (dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 429.55 Td (Conservator. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 412.30 Td (Under the August 2012 amendment to the Purchase Agreement, our cash dividend requirement each quarter is the amount, if ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 401.05 Td (any, by which our Net Worth Amount at the end of the immediately preceding fiscal quarter, less the applicable Capital Reserve ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 389.80 Td (Amount, exceeds zero. Pursuant to the September 2019 Letter Agreement, the Capital Reserve Amount is $20.0 billion. If for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 378.55 Td (any reason we were not to pay our dividend requirement on the senior preferred stock in full in any future period, the unpaid ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 367.30 Td (amount would be added to the liquidation preference and our applicable Capital Reserve Amount would thereafter be zero. This ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 356.05 Td (would not affect our ability to draw funds from Treasury under the Purchase Agreement.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 338.80 Td (Under the September 2019 Letter Agreement, Freddie Mac and Treasury agreed to negotiate and execute an amendment to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 327.55 Td (Purchase Agreement that further enhances taxpayer protections by adopting covenants broadly consistent with ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 316.30 Td (recommendations for administrative reform contained in the Treasury's September 2019 Housing Reform Plan. For more ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 305.05 Td (information regarding Treasury's Plan, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 220.55 305.05 Td (Regulation and Supervision - ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 358.45 305.05 Td (Legislative and Regulatory Developments - ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 49.50 293.80 Td (Treasury Housing Reform Plan) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.72 293.80 Td (.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 390.10 764.07 Td (Market Conditions and Economic Indicators) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (4) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (MARKET CONDITIONS AND ECONOMIC INDICATORS) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 713.90 Td (The following graphs and related discussions present certain market and macroeconomic indicators that can significantly affect ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 702.65 Td (our business and financial results. ) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 675.05 Td (Interest Rates) Tj ET Q BT /F8 18.00 Tf ET BT /F8 10.80 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 155.79 681.35 Td (\(1\)) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 666.25 m 288 666.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 238.50 0 0 288.00 49.50 365.25 cm /I43 Do Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 49.50 354.65 Td (\(1\) 30-year PMMS interest rates are as of the last week in each quarter.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 327.05 Td (Unemployment Rate) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 318.25 m 288 318.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 256.00 0 0 231.00 40.75 80.25 cm /I44 Do Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 49.50 54.05 Td (Source: U.S. Bureau of Labor Statistics.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 651.15 cm /I45 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.72 653.00 Td ( ) Tj ET Q q 0 0 0 rg BT 342.00 653.00 Td (The 30-year Primary Mortgage Market Survey \(PMMS\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 641.75 Td (interest rate is indicative of what a consumer could ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 630.50 Td (expect to be offered on a first-lien prime conventional ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 619.25 Td (conforming home purchase mortgage with an LTV of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 608.00 Td (80%. Increases \(decreases\) in the PMMS rate typically ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 596.75 Td (result in decreases \(increases\) in refinancing activity ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 585.50 Td (and originations. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 569.40 cm /I46 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.72 571.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.00 571.25 Td (Changes in the 10-year and 2-year LIBOR interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 560.00 Td (rates can significantly affect the fair value of our debt, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 548.75 Td (derivatives, and mortgage and non-mortgage-related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 537.50 Td (securities. In addition, the GAAP accounting treatment ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 526.25 Td (for our financial assets and liabilities, including ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 515.00 Td (derivatives \(i.e., some are measured at amortized cost, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 503.75 Td (while others are measured at fair value\) creates ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 492.50 Td (variability in our GAAP earnings when interest rates ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 481.25 Td (change. We have elected hedge accounting for certain ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 470.00 Td (assets and liabilities in an effort to reduce GAAP ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 458.75 Td (earnings variability and better align GAAP results with ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 447.50 Td (the economics of our business.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 431.85 cm /I47 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.72 433.70 Td ( ) Tj ET Q q 0 0 0 rg BT 342.00 433.70 Td (Changes in the 3-month LIBOR rate affect the interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 422.90 Td (earned on our short-term investments and interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 412.10 Td (expense on our short-term funding.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 396.45 cm /I48 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.72 398.30 Td ( ) Tj ET Q q 0 0 0 rg BT 342.00 398.30 Td (Long-term rates continued their recent downward ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 387.50 Td (trend, resulting in further inversion of the yield curve. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 376.70 Td (The 10-year LIBOR rate decreased ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.04 376.70 Td (39) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.04 376.70 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.22 376.70 Td (115) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.23 376.70 Td ( basis ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 365.90 Td (points during 3Q 2019 and YTD 2019, respectively.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 300.00 cm /I49 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 300.00 cm /I50 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 301.85 Td (Changes in the national unemployment rate can affect ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 290.60 Td (several market factors, including the demand for both ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 279.35 Td (single-family and multifamily housing and the level of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 268.10 Td (loan delinquencies.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 252.00 cm /I51 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.72 253.85 Td ( ) Tj ET Q q 0 0 0 rg BT 342.00 253.85 Td (Continued job growth, a declining unemployment rate, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 242.60 Td (and generally favorable economic conditions resulted ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 231.35 Td (in strong credit performance.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 388.10 764.07 Td (Market Conditions and Economic Indicators) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (5) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (U.S. Single-Family Home ) Tj ET Q BT /F8 18.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 712.55 Td (Prices) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 703.75 m 288 703.75 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 238.50 0 0 215.00 49.50 475.75 cm /I52 Do Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 49.50 465.15 Td (Source: Freddie Mac House Price Index.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 423.30 Td (U.S. Single-Family Originations) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 414.5 m 288 414.5 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 238.00 0 0 231.00 49.50 170.50 cm /I53 Do Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 49.50 165.90 Td (Source: Inside Mortgage Finance dated October 25, 2019 \(latest available IMF ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 49.50 156.30 Td (purchase/refinance information\).) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 673.65 cm /I54 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.72 675.50 Td ( ) Tj ET Q q 0 0 0 rg BT 342.00 675.50 Td (Changes in home prices affect the amount of equity ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 664.25 Td (that borrowers have in their homes. As home prices ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 653.00 Td (decline, the severity of losses we incur on defaulted ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 641.75 Td (loans that we hold or guarantee increases because the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 630.50 Td (amount we can recover from the property securing the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 619.25 Td (loan decreases. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 603.15 cm /I55 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 603.15 cm /I56 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 605.00 Td (Single-family home prices decreased 0.1% during 3Q ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 593.75 Td (2019, compared to an increase of 0.3% during 3Q ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 582.50 Td (2018. We expect home price growth will continue for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 571.25 Td (full-year 2019, but grow at a slower pace than in full-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 560.00 Td (year 2018.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 411.15 cm /I57 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 411.15 cm /I58 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 413.00 Td (U.S. single-family loan origination volume increased to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 401.75 Td ($700 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.02 401.75 Td ( in 3Q 2019 from $435 billion in 3Q 2018, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 390.50 Td (driven by higher refinance volume as a result of lower ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 379.25 Td (average mortgage interest rates in 3Q 2019.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 363.15 cm /I59 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 363.15 cm /I60 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 365.00 Td (We expect U.S. single-family home purchase volume ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 353.75 Td (to increase in 2019 as a result of market response to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 342.50 Td (lower interest rates. Freddie Mac's single-family loan ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 331.25 Td (purchase volumes typically follow a similar trend.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 562 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 421.80 764.07 Td (Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (6) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (CONSOLIDATED RESULTS OF OPERATIONS) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 716.90 Td (You should read this discussion of our consolidated results of operations in conjunction with our condensed consolidated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 705.65 Td (financial statements and accompanying notes. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 688.40 Td (The table below compares our summarized consolidated results of operations.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 671.15 Td (Table 1 - Summary of Consolidated Statements of Comprehensive Income \(Loss\)) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 287.00 660.65 89.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 473.00 660.65 90.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 646.65 139.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 193.00 646.65 45.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 238.00 646.65 45.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 287.00 646.65 44.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 331.00 646.65 45.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 380.00 646.65 45.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 425.00 646.65 44.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 473.00 646.65 45.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 518.00 646.65 45.00 -13.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238 646.65 m 238 633.65 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331 646.65 m 331 633.65 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 646.65 m 425 633.65 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469 646.65 m 469 633.65 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518 646.65 m 518 633.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 591.65 m 189 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 591.65 m 238 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 591.65 m 283 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 591.65 m 331 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 591.65 m 376 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 591.65 m 425 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 591.65 m 469 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 591.65 m 518 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 591.65 m 563 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 591.65 m 283 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 591.65 m 425 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 591.65 m 469 591.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 507.65 m 189 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 507.65 m 238 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 507.65 m 283 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 507.65 m 331 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 507.65 m 376 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 507.65 m 425 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 507.65 m 469 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 507.65 m 518 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 507.65 m 563 507.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 456.65 m 189 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 456.65 m 238 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 456.65 m 283 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 456.65 m 331 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 456.65 m 376 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 456.65 m 425 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 456.65 m 469 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 456.65 m 518 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 456.65 m 563 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 456.65 m 238 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 456.65 m 283 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 456.65 m 376 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 456.65 m 425 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 456.65 m 469 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 456.65 m 563 456.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 419.65 m 189 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 419.65 m 238 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 419.65 m 283 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 419.65 m 331 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 419.65 m 376 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 419.65 m 425 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 419.65 m 469 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 419.65 m 518 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 419.65 m 563 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 419.65 m 425 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 419.65 m 469 419.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 373.65 m 189 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 360.65 m 189 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 358.65 m 189 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 373.65 m 238 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 360.65 m 238 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 358.65 m 238 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 373.65 m 283 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 360.65 m 283 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 358.65 m 283 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 373.65 m 331 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 360.65 m 331 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 358.65 m 331 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 373.65 m 376 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 360.65 m 376 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 358.65 m 376 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 373.65 m 425 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 360.65 m 425 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 358.65 m 425 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 373.65 m 469 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 360.65 m 469 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 358.65 m 469 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 373.65 m 518 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 360.65 m 518 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 358.65 m 518 358.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 373.65 m 563 373.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 360.65 m 563 360.65 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 358.65 m 563 358.65 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 317.55 651.72 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 504.05 651.72 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 638.44 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 200.60 637.72 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 245.60 637.72 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 306.30 637.72 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 349.45 637.72 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 385.15 637.72 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 429.65 637.72 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 492.80 637.72 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 536.45 637.72 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 624.72 Td (Net interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 211.00 624.72 Td ($2,410) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.00 624.72 Td ($3,257) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.35 624.72 Td (\($847) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 327.80 624.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.95 624.72 Td (\(26) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.45 624.72 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 398.00 624.72 Td ($8,490) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.00 624.72 Td ($9,278) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.35 624.72 Td (\($788) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 624.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 624.72 Td (\(8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.45 624.72 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 610.72 Td (Guarantee fee income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 221.75 610.72 Td (231) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 266.80 610.72 Td (209) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 319.15 610.72 Td (22) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 610.72 Td (11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 610.72 Td (670) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.80 610.72 Td (603) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.15 610.72 Td (67) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 610.72 Td (11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 596.72 Td (Other income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 221.75 596.72 Td (146) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.15 596.72 Td (79) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 319.15 596.72 Td (67) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 596.72 Td (85) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 596.72 Td (389) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.80 596.72 Td (648) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.65 596.72 Td (\(259) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 596.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.95 596.72 Td (\(40) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 596.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 582.72 Td (Net revenues) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 215.35 582.72 Td (2,787) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 260.35 582.72 Td (3,545) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 312.15 582.72 Td (\(758) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 327.80 582.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 354.45 582.72 Td (\(21) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 365.80 582.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 402.35 582.72 Td (9,549) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 442.00 582.72 Td (10,529) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 499.15 582.72 Td (\(980) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.80 582.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 545.80 582.72 Td (\(9) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 582.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 568.72 Td (Other non-interest income \(loss\):) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 554.72 Td (Mortgage loans gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 215.35 554.72 Td (1,702) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.15 554.72 Td (94) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.35 554.72 Td (1,608) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 346.35 554.72 Td (1,711) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.35 554.72 Td (4,174) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.80 554.72 Td (233) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.35 554.72 Td (3,941) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 533.35 554.72 Td (1,691) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 540.72 Td (Investment securities gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 221.75 540.72 Td (164) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 264.65 540.72 Td (\(443) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 279.80 540.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.80 540.72 Td (607) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.80 540.72 Td (137) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 540.72 Td (728) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 444.15 540.72 Td (\(1,024) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 465.80 540.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.35 540.72 Td (1,752) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.80 540.72 Td (171) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 526.72 Td (Debt gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 223.95 526.72 Td (\(56) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.80 526.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 266.80 526.72 Td (158) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 312.65 526.72 Td (\(214) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 327.80 526.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.65 526.72 Td (\(135) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 526.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.45 526.72 Td (8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.80 526.72 Td (445) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.65 526.72 Td (\(437) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 526.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.95 526.72 Td (\(98) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 526.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 512.72 Td (Derivative gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 213.15 512.72 Td (\(1,217) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.80 512.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 266.80 512.72 Td (728) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.15 512.72 Td (\(1,945) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 327.80 512.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.65 512.72 Td (\(267) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 512.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.15 512.72 Td (\(4,912) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 421.80 512.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.35 512.72 Td (2,974) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.15 512.72 Td (\(7,886) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 512.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 512.72 Td (\(265) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 512.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 498.72 Td (Total other non-interest income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 489.72 Td (\(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 221.75 494.22 Td (593) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 266.80 494.22 Td (537) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 319.15 494.22 Td (56) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 357.15 494.22 Td (10) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 414.80 494.22 Td (\(2) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 421.80 494.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 446.35 494.22 Td (2,628) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.65 494.22 Td (\(2,630) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.80 494.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 537.15 494.22 Td (\(100) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 494.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 475.72 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 221.75 475.72 Td (179) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 266.80 475.72 Td (380) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 312.65 475.72 Td (\(201) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 327.80 475.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.95 475.72 Td (\(53) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 475.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 475.72 Td (474) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.80 475.72 Td (377) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.15 475.72 Td (97) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 475.72 Td (26) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 461.72 Td (Non-interest expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 213.15 461.72 Td (\(1,423) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.15 461.72 Td (\(1,200) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 279.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 312.65 461.72 Td (\(223) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 327.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.95 461.72 Td (\(19) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.15 461.72 Td (\(4,222) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 421.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 444.15 461.72 Td (\(3,453) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 465.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.65 461.72 Td (\(769) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 461.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.95 461.72 Td (\(22) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 461.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 447.72 Td (Income \(loss\) before income tax) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 438.72 Td (\(expense\) benefit) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 215.35 443.22 Td (2,136) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 260.35 443.22 Td (3,262) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 305.65 443.22 Td (\(1,126) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 327.80 443.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 354.45 443.22 Td (\(35) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 365.80 443.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 402.35 443.22 Td (5,799) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 442.00 443.22 Td (10,081) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.65 443.22 Td (\(4,282) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.80 443.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.45 443.22 Td (\(42) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 443.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 424.72 Td (Income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 219.65 424.72 Td (\(427) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.80 424.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 264.65 424.72 Td (\(556) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 279.80 424.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.80 424.72 Td (129) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 424.72 Td (23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.15 424.72 Td (\(1,177) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 421.80 424.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 444.15 424.72 Td (\(1,946) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 465.80 424.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.80 424.72 Td (769) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 424.72 Td (40) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 410.72 Td (Net income \(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 215.35 410.72 Td (1,709) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 260.35 410.72 Td (2,706) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 312.15 410.72 Td (\(997) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 327.80 410.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 354.45 410.72 Td (\(37) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 365.80 410.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 402.35 410.72 Td (4,622) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 446.35 410.72 Td (8,135) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.65 410.72 Td (\(3,513) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.80 410.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.45 410.72 Td (\(43) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 410.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 396.72 Td (Total other comprehensive income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 387.72 Td (\(loss\), net of taxes and reclassification) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 378.72 Td (adjustments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 221.75 387.72 Td (139) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 264.65 387.72 Td (\(147) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 279.80 387.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.80 387.72 Td (286) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.80 387.72 Td (195) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 387.72 Td (717) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.65 387.72 Td (\(991) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 465.80 387.72 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.35 387.72 Td (1,708) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.80 387.72 Td (172) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 364.72 Td (Comprehensive income \(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 211.00 364.72 Td ($1,848) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 256.00 364.72 Td ($2,559) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 307.85 364.72 Td (\($711) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 327.80 364.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 354.45 364.72 Td (\(28) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 365.80 364.72 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 398.00 364.72 Td ($5,339) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 442.00 364.72 Td ($7,144) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 488.35 364.72 Td (\($1,805) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.80 364.72 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.45 364.72 Td (\(25) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 364.72 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 562 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 421.80 764.07 Td (Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (7) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (Net Interest Income) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 716.90 Td (The table below presents the components of net interest income.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 699.65 Td (Table 2 - Components of Net Interest Income ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 307.00 689.15 82.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 479.00 689.15 81.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 674.15 167.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 221.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 262.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 307.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 348.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 393.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 434.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 479.00 674.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 520.00 674.15 40.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262 674.15 m 262 660.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348 674.15 m 348 660.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434 674.15 m 434 660.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520 674.15 m 520 660.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 593.15 m 262 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 593.15 m 434 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 593.15 m 475 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 593.15 m 217 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 593.15 m 262 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 593.15 m 303 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 593.15 m 348 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 593.15 m 389 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 593.15 m 434 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 593.15 m 475 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 593.15 m 520 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 593.15 m 560 593.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 528.15 m 434 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 528.15 m 475 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 528.15 m 520 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 528.15 m 560 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 528.15 m 217 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 528.15 m 262 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 528.15 m 303 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 528.15 m 348 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 528.15 m 389 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 528.15 m 434 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 528.15 m 475 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 528.15 m 520 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 528.15 m 560 528.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 491.15 m 217 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 478.15 m 217 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 476.15 m 217 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 491.15 m 262 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 478.15 m 262 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 476.15 m 262 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 491.15 m 303 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 478.15 m 303 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 476.15 m 303 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 491.15 m 348 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 478.15 m 348 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 476.15 m 348 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 491.15 m 389 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 478.15 m 389 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 476.15 m 389 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 491.15 m 434 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 478.15 m 434 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 476.15 m 434 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 491.15 m 475 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 478.15 m 475 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 476.15 m 475 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 491.15 m 520 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 478.15 m 520 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 476.15 m 520 476.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 491.15 m 560 491.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 478.15 m 560 478.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 476.15 m 560 476.15 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 334.05 679.22 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 505.55 679.22 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 664.94 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 226.60 665.22 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 267.60 665.22 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 324.80 665.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 364.45 665.22 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 396.15 665.22 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 437.15 665.22 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 496.80 665.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 535.95 665.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 651.22 Td (Guarantee portfolio net interest income:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 637.22 Td (Contractual net interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 241.50 637.22 Td ($943) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 282.50 637.22 Td ($869) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 331.80 637.22 Td ($74) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 374.45 637.22 Td (9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 381.65 637.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 407.00 637.22 Td ($2,751) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.00 637.22 Td ($2,561) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.50 637.22 Td ($190) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 545.45 637.22 Td (7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.65 637.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 621.22 Td (Net interest income related to the Temporary) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 612.22 Td (Payroll Tax Cut Continuation Act of 2011) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 245.75 612.22 Td (405) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 286.80 612.22 Td (364) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 336.15 612.22 Td (41) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 370.15 612.22 Td (11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.35 612.22 Td (1,172) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.35 612.22 Td (1,067) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 503.80 612.22 Td (105) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.15 612.22 Td (10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 598.22 Td (Amortization) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 245.75 598.22 Td (564) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 286.80 598.22 Td (820) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 329.65 598.22 Td (\(256) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.80 598.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.95 598.22 Td (\(31) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 598.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.35 598.22 Td (1,521) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.35 598.22 Td (2,269) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.65 598.22 Td (\(748) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 516.80 598.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.95 598.22 Td (\(33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.80 598.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 575.22 Td (Total guarantee portfolio net interest income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 239.35 575.22 Td (1,912) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 280.35 575.22 Td (2,053) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 329.15 575.22 Td (\(141) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 344.80 575.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 371.80 575.22 Td (\(7) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 378.80 575.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 411.35 575.22 Td (5,444) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 452.35 575.22 Td (5,897) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 501.15 575.22 Td (\(453) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 516.80 575.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 542.80 575.22 Td (\(8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 549.80 575.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 561.22 Td (Investments portfolio net interest income:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 547.22 Td (Contractual net interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 239.35 547.22 Td (1,167) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.35 547.22 Td (1,346) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 329.65 547.22 Td (\(179) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.80 547.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.95 547.22 Td (\(13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 547.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.35 547.22 Td (3,737) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.35 547.22 Td (4,189) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.65 547.22 Td (\(452) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 516.80 547.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.95 547.22 Td (\(11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.80 547.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 533.22 Td (Amortization) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 243.65 533.22 Td (\(152) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.65 533.22 Td (\(108) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 333.95 533.22 Td (\(44) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.95 533.22 Td (\(41) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 415.65 533.22 Td (\(429) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 430.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 456.65 533.22 Td (\(187) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 471.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.65 533.22 Td (\(242) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 516.80 533.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.65 533.22 Td (\(129) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.80 533.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 519.22 Td (Total investments portfolio net interest) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 510.22 Td (income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 239.35 510.22 Td (1,015) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 280.35 510.22 Td (1,238) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 329.15 510.22 Td (\(223) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 344.80 510.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 367.45 510.22 Td (\(18) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 378.80 510.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 411.35 510.22 Td (3,308) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 452.35 510.22 Td (4,002) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 501.15 510.22 Td (\(694) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 516.80 510.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 538.45 510.22 Td (\(17) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 549.80 510.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 496.22 Td (Hedge accounting impact) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 243.65 496.22 Td (\(517) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.80 496.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 288.95 496.22 Td (\(34) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.80 496.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 329.65 496.22 Td (\(483) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.80 496.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 496.22 Td (\(1,421) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 496.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 415.65 496.22 Td (\(262) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 430.80 496.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 456.65 496.22 Td (\(621) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 471.80 496.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 503.80 496.22 Td (359) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.15 496.22 Td (58) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 482.22 Td (Net interest income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 235.00 482.22 Td ($2,410) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 276.00 482.22 Td ($3,257) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 324.85 482.22 Td (\($847) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 344.80 482.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 367.45 482.22 Td (\(26) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 378.80 482.22 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 407.00 482.22 Td ($8,490) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 448.00 482.22 Td ($9,278) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 496.85 482.22 Td (\($788) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 516.80 482.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 542.80 482.22 Td (\(8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 549.80 482.22 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 460.40 Td (Key Drivers: ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 441.30 cm /I61 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 443.15 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 443.15 Td (Guarantee portfolio contractual net interest income ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 427.05 cm /I62 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 427.05 cm /I63 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 85.50 428.90 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.47 428.90 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.97 428.90 Td ( Increased primarily due to the continued growth of the core ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 417.65 Td (single-family loan portfolio.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 401.55 cm /I64 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 403.40 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 403.40 Td (Guarantee portfolio amortization) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 387.30 cm /I65 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 387.30 cm /I66 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 85.50 389.15 Td (3Q 2019 vs. 3Q 2018) Tj ET Q BT /F14 9.00 Tf ET q 0 0 0 rg BT 171.57 389.15 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.57 389.15 Td (YTD 2019 vs. YTD 2018) Tj ET Q BT /F14 9.00 Tf ET q 0 0 0 rg BT 290.96 389.15 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.46 389.15 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.96 389.15 Td ( Decreased primarily due to the timing differences in amortization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 377.90 Td (related to prepayments between debt of consolidated trusts and the underlying mortgage loans. For further discussion ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 366.65 Td (on timing differences in amortization, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 253.07 366.65 Td (MD&A - Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.23 366.65 Td ( in our 2018 Annual ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 355.40 Td (Report.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 339.30 cm /I67 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 341.15 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 341.15 Td (Investments portfolio contractual net interest income ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 325.05 cm /I68 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 325.05 cm /I69 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 85.50 326.90 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F15 9.00 Tf ET q 0 0 0 rg BT 290.97 326.90 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.47 326.90 Td (-) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 296.97 326.90 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.47 326.90 Td (Decreased primarily due to the reduction in the balance of our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 315.65 Td (mortgage-related investments portfolio pursuant to the portfolio limits established by the Purchase Agreement and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 304.40 Td (FHFA. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 130.68 304.40 Td (Conservatorship and Related Matters -) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 312.44 304.40 Td ( Managing Our Mortgage-Related Investments ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 85.50 293.15 Td (Portfolio ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.76 293.15 Td (for a discussion of the key drivers of the decline in our mortgage-related investments portfolio.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 277.05 cm /I70 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 278.90 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 278.90 Td (Investments portfolio amortization) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 262.80 cm /I71 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 262.80 cm /I72 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 85.50 264.65 Td (YTD 2019 vs. YTD 2018) Tj ET Q BT /F14 9.00 Tf ET q 0 0 0 rg BT 183.90 264.65 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.40 264.65 Td (-) Tj ET Q BT /F15 9.00 Tf ET q 0 0 0 rg BT 189.90 264.65 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.40 264.65 Td (Decreased primarily due to lower accretion income related to previously recognized other-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 253.40 Td (than-temporary impairments as a result of a decline in the population of impaired securities. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 237.30 cm /I73 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 239.15 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 239.15 Td (Hedge accounting impact) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 223.05 cm /I74 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 223.05 cm /I75 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 85.50 224.90 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F15 9.00 Tf ET q 0 0 0 rg BT 290.97 224.90 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.47 224.90 Td (-) Tj ET Q BT /F16 9.00 Tf ET q 0 0 0 rg BT 296.97 224.90 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.47 224.90 Td (Decreased in 3Q 2019 primarily due to amortization of previously ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 213.65 Td (deferred fair value hedge accounting losses and a negative earnings mismatch related to fair value hedge accounting. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 202.40 Td (Increased in YTD 2019 primarily due to a positive earnings mismatch and lower expense related to accruals of periodic ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 191.15 Td (cash settlements on derivatives in hedging relationships, partially offset by amortization of hedge-related basis ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 179.90 Td (adjustments. The earnings mismatch is the amount by which the gain or loss on the designated derivative instrument ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 168.65 Td (does not exactly offset the gain or loss on the hedged item attributable to the hedged risk. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 562 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 421.80 764.07 Td (Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 552.45 30.07 Td (8) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 735.60 Td (Net Interest Yield Analysis) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 726.8 m 562.5 726.8 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 707.55 Td (The tables below present an analysis of interest-earning assets and interest-bearing liabilities. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 690.30 Td (Table 3 - Analysis of Net Interest Yield) Tj ET Q 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s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473 665.8 m 473 627.8 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523 665.8 m 523 627.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 534.8 m 275 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 520.8 m 275 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 534.8 m 329 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 520.8 m 329 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 534.8 m 379 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 520.8 m 379 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 534.8 m 419 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 520.8 m 419 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 534.8 m 473 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 520.8 m 473 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 534.8 m 523 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 520.8 m 523 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 534.8 m 563 534.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 520.8 m 563 520.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 478.79999999999995 m 419 478.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 478.79999999999995 m 275 478.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 464.79999999999995 m 275 464.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 478.79999999999995 m 329 478.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 464.79999999999995 m 329 464.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 478.79999999999995 m 379 478.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 464.79999999999995 m 379 464.79999999999995 l s 0.5333333333333333 0.7411764705882353 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478.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 464.79999999999995 m 563 464.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 404.79999999999995 m 275 404.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 404.79999999999995 m 275 404.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 381.79999999999995 m 275 381.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 404.79999999999995 m 329 404.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 381.79999999999995 m 329 381.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 404.79999999999995 m 379 404.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 381.79999999999995 m 379 381.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 404.79999999999995 m 419 404.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 381.79999999999995 m 419 381.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 404.79999999999995 m 473 404.79999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 381.79999999999995 m 473 381.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 404.79999999999995 m 523 404.79999999999995 l s 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M 279 339.79999999999995 m 329 339.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 325.79999999999995 m 329 325.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 339.79999999999995 m 379 339.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 325.79999999999995 m 379 325.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 339.79999999999995 m 419 339.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 325.79999999999995 m 419 325.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 339.79999999999995 m 473 339.79999999999995 l s 0.5333333333333333 0.7411764705882353 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297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 297.79999999999995 m 275 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 297.79999999999995 m 329 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 297.79999999999995 m 379 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 297.79999999999995 m 419 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 297.79999999999995 m 473 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 297.79999999999995 m 523 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 297.79999999999995 m 563 297.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 283.79999999999995 m 563 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 283.79999999999995 m 275 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 270.79999999999995 m 275 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 268.79999999999995 m 275 268.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 283.79999999999995 m 329 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 270.79999999999995 m 329 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 268.79999999999995 m 329 268.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 283.79999999999995 m 379 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 270.79999999999995 m 379 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 268.79999999999995 m 379 268.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 283.79999999999995 m 419 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 270.79999999999995 m 419 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 268.79999999999995 m 419 268.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 283.79999999999995 m 473 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 270.79999999999995 m 473 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 268.79999999999995 m 473 268.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 283.79999999999995 m 523 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 270.79999999999995 m 523 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 268.79999999999995 m 523 268.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 283.79999999999995 m 563 283.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 270.79999999999995 m 563 270.79999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 268.79999999999995 m 563 268.79999999999995 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 334.10 670.87 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 478.10 670.87 Td (3Q 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 632.59 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 289.00 643.87 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 289.15 632.87 Td (Balance) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 339.75 650.87 Td (Interest) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 340.35 641.87 Td (Income) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 333.00 632.87 Td (\(Expense\)) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 368.15 636.02 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 384.00 641.87 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 390.45 632.87 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 433.00 643.87 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 433.15 632.87 Td (Balance) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 483.75 650.87 Td (Interest) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 484.35 641.87 Td (Income) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 477.00 632.87 Td (\(Expense\)) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 512.15 636.02 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 528.00 641.87 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 534.45 632.87 Td (Rate) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 618.87 Td (Interest-earning assets:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 604.87 Td (Cash and cash equivalents) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 297.70 604.87 Td ($10,313) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.80 604.87 Td ($72) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 604.87 Td (2.75) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.65 604.87 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 604.87 Td ($7,114) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.80 604.87 Td ($15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 604.87 Td (0.84) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 604.87 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 590.87 Td (Securities purchased under agreements to resell) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.00 590.87 Td (54,238) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.80 590.87 Td (322) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 590.87 Td (2.37) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 590.87 Td (45,412) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.80 590.87 Td (235) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 590.87 Td (2.07) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 576.87 Td (Secured lending) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.35 576.87 Td (3,750) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.15 576.87 Td (32) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 576.87 Td (3.35) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.35 576.87 Td (1,626) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 511.15 576.87 Td (11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 576.87 Td (2.48) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 562.87 Td (Mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 297.70 562.87 Td (133,278) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.35 562.87 Td (1,435) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 562.87 Td (4.31) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.70 562.87 Td (143,113) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.35 562.87 Td (1,495) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 562.87 Td (4.18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 548.87 Td (Extinguishment of debt securities of consolidated trusts held ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 539.87 Td (by Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.85 539.87 Td (\(87,159) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 325.80 539.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.65 539.87 Td (\(883) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.80 539.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.50 539.87 Td (\(4.05) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 539.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 443.85 539.87 Td (\(89,976) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 469.80 539.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 504.65 539.87 Td (\(885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.80 539.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 539.87 Td (\(3.93) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 539.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 70.50 525.87 Td (Total mortgage-related securities, net) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 302.00 525.87 Td (46,119) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 362.80 525.87 Td (552) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 393.65 525.87 Td (4.79) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 446.00 525.87 Td (53,137) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 506.80 525.87 Td (610) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 537.65 525.87 Td (4.60) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 511.87 Td (Non-mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.00 511.87 Td (24,377) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.80 511.87 Td (134) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 511.87 Td (2.19) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 511.87 Td (24,799) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.80 511.87 Td (145) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 511.87 Td (2.33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 497.87 Td (Loans held by consolidated trusts) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 169.84 501.02 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 291.20 497.87 Td (1,892,375) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.00 497.87 Td (15,541) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 497.87 Td (3.28) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 435.20 497.87 Td (1,804,347) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.00 497.87 Td (15,759) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 497.87 Td (3.49) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 483.87 Td (Loans held by Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 147.75 487.02 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.00 483.87 Td (88,706) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.80 483.87 Td (887) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 483.87 Td (4.00) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 483.87 Td (97,456) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.35 483.87 Td (1,028) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 483.87 Td (4.22) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 64.50 469.87 Td (Total interest-earning assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 291.20 469.87 Td (2,119,878) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 352.00 469.87 Td (17,540) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 393.65 469.87 Td (3.31) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 435.20 469.87 Td (2,033,891) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 496.00 469.87 Td (17,803) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 537.65 469.87 Td (3.50) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 455.87 Td (Interest-bearing liabilities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 441.87 Td (Debt securities of consolidated trusts including those held by) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 432.87 Td (Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 291.20 432.87 Td (1,916,417) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.85 432.87 Td (\(14,207) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.80 432.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.50 432.87 Td (\(2.97) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 432.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 435.20 432.87 Td (1,832,707) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.85 432.87 Td (\(13,712) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.80 432.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 432.87 Td (\(2.99) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 432.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 418.87 Td (Extinguishment of debt securities of consolidated trusts held) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 409.87 Td (by Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.85 409.87 Td (\(87,159) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 325.80 409.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.80 409.87 Td (883) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 409.87 Td (4.05) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 443.85 409.87 Td (\(89,976) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 469.80 409.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.80 409.87 Td (885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 409.87 Td (3.93) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 64.50 395.87 Td (Total debt securities of consolidated trusts held by third) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 64.50 386.87 Td (parties) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 291.20 386.87 Td (1,829,258) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 349.35 386.87 Td (\(13,324) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 375.80 386.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.00 386.87 Td (\(2.91) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 408.80 386.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 435.20 386.87 Td (1,742,731) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 493.35 386.87 Td (\(12,827) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 519.80 386.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 535.00 386.87 Td (\(2.94) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 386.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 372.87 Td (Other debt:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 358.87 Td (Short-term debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.00 358.87 Td (85,980) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.65 358.87 Td (\(499) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.80 358.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.50 358.87 Td (\(2.28) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 358.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 358.87 Td (69,435) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 504.65 358.87 Td (\(361) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.80 358.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 358.87 Td (\(2.04) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 358.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 344.87 Td (Long-term debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 297.70 344.87 Td (195,530) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.15 344.87 Td (\(1,307) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.80 344.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.50 344.87 Td (\(2.65) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 408.80 344.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.70 344.87 Td (212,256) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.15 344.87 Td (\(1,358) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.80 344.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 344.87 Td (\(2.54) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 344.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 70.50 330.87 Td (Total other debt) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 297.70 330.87 Td (281,510) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 353.65 330.87 Td (\(1,806) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 375.80 330.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.00 330.87 Td (\(2.54) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 408.80 330.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 441.70 330.87 Td (281,691) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 497.65 330.87 Td (\(1,719) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 519.80 330.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 535.00 330.87 Td (\(2.42) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 330.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 76.50 316.87 Td (Total interest-bearing liabilities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 291.20 316.87 Td (2,110,768) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 349.35 316.87 Td (\(15,130) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 375.80 316.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.00 316.87 Td (\(2.86) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 408.80 316.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 435.20 316.87 Td (2,024,422) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 493.35 316.87 Td (\(14,546) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 519.80 316.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 535.00 316.87 Td (\(2.87) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 316.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 302.87 Td (Impact of net non-interest-bearing funding) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.35 302.87 Td (9,110) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.75 302.87 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.65 302.87 Td (0.01) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.35 302.87 Td (9,469) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 510.75 302.87 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 302.87 Td (0.01) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 64.50 288.87 Td (Total funding of interest-earning assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 286.90 288.87 Td ($2,119,878) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 345.05 288.87 Td (\($15,130) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 375.80 288.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.00 288.87 Td (\(2.85) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 408.80 288.87 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 430.90 288.87 Td ($2,033,891) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 489.05 288.87 Td (\($14,546) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 519.80 288.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 535.00 288.87 Td (\(2.86) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 288.87 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 64.50 274.87 Td (Net interest income/yield) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 352.00 274.87 Td ($2,410) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 393.65 274.87 Td (0.46) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 411.45 274.87 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 496.00 274.87 Td ($3,257) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 537.65 274.87 Td (0.64) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 555.45 274.87 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.85 254.70 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 254.70 Td (Loan fees, primarily consisting of amortization of upfront fees, included in interest income were $922 million and $620 million for loans held by consolidated trusts ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 245.10 Td (and $49 million and $25 million for loans held by Freddie Mac during 3Q 2019 and 3Q 2018, respectively.) 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0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 306.5 m 417 306.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 322.5 m 468 322.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 308.5 m 468 308.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 306.5 m 468 306.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 322.5 m 515 322.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 308.5 m 515 308.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 306.5 m 515 306.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 322.5 m 562 322.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 308.5 m 562 308.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 306.5 m 562 306.5 l s BT /F5 7.00 Tf ET q 0 0 0 rg BT 51.50 736.00 Td (? Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 329.65 736.57 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 474.15 736.57 Td (YTD 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 51.50 704.29 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 285.00 715.57 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 285.15 704.57 Td (Balance) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 332.25 722.57 Td (Interest) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 332.85 713.57 Td (Income) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 325.50 704.57 Td (\(Expense\)) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 360.65 707.72 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 378.50 713.57 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 384.95 704.57 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 429.50 715.57 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 429.65 704.57 Td (Balance) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 477.25 722.57 Td (Interest) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 477.85 713.57 Td (Income) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 470.50 704.57 Td (\(Expense\)) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 505.65 707.72 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 523.50 713.57 Td (Average) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 529.95 704.57 Td (Rate) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 689.57 Td (Interest-earning assets:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 674.57 Td (Cash and cash equivalents) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 296.00 674.57 Td ($8,608) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.50 674.57 Td ($156) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 674.57 Td (2.40) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.65 674.57 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 674.57 Td ($6,917) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.80 674.57 Td ($39) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 674.57 Td (0.74) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 554.65 674.57 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 659.57 Td (Securities purchased under agreements to resell) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 296.00 659.57 Td (52,398) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 353.80 659.57 Td (968) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 659.57 Td (2.46) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 659.57 Td (46,743) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.80 659.57 Td (637) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 659.57 Td (1.82) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 644.57 Td (Secured lending) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 300.35 644.57 Td (2,547) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 358.15 644.57 Td (72) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 644.57 Td (3.73) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.35 644.57 Td (1,340) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 503.15 644.57 Td (26) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 644.57 Td (2.58) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 629.57 Td (Mortgage-related securities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 614.57 Td (Mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 291.70 614.57 Td (133,585) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.35 614.57 Td (4,369) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 614.57 Td (4.36) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.70 614.57 Td (145,965) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.35 614.57 Td (4,571) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 614.57 Td (4.18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 600.57 Td (Extinguishment of debt securities of consolidated trusts held) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 591.57 Td (by Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 293.85 591.57 Td (\(86,341) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 319.80 591.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 345.15 591.57 Td (\(2,687) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.80 591.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.50 591.57 Td (\(4.15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 406.80 591.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.85 591.57 Td (\(89,861) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.80 591.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.15 591.57 Td (\(2,577) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 511.80 591.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.50 591.57 Td (\(3.82) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.80 591.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 69.50 576.57 Td (Total mortgage-related securities, net) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 296.00 576.57 Td (47,244) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 347.35 576.57 Td (1,682) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.65 576.57 Td (4.74) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 441.00 576.57 Td (56,104) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.35 576.57 Td (1,994) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.65 576.57 Td (4.74) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 561.57 Td (Non-mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 296.00 561.57 Td (21,571) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 353.80 561.57 Td (378) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 561.57 Td (2.33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 561.57 Td (18,017) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.80 561.57 Td (302) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 561.57 Td (2.23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 546.57 Td (Loans held by consolidated trusts) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 168.84 549.72 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 285.20 546.57 Td (1,869,628) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 343.00 546.57 Td (48,895) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 546.57 Td (3.49) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 430.20 546.57 Td (1,789,433) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 488.00 546.57 Td (45,908) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 546.57 Td (3.42) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 531.57 Td (Loans held by Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 146.75 534.72 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 296.00 531.57 Td (88,191) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.35 531.57 Td (2,837) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 531.57 Td (4.29) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.70 531.57 Td (100,382) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.35 531.57 Td (3,174) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 531.57 Td (4.22) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 75.50 516.57 Td (Total interest-earning assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 285.20 516.57 Td (2,090,187) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 343.00 516.57 Td (54,988) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.65 516.57 Td (3.51) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 429.90 516.57 Td (2,018,936) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 487.70 516.57 Td (52,080) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.65 516.57 Td (3.44) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 501.57 Td (Interest-bearing liabilities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 487.57 Td (Debt securities of consolidated trusts including those held by) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 478.57 Td (Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 285.20 478.57 Td (1,894,109) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 340.85 478.57 Td (\(43,688) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.80 478.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.50 478.57 Td (\(3.08) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 406.80 478.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.90 478.57 Td (1,816,897) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.85 478.57 Td (\(40,573) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 511.80 478.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.50 478.57 Td (\(2.98) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.80 478.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 464.57 Td (Extinguishment of debt securities of consolidated trusts held) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 455.57 Td (by Freddie Mac) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 293.85 455.57 Td (\(86,341) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 319.80 455.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.35 455.57 Td (2,687) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 455.57 Td (4.15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.85 455.57 Td (\(89,861) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.80 455.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.35 455.57 Td (2,577) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 455.57 Td (3.82) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 63.50 441.57 Td (Total debt securities of consolidated trusts held by third) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 63.50 432.57 Td (parties) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 285.20 432.57 Td (1,807,768) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 340.35 432.57 Td (\(41,001) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.80 432.