Freddie Mac · OTC:FMCC

Freddie Mac — Debt Investor Presentation (July 2019)

65 slides from Freddie Mac's debt investor presentation, July 2019

  1. Slide 1: Seasoned Credit Risk Transfer Trust, Series 2019-3 Investor Presentation

    Seasoned Credit Risk Transfer Trust, Series 2019-3 (“SCRT” 2019-3) Investor Presentation July 2019 Information contained in this presentation is current as of August 2019. For further information on this transaction see the SCRT 19-3 Offering Circular on freddiemac.com C O N F I D E N T I AL © Fredd

  2. Slide 2: Disclaimer

    Disclaimer Notice to all Investors: This document is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31,

  3. Slide 3: Disclaimer

    Disclaimer Notice to all Investors: The information contained in the attached materials (the “Information”) has been provided by Citigroup Global Markets Inc. (“Citigroup”) (a “Dealer”) and is preliminary and subject to change. The Information does not include all of the information relating to the

  4. Slide 4: Agenda

    Agenda 1. Program Summary 2. Transaction Timeline 3. Collateral Comparison and Structure 4. Historical Deal Performance and Model Data 5. Program Support 6. SCRT Transactions Re-Cap 7. Historical Cohort Performance 8. Modification Overviews 9. Data Stratifications 10. Collateral History by Group 11.

  5. Slide 5: 1. Program Summary

    1. Program Summary C O N F I D E N T I AL © Freddie Mac 5

  6. Slide 6: SCRT Program Summary

    SCRT Program Summary  Freddie Mac’s $2.2bn SCRT 2019-3 securitization is the company’s twelfth SCRT securitization and is backed by seasoned, 12+ months clean pay, re-performing single-family mortgage loans (“RPLs”)  The underlying mortgage loans (the “Mortgage Loans”) were either previously secur

  7. Slide 7: Retained Portfolio and Less Liquid Assets

    Retained Portfolio and Less Liquid Assets  As of March 31, 2019, Freddie Mac’s total retained portfolio balance was $218.9 billion, a large share of which is comprised of Less Liquid Assets(1)  A significant portion of Less Liquid Assets are single-family residential mortgage loans, which are the

  8. Slide 8: Freddie Mac Seasoned and Legacy Loan Activity

    Freddie Mac Seasoned and Legacy Loan Activity Approximately $58 Billion from 2011 through June 2019 PCs - Fully Guaranteed Securitizations SCRT - RPL Senior/Sub R, M and H Pools Guaranteed Seniors/ Non-guaranteed Subs $28.7 billion settled since 2011 $20.3 billion settled since Q4 2016 Primarily 12+

  9. Slide 9: 2. Transaction Timeline

    2. Transaction Timeline C O N F I D E N T I AL © Freddie Mac 9

  10. Slide 10: Transaction Timeline

    Transaction Timeline July 2019 August 2019 S M T W T F S S M T W T F S 1 2 3 4 5 6 1 2 3 7 8 9 10 11 12 13 4 5 6 7 8 9 10 14 15 16 17 18 19 20 11 12 13 14 15 16 17 21 22 23 24 25 26 27 18 19 20 21 22 23 24 28 29 30 31 25 26 27 28 29 30 31 Holidays Marketing Roadshow/Conference Calls Expected Pricing

  11. Slide 11: 3. Collateral Comparison and Structure

    3. Collateral Comparison and Structure C O N F I D E N T I AL © Freddie Mac 11

  12. Slide 12: SCRT 2019-3 Overview

    SCRT 2019-3 Overview  The assets of the Trust are three groups of seasoned, fixed-rate and step-rate, first lien re-performing Mortgage Loans  Structure consists of three separate groups of senior certificates and subordinate certificates that are cross-collateralized across all groups: » The Trus

