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Product Overview: PC Program

The Gold Participation Certificate (PC) security is the cornerstone of Freddie Mac’s mortgage-backed securities program. Gold PCs are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac offers traditional 30-year fixed-rate Gold PCs in addition to 20-year and 15-year Gold PCs. Freddie Mac Gold PCs are backed by fully amortizing mortgages.

Fixed-income investors in the United States and abroad place a high value on the quality and liquidity of Gold PCs. Domestic and foreign Gold PC investors include money managers, thrift institutions, commercial banks, trust departments, pension funds, central banks, securities dealers and private investors.

"Freddie Mac guarantees the timely payment of interest and principal on all Gold PCs."

Gold PCs differ from U.S. Treasury securities and other fixed-income investments in two ways. First, they can be prepaid at any time since the underlying mortgages can be paid off by homeowners prior to a loan’s maturity. Mortgage-backed securities generally provide a higher nominal yield than certain other fixed-income products due to this implicit call option. Second, Gold PCs are not backed by the full faith and credit of the United States, as are U.S. Treasury securities. However, Freddie Mac guarantees the timely payment of interest and principal on all Gold PCs. Gold PCs feature a payment delay of only 45 days from the time interest begins to accrue and the time the investor receives a payment.

Investor Benefits


The U.S. mortgage-backed securities market makes up more than one-quarter of the U.S. fixed-income securities market, the largest in size in terms of volume of outstanding securities. As part of this market, Freddie Mac’s mortgage-backed securities are among the most liquid and widely held in the world.


Freddie Mac securities offer additional transparency by providing loan-level disclosure on our mortgage-backed securities. This allows investors the ability to further analyze our securities over time, including the ability to better compare the prepayment behavior of the loans backing our securities.

Broad Appeal

Gold PCs are a valuable fixed-income investment for a broad range of both domestic and foreign investors, offering attractive yields, high liquidity, improving price performance and roll opportunities.

Outstanding Credit Quality

Freddie Mac guarantees each Gold PC it issues and has built a strong franchise with significant assets and a record of profitability.


Gold PCs are easily financed and are often used as collateral for dollar rolls and repos. Gold PCs can also be inexpensively aggregated into larger, highly liquid Giant PC securities with specific characteristics, such as geographic diversity. Often, Gold PCs back structured mortgage products such as REMICs, Strips and other innovative investment vehicles.

Investor Tools

From pricing and settlement through post-sale, Freddie Mac has responsive and knowledgeable professionals who assist dealers and investors every step of the way. Communication with business partners is important to Freddie Mac – it fuels the quick turnaround of transactions and provides quick access to information post-sale. Securities specialists, Web-based securities information and FMAC, Freddie Mac's Bloomberg site, are just a few of the informational resources Freddie Mac uses to provide exceptional service.

Investor Inquiry

Investor Inquiry is Freddie Mac's team of securities specialists who answer hundreds of calls each month from dealers and investors of mortgage securities products. Investor Inquiry answers a wide range of questions from general questions about disclosure to security-specific inquiries. Dealers and investors can reach Investor Inquiry at (800) 336-3672 from 9:00 a.m. to 5:00 p.m, EST, Monday through Friday or by emailing

Mortgage Securities Website

Freddie Mac provides a comprehensive array of data, including product information, CUSIP lookup, subscription services and legal documentation on its website. To access securities information, visit Freddie Mac's website at

Bloomberg (FMAC <GO>)

A wide range of information and data is available on Freddie Mac’s Bloomberg site including product descriptions, product announcements and mortgage securities issuance reports.

For additional information about Freddie Mac Gold PCs, visit Freddie Mac's website at or contact Investor Inquiry at (800) 336-3672.

This product overview is not an offer to sell or solicitation of an offer to buy any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Information Statement and related supplements.

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