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 389.00 432.57 Td (\(3.02) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 406.80 432.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 430.20 432.57 Td (1,727,036) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 485.35 432.57 Td (\(37,996) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 511.80 432.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 534.00 432.57 Td (\(2.93) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.80 432.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 417.57 Td (Other debt:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 402.57 Td (Short-term debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 296.00 402.57 Td (78,076) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 345.15 402.57 Td (\(1,419) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.80 402.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.50 402.57 Td (\(2.40) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 406.80 402.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 402.57 Td (63,576) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.65 402.57 Td (\(832) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 511.80 402.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.50 402.57 Td (\(1.73) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.80 402.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.50 387.57 Td (Long-term debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 291.70 387.57 Td (197,826) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 345.15 387.57 Td (\(4,078) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.80 387.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.50 387.57 Td (\(2.74) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 406.80 387.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.70 387.57 Td (220,820) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.15 387.57 Td (\(3,974) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 511.80 387.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.50 387.57 Td (\(2.39) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.80 387.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 69.50 372.57 Td (Total other debt) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 291.70 372.57 Td (275,902) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 344.65 372.57 Td (\(5,497) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.80 372.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 389.00 372.57 Td (\(2.64) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 406.80 372.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 436.70 372.57 Td (284,396) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 489.65 372.57 Td (\(4,806) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 511.80 372.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 534.00 372.57 Td (\(2.24) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.80 372.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 75.50 357.57 Td (Total interest-bearing liabilities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 285.20 357.57 Td (2,083,670) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 340.35 357.57 Td (\(46,498) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.80 357.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 389.00 357.57 Td (\(2.97) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 406.80 357.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 430.20 357.57 Td (2,011,432) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 485.35 357.57 Td (\(42,802) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 511.80 357.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 534.00 357.57 Td (\(2.84) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.80 357.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 342.57 Td (Impact of net non-interest-bearing funding) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 300.35 342.57 Td (6,517) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.75 342.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.65 342.57 Td (0.01) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.35 342.57 Td (7,504) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.75 342.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.65 342.57 Td (0.01) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 63.50 327.57 Td (Total funding of interest-earning assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 280.90 327.57 Td ($2,090,187) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 336.05 327.57 Td (\($46,498) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.80 327.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 389.00 327.57 Td (\(2.96) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 406.80 327.57 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 425.90 327.57 Td ($2,018,936) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 481.05 327.57 Td (\($42,802) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 511.80 327.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 534.00 327.57 Td (\(2.83) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.80 327.57 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 63.50 312.57 Td (Net interest income/yield) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 343.00 312.57 Td ($8,490) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.65 312.57 Td (0.55) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 409.45 312.57 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 488.00 312.57 Td ($9,278) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.65 312.57 Td (0.61) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 554.45 312.57 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 292.40 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 292.40 Td (Loan fees, primarily consisting of amortization of upfront fees, included in interest income were $2.2 billion and $1.8 billion for loans held by consolidated trusts and ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 282.80 Td ($88 million and $70 million for loans held by Freddie Mac during YTD 2019 and YTD 2018, respectively.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 258.20 Td (Guarantee Fee Income) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 239.10 cm /I76 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 240.95 Td ( ) Tj ET Q BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 240.95 Td (3Q) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.51 240.95 Td ( 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F15 9.00 Tf ET q 0 0 0 rg BT 272.97 240.95 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 240.95 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.97 240.95 Td ( Increased due to the continued growth in the multifamily guarantee ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 229.70 Td (portfolio.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 562 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 421.80 764.07 Td (Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (10) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (Other Non-Interest Income \(Loss\) ) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 708.95 Td (Mortgage Loans Gains \(Losses\)) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 700.15 m 562.5 700.15 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 680.90 Td (The table below presents the components of mortgage loans gains \(losses\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 663.65 Td (Table 4 - Components of Mortgage Loans Gains \(Losses\)) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 303.00 653.15 84.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 477.00 653.15 86.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 638.15 151.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 205.00 638.15 47.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 252.00 638.15 47.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 303.00 638.15 42.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 345.00 638.15 42.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 391.00 638.15 42.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 433.00 638.15 40.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 477.00 638.15 40.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 517.00 638.15 46.00 -15.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252 638.15 m 252 623.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345 638.15 m 345 623.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433 638.15 m 433 623.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 638.15 m 517 623.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 587.15 m 252 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 587.15 m 433 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 587.15 m 563 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 587.15 m 201 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 573.15 m 201 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 571.15 m 201 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 587.15 m 252 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 573.15 m 252 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 571.15 m 252 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 587.15 m 299 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 573.15 m 299 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 571.15 m 299 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 587.15 m 345 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 573.15 m 345 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 571.15 m 345 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 587.15 m 387 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 573.15 m 387 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 571.15 m 387 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 587.15 m 433 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 573.15 m 433 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 571.15 m 433 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 587.15 m 473 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 573.15 m 473 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 571.15 m 473 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 587.15 m 517 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 573.15 m 517 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 571.15 m 517 571.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 587.15 m 563 587.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 573.15 m 563 573.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 571.15 m 563 571.15 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 331.05 643.22 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 506.05 643.22 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 627.94 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 213.60 628.22 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 260.60 628.22 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 321.30 628.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 361.95 628.22 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 394.65 628.22 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 435.65 628.22 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 494.30 628.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 535.95 628.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 614.22 Td (Gains \(losses\) on certain loan purchase) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 605.22 Td (commitments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 231.50 607.22 Td ($641) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 278.20 607.22 Td ($267) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 324.50 607.22 Td ($374) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.45 607.22 Td (140) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 379.65 607.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 406.00 607.22 Td ($1,644) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.50 607.22 Td ($564) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.00 607.22 Td ($1,080) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 607.22 Td (191) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 607.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 592.22 Td (Gains \(losses\) on mortgage loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 229.35 592.22 Td (1,061) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.65 592.22 Td (\(173) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 295.80 592.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.35 592.22 Td (1,234) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.45 592.22 Td (713) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.35 592.22 Td (2,530) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 454.65 592.22 Td (\(331) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 469.80 592.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.35 592.22 Td (2,861) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 592.22 Td (864) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 577.22 Td (Mortgage loans gains \(losses\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 225.00 577.22 Td ($1,702) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 282.80 577.22 Td ($94) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 318.00 577.22 Td ($1,608) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 360.00 577.22 Td (1,711) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 379.45 577.22 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 406.00 577.22 Td ($4,174) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 452.50 577.22 Td ($233) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 490.00 577.22 Td ($3,941) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 577.22 Td (1,691) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 555.45 577.22 Td (%) Tj ET Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 553.55 cm /I77 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 553.55 cm /I78 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 555.40 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 555.40 Td (Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 555.40 Td (-) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 278.97 555.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.47 555.40 Td (Increased due to fair value gains on multifamily held-for-sale ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 544.15 Td (mortgage loans and commitments driven by decreasing long-term interest rates, coupled with higher gains on sales of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 532.90 Td (single-family seasoned loans.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 507.70 Td (Investment Securities Gains \(Losses\)) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 498.9 m 562.5 498.9 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 6.72 0 0 9.78 49.50 477.80 cm /I79 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 477.80 cm /I80 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 479.65 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 479.65 Td (Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 479.65 Td (-) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 278.97 479.65 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.47 479.65 Td (Shifted to gains in the 2019 periods from losses in the 2018 periods ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 468.40 Td (primarily due to gains on trading securities driven by decreasing long-term interest rates.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 443.20 Td (Debt Gains \(Losses\)) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 434.4 m 562.5 434.4 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 415.15 Td (The table below presents the components of debt gains \(losses\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 397.90 Td (Table 5 - Components of Debt Gains \(Losses\) ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 295.00 387.40 76.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 471.00 387.40 92.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 373.40 148.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 202.00 373.40 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 243.00 373.40 48.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 295.00 373.40 39.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 334.00 373.40 37.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 375.00 373.40 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 421.00 373.40 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 471.00 373.40 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 517.00 373.40 46.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 243 373.4 m 243 359.4 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334 373.4 m 334 359.4 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421 373.4 m 421 359.4 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 373.4 m 517 359.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 331.4 m 421 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 331.4 m 563 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 331.4 m 198 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 318.4 m 198 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 316.4 m 198 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 331.4 m 243 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 318.4 m 243 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 316.4 m 243 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 331.4 m 291 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 318.4 m 291 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 316.4 m 291 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 331.4 m 334 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 318.4 m 334 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 316.4 m 334 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 331.4 m 371 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 318.4 m 371 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 316.4 m 371 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 331.4 m 421 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 318.4 m 421 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 316.4 m 421 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 331.4 m 467 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 318.4 m 467 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 316.4 m 467 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 331.4 m 517 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 318.4 m 517 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 316.4 m 517 316.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 331.4 m 563 331.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 318.4 m 563 318.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 316.4 m 563 316.4 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 319.05 378.47 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 503.05 378.47 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 364.19 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 207.60 364.47 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 252.10 364.47 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 311.80 364.47 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 348.45 364.47 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 380.65 364.47 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 426.65 364.47 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 491.30 364.47 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 535.95 364.47 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 350.47 Td (Fair value changes) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 226.75 350.47 Td ($51) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 274.80 350.47 Td ($12) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 317.80 350.47 Td ($39) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.80 350.47 Td (325) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 350.47 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.50 350.47 Td ($114) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 350.47 Td ($42) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 350.47 Td ($72) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.80 350.47 Td (171) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 350.47 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 336.47 Td (Gains \(losses\) on extinguishment of debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 224.65 336.47 Td (\(107) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 239.80 336.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 274.80 336.47 Td (146) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 315.65 336.47 Td (\(253) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 330.80 336.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 345.65 336.47 Td (\(173) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.80 336.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.65 336.47 Td (\(106) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 336.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 336.47 Td (403) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.65 336.47 Td (\(509) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 336.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 336.47 Td (\(126) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 336.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 322.47 Td (Debt gains \(losses\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 224.15 322.47 Td (\($56) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 239.80 322.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 270.50 322.47 Td ($158) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 310.85 322.47 Td (\($214) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 330.80 322.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 345.15 322.47 Td (\(135) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 360.80 322.47 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 409.15 322.47 Td ($8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 446.50 322.47 Td ($445) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 493.85 322.47 Td (\($437) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 513.80 322.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.45 322.47 Td (\(98) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 322.47 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 298.80 cm /I81 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 300.65 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 300.65 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 300.65 Td (Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 300.65 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.97 300.65 Td ( Decreased primarily due to losses from the extinguishment of fixed-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 289.40 Td (rate debt securities of consolidated trusts, as long-term interest rates declined between the time of issuance and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 278.15 Td (repurchase.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 252.95 Td (Derivative Gains \(Losses\)) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 244.14999999999998 m 562.5 244.14999999999998 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 224.90 Td (The table below presents the components of derivative gains \(losses\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 207.65 Td (Table 6 - Components of Derivative Gains \(Losses\) ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 310.00 197.15 83.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 484.00 197.15 79.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 183.15 157.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 211.00 183.15 49.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 260.00 183.15 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 310.00 183.15 41.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 351.00 183.15 42.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 397.00 183.15 43.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 440.00 183.15 40.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 484.00 183.15 38.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 522.00 183.15 41.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260 183.14999999999998 m 260 169.14999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351 183.14999999999998 m 351 169.14999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 183.14999999999998 m 440 169.14999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522 183.14999999999998 m 522 169.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 113.14999999999998 m 440 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 113.14999999999998 m 563 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 113.14999999999998 m 207 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 100.14999999999998 m 207 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 98.14999999999998 m 207 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211 113.14999999999998 m 260 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211 100.14999999999998 m 260 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211 98.14999999999998 m 260 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 113.14999999999998 m 306 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 100.14999999999998 m 306 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 98.14999999999998 m 306 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 113.14999999999998 m 351 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 100.14999999999998 m 351 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 98.14999999999998 m 351 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 113.14999999999998 m 393 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 100.14999999999998 m 393 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 98.14999999999998 m 393 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 113.14999999999998 m 440 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 100.14999999999998 m 440 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 98.14999999999998 m 440 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 113.14999999999998 m 480 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 100.14999999999998 m 480 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 98.14999999999998 m 480 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 113.14999999999998 m 522 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 100.14999999999998 m 522 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 98.14999999999998 m 522 98.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 113.14999999999998 m 563 113.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 100.14999999999998 m 563 100.14999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 98.14999999999998 m 563 98.14999999999998 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 337.55 188.22 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 509.55 188.22 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 173.94 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 220.60 174.22 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 268.10 174.22 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 327.80 174.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 367.95 174.22 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 401.15 174.22 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 442.65 174.22 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 500.30 174.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 538.45 174.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 160.22 Td (Fair value change in interest-rate swaps) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 230.85 160.22 Td (\($1,809) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.80 160.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 285.50 160.22 Td ($736) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.85 160.22 Td (\($2,545) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.80 160.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.65 160.22 Td (\(346) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 383.45 160.22 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.85 160.22 Td (\($4,565) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.80 160.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.00 160.22 Td ($2,833) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.85 160.22 Td (\($7,398) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 518.80 160.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 160.22 Td (\(261) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.45 160.22 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 146.22 Td (Fair value change in option-based derivatives) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 243.75 146.22 Td (947) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 287.65 146.22 Td (\(306) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.80 146.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 328.35 146.22 Td (1,253) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 369.80 146.22 Td (409) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.35 146.22 Td (1,408) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 455.15 146.22 Td (\(1,020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 476.80 146.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.35 146.22 Td (2,428) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.80 146.22 Td (238) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 132.22 Td (Fair value change in other derivatives) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 241.65 132.22 Td (\(308) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.80 132.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 289.80 132.22 Td (271) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 332.65 132.22 Td (\(579) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.80 132.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.65 132.22 Td (\(214) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 382.80 132.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 415.15 132.22 Td (\(1,612) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.80 132.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.35 132.22 Td (1,322) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 497.15 132.22 Td (\(2,934) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 518.80 132.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 132.22 Td (\(222) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 132.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 118.22 Td (Accrual of periodic cash settlements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 245.95 118.22 Td (\(47) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.80 118.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 294.15 118.22 Td (27) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 336.95 118.22 Td (\(74) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.80 118.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.65 118.22 Td (\(274) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 382.80 118.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 421.65 118.22 Td (\(143) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.80 118.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 461.65 118.22 Td (\(161) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 476.80 118.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 510.15 118.22 Td (18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 118.22 Td (11) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 104.22 Td (Derivative gains \(losses\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 230.35 104.22 Td (\($1,217) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 256.80 104.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 285.50 104.22 Td ($728) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 321.35 104.22 Td (\($1,945) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 347.80 104.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 367.15 104.22 Td (\(267) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 382.80 104.22 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 410.35 104.22 Td (\($4,912) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 436.80 104.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 453.00 104.22 Td ($2,974) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.35 104.22 Td (\($7,886) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 518.80 104.22 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 537.15 104.22 Td (\(265) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 104.22 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 80.55 cm /I82 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 82.40 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 82.40 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 82.40 Td (Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 82.40 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.97 82.40 Td ( Decreased as long-term interest rates declined. The decline in interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 71.15 Td (rates resulted in fair value losses on pay-fixed interest rate swaps, forward commitments to issue debt securities of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 59.90 Td (consolidated trusts, and futures, which were partially offset by fair value gains on receive-fixed swaps and certain option-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 48.65 Td (based derivatives. Additionally, our derivative volume increased beginning in 2Q 2019 as we updated our interest-rate risk ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 562 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 421.80 764.07 Td (Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (11) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 740.60 Td (measures to include upfront fees \(including buy-downs\) related to single-family credit guarantee activity. This update ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 729.35 Td (introduced additional volatility which resulted in increased losses, partially offset by the effects of hedge accounting.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 701.75 Td (Benefit \(Provision\) for Credit Losses) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 682.65 cm /I83 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 684.50 Td ( ) Tj ET Q BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 684.50 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 684.50 Td (Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F15 9.00 Tf ET q 0 0 0 rg BT 272.97 684.50 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 684.50 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.97 684.50 Td ( Remained relatively flat due to the strong credit performance of both ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 673.25 Td (our single-family and multifamily portfolios.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 645.65 Td (Other Comprehensive Income \(Loss\)) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 626.55 cm /I84 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 626.55 cm /I85 Do Q BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 628.40 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 628.40 Td (Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F15 9.00 Tf ET q 0 0 0 rg BT 272.97 628.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 628.40 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.97 628.40 Td ( Shifted to gains in the 2019 periods from losses in the 2018 periods ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 617.15 Td (primarily due to fair value gains on available-for-sale securities as long-term interest rates declined.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 411.55 764.07 Td (Consolidated Balance Sheets Analysis) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (12) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (CONSOLIDATED BALANCE SHEETS ANALYSIS) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 713.90 Td (The table below compares our summarized consolidated balance sheets.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 696.65 Td (Table 7 - Summarized Consolidated Balance Sheets) Tj ET Q 0.4666666666666667 0.7411764705882353 0.27058823529411763 rg /GS0 gs 395.00 686.15 168.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 671.15 169.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 223.00 671.15 84.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 307.00 671.15 84.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 395.00 671.15 84.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 479.00 671.15 84.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 671.15 m 219 671.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 657.15 m 219 657.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307 671.15 m 307 657.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307 671.15 m 307 657.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 671.15 m 479 657.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 615.15 m 219 615.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 615.15 m 307 615.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 615.15 m 391 615.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 615.15 m 479 615.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 615.15 m 563 615.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 517.15 m 391 517.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 517.15 m 219 517.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 504.15 m 219 504.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 502.15 m 219 502.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 517.15 m 307 517.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 504.15 m 307 504.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 502.15 m 307 502.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 517.15 m 391 517.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 504.15 m 391 504.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 502.15 m 391 502.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 517.15 m 479 517.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 504.15 m 479 504.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 502.15 m 479 502.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 517.15 m 563 517.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 504.15 m 563 504.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 502.15 m 563 502.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 405.15 m 219 405.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 405.15 m 307 405.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 405.15 m 391 405.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 405.15 m 479 405.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 405.15 m 563 405.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 377.15 m 219 377.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.15 m 219 364.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 362.15 m 219 362.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 377.15 m 307 377.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 364.15 m 307 364.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 362.15 m 307 362.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 377.15 m 391 377.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 364.15 m 391 364.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 362.15 m 391 362.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 377.15 m 479 377.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 364.15 m 479 364.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 362.15 m 479 362.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 377.15 m 563 377.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 364.15 m 563 364.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 362.15 m 563 362.15 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 465.05 676.22 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 661.94 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 246.35 662.22 Td (9/30/2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 328.20 662.22 Td (12/31/2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 434.30 662.22 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 516.95 662.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 648.22 Td (Assets:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 634.22 Td (Cash and cash equivalents) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.00 634.22 Td ($8,708) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.00 634.22 Td ($7,273) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.00 634.22 Td ($1,435) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 634.22 Td (20) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 634.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 620.22 Td (Securities purchased under agreements to resell) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.00 620.22 Td (51,187) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.00 620.22 Td (34,771) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.00 620.22 Td (16,416) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 620.22 Td (47) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 606.22 Td (Subtotal) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 280.00 606.22 Td (59,895) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 364.00 606.22 Td (42,044) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 452.00 606.22 Td (17,851) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 546.80 606.22 Td (42) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 592.22 Td (Investments in securities, at fair value) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.00 592.22 Td (72,982) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.00 592.22 Td (69,111) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 456.35 592.22 Td (3,871) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.10 592.22 Td (6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 578.22 Td (Mortgage loans, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 269.20 578.22 Td (1,997,490) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 353.20 578.22 Td (1,926,978) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.00 578.22 Td (70,512) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.10 578.22 Td (4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 564.22 Td (Accrued interest receivable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.35 564.22 Td (6,790) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 368.35 564.22 Td (6,728) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.15 564.22 Td (62) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.10 564.22 Td (1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 550.22 Td (Derivative assets, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.35 550.22 Td (1,592) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 374.80 550.22 Td (335) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 456.35 550.22 Td (1,257) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 550.22 Td (375) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 536.22 Td (Deferred tax assets, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.35 536.22 Td (5,784) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 368.35 536.22 Td (6,888) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 454.15 536.22 Td (\(1,104) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 475.80 536.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 536.22 Td (\(16) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 536.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 522.22 Td (Other assets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.00 522.22 Td (25,713) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.00 522.22 Td (10,976) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.00 522.22 Td (14,737) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 522.22 Td (134) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 508.22 Td (Total assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 264.90 508.22 Td ($2,170,246) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 348.90 508.22 Td ($2,063,060) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 443.40 508.22 Td ($107,186) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.10 508.22 Td (5) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 555.45 508.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 480.22 Td (Liabilities and Equity:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 466.22 Td (Liabilities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 452.22 Td (Accrued interest payable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.00 452.22 Td ($6,688) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.00 452.22 Td ($6,652) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 462.80 452.22 Td ($36) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.10 452.22 Td (1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 452.22 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 438.22 Td (Debt, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 269.20 438.22 Td (2,149,259) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 353.20 438.22 Td (2,044,950) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 447.70 438.22 Td (104,309) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.10 438.22 Td (5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 424.22 Td (Derivative liabilities, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 290.80 424.22 Td (355) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 374.80 424.22 Td (583) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 460.65 424.22 Td (\(228) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 475.80 424.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 424.22 Td (\(39) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 424.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 410.22 Td (Other liabilities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.35 410.22 Td (7,270) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 368.35 410.22 Td (6,398) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 462.80 410.22 Td (872) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 410.22 Td (14) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 396.22 Td (Total liabilities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 269.20 396.22 Td (2,163,572) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 353.20 396.22 Td (2,058,583) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 447.70 396.22 Td (104,989) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.10 396.22 Td (5) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 382.22 Td (Total equity) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 284.35 382.22 Td (6,674) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 368.35 382.22 Td (4,477) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 456.35 382.22 Td (2,197) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 546.80 382.22 Td (49) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 368.22 Td (Total liabilities and equity) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 264.90 368.22 Td ($2,170,246) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 348.90 368.22 Td ($2,063,060) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 443.40 368.22 Td ($107,186) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.10 368.22 Td (5) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 555.45 368.22 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 346.40 Td (Key Drivers:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 329.15 Td (As of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.67 329.15 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 154.60 329.15 Td ( compared to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.85 329.15 Td (December?1, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.06 329.15 Td (:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 310.05 cm /I86 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 310.05 cm /I87 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 311.90 Td (Cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.40 311.90 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.58 311.90 Td (securities purchased under agreements to resell) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.12 311.90 Td ( increased on a combined basis ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 300.65 Td (primarily due to higher near-term cash needs for upcoming debt maturities and anticipated calls of other debt.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 284.55 cm /I88 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 284.55 cm /I89 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.22 286.40 Td (Other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.89 286.40 Td ( increased primarily due to higher servicer receivables driven by an increase in mortgage loan payoffs ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 275.15 Td (reported but not yet remitted at the end of 3Q 2019 and a change in our servicing cycle in 2Q 2019 related to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 263.90 Td (implementation of Release 2 of the CSP and the Single Security Initiative.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 247.80 cm /I90 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 247.80 cm /I91 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.22 249.65 Td (Total equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 114.61 249.65 Td ( increased primarily as a result of our ability to retain 3Q 2019 earnings as a result of an increase in the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 238.40 Td (applicable Capital Reserve Amount from $3.0 billion to $20.0 billion pursuant to the September 2019 Letter Agreement.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 562 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 372.45 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 470.62 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 473.12 764.07 Td (Segment Earnings) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (13) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (OUR BUSINESS SEGMENTS) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 713.90 Td (We have three reportable segments, which are based on the way we manage our business. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 691.80 cm /I92 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 691.80 cm /I93 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 693.65 Td (Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.40 693.65 Td ( - Reflects results from our purchase, securitization, and guarantee of single-family loans and the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 682.40 Td (management of single-family mortgage credit risk.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 666.30 cm /I94 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 666.30 cm /I95 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 668.15 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 114.44 668.15 Td ( - Reflects results from our purchase, sale, securitization, and guarantee of multifamily loans and securities, our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 656.90 Td (investments in those loans and securities, and the management of multifamily mortgage credit risk and market spread risk.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 640.80 cm /I96 Do Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 642.65 Td ( ) Tj ET Q BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 642.65 Td (Capital Markets ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.74 642.65 Td (- Reflects results from managing our mortgage-related investments portfolio \(excluding Multifamily ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 631.40 Td (segment investments, single-family seriously delinquent loans, and the credit risk of single-family performing and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 620.15 Td (reperforming loans\), single-family securitization activities, and treasury function, which includes interest-rate risk ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 608.90 Td (management for the company.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 588.65 Td (Certain activities that are not part of a reportable segment, such as material corporate-level activities that are infrequent in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 577.40 Td (nature and based on decisions outside the control of the management of our reportable segments, are included in the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.53 577.40 Td (All Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 562.01 577.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 566.15 Td (category.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 538.55 Td (Segment Earnings) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 518.30 Td (We present Segment Earnings by reclassifying certain credit guarantee-related activities and investment-related activities ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 507.05 Td (between various line items on our GAAP condensed consolidated statements of comprehensive income and allocating certain ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 495.80 Td (revenues and expenses to our three reportable segments. For more information on our segment reclassifications, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 523.95 495.80 Td (Note ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 484.55 Td (13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 61.52 484.55 Td (.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 458.55 Td (Segment Comprehensive Income) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 449.3 m 562.5 449.3 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 436.05 Td (The graph below shows our comprehensive income by segment.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 286.90 418.80 Td (\(In millions\)) Tj ET Q /GS0 gs q 238.00 0 0 313.00 49.75 94.80 cm /I97 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.75 99.80 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.75 82.55 Td ( ) Tj ET Q /GS0 gs q 238.00 0 0 296.00 324.25 94.55 cm /I98 Do Q BT /F2 9.00 Tf ET endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (14) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (Single-Family Guarantee) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 708.95 Td (Business Results) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 700.15 m 562.5 700.15 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 680.90 Td (The following tables, graphs, and related discussion present the business results of our Single-family Guarantee segment.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 658.10 Td (New Business Activity) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 649.3 m 562.5 649.3 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 179.30 630.05 Td (UPB of Single-Family Loan Purchases and Guarantees by Loan Purpose ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 288.05 612.80 Td (\(In billions\)) Tj ET Q /GS0 gs q 239.00 0 0 229.00 49.50 372.80 cm /I99 Do Q BT /F2 9.00 Tf ET /GS0 gs q 238.00 0 0 229.00 326.25 372.80 cm /I100 Do Q BT /F2 9.00 Tf ET BT /F11 9.00 Tf ET q 0 0 0 rg BT 166.35 349.30 Td (Percentage of Single-Family Loan Purchases and Guarantees by Loan Purpose ) Tj ET Q /GS0 gs q 238.00 0 0 250.00 49.75 88.30 cm /I101 Do Q BT /F2 9.00 Tf ET /GS0 gs q 260.00 0 0 250.00 313.25 88.30 cm /I102 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 74.20 cm /I103 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 74.20 cm /I104 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 76.05 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.97 76.05 Td ( - Our loan purchase and guarantee activity increased due to higher ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 64.80 Td (home purchase volume and increased refinance activity, driven by the declining average mortgage interest rates in recent ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 53.55 Td (quarters.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 38 m 237 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 38 m 275 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 38 m 561 38 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 28.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 28.07 Td (15) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 739.05 Td (Single-Family Credit Guarantee Portfolio) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 730.25 m 562 730.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 233.85 711.00 Td (Single-Family Credit Guarantee Portfolio ) Tj ET Q /GS0 gs q 400.00 0 0 307.00 105.75 399.00 cm /I105 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 384.90 cm /I106 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 384.90 cm /I107 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 386.75 Td (The single-family credit guarantee portfolio increased at an annualized rate of approximately 5% between December 31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 375.50 Td (2018 and September 30, 2019 driven by an increase in U.S. single-family mortgage debt outstanding as a result of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 364.25 Td (continued home price appreciation and our overall share of the single-family mortgage market. New business acquisitions ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 353.00 Td (had a higher average loan size compared to older vintages that continued to run off. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 336.90 cm /I108 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 336.90 cm /I109 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 338.75 Td (The core single-family loan portfolio grew to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.28 338.75 Td (84%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.28 338.75 Td ( of the single-family credit guarantee portfolio at September?0, 2019, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 327.50 Td (compared to 82% at December 31, 2018.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 311.40 cm /I110 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 311.40 cm /I111 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 313.25 Td (The legacy and relief refinance single-family loan portfolio declined to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.97 313.25 Td (16%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.97 313.25 Td ( of the single-family credit guarantee portfolio at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 302.00 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.44 302.00 Td (, compared to 18% at December 31, 2018.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (16) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Guarantee Fees) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (We receive fees for guaranteeing the payment of principal and interest to investors in our mortgage-related securities. These ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (fees consist primarily of a combination of base contractual guarantee fees paid on a monthly basis and initial upfront payments. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 686.50 Td (The average portfolio Segment Earnings guarantee fee rate recognizes upfront fee income over the contractual life of the related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 675.25 Td (loans \(usually 30 years\). If the related loans prepay, the remaining upfront fee income is recognized immediately. In contrast, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 664.00 Td (average guarantee fee rate charged on new acquisitions recognizes upfront fee income over the estimated life of the related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (loans using our expectations of prepayments and other liquidations. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 342.74 652.75 Td (MD&A - Our Business Segments - Single-) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 641.50 Td (Family Guarantee ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 134.32 641.50 Td (- Business Overview - Guarantee Fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.64 641.50 Td ( in our 2018 Annual Report for more information on our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 630.25 Td (guarantee fees.) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 200.15 613.00 Td (Average Portfolio Segment Earnings Guarantee Fee Rate) Tj ET Q BT /F11 9.00 Tf ET BT /F11 5.40 Tf ET q 0 0 0 rg BT 400.19 616.15 Td (\(1\)\(2\) ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 293.75 595.75 Td (\(In bps\) ) Tj ET Q /GS0 gs q 238.50 0 0 201.00 49.50 380.75 cm /I112 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.00 385.75 Td ( ) Tj ET Q /GS0 gs q 238.50 0 0 199.00 313.02 380.75 cm /I113 Do Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 369.75 Td (\(1\) Excludes the legislated 10 basis point increase in guarantee fees.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 357.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 76.50 357.15 Td (Reflects an average rate for our total single-family credit guarantee portfolio and is not limited to purchases in the applicable period.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 338.05 cm /I114 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 338.05 cm /I115 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 339.90 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 339.90 Td (- The average portfolio Segment Earnings guarantee fee rate increased ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 328.65 Td (due to an increase in the recognition of upfront fees primarily driven by a higher prepayment rate and an increase in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 317.40 Td (average contractual guarantee fees caused by the run off of older vintages with lower contractual guarantee fees.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 219.15 Td ( ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (17) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.75 740.60 Td ( ) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 201.25 740.60 Td (Average Guarantee Fee Rate) Tj ET Q BT /F11 9.00 Tf ET BT /F11 5.40 Tf ET q 0 0 0 rg BT 301.64 743.75 Td (\(1\) ) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 308.72 740.60 Td (Charged on New Acquisitions ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 293.75 723.35 Td (\(In bps\)) Tj ET Q /GS0 gs q 238.00 0 0 203.00 55.45 482.35 cm /I116 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.45 487.35 Td ( ) Tj ET Q /GS0 gs q 238.00 0 0 230.00 318.47 482.35 cm /I117 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 556.47 487.35 Td ( ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 471.35 Td (\(1\) Excludes the legislated 10 basis point increase in guarantee fees.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 452.25 cm /I118 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 452.25 cm /I119 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 454.10 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 454.10 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.97 454.10 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.47 454.10 Td (The average guarantee fee rate charged on new acquisitions ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 442.85 Td (increased primarily due to an enhancement in our estimation methodology related to recognition of buy-up fees in 2Q ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 431.60 Td (2019.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (18) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (CRT Activities ) Tj ET Q BT /F16 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 136.87 737.05 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (We transfer credit risk on a portion of our single-family credit guarantee portfolio to the private market, which reduces the risk of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (future losses to us and taxpayers when borrowers go into default. See) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 330.64 697.75 Td ( MD&A - Our Business Segments - Single-Family ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 686.50 Td (Guarantee) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 98.13 686.50 Td ( ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 100.63 686.50 Td (- Business Overview - Products and Activities - Credit Risk Transfer \(CRT\) Transactions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.57 686.50 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.07 686.50 Td (in our 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 675.25 Td (Annual Report for more information on our CRT transactions.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 658.00 Td (The following table presents the issuance amounts during 3Q 2019 on the protected UPB and maximum coverage by loss ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 646.75 Td (position associated with CRT transactions for loans in our single-family credit guarantee portfolio.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 629.50 Td (Table 8 - Single-Family Credit Guarantee Portfolio CRT Issuance) Tj ET Q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 339.00 619.00 224.00 -23.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 339.00 596.00 56.00 -25.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 395.00 596.00 168.00 -25.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 571.00 285.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 339.00 571.00 56.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 395.00 571.00 56.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 451.00 571.00 56.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 507.00 571.00 56.00 -26.00 re f /GS0 gs 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 395 596 m 395 571 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 395 571 m 395 545 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 451 571 m 451 545 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 507 571 m 507 545 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 463 m 335 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 463 m 395 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 463 m 451 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 463 m 507 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 463 m 335 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 450 m 335 450 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 448 m 335 448 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 463 m 395 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 450 m 395 450 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 448 m 395 448 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 463 m 451 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 450 m 451 450 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 448 m 451 448 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 463 m 507 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 450 m 507 450 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 448 m 507 448 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 463 m 563 463 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 450 m 563 450 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 448 m 563 448 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 347.75 601.07 Td (Issuance for the Three Months Ended September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 349.30 585.07 Td (Protected ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 356.30 576.07 Td (UPB) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 370.82 579.22 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 440.15 576.07 Td (Maximum Coverage) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 510.98 579.22 Td (\(2\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 549.79 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 357.75 550.07 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 402.35 550.07 Td (First Loss) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 436.81 553.22 Td (\(3\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 459.40 550.07 Td (Mezzanine) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 525.75 550.07 Td (Total) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 536.07 Td (CRT Activities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 522.07 Td ( STACR Trust transactions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.70 522.07 Td ($56,654) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 430.50 522.07 Td ($480) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 480.00 522.07 Td ($1,186) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 522.07 Td ($1,666) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 508.07 Td ( ACIS) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.40 Tf ET q 0 0 0 rg BT 74.15 511.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 78.47 508.07 Td ( transactions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 368.00 508.07 Td (45,917) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 434.80 508.07 Td (108) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.80 508.07 Td (404) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 508.07 Td (512) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 495.07 Td (Senior subordinate securitization structures) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 372.35 495.07 Td (3,002) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 434.80 495.07 Td (195) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.80 495.07 Td (269) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 495.07 Td (464) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 481.07 Td ( Other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 372.35 481.07 Td (9,305) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 434.80 481.07 Td (243) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.80 481.07 Td (279) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 481.07 Td (522) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 468.07 Td (Less: UPB with more than one type of CRT activity) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.85 468.07 Td (\(37,045) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.80 468.07 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.75 468.07 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.75 468.07 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.75 468.07 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 454.07 Td (Total CRT Activities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 363.70 454.07 Td ($77,833) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 424.00 454.07 Td ($1,026) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 480.00 454.07 Td ($2,138) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 454.07 Td ($3,164) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 433.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 76.50 433.90 Td (For STACR Trust and ACIS transactions, represents the UPB of the assets included in the reference pool. For senior subordinate securitization structure transactions, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 424.30 Td (represents the UPB of the guaranteed securities, which represents the UPB of the assets included in the trust net of the protection provided by the subordinated ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 414.70 Td (securities.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 402.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 76.50 402.10 Td (For STACR Trust transactions, represents the balance held by third parties at issuance. For ACIS transactions, represents the aggregate limit of insurance purchased ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 392.50 Td (from third parties at issuance. For senior subordinate securitization structure transactions, represents the UPB of the securities that are subordinate to Freddie Mac ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 382.90 Td (guaranteed securities and held by third parties.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 370.30 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 76.50 370.30 Td (First loss includes the most subordinate securities \(i.e., B tranches\) in our STACR Trust transactions and their equivalent in ACIS and Other CRT transactions.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 353.05 Td (We retained exposure to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.87 353.05 Td ($74.7 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.39 353.05 Td ( of the protected UPB for the CRT issuances during 3Q 2019, including first loss and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 341.80 Td (mezzanine positions.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 324.55 Td (We are continually evaluating our CRT strategy, and we make changes depending on market conditions and our business ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 313.30 Td (strategy. The aggregate cost of our CRT activity, as well as the amount of credit risk transferred, will continue to increase as we ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 302.05 Td (execute new transactions.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (19) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Credit Enhancements) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (To reduce our credit risk exposure, we engage in various credit enhancement arrangements, which include CRT transactions ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (and other credit enhancements. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 680.50 Td (The tables below provide information on the total protected UPB and maximum coverage associated with credit enhanced ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 669.25 Td (loans in our single-family credit guarantee portfolio, measured by UPB, that were covered by one or more forms of credit ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 658.00 Td (enhancements as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 133.36 658.00 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.30 658.00 Td ( and December 31, 2018, respectively. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 390.09 658.00 Td (MD&A - Risk Management - Single-) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 646.75 Td (Family Mortgage Credit Risk - ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 191.82 646.75 Td (Transferring Credit Risk of the Single-Family Credit Guarantee Portfolio to ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 49.50 635.50 Td (Investors in New and Innovative Ways ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 228.98 635.50 Td (in our 2018 Annual Report and ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 354.40 635.50 Td (Note 6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.27 635.50 Td ( in this Form 10-Q and our 2018 Annual ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (Report for additional information about our single-family credit enhancements.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 609.25 Td (Table 9 - Details of Credit Enhanced Loans in Our Single-Family Credit Guarantee Portfolio) Tj ET Q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 235.00 598.75 328.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 235.00 583.75 59.00 -35.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 294.00 583.75 80.00 -35.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 374.00 583.75 189.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 548.75 181.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 235.00 548.75 59.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 294.00 548.75 80.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 374.00 548.75 63.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 437.00 548.75 63.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 500.00 548.75 63.00 -16.00 re f /GS0 gs 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 294 583.75 m 294 548.75 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 374 583.75 m 374 548.75 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 374 548.75 m 374 532.75 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 374 548.75 m 374 532.75 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 437 548.75 m 437 532.75 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 500 548.75 m 500 532.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 428.75 m 231 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 428.75 m 294 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 428.75 m 374 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 428.75 m 437 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 428.75 m 500 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 428.75 m 563 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 428.75 m 231 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 415.75 m 231 415.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 413.75 m 231 413.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 428.75 m 294 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 415.75 m 294 415.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 413.75 m 294 413.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 428.75 m 374 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 415.75 m 374 415.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 413.75 m 374 413.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 428.75 m 437 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 415.75 m 437 415.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 413.75 m 437 413.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 428.75 m 500 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 415.75 m 500 415.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 413.75 m 500 413.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 428.75 m 563 428.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 415.75 m 563 415.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 413.75 m 563 413.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 341.75 m 231 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 341.75 m 294 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 341.75 m 374 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 341.75 m 437 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 341.75 m 500 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 341.75 m 563 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 341.75 m 231 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 341.75 m 294 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 341.75 m 374 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 341.75 m 437 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 341.75 m 500 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 341.75 m 563 341.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 301.75 m 231 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 301.75 m 294 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 301.75 m 374 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 301.75 m 437 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 301.75 m 500 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 288.75 m 231 288.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 286.75 m 231 286.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 301.75 m 294 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 288.75 m 294 288.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 286.75 m 294 286.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 301.75 m 374 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 288.75 m 374 288.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 286.75 m 374 286.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 301.75 m 437 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 288.75 m 437 288.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 286.75 m 437 286.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 301.75 m 500 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 288.75 m 500 288.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 286.75 m 500 286.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 301.75 m 563 301.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 288.75 m 563 288.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 286.75 m 563 286.75 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 232.15 588.82 Td (t) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 330.45 588.82 Td (Outstanding as of September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 246.80 562.82 Td (Protected ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 253.80 553.82 Td (UPB) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 268.32 556.97 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 308.65 571.82 Td (Percentage of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 297.25 562.82 Td (Single-Family Credit) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 298.90 553.82 Td (Guarantee Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 429.65 553.82 Td (Maximum Coverage) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 500.48 556.97 Td (\(2\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 537.54 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 255.25 537.82 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 324.75 537.82 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 384.85 537.82 Td (First Loss) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 419.31 540.97 Td (\(3\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 448.90 537.82 Td (Mezzanine) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 522.25 537.82 Td (Total) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 523.82 Td (CRT Activities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 509.82 Td ( STACR debt notes) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.40 509.82 Td ($554,572) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.80 509.82 Td (28) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.45 509.82 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.00 509.82 Td ($2,209) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.70 509.82 Td ($13,753) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 509.82 Td ($15,962) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 495.82 Td ( STACR Trust transactions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 262.70 495.82 Td (280,889) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.80 495.82 Td (14) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.35 495.82 Td (3,042) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.35 495.82 Td (6,112) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 495.82 Td (9,154) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 481.82 Td ( ACIS transactions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 262.70 481.82 Td (869,148) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.80 481.82 Td (44) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.35 481.82 Td (2,069) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.35 481.82 Td (8,012) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 481.82 Td (10,081) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 467.82 Td (Senior subordinate securitization structures) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.00 467.82 Td (43,552) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.10 467.82 Td (2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.35 467.82 Td (2,331) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.35 467.82 Td (2,587) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 467.82 Td (4,918) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 453.82 Td ( Other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.00 453.82 Td (28,347) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.10 453.82 Td (1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.35 453.82 Td (5,347) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 483.80 453.82 Td (723) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 453.82 Td (6,070) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 439.82 Td (Less: UPB with more than one type of ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 430.82 Td (CRT activity) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 260.55 433.82 Td (\(780,820) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 290.80 433.82 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 355.60 433.82 Td (\(39) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.45 433.82 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.75 433.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.75 433.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.75 433.82 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 419.82 Td (Total CRT Activities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 258.40 419.82 Td ($995,688) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 357.80 419.82 Td (50) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.45 419.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 405.70 419.82 Td ($14,998) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 468.70 419.82 Td ($31,187) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 531.70 419.82 Td ($46,185) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 394.82 Td (Other Credit Enhancements:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 380.82 Td ( Primary Mortgage Insurance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.40 380.82 Td ($410,999) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.80 380.82 Td (21) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.65 380.82 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.40 380.82 Td ($105,171) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.75 380.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 527.40 380.82 Td ($105,171) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 366.82 Td ( Other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.35 366.82 Td (2,296) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.45 366.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.35 366.82 Td (1,229) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.75 366.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 366.82 Td (1,229) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 352.82 Td (Less: UPB with both CRT and other credit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 343.82 Td (enhancements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 260.55 346.82 Td (\(287,231) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 290.80 346.82 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 355.60 346.82 Td (\(14) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.45 346.82 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.75 346.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.75 346.