  13. Slide 13: Collateral Characteristics SCRT 19-2 vs SCRT 19-3

    Collateral Characteristics SCRT 19-2 vs SCRT 19-3 SCRT 2019-3 Pool Collateral SCRT 2019-2 Pool Collateral Group H Group M Group M55 Group H Group M Group M55 Aggregate (Step-rate (Fixed-rate (Fixed-rate Aggregate (Step-rate (Fixed-rate (Fixed-rate Loans) Loans)(6)(7) Loans) (6)(8) Loans) Loans)(6)(7

  14. Slide 14: Indicative SCRT 2019-3 Transaction Structure

    Indicative SCRT 2019-3 Transaction Structure Freddie Mac provides certain representations and warranties on the Mortgage Loans Class Class Class M55D Trust issues MA, MV HA, HV Certificates* Securitization classes of and MZ and HZ Trust Guaranteed Certificates* Mortgage Certificates Certificates* Lo

  15. Slide 15: Preliminary SCRT 2019-3 Capital Structure

    Preliminary SCRT 2019-3 Capital Structure Transaction Structure(1) Maximum Initial Class Approximate Stated Final Principal Loan Principal or Initial Credit WAL Expected Ratings Class Initial Class Distribution Window Group Initial Class Enhancement (years)(2) DBRS / Fitch Coupon Date (months)(2) No

  16. Slide 16: Preliminary Guaranteed Senior Offerings

    Preliminary Guaranteed Senior Offerings Maximum Initial Approximate Stated Final Principal Loan Class Principal or Initial Credit WAL Class Initial Class Distribution Window Class Type Group Initial Class Enhancement (years)(1) Coupon Date (months)(1) Notional Amount H HT(2) $99,746,000 3.000% 9.00%

  17. Slide 17: SCRT 2019-3 Guaranteed Certificates

    SCRT 2019-3 Guaranteed Certificates Group H Certificates Group M Certificates (1) (1) HT MT 3.00% 3.50% Pass-Through Pass-Through (2) (1) (2) (1) HA HB MA MB 3.00% 3.00% 3.50% 3.50% Front-Pay (75%) Back-Pay (25%) Front-Pay (75%) Back-Pay (25%) (2)(3) (2) (2)(3) (2) HV HZ MV MZ 3.00% 3.00% 3.50% 3.50

  18. Slide 18: SCRT 2019-3 Guaranteed Certificates

    SCRT 2019-3 Guaranteed Certificates MA Certificates Group M55 Certificates (2) (2) MA M55D 3.50% 4.00% Front-Pay (75%) Pass-Through (1) (1)(3) (1) (1)(4) MA1 MAIO M55G M55I 3.00% 3.50% 3.00% 5.50% Strip Down (100%) IO Strip Down (100%) IO (1) (1) MA2 M55E 3.25% 3.50% Strip Down (100%) Strip Down (10

  19. Slide 19: SCRT 2019-3 Non-Guaranteed Certificates

    SCRT 2019-3 Non-Guaranteed Certificates BXS Certificates (1) (2) (2) B-IO B A-IO (3) (3) 2.010% 0.000% 0.201% PO (1) BBIO (3) 3.146% (2) BX (1) XS-IO (3) 6.333% 0.065%(3) Excess Servicing (1)(4) BXS 7.464%(3) Note: All percentages are approximate (1) MACR Certificates (2) Exchangeable Certificates (

  20. Slide 20: SCRT Deal Triggers and Initial Credit Enhancement

    SCRT Deal Triggers and Initial Credit Enhancement Item Description SCRT 18-1 SCRT 18-2 SCRT 18-3 SCRT 18-4 SCRT 19-1 SCRT 19-2 SCRT 19-3 Initial Subordination Percentage 10.00% 8.00% 7.75% 7.75% 9.25% 10.25% 9.00% Initial Credit Enhancement Class M subordination percentage 6.00% 4.75% 4.50% 4.50% 5.

