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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2021

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                                       to

Commission File Number: 001-34139

Federal Home Loan Mortgage Corporation

(Exact name of registrant as specified in its charter)

Federally chartered

52-0904874

8200 Jones Branch Drive

22102-3110

(703)

903-2000

corporation

McLean,

Virginia

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
None			N/A			N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒ Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of April 13, 2021, there were 650,059,553 shares of the registrant’s common stock outstanding.

Table of Contents

			Page
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			1
n    Introduction			1
n    Market Conditions and Economic Indicators			8
n    Consolidated Results of Operations			13
n    Consolidated Balance Sheets Analysis			19
n    Our Portfolios			20
n    Our Business Segments			23
n    Risk Management			36
l Credit Risk			36
l Market Risk			55
n    Liquidity and Capital Resources			58
n    Critical Accounting Policies and Estimates			64
n    Regulation and Supervision			65
n    Forward-Looking Statements			66
FINANCIAL STATEMENTS			69
OTHER INFORMATION			132
CONTROLS AND PROCEDURES			133
EXHIBIT INDEX			134
SIGNATURES			135
FORM 10-Q INDEX			136

MD&A TABLE INDEX

Table			Description			Page
1			Summary of Condensed Consolidated Statements of Comprehensive Income (Loss)			13
2			Components of Net Interest Income			14
3			Analysis of Net Interest Yield			15
4			Components of Guarantee Fee Income			15
5			Components of Investment Gains (Losses), Net			16
6			Components of Mortgage Loans Gains (Losses)			16
7			Components of Investment Securities Gains (Losses)			16
8			Components of Debt Gains (Losses)			17
9			Components of Derivative Gains (Losses)			17
10			Components of Benefit (Provision) for Credit Losses			18
11			Summarized Condensed Consolidated Balance Sheets			19
12			Mortgage Portfolio			20
13			Guarantee Portfolio			21
14			Mortgage-Related Investments Portfolio			21
15			Single-Family Segment Financial Results			29
16			Multifamily Segment Financial Results			35
17			Single-Family New Business Activity			37
18			Single-Family Mortgage Portfolio CRT Issuance			38
19			Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding			38
20			Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio			39
21			Credit Enhancement Coverage by Year of Origination			39
22			Single-Family Mortgage Portfolio Without Credit Enhancement			40
23			Details of Single-Family Credit Enhancement Costs, Investment Gains (Losses), and Recoveries			40
24			Single-Family Credit Enhancement Receivables			40
25			Credit Quality Characteristics of Our Single-Family Loans in Forbearance			41
26			Single-Family Loans in Forbearance Plans by Payment Status			41
27			Single-Family Loans in Forbearance			42
28			Status of Single-Family Loans That Received Forbearance			42
29			Single-Family Allowance for Credit Losses Activity			43
30			Single-Family Mortgage Portfolio Credit Performance Metrics			44
31			Single-Family TDR and Non-Accrual Loans			44
32			Foregone Interest Income on Single-Family TDRs and Non-Accrual Loans			45
33			Single-Family TDR Loan Activity			45
34			Credit Quality Characteristics of Our Single-Family Mortgage Portfolio			46
35			Single-Family Mortgage Portfolio Attribute Combinations			47
36			Alt-A Loans in Our Single-Family Mortgage Portfolio			48
37			Concentration of Credit Risk of Our Single-Family Mortgage Portfolio			48
38			Single-Family REO Activity			50
39			Current Credit Quality of Multifamily Loans Under a Forbearance Program			52
40			Multifamily Allowance for Credit Losses Activity			52
41			Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio			52
42			Level of Subordination Outstanding			53
43			Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement			53
44			Single-Family Mortgage Portfolio Non-Depository Servicers			53
45			Single-Family Mortgage Insurers			54

Table			Description			Page
46			Single-Family ACIS Counterparties			54
47			PVS-YC and PVS-L Results Assuming Shifts of the LIBOR Yield Curve			55
48			Duration Gap and PVS Results			55
49			PVS-L Results Before Derivatives and After Derivatives			56
50			Earnings Sensitivity to Changes in Interest Rates			56
51			Liquidity Sources			58
52			Other Investments Portfolio			58
53			Funding Sources			59
54			Debt of Freddie Mac Activity			60
55			Activity for Debt Securities of Consolidated Trusts Held by Third Parties			62
56			Net Worth Activity			63
57			Forecasted House Price Growth Rates			64