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.75 346.82 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 332.82 Td (Single-family credit guarantee portfolio with) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 323.82 Td (credit enhancement) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.20 326.82 Td (1,121,752) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.80 326.82 Td (57) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 405.70 326.82 Td (121,398) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 473.00 326.82 Td (31,187) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 326.82 Td (152,585) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 312.82 Td (Single-family credit guarantee portfolio without) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 303.82 Td (credit enhancement) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 262.70 306.82 Td (839,529) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.80 306.82 Td (43) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.75 306.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.75 306.82 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.75 306.82 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 54.00 292.82 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 251.90 292.82 Td ($1,961,281) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 353.45 292.82 Td (100) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.45 292.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 401.40 292.82 Td ($121,398) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 468.70 292.82 Td ($31,187) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 527.40 292.82 Td ($152,585) Tj ET Q BT /F5 8.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 272.65 Td (Referenced footnotes are included after the next table.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (20) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 233.50 746.50 327.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 233.50 731.50 59.00 -35.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 292.50 731.50 80.00 -35.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 372.50 731.50 188.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.50 696.50 179.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 233.50 696.50 59.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 292.50 696.50 80.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 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0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 561.5 m 292.5 561.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 576.5 m 372.5 576.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 563.5 m 372.5 563.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 561.5 m 372.5 561.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 576.5 m 434.5 576.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 563.5 m 434.5 563.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 561.5 m 434.5 561.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 576.5 m 497.5 576.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 563.5 m 497.5 563.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 561.5 m 497.5 561.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.5 m 560.5 576.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 563.5 m 560.5 563.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 561.5 m 560.5 561.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 489.5 m 229.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 489.5 m 292.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 489.5 m 372.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 489.5 m 434.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 489.5 m 497.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 489.5 m 560.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 489.5 m 229.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 489.5 m 292.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 489.5 m 372.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 489.5 m 434.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 489.5 m 497.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 489.5 m 560.5 489.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 449.5 m 229.5 449.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 436.5 m 229.5 436.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 434.5 m 229.5 434.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 449.5 m 292.5 449.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 436.5 m 292.5 436.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 434.5 m 292.5 434.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 449.5 m 372.5 449.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 436.5 m 372.5 436.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 434.5 m 372.5 434.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 449.5 m 434.5 449.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 436.5 m 434.5 436.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 434.5 m 434.5 434.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 449.5 m 497.5 449.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 436.5 m 497.5 436.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 434.5 m 497.5 434.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 449.5 m 560.5 449.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 436.5 m 560.5 436.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 434.5 m 560.5 434.5 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 329.70 736.57 Td (Outstanding as of December 31, 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 245.30 710.57 Td (Protected ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 252.30 701.57 Td (UPB) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 266.82 704.72 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 307.15 719.57 Td (Percentage of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 295.75 710.57 Td (Single-Family Credit) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 297.40 701.57 Td (Guarantee Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 427.65 701.57 Td (Maximum Coverage) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 498.48 704.72 Td (\(2\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 53.00 685.29 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 253.75 685.57 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 323.25 685.57 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 382.85 685.57 Td (First Loss) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 417.31 688.72 Td (\(3\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 446.40 685.57 Td (Mezzanine) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 519.75 685.57 Td (Total) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 671.57 Td (CRT Activities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 657.57 Td ( STACR debt notes) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.90 657.57 Td ($605,263) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.30 657.57 Td (32) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.95 657.57 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 407.50 657.57 Td ($2,155) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.20 657.57 Td ($15,441) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.20 657.57 Td ($17,596) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 643.57 Td ( STACR Trust transactions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 261.20 643.57 Td (161,152) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.60 643.57 Td (8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.85 643.57 Td (1,622) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.85 643.57 Td (3,404) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.85 643.57 Td (5,026) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 629.57 Td ( ACIS transactions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 261.20 629.57 Td (807,885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.30 629.57 Td (43) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.85 629.57 Td (1,552) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.85 629.57 Td (7,571) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.85 629.57 Td (9,123) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 615.57 Td (Senior subordinate securitization structures) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 265.50 615.57 Td (39,860) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.60 615.57 Td (2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.85 615.57 Td (1,807) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.85 615.57 Td (2,046) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.85 615.57 Td (3,853) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 601.57 Td ( Other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 265.50 601.57 Td (18,136) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.60 601.57 Td (1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.85 601.57 Td (5,049) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.30 601.57 Td (340) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.85 601.57 Td (5,389) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 587.57 Td (Less: UPB with more than one type of ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 578.57 Td (CRT activity) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 259.05 581.57 Td (\(736,334) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 289.30 581.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.10 581.57 Td (\(39) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.95 581.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.25 581.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.25 581.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.25 581.57 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 59.00 567.57 Td (Total CRT Activities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 256.90 567.57 Td ($895,962) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 356.30 567.57 Td (47) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 364.95 567.57 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 403.20 567.57 Td ($12,185) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 466.20 567.57 Td ($28,802) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 529.20 567.57 Td ($40,987) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 542.57 Td (Other Credit Enhancements:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 528.57 Td ( Primary Mortgage Insurance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.90 528.57 Td ($378,594) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.30 528.57 Td (20) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.15 528.57 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 403.20 528.57 Td ($96,996) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.25 528.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.20 528.57 Td ($96,996) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 514.57 Td ( Other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 269.85 514.57 Td (2,642) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 355.95 514.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.85 514.57 Td (1,341) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.25 514.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.85 514.57 Td (1,341) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 500.57 Td (Less: UPB with both CRT and other credit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 491.57 Td (enhancements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 259.05 494.57 Td (\(254,774) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 289.30 494.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.10 494.57 Td (\(13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.95 494.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.25 494.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.25 494.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.25 494.57 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 480.57 Td (Single-family credit guarantee portfolio with) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 471.57 Td (credit enhancement) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 254.70 474.57 Td (1,022,424) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.30 474.57 Td (54) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 403.20 474.57 Td (110,522) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 470.50 474.57 Td (28,802) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.20 474.57 Td (139,324) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 460.57 Td (Single-family credit guarantee portfolio without) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 451.57 Td (credit enhancement) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 261.20 454.57 Td (873,762) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.30 454.57 Td (46) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.25 454.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.25 454.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.25 454.57 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 54.50 440.57 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 250.40 440.57 Td ($1,896,186) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 351.95 440.57 Td (100) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 364.95 440.57 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 398.90 440.57 Td ($110,522) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 466.20 440.57 Td ($28,802) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 524.90 440.57 Td ($139,324) Tj ET Q BT /F2 9.00 Tf ET BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.50 420.00 Td (\() Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 61.16 420.00 Td (1\) ) Tj ET Q q 0 0 0 rg BT 76.50 420.00 Td (For STACR and ACIS transactions, represents the UPB of the assets included in the reference pool. For senior subordinate securitization structure transactions, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 410.00 Td (represents the UPB of the guaranteed securities, which represents the UPB of the assets included in the trust net of the protection provided by the subordinated ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 400.00 Td (securities.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 387.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 76.50 387.00 Td (For STACR transactions, represents the outstanding balance held by third parties. For ACIS transactions, represents the remaining aggregate limit of insurance ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 377.00 Td (purchased from third parties. For senior subordinate securitization structure transactions, represents the outstanding UPB of the securities that are subordinate to ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 367.00 Td (Freddie Mac guaranteed securities and held by third parties.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 354.00 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 76.50 354.00 Td (First loss includes the most subordinate securities \(i.e., B tranches\) in our STACR transactions and their equivalent in ACIS and Other CRT transactions.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 334.90 cm /I120 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 336.75 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 336.75 Td (We had coverage remaining of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.26 336.75 Td ($152.6 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.78 336.75 Td ( and $139.3 billion on our single-family credit guarantee portfolio as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 325.50 Td (September 30, 2019 and December 31, 2018, respectively. CRT transactions provided ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.98 325.50 Td (30.3%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.49 325.50 Td ( and 29.4% of the coverage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 314.25 Td (remaining at those dates. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 298.15 cm /I121 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 300.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 300.00 Td (As of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.67 300.00 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.60 300.00 Td (, we had cumulatively transferred a portion of credit risk on nearly ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.80 300.00 Td ($1.4 trillion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.81 300.00 Td ( of our single-family ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 288.75 Td (mortgages, based upon the UPB at issuance of the CRT transactions.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 272.65 cm /I122 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 272.65 cm /I123 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 274.50 Td (FHFA's conservatorship capital needed for credit risk was reduced by approximately ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.73 274.50 Td (75%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.74 274.50 Td ( through CRT transactions ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 263.25 Td (on new business activity in the twelve months ended September 30, 2018.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 247.15 cm /I124 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 247.15 cm /I125 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 249.00 Td (The reduction in the amount of conservatorship capital needed for credit risk on new business activity is calculated as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 237.75 Td (conservatorship credit capital released from the CRT transactions \(primarily through STACR and ACIS\) divided by total ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 226.50 Td (conservatorship credit capital on new business activity at the time of purchase. For more information on the CCF and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 215.25 Td (the calculation of conservatorship capital, see) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.63 215.25 Td ( ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 272.13 215.25 Td (Liquidity and Capital Resources ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 423.90 215.25 Td (- Capital Resources - ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 85.50 204.00 Td (Conservatorship Capital Framework - Return on Conservatorship Capital) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 425.66 204.00 Td (.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 187.90 cm /I126 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 189.75 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 189.75 Td (During YTD 2019, we paid ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.53 189.75 Td ($501 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.88 189.75 Td ( in interest expense, net of reinvestment income, on our outstanding STACR debt ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 178.50 Td (notes and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.91 178.50 Td ($507 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.26 178.50 Td ( in premium expense for ACIS and STACR Trust contracts, compared to $540 million in interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 167.25 Td (expense, net of reinvestment income, on our outstanding STACR debt notes and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.24 167.25 Td ($249 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.60 167.25 Td ( in premium expense for ACIS ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 156.00 Td (and STACR Trust contracts during YTD 2018. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 139.90 cm /I127 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 56.22 141.75 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 67.50 141.75 Td (As of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.67 141.75 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.60 141.75 Td (, we had experienced minimal write-downs on our STACR transactions and filed minimal claims ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 130.50 Td (for reimbursement of losses under our ACIS transactions. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (21) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Mortgage Loan Credit Risk ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (Certain combinations of loan attributes can indicate a higher degree of credit risk, such as loans with both higher LTV ratios and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (lower credit scores. The following table presents the combination of credit score and current LTV \(CLTV\) ratio attributes of loans ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 686.50 Td (in our single-family credit guarantee portfolio. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 669.25 Td (Table 10 - Single-Family Credit Guarantee Portfolio Attribute Combinations for Higher Risk Loans ) Tj ET Q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 191.00 658.75 372.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 191.00 645.75 80.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 275.00 645.75 80.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 359.00 645.75 80.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 443.00 645.75 120.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 632.75 137.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 191.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 231.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 275.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 315.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 359.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 399.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 443.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 483.00 632.75 40.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 523.00 632.75 40.00 -21.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231 632.75 m 231 611.75 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315 632.75 m 315 611.75 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399 632.75 m 399 611.75 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 632.75 m 483 611.75 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523 632.75 m 523 611.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 546.75 m 187 546.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 534.75 m 187 534.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 532.75 m 187 532.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 546.75 m 231 546.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 534.75 m 231 534.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 532.75 m 231 532.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 546.75 m 315 546.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 534.75 m 315 534.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 532.75 m 315 532.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 546.75 m 399 546.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 534.75 m 399 534.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 532.75 m 399 532.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 546.75 m 483 546.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 534.75 m 483 534.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 532.75 m 483 532.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 450.75 m 187 450.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 438.75 m 187 438.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.75 m 187 436.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 450.75 m 231 450.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 438.75 m 231 438.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 436.75 m 231 436.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 450.75 m 315 450.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 438.75 m 315 438.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 436.75 m 315 436.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 450.75 m 399 450.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 438.75 m 399 438.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 436.75 m 399 436.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 450.75 m 483 450.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 438.75 m 483 438.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 436.75 m 483 436.75 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 341.10 656.25 70.72 -9.00 re f /GS0 gs q 1 1 1 rg BT 341.10 649.82 Td (September 30, 2019) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 636.82 Td (? Tj ET Q /GS0 gs q 35.71 0 0 9.00 212.60 634.25 cm /I128 Do Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 284.45 636.82 Td (CLTV??0 to 100) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 378.45 636.82 Td (CLTV??00) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 486.10 636.82 Td (All Loans) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 616.54 Td (\(Credit score\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 206.95 623.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 195.30 614.82 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 233.95 616.82 Td (SDQ Rate) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 290.95 623.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 279.30 614.82 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 327.05 623.82 Td (SDQ ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 323.55 614.82 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 339.62 617.97 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 374.95 623.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 363.30 614.82 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 411.05 623.82 Td (SDQ ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 407.55 614.82 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 423.62 617.97 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 458.95 623.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 447.30 614.82 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 485.95 616.82 Td (SDQ Rate) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 538.95 623.82 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 526.90 614.82 Td (Modified) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 602.82 Td (Core single-family loan portfolio:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 589.82 Td (> endobj 52 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (22) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (The table below contains information on Alt-A loans in our single-family credit guarantee portfolio. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 723.35 Td (Table 11 - Alt-A Loans in Our Single-Family Credit Guarantee Portfolio) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 195.00 712.85 182.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 381.00 712.85 182.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 699.85 141.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 195.00 699.85 44.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 239.00 699.85 45.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 284.00 699.85 43.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 327.00 699.85 50.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 381.00 699.85 44.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 425.00 699.85 45.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 470.00 699.85 43.00 -21.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 513.00 699.85 50.00 -21.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239 699.85 m 239 678.85 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284 699.85 m 284 678.85 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327 699.85 m 327 678.85 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 699.85 m 425 678.85 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 699.85 m 470 678.85 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513 699.85 m 513 678.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 665.85 m 191 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 665.85 m 239 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 665.85 m 284 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 665.85 m 327 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 665.85 m 377 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 665.85 m 425 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 665.85 m 470 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 665.85 m 513 665.85 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 665.85 m 563 665.85 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 250.10 703.92 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 437.35 703.92 Td (December 31, 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 683.64 Td (\(Dollars in billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 209.20 683.92 Td (UPB) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 252.25 683.92 Td (CLTV) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 301.45 690.92 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 289.40 681.92 Td (Modified) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 334.95 683.92 Td (SDQ Rate) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 395.20 683.92 Td (UPB) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 438.25 683.92 Td (CLTV) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 487.45 690.92 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 475.40 681.92 Td (Modified) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 520.95 683.92 Td (SDQ Rate) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 669.92 Td (Alt-A) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 216.85 669.92 Td ($21.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 268.00 669.92 Td (62) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 276.65 669.92 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 304.50 669.92 Td (20.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 319.65 669.92 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.50 669.92 Td (3.75) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 369.65 669.92 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.85 669.92 Td ($23.9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 454.00 669.92 Td (63) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 462.65 669.92 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.50 669.92 Td (23.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.65 669.92 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.50 669.92 Td (4.13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 669.92 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (The UPB of Alt-A loans in our single-family credit guarantee portfolio is continuing to decline due to borrowers refinancing into ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 637.85 Td (other mortgage products, foreclosure sales, and other liquidation events.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 615.05 Td (Single-Family Loan Performance) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 606.25 m 562.5 606.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 120.10 587.00 Td ( Serious Delinquency Rates ) Tj ET Q BT /F16 9.00 Tf ET q 0 0 0 rg BT 219.52 587.00 Td ( ) Tj ET Q /GS0 gs q 238.50 0 0 339.00 49.50 243.00 cm /I131 Do Q BT /F2 9.00 Tf ET BT /F11 9.00 Tf ET q 0 0 0 rg BT 337.50 587.00 Td ( Percentage of Single-Family Loans One Month and Two ) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 427.50 575.75 Td (Months Past Due ) Tj ET Q /GS0 gs q 238.50 0 0 280.00 324.00 284.75 cm /I132 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 228.90 cm /I133 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 228.90 cm /I134 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 230.75 Td (The total serious delinquency rate on our single-family credit guarantee portfolio was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.16 230.75 Td (0.61%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.67 230.75 Td ( as of September 30, 2019. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 219.50 Td (However, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 107.72 219.50 Td (37%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.73 219.50 Td ( of the seriously delinquent loans at September 30, 2019 were covered by credit enhancements designed to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 208.25 Td (reduce our credit risk exposure. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 215.20 208.25 Td (Note 4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.07 208.25 Td ( for additional information on our single-family delinquency rates.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 192.15 cm /I135 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 192.15 cm /I136 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 194.00 Td (Our total single-family serious delinquency rate was lower as of September 30, 2019 compared to September 30, 2018 due ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 182.75 Td (to our continued loss mitigation efforts, sales of certain seriously delinquent loans, home price appreciation, a low ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 171.50 Td (unemployment rate, and the reduced impacts from the hurricanes in the third quarter of 2017. This improvement was also ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 160.25 Td (driven by the continued shift in the single-family credit guarantee portfolio mix, as the legacy and relief refinance single-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 149.00 Td (family loan portfolio runs off and we add higher credit quality loans to our core single-family loan portfolio.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 132.90 cm /I137 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 132.90 cm /I138 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 134.75 Td (The percentage of single-family loans one month past due can be volatile due to servicer reporting methodologies, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 123.50 Td (seasonality, and other factors that may not be predictive of default. As a result, the percentage of loans two months past ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 112.25 Td (due tends to be a better early performance indicator than the percentage of loans one month past due. The percentage of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 101.00 Td (loans two months past due was relatively flat from September 30, 2018 to September 30, 2019.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (23) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Credit Performance ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 170.17 737.05 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (The table below contains certain credit performance metrics for our single-family credit guarantee portfolio. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 691.75 Td (Table 12 - Single-Family Credit Guarantee Portfolio Credit Performance Metrics ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 681.25 295.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 349.00 681.25 53.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 402.00 681.25 52.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 458.00 681.25 52.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 510.00 681.25 53.00 -13.00 re f /GS0 gs 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 402 681.25 m 402 668.25 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 510 681.25 m 510 668.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 641.25 m 345 641.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 641.25 m 402 641.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 641.25 m 454 641.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 641.25 m 510 641.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 641.25 m 563 641.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 615.25 m 454 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 615.25 m 563 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 615.25 m 345 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 603.25 m 345 603.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 601.25 m 345 601.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 615.25 m 402 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 603.25 m 402 603.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 601.25 m 402 601.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 615.25 m 454 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 603.25 m 454 603.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 601.25 m 454 601.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 615.25 m 510 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 603.25 m 510 603.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 601.25 m 510 601.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 615.25 m 563 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 603.25 m 563 603.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 601.25 m 563 601.25 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 576.25 m 345 576.25 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 576.25 m 402 576.25 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 576.25 m 454 576.25 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 576.25 m 510 576.25 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 576.25 m 563 576.25 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 673.04 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 360.60 672.32 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 413.10 672.32 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 466.65 672.32 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 519.15 672.32 Td (YTD 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 659.32 Td (Charge-offs, gross) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 381.50 659.32 Td ($407) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 427.00 659.32 Td ($1,277) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 483.00 659.32 Td ($1,256) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 659.32 Td ($2,248) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 645.32 Td (Recoveries) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 383.65 645.32 Td (\(107) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 398.80 645.32 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 435.65 645.32 Td (\(119) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 645.32 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 491.65 645.32 Td (\(341) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 506.80 645.32 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 645.32 Td (\(341) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 645.32 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 632.32 Td (Charge-offs, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 385.80 632.32 Td (300) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 431.35 632.32 Td (1,158) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.80 632.32 Td (915) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 632.32 Td (1,907) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 619.32 Td (REO operations expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 390.15 619.32 Td (58) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.15 619.32 Td (38) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.80 619.32 Td (172) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.15 619.32 Td (87) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 606.32 Td (Total credit losses) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 381.50 606.32 Td ($358) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 427.00 606.32 Td ($1,196) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 483.00 606.32 Td ($1,087) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 606.32 Td ($1,994) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 581.32 Td (Total credit losses \(in bps\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 388.00 581.32 Td (7.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 435.65 581.32 Td (25.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.00 581.32 Td (7.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 581.32 Td (14.2) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 559.50 Td (The table below summarizes the carrying value for individually impaired single-family loans on our condensed consolidated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (balance sheets for which we have recorded an allowance determined on an individual basis.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 531.00 Td (Table 13 - Single-Family Individually Impaired Loans with an Allowance Recorded ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 299.00 520.50 130.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 433.00 520.50 130.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 507.50 245.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 299.00 507.50 65.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 364.00 507.50 65.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 433.00 507.50 65.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 498.00 507.50 65.00 -13.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364 507.5 m 364 494.5 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 507.5 m 498 494.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 442.5 m 295 442.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 442.5 m 364 442.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 442.5 m 429 442.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 442.5 m 498 442.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 442.5 m 563 442.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 416.5 m 295 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 416.5 m 364 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 416.5 m 429 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 416.5 m 498 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 416.5 m 563 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 404.5 m 295 404.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 402.5 m 295 402.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 404.5 m 364 404.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 402.5 m 364 402.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 404.5 m 498 404.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 402.5 m 498 402.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 390.5 m 563 390.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 390.5 m 295 390.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 378.5 m 295 378.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 376.5 m 295 376.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 390.5 m 429 390.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 378.5 m 429 378.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 376.5 m 429 376.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 390.5 m 563 390.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 378.5 m 563 378.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 376.5 m 563 376.5 l s BT /F10 8.00 Tf ET q 0 0 0 rg BT 52.50 512.29 Td () Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 328.10 511.57 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 462.10 511.57 Td (September 30, 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 499.29 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 310.85 498.57 Td (Loan Count) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 382.05 498.57 Td (Amount) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 444.85 498.57 Td (Loan Count) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 516.05 498.57 Td (Amount) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 485.57 Td (TDRs, at January 1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 332.70 485.57 Td (290,255) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 397.70 485.57 Td ($42,254) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.70 485.57 Td (364,704) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 485.57 Td ($54,415) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 472.57 Td (New additions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 337.00 472.57 Td (23,420) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 406.35 472.57 Td (3,696) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 471.00 472.57 Td (45,348) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 472.57 Td (7,066) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 459.57 Td (Repayments and reclassifications to held-for-sale) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 334.85 459.57 Td (\(52,970) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.80 459.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.15 459.57 Td (\(8,897) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 425.80 459.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.85 459.57 Td (\(92,662) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.80 459.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 533.85 459.57 Td (\(14,875) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 459.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 446.57 Td (Foreclosure sales and foreclosure alternatives) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 339.15 446.57 Td (\(3,673) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.80 446.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.65 446.57 Td (\(496) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 425.80 446.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 473.15 446.57 Td (\(5,907) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.80 446.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 446.57 Td (\(796) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 446.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 433.57 Td (TDRs, at September 30) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 332.70 433.57 Td (257,032) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.00 433.57 Td (36,557) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.70 433.57 Td (311,483) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 433.57 Td (45,810) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 420.57 Td (Loans impaired upon purchase) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 341.35 420.57 Td (1,909) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 412.80 420.57 Td (122) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 475.35 420.57 Td (2,814) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 420.57 Td (188) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 407.57 Td (Total impaired loans with an allowance recorded) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 332.70 407.57 Td (258,941) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 402.00 407.57 Td (36,679) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 466.70 407.57 Td (314,297) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 407.57 Td (45,998) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 394.57 Td (Allowance for loan losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.15 394.57 Td (\(3,326) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 425.80 394.57 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 394.57 Td (\(5,137) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 394.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 381.57 Td (Net investment, at September 30) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 397.70 381.57 Td ($33,353) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 531.70 381.57 Td ($40,861) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (The tables below present information about the UPB of single-family TDRs and non-accrual loans on our condensed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 349.50 Td (consolidated balance sheets. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Table 14 - Single-Family TDR and Non-Accrual Loans ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 321.75 329.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 383.00 321.75 90.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 473.00 321.75 90.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 191.75 329.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 383.00 191.75 90.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 473.00 191.75 90.00 -13.00 re f /GS0 gs 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 473 321.75 m 473 308.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 282.75 m 563 282.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 282.75 m 379 282.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 270.75 m 379 270.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 268.75 m 379 268.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 282.75 m 473 282.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 270.75 m 473 270.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 268.75 m 473 268.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 282.75 m 563 282.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 270.75 m 563 270.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 268.75 m 563 268.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 218.75 m 563 218.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 218.75 m 379 218.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 206.75 m 379 206.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 204.75 m 379 204.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 218.75 m 473 218.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 206.75 m 473 206.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 204.75 m 473 204.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 218.75 m 563 218.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 206.75 m 563 206.75 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 204.75 m 563 204.75 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 473 191.75 m 473 178.75 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 165.75 m 379 165.75 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 165.75 m 473 165.75 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 165.75 m 563 165.75 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 313.54 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 392.10 312.82 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 483.35 319.25 68.22 -9.00 re f /GS0 gs q 1 1 1 rg BT 483.35 312.82 Td (December 31, 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 299.82 Td (TDRs on accrual status) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.70 299.82 Td ($36,845) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 299.82 Td ($41,839) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 286.82 Td (Non-accrual loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 286.82 Td (10,131) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 286.82 Td (11,197) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 273.82 Td (Total TDRs and non-accrual loans) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 441.70 273.82 Td ($46,976) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 531.70 273.82 Td ($53,036) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 248.82 Td (Allowance for loan losses associated with:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 235.82 Td ( TDRs on accrual status) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.00 235.82 Td ($2,847) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 235.82 Td ($3,612) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 222.82 Td ( Non-accrual loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 456.80 222.82 Td (662) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 222.82 Td (1,003) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 209.82 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 446.00 209.82 Td ($3,509) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 209.82 Td ($4,615) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 183.54 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 410.65 182.82 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 500.65 182.82 Td (YTD 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 169.82 Td (Foregone interest income on TDRs and non-accrual loans) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 242.88 172.97 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.50 169.82 Td ($680) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.50 169.82 Td ($965) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 150.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 76.50 150.65 Td (Represents the amount of interest income that we did not recognize but would have recognized during the period for loans outstanding at the end of each period, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 141.05 Td (had the loans performed according to their original contractual terms.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 121.95 cm /I139 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 121.95 cm /I140 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 123.80 Td (As of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.67 123.80 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.60 123.80 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.60 123.80 Td (43%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.61 123.80 Td ( of the allowance for loan losses for single-family mortgage loans related to interest rate ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 112.55 Td (concessions provided to borrowers as part of loan modifications. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 96.45 cm /I141 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 96.45 cm /I142 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 98.30 Td (Most of our modified single-family loans, including TDRs, were current and performing at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.42 98.30 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.35 98.30 Td (.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 82.20 cm /I143 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 82.20 cm /I144 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 84.05 Td (We expect our allowance for loan losses associated with existing single-family TDRs to decline over time as we continue to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 72.80 Td (sell reperforming loans. In addition, the allowance for loan losses will decline as borrowers continue to make monthly ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 61.55 Td (payments under the modified terms and interest rate concessions are amortized into earnings. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 45.45 cm /I145 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 45.45 cm /I146 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 47.30 Td (See) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 83.00 47.30 Td ( ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 85.50 47.30 Td (Note 4) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 116.37 47.30 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 118.87 47.30 Td (for information on our single-family allowance for loan losses.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (24) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Loss Mitigation Activities) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 267.15 709.00 Td (Loan Workout Activity ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 214.15 691.75 Td (\(UPB in billions, number of loan workouts in thousands\)) Tj ET Q /GS0 gs q 245.00 0 0 282.00 71.00 374.75 cm /I147 Do Q /GS0 gs q 225.00 0 0 303.00 316.00 374.75 cm /I148 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 360.65 cm /I149 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 360.65 cm /I150 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 362.50 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.97 362.50 Td ( - Our loan workout activity decreased driven by the reduced impact ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 351.25 Td (from the hurricanes in the third quarter of 2017.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 335.15 cm /I151 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 335.15 cm /I152 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 337.00 Td (We continue our loss mitigation efforts through our relief refinance, modification, and other initiatives.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 314.20 Td (REO Activity) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 305.4 m 562.5 305.4 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 286.15 Td (The table below presents a summary of our single-family REO activity.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 268.90 Td (Table 15 - Single-Family REO Activity ) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 209.67 268.90 Td ( ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 195.00 258.40 89.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 288.00 258.40 89.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 381.00 258.40 89.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 474.00 258.40 89.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 243.40 141.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 195.00 243.40 46.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 241.00 243.40 43.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 288.00 243.40 46.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 334.00 243.40 43.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 381.00 243.40 46.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 427.00 243.40 43.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 474.00 243.40 46.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 520.00 243.40 43.00 -23.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 241 243.39999999999998 m 241 220.39999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334 243.39999999999998 m 334 220.39999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427 243.39999999999998 m 427 220.39999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520 243.39999999999998 m 520 220.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 178.39999999999998 m 334 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 178.39999999999998 m 377 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 178.39999999999998 m 520 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 178.39999999999998 m 563 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 178.39999999999998 m 191 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 164.39999999999998 m 191 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 178.39999999999998 m 241 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 164.39999999999998 m 241 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 178.39999999999998 m 284 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 164.39999999999998 m 284 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 178.39999999999998 m 334 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 164.39999999999998 m 334 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 178.39999999999998 m 377 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 164.39999999999998 m 377 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 178.39999999999998 m 427 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 164.39999999999998 m 427 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 178.39999999999998 m 470 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 164.39999999999998 m 470 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 178.39999999999998 m 520 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 164.39999999999998 m 520 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 178.39999999999998 m 563 178.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 164.39999999999998 m 563 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 164.39999999999998 m 377 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 164.39999999999998 m 563 164.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 136.39999999999998 m 377 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 136.39999999999998 m 563 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 136.39999999999998 m 191 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 122.39999999999998 m 191 122.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 136.39999999999998 m 284 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 122.39999999999998 m 284 122.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 136.39999999999998 m 377 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 122.39999999999998 m 377 122.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 136.39999999999998 m 470 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 122.39999999999998 m 470 122.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 136.39999999999998 m 563 136.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 122.39999999999998 m 563 122.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 109.39999999999998 m 191 109.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 107.39999999999998 m 191 107.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 109.39999999999998 m 284 109.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 107.39999999999998 m 284 107.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 109.39999999999998 m 377 109.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 107.39999999999998 m 377 107.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 109.39999999999998 m 470 109.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 107.39999999999998 m 470 107.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 109.39999999999998 m 563 109.39999999999998 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 107.39999999999998 m 563 107.39999999999998 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 224.60 248.47 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 317.60 248.47 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 408.15 248.47 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 501.15 248.47 Td (YTD 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 225.19 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 198.85 234.47 Td (Number of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 199.05 225.47 Td (Properties) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 248.05 225.47 Td (Amount) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 291.85 234.47 Td (Number of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 292.05 225.47 Td (Properties) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 341.05 225.47 Td (Amount) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 384.85 234.47 Td (Number of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 385.05 225.47 Td (Properties) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 434.05 225.47 Td (Amount) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 477.85 234.47 Td (Number of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 478.05 225.47 Td (Properties) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 527.05 225.47 Td (Amount) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 211.47 Td (Beginning balance ?REO) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 218.35 211.47 Td (5,869) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 263.50 211.47 Td ($666) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.35 211.47 Td (7,135) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.50 211.47 Td ($777) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.35 211.47 Td (7,100) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.50 211.47 Td ($780) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 497.35 211.47 Td (8,299) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.50 211.47 Td ($900) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 197.47 Td (Additions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 218.35 197.47 Td (2,004) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.80 197.47 Td (203) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.35 197.47 Td (2,506) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 360.80 197.47 Td (247) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.35 197.47 Td (6,143) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.80 197.47 Td (605) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 497.35 197.47 Td (7,870) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 197.47 Td (759) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 183.47 Td (Dispositions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 216.15 183.47 Td (\(2,470) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 237.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 265.65 183.47 Td (\(254) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 309.15 183.47 Td (\(2,622) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 330.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 358.65 183.47 Td (\(256) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 373.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.15 183.47 Td (\(7,840) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 423.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 451.65 183.47 Td (\(770) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.15 183.47 Td (\(9,150) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 516.80 183.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 183.47 Td (\(891) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 183.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 169.47 Td (Ending balance ?REO) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 218.35 169.47 Td (5,403) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 267.80 169.47 Td (615) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 311.35 169.47 Td (7,019) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 360.80 169.47 Td (768) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 404.35 169.47 Td (5,403) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 453.80 169.47 Td (615) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 497.35 169.47 Td (7,019) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 546.80 169.47 Td (768) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 155.47 Td (Beginning balance, valuation allowance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 274.30 155.47 Td (\(6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.80 155.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.30 155.47 Td (\(6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 373.80 155.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 455.95 155.47 Td (\(11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.80 155.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.95 155.47 Td (\(14) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 155.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 141.47 Td (Change in valuation allowance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 274.30 141.47 Td (\(2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.80 141.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.30 141.47 Td (\(2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 373.80 141.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 462.45 141.47 Td (3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 141.47 Td (6) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 127.47 Td (Ending balance, valuation allowance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 273.80 127.47 Td (\(8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 280.80 127.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.80 127.47 Td (\(8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 373.80 127.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 459.80 127.47 Td (\(8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 466.80 127.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 127.47 Td (\(8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 559.80 127.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 113.47 Td (Ending balance ?REO, net) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 263.50 113.47 Td ($607) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 356.50 113.47 Td ($760) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 449.50 113.47 Td ($607) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 542.50 113.47 Td ($760) Tj ET Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 89.80 cm /I153 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 89.80 cm /I154 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 91.65 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.97 91.65 Td ( - Our REO ending inventory declined primarily due to a decrease in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 80.40 Td (REO acquisitions driven by fewer loans in foreclosure and a large proportion of property sales to third parties at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 69.15 Td (foreclosure.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 344.95 764.07 Td (Our Business Segments |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 443.12 764.07 Td ( Single-Family Guarantee) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (25) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 735.60 Td (Financial Results) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 726.8 m 562.5 726.8 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 707.55 Td (The table below presents the components of Segment Earnings and comprehensive income for our Single-family Guarantee ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 696.30 Td (segment. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 679.05 Td (Table 16 - Single-Family Guarantee Segment Financial Results ) Tj ET Q 0.4666666666666667 0.7411764705882353 0.27058823529411763 rg /GS0 gs 279.00 668.55 92.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 471.00 668.55 92.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 654.55 129.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 183.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 229.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 279.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 325.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 375.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 421.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 471.00 654.55 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 517.00 654.55 46.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229 668.55 m 229 654.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229 654.55 m 229 640.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325 654.55 m 325 640.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421 654.55 m 421 640.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 654.55 m 517 640.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 542.55 m 179 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 542.55 m 229 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 542.55 m 275 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 542.55 m 325 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 542.55 m 371 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 542.55 m 421 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 542.55 m 467 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 542.55 m 517 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 542.55 m 563 542.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 505.55 m 179 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 505.55 m 229 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 505.55 m 275 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 505.55 m 325 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 505.55 m 371 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 505.55 m 421 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 505.55 m 467 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 505.55 m 517 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 505.55 m 563 505.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 468.55 m 275 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 468.55 m 179 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 446.55 m 179 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 444.55 m 179 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 468.55 m 229 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 446.55 m 229 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 444.55 m 229 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 468.55 m 275 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 446.55 m 275 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 444.55 m 275 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 468.55 m 325 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 446.55 m 325 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 444.55 m 325 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 468.55 m 371 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 446.55 m 371 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 444.55 m 371 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 468.55 m 421 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 446.55 m 421 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 444.55 m 421 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 468.55 m 467 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 446.55 m 467 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 444.55 m 467 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 468.55 m 517 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 446.55 m 517 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 444.55 m 517 444.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 468.55 m 563 468.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 446.55 m 563 446.55 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 444.55 m 563 444.55 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 311.05 659.62 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 503.05 659.62 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 645.34 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 191.10 645.62 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 237.10 645.62 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 299.30 645.62 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 343.95 645.62 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 380.65 645.62 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 426.65 645.62 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 491.30 645.62 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 535.95 645.62 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 631.62 Td (Guarantee fee income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 202.00 631.62 Td ($2,075) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 248.00 631.62 Td ($1,676) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 304.50 631.62 Td ($399) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.80 631.62 Td (24) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 631.62 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 394.00 631.62 Td ($5,597) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.00 631.62 Td ($4,932) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.50 631.62 Td ($665) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 631.62 Td (13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.65 631.62 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 617.62 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 212.75 617.62 Td (134) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.80 617.62 Td (205) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 617.62 Td (\(71) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 617.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 617.62 Td (\(35) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 617.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 617.62 Td (221) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 617.62 Td (366) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.65 617.62 Td (\(145) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 617.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 617.62 Td (\(40) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 617.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 603.62 Td (Financial instrument gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 167.29 606.77 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 217.15 603.62 Td (51) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 265.30 603.62 Td (\(5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 603.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 313.15 603.62 Td (56) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.00 603.62 Td (1,120) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.15 603.62 Td (66) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 455.15 603.62 Td (43) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.15 603.62 Td (23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 603.62 Td (53) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 589.62 Td (Other non-interest income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 212.75 589.62 Td (318) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.80 589.62 Td (387) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 589.62 Td (\(69) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 589.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 589.62 Td (\(18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 589.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 589.62 Td (836) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 589.62 Td (592) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 589.62 Td (244) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 589.62 Td (41) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 575.62 Td (Administrative expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.65 575.62 Td (\(399) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.65 575.62 Td (\(371) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 575.62 Td (\(28) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.95 575.62 Td (\(8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 396.15 575.62 Td (\(1,173) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.15 575.62 Td (\(1,070) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.65 575.62 Td (\(103) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 575.62 Td (\(10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 575.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 561.62 Td (REO operations income \(expense\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 214.95 561.62 Td (\(61) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 260.95 561.62 Td (\(42) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 561.62 Td (\(19) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 561.62 Td (\(45) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.65 561.62 Td (\(185) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.65 561.62 Td (\(101) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.95 561.62 Td (\(84) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 561.62 Td (\(83) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 561.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 547.62 Td (Other non-interest expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.65 547.62 Td (\(554) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.65 547.62 Td (\(413) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.65 547.62 Td (\(141) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 547.62 Td (\(34) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 396.15 547.62 Td (\(1,667) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.15 547.62 Td (\(1,192) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.65 547.62 Td (\(475) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 547.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 547.62 Td (\(40) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 547.62 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 533.62 Td (Segment Earnings before income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 524.62 Td (tax expense) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 206.35 524.62 Td (1,564) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 252.35 524.62 Td (1,437) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 308.80 524.62 Td (127) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 359.10 524.62 Td (9) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 398.35 524.62 Td (3,695) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 444.35 524.62 Td (3,570) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 500.80 524.62 Td (125) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.10 524.62 Td (4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 510.62 Td (Income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.65 510.62 Td (\(314) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.65 510.62 Td (\(254) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 510.62 Td (\(60) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 510.62 Td (\(24) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.65 510.62 Td (\(750) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.65 510.62 Td (\(686) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.95 510.62 Td (\(64) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 510.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.95 510.62 Td (\(9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 510.62 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 496.62 Td (Segment Earnings, net of taxes) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 206.35 496.62 Td (1,250) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 252.35 496.62 Td (1,183) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 313.15 496.62 Td (67) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 359.10 496.62 Td (6) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 398.35 496.62 Td (2,945) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 444.35 496.62 Td (2,884) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 505.15 496.62 Td (61) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.10 496.62 Td (2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 482.62 Td (Total other comprehensive income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 473.62 Td (\(loss\), net of tax) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 219.30 473.62 Td (\(3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 265.30 473.62 Td (\(2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 315.30 473.62 Td (\(1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 473.62 Td (\(50) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.30 473.62 Td (\(9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.30 473.62 Td (\(8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 507.30 473.62 Td (\(1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 473.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.60 473.62 Td (\(13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 473.62 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 459.62 Td (Total comprehensive income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 450.62 Td (\(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 202.00 450.62 Td ($1,247) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 248.00 450.62 Td ($1,181) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 308.80 450.62 Td ($66) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 359.10 450.62 Td (6) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 363.45 450.62 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 394.00 450.62 Td ($2,936) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.00 450.62 Td ($2,876) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 500.80 450.62 Td ($60) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 551.10 450.62 Td (2) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 555.45 450.62 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 430.45 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 430.45 Td (Consists of fair value gains and losses on debt for which we have elected the fair value option and derivatives. ) Tj ET Q BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 413.65 Td (Key Business Drivers: ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 394.55 cm /I155 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 394.55 cm /I156 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.22 396.40 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 377.30 cm /I157 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 377.30 cm /I158 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 379.15 Td (Higher guarantee fee income due to increased upfront fee amortization income driven by higher prepayments and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 367.90 Td (continued growth in our single-family credit guarantee portfolio.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 351.80 cm /I159 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 351.80 cm /I160 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 353.65 Td (Higher other non-interest income during YTD 2019 compared to YTD 2018 primarily due to higher gains on sales of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 342.40 Td (single-family held-for-sale loans. Other non-interest income remained relatively flat during 3Q 2019 compared to 3Q ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 331.15 Td (2018.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 315.05 cm /I161 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 315.05 cm /I162 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 316.90 Td (Higher other non-interest expense primarily due to higher outstanding cumulative volumes of CRT transactions that ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 305.65 Td (resulted in increased CRT expense \(interest expense on STACR debt notes and premium expense for ACIS and STACR ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 294.40 Td (Trust contracts\).) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (26) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (Multifamily ) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 215.21 734.15 Td ( ) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 708.95 Td (Business Results) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 700.15 m 562.5 700.15 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 680.90 Td (The graphs, tables, and related discussion below present the business results of our Multifamily segment.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 658.10 Td (New Business Activity ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 649.3 m 562.5 649.3 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 245.40 630.05 Td (Multifamily New Business Activity) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 280.15 612.80 Td (\(UPB in billions\)) Tj ET Q /GS0 gs q 238.00 0 0 386.00 49.75 215.80 cm /I163 Do Q BT /F2 9.00 Tf ET /GS0 gs q 238.00 0 0 388.00 324.25 213.80 cm /I164 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 188.45 cm /I165 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 188.45 cm /I166 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 190.30 Td (The 2019 Conservatorship Scorecard annual production cap remained at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.70 190.30 Td ($35.