  21. Slide 21: Collateral Characteristics-Program History

    Collateral Characteristics-Program History SCRT Pool Comparison 2017-1 2017-2 2017-3 2017-4 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 As of Date 3/31/2017 6/30/2017 8/31/2017 10/31/2017 1/31/2018 4/30/2018 6/30/2018 9/30/2018 1/31/2019 3/31/2019 6/30/2019 % Modified 100% 100% 100% 100% 100% 1

  22. Slide 22: 4. Historical Deal Performance and Model Data

    4. Historical Deal Performance and Model Data C O N F I D E N T I AL © Freddie Mac 22

  23. Slide 23: SCRT 2019-3 Projected VPR Performance by Group

    SCRT 2019-3 Projected VPR Performance by Group Group H(1) Group M 15 15 10 10 Rate % Rate % 5 5 0 0 Group M55 25 20 Pricing Assumptions CPR CDR Severity 15 Rate % Group H Ramp from 5% to 8% CPR over 24 Ramp from 0% 10 Group M months to 1% over 36 25% months 5 Group M55 15% CPR 0 Yield Book Model Blo

  24. Slide 24: SCRT Historical Performance by Group

    SCRT Historical Performance by Group 1 Month VPR 25.00 20.00 15.00 Rate % 10.00 5.00 0.00 Group H </= SCRT 2017-3 Group H > SCRT 2017-3 Group M </= SCRT 2017-3 Group M > SCRT 2017-3(2) Group M55(3) Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-

  25. Slide 25: SCRT Historical Performance

    SCRT Historical Performance 1 Month VPR 14.00 12.00 10.00 Rate % 8.00 6.00 4.00 2.00 0.00 SCRT 2017-4 SCRT 2018-1 SCRT 2018-2 SCRT 2018-3 SCRT 2018-4 SCRT 2019-1 SCRT 2019-2 1 Month VPR 14.00 12.00 10.00 Rate % 8.00 6.00 4.00 2.00 0.00 SCRT 2016-1 SCRT 2017-1 SCRT 2017-2 SCRT 2017-3 Source: Bloomber

  26. Slide 26: SCRT Historical Performance: DQ60+

    SCRT Historical Performance Historical DQ60+(1) 8.00 7.00 6.00 5.00 Rate % 4.00 3.00 2.00 1.00 0.00 SCRT 2016-1 SCRT 2017-1 SCRT 2017-2 SCRT 2017-3 SCRT 2017-4 SCRT 2018-1 SCRT 2018-2 SCRT 2018-3 SCRT 2018-4 SCRT 2019-1 SCRT 2019-2 Source: Bloomberg (1) DQ 60+ is the percentage of mortgage loans 60

  27. Slide 27: SCRT Forbearance Recovery

    SCRT Forbearance Recovery(1) SCRT Issuance All SCRT Issued SCRT Liquidated Loans a Total UPB 20,291,180,155 (LTV(6) = 77) (LTV(6) = 109) b Forbearance UPB 2,856,895,322 c % UPB Forborne 14% Prepaid in Full d Forbearance UPB(2) 106,336,471 e Forbearance Collected 106,336,471 f Forbearance Recovery 10

  28. Slide 28: 5. Program Support

    5. Program Support C O N F I D E N T I AL © Freddie Mac 28

  29. Slide 29: SCRT Program Support

    SCRT Program Support  Financing » Freddie Mac can offer repo financing for SCRT pass-through and front and back pay sequential tranches to approved counterparties » Contact: Carmino Santomaro at 571-382-5701 » Bank of New York recently has re-classified SCRT Guaranteed Certificates as “Agency MBS”

  30. Slide 30: SCRT Credit Features

    SCRT Credit Features  As Guarantor we may:  Third Party Due Diligence  Oversee and audit the servicing of the Mortgage Category Minimum Sample Size Loans Regulatory Compliance 10%  Monitor remittance data and request additional Pay History* 10% documentation to evaluate servicer compliance, Tax

