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2007 Annual Report

The complete report has been divided into four segments for easier online viewing and printing.

To our Stockholders:

In 2007, our sector suffered the most severe housing correction since the Great Depression. In my 35 years as an economist, central banker, regulator and businessman, I have never witnessed a situation quite like this one – in which a housing bubble has played such a central role in bringing the world's largest economy to the brink of recession.

Freddie Mac's financial results last year were acutely affected by the extraordinary downturn in housing; later in this letter I will discuss them with you fully. But before detailing our performance, it's worth taking a closer look at how and why the housing finance environment became so challenging. If you'll bear with me, I'd like to describe what we've observed, what we’ve been doing about it, and what we think it means. Read more from Richard Syron.

Segment 1 of the Report contains the following information:

Table of Contents

BUSINESS
REGULATION AND SUPERVISION
RISK FACTORS
PROPERTIES
LEGAL PROCEEDINGS
MARKET FOR THE COMPANY'S COMMON EQUITY,
 RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
 OF EQUITY SECURITIES
FORWARD-LOOKING STATEMENTS
SELECTED FINANCIAL DATA AND OTHER OPERATING MEASURES

Segment 2 of the Report contains the following information:

 
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND  
   RESULTS OF OPERATIONS
 EXECUTIVE SUMMARY
 CONSOLIDATED RESULTS OF OPERATIONS
 CONSOLIDATED BALANCE SHEETS ANALYSIS
 CONSOLIDATED FAIR VALUE BALANCE SHEETS ANALYSIS
 LIQUIDITY AND CAPITAL RESOURCES
 PORTFOLIO BALANCES AND ACTIVITIES
 OFF-BALANCE SHEET ARRANGEMENTS
 CONTRACTUAL OBLIGATIONS
 CRITICAL ACCOUNTING POLICIES AND ESTIMATES
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
CREDIT RISKS
OPERATIONAL RISKS

Segment 3 of the Report contains the following information:

 
RISK MANAGEMENT AND DISCLOSURE COMMITMENTS
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
QUARTERLY SELECTED FINANCIAL DATA

Segment 4 of the Report contains the following information:

 
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
 FINANCIAL DISCLOSURE
CONTROLS AND PROCEDURES
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
EXECUTIVE COMPENSATION
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
 RELATED STOCKHOLDER MATTERS
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND 
   DIRECTOR INDEPENDENCE
PRINCIPAL ACCOUNTANT FEES AND SERVICES
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND 
   PREFERRED STOCK DIVIDENDS
ADDITIONAL INFORMATION
CERTIFICATIONS