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.22 190.30 Td ( through the end of 3Q 2019. On ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 179.05 Td (September 13, 2019, FHFA announced a revised loan purchase cap structure for the multifamily business. The loan ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 167.80 Td (purchase cap will be $100.0 billion for the five-quarter period from the fourth quarter of 2019 through the fourth quarter of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 156.55 Td (2020. The new cap applies to all multifamily business, with no exclusions. To ensure a strong focus on affordable housing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 145.30 Td (and traditionally underserved markets, FHFA directed that at least 37.5% of the new multifamily business be mission-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 134.05 Td (driven, affordable housing. Loans that finance energy or water efficiency will be considered conventional business \(i.e., ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 122.80 Td (they will not count towards the 37.5% requirement\), unless they meet other mission-driven requirements.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 106.70 cm /I167 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 106.70 cm /I168 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 108.55 Td (Outstanding commitments, including index lock commitments and commitments to purchase or guarantee multifamily ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 97.30 Td (assets, were ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 120.33 97.30 Td ($16.3 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.85 97.30 Td ( and $24.3 billion as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.21 97.30 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.15 97.30 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.33 97.30 Td (September?0, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.26 97.30 Td (, respectively. Both period-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 86.05 Td (end balances include loan purchase commitments for which we have elected the fair value option.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 69.95 cm /I169 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 69.95 cm /I170 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 71.80 Td (The combination of our new business activity and outstanding commitments was higher during 3Q 2019 and YTD 2019 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 60.55 Td (compared to 3Q 2018 and YTD 2018 due to continued strong demand for multifamily financing and healthy multifamily ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 49.30 Td (market fundamentals resulting in continued growth in overall multifamily mortgage debt outstanding. While our new ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (27) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 740.60 Td (business activity was higher during 3Q 2019 and YTD 2019, we expect new business activity for full-year 2019 to be similar ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 729.35 Td (to full-year 2018.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 713.25 cm /I171 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 713.25 cm /I172 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 715.10 Td (Excluding our LIHTC new business activity, approximately ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.49 715.10 Td (36%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.50 715.10 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 341.67 715.10 Td (40%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.68 715.10 Td ( of our new business activity in 3Q 2019 and YTD ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 703.85 Td (2019, respectively, counted towards the 2019 Conservatorship Scorecard production cap, while the remaining ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.84 703.85 Td (64%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.84 703.85 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 692.60 Td (60%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.51 692.60 Td ( was considered uncapped.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 673.50 cm /I173 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 673.50 cm /I174 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 675.35 Td (The portion of our new loan purchase activity that was classified as held-for-sale and intended for our securitization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 664.10 Td (pipeline decreased from 95% in 3Q 2018 to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.13 664.10 Td (84%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.14 664.10 Td ( in 3Q 2019 due to an increase in the issuance of other risk transfer ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 652.85 Td (securitizations, specifically our PC executions collateralized by held-for-investment loans. The purchase activity in 3Q ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 641.60 Td (2019, combined with market demand for our securities, will be a driver for securitizations during the fourth quarter of 2019 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 630.35 Td (and the first quarter of 2020. ) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 607.55 Td (Multifamily Portfolio and Market Support) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 598.75 m 562.5 598.75 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 579.95 Td (Multifamily Market Support) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 563.15 Td (The following table summarizes our support of the multifamily market.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 545.90 Td (Table 17 - Multifamily Market Support ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 535.40 319.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 373.00 535.40 95.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 468.00 535.40 95.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 535.4 m 468 521.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 451.4 m 468 451.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 451.4 m 369 451.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 437.4 m 369 437.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 451.4 m 468 451.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 437.4 m 468 437.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 451.4 m 563 451.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 437.4 m 563 437.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 437.4 m 468 437.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 423.4 m 468 423.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 423.4 m 563 423.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 423.4 m 369 423.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 423.4 m 468 423.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 423.4 m 563 423.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 381.4 m 468 381.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 381.4 m 563 381.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 381.4 m 369 381.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 368.4 m 369 368.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 366.4 m 369 366.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 381.4 m 468 381.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 368.4 m 468 368.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 366.4 m 468 366.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 381.4 m 563 381.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 368.4 m 563 368.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 366.4 m 563 366.4 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 526.19 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 384.60 526.47 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 480.85 526.47 Td (December 31, 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 512.47 Td (Guarantee portfolio) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 432.40 512.47 Td ($259,630) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 527.40 512.47 Td ($237,323) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 498.47 Td (Mortgage-related investments portfolio:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 484.47 Td (Unsecuritized mortgage loans held-for-sale) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 484.47 Td (25,397) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 484.47 Td (23,959) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 470.47 Td (Unsecuritized mortgage loans held-for-investment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 470.47 Td (11,291) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 470.47 Td (10,828) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 456.47 Td (Mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 150.63 459.62 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.35 456.47 Td (5,663) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 456.47 Td (7,385) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 64.50 442.47 Td (Total mortgage-related investments portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 441.00 442.47 Td (42,351) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 442.47 Td (42,172) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 428.47 Td (Other investments) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 113.12 431.62 Td (\(2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.35 428.47 Td (2,564) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 428.47 Td (708) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 414.47 Td (Total multifamily portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 436.70 414.47 Td (304,545) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 531.70 414.47 Td (280,203) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 400.47 Td (Add: Unguaranteed securities) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 149.95 403.62 Td (\(3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.00 400.47 Td (38,980) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 400.47 Td (35,835) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 386.47 Td (Less: Acquired mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 195.26 389.62 Td (\(4\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 443.15 386.47 Td (\(5,478) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.80 386.47 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 386.47 Td (\(7,160) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 386.47 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 372.47 Td (Total multifamily market support) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 432.40 372.47 Td ($338,047) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 527.40 372.47 Td ($308,878) Tj ET Q BT /F12 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 352.30 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 352.30 Td (Includes mortgage-related securities acquired by us from our securitizations.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 339.70 Td (\(2\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 339.70 Td (Includes the carrying value of LIHTC investments and the UPB of non-mortgage loans, including financing provided to whole loan funds.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 327.10 Td (\(3\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 327.10 Td (Reflects the UPB of unguaranteed securities issued as part of our securitizations and amounts related to loans sold to whole loan funds that were not financed by ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 317.50 Td (Freddie Mac. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 304.90 Td (\(4\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 304.90 Td (Reflects the UPB of mortgage-related securities that were both issued as part of our securitizations and acquired by us. This UPB must be removed to avoid double-) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 295.30 Td (counting the exposure, as it is already reflected within the guarantee portfolio or unguaranteed securities.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 276.20 cm /I175 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 276.20 cm /I176 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 278.05 Td (Our total multifamily portfolio increased during YTD 2019, primarily due to our strong loan purchase and securitization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 266.80 Td (activity. We expect continued growth in our total portfolio as purchase and securitization activities should outpace run off.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 250.70 cm /I177 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 250.70 cm /I178 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 252.55 Td (At ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.61 252.55 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.55 252.55 Td (, approximately ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.63 252.55 Td (77%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.64 252.55 Td ( of our held-for-sale loans and held-for-sale loan commitments were fixed-rate, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 241.30 Td (while the remaining ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.68 241.30 Td (23%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.69 241.30 Td ( were floating-rate.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (28) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Net Interest Yield) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 190.35 709.00 Td (Net Interest Yield Earned & Average Investment Portfolio Balance) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 243.15 691.75 Td (\(Weighted average balance in billions\)) Tj ET Q /GS0 gs q 238.50 0 0 386.00 49.50 294.75 cm /I179 Do Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 238.50 0 0 386.00 324.00 294.75 cm /I180 Do Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 6.72 0 0 9.78 49.50 263.85 cm /I181 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 263.85 cm /I182 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 265.70 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 249.60 cm /I183 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 249.60 cm /I184 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 251.45 Td (Net interest yield increased during 3Q 2019 due to lower funding costs on our held-for-sale mortgage loans driven by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 240.20 Td (lower interest rates, coupled with a higher yield on interest-only securities. Net interest yield remained relatively flat) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.73 240.20 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 228.95 Td (during YTD 2019 compared to YTD 2018.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 209.85 cm /I185 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 209.85 cm /I186 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 211.70 Td (T) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.67 211.70 Td (he weighted average portfolio balance of interest-earning assets decreased during 3Q 2019 and YTD 2019 due to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 200.45 Td (run-off of our held-for-investment loans, partially offset by an increase in held-for-sale loans.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (29) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (K Certificate Benchmark Spreads) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 246.65 691.75 Td (K Certificate Benchmark Spreads) Tj ET Q /GS0 gs q 380.00 0 0 355.00 116.00 325.75 cm /I187 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 311.65 cm /I188 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 311.65 cm /I189 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 313.50 Td (The valuation of our securitization pipeline and the profitability of our primary risk transfer securitization product, the K ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 302.25 Td (Certificate,) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 111.10 302.25 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 113.60 302.25 Td (are affected by both changes in K Certificate benchmark spreads and deal-specific attributes, such as tranche ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 291.00 Td (size, risk distribution, and collateral characteristics \(loan term, coupon type, prepayment restrictions, and underlying ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 279.75 Td (property type\). These market spread movements and deal-specific attributes contribute to our earnings volatility, which we ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 268.50 Td (manage by controlling the size of our securitization pipeline and by entering into certain spread-related derivatives. Spread ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 257.25 Td (tightening generally results in fair value gains, while spread widening generally results in fair value losses.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 241.15 cm /I190 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 241.15 cm /I191 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 243.00 Td (K Certificate benchmark spreads generally widened during 3Q 2019 and 3Q 2018, primarily resulting in fair value losses on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 231.75 Td (our held-for-sale mortgage loans and commitments.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (30) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Risk Transfer Activity) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 223.45 709.00 Td (UPB of Assets Subject to Risk Transfer Activity) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 280.15 691.75 Td (\(UPB in billions\)) Tj ET Q /GS0 gs q 238.50 0 0 370.00 49.50 310.75 cm /I192 Do Q BT /F2 9.00 Tf ET /GS0 gs q 238.50 0 0 371.00 324.00 309.75 cm /I193 Do Q BT /F2 9.00 Tf ET endstream endobj 69 0 obj <> endobj 70 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (31) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 253.65 740.60 Td (Credit Risk Transfer Activity) Tj ET Q BT /F11 9.00 Tf ET BT /F11 5.40 Tf ET q 0 0 0 rg BT 352.56 743.75 Td (\(1\) ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 280.15 723.35 Td (\(UPB in billions\)) Tj ET Q /GS0 gs q 238.50 0 0 301.00 49.50 411.35 cm /I194 Do Q BT /F2 9.00 Tf ET /GS0 gs q 238.50 0 0 301.00 324.00 411.35 cm /I195 Do Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 49.50 408.35 Td (\(1\) The amounts disclosed in the graph above represent the net credit risk transferred to third parties.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 385.25 cm /I196 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 385.25 cm /I197 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 387.10 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.47 387.10 Td (- ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.47 387.10 Td (The UPB of our) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 343.47 387.10 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 345.98 387.10 Td (primary risk transfer securitization transactions ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 375.85 Td (increased due to a higher average balance in our securitization pipeline, which was driven by strong new loan purchase ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 364.60 Td (activity during the first half of 2019.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 348.50 cm /I198 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 348.50 cm /I199 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 350.35 Td (As of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.67 350.35 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.60 350.35 Td (, we had cumulatively transferred a large majority of credit risk on the multifamily guarantee ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 339.10 Td (portfolio. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 323.00 cm /I200 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 323.00 cm /I201 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 324.85 Td (Conservatorship capital needed for credit risk was reduced by approximately 90% through CRT transactions on new ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 313.60 Td (business activity in the twelve months ended September 30, 2018; we plan similar risk reduction transactions for this ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 302.35 Td (year's new business activity. ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 286.25 cm /I202 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 286.25 cm /I203 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 288.10 Td (The reduction in the amount of conservatorship capital needed for credit risk on new business activity is calculated as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 276.85 Td (conservatorship credit capital released from CRT transactions \(primarily through K Certificates and SB Certificates\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 265.60 Td (divided by total conservatorship credit capital on new business activity. For more information on the CCF and the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 254.35 Td (calculation of conservatorship capital, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 256.96 254.35 Td (Liquidity and Capital Resources - ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 415.39 254.35 Td (Capital Resources - ) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 85.50 243.10 Td (Conservatorship Capital Framework - Return on Conservatorship Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.66 243.10 Td (.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 227.00 cm /I204 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 227.00 cm /I205 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 228.85 Td (In addition to transferring a large majority of credit risk, nearly all of our risk transfer securitization activities also shifted ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 217.60 Td (substantially all of the interest-rate and liquidity risk associated with the underlying collateral away from Freddie Mac to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 206.35 Td (third-party investors.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (32) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Guarantee Activities) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 264.45 709.00 Td (New Guarantee Activity) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 288.05 691.75 Td (\(In billions\)) Tj ET Q /GS0 gs q 238.00 0 0 259.00 49.75 424.75 cm /I206 Do Q BT /F2 9.00 Tf ET /GS0 gs q 238.00 0 0 260.00 324.25 423.75 cm /I207 Do Q BT /F2 9.00 Tf ET BT /F11 9.00 Tf ET q 0 0 0 rg BT 49.50 397.50 Td ( Remaining Unearned Guarantee Fees) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td ( \(In billions\)) Tj ET Q /GS0 gs q 238.00 0 0 327.00 49.75 45.25 cm /I208 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 324.00 367.15 cm /I209 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 367.15 cm /I210 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 369.00 Td (We earn guarantee fees in exchange for providing our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 357.75 Td (guarantee of some or all of the securities we issue as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 346.50 Td (part of our risk transfer securitization activities. Each ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 335.25 Td (time we enter into a financial guarantee contract, we ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 324.00 Td (initially recognize an unearned guarantee fee asset on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 312.75 Td (our balance sheet, which represents the present value ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 301.50 Td (of future guarantee fees we expect to receive in cash. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 290.25 Td (We recognize these fees in Segment Earnings over the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 279.00 Td (remaining average guarantee term, which was eight ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 267.75 Td (years as of September 30, 2019. While we expect to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 256.50 Td (collect these future fees based on historical ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 245.25 Td (performance, the actual amount collected will depend ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 234.00 Td (on the credit and prepayment performance of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 222.75 Td (underlying collateral subject to our financial guarantee.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 206.65 cm /I211 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 206.65 cm /I212 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 208.50 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.47 208.50 Td ( - ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 197.25 Td (New unearned guarantee fee assets increased ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 186.00 Td (primarily due to an increase in guaranteed UPB issued ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 174.75 Td (by our securitizations) Tj ET Q BT /F2 9.00 Tf ET 1 1 1 rg /GS0 gs 427.66 181.18 2.50 -9.00 re f /GS0 gs q 0 0 0 rg BT 427.66 174.75 Td (.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 324.00 158.65 cm /I213 Do Q /GS0 gs q 11.28 0 0 9.78 330.72 158.65 cm /I214 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 160.50 Td (The balance of unearned guarantee fees increased ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 149.25 Td (during YTD 2019 due to the continued growth of our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 138.00 Td (multifamily guarantee business, as our risk transfer ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 126.75 Td (securitization volume continued to be strong, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 115.50 Td (outpacing run off.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 561 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 404.80 764.07 Td (Our Business Segments |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.97 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 505.47 764.07 Td (Multifamily) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (33) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 735.60 Td (Financial Results) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 726.8 m 562.5 726.8 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 710.55 Td (The table below presents the components of Segment Earnings and comprehensive income for our Multifamily segment. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 693.30 Td (Table 18 - Multifamily Segment Financial Results) Tj ET Q BT 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0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 471.8 m 563 471.8 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 311.05 673.87 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 503.05 673.87 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 658.59 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 191.10 658.87 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 237.10 658.87 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 299.30 658.87 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 343.95 658.87 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 380.65 658.87 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 426.65 658.87 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 491.30 658.87 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 535.95 658.87 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 644.87 Td (Net interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 208.50 644.87 Td ($292) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 254.50 644.87 Td ($280) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.80 644.87 Td ($12) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.10 644.87 Td (4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 644.87 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.50 644.87 Td ($805) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.50 644.87 Td ($846) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.65 644.87 Td (\($41) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 644.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 644.87 Td (\(5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.45 644.87 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 630.87 Td (Guarantee fee income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 212.75 630.87 Td (233) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.80 630.87 Td (210) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 313.15 630.87 Td (23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.80 630.87 Td (11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 630.87 Td (671) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 630.87 Td (609) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.15 630.87 Td (62) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 630.87 Td (10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 616.87 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 219.30 616.87 Td (\(1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 616.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.45 616.87 Td (2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 315.30 616.87 Td (\(3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 616.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 348.30 616.87 Td (\(150) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 616.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.30 616.87 Td (\(3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 616.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 455.15 616.87 Td (20) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.95 616.87 Td (\(23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 616.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 616.87 Td (\(115) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 616.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 602.87 Td (Financial instrument gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 167.29 606.02 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 212.75 602.87 Td (256) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.80 602.87 Td (266) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 602.87 Td (\(10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 602.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.95 602.87 Td (\(4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 602.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 602.87 Td (254) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.80 602.87 Td (690) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.65 602.87 Td (\(436) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 602.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.95 602.87 Td (\(63) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 602.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 588.87 Td (Administrative expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.65 588.87 Td (\(125) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.65 588.87 Td (\(109) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 588.87 Td (\(16) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 588.87 Td (\(15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.65 588.87 Td (\(357) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.65 588.87 Td (\(315) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.95 588.87 Td (\(42) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 513.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.95 588.87 Td (\(13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 552.80 588.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 574.87 Td (Other non-interest income \(expense\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 217.15 574.87 Td (72) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 263.15 574.87 Td (13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 313.15 574.87 Td (59) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.45 574.87 Td (454) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 574.87 Td (254) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 455.15 574.87 Td (96) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 574.87 Td (158) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.80 574.87 Td (165) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 560.87 Td (Segment Earnings before income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 551.87 Td (tax expense) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 212.75 551.87 Td (727) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 258.80 551.87 Td (662) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 313.15 551.87 Td (65) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 354.80 551.87 Td (10) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 398.35 551.87 Td (1,624) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 444.35 551.87 Td (1,946) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 498.15 551.87 Td (\(322) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 513.80 551.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.45 551.87 Td (\(17) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 551.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 537.87 Td (Income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.65 537.87 Td (\(146) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 225.80 537.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.65 537.87 Td (\(113) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 537.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 310.95 537.87 Td (\(33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.80 537.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.60 537.87 Td (\(29) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.45 537.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 402.65 537.87 Td (\(330) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.80 537.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.65 537.87 Td (\(374) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 537.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.15 537.87 Td (44) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 537.87 Td (12) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 523.87 Td (Segment Earnings, net of taxes) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 212.75 523.87 Td (581) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 258.80 523.87 Td (549) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 313.15 523.87 Td (32) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 359.10 523.87 Td (6) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 398.35 523.87 Td (1,294) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 444.35 523.87 Td (1,572) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 498.15 523.87 Td (\(278) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 513.80 523.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.45 523.87 Td (\(18) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 523.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 509.87 Td (Total other comprehensive income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 500.87 Td (\(loss\), net of tax) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 217.15 500.87 Td (10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 260.95 500.87 Td (\(44) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 500.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 313.15 500.87 Td (54) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.45 500.87 Td (123) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 500.87 Td (132) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.65 500.87 Td (\(136) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.80 500.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 500.87 Td (268) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.80 500.87 Td (197) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 486.87 Td (Total comprehensive income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 477.87 Td (\(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 208.50 477.87 Td ($591) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 254.50 477.87 Td ($505) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 308.80 477.87 Td ($86) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 354.80 477.87 Td (17) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 363.45 477.87 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 394.00 477.87 Td ($1,426) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.00 477.87 Td ($1,436) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 498.15 477.87 Td (\($10) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 513.80 477.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 545.80 477.87 Td (\(1) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 552.80 477.87 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 457.70 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 457.70 Td (Primarily consists of fair value gains and losses on loan purchase commitments, mortgage loans and debt for which we have elected the fair value option, certain ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 448.10 Td (investment securities, and derivatives.) Tj ET Q BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 431.30 Td (Key Business Drivers:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 409.20 cm /I215 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 409.20 cm /I216 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 411.05 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 394.95 cm /I217 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 394.95 cm /I218 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 396.80 Td (Net interest income remained relatively flat.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 380.70 cm /I219 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 380.70 cm /I220 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 382.55 Td (Increase in guarantee fee income driven by continued growth in our multifamily guarantee portfolio.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 366.45 cm /I221 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 366.45 cm /I222 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 368.30 Td (Increase in fair value gains during 3Q 2019, primarily driven by fair value gains on held-for-sale commitments due to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 357.05 Td (targeted price increases related to changing market conditions. During YTD 2019, fair value gains decreased primarily ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 345.80 Td (driven by spread-related fair value losses due to spread widening on certain available-for-sale securities \(which are ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 334.55 Td (recorded in other comprehensive income\), partially offset by fair value gains on held-for-sale commitments due to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 323.30 Td (targeted price increases related to changing market conditions.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 67.50 307.20 cm /I223 Do Q /GS0 gs q 11.28 0 0 9.78 74.22 307.20 cm /I224 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 309.05 Td (Increase in other non-interest income primarily driven by lower losses on the fair value of the recognized unearned ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.50 297.80 Td (guarantee fee assets in the 2019 periods due to declining interest rates.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 385.05 764.07 Td (Our Business Segments) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.72 764.07 Td ( ) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 481.22 764.07 Td (|) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.22 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 485.72 764.07 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (34) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (Capital Markets) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 708.95 Td (Business Results) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 700.15 m 562.5 700.15 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 680.90 Td (The graphs and related discussion below present the business results of our Capital Markets segment.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 658.10 Td (Investing Activity) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 649.3 m 562.5 649.3 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 630.05 Td (The following graphs present the Capital Markets segment's total investments portfolio and the composition of its mortgage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 618.80 Td (investments portfolio by liquidity category. ) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 49.50 601.55 Td ( Investments Portfolio) Tj ET Q /GS0 gs q 239.00 0 0 265.00 49.50 325.55 cm /I225 Do Q BT /F2 9.00 Tf ET BT /F11 9.00 Tf ET q 0 0 0 rg BT 377.85 601.55 Td (Mortgage Investments Portfolio) Tj ET Q /GS0 gs q 239.00 0 0 282.00 306.00 308.55 cm /I226 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 300.45 cm /I227 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 302.30 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 302.30 Td (The balance of our mortgage investments portfolio remained relatively flat from December 31, 2018 to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.59 302.30 Td (September?0, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 291.05 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.52 291.05 Td (. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 110.52 291.05 Td (Conservatorship and Related Matters -) Tj ET Q BT /F13 9.00 Tf ET q 0 0 0 rg BT 292.27 291.05 Td ( Managing Our Mortgage-Related Investments Portfolio) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.58 291.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 279.80 Td (for additional details.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 263.70 cm /I228 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 265.55 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 265.55 Td (The balance of our other investments portfolio increased by 39.9%, primarily due to higher near-term cash needs as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 254.30 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.44 254.30 Td ( compared to December 31, 2018 for upcoming debt maturities and anticipated calls of other debt.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 238.20 cm /I229 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 240.05 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 240.05 Td (The overall liquidity of our mortgage investments portfolio continued to improve as our less liquid assets decreased during ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 228.80 Td (3Q 2019. The percentage of less liquid assets relative to our total mortgage investments portfolio declined from 26.6% at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 217.55 Td (December 31, 2018 to 20.0% at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.79 217.55 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.73 217.55 Td (, primarily due to repayments, sales, and securitizations. We ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 206.30 Td (continued to actively reduce our holdings of less liquid assets during 3Q 2019 by selling ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.31 206.30 Td ($3.5 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.83 206.30 Td ( of reperforming loans. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 195.05 Td (Our sales of reperforming loans involved securitization of the loans using senior subordinate securitization structures.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 178.95 cm /I230 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 180.80 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 180.80 Td (We continue to participate in transactions that support the development of SOFR as an alternative rate to LIBOR. These ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 169.55 Td (transactions include investment in and issuance of SOFR indexed floating-rate debt securities and execution of SOFR ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 158.30 Td (indexed derivatives.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 385.05 764.07 Td (Our Business Segments) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.72 764.07 Td ( ) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 481.22 764.07 Td (|) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.22 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 485.72 764.07 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (35) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Net Interest Yield and Average Balances) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F11 9.00 Tf ET q 0 0 0 rg BT 199.85 709.00 Td (Net Interest Yield & Average Investments Portfolio Balances) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 243.15 691.75 Td (\(Weighted average balance in billions\)) Tj ET Q /GS0 gs q 241.00 0 0 386.00 49.70 294.75 cm /I231 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.70 299.75 Td ( ) Tj ET Q /GS0 gs q 239.00 0 0 386.00 323.23 294.75 cm /I232 Do Q BT /F2 9.00 Tf ET /GS0 gs q 6.72 0 0 9.78 49.50 280.65 cm /I233 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.22 282.50 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 282.50 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018 - ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.63 282.50 Td (Net interest yield decreased 51 and 17 basis points during 3Q 2019 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 271.25 Td (compared to 3Q 2018 and YTD 2019 compared to YTD 2018, respectively, primarily due to an increase in amortization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 260.00 Td (expense resulting from higher loan liquidation rates, coupled with an increase in the percentage of our other investments ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 248.75 Td (portfolio relative to our total investments portfolio and the flattening of the yield curve.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 232.65 cm /I234 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 232.65 cm /I235 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 234.50 Td (Net interest yield for the Capital Markets segment is not affected by our hedge accounting programs, due to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 223.25 Td (reclassifications made for Segment Earnings. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 269.36 223.25 Td (Note 13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.24 223.25 Td ( in our 2018 Annual Report for more information.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 385.05 764.07 Td (Our Business Segments) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.72 764.07 Td ( ) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 481.22 764.07 Td (|) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.22 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 485.72 764.07 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 38 m 237 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 38 m 275 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 38 m 561 38 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 28.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 28.07 Td (36) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 50.00 737.60 Td (Financial Results) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 50 728.8 m 562.5 728.8 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 709.55 Td (The table below presents the components of Segment Earnings and comprehensive income for our Capital Markets segment.) 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[] 0 d 0 J 0 j 3 M 375.5 465.8 m 421.5 465.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 489.8 m 467.5 489.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 467.8 m 467.5 467.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 465.8 m 467.5 465.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 489.8 m 517.5 489.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 467.8 m 517.5 467.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 465.8 m 517.5 465.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 489.8 m 563.5 489.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 467.8 m 563.5 467.8 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 465.8 m 563.5 465.8 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 311.55 666.87 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 503.55 666.87 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 53.00 652.59 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 191.60 652.87 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 237.60 652.87 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 299.80 652.87 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 344.45 652.87 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 381.15 652.87 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 427.15 652.87 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 491.80 652.87 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 536.45 652.87 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 638.87 Td (Net interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 209.00 638.87 Td ($497) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 255.00 638.87 Td ($845) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.85 638.87 Td (\($348) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.30 638.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.45 638.87 Td (\(41) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.95 638.87 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 394.50 638.87 Td ($2,002) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.50 638.87 Td ($2,410) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.85 638.87 Td (\($408) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.30 638.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 638.87 Td (\(17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.95 638.87 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 624.87 Td (Investment securities gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 213.25 624.87 Td (136) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 257.15 624.87 Td (\(336) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 272.30 624.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 309.30 624.87 Td (472) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 348.30 624.87 Td (140) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 405.30 624.87 Td (698) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.15 624.87 Td (\(524) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.30 624.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.85 624.87 Td (1,222) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.30 624.87 Td (233) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 610.87 Td (Debt gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 215.45 610.87 Td (\(17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 226.30 610.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 259.30 610.87 Td (137) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 307.15 610.87 Td (\(154) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.30 610.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 346.15 610.87 Td (\(112) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.30 610.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 407.45 610.87 Td (\(27) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.30 610.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 451.30 610.87 Td (368) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.15 610.87 Td (\(395) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.30 610.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 610.87 Td (\(107) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.30 610.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 596.87 Td (Derivative gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 211.15 596.87 Td (\(438) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 226.30 596.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 259.30 596.87 Td (427) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 307.15 596.87 Td (\(865) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.30 596.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 346.15 596.87 Td (\(203) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.30 596.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 396.65 596.87 Td (\(2,095) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.30 596.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 444.85 596.87 Td (2,038) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.65 596.87 Td (\(4,133) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.30 596.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 596.87 Td (\(203) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.30 596.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 582.87 Td (Other non-interest income \(expense\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 211.15 582.87 Td (\(237) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 226.30 582.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 259.30 582.87 Td (179) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 307.15 582.87 Td (\(416) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.30 582.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 346.15 582.87 Td (\(232) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.30 582.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 405.30 582.87 Td (189) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 451.30 582.87 Td (535) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.15 582.87 Td (\(346) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.30 582.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 582.87 Td (\(65) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.30 582.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 568.87 Td (Administrative expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 215.45 568.87 Td (\(96) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 226.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 261.45 568.87 Td (\(89) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 272.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 315.80 568.87 Td (\(7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 354.80 568.87 Td (\(8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 403.15 568.87 Td (\(287) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.15 568.87 Td (\(262) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 503.45 568.87 Td (\(25) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.30 568.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.45 568.87 Td (\(10) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.30 568.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 554.87 Td (Segment Earnings before income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 545.87 Td (tax expense) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 210.65 545.87 Td (\(155) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 226.30 545.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 252.85 545.87 Td (1,163) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 300.15 545.87 Td (\(1,318) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 322.30 545.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 345.65 545.87 Td (\(113) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 361.30 545.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 405.30 545.87 Td (480) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 444.85 545.87 Td (4,565) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.15 545.87 Td (\(4,085) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.30 545.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.95 545.87 Td (\(89) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 553.30 545.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 531.87 Td (Income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 217.65 531.87 Td (33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 257.15 531.87 Td (\(189) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 272.30 531.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 309.30 531.87 Td (222) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 348.30 531.87 Td (117) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 407.45 531.87 Td (\(97) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.30 531.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.15 531.87 Td (\(886) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.30 531.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.30 531.87 Td (789) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 531.87 Td (89) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 517.87 Td (Segment Earnings, net of taxes) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 210.65 517.87 Td (\(122) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 226.30 517.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 259.30 517.87 Td (974) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 300.15 517.87 Td (\(1,096) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 322.30 517.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 345.65 517.87 Td (\(113) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 361.30 517.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 405.30 517.87 Td (383) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 444.85 517.87 Td (3,679) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.15 517.87 Td (\(3,296) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.30 517.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.95 517.87 Td (\(90) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 553.30 517.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 503.87 Td (Total other comprehensive income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 494.87 Td (\(loss\), net of tax) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 213.25 494.87 Td (132) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 257.15 494.87 Td (\(101) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 272.30 494.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 309.30 494.87 Td (233) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 348.30 494.87 Td (231) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 405.30 494.87 Td (594) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.15 494.87 Td (\(847) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.30 494.87 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 494.85 494.87 Td (1,441) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.30 494.87 Td (170) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 480.87 Td (Total comprehensive income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 471.87 Td (\(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 213.25 471.87 Td ($10) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 255.00 471.87 Td ($873) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 302.35 471.87 Td (\($863) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 322.30 471.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 349.95 471.87 Td (\(99) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 361.30 471.87 Td (\)%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 401.00 471.87 Td ($977) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.50 471.87 Td ($2,832) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 487.85 471.87 Td (\($1,855) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.30 471.87 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.95 471.87 Td (\(66) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 553.30 471.87 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 450.05 Td (The portion of total comprehensive income \(loss\) driven by interest rate-related and market spread-related fair value changes, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 438.80 Td (after-tax, is presented in the table below. These amounts affect various line items in the table above, including net interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 427.55 Td (income, investment securities gains \(losses\), debt gains \(losses\), derivative gains \(losses\), income tax \(expense\) benefit, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 416.30 Td (total other comprehensive income \(loss\), net of tax.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 399.05 Td (Table 20 - Capital Markets Segment Interest Rate-Related and Market Spread-Related Fair Value Changes, Net of Tax ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 269.25 382.55 94.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 465.25 382.55 94.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 52.25 368.55 115.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 171.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 218.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 269.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 316.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 367.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 414.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 465.25 368.55 47.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 512.25 368.55 47.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.25 368.55 m 218.25 354.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.25 368.55 m 316.25 354.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.25 368.55 m 414.25 354.55 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 368.55 m 512.25 354.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 52.25 326.55 m 167.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.25 326.55 m 218.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.25 326.55 m 265.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.25 326.55 m 316.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.25 326.55 m 363.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 326.55 m 414.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.25 326.55 m 461.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.25 326.55 m 512.25 326.55 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 326.55 m 559.25 326.55 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 302.30 373.62 Td (Change) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 498.30 373.62 Td (Change) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 54.75 359.34 Td (\(Dollars in billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 179.85 359.62 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 226.85 359.62 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 290.05 359.62 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 335.70 359.62 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 373.40 359.62 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 420.40 359.62 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 486.05 359.62 Td ($) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 531.70 359.62 Td (%) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.75 345.62 Td (Interest rate-related) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 198.25 345.62 Td (\($0.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 215.55 345.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 245.25 345.62 Td (\($0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 262.55 345.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 296.25 345.62 Td (\($0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 313.55 345.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.60 345.62 Td (\(300) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 353.75 345.62 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 394.25 345.62 Td (\($0.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.55 345.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 441.25 345.62 Td (\($0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 458.55 345.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.25 345.62 Td (\($0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 509.55 345.62 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.60 345.62 Td (\(300) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.75 345.62 Td (\)%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.75 331.62 Td (Market spread-related) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 204.75 331.62 Td (0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 251.75 331.62 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 302.75 331.62 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 340.75 331.62 Td (100) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 355.90 331.62 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.75 331.62 Td (0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 447.75 331.62 Td (0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.50 331.62 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.75 331.62 Td (? Tj ET Q BT /F2 9.00 Tf ET BT /F12 9.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Key Business Drivers:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 50.00 291.15 cm /I236 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.72 293.00 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 293.00 Td (3Q 2019 vs. 3Q 2018 and YTD 2019 vs. YTD 2018) Tj ET Q /GS0 gs q 6.72 0 0 9.78 68.00 276.90 cm /I237 Do Q /GS0 gs q 11.28 0 0 9.78 74.72 276.90 cm /I238 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 278.75 Td (Net interest income decreased primarily due to an increase in amortization expense resulting from higher loan ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 267.50 Td (liquidation rates, coupled with a change in our investment mix as the other investments portfolio represents a larger ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 256.25 Td (percentage of our total investments portfolio and a flattening of the yield curve.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 68.00 240.15 cm /I239 Do Q /GS0 gs q 11.28 0 0 9.78 74.72 240.15 cm /I240 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 242.00 Td (Increase in interest rate-related fair value losses as long-term interest rates decreased during the 2019 periods, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 230.75 Td (resulting in fair value gains on many of our investments in securities \(some of which are recorded in other ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 219.50 Td (comprehensive income\) and fair value losses on derivatives. The net amount of these changes in fair value was mostly ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 208.25 Td (offset by the change in the fair value of the hedged items attributable to interest-rate risk in our hedge accounting ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 197.00 Td (programs. Additionally, our derivative volume, which economically hedges certain financial instruments not recorded ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 185.75 Td (at fair value, increased beginning in 2Q 2019 as we updated our interest-rate risk measures to include upfront fees ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 174.50 Td (\(including buy-downs\) related to single-family credit guarantee activity recorded in the single-family segment. This ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 163.25 Td (update introduced additional volatility which resulted in increased losses, partially offset by the effects of hedge ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 152.00 Td (accounting.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 68.00 135.90 cm /I241 Do Q /GS0 gs q 11.28 0 0 9.78 74.72 135.90 cm /I242 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 137.75 Td (Decrease in debt gains \(losses\) primarily due to losses from the extinguishment of fixed-rate debt securities of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 126.50 Td (consolidated trusts, as long-term interest rates declined between the time of issuance and repurchase.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 68.00 110.40 cm /I243 Do Q /GS0 gs q 9.00 0 0 9.78 74.72 110.40 cm /I244 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.72 112.25 Td ( Decrease in non-interest income primarily due to lower net amortization income driven by the timing differences in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 101.00 Td (amortization related to prepayment between debt of consolidated trusts and the underlying mortgage loans, combined ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 89.75 Td (with the effects of an earnings mismatch related to fair value hedge accounting. For further discussion on timing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.00 78.50 Td (differences in amortization, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 213.72 78.50 Td (MD&A - Consolidated Results of Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.87 78.50 Td ( in our 2018 Annual Report. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 490.45 764.07 Td (Risk Management) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (37) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (RISK MANAGEMENT) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 716.90 Td (Risk is an inherent part of our business activities. We are exposed to the following key types of risk: credit risk, operational risk, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 705.65 Td (market risk, liquidity risk, strategic risk, and reputation risk.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 688.40 Td (For more discussion of these and other risks facing our business and our enterprise risk framework, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 467.81 688.40 Td (MD&A - Risk ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 677.15 Td (Management ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 113.00 677.15 Td (in our 2018 Annual Report,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.75 677.15 Td ( ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 223.25 677.15 Td (Risk Factors) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.29 677.15 Td ( in our 2018 Annual Report and our Form 10-Q for the quarter ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 665.90 Td (June 30, 2019, and ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 129.22 665.90 Td (Liquidity and Capital Resources ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.99 665.90 Td (in this Form 10-Q and our 2018 Annual Report. See below for updates ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 654.65 Td (since our Form 10-Q for the quarter ended June 30, 2019.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 627.05 Td (Market Risk) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 601.85 Td (Overview) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 593.05 m 562.5 593.05 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 573.80 Td (Our business segments have embedded exposure to market risk, which is the economic risk associated with adverse changes ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 562.55 Td (in interest rates, volatility, and spreads. Interest-rate risk is consolidated and primarily managed by the Capital Markets ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 551.30 Td (segment, while spread risk is owned by each individual business segment. Market risk can adversely affect future cash flows, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 540.05 Td (or economic value, as well as earnings and net worth.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 522.80 Td (The majority of our interest-rate risk comes from our investments in mortgage-related assets \(securities and loans\), the debt we ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 511.55 Td (issue to fund our assets, and upfront fees \(including buy-downs\) related to our single-family credit guarantee activity. Our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 500.30 Td (primary goal in managing interest-rate risk is to reduce the amount of change in the value of our future cash flows due to future ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 489.05 Td (changes in interest rates. We use models to analyze possible future interest-rate scenarios, along with the cash flows of our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 477.80 Td (assets and liabilities over those scenarios.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 455.00 Td (Interest-Rate Risk) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 446.2 m 562.5 446.2 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 426.95 Td (Our primary interest-rate risk measures are duration gap and Portfolio Value Sensitivity \(PVS\). Duration gap measures the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 415.70 Td (difference in price sensitivity to interest rate changes between our financial assets and liabilities and is expressed in months ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 404.45 Td (relative to the value of assets. PVS is our estimate of the change in the value of our financial assets and liabilities from an ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 393.20 Td (instantaneous shock to interest rates, assuming spreads are held constant and no rebalancing actions are undertaken. PVS is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 381.95 Td (measured in two ways, one measuring the estimated sensitivity of our portfolio value to a 50 basis point parallel movement in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 370.70 Td (interest rates \(PVS-L\) and the other to a non-parallel movement resulting from a 25 basis point change in slope of the LIBOR ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 359.45 Td (yield curve \(PVS-YC\). While we believe that duration gap and PVS are useful risk management tools, they should be understood ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 348.20 Td (as estimates rather than as precise measurements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 330.95 Td (The following tables provide our duration gap, estimated point-in-time and minimum and maximum PVS-L and PVS-YC results, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 319.70 Td (and an average of the daily values and standard deviation. The tables below also provide PVS-L estimates assuming an ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 308.45 Td (immediate 100 basis point shift in the LIBOR yield curve. The interest-rate sensitivity of a mortgage portfolio varies across a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 297.20 Td (wide range of interest rates. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 279.95 Td (We began to include upfront fees \(including buy-downs\) in our interest-rate metrics in 2Q 2019. Including upfront fees and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 268.70 Td (related derivative activities significantly increased the Derivatives PVS-L and PVS-YC results for September 30, 2019 in the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 257.45 Td (table below, with an offsetting impact in the Guarantees PVS-L and PVS-YC results.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 240.20 Td (Table 21 - PVS-YC and PVS-L Results Assuming Shifts of the LIBOR Yield Curve ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 227.00 223.70 166.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 397.00 223.70 166.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 227.00 208.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 285.00 208.70 108.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 397.00 208.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 455.00 208.70 108.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 194.70 173.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 227.00 194.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 285.00 194.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 339.00 194.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 397.00 194.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 455.00 194.70 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 509.00 194.70 54.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 194.70000000000005 m 339 180.70000000000005 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509 194.70000000000005 m 509 180.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 120.70000000000005 m 223 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 120.70000000000005 m 281 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 120.70000000000005 m 339 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 120.70000000000005 m 393 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 120.70000000000005 m 451 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 120.70000000000005 m 509 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 120.70000000000005 m 563 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 120.70000000000005 m 451 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 120.70000000000005 m 509 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 120.70000000000005 m 563 120.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 81.70000000000005 m 223 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 81.70000000000005 m 281 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 81.70000000000005 m 339 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 81.70000000000005 m 393 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 81.70000000000005 m 451 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 81.70000000000005 m 509 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 81.70000000000005 m 563 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 81.70000000000005 m 223 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 67.70000000000005 m 223 67.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 81.70000000000005 m 281 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 67.70000000000005 m 281 67.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 81.70000000000005 m 339 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 67.70000000000005 m 339 67.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 81.70000000000005 m 393 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 67.70000000000005 m 393 67.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 81.70000000000005 m 451 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 67.70000000000005 m 451 67.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 81.70000000000005 m 509 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 67.70000000000005 m 509 67.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 81.70000000000005 m 563 81.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 67.70000000000005 m 563 67.70000000000005 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 53.700000000000045 m 223 53.700000000000045 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 53.700000000000045 m 281 53.700000000000045 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 53.700000000000045 m 339 53.700000000000045 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 53.700000000000045 m 393 53.700000000000045 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 53.700000000000045 m 451 53.700000000000045 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 53.700000000000045 m 509 53.700000000000045 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 53.700000000000045 m 563 53.700000000000045 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 274.10 213.77 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 445.35 213.77 Td (December 31, 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 240.15 199.77 Td (PVS-YC) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 327.70 199.77 Td (PVS-L) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 410.15 199.77 Td (PVS-YC) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 497.70 199.77 Td (PVS-L) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 185.49 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 241.60 185.77 Td (25 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 299.60 185.77 Td (50 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 351.40 185.77 Td (100 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 411.60 185.77 Td (25 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 469.60 185.77 Td (50 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 521.40 185.77 Td (100 bps) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 171.77 Td (Assuming shifts of the LIBOR yield curve, ) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 162.77 Td (\(gains\) losses on:) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 0 0 0 rg BT 115.25 165.92 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 150.77 Td (Assets:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.50 137.77 Td (Investments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.35 137.77 Td (\($248) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.80 137.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 312.00 137.77 Td ($4,523) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.00 137.77 Td ($9,314) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 428.35 137.77 Td (\($536) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 447.80 137.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 482.00 137.77 Td ($5,792) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 137.77 Td ($11,761) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.50 124.77 Td (Guarantees) Tj ET Q BT /F11 9.00 Tf ET BT /F11 5.40 Tf ET q 0 0 0 rg BT 96.16 127.92 Td (\(2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 262.65 124.77 Td (\(253) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.80 124.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.80 124.77 Td (451) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 376.80 124.77 Td (943) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 439.15 124.77 Td (89) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.65 124.77 Td (\(425) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.80 124.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 124.77 Td (\(773) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 124.77 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 111.77 Td (Total Assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 262.15 111.77 Td (\(501) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 277.80 111.77 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 316.35 111.77 Td (4,974) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 366.00 111.77 Td (10,257) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 432.15 111.77 Td (\(447) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 447.80 111.77 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 486.35 111.77 Td (5,367) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 111.77 Td (10,988) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 98.77 Td (Liabilities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 269.15 98.77 Td (23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.15 98.77 Td (\(1,492) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 335.80 98.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 368.15 98.77 Td (\(3,126) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.80 98.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 432.65 98.77 Td (\(109) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 447.80 98.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 484.15 98.77 Td (\(1,889) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.80 98.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 98.77 Td (\(3,948) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 98.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 85.77 Td (Derivatives) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 264.80 85.77 Td (491) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.15 85.77 Td (\(3,392) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 335.80 85.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 368.15 85.77 Td (\(6,893) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.80 85.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 434.80 85.77 Td (560) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 484.15 85.77 Td (\(3,446) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 505.80 85.77 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 85.77 Td (\(6,917) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 85.77 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 72.77 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 264.80 72.77 Td ($13) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 322.80 72.77 Td ($90) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 372.50 72.77 Td ($238) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 439.15 72.77 Td ($4) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.80 72.77 Td ($32) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 542.50 72.77 Td ($123) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 58.77 Td (PVS) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 264.80 58.77 Td ($13) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 322.80 58.77 Td ($90) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 372.50 58.77 Td ($238) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 439.15 58.77 Td ($4) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 492.80 58.77 Td ($32) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 542.50 58.77 Td ($123) Tj ET Q BT /F2 9.00 Tf ET endstream endobj 83 0 obj <> endobj 84 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 759 m 232.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 759 m 255.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 759 m 564.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 48.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 490.95 764.07 Td (Risk Management) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 560.96 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (38) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 741.30 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 741.30 Td (The categorization of the PVS impact between assets, liabilities, and derivatives on this table is based upon the economic characteristics of those assets and ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 731.70 Td (liabilities, not their accounting classification. For example, purchase and sale commitments of mortgage-related securities and debt securities of consolidated trusts ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 722.10 Td (held by the mortgage-related investments portfolio are both categorized as assets on this table.