  31. Slide 31: Servicing Loss Mitigation Framework

    Servicing Loss Mitigation Framework Modification and Loss Mitigation Third Party Servicer Eligibility  Servicer can’t acquire lender placed insurance from affiliate  To be eligible, borrower must be 60+ days delinquent or have  If Servicer obtains property valuation, preservation or disposition p

  32. Slide 32: 6. SCRT Transactions Re-cap

    6. SCRT Transactions Re-cap C O N F I D E N T I AL © Freddie Mac 32

  33. Slide 33: SCRT Transaction Issuance History

    SCRT Transaction Issuance History SCRT 2019-2 Syndicated Classes (Pricing Date: 5/8/2019) Initial Class Approximate Initial Credit WAL(1) Ratings Class Spread or Proceeds(1) Principal Amount Initial Class Coupon Enhancement (years) DBRS/Fitch HT $43,254,000 3.000% 10.25% 7.30 1-13 back of FG 3.0 Gua

  34. Slide 34: SCRT Transaction Issuance History

    SCRT Transaction Issuance History SCRT 2018-4 Syndicated Classes (Pricing Date: 11/8/2018) Initial Class Approximate Initial Credit WAL(1) Ratings Class Spread or Proceeds(1) Principal Amount Initial Class Coupon Enhancement (years) DBRS/Fitch HT $47,560,000 3.000% 7.75% 7.81 1-12 back of FG 3.0 Gua

  35. Slide 35: SCRT Credit Tranches at Pricing

    SCRT Credit Tranches at Pricing Second Loss First Loss Collateral 100 PPS BTM YB Deal Spread Investors New Unique Tranche Format MV (mm) $ PX* Yield Investors New Unique Cumu. Net Loss Rate (CNLR) 16-1 475 7 7 7 B+BIO Auction 11.0 11.8 19.2 1 1 1 4.6 2.6 3.3 17-1 475 3 1 8 B+BIO Dealer 12.0 10.8 21.

  36. Slide 36: SCRT Investor Types

    SCRT Investor Types(1) Guaranteed Certificates (Inclusive of MACRs) Non-Guaranteed Certificates Hedge Fund, 1.4% Dealer, 1.0% REIT, 1.9% Insurance Company, 7.8% Private Equity, Bank/Credit 20.1% Union, 24.1% Money Manager, 29.9% Money Dealer, 16.2% Manager, 48.5% Hedge Fund, 30.3% Insurance REIT, 17

  37. Slide 37: SCRT Investor Participation

    SCRT Investor Participation SCRT Program Participation – Guaranteed Certificates 70 66 60 60 52 50 44 37 40 32 27 29 30 21 20 14 6 30 28 32 10 18 20 24 13 14 14 14 0 6 SCRT SCRT SCRT SCRT SCRT SCRT SCRT SCRT SCRT SCRT SCRT 2016-1 2017-1 2017-2 2017-3 2017-4 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2

  38. Slide 38: 7. Historical Cohort Performance

    7. Historical Cohort Performance C O N F I D E N T I AL © Freddie Mac 38

  39. Slide 39: Cohort Historical Payoff Rate by Rate Group and Forbearance

    Cohort Historical Payoff Rate by Rate Group and Forbearance* Effective WAC (Fixed)(2)(3) Effective WAC (Step)(2)(3) 7 7 6 6 WAC Rate % WAC Rate % 5 5 4 4 3 3 2 2 1 1 0 0 (4) (5) (6) (6) Fixed-FB Fixed Low to Mid Rate-NoFB Fixed High Rate-NoFB PMMS Step-FB Step-NoFB PMMS Payoff Rate (Fixed)(1)(2) Pay

  40. Slide 40: Cohort Historical Payoff Rate by Clean Pay History

    Cohort Historical Payoff Rate by Clean Pay History Effective WAC (Fixed)(2)(3) Effective WAC (Step)(2)(3) 5 5 4 4 WAC Rate % WAC Rate % 3 3 2 2 1 1 0 0 (4) (4) 12-23 Months Clean Pay 24-35 Months Clean Pay 36+ Months Clean Pay PMMS 12-23 Months Clean Pay 24-35 Months Clean Pay 36+ Months Clean Pay P