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 709.50 Td (\(2\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 709.50 Td (Represents the interest-rate risk from our single-family guarantee portfolio, which includes buy-ups, float, and, beginning in 2Q 2019, upfront fees \(including buy-) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 699.90 Td (downs\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 682.65 Td (Table 22 - Duration Gap and PVS Results) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 205.00 666.15 177.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 386.00 666.15 177.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 652.15 151.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 205.00 652.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 264.00 652.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 323.00 652.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 386.00 652.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 445.00 652.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 504.00 652.15 59.00 -23.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 205.00 559.15 177.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 386.00 559.15 177.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 545.15 151.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 205.00 545.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 264.00 545.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 323.00 545.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 386.00 545.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 445.00 545.15 59.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 504.00 545.15 59.00 -23.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264 652.15 m 264 629.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323 652.15 m 323 629.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 652.15 m 445 629.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504 652.15 m 504 629.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 573.15 m 201 573.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 573.15 m 264 573.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 573.15 m 323 573.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 573.15 m 382 573.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 573.15 m 445 573.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 573.15 m 504 573.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 573.15 m 563 573.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264 545.15 m 264 522.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323 545.15 m 323 522.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 545.15 m 445 522.15 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504 545.15 m 504 522.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 466.15 m 201 466.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 466.15 m 264 466.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 466.15 m 323 466.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 466.15 m 382 466.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 466.15 m 445 466.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 466.15 m 504 466.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 466.15 m 563 466.15 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 278.60 657.22 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 459.60 657.22 Td (3Q 2018) Tj ET Q BT /F5 8.00 Tf ET q 1 1 1 rg BT 52.50 633.94 Td (\(Duration gap in months, ) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 127.28 633.94 Td (dollars in millions) Tj ET Q BT /F5 8.00 Tf ET q 1 1 1 rg BT 183.92 633.94 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 218.65 643.22 Td (Duration) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 227.05 634.22 Td (Gap) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 279.65 643.22 Td (PVS-YC) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 281.10 634.22 Td (25 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 341.20 643.22 Td (PVS-L) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 340.10 634.22 Td (50 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 399.65 643.22 Td (Duration) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 408.05 634.22 Td (Gap) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 460.65 643.22 Td (PVS-YC) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 462.10 634.22 Td (25 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 522.20 643.22 Td (PVS-L) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 521.10 634.22 Td (50 bps) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 620.22 Td (Average) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.50 620.22 Td (0.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 307.30 620.22 Td ($17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.30 620.22 Td ($54) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 433.25 620.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 488.30 620.22 Td ($12) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 547.30 620.22 Td ($18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 606.22 Td (Minimum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 248.30 606.22 Td (\(0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 261.30 606.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.25 606.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 370.25 606.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.30 606.22 Td (\(0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.30 606.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.25 606.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.25 606.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 592.22 Td (Maximum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.50 592.22 Td (1.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.65 592.22 Td (48) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.30 592.22 Td (130) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 431.50 592.22 Td (0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.65 592.22 Td (21) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.65 592.22 Td (49) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 578.22 Td (Standard deviation) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.50 578.22 Td (0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.65 578.22 Td (12) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 370.65 578.22 Td (29) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 431.50 578.22 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.95 578.22 Td (5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.65 578.22 Td (15) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 276.15 550.22 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 457.15 550.22 Td (YTD 2018) Tj ET Q BT /F5 8.00 Tf ET q 1 1 1 rg BT 52.50 526.94 Td (\(Duration gap in months, ) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 127.28 526.94 Td (dollars in millions) Tj ET Q BT /F5 8.00 Tf ET q 1 1 1 rg BT 183.92 526.94 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 218.65 536.22 Td (Duration) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 227.05 527.22 Td (Gap) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 279.65 536.22 Td (PVS-YC) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 281.10 527.22 Td (25 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 341.20 536.22 Td (PVS-L) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 340.10 527.22 Td (50 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 399.65 536.22 Td (Duration) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 408.05 527.22 Td (Gap) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 460.65 536.22 Td (PVS-YC) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 462.10 527.22 Td (25 bps) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 522.20 536.22 Td (PVS-L) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 521.10 527.22 Td (50 bps) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 513.22 Td (Average) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.50 513.22 Td (0.9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 307.30 513.22 Td ($43) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.00 513.22 Td ($116) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 433.25 513.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 488.30 513.22 Td ($11) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 547.30 513.22 Td ($17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 499.22 Td (Minimum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 248.30 499.22 Td (\(0.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 261.30 499.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.25 499.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 370.25 499.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.30 499.22 Td (\(0.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.30 499.22 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.25 499.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.25 499.22 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 485.22 Td (Maximum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.50 485.22 Td (8.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 307.30 485.22 Td (345) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.30 485.22 Td (950) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 431.50 485.22 Td (0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.65 485.22 Td (31) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.65 485.22 Td (77) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 471.22 Td (Standard deviation) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.50 471.22 Td (1.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.65 471.22 Td (81) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 366.30 471.22 Td (213) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 431.50 471.22 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.95 471.22 Td (6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.65 471.22 Td (17) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 449.40 Td (Derivatives enable us to reduce our economic interest-rate risk exposure as we continue to align our derivative portfolio with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 438.15 Td (changing duration of our economically hedged assets and liabilities. The table below shows that the PVS-L risk levels, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (assuming a 50 basis point shift in the LIBOR yield curve for the periods presented, would have been higher if we had not used ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 415.65 Td (derivatives.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 398.40 Td (Table 23 - PVS-L Results Before Derivatives and After Derivatives) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 351.00 381.90 138.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 367.90 297.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 351.00 367.90 69.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 420.00 367.90 69.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 493.00 367.90 70.00 -23.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420 367.9 m 420 344.9 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 316.9 m 347 316.9 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 316.9 m 420 316.9 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 316.9 m 489 316.9 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 316.9 m 563 316.9 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 393.10 372.97 Td (PVS-L \(50 bps\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 349.69 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 373.30 358.97 Td (Before) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 365.15 349.97 Td (Derivatives) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 445.25 358.97 Td (After) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 434.15 349.97 Td (Derivatives) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 512.65 358.97 Td (Effect of) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 507.65 349.97 Td (Derivatives) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 335.97 Td (September 30, 2019) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 393.50 335.97 Td ($3,482) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 473.30 335.97 Td ($90) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 534.35 335.97 Td (\($3,392) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 560.30 335.97 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 321.97 Td (December 31, 2018) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 397.85 321.97 Td (3,478) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.65 321.97 Td (32) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.65 321.97 Td (\(3,446) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 560.30 321.97 Td (\)) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 300.15 Td (In April 2019, we updated our interest-rate risk measures and began incorporating upfront fees \(including buy-downs\) related to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 288.90 Td (single-family credit guarantee activity into our asset and liability interest-rate risk management strategy and definition. As a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 277.65 Td (result, the PVS-L before derivatives is significantly higher as of September 30, 2019 than it would have been if we had not ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 266.40 Td (updated our interest-rate risk management strategy and definition to include upfront fees. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 249.15 Td (The inclusion of upfront fees increased the volume of derivatives we used to hedge interest-rate risk, and this higher volume of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (derivatives, coupled with the volatility of market interest rates during the period, created variability in our PVS-L during 3Q 2019. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 226.65 Td (The table below shows the average, minimum, and maximum PVS-L before derivatives and after derivatives during 3Q 2019.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 209.40 Td (Table 24 - PVS-L Average, Minimum, and Maximum) Tj ET Q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 350.00 192.90 212.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 350.00 177.90 212.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 49.00 163.90 297.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 350.00 163.90 106.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 456.00 163.90 106.00 -15.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456 163.89999999999998 m 456 148.89999999999998 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456 163.89999999999998 m 456 148.89999999999998 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 103.89999999999998 m 346 103.89999999999998 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 103.89999999999998 m 456 103.89999999999998 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 103.89999999999998 m 562 103.89999999999998 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 441.10 182.97 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 430.15 168.97 Td (PVS-L \(50bps\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 51.50 153.69 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 369.95 153.97 Td (Before Derivatives) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 478.85 153.97 Td (After Derivatives) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 138.97 Td (Average) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.50 138.97 Td ($3,883) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 138.97 Td ($54) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 123.97 Td (Minimum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 433.85 123.97 Td (3,477) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.30 123.97 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 108.97 Td (Maximum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 433.85 108.97 Td (4,343) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 108.97 Td (130) Tj ET Q BT /F2 9.00 Tf ET endstream endobj 85 0 obj <> endobj 86 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 759 m 232.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 759 m 255.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 759 m 564.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 48.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 490.95 764.07 Td (Risk Management) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 560.96 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (39) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 735.60 Td (GAAP Earnings Variability) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 726.8 m 562.5 726.8 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 707.55 Td (The GAAP accounting treatment for our financial assets and liabilities \(i.e., some are measured at amortized cost, while others ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 696.30 Td (are measured at fair value\) creates variability in our GAAP earnings when interest rates and spreads change. This variability of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 685.05 Td (GAAP earnings, which may not reflect the economics of our business, increases the risk of our having a negative net worth and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 673.80 Td (thus being required to draw from Treasury. Although we manage our business on an economic basis, we may execute certain ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 662.55 Td (transactions on a non-economic basis in an effort to manage our spread and interest-rate risks.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 639.75 Td (Interest-Rate Volatility) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 630.95 m 562.5 630.95 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 611.70 Td (While we manage our interest-rate risk exposure on an economic basis to a low level as measured by our models, our GAAP ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 600.45 Td (financial results are still subject to significant earnings variability from period to period. Based upon the composition of our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 589.20 Td (financial assets and liabilities, including derivatives, at September 30, 2019, we generally recognize fair value losses in GAAP ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (earnings when interest rates decline.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 560.70 Td (In an effort to reduce our GAAP earnings variability and better align our GAAP results with the economics of our business, we ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 549.45 Td (elect hedge accounting for certain single-family mortgage loans and certain debt instruments. Beginning in September 2019, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 538.20 Td (we implemented a new fair value hedge accounting strategy using single-family mortgage loans that applies certain hedge ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 526.95 Td (accounting elections allowable under amended hedge accounting guidance we adopted during 4Q 2017. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 491.50 526.95 Td (Note 9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.37 526.95 Td ( for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (additional information on hedge accounting.) Tj ET Q BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 498.45 Td (GAAP Adverse Scenario) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 481.20 Td (We evaluate the potential benefits of fair value hedge accounting by evaluating a range of interest rate scenarios and identifying ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 469.95 Td (which of those scenarios produces the most adverse GAAP earnings outcome. The interest rate scenarios evaluated include ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 458.70 Td (parallel shifts in the yield curve of plus and minus 100 basis points, non-parallel yield curve shifts in which long-term interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 447.45 Td (rates increase or decrease by 100 basis points, and non-parallel yield curve shifts in which short-term and medium-term ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 436.20 Td (interest rates increase or decrease by 100 basis points.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 417.10 cm /I245 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 417.10 cm /I246 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.22 418.95 Td (At September 30, 2019, the GAAP adverse scenario before fair value hedge accounting was a parallel shift in which rates ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 407.70 Td (decrease by 100 basis points, while the adverse scenario after fair value hedge accounting was a non-parallel shift in which ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 396.45 Td (long-term rates decrease by 100 basis points.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 377.35 cm /I247 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 377.35 cm /I248 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.22 379.20 Td (At September 30, 2018, the GAAP adverse scenario before and after fair value hedge accounting was a non-parallel shift in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 367.95 Td (which long-term rates decrease by 100 basis points. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 350.70 Td (The results of this evaluation are shown in the table below. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 333.45 Td (Table 25 - GAAP Adverse Scenario Before and After Hedge Accounting) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 325.00 316.95 237.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 49.00 302.95 272.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 325.00 302.95 79.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 404.00 302.95 79.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 483.00 302.95 79.00 -23.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 302.95000000000005 m 404 279.95000000000005 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 302.95000000000005 m 483 279.95000000000005 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 251.95000000000005 m 321 251.95000000000005 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 251.95000000000005 m 404 251.95000000000005 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 251.95000000000005 m 483 251.95000000000005 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 251.95000000000005 m 562 251.95000000000005 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 377.95 308.02 Td (GAAP Adverse Scenario \(Before-Tax\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 51.50 284.74 Td (\(Dollars in billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 340.05 294.02 Td (Before Hedge) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 343.75 285.02 Td (Accounting) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 422.00 294.02 Td (After Hedge) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 422.75 285.02 Td (Accounting) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 504.00 285.02 Td (% Change) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 271.02 Td (September 30, 2019) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 384.00 271.02 Td (\($3.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.30 271.02 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.00 271.02 Td (\($0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 480.30 271.02 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.00 271.02 Td (97) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 554.65 271.02 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 257.02 Td (September 30, 2018) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 388.30 257.02 Td (\(3.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.30 257.02 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.30 257.02 Td (\(0.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 480.30 257.02 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.00 257.02 Td (85) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 235.20 Td (The additional volume of derivatives from updating our interest-rate risk measures to include upfront fees \(including buy-downs\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 223.95 Td (related to single-family credit guarantee activity, and the volatility in market interest rates in 3Q 2019 created variability in our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (GAAP adverse scenarios during 3Q 2019. While the September 30, 2019 GAAP adverse scenario shows a 97% reduction after ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 201.45 Td (hedge accounting, this result includes the effect of the new hedge accounting strategy implemented in September 2019, which ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 190.20 Td (was not in effect for the entire quarter. As a result, the average GAAP adverse scenario after hedge accounting was higher ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 178.95 Td (during 3Q 2019 than it was as of September 30, 2019. With the implementation of the new hedge accounting strategy in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 167.70 Td (September 2019, we expect the GAAP adverse scenario after hedge accounting in future periods to be similar to the result as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 156.45 Td (of September 30, 2019. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 139.20 Td (The table below shows the average, minimum, and maximum GAAP adverse scenario before hedge accounting and after hedge ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 127.95 Td (accounting during 3Q 2019.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 759 m 232.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 759 m 255.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 759 m 564.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 48.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 490.95 764.07 Td (Risk Management) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 560.96 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (40) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (Table 26 - GAAP Adverse Scenario Average, Minimum, and Maximum) Tj ET Q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg /GS0 gs 350.00 724.10 212.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 350.00 709.10 212.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 49.00 695.10 297.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 350.00 695.10 106.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 456.00 695.10 106.00 -15.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456 695.1 m 456 680.1 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456 695.1 m 456 680.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 635.1 m 346 635.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 635.1 m 456 635.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 635.1 m 562 635.1 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 441.10 714.17 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 390.45 700.17 Td (GAAP Adverse Scenario \(Before-Tax\)) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 51.50 684.89 Td (\(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 357.40 685.17 Td (Before Hedge Accounting) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 466.30 685.17 Td (After Hedge Accounting) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 670.17 Td (Average) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 436.00 670.17 Td (\($4.0) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.30 670.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.00 670.17 Td (\($0.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 670.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 655.17 Td (Minimum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 655.17 Td (\(3.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.30 655.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 655.17 Td (\(0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 655.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 640.17 Td (Maximum) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 640.17 Td (\(5.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.30 640.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 640.17 Td (\(1.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 640.17 Td (\)) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 618.35 Td (Hedge accounting is designed to reduce the impact to GAAP earnings in the adverse scenario described above. However, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 607.10 Td (after hedge accounting impact may not always result in an improvement over the before hedge accounting impact. For ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 595.85 Td (example, there are certain interest-rate scenarios in which the after hedge accounting impact would result in a lower gain or a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 584.60 Td (larger loss than the before hedge accounting impact. ) Tj ET Q BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 567.35 Td (Net Interest Rate Effect on Comprehensive Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (The table below presents the effect of derivatives used in our interest-rate risk management activities on our comprehensive ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 538.85 Td (income \(loss\), net of tax, after considering any offsetting interest rate effects related to financial instruments measured at fair ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 527.60 Td (value and the effects of fair value hedge accounting. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 510.35 Td (Table 27 - Estimated Net Interest Rate Effect on Comprehensive Income \(Loss\)) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 49.00 493.85 329.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 382.00 493.85 44.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 426.00 493.85 44.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 474.00 493.85 44.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 518.00 493.85 44.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426 493.85 m 426 479.85 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518 493.85 m 518 479.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 409.85 m 470 409.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 409.85 m 378 409.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 396.85 m 378 396.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 394.85 m 378 394.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 409.85 m 426 409.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 396.85 m 426 396.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 394.85 m 426 394.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 409.85 m 470 409.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 396.85 m 470 396.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 394.85 m 470 394.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 409.85 m 518 409.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 396.85 m 518 396.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 394.85 m 518 394.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 409.85 m 562 409.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 396.85 m 562 396.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 394.85 m 562 394.85 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 51.50 484.64 Td (\(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 389.10 484.92 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 433.10 484.92 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 478.65 484.92 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 522.65 484.92 Td (YTD 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 470.92 Td (Interest-rate effect on derivative fair values) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 405.50 470.92 Td (\($2.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.80 470.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 451.65 470.92 Td ($1.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 497.50 470.92 Td (\($9.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 470.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 543.65 470.92 Td ($5.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 456.92 Td (Estimate of offsetting interest-rate effect related to financial instruments measured at fair value) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 368.78 460.07 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 412.00 456.92 Td (1.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.80 456.92 Td (\(1.0) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.80 456.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 504.00 456.92 Td (4.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 545.80 456.92 Td (\(3.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 558.80 456.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 442.92 Td (Gains \(losses\) on mortgage loans and debt in fair value hedge relationships) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 412.00 442.92 Td (1.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 453.80 442.92 Td (\(0.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.80 442.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 504.00 442.92 Td (4.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 545.80 442.92 Td (\(2.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 558.80 442.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 428.92 Td (Amortization of deferred hedge accounting gains and losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.80 428.92 Td (\(0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.80 428.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 456.00 428.92 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.80 428.92 Td (\(0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 514.80 428.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.00 428.92 Td (0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 414.92 Td (Income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 412.00 414.92 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.75 414.92 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 504.00 414.92 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.00 414.92 Td (0.1) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 400.92 Td (Estimated net interest rate effect on comprehensive income \(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 405.00 400.92 Td (\($0.4) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.80 400.92 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 449.00 400.92 Td (\($0.1) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 466.80 400.92 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 497.00 400.92 Td (\($0.5) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 514.80 400.92 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 541.00 400.92 Td (\($0.3) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 558.80 400.92 Td (\)) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 380.75 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 380.75 Td (Includes the interest-rate effect on our trading securities, available-for-sale securities, mortgage loans held-for-sale, and other assets and debt for which we elected ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 371.15 Td (the fair value option, which is reflected in non-interest income \(loss\) and total other comprehensive income \(loss\) on our condensed consolidated statements of ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 361.55 Td (comprehensive income.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 344.30 Td (The effect from the change in interest rates on derivative fair values is mostly offset by the effect from the change in interest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 333.05 Td (rates related to financial instruments measured at fair value and gains and losses on mortgage loans and debt in fair value ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 321.80 Td (hedging relationships. However, the estimated net interest rate effect on comprehensive income \(loss\) in 3Q 2019 was higher ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 310.55 Td (than in prior periods as a result of the additional volume of derivatives and volatility in market interest rates during 3Q 2019. The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 299.30 Td (remaining net interest-rate effect on comprehensive income is largely attributable to the following:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 280.20 cm /I249 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 280.20 cm /I250 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.22 282.05 Td (The reversal of previously recognized derivative gains and losses, ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 262.95 cm /I251 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 262.95 cm /I252 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.22 264.80 Td (The implied net cost on instruments such as swaptions, futures, and forward purchase and sale commitments from our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 253.55 Td (hedging and interest-rate risk management activities, which are recognized in GAAP earnings over time as a component of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 242.30 Td (derivative gains and losses as the instruments approach maturity, and ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 223.20 cm /I253 Do Q /GS0 gs q 9.00 0 0 9.78 56.22 223.20 cm /I254 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.22 225.05 Td (The amortization of previously deferred hedge accounting gains and losses, which we recognized in interest income over ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 213.80 Td (the contractual life of the hedged item.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 759 m 232.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 759 m 255.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 759 m 564.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 48.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 490.95 764.07 Td (Risk Management) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 560.96 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (41) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Spread Volatility) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (We have limited ability to manage our spread risk exposure in a cost beneficial manner, and therefore the volatility of market ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (spreads may contribute to significant GAAP earnings variability. For financial assets measured at fair value, we generally ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 686.50 Td (recognize fair value losses when market spreads widen. Conversely, for financial liabilities measured at fair value, we generally ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 675.25 Td (recognize fair value gains when market spreads widen. The table below shows the estimated effect of spreads on our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 664.00 Td (comprehensive income \(loss\), after tax, by segment.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 646.75 Td (Table 28 - Estimated Spread Effect on Comprehensive Income \(Loss\) ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 49.00 630.25 205.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 258.00 630.25 75.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 333.00 630.25 75.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 412.00 630.25 75.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 487.00 630.25 75.00 -15.00 re f /GS0 gs 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 333 630.25 m 333 615.25 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 487 630.25 m 487 615.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 573.25 m 333 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 573.25 m 408 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 573.25 m 487 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 573.25 m 562 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 573.25 m 254 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 560.25 m 254 560.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 558.25 m 254 558.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 573.25 m 333 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 560.25 m 333 560.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 558.25 m 333 558.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 573.25 m 408 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 560.25 m 408 560.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 558.25 m 408 558.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 573.25 m 487 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 560.25 m 487 560.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 558.25 m 487 558.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 573.25 m 562 573.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 560.25 m 562 560.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 558.25 m 562 558.25 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 51.50 620.04 Td (\(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 280.60 620.32 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 355.60 620.32 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 432.15 620.32 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 507.15 620.32 Td (YTD 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 606.32 Td (Capital Markets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.65 606.32 Td ($0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 389.65 606.32 Td ($0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.65 606.32 Td ($0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 543.65 606.32 Td ($0.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 592.32 Td (Multifamily) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 316.80 592.32 Td (\(0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 329.80 592.32 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 395.80 592.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 470.80 592.32 Td (\(0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 483.80 592.32 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.00 592.32 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 578.32 Td (Single-family Guarantee) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 131.63 581.47 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 320.80 578.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 395.80 578.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.80 578.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.80 578.32 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 564.32 Td (Spread effect on comprehensive income \(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 314.65 564.32 Td ($0.1) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 389.65 564.32 Td ($0.1) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 468.65 564.32 Td ($0.1) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 543.65 564.32 Td ($0.4) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 544.15 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 544.15 Td (Represents spread exposure on certain STACR debt securities for which we have elected the fair value option.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 759 m 236.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 759 m 274.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 759 m 560.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 435.00 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 556.97 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (42) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (LIQUIDITY AND CAPITAL RESOURCES) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 716.90 Td (Our business activities require that we maintain adequate liquidity to meet our financial obligations as they come due and meet ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 705.65 Td (the needs of customers in a timely and cost-efficient manner. We also must maintain adequate capital resources to avoid being ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 694.40 Td (placed into receivership by FHFA. For further discussion of our liquidity framework and profile, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 447.85 694.40 Td (MD&A - Liquidity and ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 683.15 Td (Capital Resources) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.75 683.15 Td ( in our 2018 Annual Report.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 655.55 Td (Liquidity) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 630.35 Td (Primary Sources of Liquidity) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 621.55 m 562.5 621.55 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 602.30 Td (The following table lists the sources of our liquidity, the balances as of September 30, 2019, and a brief description of their ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 591.05 Td (importance to Freddie Mac.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 573.80 Td (Table 29 - Sources of Liquidity) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 50.50 557.30 148.00 -27.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 198.50 557.30 65.00 -27.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 263.50 557.30 12.00 -27.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 275.50 557.30 285.00 -27.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 50.50 510.30 31.00 -35.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.50 510.30 117.00 -35.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 198.50 510.30 65.00 -35.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 263.50 510.30 12.00 -35.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 275.50 510.30 285.00 -35.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 557.3 m 198.5 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 557.3 m 263.5 530.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 530.3 m 81.5 530.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 510.3 m 81.5 510.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 530.3 m 198.5 530.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 510.3 m 198.5 510.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 530.3 m 263.5 530.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 510.3 m 263.5 510.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 530.3 m 275.5 530.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 510.3 m 275.5 510.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 530.3 m 560.5 530.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 510.3 m 560.5 510.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 510.3 m 198.5 475.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 510.3 m 263.5 475.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 510.3 m 263.5 510.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 440.3 m 81.5 440.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 440.3 m 198.5 440.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 475.3 m 198.5 440.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 475.3 m 263.5 440.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 440.3 m 263.5 440.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 440.3 m 275.5 440.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 440.3 m 560.5 440.3 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 111.55 548.37 Td (Source) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 213.25 547.27 Td (Balance) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 241.91 550.42 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 209.25 536.47 Td ( \(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 397.10 548.37 Td (Description) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 518.37 Td (Liquidity) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 73.50 501.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 501.37 Td (Other Investments Portfolio -) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 490.57 Td (Liquidity and Contingency) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 479.82 Td (Operating Portfolio) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 241.35 501.37 Td ($52.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.50 501.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 501.37 Td (The liquidity and contingency operating portfolio, included within our other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 490.57 Td (investments portfolio, is primarily used for short-term liquidity management.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 73.50 466.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 466.37 Td (Liquid Portion of the Mortgage-) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 455.57 Td (Related Investments Portfolio) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 237.00 466.37 Td ($120.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.50 466.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 466.37 Td (The liquid portion of our mortgage-related investments portfolio can be pledged) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 455.57 Td (or sold for liquidity purposes. The amount of cash we may be able to successfully) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 444.82 Td (raise may be substantially less than the balance.) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 425.20 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 425.20 Td (Represents carrying value for the liquidity and contingency operating portfolio, included within our other investments portfolio, and UPB for the liquid portion of the ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 415.60 Td (mortgage-related investments portfolio.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 392.80 Td (Other Investments Portfolio) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 384 m 562.5 384 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (The investments in our other investments portfolio are important to our cash flow, collateral management, asset and liability ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 353.50 Td (management, and ability to provide liquidity and stability to the mortgage market. The table below summarizes the balances in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (our other investments portfolio, which includes the liquidity and contingency operating portfolio.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 325.00 Td (Table 30 - Other Investments Portfolio) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 197.00 308.50 181.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 382.00 308.50 181.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 294.50 143.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 197.00 294.50 53.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 250.00 294.50 41.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 291.00 294.50 37.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 328.00 294.50 50.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 382.00 294.50 53.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 435.00 294.50 41.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 476.00 294.50 37.00 -38.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 513.00 294.50 50.00 -38.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 250 294.5 m 250 256.5 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291 294.5 m 291 256.5 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328 294.5 m 328 256.5 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 294.5 m 435 256.5 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 294.5 m 476 256.5 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513 294.5 m 513 256.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 191.5 m 250 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 191.5 m 291 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 191.5 m 328 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 191.5 m 378 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 191.5 m 193 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 178.5 m 193 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 176.5 m 193 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 191.5 m 250 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 178.5 m 250 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 176.5 m 250 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 191.5 m 291 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 178.5 m 291 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 176.5 m 291 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 191.5 m 328 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 178.5 m 328 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 176.5 m 328 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 191.5 m 378 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 178.5 m 378 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 176.5 m 378 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 191.5 m 435 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 178.5 m 435 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 176.5 m 435 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 191.5 m 476 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 178.5 m 476 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 176.5 m 476 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 191.5 m 513 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 178.5 m 513 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 176.5 m 513 176.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 191.5 m 563 191.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 178.5 m 563 178.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 176.5 m 563 176.5 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 251.60 299.57 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 437.85 299.57 Td (December 31, 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 261.29 Td (\(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 199.85 285.57 Td (Liquidity and) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 200.85 276.57 Td (Contingency) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 205.55 267.57 Td (Operating) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 207.80 258.57 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 253.25 270.57 Td (Custodial) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 255.30 261.57 Td (Account) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 299.30 261.57 Td (Other) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 333.00 279.57 Td (Total Other) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 330.60 270.57 Td (Investments) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 337.30 261.57 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 384.85 285.57 Td (Liquidity and) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 385.85 276.57 Td (Contingency) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 390.55 267.57 Td (Operating) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 392.80 258.57 Td (Portfolio) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 438.25 270.57 Td (Custodial) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 440.30 261.57 Td (Account) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 484.30 261.57 Td (Other) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 518.00 279.57 Td (Total Other) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 515.60 270.57 Td (Investments) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 522.30 261.57 Td (Portfolio) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 247.57 Td (Cash and cash equivalents) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 231.65 247.57 Td ($5.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 272.65 247.57 Td ($3.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.45 247.57 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.65 247.57 Td ($8.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 416.65 247.57 Td ($6.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.65 247.57 Td ($0.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.45 247.57 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 247.57 Td ($7.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 233.57 Td (Securities purchased under agreements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 224.57 Td (to resell) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 231.65 224.57 Td (27.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 272.65 224.57 Td (21.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.00 224.57 Td (2.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.65 224.57 Td (51.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 416.65 224.57 Td (20.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.65 224.57 Td (12.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.00 224.57 Td (2.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 224.57 Td (34.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 210.57 Td (Non-mortgage related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 231.65 210.57 Td (19.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 278.75 210.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.00 210.57 Td (4.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.65 210.57 Td (24.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 416.65 210.57 Td (16.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.75 210.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.00 210.57 Td (2.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 210.57 Td (19.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 196.57 Td (Secured lending and other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 237.75 196.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 278.75 196.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.00 196.57 Td (5.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 364.00 196.57 Td (5.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.75 196.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.75 196.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.00 196.57 Td (1.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.00 196.57 Td (1.8) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 182.57 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 227.35 182.57 Td ($52.4) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 268.35 182.57 Td ($25.0) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 305.35 182.57 Td ($12.2) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 355.35 182.57 Td ($89.6) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 412.35 182.57 Td ($43.7) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 453.35 182.57 Td ($12.7) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 494.65 182.57 Td ($6.7) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 540.35 182.57 Td ($63.1) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (Our non-mortgage-related investments in the liquidity and contingency operating portfolio consist of U.S. Treasury securities ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 149.50 Td (and other investments that we could sell to provide us with an additional source of liquidity to fund our business operations. We ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (also maintain non-interest-bearing deposits at the Federal Reserve Bank of New York and interest-bearing deposits at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 127.00 Td (commercial banks. Our interest-bearing deposits at commercial banks totaled ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.55 127.00 Td ($4.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.07 127.00 Td ( and $1.5 billion as of September 30, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 115.75 Td (2019 and December 31, 2018, respectively.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 98.50 Td (The liquidity and contingency operating portfolio also included collateral posted to us in the form of cash primarily by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 87.25 Td (derivatives counterparties of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.94 87.25 Td ($3.1 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.46 87.25 Td ( and $3.0 billion as of September 30, 2019 and December 31, 2018, respectively. We ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 76.00 Td (have invested this collateral in securities purchased under agreements to resell and non-mortgage-related securities as part of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 64.75 Td (our liquidity and contingency operating portfolio, although the collateral may be subject to return to our counterparties based on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 53.50 Td (the terms of our master netting and collateral agreements. ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 759 m 236.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 759 m 274.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 759 m 560.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 435.00 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 556.97 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (43) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 737.05 Td (Mortgage Loans and Mortgage-Related Securities) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 728.25 m 562.5 728.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (We invest principally in mortgage loans and mortgage-related securities, certain categories of which are largely unencumbered ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (and liquid. Our primary source of liquidity among these mortgage assets is our holdings of single-class and multiclass agency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 686.50 Td (securities, excluding certain structured agency securities collateralized by non-agency mortgage-related securities. Our ability ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 675.25 Td (to pledge certain of these assets as collateral or sell them enhances our liquidity profile, although the amount of cash we may ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 664.00 Td (be able to successfully raise in the event of a liquidity crisis or significant market disruption may be substantially less than the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (amount of mortgage-related assets we hold. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 248.14 652.75 Td (Conservatorship and Related Matters) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.22 652.75 Td ( for additional details on the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 641.50 Td (liquidity of our mortgage-related investments portfolio.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 616.30 Td (Primary Sources of Funding) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 607.5 m 562.5 607.5 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (The following table lists the sources and balances of our funding as of September 30, 2019 and a brief description of their ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 577.00 Td (importance to Freddie Mac.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 559.75 Td (Table 31 - Sources of Funding) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 50.50 543.25 148.00 -27.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 198.50 543.25 65.00 -27.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 263.50 543.25 12.00 -27.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 275.50 543.25 285.00 -27.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 50.50 496.25 31.00 -23.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 81.50 496.25 117.00 -23.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 198.50 496.25 65.00 -23.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 263.50 496.25 12.00 -23.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 275.50 496.25 285.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 516.25 m 81.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 516.25 m 198.5 516.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 543.25 m 198.5 516.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 543.25 m 263.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 516.25 m 263.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 516.25 m 275.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 516.25 m 560.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 516.25 m 81.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 496.25 m 81.5 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 516.25 m 198.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 496.25 m 198.5 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 516.25 m 263.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 496.25 m 263.5 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 516.25 m 275.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 496.25 m 275.5 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 516.25 m 560.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 496.25 m 560.5 496.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 496.25 m 198.5 473.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 496.25 m 263.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 496.25 m 263.5 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 416.25 m 81.5 416.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 473.25 m 198.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 416.25 m 198.5 416.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 473.25 m 198.5 416.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 473.25 m 263.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 416.25 m 263.5 416.25 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 473.25 m 263.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 416.25 m 275.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 416.25 m 560.5 416.25 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 111.55 534.32 Td (Source) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 213.25 533.22 Td (Balance) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 241.91 536.37 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 209.25 522.42 Td ( \(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 397.10 534.32 Td (Description) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 504.32 Td (Funding) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 73.50 487.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 487.32 Td (Other Debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 237.00 487.32 Td ($281.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.50 487.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 487.32 Td (Other debt is used to fund our business activities, including single-family) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 476.52 Td (guarantee activities not funded by debt securities of consolidated trusts.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 73.50 464.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 464.32 Td (Debt Securities of Consolidated) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 90.00 453.52 Td (Trusts) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 230.50 464.32 Td ($1,869.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 267.50 464.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 464.32 Td (Debt securities of consolidated trusts are used primarily to fund our single-family) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 453.52 Td (guarantee activities. This type of debt is principally repaid by the cash flows of the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 442.77 Td (associated mortgage loans. As a result, our repayment obligation is limited to) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 431.92 Td (amounts paid pursuant to our guarantee of principal and interest and purchasing) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 284.00 421.17 Td (modified or seriously delinquent loans from the trusts.) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 401.15 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 401.15 Td (Represents UPB of debt balances.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 378.35 Td (Other Debt Activities) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 369.55 m 562.5 369.55 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 350.30 Td (We issue other debt to fund our business activities. Competition for funding can vary with economic, financial market, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 339.05 Td (regulatory environments. We issue other debt based on a variety of factors, including market conditions and our liquidity ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 327.80 Td (requirements. We currently favor a mix of derivatives and shorter-term and callable debt to fund our business and manage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 316.55 Td (interest-rate risk. Generally, this funding mix is a less expensive method than relying more extensively on long-term debt.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 299.30 Td (The table below summarizes the par value and the average rate of other debt securities we issued or paid off, including ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 288.05 Td (regularly scheduled principal payments, payments resulting from calls, and payments for repurchases. We call, exchange, or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 276.80 Td (repurchase our outstanding debt securities from time to time for a variety of reasons, including managing our funding ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 265.55 Td (composition and supporting the liquidity of our debt securities.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 759 m 236.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 759 m 274.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 759 m 560.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 435.00 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 556.97 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (44) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (Table 32 - Other Debt Activity) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 165.00 724.10 196.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 365.00 724.10 196.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 710.10 111.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 165.00 710.10 49.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 214.00 710.10 49.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 263.00 710.10 49.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 312.00 710.10 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0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 610.1 m 512 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 610.1 m 161 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 596.1 m 161 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 610.1 m 214 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 596.1 m 214 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 610.1 m 263 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 596.1 m 263 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 610.1 m 312 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 596.1 m 312 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 610.1 m 361 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 596.1 m 361 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 610.1 m 414 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 596.1 m 414 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 610.1 m 463 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 596.1 m 463 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 610.1 m 512 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 596.1 m 512 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 610.1 m 561 610.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 596.1 m 561 596.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 529.1 m 263 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 529.1 m 414 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 529.1 m 463 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 529.1 m 512 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 529.1 m 161 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 515.1 m 161 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 529.1 m 214 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 515.1 m 214 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 529.1 m 263 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 515.1 m 263 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 529.1 m 312 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 515.1 m 312 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 529.1 m 361 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 515.1 m 361 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 529.1 m 414 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 515.1 m 414 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 529.1 m 463 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 515.1 m 463 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 529.1 m 512 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 515.1 m 512 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 529.1 m 561 529.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 515.1 m 561 515.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 427.1 m 414 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 427.1 m 512 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 427.1 m 161 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 413.1 m 161 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 427.1 m 214 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 413.1 m 214 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 427.1 m 263 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 413.1 m 263 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 427.1 m 312 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 413.1 m 312 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 427.1 m 361 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 413.1 m 361 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 427.1 m 414 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 413.1 m 414 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 427.1 m 463 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 413.1 m 463 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 427.1 m 512 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 413.1 m 512 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 427.1 m 561 427.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 413.1 m 561 413.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 339.1 m 361 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 339.1 m 414 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 339.1 m 512 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 339.1 m 161 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 325.1 m 161 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 339.1 m 214 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 325.1 m 214 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 339.1 m 263 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 325.1 m 263 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 339.1 m 312 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 325.1 m 312 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 339.1 m 361 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 325.1 m 361 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 339.1 m 414 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 325.1 m 414 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 339.1 m 463 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 325.1 m 463 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 339.1 m 512 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 325.1 m 512 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 339.1 m 561 339.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 325.1 m 561 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 325.1 m 263 325.1 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 251.10000000000002 m 161 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 251.10000000000002 m 414 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 251.10000000000002 m 512 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 251.10000000000002 m 161 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG 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0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 251.10000000000002 m 361 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 237.10000000000002 m 361 237.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 251.10000000000002 m 414 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 237.10000000000002 m 414 237.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 251.10000000000002 m 463 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 237.10000000000002 m 463 237.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 251.10000000000002 m 512 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 237.10000000000002 m 512 237.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 251.10000000000002 m 561 251.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 237.10000000000002 m 561 237.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 220.10000000000002 m 161 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 218.10000000000002 m 161 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 220.10000000000002 m 214 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165 218.10000000000002 m 214 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 220.10000000000002 m 263 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 218.10000000000002 m 263 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 220.10000000000002 m 312 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 218.10000000000002 m 312 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 220.10000000000002 m 361 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 218.10000000000002 m 361 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 220.10000000000002 m 414 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 218.10000000000002 m 414 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 220.10000000000002 m 463 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 218.10000000000002 m 463 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 220.10000000000002 m 512 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 218.10000000000002 m 512 218.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 220.10000000000002 m 561 220.10000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 218.10000000000002 m 561 218.10000000000002 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 248.10 715.17 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 445.65 715.17 Td (YTD 2019) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 691.89 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 169.30 692.17 Td (Short-term) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 223.50 701.17 Td (Average ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 227.05 692.17 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 243.12 695.32 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 268.25 692.17 Td (Long-term) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 321.50 701.17 Td (Average ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 325.05 692.17 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 341.12 695.32 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 369.30 692.17 Td (Short-term) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 423.50 701.17 Td (Average ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 427.05 692.17 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 443.12 695.32 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 468.25 692.17 Td (Long-term) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 521.50 701.17 Td (Average ) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 525.05 692.17 Td (Rate) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 1 1 1 rg BT 541.12 695.32 Td (\(1\)) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 678.17 Td (Discount notes and ) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 669.17 Td (Reference Bills) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 0 0 0 rg BT 106.14 672.32 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 657.17 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 182.70 657.17 Td ($35,362) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 657.17 Td (2.41) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 255.65 657.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 295.45 657.17 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 657.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 353.65 657.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 382.70 657.17 Td ($28,787) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 657.17 Td (2.36) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 455.45 657.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.45 657.17 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 657.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.45 657.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 643.17 Td (Issuances) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 187.00 643.17 Td (82,414) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 643.17 Td (2.05) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 643.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 643.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 382.70 643.17 Td (267,915) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 643.17 Td (2.24) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 643.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 643.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 629.17 Td (Repurchases) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 629.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 615.17 Td (Maturities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 184.85 615.17 Td (\(75,057) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.80 615.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 615.17 Td (2.20) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 615.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 615.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 380.55 615.17 Td (\(253,983) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.80 615.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 615.17 Td (2.28) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 615.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 615.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 601.17 Td (Ending Balance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 187.00 601.17 Td (42,719) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 240.25 601.17 Td (2.09) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 299.75 601.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 344.45 601.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 387.00 601.17 Td (42,719) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.30 601.17 Td (2.09) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 499.75 601.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 544.45 601.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 583.17 Td (Securities sold under) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 574.17 Td (agreements to repurchase) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 562.17 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 191.35 562.17 Td (9,549) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 562.17 Td (2.30) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 562.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 562.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.35 562.17 Td (6,019) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 562.17 Td (2.40) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 562.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 562.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 548.17 Td (Additions) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 182.70 548.17 Td (111,886) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 548.17 Td (2.19) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 548.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 548.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 382.70 548.17 Td (213,335) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 548.17 Td (2.30) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 548.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 548.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 534.17 Td (Repayments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 180.50 534.17 Td (\(112,735) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.80 534.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 534.17 Td (2.21) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 534.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 534.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 380.55 534.17 Td (\(210,654) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.80 534.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 534.17 Td (2.32) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 534.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 534.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 520.17 Td (Ending Balance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 191.35 520.17 Td (8,700) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 240.25 520.17 Td (2.06) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 299.75 520.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 344.45 520.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.35 520.17 Td (8,700) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.30 520.17 Td (2.06) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 499.75 520.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 544.45 520.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 502.17 Td (Callable debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 488.17 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 187.00 488.17 Td (12,590) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 488.17 Td (2.49) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 280.70 488.17 Td (113,394) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 488.17 Td (2.16) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 391.35 488.17 Td (2,000) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 488.17 Td (2.53) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 480.70 488.17 Td (105,206) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 488.17 Td (2.09) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 474.17 Td (Issuances) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 191.35 474.17 Td (1,000) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 474.17 Td (2.30) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 285.00 474.17 Td (28,627) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 474.17 Td (2.22) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 387.00 474.17 Td (13,590) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 474.17 Td (2.48) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.00 474.17 Td (74,293) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 474.17 Td (2.55) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 460.17 Td (Repurchases) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 460.