  41. Slide 41: Historical Cohort Collateral Characteristics by Rate Group and Forbearance

    Historical Cohort Collateral Characteristics by Rate Group and Forbearance Fixed Rate Modified Loan Cohorts(1) Step Rate Modified Loan Cohorts(1) Low to Mid Rates & High Rates & without With Forbearance With Forbearance Without Forbearance without Forbearance(5) Forbearance(6) As of Date 3/31/2015 3

  42. Slide 42: Historical Cohort Collateral Characteristics by Clean Pay History

    Historical Cohort Collateral Characteristics by Clean Pay History Fixed Rate Cohorts(1) Step Rate Cohorts(1) Modified Loans Modified Loans Modified Loans Modified Loans Modified Loans Modified Loans Current for Current for Current for Current for Current for Current for 12-23 Months 24-35 Months 36+

  43. Slide 43: Cohort Historical Credit Performance by Rate Group and Forbearance

    Cohort Historical Credit Performance by Rate Group and Forbearance On-going D90+ Rate(2) Rate of Subsequent Modifications(6) 7.0 6.0 Modification Rate % 6.0 5.0 D90+ Rate % 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 0.0 0.0 (4) (5) (4) (5) Fixed Low to Mid Rate or w/FB Fixed High Rate-NoFB Step Fixed Low t

  44. Slide 44: Cohort Historical Credit Performance by Clean Pay History

    Cohort Historical Credit Performance by Clean Pay History On-going D90+ Rate(2) Rate of Subsequent Modification(4) 7.0 6.0 Modification Rate % 6.0 5.0 D90+ Rate % 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 0.0 0.0 12-23 Months Clean Pay 24-35 Months Clean Pay 36+ Months Clean Pay 12-23 Months Clean Pay 24-

  45. Slide 45: Step Rate Modifications Performance

    Step Rate Modifications Performance 2% Step Rate Mods 12-23 months Performing as of September 2011 16 40 14 35 12 30 10 25 Rate % Rate % 8 20 6 15 4 10 2 5 0 0 Effective WAC (LHS) Portfolio on-going D90+ Rate (LHS) Liquidation Rate (LHS) (1) Payoff Rate FB Loans (LHS) Modification Rate (annualized,

  46. Slide 46: Parameters for Step Rate Modification

    Parameters for Step Rate Modification Step Rate Cohorts(1) RPLs in Freddie Mac’s Single-Family Loan- Forbearance No Forbearance Total Level Dataset (the “Dataset”) were used to As of Date 9/1/2011 9/1/2011 9/1/2011 create cohorts to demonstrate how step-rate % Modified 100% 100% 100% Count 6,570 10,

  47. Slide 47: 8. Modification Overviews

    8. Modification Overviews HAMP Modification Overview Standard and Streamlined Modification Overview Flex Modification Overview C O N F I D E N T I AL © Freddie Mac 47

  48. Slide 48: HAMP Modification Overview

    HAMP Modification Overview Home Affordable Modification Program (“HAMP”), designed to help financially struggling homeowners, was announced on March 4, 2009. HAMP was effective for mortgages originated on or prior to January 1, 2009. The deadline for borrower applications expired on December 30, 201

  49. Slide 49: Standard and Streamlined Modification Overview

    Standard and Streamlined Modification Overview Standard and Streamlined Modifications, designed to help financially struggling homeowners, were announced on September 12, 2011, and March 27, 2013, respectively. While Trial Plans and official Mods continue into 2018, the deadline for Borrower evaluat

  50. Slide 50: Flex Modification Overview

    Flex Modification Overview Beginning in October, 2017, Freddie Mac Flex Modification ("Flex Modification”) replaced the previously available Standard and Streamlined Modification to help financially struggling borrowers qualify for modifications in a changing housing market. Mechanics of Flex Modifi

  51. Slide 51: 9. Data Stratifications

    9. Data Stratifications C O N F I D E N T I AL © Freddie Mac 51

  52. Slide 52: Data Stratifications: Aggregate

    Data Stratifications (as of June 30, 2019) Aggregate Product Type(1) Current Mortgage Rate (%) Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%) Balance ($) Balance (%)

  53. Slide 53: Data Stratifications: Aggregate

    Data Stratifications (as of June 30, 2019) Aggregate Loan Age from Modification (months)(1) Loan Purpose at Origination Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%

  54. Slide 54: Data Stratifications: Group H

    Data Stratifications (as of June 30, 2019) Group H Product Type(1) Current Mortgage Rate (%) Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%) Balance ($) Balance (%) S

  55. Slide 55: Data Stratifications: Group H

    Data Stratifications (as of June 30, 2019) Group H Loan Age from Modification (months)(1) Loan Purpose at Origination Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%)

  56. Slide 56: Data Stratifications: Group M

    Data Stratifications (as of June 30, 2019) Group M Product Type(1) Current Mortgage Rate (%) Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%) Balance ($) Balance (%) F

  57. Slide 57: Data Stratifications: Group M

    Data Stratifications (as of June 30, 2019) Group M Loan Age from Modification (months)(1) Loan Purpose at Origination Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%)

  58. Slide 58: Data Stratifications: Group M55

    Data Stratifications (as of June 30, 2019) Group M55 Product Type(1) Current Mortgage Rate (%) Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Loans Balance ($) Balance (%) Balance ($) Balance (%)

  59. Slide 59: Data Stratifications: Group M55

    Data Stratifications (as of June 30, 2019) Group M55 Loan Age from Modification (months)(1) Loan Purpose at Origination Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Aggregate Unpaid Principal Number of Mortgage Loans Number of Mortgage Loans Balance ($) Balance (%

  60. Slide 60: 10. Collateral History by Group

    10. Collateral History by Group C O N F I D E N T I AL © Freddie Mac 60

  61. Slide 61: Collateral Characteristics Comparison – Group H

    Collateral Characteristics Comparison – Group H SCRT Group H Description 2017-1 2017-2 2017-3 2017-4 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 As of Date 3/31/2017 6/30/2017 8/31/2017 10/31/2017 1/31/2018 4/30/2018 6/30/2018 9/30/2018 1/31/2019 3/31/2019 6/30/2019 % Modified 100% 100% 100% 10

  62. Slide 62: Collateral Characteristics Comparison – Group M

    Collateral Characteristics Comparison – Group M SCRT Group M Description 2017-1 2017-2 2017-3 2017-4 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 As of Date 3/31/2017 6/30/2017 8/31/2017 10/31/2017 1/31/2018 4/30/2018 6/30/2018 9/30/2018 1/31/2019 3/31/2019 6/30/2019 % Modified 100% 100% 100% 10

  63. Slide 63: Collateral Characteristics Comparison – High Coupon Groups

    Collateral Characteristics Comparison – High Coupon Groups SCRT Group M45(6) M60(7) M55(8) Description 2017-4 2018-1 2017-4 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 As of Date 10/31/2017 1/31/2018 10/31/2017 1/31/2018 4/30/2018 6/30/2018 9/30/2018 1/31/2019 3/31/2019 6/30/2019 % Modified 100

  64. Slide 64: 11. Freddie Mac Key Contacts

    11. Freddie Mac Key Contacts C O N F I D E N T I AL © Freddie Mac 64

  65. Slide 65: Freddie Mac Key Contacts

    Freddie Mac Key Contacts Team Member Email Address Business Phone Mike Hutchins Executive Vice President mike_hutchins@freddiemac.com 571-382-3660 Head of Investments and Capital Markets John Glessner Senior Vice President john_glessner@freddiemac.com 571-382-5915 Asset Liability Management and Trea

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