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 446.17 Td (Calls) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 184.85 446.17 Td (\(10,590) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.80 446.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 446.17 Td (2.49) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 282.85 446.17 Td (\(31,077) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.80 446.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 446.17 Td (2.59) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 384.85 446.17 Td (\(12,590) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.80 446.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 446.17 Td (2.53) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 482.85 446.17 Td (\(59,885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 508.80 446.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 446.17 Td (2.82) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 432.17 Td (Maturities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 432.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 432.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 287.15 432.17 Td (\(8,494) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.80 432.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 432.17 Td (1.38) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 432.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 432.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 482.85 432.17 Td (\(17,164) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 508.80 432.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 432.17 Td (1.32) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 418.17 Td (Ending Balance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 191.35 418.17 Td (3,000) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 240.25 418.17 Td (2.43) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 280.70 418.17 Td (102,450) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 338.30 418.17 Td (2.11) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.35 418.17 Td (3,000) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.30 418.17 Td (2.43) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 480.70 418.17 Td (102,450) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 538.30 418.17 Td (2.11) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 400.17 Td (Non-callable debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 386.17 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 187.00 386.17 Td (13,596) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 386.17 Td (2.50) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 285.00 386.17 Td (77,539) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 386.17 Td (2.75) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 387.00 386.17 Td (14,440) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 386.17 Td (2.04) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.00 386.17 Td (80,789) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 386.17 Td (2.56) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 372.17 Td (Issuances) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 187.00 372.17 Td (29,256) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 372.17 Td (2.27) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 289.35 372.17 Td (5,485) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 372.17 Td (2.27) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 387.00 372.17 Td (47,562) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 372.17 Td (2.35) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.00 372.17 Td (15,775) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 372.17 Td (2.43) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 358.17 Td (Repurchases) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 195.65 358.17 Td (\(345) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.80 358.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 358.17 Td (1.87) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 358.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 358.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 395.65 358.17 Td (\(345) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.80 358.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 358.17 Td (1.87) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.65 358.17 Td (\(774) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 508.80 358.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 358.17 Td (1.82) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 344.17 Td (Maturities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 189.15 344.17 Td (\(2,409) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 210.80 344.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 240.25 344.17 Td (2.38) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 282.85 344.17 Td (\(14,515) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.80 344.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 344.17 Td (1.33) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 384.85 344.17 Td (\(21,559) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.80 344.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.30 344.17 Td (2.17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 482.85 344.17 Td (\(27,281) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 508.80 344.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 344.17 Td (1.65) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 330.17 Td (Ending Balance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 187.00 330.17 Td (40,098) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 240.25 330.17 Td (2.33) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 285.00 330.17 Td (68,509) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 338.30 330.17 Td (3.02) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 387.00 330.17 Td (40,098) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.30 330.17 Td (2.33) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 485.00 330.17 Td (68,509) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 538.30 330.17 Td (3.02) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 312.17 Td (STACR and SCR Debt) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 0 0 0 rg BT 126.56 315.32 Td (\(2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 298.17 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 298.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 298.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 285.00 298.17 Td (16,971) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 298.17 Td (6.16) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 298.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 298.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.00 298.17 Td (17,729) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 298.17 Td (6.02) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 284.17 Td (Issuances) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 284.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 284.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 284.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 284.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 284.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 284.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.80 284.17 Td (280) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 284.17 Td (2.48) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 270.17 Td (Repurchases) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 299.75 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 344.45 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.75 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.45 270.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 256.17 Td (Maturities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 201.75 256.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 246.45 256.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 293.65 256.17 Td (\(883) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.80 256.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 338.30 256.17 Td (4.24) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 256.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 256.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.15 256.17 Td (\(1,921) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 508.80 256.17 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.30 256.17 Td (4.47) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 242.17 Td (Ending Balance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 201.75 242.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 246.45 242.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 285.00 242.17 Td (16,088) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 338.30 242.17 Td (5.98) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 401.75 242.17 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.45 242.17 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 485.00 242.17 Td (16,088) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 538.30 242.17 Td (5.98) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 224.17 Td (Total other debt) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 182.70 224.17 Td ($94,517) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 240.25 224.17 Td (2.20) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 255.45 224.17 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 276.40 224.17 Td ($187,047) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 338.30 224.17 Td (2.78) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 353.45 224.17 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 382.70 224.17 Td ($94,517) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 440.30 224.17 Td (2.20) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 455.45 224.17 Td (%) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 476.40 224.17 Td ($187,047) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 538.30 224.17 Td (2.78) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 553.45 224.17 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 204.00 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 204.00 Td (Average rate is weighted based on par value.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 191.40 Td (\(2\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 191.40 Td (Includes STACR and SCR debt notes and certain multifamily other debt. STACR and SCR debt notes are subject to prepayment risk as their payments are based upon ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 181.80 Td (the performance of a reference pool of mortgage assets that may be prepaid by the related mortgage borrower at any time generally without penalty.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 165.00 Td (Our outstanding other debt balance increased during the 2019 periods, driven by an increase in the issuance of short-term ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 154.20 Td (SOFR debt primarily due to higher near-term cash needs for upcoming debt maturities and anticipated calls.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 759 m 236.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 759 m 274.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 759 m 560.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 435.00 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 556.97 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (45) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F12 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (Maturity and Redemption Dates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 723.35 Td (The following graphs present our other debt by contractual maturity date and earliest redemption date. The earliest redemption ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 712.10 Td (date refers to the earliest call date for callable debt and the contractual maturity date for all other debt. ) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 73.55 685.85 Td (Contractual Maturity Date as of September 30, 2019) Tj ET Q BT /F11 9.00 Tf ET BT /F11 5.40 Tf ET q 0 0 0 rg BT 258.14 689.00 Td (\(1\)) Tj ET Q /GS0 gs q 216.00 0 0 291.00 60.75 389.85 cm /I255 Do Q BT /F2 9.00 Tf ET BT /F11 9.00 Tf ET q 0 0 0 rg BT 348.95 685.85 Td (Earliest Redemption Date as of September 30, 2019) Tj ET Q BT /F11 9.00 Tf ET BT /F11 5.40 Tf ET q 0 0 0 rg BT 531.71 689.00 Td (\(1\)) Tj ET Q /GS0 gs q 216.00 0 0 275.00 335.25 405.85 cm /I256 Do Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 385.25 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 385.25 Td (STACR and SCR debt notes are subject to prepayment risk as their payments are based upon the performance of a reference pool of mortgage assets that may be ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 375.65 Td (prepaid by the related mortgage borrower at any time generally without penalty and are therefore included as a separate category in the graphs.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 352.85 Td (Debt Securities of Consolidated Trusts) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 344.05 m 562.5 344.05 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 324.80 Td (The largest component of debt on our condensed consolidated balance sheets is debt securities of consolidated trusts, which ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 313.55 Td (relates to securitization transactions that we consolidated for accounting purposes. We issue this type of debt by securitizing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 302.30 Td (mortgage loans primarily to fund the majority of our single-family guarantee activities. When we consolidate securitization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 291.05 Td (trusts, we recognize the following on our condensed consolidated balance sheets:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 271.95 cm /I257 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 271.95 cm /I258 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 273.80 Td (The assets held by the securitization trusts, the majority of which are mortgage loans. We recognized ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.04 273.80 Td ($1,905.6 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.07 273.80 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 262.55 Td ($1,842.9 billion of mortgage loans, which represented 87.8% and 89.3% of our total assets, as of September 30, 2019 and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 251.30 Td (December 31, 2018, respectively.) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 235.20 cm /I259 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 235.20 cm /I260 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 237.05 Td (The debt securities issued by the securitization trusts, the majority of which are Level 1 securitizations that are pass-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 225.80 Td (through securities, where the cash flows of the mortgage loans held by the securitization trust are passed through to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 214.55 Td (holders of the securities. We recognized ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.80 214.55 Td ($1,869.3 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.82 214.55 Td ( and $1,792.7 billion of debt securities of consolidated trusts, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 203.30 Td (which represented 87.0% and 87.7% of our total debt, as of September 30, 2019 and December 31, 2018, respectively.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 186.05 Td (Debt securities of consolidated trusts are principally repaid from the cash flows of the mortgage loans held by the securitization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 174.80 Td (trusts that issued the debt securities. In circumstances when the cash flows of the mortgage loans are not sufficient to repay ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 163.55 Td (the debt, we make up the shortfall because we have guaranteed the payment of principal and interest on the debt. In certain ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 152.30 Td (circumstances, we have the right and/or obligation to purchase the loan from the trust prior to its contractual maturity.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 759 m 236.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 759 m 274.5 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 759 m 560.5 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 53.00 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 435.00 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 556.97 764.07 Td ( ) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (46) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (The table below shows the issuance and extinguishment activity for the debt securities of our consolidated trusts.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 723.35 Td (Table 33 - Activity for Debt Securities of Consolidated Trusts Held by Third Parties) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 49.00 706.85 395.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 448.00 706.85 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 502.00 706.85 60.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502 706.85 m 502 692.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 636.85 m 562 636.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 636.85 m 444 636.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 636.85 m 502 636.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 636.85 m 562 636.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 566.85 m 562 566.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 566.85 m 444 566.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 552.85 m 444 552.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 566.85 m 502 566.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 552.85 m 502 552.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 566.85 m 562 566.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 552.85 m 562 552.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 538.85 m 444 538.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 538.85 m 502 538.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 538.85 m 562 538.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 538.85 m 562 538.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 524.85 m 562 524.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 524.85 m 444 524.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 511.85 m 444 511.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 509.85 m 444 509.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 524.85 m 502 524.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 511.85 m 502 511.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 509.85 m 502 509.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 524.85 m 562 524.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 511.85 m 562 511.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 509.85 m 562 509.85 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 51.50 697.64 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 460.10 697.92 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 514.65 697.92 Td (YTD 2019) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 683.92 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 459.90 683.92 Td ($1,784,229) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.90 683.92 Td ($1,748,738) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 669.92 Td (Issuances:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 655.92 Td (New issuances to third parties) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 470.70 655.92 Td (100,666) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 530.70 655.92 Td (216,071) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 641.92 Td (Additional issuances of securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 475.00 641.92 Td (56,495) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 530.70 641.92 Td (121,537) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 63.50 627.92 Td (Total issuances) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 470.70 627.92 Td (157,161) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 530.70 627.92 Td (337,608) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 613.92 Td (Extinguishments:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 599.92 Td (Purchases of debt securities from third parties) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.85 599.92 Td (\(12,556) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.80 599.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 532.85 599.92 Td (\(25,526) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 558.80 599.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 585.92 Td (Debt securities received in settlement of secured lending) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.85 585.92 Td (\(12,816) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.80 585.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 532.85 585.92 Td (\(28,066) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 558.80 585.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 571.92 Td (Repayments of debt securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.85 571.92 Td (\(91,312) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 498.80 571.92 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 528.55 571.92 Td (\(208,048) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 558.80 571.92 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 63.50 557.92 Td (Total extinguishments) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 468.05 557.92 Td (\(116,684) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 498.80 557.92 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 528.05 557.92 Td (\(261,640) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 558.80 557.92 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 543.92 Td (Ending balance) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 464.20 543.92 Td (1,824,706) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 523.90 543.92 Td (1,824,706) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 57.50 529.92 Td (Unamortized premiums and discounts) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 475.00 529.92 Td (44,602) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.00 529.92 Td (44,602) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 515.92 Td (Debt securities of consolidated trusts held by third parties) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 459.90 515.92 Td ($1,869,308) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 519.90 515.92 Td ($1,869,308) Tj ET Q BT /F2 9.00 Tf ET BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 486.15 Td (Cash Flows ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 477.35 m 562 477.35 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (Cash and cash equivalents \(including restricted cash and cash equivalents\) increased by $1.7 billion from September 30, 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 446.85 Td (to September 30, 2019, primarily driven by an increase in proceeds from the issuance of debt for upcoming maturities and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 435.60 Td (anticipated calls of other debt.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 411.00 Td (Capital Resources) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 385.80 Td (Primary Sources of Capital) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 377 m 562.5 377 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (Our entry into conservatorship resulted in significant changes to the assessment of our capital adequacy and our management ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 346.50 Td (of capital. Under the Purchase Agreement, Treasury made a commitment to provide us with funding, under certain conditions, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (to eliminate deficits in our net worth. At September 30, 2019, our assets exceeded our liabilities under GAAP; therefore, no ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 324.00 Td (draw is being requested from Treasury under the Purchase Agreement. Based on our Net Worth Amount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.96 324.00 Td ($6.7 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.47 324.00 Td ( and the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (applicable Capital Reserve Amount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.63 312.75 Td ($20.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.15 312.75 Td (, we will not have a dividend requirement to Treasury in December 2019. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 301.50 Td (Note 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 80.37 301.50 Td ( for details of the support we receive from Treasury.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (The table below presents activity related to our net worth during 3Q 2019 and YTD 2019. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 267.00 Td (Table 34 - Net Worth Activity ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 256.50 363.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 417.00 256.50 73.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 490.00 256.50 73.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490 256.5 m 490 242.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 186.5 m 413 186.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 173.5 m 413 173.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 171.5 m 413 171.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 186.5 m 490 186.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 173.5 m 490 173.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 171.5 m 490 171.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 186.5 m 563 186.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 173.5 m 563 173.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 171.5 m 563 171.5 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 144.5 m 413 144.5 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 144.5 m 490 144.5 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 144.5 m 563 144.5 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 247.29 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 438.60 247.57 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 509.15 247.57 Td (YTD 2019) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 233.57 Td (Beginning balance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.00 233.57 Td ($4,826) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 233.57 Td ($4,477) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 219.57 Td (Comprehensive income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.35 219.57 Td (1,848) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 219.57 Td (5,339) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 205.57 Td (Capital draw from Treasury) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.80 205.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.80 205.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 191.57 Td (Senior preferred stock dividends declared) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.80 191.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 191.57 Td (\(3,142) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 191.57 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 177.57 Td (Total equity / net worth) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 463.00 177.57 Td ($6,674) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 177.57 Td ($6,674) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 163.57 Td (Aggregate draws under Purchase Agreement) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 458.70 163.57 Td ($71,648) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 163.57 Td ($71,648) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 149.57 Td (Aggregate cash dividends paid to Treasury) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 458.70 149.57 Td (119,680) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 149.57 Td (119,680) Tj ET Q BT /F2 9.00 Tf ET BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 120.60 Td (Conservatorship Capital Framework) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 112.25 m 562.5 112.25 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 93.00 Td (In May 2017, FHFA, as Conservator, issued guidance to us to evaluate and manage our financial risk and to make economic ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (business decisions, while in conservatorship, utilizing a newly-developed risk-based CCF, an economic capital system with ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 70.50 Td (detailed formulae provided by FHFA. The CCF also provides the foundation for the risk-based component of the proposed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 59.25 Td (Enterprise Capital Rule published by FHFA in the Federal Register in July 2018.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 438.50 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (47) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (We have adopted the CCF for internal capital measurement to evaluate business decisions and ensure the company makes ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 729.35 Td (such decisions prudently when pricing transactions and managing its businesses. This framework focuses on the profits earned ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (versus an estimated cost of equity capital needed to support the risk assumed to generate those profits. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 700.85 Td (The existing regulatory capital requirements have been suspended by FHFA during conservatorship. Consequently, we refer to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 689.60 Td (the capital needed under the CCF for analysis of transactions and businesses as "conservatorship capital." ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 672.35 Td (Under the Purchase Agreement and the September 2019 Letter Agreement, we are not able to retain equity, as calculated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (under GAAP, in excess of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.78 661.10 Td ($20.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.29 661.10 Td ( Capital Reserve Amount. As a result, we do not have capital sufficient to support our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 649.85 Td (aggregate risk-taking activities.) Tj ET Q BT /F8 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 627.75 Td (Return on Conservatorship Capital) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 619.4 m 562.5 619.4 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 600.15 Td (The table below provides the ROCC, calculated as \(1\) annualized comprehensive income for the period divided by \(2\) average ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 588.90 Td (conservatorship capital during the period. Each quarter, we consider whether certain "significant items" occurred that should ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 577.65 Td (be excluded from comprehensive income for our calculation of ROCC. If we have identified significant items in any of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 566.40 Td (periods presented, we also include comprehensive income excluding significant items as well as an adjusted ROCC based on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 555.15 Td (comprehensive income excluding significant items, both non-GAAP measures. We believe that these non-GAAP financial ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 543.90 Td (measures are useful to investors as they better reflect our on-going financial results. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 526.65 Td (The ROCC shown in the table below is not based on our total equity and does not reflect actual returns on total equity. We do ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 515.40 Td (not believe that returns on total equity are meaningful because of the net worth limit imposed since 2012 under the Purchase ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 504.15 Td (Agreement.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 486.90 Td (Table 35 - Return on Conservatorship Capital) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.40 Tf ET q 0 0 0 rg BT 242.05 490.05 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.25 486.90 Td ( ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 476.40 239.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 293.00 476.40 59.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 356.00 476.40 61.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 421.00 476.40 68.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 493.00 476.40 70.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 394.4 m 289 394.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 394.4 m 352 394.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 394.4 m 417 394.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 394.4 m 489 394.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 394.4 m 563 394.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 377.4 m 289 377.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 377.4 m 352 377.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 377.4 m 417 377.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 377.4 m 489 377.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 377.4 m 563 377.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 361.4 m 289 361.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 359.4 m 289 359.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 361.4 m 352 361.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 359.4 m 352 359.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 361.4 m 489 361.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 359.4 m 489 359.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 343.4 m 289 343.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 343.4 m 352 343.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 359.4 m 417 359.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 361.4 m 417 361.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 343.4 m 489 343.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 359.4 m 563 359.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 361.4 m 563 361.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 343.4 m 417 343.4 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 343.4 m 563 343.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 301.4 m 289 301.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 301.4 m 352 301.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 301.4 m 356 301.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 301.4 m 417 301.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 301.4 m 489 301.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 301.4 m 493 301.4 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 301.4 m 563 301.4 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 467.19 Td (\(Dollars in billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 307.60 467.47 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 371.60 467.47 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 437.65 467.47 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 510.65 467.47 Td (YTD 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 450.47 Td (GAAP comprehensive income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.40 450.47 Td ($1.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.40 450.47 Td ($2.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.90 450.47 Td ($5.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.90 450.47 Td ($7.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 433.47 Td (Significant items:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 416.47 Td (Non-agency mortgage-related securities judgment) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 220.50 419.62 Td (\(2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 317.50 416.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 381.50 416.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.00 416.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.90 416.47 Td (\(0.3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 399.47 Td (Tax effect related to judgment) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 151.84 402.62 Td (\(2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 317.50 399.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 381.50 399.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.00 399.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 522.10 399.47 Td (0.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 382.47 Td (Total significant items) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 124.97 385.62 Td (\(3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 317.50 382.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 381.50 382.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 450.00 382.47 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.90 382.47 Td (\(0.2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 365.47 Td (Comprehensive income, excluding significant items) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 222.90 368.62 Td (\(3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.40 365.47 Td ($1.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.40 365.47 Td ($2.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 446.90 365.47 Td ($5.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 519.90 365.47 Td ($6.9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 348.47 Td (Conservatorship capital \(average during the period\)) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 222.75 351.62 Td (\(4\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 312.25 348.47 Td ($51.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 376.25 348.47 Td ($56.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 444.75 348.47 Td ($51.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 517.75 348.47 Td ($57.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 327.47 Td (ROCC, based on GAAP comprehensive income) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 205.42 330.62 Td (\(4\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.00 327.47 Td (14.4%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.00 327.47 Td (18.1%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 443.50 327.47 Td (13.7%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 516.50 327.47 Td (16.6%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 313.47 Td (Adjusted ROCC, based on comprehensive income excluding ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 304.47 Td (significant items) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 107.15 307.62 Td (\(3\)\(4\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 117.54 304.47 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.00 306.47 Td (14.4%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.00 306.47 Td (18.1%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 443.50 306.47 Td (13.7%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 516.50 306.47 Td (16.0%) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 286.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 76.50 286.30 Td (Average conservatorship capital and ROCC for 3Q 2019 and YTD 2019 are preliminary and subject to change until official submission to FHFA.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 273.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 76.50 273.70 Td (YTD 2018 GAAP comprehensive income included a benefit of $334 million \(pre-tax\) from a final judgment against Nomura Holding America, Inc. in litigation ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 264.10 Td (involving certain of our non-agency mortgage-related securities. The tax effect related to this judgment was \($70\) million.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 251.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 76.50 251.50 Td (No significant items were identified for the 2019 periods. Numbers for the 2019 periods are included for comparison purposes only.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 58.50 238.90 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 76.50 238.90 Td (Average conservatorship capital for each period is based on the CCF in effect during that period, except that the 2018 figures have been revised to include capital ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 229.30 Td (for deferred tax assets. The CCF in effect as of September 30, 2019 was largely unchanged from the CCF as of June 30, 2019.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 212.05 Td (Our ROCC and Adjusted ROCC for 3Q 2019 and YTD 2019 decreased compared to the returns for the 2018 periods, primarily ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 200.80 Td (driven by the decrease in comprehensive income, partially offset by the lower level of conservatorship capital needed, resulting ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 189.55 Td (from an increase in CRT activity in both our Single-family Guarantee and Multifamily segments, home price appreciation, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 178.30 Td (efficient disposition of legacy assets, and a decrease in our deferred tax assets.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 161.05 Td (We find the returns calculated above, as well as the returns calculated on specific transactions and individual business lines, to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 149.80 Td (be a reasonable measure of return-versus-risk to support our decision-making while we remain in conservatorship. These ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 138.55 Td (returns may not be indicative of the returns that would be generated if we were to exit conservatorship, especially as the terms ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 127.30 Td (and timing of any such exit are not currently known and will depend upon future actions by the U.S. government. Our belief, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 116.05 Td (should we leave conservatorship, is that returns at that time would most likely be below the levels calculated above, assuming ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 104.80 Td (the same portfolio of risk assets, as we expect that we would hold capital post-conservatorship above the minimum required ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 93.55 Td (regulatory capital. It is also likely that we would be required to pay fees for federal government support, thereby reducing our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 82.30 Td (total comprehensive income.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 438.50 764.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (48) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (OFF-BALANCE SHEET ARRANGEMENTS) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 713.90 Td (We enter into certain off-balance sheet arrangements related to our securitization activities involving guaranteed loans and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 702.65 Td (mortgage-related securities, though most of our securitization activities are on-balance sheet. For a description of our off-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 691.40 Td (balance sheet arrangements, see) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 182.65 691.40 Td ( MD&A - Off-Balance Sheet Arrangements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.28 691.40 Td ( in our 2018 Annual Report. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 509.03 691.40 Td (Note 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.90 691.40 Td ( and ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 680.15 Td (Note 5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 80.37 680.15 Td ( for more information on our off-balance sheet securitization and guarantee activities.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 662.90 Td (Our maximum potential off-balance sheet exposure to credit losses relating to these securitization activities and guarantees is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 651.65 Td (primarily represented by the UPB of the underlying loans and securities, which was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.94 651.65 Td ($283.5 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.46 651.65 Td ( and $254.9 billion at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 640.40 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.44 640.40 Td ( and December 31, 2018, respectively. The amount as of September 30, 2019 excludes Fannie Mae ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 629.15 Td (securities backing Freddie Mac resecuritization products discussed below. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 611.90 Td (With the implementation of the Single Security Initiative, we now have the ability to commingle TBA-eligible Fannie Mae ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 600.65 Td (collateral in certain of our resecuritization products. When we resecuritize Fannie Mae securities in our commingled ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 589.40 Td (resecuritization products, our guarantee covers timely payments of principal and interest on such securities. Accordingly, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 578.15 Td (commingling Fannie Mae collateral in our resecuritization transactions increases our off-balance sheet exposure as we do not ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 566.90 Td (have control over the Fannie Mae collateral.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 549.65 Td (As of September 30, 2019, the total amount of our off-balance sheet exposure related to Fannie Mae securities backing Freddie ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 538.40 Td (Mac resecuritization products was approximately $17 billion. We expect this exposure to increase over time.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 416.40 764.07 Td (Conservatorship and Related Matters) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (49) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (CONSERVATORSHIP AND RELATED MATTERS) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 703.55 Td (Managing Our Mortgage-Related Investments Portfolio) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 683.30 Td (The table below presents the UPB of our mortgage-related investments portfolio. In February 2019, FHFA directed us to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 672.05 Td (maintain this portfolio at or below $225 billion at all times.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 654.80 Td (Table 36 - Mortgage-Related Investments Portfolio Details) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 207.00 638.30 176.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 387.00 638.30 175.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 624.30 153.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 207.00 624.30 44.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 251.00 624.30 43.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 294.00 624.30 44.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 338.00 624.30 45.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 387.00 624.30 44.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 431.00 624.30 43.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 474.00 624.30 44.00 -35.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 518.00 624.30 44.00 -35.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251 624.3 m 251 589.3 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 294 624.3 m 294 589.3 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338 624.3 m 338 589.3 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431 624.3 m 431 589.3 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 431 624.3 m 431 589.3 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 474 624.3 m 474 589.3 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 474 624.3 m 474 589.3 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 518 624.3 m 518 589.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 518.3 m 203 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 501.29999999999995 m 203 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 518.3 m 251 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 501.29999999999995 m 251 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 518.3 m 294 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 501.29999999999995 m 294 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 518.3 m 338 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 501.29999999999995 m 338 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 518.3 m 383 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 501.29999999999995 m 383 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 518.3 m 431 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 501.29999999999995 m 431 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 518.3 m 474 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 501.29999999999995 m 474 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 518.3 m 518 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 501.29999999999995 m 518 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 518.3 m 562 518.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 501.29999999999995 m 562 501.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 439.29999999999995 m 203 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 412.29999999999995 m 203 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 439.29999999999995 m 251 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 412.29999999999995 m 251 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 439.29999999999995 m 294 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 412.29999999999995 m 294 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 439.29999999999995 m 338 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 412.29999999999995 m 338 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 439.29999999999995 m 383 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 412.29999999999995 m 383 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 439.29999999999995 m 431 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 412.29999999999995 m 431 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 439.29999999999995 m 474 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 412.29999999999995 m 474 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 439.29999999999995 m 518 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 412.29999999999995 m 518 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 439.29999999999995 m 562 439.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 412.29999999999995 m 562 412.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 338.29999999999995 m 203 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 324.29999999999995 m 203 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 338.29999999999995 m 251 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 324.29999999999995 m 251 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 338.29999999999995 m 294 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 324.29999999999995 m 294 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 338.29999999999995 m 338 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 324.29999999999995 m 338 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 338.29999999999995 m 383 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 324.29999999999995 m 383 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 338.29999999999995 m 431 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 324.29999999999995 m 431 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 338.29999999999995 m 474 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 324.29999999999995 m 474 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 338.29999999999995 m 518 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 324.29999999999995 m 518 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 338.29999999999995 m 562 338.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 324.29999999999995 m 562 324.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 297.29999999999995 m 203 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 295.29999999999995 m 203 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 297.29999999999995 m 251 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 295.29999999999995 m 251 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 297.29999999999995 m 294 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 295.29999999999995 m 294 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 297.29999999999995 m 338 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 295.29999999999995 m 338 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 297.29999999999995 m 383 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 295.29999999999995 m 383 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 297.29999999999995 m 431 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 295.29999999999995 m 431 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 297.29999999999995 m 474 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 295.29999999999995 m 474 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 297.29999999999995 m 518 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 295.29999999999995 m 518 295.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 297.29999999999995 m 562 297.29999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 295.29999999999995 m 562 295.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 270.29999999999995 m 203 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 270.29999999999995 m 251 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 270.29999999999995 m 294 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 270.29999999999995 m 338 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 270.29999999999995 m 383 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 270.29999999999995 m 431 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 270.29999999999995 m 474 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 270.29999999999995 m 518 270.29999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 270.29999999999995 m 562 270.29999999999995 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 259.10 635.80 70.72 -9.00 re f /GS0 gs q 1 1 1 rg BT 259.10 629.37 Td (September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 439.85 635.80 68.22 -9.00 re f /GS0 gs q 1 1 1 rg BT 439.85 629.37 Td (December 31, 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 594.09 Td (\(Dollars in millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 217.50 594.37 Td (Liquid) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 254.65 612.37 Td (Securitiz-) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 263.00 603.37 Td (ation) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 257.75 594.37 Td (Pipeline) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 307.30 603.37 Td (Less) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 304.50 594.37 Td (Liquid) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 351.25 594.37 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 397.50 594.37 Td (Liquid) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 434.65 612.37 Td (Securitiz-) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 443.00 603.37 Td (ation) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 437.75 594.37 Td (Pipeline) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 487.30 603.37 Td (Less) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 484.50 594.37 Td (Liquid) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 530.75 594.37 Td (Total) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 580.37 Td (Capital Markets segment - Mortgage) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 571.37 Td (investments portfolio:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 551.37 Td (Single-family unsecuritized loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 537.37 Td (Performing loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 230.25 537.37 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 258.55 537.37 Td ($20,823) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 317.30 537.37 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.55 537.37 Td ($20,823) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 410.30 537.37 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.85 537.37 Td ($8,955) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 497.30 537.37 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 530.85 537.37 Td ($8,955) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 64.50 523.37 Td (Reperforming loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.60 523.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.60 523.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.85 523.37 Td (29,982) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 351.85 523.37 Td (29,982) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.60 523.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.60 523.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 486.85 523.37 Td (39,402) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 530.85 523.37 Td (39,402) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 506.37 Td (Total single-family unsecuritized loans) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 234.60 506.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 262.85 506.37 Td (20,823) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 306.85 506.37 Td (29,982) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 351.85 506.37 Td (50,805) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 414.60 506.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 447.20 506.37 Td (8,955) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 486.85 506.37 Td (39,402) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 530.85 506.37 Td (48,357) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 484.37 Td (Freddie Mac mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 215.50 484.37 Td (108,282) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.60 484.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.20 484.37 Td (2,665) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 347.55 484.37 Td (110,947) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 395.55 484.37 Td (109,880) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.60 484.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 491.20 484.37 Td (3,108) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 526.55 484.37 Td (112,988) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 467.37 Td (Non-agency mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.60 467.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.60 467.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.20 467.37 Td (1,585) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.20 467.37 Td (1,585) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.60 467.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.60 467.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 491.20 467.37 Td (2,122) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.20 467.37 Td (2,122) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 453.37 Td (Other Non-Freddie Mac agency mortgage-) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 444.37 Td (related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 224.20 444.37 Td (7,583) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.60 444.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 321.60 444.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.20 444.37 Td (7,583) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.20 444.37 Td (3,968) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.60 444.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 501.60 444.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.20 444.37 Td (3,968) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 426.37 Td (Total Capital Markets segment -) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 417.37 Td (Mortgage investments portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 215.50 417.37 Td (115,865) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 262.85 417.37 Td (20,823) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 306.85 417.37 Td (34,232) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 347.55 417.37 Td (170,920) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 395.55 417.37 Td (113,848) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 447.20 417.37 Td (8,955) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 486.85 417.37 Td (44,632) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 526.55 417.37 Td (167,435) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 403.37 Td (Single-family Guarantee segment - Single-) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 394.37 Td (family unsecuritized seriously delinquent) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 385.37 Td (loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.60 385.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.60 385.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.20 385.37 Td (8,330) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.20 385.37 Td (8,330) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.60 385.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.60 385.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 491.20 385.37 Td (8,473) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.20 385.37 Td (8,473) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 371.37 Td (Multifamily segment:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 357.37 Td (Unsecuritized loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 234.60 357.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 262.85 357.37 Td (24,998) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.85 357.37 Td (11,690) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 351.85 357.37 Td (36,688) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.60 357.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.85 357.37 Td (23,203) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 486.85 357.37 Td (11,584) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 530.85 357.37 Td (34,787) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 343.37 Td (Mortgage-related securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 224.20 343.37 Td (4,964) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 277.60 343.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 317.65 343.37 Td (699) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.20 343.37 Td (5,663) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.20 343.37 Td (6,570) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.60 343.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 497.65 343.37 Td (815) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.20 343.37 Td (7,385) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 329.37 Td (Total Multifamily segment) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 224.20 329.37 Td (4,964) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 262.85 329.37 Td (24,998) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 306.85 329.37 Td (12,389) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 351.85 329.37 Td (42,351) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 404.20 329.37 Td (6,570) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 442.85 329.37 Td (23,203) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 486.85 329.37 Td (12,399) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 530.85 329.37 Td (42,172) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 310.37 Td (Total mortgage-related investments) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 301.37 Td (portfolio) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 211.25 301.37 Td ($120,829) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 258.55 301.37 Td ($45,821) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 302.55 301.37 Td ($54,951) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 343.25 301.37 Td ($221,601) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 391.25 301.37 Td ($120,418) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 438.55 301.37 Td ($32,158) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 482.55 301.37 Td ($65,504) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 522.25 301.37 Td ($218,080) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 284.37 Td (Percentage of total mortgage-related) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 275.37 Td (investments portfolio) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 235.00 275.37 Td (54) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 243.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 278.00 275.37 Td (21) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 286.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 322.00 275.37 Td (25) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 330.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 362.65 275.37 Td (100) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 375.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 415.00 275.37 Td (55) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 423.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 458.00 275.37 Td (15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.00 275.37 Td (30) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 510.65 275.37 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 541.65 275.37 Td (100) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 554.65 275.37 Td (%) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 253.55 Td (While we continued to purchase new single-family seriously delinquent loans from securities we guarantee and certain ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 242.30 Td (multifamily unsecuritized loans, which are classified as held-for-investment, our active disposition of less liquid assets during ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 231.05 Td (YTD 2019 included the following:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 211.95 cm /I261 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 211.95 cm /I262 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 213.80 Td (Sales of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 102.33 213.80 Td ($3.5 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 145.84 213.80 Td ( in UPB of single-family reperforming loans, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.88 213.80 Td ($0.2 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.40 213.80 Td ( in UPB of seriously delinquent unsecuritized ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 202.55 Td (single-family loans, and $) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.86 202.55 Td (0.2 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.37 202.55 Td ( in UPB of single-family non-agency mortgage-related securities;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 186.45 cm /I263 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 186.45 cm /I264 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 188.30 Td (Securitizations of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.32 188.30 Td ($1.5 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.83 188.30 Td ( in UPB of less liquid multifamily loans; and) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 172.20 cm /I265 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 172.20 cm /I266 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 174.05 Td (Transfers of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 116.75 174.05 Td ($0.4 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.26 174.05 Td ( in UPB of less liquid multifamily loans to the securitization pipeline.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 416.40 764.07 Td (Conservatorship and Related Matters) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (50) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 734.15 Td (FHFA's Strategic Plan and Scorecards for Freddie Mac and Fannie ) Tj ET Q BT /F8 18.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 712.55 Td (Mae Conservatorships) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 692.30 Td (In October 2019, FHFA released a new Strategic Plan for the Conservatorships of Freddie Mac and Fannie Mae. The 2019 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 681.05 Td (Strategic Plan provides a framework for how FHFA will guide Freddie Mac and Fannie Mae \(the Enterprises\) to fulfill their ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 669.80 Td (statutory missions, focus on safety and soundness, and prepare for a responsible end to the conservatorships. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 652.55 Td (The three objectives of this new Strategic Plan are to ensure that the Enterprises:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 633.45 cm /I267 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 633.45 cm /I268 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 635.30 Td (Focus on their core mission responsibilities to foster) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.05 635.30 Td ( competitive, liquid, efficient, and resilient \(CLEAR\) national housing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 624.05 Td (finance markets that support sustainable homeownership and affordable rental housing;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 607.95 cm /I269 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 607.95 cm /I270 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 609.80 Td (Operate in a safe and sound manner appropriate for entities in conservatorship; and) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 593.70 cm /I271 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 593.70 cm /I272 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 595.55 Td (Prepare for the Enterprises' eventual exists from conservatorships.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 578.30 Td (FHFA also released a new annual Conservatorship Scorecard for Freddie Mac, Fannie Mae, and Common Securitization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 567.05 Td (Solutions. This new 2020 Conservatorship Scorecard aligns tactical priorities and execution at the Enterprises to the 2019 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 555.80 Td (Strategic Plan and serves as a tool in holding the Enterprises accountable for its effective implementation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 538.55 Td (FHFA issued the 2019 and 2020 Conservatorship Scorecards in December 2018 and October 2019, respectively. We continue ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 527.30 Td (to align our resources and internal business plans to meet the goals and objectives provided by FHFA.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 510.05 Td (For information about how the Conservatorship Scorecard affects executive compensation, see the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 449.75 510.05 Td (Compensation ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 498.80 Td (Discussion and Analysis) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.51 498.80 Td ( section in our 2018 Annual Report. For information about the 2019 Conservatorship Scorecard, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 487.55 Td (see our Current Report on Form 8-K filed on December 20, 2018. For information on the 2020 Conservatorship Scorecard, see ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 476.30 Td (our Current Report on Form 8-K filed on October 29, 2019.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 453.85 764.07 Td (Regulation and Supervision) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (51) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (REGULATION AND SUPERVISION) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 713.90 Td (In addition to our oversight by FHFA as our Conservator, we are subject to regulation and oversight by FHFA under our Charter ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 702.65 Td (and the GSE Act and to certain regulation by other government agencies. Furthermore, regulatory activities by other ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 691.40 Td (government agencies can affect us indirectly, even if we are not directly subject to such agencies' regulation or oversight. For ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 680.15 Td (example, regulations that modify requirements applicable to the purchase or servicing of mortgages can affect us.) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 652.55 Td (Federal Housing Finance Agency) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 624.35 Td (Affordable Housing Fund Allocations) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 615.55 m 562.5 615.55 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 596.30 Td (The GSE Act requires us to set aside in each fiscal year an amount equal to 4.2 basis points of each dollar of total new ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 585.05 Td (business purchases, and pay this amount to certain housing funds. During 3Q 2019 and YTD 2019, we completed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.00 585.05 Td ($163.2 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 573.80 Td (billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 73.00 573.80 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.18 573.80 Td ($365.4 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 146.70 573.80 Td (, respectively, of new business purchases subject to this requirement and accrued ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.84 573.80 Td ($68 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.19 573.80 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.37 573.80 Td ($153 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 562.55 Td (million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.34 562.55 Td (, respectively, of related expense. We are prohibited from passing through these costs to the originators of the loans that ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 551.30 Td (we purchase. ) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 523.70 Td (Legislative and Regulatory Developments) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 495.50 Td (Treasury Housing Reform Plan) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 486.7 m 562.5 486.7 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 467.45 Td (On September 5, 2019, Treasury released its plan to reform the housing finance system pursuant to the goals specified in the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 456.20 Td (presidential memorandum issued on March 27, 2019. The Treasury Housing Reform Plan \(the Plan\) includes 49 recommended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 444.95 Td (legislative and administrative reforms that would advance the reform goals outlined in the presidential memorandum: ending the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 433.70 Td (conservatorships of the GSEs, facilitating competition in the housing finance system, establishing regulation of the GSEs that ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 422.45 Td (safeguards their safety and soundness and minimizes the risks they pose to the financial stability of the United States, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 411.20 Td (providing that the federal government is properly compensated for any explicit or implicit support it provides to the GSEs or the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 399.95 Td (secondary housing finance market. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 382.70 Td (Among other things, Treasury states that its preference and recommendation is for Congress to enact comprehensive housing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 371.45 Td (finance reform legislation. Specifically, the Plan indicates that legislative reforms should replace the existing GSE Purchase ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 360.20 Td (Agreements with an explicit, paid-for guarantee backed by the full faith and credit of the federal government that is limited to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 348.95 Td (the timely payment of principal and interest on qualifying MBS. The explicit government guarantee should be available to re-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 337.70 Td (chartered GSEs and to any other FHFA-approved guarantors of MBS collateralized by eligible conventional mortgage loans or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 326.45 Td (eligible multifamily mortgage loans. Further, the government’s guarantee would stand behind significant first-loss private capital ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 315.20 Td (and would be triggered only in exigent circumstances.?) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 297.95 Td (To ensure stability in the housing finance system pending comprehensive housing finance reform legislation, the Plan indicates ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 286.70 Td (that it will be necessary to maintain limited and tailored government support for the GSEs by leaving the Purchase Agreement ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 275.45 Td (commitments in place after the GSE conservatorships. The Plan notes that the government should be compensated for its ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 264.20 Td (continued support through a periodic commitment fee. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 246.95 Td (The Plan also indicates that FHFA should begin the process of ending the GSE conservatorships. It recommends that the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 235.70 Td (Purchase Agreements be amended to enhance Treasury’s ability to mitigate the risk of a draw on the commitments after the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 224.45 Td (conservatorships have ended. It also indicates that other Purchase Agreement amendments should ensure that each GSE ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 213.20 Td (continues to be subject to appropriate mission and safety and soundness regulation after conservatorship and that future GSE ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 201.95 Td (activities are limited to those that have a close nexus to the underlying rationale for government support.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 184.70 Td (Treasury has indicated that it will continue to support FHFA’s administrative actions to enhance regulation of the GSEs, promote ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 173.45 Td (private sector competition, and satisfy preconditions for ending the GSEs?conservatorships. We cannot predict whether ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 162.20 Td (Congress will enact legislation or FHFA will take administrative action that is consistent with these recommendations.) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 275 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 453.85 764.07 Td (Regulation and Supervision) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (52) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 735.60 Td (Affordable Housing Goal Results for 2018) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 726.35 m 562.5 726.35 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 713.10 Td (In September 2019, FHFA informed us that it had reviewed our performance with respect to affordable housing goals for 2018 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 701.85 Td (and preliminarily determined that we achieved all five of our single-family affordable housing goals and all three of our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 690.60 Td (multifamily goals. We may achieve a single-family or multifamily housing goal by meeting or exceeding the FHFA benchmark for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 679.35 Td (that goal \(Goal\). We also may achieve a single-family housing goal by meeting or exceeding the actual share of the market that ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (meets the criteria for that goal \(Market Level\). Our performance on the goals, as preliminarily determined by FHFA, is set forth in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 656.85 Td (the table below.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 639.60 Td (Table 37 - 2018 Affordable Housing Goal Results) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.50 623.10 295.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 349.50 623.10 67.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 420.50 623.10 68.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 492.50 623.10 68.00 -26.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 441.1 m 345.5 441.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 441.1 m 416.5 441.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 441.1 m 420.5 441.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 441.1 m 488.5 441.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 441.1 m 492.5 441.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 441.1 m 560.5 441.1 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 356.80 602.17 Td (Goals for 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 429.00 611.17 Td (Market Levels) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 439.25 602.17 Td (for 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 505.40 611.17 Td (Preliminary) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 496.95 602.17 Td (Results for 2018) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 588.17 Td (Single-family purchase money goals \(benchmark levels\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 575.17 Td (Low-income goal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.50 575.17 Td (24) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.15 575.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.00 575.17 Td (25.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.15 575.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.00 575.17 Td (25.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.15 575.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 562.17 Td (Very low-income goal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 404.80 562.17 Td (6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.15 562.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 470.35 562.17 Td (6.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.15 562.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.35 562.17 Td (6.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.15 562.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 549.17 Td (Low-income areas goal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.50 549.17 Td (18) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.15 549.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.00 549.17 Td (22.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.15 549.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.00 549.17 Td (22.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.15 549.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 536.17 Td (Low-income areas subgoal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.50 536.17 Td (14) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.15 536.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.00 536.17 Td (18.0) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.15 536.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.00 536.17 Td (17.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.15 536.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 523.17 Td (Single-family refinance \(benchmark level\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 510.17 Td (Low-income goal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 400.50 510.17 Td (21) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.15 510.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.00 510.17 Td (30.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.15 510.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.00 510.17 Td (27.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.15 510.17 Td (%) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 484.17 Td (Multifamily \(benchmark levels in units\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 471.17 Td (Low-income goal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 381.05 471.17 Td (315,000) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.95 471.17 Td (N/A) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 525.05 471.17 Td (474,062) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 458.17 Td (Very low-income subgoal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 385.35 458.17 Td (60,000) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.95 458.17 Td (N/A) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 525.05 458.17 Td (105,612) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 445.17 Td (Small property low-income subgoal) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 385.35 445.17 Td (10,000) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.95 445.17 Td (N/A) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.35 445.17 Td (39,353) Tj ET Q BT /F2 9.00 Tf ET endstream endobj 113 0 obj <> endobj 114 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 237 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 759 m 402 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 759 m 567 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Management's Discussion and Analysis) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 451.05 764.07 Td (Forward-Looking Statements) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 38 m 237 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 38 m 275 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 38 m 561 38 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 28.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 28.07 Td (53) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 736.15 Td (FORWARD-LOOKING STATEMENTS) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 715.90 Td (We regularly communicate information concerning our business activities to investors, the news media, securities analysts, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 704.65 Td (others as part of our normal operations. Some of these communications, including this Form?0-Q, contain "forward-looking ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 693.40 Td (statements." Examples of forward-looking statements include, but are not limited to, statements pertaining to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 682.15 Td (conservatorship, our current expectations and objectives for the Single-family Guarantee, Multifamily, and Capital Markets ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 670.90 Td (segments of our business, our efforts to assist the housing market, our liquidity and capital management, economic and market ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 659.65 Td (conditions and trends, our market share, the effect of legislative and regulatory developments and new accounting guidance, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 648.40 Td (the credit quality of loans we own or guarantee, the costs and benefits of our CRT transactions, and our results of operations ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 637.15 Td (and financial condition on a GAAP, Segment Earnings, and fair value basis. Forward-looking statements involve known and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 625.90 Td (unknown risks and uncertainties, some of which are beyond our control. Forward-looking statements are often accompanied ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 614.65 Td (by, and identified with, terms such as "could," "may," "will," "believe," "expect," "anticipate," "forecast," and similar phrases. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 603.40 Td (These statements are not historical facts, but rather represent our expectations based on current information, plans, judgments, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 592.15 Td (assumptions, estimates, and projections. Actual results may differ significantly from those described in or implied by such ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 580.90 Td (forward-looking statements due to various factors and uncertainties, including those described in the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 457.35 580.90 Td (Risk Factors) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.38 580.90 Td ( section of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 569.65 Td (the Form 10-Q for the quarter ended June 30, 2019 and our 2018 Annual Report, and:) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 550.55 cm /I273 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 550.55 cm /I274 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 552.40 Td (The actions the U.S. government \(including FHFA, Treasury, and Congress\) may take, or require us to take, including to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 541.15 Td (support the housing markets or to implement the recommendations in the Treasury Housing Reform Plan or FHFA's ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 529.90 Td (Conservatorship Scorecards and other objectives for us;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 513.80 cm /I275 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 513.80 cm /I276 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 515.65 Td (The effect of the restrictions on our business due to the conservatorship and the Purchase Agreement, including our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 504.40 Td (dividend requirement on the senior preferred stock;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 488.30 cm /I277 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 488.30 cm /I278 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 490.15 Td (Changes in our Charter or in applicable legislative or regulatory requirements \(including changes pursuant to the Treasury ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 478.90 Td (Housing Reform Plan or pursuant to any legislation affecting the future status of our company\);) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 462.80 cm /I279 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 462.80 cm /I280 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 464.65 Td (Changes in the fiscal and monetary policies of the Federal Reserve, including the balance sheet normalization program to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 453.40 Td (reduce the Federal Reserve's holdings of mortgage-related securities;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 437.30 cm /I281 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 437.30 cm /I282 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 439.15 Td (Changes in tax laws;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 423.05 cm /I283 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 423.05 cm /I284 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 424.90 Td (Changes in accounting policies, practices, or guidance \(e.g., FASB's accounting standards update related to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 413.65 Td (measurement of credit losses of financial instruments\);) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 397.55 cm /I285 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 397.55 cm /I286 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 399.40 Td (Changes in economic and market conditions, including changes in employment rates, interest rates, spreads, and home ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 388.15 Td (prices;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 372.05 cm /I287 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 372.05 cm /I288 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 373.90 Td (Changes in the U.S. residential mortgage market, including changes in the supply and type of loan products \(e.g., ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 362.65 Td (refinance vs. purchase and fixed-rate vs. ARM\);) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 346.55 cm /I289 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 346.55 cm /I290 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 348.40 Td (The success of our efforts to mitigate our losses on our legacy and relief refinance single-family loan portfolio;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 332.30 cm /I291 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 332.30 cm /I292 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 334.15 Td (The success of our strategy to transfer mortgage credit risk through STACR debt note, STACR Trust, ACIS, K Certificate, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 322.90 Td (SB Certificate, and other CRT transactions;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 306.80 cm /I293 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 306.80 cm /I294 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 308.65 Td (Our ability to maintain adequate liquidity to fund our operations;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 292.55 cm /I295 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 292.55 cm /I296 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 294.40 Td (Our ability to maintain the security and resiliency of our operational systems and infrastructure, including against ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 283.15 Td (cyberattacks;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 267.05 cm /I297 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 267.05 cm /I298 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 268.90 Td (Our ability to effectively execute our business strategies, implement new initiatives, and improve efficiency;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 252.80 cm /I299 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 252.80 cm /I300 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 254.65 Td (The adequacy of our risk management framework, including the adequacy of the CCF for measuring risk;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 238.55 cm /I301 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 238.55 cm /I302 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 240.40 Td (Our ability to manage mortgage credit risk, including the effect of changes in underwriting and servicing practices;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 224.30 cm /I303 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 224.30 cm /I304 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 226.15 Td (Our ability to limit or manage our economic exposure and GAAP earnings exposure to interest-rate volatility and spread ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 214.90 Td (volatility, including the availability of derivative financial instruments needed for interest-rate risk management purposes;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 198.80 cm /I305 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 198.80 cm /I306 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 200.65 Td (Our operational ability to issue new securities, make timely and correct payments on securities, and provide initial and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 189.40 Td (ongoing disclosures;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 173.30 cm /I307 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 173.30 cm /I308 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 175.15 Td (Our reliance on CSS and the CSP for the operation of the majority of our single-family securitization activities;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 159.05 cm /I309 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 159.05 cm /I310 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 160.90 Td (Changes or errors in the methodologies, models, assumptions, and estimates we use to prepare our financial statements, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 149.65 Td (make business decisions, and manage risks;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 133.55 cm /I311 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 133.55 cm /I312 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 135.40 Td (Changes in investor demand for our debt or mortgage-related securities, as well as market acceptance of the UMBS; ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 119.30 cm /I313 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 119.30 cm /I314 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 121.15 Td (Changes in the practices of loan originators, servicers, investors, and other participants in the secondary mortgage market; ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 105.05 cm /I315 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 105.05 cm /I316 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 106.90 Td (The occurrence of a major natural or other disaster in areas in which our offices or significant portions of our total ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 95.65 Td (mortgage portfolio are located; and ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 79.55 cm /I317 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 79.55 cm /I318 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 81.40 Td (Other factors and assumptions described in this Form?0-Q and our 2018 Annual Report, including in the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 490.98 81.40 Td (MD&A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.65 81.40 Td ( section.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 64.15 Td (Forward-looking statements are made only as of the date of this Form 10-Q, and we undertake no obligation to update any ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 52.90 Td (forward-looking statements we make to reflect events or circumstances occurring after the date of this Form?0-Q.) 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164.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 162.45000000000005 m 441 162.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 176.45000000000005 m 504 176.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 164.45000000000005 m 504 164.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 162.45000000000005 m 504 162.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 176.45000000000005 m 563 176.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 164.45000000000005 m 563 164.45000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 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ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 338.10 653.52 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 396.60 653.52 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 457.15 653.52 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 516.15 653.52 Td (YTD 2018) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 642.52 Td (Interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 630.52 Td (Mortgage loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.70 630.52 Td ($16,428) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 409.70 630.52 Td ($16,787) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.70 630.52 Td ($51,732) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 630.52 Td ($49,082) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 618.52 Td (Investments in securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 618.52 Td (686) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 618.52 Td (755) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 618.52 Td (2,059) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 618.52 Td (2,295) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 606.52 Td (Other) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 606.52 Td (426) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 606.52 Td (261) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 606.52 Td (1,197) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 606.52 Td (703) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 64.50 594.52 Td (Total interest income) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 355.00 594.52 Td (17,540) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 414.00 594.52 Td (17,803) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 477.00 594.52 Td (54,988) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 594.52 Td (52,080) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 582.52 Td (Interest expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 352.85 582.52 Td (\(15,130) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 582.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.85 582.52 Td (\(14,546) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 582.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.85 582.52 Td (\(46,498) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 582.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 533.85 582.52 Td (\(42,802) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 582.52 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 571.52 Td (Net interest income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.35 571.52 Td (2,410) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.35 571.52 Td (3,257) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 571.52 Td (8,490) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 571.52 Td (9,278) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 559.52 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 559.52 Td (179) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 559.52 Td (380) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 559.52 Td (474) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 559.52 Td (377) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 547.52 Td (Net interest income after benefit \(provision\) for credit losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.35 547.52 Td (2,589) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.35 547.52 Td (3,637) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 547.52 Td (8,964) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 547.52 Td (9,655) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 535.52 Td (Non-interest income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 524.52 Td (Guarantee fee income) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 524.52 Td (231) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 524.52 Td (209) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 524.52 Td (670) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 524.52 Td (603) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 512.52 Td (Mortgage loans gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.35 512.52 Td (1,702) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.15 512.52 Td (94) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 512.52 Td (4,174) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 512.52 Td (233) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 500.52 Td (Investment securities gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 500.52 Td (164) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 500.52 Td (\(443) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 500.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 500.52 Td (728) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 500.52 Td (\(1,024) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 500.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 488.52 Td (Debt gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.95 488.52 Td (\(56) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 488.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 488.52 Td (158) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 496.45 488.52 Td (8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 488.52 Td (445) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 476.52 Td (Derivative gains \(losses\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 476.52 Td (\(1,217) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 476.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 476.52 Td (728) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 476.52 Td (\(4,912) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 476.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 476.52 Td (2,974) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 464.52 Td (Other income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 464.52 Td (146) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.15 464.52 Td (79) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 464.52 Td (389) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 464.52 Td (648) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 452.52 Td (Non-interest income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 452.52 Td (970) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.80 452.52 Td (825) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 452.52 Td (1,057) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 452.52 Td (3,879) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 440.52 Td (Non-interest expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 429.52 Td (Salaries and employee benefits) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 429.52 Td (\(333) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 429.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 429.52 Td (\(301) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 429.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.65 429.52 Td (\(983) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 429.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 429.52 Td (\(890) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 429.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 417.52 Td (Professional services) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 417.52 Td (\(115) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 417.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 417.52 Td (\(120) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 417.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.65 417.52 Td (\(342) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 417.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 417.52 Td (\(335) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 417.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 405.52 Td (Other administrative expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 405.52 Td (\(172) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 405.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 405.52 Td (\(148) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 405.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.65 405.52 Td (\(492) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 405.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 405.52 Td (\(422) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 405.52 Td (\)) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 64.50 393.52 Td (Total administrative expense) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 363.15 393.52 Td (\(620) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 378.80 393.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.15 393.52 Td (\(569) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 437.80 393.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 478.65 393.52 Td (\(1,817) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 500.80 393.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 537.65 393.52 Td (\(1,647) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 559.80 393.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 381.52 Td (Real estate owned operations expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 367.95 381.52 Td (\(58) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 381.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 426.95 381.52 Td (\(38) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 381.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 485.65 381.52 Td (\(172) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 381.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.95 381.52 Td (\(87) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 381.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 369.52 Td (Temporary Payroll Tax Cut Continuation Act of 2011 expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 369.52 Td (\(408) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 369.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 369.52 Td (\(375) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 369.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 369.52 Td (\(1,197) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 369.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 369.52 Td (\(1,100) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 369.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 357.52 Td (Other expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 357.52 Td (\(337) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 357.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 357.52 Td (\(218) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 357.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 357.52 Td (\(1,036) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 357.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 357.52 Td (\(619) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 357.52 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 345.52 Td (Non-interest expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 345.52 Td (\(1,423) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 345.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 416.15 345.52 Td (\(1,200) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 345.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 345.52 Td (\(4,222) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 345.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 345.52 Td (\(3,453) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 345.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 333.52 Td (Income \(loss\) before income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.35 333.52 Td (2,136) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.35 333.52 Td (3,262) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 333.52 Td (5,799) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 333.52 Td (10,081) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 321.52 Td (Income tax \(expense\) benefit) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.65 321.52 Td (\(427) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 321.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 321.52 Td (\(556) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 321.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 321.52 Td (\(1,177) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 321.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 321.52 Td (\(1,946) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 321.52 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 309.52 Td (Net income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.35 309.52 Td (1,709) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.35 309.52 Td (2,706) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 309.52 Td (4,622) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 309.52 Td (8,135) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 296.52 Td (Other comprehensive income \(loss\), net of taxes and reclassification) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 287.52 Td (adjustments:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 275.52 Td (Changes in unrealized gains \(losses\) related to available-for-sale securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 365.80 275.52 Td (124) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.65 275.52 Td (\(169) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 275.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 275.52 Td (674) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 275.52 Td (\(1,065) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 275.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 263.52 Td (Changes in unrealized gains \(losses\) related to cash flow hedge relationships) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 370.15 263.52 Td (19) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 429.15 263.52 Td (25) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 492.15 263.52 Td (57) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.15 263.52 Td (87) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 251.52 Td (Changes in defined benefit plans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 372.30 251.52 Td (\(4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 251.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 431.30 251.52 Td (\(3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 251.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 489.95 251.52 Td (\(14) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 251.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 548.95 251.52 Td (\(13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 251.52 Td (\)) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 64.50 239.52 Td (Total other comprehensive income \(loss\), net of taxes and) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 64.50 230.52 Td (reclassification adjustments) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 365.80 230.52 Td (139) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.15 230.52 Td (\(147) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 437.80 230.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 487.80 230.52 Td (717) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 544.15 230.52 Td (\(991) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 559.80 230.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 216.52 Td (Comprehensive income \(loss\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 355.00 216.52 Td ($1,848) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 414.00 216.52 Td ($2,559) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 477.00 216.52 Td ($5,339) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 216.52 Td ($7,144) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 203.52 Td (Net income \(loss\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 355.00 203.52 Td ($1,709) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 414.00 203.52 Td ($2,706) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 477.00 203.52 Td ($4,622) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 203.52 Td ($8,135) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 190.52 Td (Undistributed net worth sweep, senior preferred stock dividends, or future) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 181.52 Td (increase in senior preferred stock liquidation preference) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 181.52 Td (\(1,848) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 181.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 416.15 181.52 Td (\(2,559) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 437.80 181.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 181.52 Td (\(5,339) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 181.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 181.52 Td (\(4,144) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 181.52 Td (\)) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 52.50 167.52 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 358.85 167.52 Td (\($139) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 378.80 167.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 420.50 167.52 Td ($147) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 480.85 167.52 Td (\($717) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 500.80 167.52 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 167.52 Td ($3,991) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 154.52 Td (Net income \(loss\) per common share ?basic and diluted) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 357.15 154.52 Td (\($0.04) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 378.80 154.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.35 154.52 Td ($0.05) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.15 154.52 Td (\($0.22) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 500.80 154.52 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 154.52 Td ($1.23) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 141.52 Td (Weighted average common shares outstanding \(in millions\) ?basic and) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 132.52 Td (diluted) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 359.35 132.52 Td (3,234) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 418.35 132.52 Td (3,234) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.35 132.52 Td (3,234) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 132.52 Td (3,234) Tj ET Q BT /F2 9.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 49.50 111.95 Td (The accompanying notes are an integral part of these condensed consolidated financial statements.) 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0.4549019607843137 rg BT 547.45 28.07 Td (56) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 50.00 736.15 Td (FREDDIE MAC) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 50.00 714.55 Td (Condensed Consolidated Balance Sheets \(Unaudited\)) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 418.50 695.05 72.00 -12.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 490.50 695.05 72.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.50 683.05 364.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 418.50 683.05 72.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 490.50 683.05 72.00 -12.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 695.05 m 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0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 257.04999999999995 m 414.5 257.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 269.04999999999995 m 490.5 269.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 257.04999999999995 m 490.5 257.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 269.04999999999995 m 562.5 269.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 257.04999999999995 m 562.5 257.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 246.04999999999995 m 414.5 246.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 244.04999999999995 m 414.5 244.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 246.04999999999995 m 490.5 246.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 244.04999999999995 m 490.5 244.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 246.04999999999995 m 562.5 246.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 244.04999999999995 m 562.5 244.04999999999995 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 428.35 686.12 Td (September 30,) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 501.60 686.12 Td (December 31,) Tj ET Q BT /F5 8.00 Tf ET q 1 1 1 rg BT 53.00 674.84 Td (\() Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 54.93 674.84 Td (In millions) Tj ET Q BT /F5 8.00 Tf ET q 1 1 1 rg BT 88.05 674.84 Td (, except share-related amounts\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 445.35 674.12 Td (2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 517.35 674.12 Td (2018) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 662.12 Td (Assets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 650.12 Td (Cash and cash equivalents \(Notes 1, 3, 14\) \(includes $3,560 and $596 of restricted cash and cash) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 641.12 Td (equivalents\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 642.12 Td ($8,708) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 642.12 Td ($7,273) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 628.12 Td (Securities purchased under agreements to resell \(Notes 3, 10\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 628.12 Td (51,187) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 628.12 Td (34,771) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 616.12 Td (Investments in securities, at fair value \(Note 7\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 616.12 Td (72,982) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 616.12 Td (69,111) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 604.12 Td (Mortgage loans held-for-sale \(Notes 3, 4\) \(includes $21,538 and $23,106 at fair value\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 604.12 Td (41,118) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 604.12 Td (41,622) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 592.12 Td (Mortgage loans held-for-investment \(Notes 3, 4\) \(net of allowance for loan losses of $4,854 and $6,139\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.70 592.12 Td (1,956,372) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 524.70 592.12 Td (1,885,356) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 580.12 Td (Accrued interest receivable \(Note 3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.85 580.12 Td (6,790) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.85 580.12 Td (6,728) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 568.12 Td (Derivative assets, net \(Notes 9, 10\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.85 568.12 Td (1,592) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 568.12 Td (335) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 556.12 Td (Deferred tax assets, net \(Note 12\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.85 556.12 Td (5,784) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.85 556.12 Td (6,888) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 544.12 Td (Other assets \(Notes 3, 18\) \(includes $4,590 and $3,929 at fair value\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 544.12 Td (25,713) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 544.12 Td (10,976) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 59.00 532.12 Td (Total assets) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 448.40 532.12 Td ($2,170,246) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.40 532.12 Td ($2,063,060) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 518.12 Td (Liabilities and equity) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 507.12 Td (Liabilities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 495.12 Td (Accrued interest payable \(Note 3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 495.12 Td ($6,688) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 495.12 Td ($6,652) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 483.12 Td (Debt, net \(Notes 3, 8\) \(includes $4,600 and $5,112 at fair value\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 452.70 483.12 Td (2,149,259) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 524.70 483.12 Td (2,044,950) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 471.12 Td (Derivative liabilities, net \(Notes 9, 10\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.30 471.12 Td (355) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.30 471.12 Td (583) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 459.12 Td (Other liabilities \(Notes 3, 18\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.85 459.12 Td (7,270) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.85 459.12 Td (6,398) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 59.00 447.12 Td (Total liabilities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 452.70 447.12 Td (2,163,572) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 524.70 447.12 Td (2,058,583) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 435.12 Td (Commitments and contingencies \(Notes 5, 9, 16\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 423.12 Td (Equity \(Note 11\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 411.12 Td (Senior preferred stock \(redemption value of $77,474 and $75,648\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 411.12 Td (72,648) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 411.12 Td (72,648) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 399.12 Td (Preferred stock, at redemption value) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 399.12 Td (14,109) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 399.12 Td (14,109) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 387.12 Td (Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 378.12 Td (650,059,033 shares and 650,058,775 shares outstanding) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 478.30 379.12 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.30 379.12 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 365.12 Td (Additional paid-in capital) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 478.30 365.12 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.30 365.12 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 353.12 Td (Retained earnings \(accumulated deficit\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 461.35 353.12 Td (\(76,780) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.30 353.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 533.35 353.12 Td (\(78,260) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 353.12 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 341.12 Td (AOCI, net of taxes, related to:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 65.00 329.12 Td (Available-for-sale securities \(includes $243 and $221, related to net unrealized gains on securities for) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 65.00 320.12 Td (which other-than-temporary impairment has been recognized in earnings\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.30 322.12 Td (757) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.65 322.12 Td (83) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 65.00 308.12 Td (Cash flow hedge relationships) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.15 308.12 Td (\(258) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.30 308.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 308.12 Td (\(315) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 308.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 65.00 296.12 Td (Defined benefit plans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 478.65 296.12 Td (83) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.65 296.12 Td (97) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 71.00 284.12 Td (Total AOCI, net of taxes) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.30 284.12 Td (582) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.15 284.12 Td (\(135) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 284.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 272.12 Td (Treasury stock, at cost, 75,804,853 shares and 75,805,111 shares) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 465.65 272.12 Td (\(3,885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.30 272.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 537.65 272.12 Td (\(3,885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.30 272.12 Td (\)) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 59.00 260.12 Td (Total equity) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.57 260.12 Td ( \(See Note 11 for information on our dividend requirement to Treasury\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 467.85 260.12 Td (6,674) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 539.85 260.12 Td (4,477) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 59.00 248.12 Td (Total liabilities and equity) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 448.40 248.12 Td ($2,170,246) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.40 248.12 Td ($2,063,060) Tj ET Q BT /F2 9.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 50.00 228.30 Td (The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on our condensed consolidated balance ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 50.00 217.05 Td (sheets.) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 418.50 206.55 72.00 -12.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 490.50 206.55 72.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.50 194.55 364.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 418.50 194.55 72.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 490.50 194.55 72.00 -12.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 206.54999999999995 m 490.5 194.54999999999995 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 194.54999999999995 m 490.5 182.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 134.54999999999995 m 562.5 134.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 134.54999999999995 m 414.5 134.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 123.54999999999995 m 414.5 123.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 121.54999999999995 m 414.5 121.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 134.54999999999995 m 490.5 134.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 123.54999999999995 m 490.5 123.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 121.54999999999995 m 490.5 121.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 134.54999999999995 m 562.5 134.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 123.54999999999995 m 562.5 123.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 121.54999999999995 m 562.5 121.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 86.54999999999995 m 562.5 86.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 86.54999999999995 m 414.5 86.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 75.54999999999995 m 414.5 75.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 73.54999999999995 m 414.5 73.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 86.54999999999995 m 490.5 86.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 75.54999999999995 m 490.5 75.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 73.54999999999995 m 490.5 73.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 86.54999999999995 m 562.5 86.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 75.54999999999995 m 562.5 75.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 73.54999999999995 m 562.5 73.54999999999995 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 428.35 197.62 Td (September 30,) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 501.60 197.62 Td (December 31,) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 53.00 186.34 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 445.35 185.62 Td (2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 517.35 185.62 Td (2018) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 173.62 Td (Consolidated Balance Sheet Line Item) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 161.62 Td (Assets: \(Note 3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 149.62 Td (Mortgage loans held-for-investment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.40 149.62 Td ($1,905,633) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 520.40 149.62 Td ($1,842,850) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 137.62 Td (All other assets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 463.50 137.62 Td (43,863) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 535.50 137.62 Td (20,237) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 125.62 Td (Total assets of consolidated VIEs) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 448.40 125.62 Td ($1,949,496) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.40 125.62 Td ($1,863,087) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 53.00 113.62 Td (Liabilities: \(Note 3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 101.62 Td (Debt, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.40 101.62 Td ($1,869,308) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 520.40 101.62 Td ($1,792,677) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 59.00 89.62 Td (All other liabilities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 467.85 89.62 Td (5,519) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 539.85 89.62 Td (5,335) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 53.00 77.62 Td (Total liabilities of consolidated VIEs) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 448.40 77.62 Td ($1,874,827) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.40 77.62 Td ($1,798,012) Tj ET Q BT /F2 9.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 50.00 62.45 Td (The accompanying notes are an integral part of these condensed consolidated financial statements.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 759 m 247 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 759 m 571 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 55.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 386.05 764.07 Td (Condensed Consolidated Statements of Equity) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 38 m 237 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 38 m 275 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 38 m 561 38 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 28.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 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w 0 i [] 0 d 0 J 0 j 3 M 205.75 470.05 m 237.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.75 459.05 m 237.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.75 457.05 m 237.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.75 470.05 m 269.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.75 459.05 m 269.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.75 457.05 m 269.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.75 470.05 m 310.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.75 459.05 m 310.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.75 457.05 m 310.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 470.05 m 353.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 459.05 m 353.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 457.05 m 353.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 470.05 m 388.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 459.05 m 388.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 457.05 m 388.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.75 470.05 m 423.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.75 459.05 m 423.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.75 457.05 m 423.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 470.05 m 473.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 459.05 m 473.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 457.05 m 473.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.75 470.05 m 500.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.75 459.05 m 500.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.75 457.05 m 500.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.75 470.05 m 532.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.75 459.05 m 532.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.75 457.05 m 532.75 457.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.75 470.05 m 561.75 470.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.75 459.05 m 561.75 459.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.75 457.05 m 561.75 457.05 l s BT /F5 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 56.25 676.55 Td (? Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 193.90 676.55 Td (Shares Outstanding) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 280.85 662.55 Td (Senior) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 276.75 655.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 281.80 648.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 318.75 669.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 319.55 662.55 Td (Stock, at) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 315.10 655.55 Td (Redemption) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 324.10 648.55 Td (Value) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 358.45 662.55 Td (Common) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 358.55 655.55 Td (Stock, at) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 357.75 648.55 Td (Par Value) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 391.60 662.55 Td (Additional) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 395.75 655.55 Td (Paid-In) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 395.95 648.55 Td (Capital) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 435.90 669.55 Td (Retained) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 436.05 662.55 Td (Earnings) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 428.90 655.55 Td (\(Accumulated) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 438.20 648.55 Td (Deficit\)) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 479.35 662.55 Td (AOCI,) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 478.50 655.55 Td (Net of) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 481.95 648.55 Td (Tax) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 504.25 662.55 Td (Treasury) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 504.05 655.55 Td (Stock, at) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 510.10 648.55 Td (Cost) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 539.95 655.55 Td (Total) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 538.10 648.55 Td (Equity ) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 56.25 648.55 Td (\(In millions\)) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 180.35 662.55 Td (Senior) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 176.25 655.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 181.30 648.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 208.25 655.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 213.30 648.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 240.95 655.55 Td (Common) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 245.30 648.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.25 636.55 Td (Balance at June 30, 2019) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 199.75 636.55 Td (1) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 225.05 636.55 Td (464) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 257.05 636.55 Td (650) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 286.30 636.55 Td ($72,648) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 329.25 636.55 Td ($14,109) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 375.75 636.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 410.75 636.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 447.55 636.55 Td (\($78,489) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.15 636.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 484.70 636.55 Td ($443) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 509.95 636.55 Td (\($3,885) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 530.15 636.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 540.65 636.55 Td ($4,826) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 56.25 624.55 Td (Comprehensive income \(loss\):) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 612.55 Td (Net income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.00 612.55 Td (1,709) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 612.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.00 612.55 Td (1,709) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 600.55 Td (Other comprehensive income \(loss\), net of) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 593.55 Td (taxes) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 464.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 488.05 593.55 Td (139) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 593.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 549.05 593.55 Td (139) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 62.25 581.55 Td (Comprehensive income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.00 581.55 Td (1,709) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 488.05 581.55 Td (139) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 581.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.00 581.55 Td (1,848) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 56.25 567.55 Td (Ending balance at September 30, 2019) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 199.75 567.55 Td (1) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 225.05 567.55 Td (464) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 257.05 567.55 Td (650) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 286.30 567.55 Td ($72,648) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 329.25 567.55 Td ($14,109) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 375.75 567.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 410.75 567.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 447.20 567.55 Td (\($76,780) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 471.15 567.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 484.70 567.55 Td ($582) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 509.55 567.55 Td (\($3,885) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 530.15 567.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 540.65 567.55 Td ($6,674) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 56.25 541.55 Td (Balance at June 30, 2018) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 199.75 541.55 Td (1) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 225.05 541.55 Td (464) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 257.05 541.55 Td (650) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 286.30 541.55 Td ($72,648) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 329.25 541.55 Td ($14,109) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 375.75 541.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 410.75 541.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 447.55 541.55 Td (\($77,921) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.15 541.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 483.00 541.55 Td (\($366) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 498.15 541.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 509.95 541.55 Td (\($3,885) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 530.15 541.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 540.65 541.55 Td ($4,585) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 56.25 529.55 Td (Comprehensive income \(loss\):) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 517.55 Td (Net income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.00 517.55 Td (2,706) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 517.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.00 517.55 Td (2,706) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 505.55 Td (Other comprehensive income \(loss\), net of) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 498.55 Td (taxes) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 464.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 486.35 498.55 Td (\(147) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 498.15 498.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 498.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 547.35 498.55 Td (\(147) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 559.15 498.55 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 62.25 486.55 Td (Comprehensive income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.00 486.55 Td (2,706) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 486.35 486.55 Td (\(147) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 498.15 486.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 486.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.00 486.55 Td (2,559) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 56.25 474.55 Td (Senior preferred stock dividends paid) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 454.25 474.55 Td (\(1,585) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.15 474.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.15 474.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 542.30 474.55 Td (\(1,585) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 559.15 474.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 56.25 462.55 Td (Ending balance at September 30, 2018) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 199.75 462.55 Td (1) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 225.05 462.55 Td (464) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 257.05 462.55 Td (650) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 286.30 462.55 Td ($72,648) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 329.25 462.55 Td ($14,109) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 375.75 462.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 410.75 462.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 447.20 462.55 Td (\($76,800) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 471.15 462.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 482.60 462.55 Td (\($513) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 498.15 462.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 509.55 462.55 Td (\($3,885) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 530.15 462.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 540.65 462.55 Td ($5,559) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 174.50 439.05 96.00 -11.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 270.50 439.05 41.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 311.50 439.05 43.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 354.50 439.05 35.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 389.50 439.05 35.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 424.50 439.05 50.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 474.50 439.05 27.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 501.50 439.05 32.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 533.50 439.05 29.00 -39.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 54.50 428.05 116.00 -28.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 174.50 428.05 32.00 -28.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 206.50 428.05 32.00 -28.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 238.50 428.05 32.00 -28.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 54.50 321.05 116.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 174.50 321.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 206.50 321.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 238.50 321.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 270.50 321.05 41.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 311.50 321.05 43.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 354.50 321.05 35.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 389.50 321.05 35.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 424.50 321.05 50.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 474.50 321.05 27.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 501.50 321.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 533.50 321.05 29.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 54.50 185.05 116.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 174.50 185.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 206.50 185.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 238.50 185.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 270.50 185.05 41.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 311.50 185.05 43.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 354.50 185.05 35.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 389.50 185.05 35.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 424.50 185.05 50.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 474.50 185.05 27.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 501.50 185.05 32.00 -12.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 533.50 185.05 29.00 -12.00 re f /GS0 gs 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 439.04999999999995 m 270.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 439.04999999999995 m 311.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 439.04999999999995 m 354.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 439.04999999999995 m 389.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 439.04999999999995 m 424.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 439.04999999999995 m 474.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 439.04999999999995 m 501.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 439.04999999999995 m 533.5 428.04999999999995 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 428.04999999999995 m 206.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 428.04999999999995 m 238.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 428.04999999999995 m 270.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 428.04999999999995 m 311.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 428.04999999999995 m 354.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 428.04999999999995 m 389.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 428.04999999999995 m 424.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 428.04999999999995 m 474.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 428.04999999999995 m 501.5 400.04999999999995 l s 1 1 1 RG /GS0 gs 3.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 428.04999999999995 m 533.5 400.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 345.04999999999995 m 170.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 345.04999999999995 m 174.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 345.04999999999995 m 206.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 345.04999999999995 m 238.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 345.04999999999995 m 270.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 345.04999999999995 m 311.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 345.04999999999995 m 354.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 345.04999999999995 m 389.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 345.04999999999995 m 424.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 345.04999999999995 m 474.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 345.04999999999995 m 501.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 345.04999999999995 m 533.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 345.04999999999995 m 562.5 345.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 321.04999999999995 m 170.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 321.04999999999995 m 170.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 310.04999999999995 m 170.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 308.04999999999995 m 170.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 321.04999999999995 m 206.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 310.04999999999995 m 206.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 308.04999999999995 m 206.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 321.04999999999995 m 238.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 310.04999999999995 m 238.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 308.04999999999995 m 238.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 321.04999999999995 m 270.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 310.04999999999995 m 270.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 308.04999999999995 m 270.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 321.04999999999995 m 311.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 310.04999999999995 m 311.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 308.04999999999995 m 311.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 321.04999999999995 m 354.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 310.04999999999995 m 354.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 308.04999999999995 m 354.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 321.04999999999995 m 389.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 310.04999999999995 m 389.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 308.04999999999995 m 389.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 321.04999999999995 m 424.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 310.04999999999995 m 424.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 308.04999999999995 m 424.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 321.04999999999995 m 474.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 310.04999999999995 m 474.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 308.04999999999995 m 474.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 321.04999999999995 m 501.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 310.04999999999995 m 501.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 308.04999999999995 m 501.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 321.04999999999995 m 533.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 310.04999999999995 m 533.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 308.04999999999995 m 533.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 321.04999999999995 m 562.5 321.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 310.04999999999995 m 562.5 310.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 308.04999999999995 m 562.5 308.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 240.04999999999995 m 170.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 240.04999999999995 m 174.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 240.04999999999995 m 206.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 240.04999999999995 m 238.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 240.04999999999995 m 270.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 240.04999999999995 m 311.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 240.04999999999995 m 354.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 240.04999999999995 m 389.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 240.04999999999995 m 424.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 240.04999999999995 m 474.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 240.04999999999995 m 501.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 240.04999999999995 m 533.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 240.04999999999995 m 562.5 240.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185.04999999999995 m 170.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 185.04999999999995 m 206.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 185.04999999999995 m 238.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 185.04999999999995 m 270.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 185.04999999999995 m 311.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 185.04999999999995 m 354.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 185.04999999999995 m 389.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 185.04999999999995 m 424.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 185.04999999999995 m 474.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 185.04999999999995 m 501.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 185.04999999999995 m 533.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185.04999999999995 m 170.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 174.04999999999995 m 170.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 172.04999999999995 m 170.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 185.04999999999995 m 206.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 174.04999999999995 m 206.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 172.04999999999995 m 206.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 185.04999999999995 m 238.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 174.04999999999995 m 238.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 172.04999999999995 m 238.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 185.04999999999995 m 270.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 174.04999999999995 m 270.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 172.04999999999995 m 270.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 185.04999999999995 m 311.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 174.04999999999995 m 311.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 172.04999999999995 m 311.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 185.04999999999995 m 354.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 174.04999999999995 m 354.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 172.04999999999995 m 354.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 185.04999999999995 m 389.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 174.04999999999995 m 389.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 172.04999999999995 m 389.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 185.04999999999995 m 424.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 174.04999999999995 m 424.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 172.04999999999995 m 424.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 185.04999999999995 m 474.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 174.04999999999995 m 474.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 172.04999999999995 m 474.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 185.04999999999995 m 501.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 174.04999999999995 m 501.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 172.04999999999995 m 501.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 185.04999999999995 m 533.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 174.04999999999995 m 533.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 172.04999999999995 m 533.5 172.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 185.04999999999995 m 562.5 185.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 174.04999999999995 m 562.5 174.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 172.04999999999995 m 562.5 172.04999999999995 l s BT /F5 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 57.00 431.55 Td (? Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 194.65 431.55 Td (Shares Outstanding) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 281.60 418.55 Td (Senior) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 277.50 411.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 282.55 404.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 319.50 425.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 320.30 418.55 Td (Stock, at) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 315.85 411.55 Td (Redemption) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 324.85 404.55 Td (Value) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 359.20 418.55 Td (Common) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 359.30 411.55 Td (Stock, at) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 358.50 404.55 Td (Par Value) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 392.35 418.55 Td (Additional) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 396.50 411.55 Td (Paid-In) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 396.70 404.55 Td (Capital) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 436.65 425.55 Td (Retained) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 436.80 418.55 Td (Earnings) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 429.65 411.55 Td (\(Accumulated) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 438.95 404.55 Td (Deficit\)) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 480.10 418.55 Td (AOCI,) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 479.25 411.55 Td (Net of) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 482.70 404.55 Td (Tax) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 505.00 418.55 Td (Treasury) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 504.80 411.55 Td (Stock, at) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 510.85 404.55 Td (Cost) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 540.70 411.55 Td (Total) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 538.85 404.55 Td (Equity ) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 57.00 404.55 Td (\(In millions\)) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 181.10 418.55 Td (Senior) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 177.00 411.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 182.05 404.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 209.00 411.55 Td (Preferred) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 214.05 404.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 241.70 411.55 Td (Common) Tj ET Q BT /F10 7.00 Tf ET q 1 1 1 rg BT 246.05 404.55 Td (Stock) Tj ET Q BT /F10 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 392.55 Td (Balance at December?1, 2018) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 200.50 392.55 Td (1) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 225.80 392.55 Td (464) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 257.80 392.55 Td (650) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 287.05 392.55 Td ($72,648) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 330.00 392.55 Td ($14,109) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 376.50 392.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 411.50 392.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 448.30 392.55 Td (\($78,260) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.90 392.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 483.75 392.55 Td (\($135) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 498.90 392.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 510.70 392.55 Td (\($3,885) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 530.90 392.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 541.40 392.55 Td ($4,477) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 57.00 380.55 Td (Comprehensive income \(loss\):) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 368.55 Td (Net income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.75 368.55 Td (4,622) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 368.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.75 368.55 Td (4,622) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 356.55 Td (Other comprehensive income \(loss\), net of) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 349.55 Td (taxes) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 464.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 488.80 349.55 Td (717) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 349.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 549.80 349.55 Td (717) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 63.00 337.55 Td (Comprehensive income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.75 337.55 Td (4,622) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 488.80 337.55 Td (717) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 337.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.75 337.55 Td (5,339) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 325.55 Td (Senior preferred stock dividends paid) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 455.00 325.55 Td (\(3,142) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.90 325.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 325.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 543.05 325.55 Td (\(3,142) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 559.90 325.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 57.00 313.55 Td (Ending balance at September 30, 2019) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 200.50 313.55 Td (1) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 225.80 313.55 Td (464) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 257.80 313.55 Td (650) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 287.05 313.55 Td ($72,648) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 330.00 313.55 Td ($14,109) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 376.50 313.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 411.50 313.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 447.95 313.55 Td (\($76,780) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 471.90 313.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 485.45 313.55 Td ($582) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 510.30 313.55 Td (\($3,885) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 530.90 313.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 541.40 313.55 Td ($6,674) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 57.00 287.55 Td (Balance at December?1, 2017) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 200.50 287.55 Td (1) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 225.80 287.55 Td (464) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 257.80 287.55 Td (650) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 287.05 287.55 Td ($72,336) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 330.00 287.55 Td ($14,109) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 376.50 287.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 411.50 287.55 Td ($? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 448.30 287.55 Td (\($83,261) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.90 287.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 485.45 287.55 Td ($389) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 510.70 287.55 Td (\($3,885) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 530.90 287.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.75 287.55 Td (\($312) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 559.90 287.55 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 57.00 275.55 Td (Comprehensive income \(loss\):) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 263.55 Td (Net income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.75 263.55 Td (8,135) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 263.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.75 263.55 Td (8,135) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 251.55 Td (Other comprehensive income \(loss\), net of) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 244.55 Td (taxes) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 464.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 487.10 244.55 Td (\(991) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 498.90 244.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 244.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 548.10 244.55 Td (\(991) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 559.90 244.55 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 63.00 232.55 Td (Comprehensive income \(loss\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 456.75 232.55 Td (8,135) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 487.10 232.55 Td (\(991) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 498.90 232.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 232.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 544.75 232.55 Td (7,144) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 220.55 Td (Cumulative effect of change in accounting) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 213.55 Td (principle) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 463.45 213.55 Td (\(89) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.90 213.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 492.15 213.55 Td (89) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 552.90 213.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 201.55 Td (Increase in liquidation preference) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 298.80 201.55 Td (312) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 464.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 201.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 549.80 201.55 Td (312) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 57.00 189.55 Td (Senior preferred stock dividends paid) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 196.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 228.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 260.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 301.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 344.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 379.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 414.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 455.00 189.55 Td (\(1,585) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 471.90 189.55 Td (\)) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 491.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 523.90 189.55 Td (? Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 543.05 189.55 Td (\(1,585) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 559.90 189.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 57.00 177.55 Td (Ending balance at September 30, 2018) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 200.50 177.55 Td (1) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 225.80 177.55 Td (464) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 257.80 177.55 Td (650) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 287.05 177.55 Td ($72,648) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 330.00 177.55 Td ($14,109) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 376.50 177.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 411.50 177.55 Td ($? Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 447.95 177.55 Td (\($76,800) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 471.90 177.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 483.35 177.55 Td (\($513) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 498.90 177.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 510.30 177.55 Td (\($3,885) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 530.90 177.55 Td (\)) Tj ET Q BT /F10 7.00 Tf ET q 0 0 0 rg BT 541.40 177.55 Td ($5,559) Tj ET Q BT /F2 9.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 54.00 157.95 Td (The accompanying notes are an integral part of these condensed consolidated financial statements.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 244 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 759 m 563 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 356.85 764.07 Td (Condensed Consolidated Statements of Cash Flows) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (58) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (FREDDIE MAC) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 706.55 Td (Condensed Consolidated Statements of Cash Flows \(Unaudited\)) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 690.05 365.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 419.00 690.05 72.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 491.00 690.05 72.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491 690.05 m 491 676.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 664.05 m 491 664.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 664.05 m 563 664.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 664.05 m 415 664.05 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 472.04999999999995 m 415 472.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 460.04999999999995 m 415 460.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 472.04999999999995 m 491 472.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 460.04999999999995 m 491 460.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 472.04999999999995 m 563 472.04999999999995 l s 0.5333333333333333 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352.04999999999995 m 563 352.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 326.04999999999995 m 415 326.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 313.04999999999995 m 415 313.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 311.04999999999995 m 415 311.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 326.04999999999995 m 491 326.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 313.04999999999995 m 491 313.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 311.04999999999995 m 491 311.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 326.04999999999995 m 563 326.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 313.04999999999995 m 563 313.04999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 311.04999999999995 m 563 311.04999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 242.04999999999995 m 415 242.04999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 242.04999999999995 m 491 242.04999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 242.04999999999995 m 563 242.04999999999995 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 681.34 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 437.65 681.12 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 509.65 681.12 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 667.12 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 464.00 667.12 Td ($3,404) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 667.12 Td ($2,895) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 655.12 Td (Cash flows from investing activities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 643.12 Td (Purchases of trading securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 461.85 643.12 Td (\(76,091) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 643.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.55 643.12 Td (\(101,700) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 643.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 631.12 Td (Proceeds from sales of trading securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.00 631.12 Td (61,398) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 631.12 Td (94,934) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 619.12 Td (Proceeds from maturities and repayments of trading securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.00 619.12 Td (10,733) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 619.12 Td (5,276) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 607.12 Td (Purchases of available-for-sale securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.15 607.12 Td (\(6,440) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 607.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 533.85 607.12 Td (\(14,308) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 607.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 595.12 Td (Proceeds from sales of available-for-sale securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.35 595.12 Td (9,407) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 595.12 Td (16,976) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 583.12 Td (Proceeds from maturities and repayments of available-for-sale securities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.35 583.12 Td (3,201) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 583.12 Td (4,740) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 571.12 Td (Purchases of held-for-investment mortgage loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.55 571.12 Td (\(154,441) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 571.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.55 571.12 Td (\(113,083) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 571.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 559.12 Td (Proceeds from sales of mortgage loans held-for-investment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 464.00 559.12 Td (11,063) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 559.12 Td (7,121) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 547.12 Td (Repayments of mortgage loans held-for-investment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 459.70 547.12 Td (232,374) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 547.12 Td (190,264) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 535.12 Td (Advances under secured lending arrangements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 461.85 535.12 Td (\(34,627) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 535.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 533.85 535.12 Td (\(19,407) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 535.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 523.12 Td (Repayments of secured lending arrangements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.35 523.12 Td (1,022) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.80 523.12 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 511.12 Td (Net proceeds from dispositions of real estate owned and other recoveries) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.80 511.12 Td (891) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 511.12 Td (1,054) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 499.12 Td (Net \(increase\) decrease in securities purchased under agreements to resell) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 461.85 499.12 Td (\(16,416) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 499.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 499.12 Td (7,363) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 487.12 Td (Derivative premiums and terminations, swap collateral, and exchange settlement payments, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 461.85 487.12 Td (\(10,536) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 487.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 487.12 Td (5,418) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 475.12 Td (Other, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 472.65 475.12 Td (\(424) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 475.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 544.65 475.12 Td (\(321) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 475.12 Td (\)) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 58.50 463.12 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 464.00 463.12 Td (31,114) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 463.12 Td (84,327) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 451.12 Td (Cash flows from financing activities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 439.12 Td (Proceeds from issuance of debt securities of consolidated trusts held by third parties) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 459.70 439.12 Td (178,248) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 439.12 Td (158,825) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 427.12 Td (Repayments and redemptions of debt securities of consolidated trusts held by third parties) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.55 427.12 Td (\(234,410) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 427.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.55 427.12 Td (\(211,729) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 427.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 415.12 Td (Proceeds from issuance of other debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 459.70 415.12 Td (631,628) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 415.12 Td (444,809) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 403.12 Td (Repayments of other debt) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 457.55 403.12 Td (\(605,323) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 403.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 529.55 403.12 Td (\(480,625) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 403.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 391.12 Td (Increase in liquidation preference of senior preferred stock) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 478.80 391.12 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 391.12 Td (312) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 379.12 Td (Payment of cash dividends on senior preferred stock) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 466.15 379.12 Td (\(3,142) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 379.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 379.12 Td (\(1,585) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 379.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 367.12 Td (Other, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 476.95 367.12 Td (\(84) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 487.80 367.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 553.30 367.12 Td (\(2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 367.12 Td (\)) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 58.50 355.12 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 461.35 355.12 Td (\(33,083) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 487.80 355.12 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 533.35 355.12 Td (\(89,995) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 559.80 355.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 343.12 Td (Net increase \(decrease\) in cash and cash equivalents \(includes restricted cash and cash equivalents\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.35 343.12 Td (1,435) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 343.12 Td (\(2,773) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 343.12 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 331.12 Td (Cash and cash equivalents \(includes restricted cash and cash equivalents\) at beginning of year) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.35 331.12 Td (7,273) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 331.12 Td (9,811) Tj ET Q BT /F11 9.00 Tf ET q 0 0 0 rg BT 58.50 317.12 Td (Cash and cash equivalents \(includes restricted cash and cash equivalents\) at end of period) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 464.00 317.12 Td ($8,708) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 317.12 Td ($7,038) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 293.12 Td (Supplemental cash flow information) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 281.12 Td (Cash paid for:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 269.12 Td (Debt interest) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 459.70 269.12 Td ($52,720) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 269.12 Td ($48,915) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 257.12 Td (Income taxes) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 474.80 257.12 Td (306) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 257.12 Td (2,125) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 245.12 Td (Non-cash investing and financing activities \(Note 4\)) Tj ET Q BT /F17 8.00 Tf ET BT /F17 8.00 Tf ET q 0 0 0 rg BT 49.50 226.95 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.72 226.95 Td (The accompanying notes are an integral part of these condensed consolidated financial statements.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 190 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 291.10 764.07 Td (Notes to the Condensed Consolidated Financial Statements) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 522.43 764.07 Td ( ) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 524.60 764.07 Td (|) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 526.59 764.07 Td ( Note 1) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (59) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F8 24.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 729.90 Td (Notes to Condensed Consolidated Financial ) Tj ET Q BT /F8 24.00 Tf ET q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 701.10 Td (Statements) Tj ET Q BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 661.50 Td (NOTE 1) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 630.90 Td (Summary of Significant Accounting Policies) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 610.65 Td (Freddie Mac is a GSE chartered by Congress in 1970. Our public mission is to provide liquidity, stability, and affordability to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 599.40 Td (U.S. housing market. We are regulated by FHFA, the SEC, HUD, and Treasury, and are currently operating under the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 588.15 Td (conservatorship of FHFA. For more information on the roles of FHFA and Treasury, see ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 400.62 588.15 Td (Note? ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.49 588.15 Td (in this Form 10-Q and in our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 576.90 Td (Annual Report on Form 10-K for the year ended December 31, 2018, or 2018 Annual Report. Throughout our unaudited ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 565.65 Td (condensed consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 49.50 554.40 Td (Glossary) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.05 554.40 Td ( of our 2018 Annual Report. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.63 554.40 Td (Throughout this Form 10-Q, we refer to the three months ended September 30, 2019, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 543.15 Td (three months ended June 30, 2019, the three months ended March 31, 2019, the three months ended December 31, 2018, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 531.90 Td (three months ended September 30, 2018, the three months ended June 30, 2018, the three months ended March 31, 2018, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 520.65 Td (the three months ended December 31, 2017 as "3Q 2019," "2Q 2019," "1Q 2019," "4Q 2018," "3Q 2018," "2Q 2018," "1Q ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 509.40 Td (2018," and "4Q 2017," respectively. We refer to the nine months ended September 30, 2019 and the nine months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 498.15 Td (September 30, 2018 as "YTD 2019" and "YTD 2018," respectively.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 480.90 Td (The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 469.65 Td (consolidated financial statements and related notes in our 2018 Annual Report.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 444.45 Td (Basis of Presentation) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 435.65 m 562.5 435.65 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 416.40 Td (The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 405.15 Td (include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 393.90 Td (balances and transactions have been eliminated.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 376.65 Td (We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 365.40 Td (concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 354.15 Td (our business operations. Certain amounts in prior periods' condensed consolidated financial statements have been reclassified ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 342.90 Td (to conform to the current presentation. In the opinion of management, our unaudited condensed consolidated financial ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 331.65 Td (statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 320.40 Td (results.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 303.15 Td (We evaluate the materiality of identified errors in the financial statements using both an income statement, or "rollover," and a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 291.90 Td (balance sheet, or "iron curtain," approach, based on relevant quantitative) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 343.29 291.90 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.79 291.90 Td (and qualitative factors. Net income includes certain ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 280.65 Td (adjustments to correct immaterial errors related to previously reported periods.) 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Management has made significant estimates in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 673.80 Td (preparing the financial statements for establishing the allowance for credit losses and valuing financial instruments and other ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 662.55 Td (assets and liabilities. Actual results could be different from these estimates.) 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/GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 60 m 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 60 m 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 60 m 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 60 m 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 60 m 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 60 m 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 60 m BT /F11 11.00 Tf ET q 0 0 0 rg BT 51.50 736.15 Td (Recently Issued Accounting Guidance, Not Yet Adopted Within Our Condensed Consolidated Financial Statements) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 90.15 716.07 Td (Standard) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 234.10 716.07 Td (Description) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 348.25 720.57 Td (Date of Planned) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 360.50 711.57 Td (Adoption) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 427.70 720.57 Td (Effect on Consolidated Financial) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 464.55 711.57 Td (Statements) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 696.57 Td (ASU 2016-13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 696.57 Td (, Financial ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 685.77 Td (Instruments—Credit Losses ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 675.02 Td (\(Topic 326\): Measurement of ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 664.17 Td (Credit Losses on Financial ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 653.42 Td (Instruments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 696.57 Td (The amendments in this Update replace the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 687.57 Td (incurred loss impairment methodology in current) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 678.57 Td (GAAP with a methodology that reflects lifetime) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 669.57 Td (expected credit losses and requires consideration of) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 660.57 Td (a broader range of reasonable and supportable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 651.57 Td (information to inform credit loss estimates.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 696.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 696.57 Td (We have developed our models to estimate ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 687.57 Td (lifetime expected credit losses on our ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 678.57 Td (financial instruments measured at ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 669.57 Td (amortized cost primarily using a discounted ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 660.57 Td (cash flow methodology. We are using these ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 651.57 Td (models to execute our process for ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 642.57 Td (estimating the allowance for credit losses ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 633.57 Td (under the new standard in parallel with our ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 624.57 Td (existing process for estimating the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 615.57 Td (allowance for credit losses under current ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 606.57 Td (GAAP and are developing an appropriate ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 597.57 Td (governance process for our estimate of ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 588.57 Td (expected credit losses under the new ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 579.57 Td (standard. The amendments will be applied ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 570.57 Td (through a cumulative effect adjustment to ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 561.57 Td (retained earnings as of the beginning of the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 552.57 Td (year of adoption. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 534.57 Td (While we continue to evaluate the effect ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 525.57 Td (that ASU 2016-13, Financial Instruments - ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 516.57 Td (Credit Losses, and related amendments will ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 507.57 Td (have on our consolidated financial ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 498.57 Td (statements, we expect the transition impact ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 489.57 Td (to result in an immaterial change in ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 480.57 Td (retained earnings. The increase in the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 471.57 Td (allowance for credit losses from ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 462.57 Td (incorporating lifetime losses is generally ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 453.57 Td (offset by recoveries and a positive impact ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 444.57 Td (from including forecasts of economic ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 435.57 Td (conditions. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 418.57 Td (The actual impact at adoption will depend ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 409.57 Td (upon the nature and characteristics of the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 400.57 Td (portfolio at the adoption date, as well as ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 391.57 Td (macroeconomic conditions and forecasts at ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 382.57 Td (that time.) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 363.57 Td (ASU 2018-13) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 363.57 Td (, Fair Value ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 352.77 Td (Measurement \(Topic 820\): ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 342.02 Td (Disclosure Framework - ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 331.17 Td (Changes to the Disclosure ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 320.42 Td (Requirements for Fair Value ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 309.62 Td (Measurement) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 363.57 Td (The amendments in this Update modify the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 354.57 Td (disclosure requirements on fair value ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 345.57 Td (measurements in Topic 820, Fair Value ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 336.57 Td (Measurements, based on the concepts in the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 327.57 Td (Concepts Statement, including the consideration of ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 318.57 Td (costs and benefits. Certain disclosure requirements ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 309.57 Td (were either removed, modified, or added. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 363.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 363.57 Td (On October 1, 2018, we early adopted the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 354.57 Td (amendments to remove or modify certain) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 345.57 Td (disclosures, which did not have a material) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 336.57 Td (effect on our consolidated financial) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 327.57 Td (statements. We are delaying adoption of the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 318.57 Td (amendments to add certain disclosures) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 309.57 Td (until their effective date. We do not expect) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 300.57 Td (that the adoption of the additional) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 291.57 Td (disclosures will have a material effect on) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 282.57 Td (our consolidated financial statements.) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 257.57 Td (ASU 2018-15) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 257.57 Td (, Intangibles - ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 246.77 Td (Goodwill and Other - Internal-) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 236.02 Td (Use Software \(Subtopic 350-40\): ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 225.17 Td (Customer's Accounting for ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 214.42 Td (Implementation Costs Incurred ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 203.62 Td (in a Cloud Computing ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 192.77 Td (Arrangement That Is a Service ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 181.97 Td (Contract) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 257.57 Td (The amendments in this Update align the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 248.57 Td (requirements for capitalizing implementation costs) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 239.57 Td (incurred in a hosting arrangement that is a service) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 230.57 Td (contract with the requirements for capitalizing) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 221.57 Td (implementation costs incurred to develop or obtain) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 212.57 Td (internal-use software \(and hosting arrangements) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 203.57 Td (that include an internal-use software license\).) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 257.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 257.57 Td (We do not expect that the adoption of these) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 248.57 Td (amendments will have a material effect on) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 239.57 Td (our consolidated financial statements.) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 146.57 Td (ASU 2018-17) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 146.57 Td (, Consolidation ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 135.77 Td (\(Topic 810\): Targeted ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 125.02 Td (Improvements to Related Party ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 114.17 Td (Guidance for Variable Interest ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 103.42 Td (Entities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 146.57 Td (The amendments in this Update require that indirect) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 137.57 Td (interests held through related parties under) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 128.57 Td (common control be considered on a proportional) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 119.57 Td (basis when determining whether fees paid to) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 110.57 Td (decision makers or service providers are variable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 101.57 Td (interests. These amendments align with the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 92.57 Td (determination of whether a reporting entity within a) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 83.57 Td (related party group is the primary beneficiary of a) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 74.57 Td (VIE.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 146.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 146.57 Td (We do not expect that the adoption of these) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 137.57 Td (amendments will have a material effect on) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 128.57 Td (our consolidated financial statements.) 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50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (62) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 49.00 729.50 116.00 -25.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 165.00 729.50 180.00 -25.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 345.00 729.50 64.00 -25.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 409.00 729.50 153.00 -25.00 re f /GS0 gs BT /F11 11.00 Tf ET q 0 0 0 rg BT 51.50 735.15 Td (Recently Issued Accounting Guidance, Not Yet Adopted Within Our Condensed Consolidated Financial Statements) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 90.15 715.07 Td (Standard) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 234.10 715.07 Td (Description) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 348.25 719.57 Td (Date of Planned) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 360.50 710.57 Td (Adoption) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 427.70 719.57 Td (Effect on Consolidated Financial) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 464.55 710.57 Td (Statements) Tj ET Q 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 49.00 621.50 116.00 -128.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 165.00 621.50 180.00 -128.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 345.00 621.50 64.00 -128.00 re f /GS0 gs 0.8627450980392157 0.9137254901960784 0.7803921568627451 rg /GS0 gs 409.00 621.50 153.00 -128.00 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0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 704.5 m 165 704.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 621.5 m 165 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 704.5 m 345 704.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 621.5 m 345 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 704.5 m 409 704.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 621.5 m 409 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 704.5 m 562 704.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 621.5 m 562 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 621.5 m 165 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 493.5 m 165 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 621.5 m 345 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 493.5 m 345 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 621.5 m 409 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 493.5 m 409 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 621.5 m 562 621.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 493.5 m 562 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 493.5 m 165 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 49 410.5 m 165 410.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 493.5 m 345 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 165 410.5 m 345 410.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 493.5 m 409 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345 410.5 m 409 410.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 493.5 m 562 493.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409 410.5 m 562 410.5 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.50 695.57 Td (ASU 2019-01) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 695.57 Td (, Leases \(Topic ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 684.77 Td (842\): Narrow-Scope ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 674.02 Td (Improvements for Lessors) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 695.57 Td (The amendments in this Update provide guidance) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 686.57 Td (for the: \(1\) lessor's fair value determination of the) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 677.57 Td (lease's underlying asset; \(2\) lessor's statement of) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 668.57 Td (cash flows presentation of cash received from) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 659.57 Td (sales-type and direct financing leases; and \(3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 650.57 Td (removal of interim transition disclosure) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 641.57 Td (requirements related to changes in accounting) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 632.57 Td (principles.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 695.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 695.57 Td (We do not expect that the adoption of these) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 686.57 Td (amendments will have a material effect on) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 677.57 Td (our consolidated financial statements.) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 612.57 Td (ASU 2019-04) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 612.57 Td (, Codification ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 601.77 Td (Improvements to Financial ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 591.02 Td (Instruments - Credit Losses ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 580.17 Td (\(Topic 326\), Derivatives and ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 569.42 Td (Hedging \(Topic 815\), and ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 558.62 Td (Financial Instruments \(Topic ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 547.77 Td (825\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 612.57 Td (The amendments in this Update clarify certain) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 603.57 Td (aspects of Topic 326 guidance issued in ASU) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 594.57 Td (2016-13 including the scope of the credit losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 585.57 Td (standard and issues related to accrued interest) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 576.57 Td (receivable balances, recoveries, variable interest) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 567.57 Td (rates and prepayments. The other amendments in) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 558.57 Td (this update clarify certain aspects of Topic 815 and) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 549.57 Td (Topic 825.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 612.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 612.57 Td (We are assessing the impact of adopting ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 603.57 Td (the Topic 326 amendments as part of our ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 594.57 Td (assessment of the adoption impact of ASU ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 585.57 Td (2016-13, Financial Instruments-Credit ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 576.57 Td (Losses.?We do not expect that the adoption ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 567.57 Td (of the Topic 815 and Topic 825 ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 558.57 Td (amendments will have a material effect on ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 549.57 Td (our consolidated financial statements.) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 51.50 484.57 Td (ASU 2019-05) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 97.43 484.57 Td (, Financial ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 473.77 Td (Instruments - Credit Losses ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 463.02 Td (\(Topic 326\): Measurement of ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 452.17 Td (Credit Losses on Financial ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 51.50 441.42 Td (Instruments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 484.57 Td (The amendments in this Update provides entities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 475.57 Td (with transition relief upon the adoption of ASU) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 466.57 Td (2016-13 by providing an option to elect fair value) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 457.57 Td (option on certain financial instruments measured at) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 167.50 448.57 Td (amortized cost.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 349.30 484.57 Td (January 1, 2020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 484.57 Td (We do not expect that the adoption of these) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 475.57 Td (amendments will have a material effect on) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 411.50 466.57 Td (our consolidated financial statements.) Tj ET Q BT /F2 9.00 Tf ET endstream endobj 133 0 obj <> endobj 134 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 225 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 291.25 764.07 Td (Notes to the Condensed Consolidated Financial Statements) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 522.58 764.07 Td ( ) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 525.09 764.07 Td (|) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 527.08 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 529.58 764.07 Td (Note 2) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (63) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (NOTE 2) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 706.55 Td (Conservatorship and Related Matters) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 681.35 Td (Business Objectives) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 672.55 m 562.5 672.55 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 653.30 Td (We operate under the conservatorship that commenced on September 6, 2008, conducting our business under the direction of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 642.05 Td (FHFA, as our Conservator. The conservatorship and related matters significantly affect our management, business activities, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 630.80 Td (financial condition, and results of operations. Upon its appointment, FHFA, as Conservator, immediately succeeded to all rights, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 619.55 Td (titles, powers, and privileges of Freddie Mac, and of any stockholder, officer, or director thereof, with respect to the company ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 608.30 Td (and its assets. The Conservator also succeeded to the title to all books, records, and assets of Freddie Mac held by any other ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 597.05 Td (legal custodian or third party. The Conservator provided for the Board of Directors to perform certain functions and to oversee ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 585.80 Td (management, and the Board delegated to management authority to conduct business operations so that the company can ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 574.55 Td (continue to operate in the ordinary course. The directors serve on behalf of, and perform such functions as provided by, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 563.30 Td (Conservator.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 546.05 Td (We are subject to certain constraints on our business activities under the Purchase Agreement. However, the support provided ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 534.80 Td (by Treasury pursuant to the Purchase Agreement currently enables us to maintain our access to the debt markets and to have ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 523.55 Td (adequate liquidity to conduct our normal business activities, although the costs of our debt funding could vary. Our ability to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 512.30 Td (access funds from Treasury under the Purchase Agreement is critical to keeping us solvent. ) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 487.10 Td (Purchase Agreement ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 478.3 m 562.5 478.3 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 459.05 Td (Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as, and if declared by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 447.80 Td (our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 436.55 Td (at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 419.30 Td (Under the August 2012 amendment to the Purchase Agreement, for each quarter from January?, 2013 and thereafter, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 408.05 Td (dividend payment will be the amount, if any, by which our Net Worth Amount at the end of the immediately preceding fiscal ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 396.80 Td (quarter, less the applicable Capital Reserve Amount, exceeds zero. Pursuant to the September 2019 Letter Agreement, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 385.55 Td (applicable Capital Reserve Amount is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.30 385.55 Td ($20.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.82 385.55 Td (. If for any reason we do not pay the net worth sweep dividend in full for any ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 374.30 Td (period, the applicable Capital Reserve Amount will thereafter be zero. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 357.05 Td (In addition, pursuant to the September 2019 Letter Agreement, the liquidation preference of the senior preferred stock will be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 345.80 Td (increased, at the end of each fiscal quarter, beginning on September 30, 2019, by an amount equal to the increase in the Net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 334.55 Td (Worth Amount, if any, during the immediately prior fiscal quarter, until the liquidation preference has increased by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 505.51 334.55 Td ($17.0 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.03 334.55 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 323.30 Td (As a result, the liquidation preference of the senior preferred stock increased from ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.47 323.30 Td ($75.6 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.98 323.30 Td ( to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.88 323.30 Td ($77.5 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.40 323.30 Td ( on September ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 312.05 Td (30, 2019 based on the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.22 312.05 Td ($1.8 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.73 312.05 Td ( increase in our Net Worth Amount during 2Q 2019, and will increase to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.86 312.05 Td ($79.3 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.38 312.05 Td ( on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 300.80 Td (December 31, 2019 based on the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.40 300.80 Td ($1.8 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 229.91 300.80 Td ( increase in our Net Worth Amount during 3Q 2019. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 283.55 Td (Under the September 2019 Letter Agreement, Freddie Mac and Treasury also agreed to negotiate and execute an amendment ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 272.30 Td (to the Purchase Agreement that further enhances taxpayer protections by adopting covenants broadly consistent with ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 261.05 Td (recommendations for administrative reform contained in the Treasury's September 2019 Housing Reform Plan.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 235.85 Td (Impact of Conservatorship and Related Developments on the Mortgage-) Tj ET Q BT /F8 16.00 Tf ET q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 216.65 Td (Related Investments Portfolio) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 207.85000000000002 m 562.5 207.85000000000002 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 188.60 Td (In February 2019, FHFA directed us to maintain the UPB of our mortgage-related investments portfolio at or below ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.82 188.60 Td ($225 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.84 188.60 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 177.35 Td (at all times. The UPB of this portfolio was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.05 177.35 Td ($221.6 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.57 177.35 Td ( at ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.25 177.35 Td (September?0, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.18 177.35 Td (. Our ability to acquire and sell mortgage assets ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (continues to be significantly constrained by limitations imposed by the Purchase Agreement and FHFA. ) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 140.90 Td (Government Support for Our Business) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 132.10000000000002 m 562.5 132.10000000000002 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 112.85 Td (We receive substantial support from Treasury and are dependent upon its continued support to continue operating our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 101.60 Td (business. Our ability to access funds from Treasury under the Purchase Agreement is critical to: ) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 82.50 cm /I319 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 82.50 cm /I320 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 84.35 Td (Keeping us solvent;) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 68.25 cm /I321 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 68.25 cm /I322 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 70.10 Td (Allowing us to focus on our primary business objectives under conservatorship; and) Tj ET Q /GS0 gs q 6.72 0 0 9.78 49.50 54.00 cm /I323 Do Q /GS0 gs q 11.28 0 0 9.78 56.22 54.00 cm /I324 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 55.85 Td (Avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 225 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 291.25 764.07 Td (Notes to the Condensed Consolidated Financial Statements) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 522.58 764.07 Td ( ) Tj ET Q BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 525.09 764.07 Td (|) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 527.08 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 529.58 764.07 Td (Note 2) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (64) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (At June 30, 2019, our assets exceeded our liabilities under GAAP; therefore, FHFA, as Conservator, did not request a draw on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 729.35 Td (our behalf and, as a result, we did not receive any funding from Treasury under the Purchase Agreement during 3Q 2019. The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (amount of available funding remaining under the Purchase Agreement is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 341.24 718.10 Td ($140.2 billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.76 718.10 Td ( and will be reduced by any future draws.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 700.85 Td (See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 67.50 700.85 Td (Note 8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 98.37 700.85 Td ( and ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 118.55 700.85 Td (Note 11) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.43 700.85 Td ( for more information on the conservatorship and the Purchase Agreement.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 675.65 Td (Related Parties As a Result of Conservatorship) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 666.85 m 562.5 666.85 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 647.60 Td (We are deemed related parties with Fannie Mae as both we and Fannie Mae have the same relationships with FHFA and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 636.35 Td (Treasury. CSS was formed in 2013 as a limited liability company equally-owned by Freddie Mac and Fannie Mae and is also ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (deemed a related party. In connection with the formation of CSS, we entered into a limited liability company agreement with ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 613.85 Td (Fannie Mae. We and Fannie Mae have each appointed two executives to the CSS Board of Managers and signed governance ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 602.60 Td (and operating agreements for CSS, including an updated customer services agreement with Fannie Mae and CSS in May of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 591.35 Td (2019. In June of 2019, we entered into an agreement with Fannie Mae regarding the commingling of certain of our mortgage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (securities under the Single Security Initiative and related indemnification obligations. During YTD 2019, we contributed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.37 580.10 Td ($84 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 568.85 Td (million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.34 568.85 Td ( of capital to CSS, and we have contributed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.98 568.85 Td ($548 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.34 568.85 Td ( since the fourth quarter of 2014. ) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 225 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 290.75 764.07 Td (Notes to the Condensed Consolidated Financial Statements |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 526.58 764.07 Td ( Note 3) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (65) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (NOTE 3) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 706.55 Td (Securitization Activities and Consolidation) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 689.75 Td (Our primary business activities in our Single-family Guarantee and Multifamily segments involve the securitization of loans or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 678.95 Td (other mortgage-related assets using trusts that are VIEs. These trusts issue beneficial interests in the loans or other mortgage-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 668.15 Td (related assets that they own. We guarantee the principal and interest payments on some or all of the issued beneficial interests ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 657.35 Td (in substantially all of our securitization transactions. We consolidate VIEs when we have a controlling financial interest in the VIE ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 646.55 Td (and are therefore considered the primary beneficiary of the VIE. See ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 323.99 646.55 Td (Note 5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.86 646.55 Td ( for additional information on our guarantee ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 635.75 Td (activities.) Tj ET Q BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 610.55 Td (Consolidated VIEs ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 601.75 m 562.5 601.75 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 582.50 Td (The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 571.25 Td (condensed consolidated balance sheets.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 554.00 Td (Table 3.1 - Consolidated VIEs) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 543.50 313.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 367.00 543.50 98.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 465.00 543.50 98.00 -13.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465 543.5 m 465 530.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 416.5 m 363 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 404.5 m 363 404.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 402.5 m 363 402.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 416.5 m 465 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 404.5 m 465 404.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 402.5 m 465 402.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 416.5 m 563 416.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 404.5 m 563 404.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 402.5 m 563 402.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.5 m 363 364.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 352.5 m 363 352.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 350.5 m 363 350.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 364.5 m 465 364.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 352.5 m 465 352.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 350.5 m 465 350.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 364.5 m 563 364.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 352.5 m 563 352.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 350.5 m 563 350.5 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 535.29 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 369.95 534.57 Td (As of September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 469.20 534.57 Td (As of December 31, 2018) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 521.57 Td (Condensed Consolidated Balance Sheet Line Item) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 508.57 Td (Assets:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 495.57 Td (Cash and cash equivalents \(includes $3,494 and $566 of restricted cash and cash) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 486.57 Td (equivalents\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.00 486.57 Td ($3,495) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 542.50 486.57 Td ($567) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 472.57 Td (Securities purchased under agreements to resell) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.00 472.57 Td (21,400) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 472.57 Td (12,125) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 459.57 Td (Investments in securities, at fair value) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 448.80 459.57 Td (766) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 550.80 459.57 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 446.57 Td (Mortgage loans held-for-investment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 427.20 446.57 Td (1,905,633) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 525.20 446.57 Td (1,842,850) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 433.57 Td (Accrued interest receivable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 442.35 433.57 Td (6,109) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 433.57 Td (5,914) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 420.57 Td (Other assets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.00 420.57 Td (12,093) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 420.57 Td (1,631) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 407.57 Td (Total assets of consolidated VIEs) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.90 407.57 Td ($1,949,496) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.90 407.57 Td ($1,863,087) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 394.57 Td (Liabilities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 381.57 Td (Accrued interest payable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 438.00 381.57 Td ($5,519) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 381.57 Td ($5,335) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 368.57 Td (Debt, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 427.20 368.57 Td (1,869,308) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 525.20 368.57 Td (1,792,677) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 355.57 Td (Total liabilities of consolidated VIEs) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.90 355.57 Td ($1,874,827) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.90 355.57 Td ($1,798,012) Tj ET Q BT /F2 9.00 Tf ET BT /F8 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 326.80 Td (Non-Consolidated VIEs) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 318 m 562.5 318 l s BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 298.75 Td (Our involvement with VIEs for which we are not the primary beneficiary takes one or both of two forms - purchasing an ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 287.50 Td (investment in these entities or providing a guarantee to these entities. As part of the Single Security Initiative, we have the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (ability to commingle TBA-eligible Fannie Mae collateral in certain of our resecuritization products that we do not consolidate. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 265.00 Td (We extend our guarantee of these products to cover principal and interest that are payable from the underlying Fannie Mae ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (collateral. See) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 106.00 253.75 Td ( ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 108.50 253.75 Td (Note 5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.37 253.75 Td ( for additional information on our guarantee of Fannie Mae securities. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 236.50 Td (The following table presents the carrying amounts and classification of the assets and liabilities recorded on our condensed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 225.25 Td (consolidated balance sheets related to non-consolidated VIEs with which we were involved in the design and creation and have ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 214.00 Td (a significant continuing involvement, as well as our maximum exposure to loss and total assets of the VIEs. Our maximum ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 202.75 Td (exposure to loss includes the guaranteed UPB of assets held by the non-consolidated VIEs, the UPB of unguaranteed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 191.50 Td (securities that we acquired from these securitization transactions, and the UPB of guarantor advances made to the holders of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (the guaranteed securities. Our maximum exposure to loss and total assets of non-consolidated VIEs excludes our investments ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 169.00 Td (in and obligations to non-consolidated Freddie Mac resecuritization trusts because we already consolidate the underlying ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (Freddie Mac collateral of these trusts on our condensed consolidated balance sheets and for commingled resecuritization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 146.50 Td (trusts, we view the likelihood of being required to perform on our guarantee of the underlying Fannie Mae collateral as remote. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 135.25 Td (Our maximum exposure to loss also excludes our interest rate exposure on certain securitization activity and other mortgage-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 124.00 Td (related guarantees measured at fair value where our interest rate exposure may be unlimited. We generally reduce our exposure ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 112.75 Td (to these guarantees with unlimited interest rate exposure through separate contracts with third parties. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 95.50 Td (We do not believe the maximum exposure to loss disclosed in the table below is representative of the actual loss we are likely ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 73.00 Td (possible recoveries under credit enhancement arrangements. See) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 313.34 73.00 Td ( ) Tj ET Q BT /F9 9.00 Tf ET q 0 0 0 rg BT 315.84 73.00 Td (Note 6) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 346.71 73.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.21 73.00 Td (for additional information on credit enhancement ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 61.75 Td (arrangements.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 225 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 290.75 764.07 Td (Notes to the Condensed Consolidated Financial Statements |) Tj ET Q BT /F9 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 526.58 764.07 Td ( Note 3) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (66) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (Table 3.2 - Non-Consolidated VIEs) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 730.10 286.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 340.00 730.10 111.00 -12.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 451.00 730.10 112.00 -12.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 730.1 m 451 718.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 579.1 m 336 579.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 579.1 m 451 579.1 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 579.1 m 563 579.1 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 721.89 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 349.45 721.17 Td (As of September 30, 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 462.20 721.17 Td (As of December 31, 2018) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 709.17 Td (Assets and Liabilities Recorded on our Condensed Consolidated Balance ) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 700.17 Td (Sheets) Tj ET Q BT /F10 9.00 Tf ET BT /F10 5.40 Tf ET q 0 0 0 rg BT 76.67 703.32 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 690.17 Td (Assets:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 678.17 Td (Investments in securities, at fair value) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 419.70 678.17 Td ($39,091) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 678.17 Td ($44,020) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 666.17 Td (Accrued interest receivable) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 434.80 666.17 Td (214) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 546.80 666.17 Td (235) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 654.17 Td (Derivative assets, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 439.15 654.17 Td (12) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 555.45 654.17 Td (1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 642.17 Td (Other assets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 428.35 642.17 Td (3,737) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 642.17 Td (3,119) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 630.17 Td ( Liabilities:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 618.17 Td (Derivative liabilities, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 439.15 618.17 Td (89) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 551.15 618.17 Td (88) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 606.17 Td (Other liabilities) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 428.35 606.17 Td (3,511) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 540.35 606.17 Td (3,049) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 594.17 Td (Maximum Exposure to Loss) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 419.70 594.17 Td (268,269) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 531.70 594.17 Td (241,055) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 582.17 Td (Total Assets of Non-Consolidated VIEs) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 419.70 582.17 Td (320,221) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 531.70 582.17 Td (284,724) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 564.00 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 564.00 Td (Includes our variable interests in REMICs and Strips, commingled Supers, K Certificates, SB Certificates, certain senior subordinate securitization structures, other ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 554.40 Td (securitization products, and other risk transfer securitizations that we do not consolidate. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 537.15 Td (We also obtain interests in various other VIEs created by third parties through the normal course of business. To the extent that ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 525.90 Td (we were not involved in the design and creation of these VIEs, they are excluded from the table above. Our interests in these ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 514.65 Td (VIEs are generally passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 503.40 Td (the future. ) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 759 m 225 759 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225 759 m 564 759 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 764.07 Td (Financial Statements) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 291.25 764.07 Td (Notes to the Condensed Consolidated Financial Statements |) Tj ET Q BT /F6 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 527.08 764.07 Td ( ) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 529.59 764.07 Td (Note 4) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 40 m 237 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 40 m 275 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 40 m 561 40 l s BT /F8 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 52.50 30.07 Td (Freddie Mac Form 10-Q) Tj ET Q BT /F8 9.00 Tf ET q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 547.45 30.07 Td (67) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F9 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 734.15 Td (NOTE 4) Tj ET Q BT /F8 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 706.55 Td (Mortgage Loans and Allowance for Credit Losses) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 689.30 Td (The table below provides details of the loans on our condensed consolidated balance sheets as of September 30, 2019 and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 678.05 Td (December 31, 2018.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 660.80 Td (Table 4.1 - Mortgage Loans) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 218.00 650.30 170.00 -15.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 392.00 650.30 171.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 635.30 164.00 -31.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 218.00 635.30 57.00 -31.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 275.00 635.30 56.00 -31.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 331.00 635.30 57.00 -31.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 392.00 635.30 57.00 -31.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 449.00 635.30 57.00 -31.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 506.00 635.30 57.00 -31.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275 635.3 m 275 604.3 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331 635.3 m 331 604.3 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449 635.3 m 449 604.3 l s 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506 635.3 m 506 604.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 568.3 m 449 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 568.3 m 214 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 556.3 m 214 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 568.3 m 275 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 556.3 m 275 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 568.3 m 331 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 556.3 m 331 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 568.3 m 388 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 556.3 m 388 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 568.3 m 449 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 556.3 m 449 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 568.3 m 506 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 556.3 m 506 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 568.3 m 563 568.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 556.3 m 563 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 556.3 m 449 556.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 542.3 m 449 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 542.3 m 214 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 530.3 m 214 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 542.3 m 275 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 530.3 m 275 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 542.3 m 331 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 530.3 m 331 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 542.3 m 388 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 530.3 m 388 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 542.3 m 449 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 530.3 m 449 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 542.3 m 506 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 530.3 m 506 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 542.3 m 563 542.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 530.3 m 563 530.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 494.3 m 449 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 494.3 m 506 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 494.3 m 214 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 482.3 m 214 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 494.3 m 275 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 482.3 m 275 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 494.3 m 331 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 482.3 m 331 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 494.3 m 388 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 482.3 m 388 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 494.3 m 449 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 482.3 m 449 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 494.3 m 506 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 482.3 m 506 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 494.3 m 563 494.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 482.3 m 563 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 482.3 m 449 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 482.3 m 506 482.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 458.3 m 449 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 458.3 m 506 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 458.3 m 214 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 446.3 m 214 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 458.3 m 275 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 446.3 m 275 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 458.3 m 331 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 446.3 m 331 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 458.3 m 388 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 446.3 m 388 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 458.3 m 449 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 446.3 m 449 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 458.3 m 506 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 446.3 m 506 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 458.3 m 563 458.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 446.3 m 563 446.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 435.3 m 214 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 433.3 m 214 433.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 435.3 m 275 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 433.3 m 275 433.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 435.3 m 331 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 433.3 m 331 433.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 435.3 m 388 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 433.3 m 388 433.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 435.3 m 449 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 433.3 m 449 433.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 435.3 m 506 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 433.3 m 506 433.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 435.3 m 563 435.3 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 433.3 m 563 433.3 l s BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 267.10 646.80 70.72 -9.00 re f /GS0 gs q 1 1 1 rg BT 267.10 640.37 Td (September 30, 2019) Tj ET Q BT /F5 9.00 Tf ET q 1 1 1 rg BT 390.50 640.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 442.85 640.37 Td (December 31, 2018) Tj ET Q BT /F10 8.00 Tf ET q 1 1 1 rg BT 52.50 609.09 Td (\(In millions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 232.80 618.37 Td (Held by) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 224.10 609.37 Td (Freddie Mac) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 289.30 626.37 Td (Held by) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 279.25 617.37 Td (Consolidated) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 291.55 608.37 Td (Trusts) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 350.25 609.37 Td (Total) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 406.80 618.37 Td (Held by) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 398.10 609.37 Td (Freddie Mac) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 463.80 626.37 Td (Held by) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 453.75 617.37 Td (Consolidated) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 466.05 608.37 Td (Trusts) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 525.25 609.37 Td (Total) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 595.37 Td (Held-for-sale:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 583.37 Td (Single-family) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 243.70 583.37 Td ($17,249) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 314.45 583.37 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 356.70 583.37 Td ($17,249) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 417.70 583.37 Td ($20,946) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 489.45 583.37 Td ($? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 531.70 583.37 Td ($20,946) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 571.37 Td (Multifamily) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 248.00 571.37 Td (25,397) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 318.75 571.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.00 571.37 Td (25,397) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.00 571.37 Td (23,959) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.75 571.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 571.37 Td (23,959) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 559.37 Td (Total UPB) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 248.00 559.37 Td (42,646) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 318.75 559.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 361.00 559.37 Td (42,646) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.00 559.37 Td (44,905) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 493.75 559.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 559.37 Td (44,905) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 547.37 Td (Cost basis and fair value adjustments, net) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.15 547.37 Td (\(1,528) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 547.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 318.75 547.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.15 547.37 Td (\(1,528) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 384.80 547.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.15 547.37 Td (\(3,283) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.80 547.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 493.75 547.37 Td (? Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 547.37 Td (\(3,283) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 547.37 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 57.00 533.37 Td (Total held-for-sale loans, net) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 248.00 533.37 Td (41,118) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 318.75 533.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 361.00 533.37 Td (41,118) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.00 533.37 Td (41,622) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 493.75 533.37 Td (? Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 536.00 533.37 Td (41,622) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 52.50 521.37 Td (Held-for-investment:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 509.37 Td (Single-family) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 248.00 509.37 Td (41,886) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 293.20 509.37 Td (1,867,906) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 350.20 509.37 Td (1,909,792) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.00 509.37 Td (35,885) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 468.20 509.37 Td (1,814,008) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 525.20 509.37 Td (1,849,893) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 497.37 Td (Multifamily) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 248.00 497.37 Td (11,291) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 308.35 497.37 Td (5,591) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.00 497.37 Td (16,882) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 422.00 497.37 Td (10,828) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 483.35 497.37 Td (4,220) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 497.37 Td (15,048) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 58.50 485.37 Td (Total UPB) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 248.00 485.37 Td (53,177) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 293.20 485.37 Td (1,873,497) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 350.20 485.37 Td (1,926,674) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.00 485.37 Td (46,713) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 468.20 485.37 Td (1,818,228) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 525.20 485.37 Td (1,864,941) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 473.37 Td (Cost basis adjustments) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 256.65 473.37 Td (\(421) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 473.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 304.00 473.37 Td (34,973) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 361.00 473.37 Td (34,552) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.15 473.37 Td (\(1,198) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.80 473.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 479.00 473.37 Td (27,752) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.00 473.37 Td (26,554) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 461.37 Td (Allowance for loan losses) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 250.15 461.37 Td (\(2,017) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 271.80 461.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 306.15 461.37 Td (\(2,837) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 327.80 461.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 363.15 461.37 Td (\(4,854) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 384.80 461.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 424.15 461.37 Td (\(3,009) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.80 461.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 481.15 461.37 Td (\(3,130) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 502.80 461.37 Td (\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 538.15 461.37 Td (\(6,139) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 559.80 461.37 Td (\)) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 57.00 449.37 Td (Total held-for-investment loans, net) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 248.00 449.37 Td (50,739) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 293.20 449.37 Td (1,905,633) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 350.20 449.37 Td (1,956,372) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 422.00 449.37 Td (42,506) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 468.20 449.37 Td (1,842,850) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 525.20 449.37 Td (1,885,356) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 437.37 Td (Total mortgage loans, net) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 243.70 437.37 Td ($91,857) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 288.90 437.37 Td ($1,905,633) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 345.90 437.37 Td ($1,997,490) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 417.70 437.37 Td ($84,128) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 463.90 437.37 Td ($1,842,850) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 520.90 437.37 Td ($1,926,978) Tj ET Q BT /F2 9.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 417.55 Td (The table below provides details of the UPB of loans we purchased, reclassified from held-for-investment to held-for-sale, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 406.30 Td (sold.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 389.05 Td (Table 4.2 - Loans Purchased, Reclassified from Held-for-Investment to Held-for-Sale, and Sold) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 378.55 309.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 363.00 378.55 50.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 413.00 378.55 50.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 463.00 378.55 50.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 513.00 378.55 50.00 -14.00 re f /GS0 gs 1 1 1 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 378.54999999999995 m 413 364.54999999999995 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 463 378.54999999999995 m 463 364.54999999999995 l s 1 1 1 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513 378.54999999999995 m 513 364.54999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 304.54999999999995 m 359 304.54999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 304.54999999999995 m 413 304.54999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 304.54999999999995 m 463 304.54999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 304.54999999999995 m 513 304.54999999999995 l s 0.4666666666666667 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 304.54999999999995 m 563 304.54999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 232.54999999999995 m 359 232.54999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 232.54999999999995 m 413 232.54999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 232.54999999999995 m 463 232.54999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 232.54999999999995 m 513 232.54999999999995 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 232.54999999999995 m 563 232.54999999999995 l s BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 369.34 Td (\(In billions\)) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 372.00 369.62 Td (3Q 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 423.10 369.62 Td (3Q 2018) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 470.65 369.62 Td (YTD 2019) Tj ET Q BT /F10 9.00 Tf ET q 1 1 1 rg BT 520.65 369.62 Td (YTD 2018) Tj ET Q BT /F10 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 355.62 Td (Single-family:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 343.62 Td (Purchases) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 331.62 Td ( Held-for-investment loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 386.50 331.62 Td ($133.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 440.85 331.62 Td ($81.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 486.50 331.62 Td ($305.0) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 536.50 331.62 Td ($231.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 319.62 Td (Reclassified from held-for-investment to held-for-sale ) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 239.21 322.77 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 399.50 319.62 Td (3.0) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.15 319.62 Td (13.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.50 319.62 Td (8.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 545.15 319.62 Td (17.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 307.62 Td (Sale of held-for-sale loans) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 145.95 310.77 Td (\(2\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 399.50 307.62 Td (3.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.50 307.62 Td (2.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.50 307.62 Td (9.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.50 307.62 Td (6.5) Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 52.50 295.62 Td (Multifamily:) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 283.62 Td (Purchases) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 271.62 Td ( Held-for-investment loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 399.50 271.62 Td (4.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.50 271.62 Td (0.9) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.50 271.62 Td (6.8) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.50 271.62 Td (2.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 259.62 Td ( Held-for-sale loans) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 395.15 259.62 Td (23.1) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.15 259.62 Td (16.3) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.15 259.62 Td (50.6) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 545.15 259.62 Td (42.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 247.62 Td (Reclassified from held-for-investment to held-for-sale ) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 239.21 250.77 Td (\(1\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 399.50 247.62 Td (0.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 449.50 247.62 Td (0.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 499.50 247.62 Td (1.2) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 549.50 247.62 Td (0.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 235.62 Td (Sale of held-for-sale loans ) Tj ET Q BT /F5 9.00 Tf ET BT /F5 5.40 Tf ET q 0 0 0 rg BT 148.11 238.77 Td (\(3\)) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 395.15 235.62 Td (19.7) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 445.15 235.62 Td (14.4) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 495.15 235.62 Td (49.5) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 545.15 235.62 Td (44.8) Tj ET Q BT /F2 9.00 Tf ET BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 217.45 Td (\(1\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 217.45 Td (We reclassify loans from held-for-investment to held-for-sale when we no longer have the intent or ability to hold for the foreseeable future. For additional ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 207.85 Td (information regarding the fair value of our loans classified as held-for-sale, see ) Tj ET Q BT /F10 8.00 Tf ET q 0 0 0 rg BT 309.69 207.85 Td (Note 15) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 333.79 207.85 Td (.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 195.25 Td (\(2\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 195.25 Td (Our sales of single-family loans reflect the sale of seasoned single-family mortgage loans. The sale of seasoned single-family mortgage loans is part of our strategy ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 185.65 Td (to mitigate and reduce our holdings of less liquid assets.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.85 173.05 Td (\(3\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 74.85 173.05 Td (Our sales of multifamily loans occur primarily through the issuance of multifamily K Certificates and SB Certificates. ) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <