%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.50 740.67 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 12.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 153.05 702.25 Td (Freddie Mac Reports Net Income of ) Tj ET Q BT /F3 12.50 Tf ET q 0 0 0 rg BT 368.66 702.25 Td ($2.5) Tj ET Q BT /F3 12.50 Tf ET q 0 0 0 rg BT 392.99 702.25 Td ( Billion and) Tj ET Q BT /F3 12.50 Tf ET q 0 0 0 rg BT 126.35 687.25 Td (Comprehensive Income of ) Tj ET Q BT /F3 12.50 Tf ET q 0 0 0 rg BT 286.40 687.25 Td ($2.4) Tj ET Q BT /F3 12.50 Tf ET q 0 0 0 rg BT 310.73 687.25 Td ( Billion for Third Quarter 2020) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 53.05 674.75 Td (The Company Delivered Strong Financial Results While Continuing to Support the Housing Market During the Pandemic) Tj ET Q 0.7568627450980392 0.7568627450980392 0.7568627450980392 rg /GS0 gs 48.00 660.25 515.00 -58.00 re f /GS0 gs 0.7568627450980392 0.7568627450980392 0.7568627450980392 rg /GS0 gs 48.00 602.25 515.00 -13.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 48 664.25 m 563 664.25 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 48 585.25 m 563 585.25 l s BT /F4 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 50.50 649.18 Td ("The company delivered strong earnings on higher revenues, substantially increasing our total ) Tj ET Q BT /F4 12.00 Tf ET q 1 1 1 rg BT 50.50 637.18 Td (equity by $2.5 billion to $13.9 billion - bringing us one step closer to our goal of responsibly ) Tj ET Q BT /F4 12.00 Tf ET q 1 1 1 rg BT 50.50 625.18 Td (exiting conservatorship. We did this while helping hundreds of thousands of families buy, rent ) Tj ET Q BT /F4 12.00 Tf ET q 1 1 1 rg BT 50.50 613.18 Td (and remain in their homes.") Tj ET Q BT /F5 10.00 Tf ET q 1 1 1 rg BT 50.50 592.61 Td (David M. Brickman ) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 143.56 592.61 Td (Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7450980392156863 0.27058823529411763 rg BT 49.50 566.55 Td (Third Quarter 2020 Financial Results ) Tj ET Q BT /F7 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 550.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 550.35 Td (Net income ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 130.63 550.35 Td (of ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 143.26 550.35 Td ($2.5 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 196.44 550.35 Td ( and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 221.10 550.35 Td (comprehensive income ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 346.26 550.35 Td (of ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 358.89 550.35 Td ($2.4 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 412.08 550.35 Td (, up ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 433.89 550.35 Td ($0.7 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 487.08 550.35 Td ( and ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 511.74 550.35 Td ($0.5 ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 537.15 Td (billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 96.22 537.15 Td (, respectively,) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 163.86 537.15 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 166.92 537.15 Td (from the prior quarter, driven by guarantee portfolio growth, higher upfront fee ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 523.95 Td (income recognition, and strong margins on Multifamily loan commitments. ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 507.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 507.75 Td (Provision for credit losses) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 203.81 507.75 Td ( of ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 219.50 507.75 Td ($0.3 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 272.69 507.75 Td (, reflecting both portfolio growth and stabilization of ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 494.55 Td (estimates of expected credit losses related to the COVID-19 pandemic.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 478.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 478.35 Td (Total equity/net worth) Tj ET Q BT /F7 11.00 Tf ET BT /F7 6.60 Tf ET q 0 0 0 rg BT 182.10 482.20 Td (\(1\)) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 189.19 478.35 Td ( increased to ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 255.68 478.35 Td ($13.9 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 314.98 478.35 Td (, from $11.4 billion on June 30, 2020.) Tj ET Q 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 48 467.85 m 563 467.85 l s BT /F1 10.00 Tf ET BT /F6 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 445.15 Td (Providing Stability to the Housing Market, While Fulfilling Affordable Housing Mission) Tj ET Q BT /F6 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 6.60 Tf ET q 0.5333333333333333 0.7450980392156863 0.27058823529411763 rg BT 537.36 449.00 Td (\(2\)) Tj ET Q BT /F7 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 428.95 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 428.95 Td (Continued to provide mortgage-relief options for borrowers affected by the COVID-19 pandemic, ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 415.75 Td (including forbearance programs for both single-family and multifamily borrowers.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 399.55 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 399.55 Td (Extended moratorium on foreclosures and evictions until at least December 31, 2020.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 383.35 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 383.35 Td (Extended temporary measures designed to provide flexibility to homeowners, sellers, and appraisers ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 370.15 Td (to expedite loan closings during the COVID-19 pandemic.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 353.95 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 353.95 Td (Issued first Multifamily Social Bond, with proceeds used to provide liquidity to social impact financial ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 340.75 Td (institutions that finance multifamily properties that are affordable to an underserved population.) Tj ET Q BT /F6 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 321.55 Td (Executing on Business Fundamentals) Tj ET Q BT /F7 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 305.35 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 305.35 Td (New Single-Family business activity increased to ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 309.68 305.35 Td ($337 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 365.92 305.35 Td (, up ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 387.73 305.35 Td (45%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 410.97 305.35 Td ( from the prior quarter, ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 292.15 Td (reflecting strong home purchase and refinance activity. ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 275.95 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 275.95 Td (New Multifamily business activity declined to ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 290.66 275.95 Td ($18 billion) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 340.79 275.95 Td (, down ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 377.25 275.95 Td (10%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 400.48 275.95 Td ( from the prior quarter; full year ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 262.75 Td (2020 activity expected to be comparable to full year 2019.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 246.55 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 246.55 Td (Single-Family and Multifamily guarantee portfolios grew ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 342.68 246.55 Td (11%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 365.91 246.55 Td ( and ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 390.57 246.55 Td (14%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 413.80 246.55 Td (, respectively, year over year.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 230.35 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 230.35 Td (Serious delinquency rate for Single-Family) Tj ET Q BT /F7 11.00 Tf ET BT /F7 6.60 Tf ET q 0 0 0 rg BT 274.17 234.20 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 276.00 230.35 Td (increased to ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 339.44 230.35 Td (3.04%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 371.85 230.35 Td (, from 2.48% in the prior quarter, ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 217.15 Td (driven by loans in forbearance due to the COVID-19 pandemic. ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 200.95 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 200.95 Td (Multifamily delinquency rate, which does not include loans in forbearance, increased to ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 496.81 200.95 Td (0.13%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 529.22 200.95 Td (.) Tj ET Q BT /F6 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 181.75 Td (Managing Risk) Tj ET Q BT /F7 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 165.55 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 165.55 Td (Completed nearly ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 157.43 165.55 Td (193) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 175.77 165.55 Td (,000 single-family loan workouts, including forbearance agreements and ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 152.35 Td (payment deferrals, versus ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 197.22 152.35 Td (89) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 209.46 152.35 Td (,000 workouts in the prior quarter. ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 136.15 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 136.15 Td (2.95%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 99.91 136.15 Td ( and ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 124.57 136.15 Td (2.21%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 156.98 136.15 Td ( of the loans in the Single-Family guarantee portfolio and the Multifamily mortgage ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 122.95 Td (portfolio, respectively, were in forbearance as of September 30, 2020.) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 49.50 106.75 Td ( ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 106.75 Td (52) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 79.73 106.75 Td (% and ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 115.40 106.75 Td (90%) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 138.63 106.75 Td ( of the loans in the Single-Family guarantee portfolio and the Multifamily mortgage ) Tj ET Q BT /F7 11.00 Tf ET q 0 0 0 rg BT 67.50 93.55 Td (portfolio, respectively, were covered by credit enhancements as of September 30, 2020.) Tj ET Q 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 48 83.04999999999995 m 563 83.04999999999995 l s BT /F1 10.00 Tf ET BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 63.00 71.45 Td (\(1\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 68.87 69.35 Td (See page 12 for additional information about the company's net worth and increases in the aggregate liquidation preference of the senior preferred stock resulting from increases in the ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 72.00 62.15 Td (company's net worth pursuant to the September 2019 Letter Agreement.) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 266.59 64.25 Td ( ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 63.00 57.05 Td (\(2\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 66.87 54.95 Td ( See the company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020, for additional information on its response efforts ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 72.00 47.75 Td (related to the COVID-19 pandemic and its outlook for 2020.) Tj ET Q /GS0 gs q 134.00 0 0 45.00 53.50 730.67 cm /I1 Do Q /GS0 gs q 328.00 0 0 45.00 228.50 730.67 cm /I2 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 2 ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 726.40 Td (McLean, VA Freddie Mac \(OTCQB: FMCC\) today reported net income of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 385.99 726.40 Td ($2.5 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 434.34 726.40 Td ( for the third quarter of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 714.40 Td (2020, an increase of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 142.68 714.40 Td (39%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 163.80 714.40 Td ( compared to net income of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 290.21 714.40 Td ($1.8 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 338.56 714.40 Td ( for the second quarter of 2020. The company ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 702.40 Td (also reported comprehensive income of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 229.29 702.40 Td ($2.4 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 277.64 702.40 Td ( for the third quarter of 2020, an increase of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 474.29 702.40 Td (26%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 495.41 702.40 Td ( compared to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 690.40 Td (comprehensive income of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 167.50 690.40 Td ($1.9 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 215.85 690.40 Td ( for the second quarter of 2020. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 672.40 Td (Net revenues were ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 135.43 672.40 Td ($5.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 154.89 672.40 Td ( billion, an increase of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.72 672.40 Td (22%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 275.84 672.40 Td ( compared to $4.1 billion for the second quarter of 2020. Net ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 660.40 Td (interest income increased ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 166.82 660.40 Td (20%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 187.94 660.40 Td ( to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 202.27 660.40 Td ($3.5 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 250.62 660.40 Td (, primarily driven by growth in the Single-Family guarantee portfolio ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 648.40 Td (and higher upfront fee income recognition due to faster loan prepayments as a result of the record low mortgage ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 636.40 Td (interest rate environment. Investment gains, net increased ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 310.03 636.40 Td (67%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 331.15 636.40 Td ( to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.48 636.40 Td ($1.1 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.83 636.40 Td (, primarily driven by continued strong ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 624.40 Td (margins on Multifamily loan commitments and gains on sales of single-family reperforming loans. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 606.40 Td (Credit-related expense declined ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 194.78 606.40 Td (16%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 215.90 606.40 Td ( to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 230.23 606.40 Td ($0.6 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 278.58 606.40 Td (. Provision for credit losses was lower compared to the second ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 594.40 Td (quarter of 2020, as realized house price growth in the third quarter of 2020 was robust and estimates of expected ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 582.40 Td (credit losses related to the COVID-19 pandemic have started to stabilize. Credit costs related to portfolio growth ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 570.40 Td (and a lower benefit from expected credit enhancement recoveries also affected credit-related expenses.) Tj ET Q BT /F8 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.25882352941176473 0.25882352941176473 0.25882352941176473 rg BT 49.50 545.20 Td (Summary of Consolidated Statements of Comprehensive Income \(Loss\) ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 534.70 243.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 297.00 534.70 50.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 351.00 534.70 50.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 405.00 534.70 50.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 459.00 534.70 50.00 -16.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 513.00 534.70 50.00 -16.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 518.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 518.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 518.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 504.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 504.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 504.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 490.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 490.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 490.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 476.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 476.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 476.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 462.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 462.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 462.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 448.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 448.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 448.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 434.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 434.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 434.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 420.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 420.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 420.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 406.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 406.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 406.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 392.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 392.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 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0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 285.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 285.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 285.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 271.70 50.00 -23.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 271.70 50.00 -23.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 271.70 50.00 -23.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 297.00 248.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 351.00 248.70 50.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 459.00 248.70 50.00 -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 50 462.70000000000005 m 293 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 462.70000000000005 m 347 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347 462.70000000000005 m 351 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 462.70000000000005 m 401 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 462.70000000000005 m 405 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 462.70000000000005 m 455 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 462.70000000000005 m 459 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 462.70000000000005 m 509 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 462.70000000000005 m 513 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 462.70000000000005 m 563 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 462.70000000000005 m 347 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 462.70000000000005 m 509 462.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 392.70000000000005 m 293 392.70000000000005 l s 0.5333333333333333 0.7411764705882353 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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 297 313.70000000000005 m 347 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347 313.70000000000005 m 351 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 313.70000000000005 m 401 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 313.70000000000005 m 405 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 313.70000000000005 m 455 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 313.70000000000005 m 459 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 313.70000000000005 m 509 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 313.70000000000005 m 513 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 313.70000000000005 m 563 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 313.70000000000005 m 347 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 313.70000000000005 m 401 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 313.70000000000005 m 509 313.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 285.70000000000005 m 293 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 285.70000000000005 m 347 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347 285.70000000000005 m 351 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 285.70000000000005 m 401 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 285.70000000000005 m 405 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 285.70000000000005 m 455 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 285.70000000000005 m 459 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 285.70000000000005 m 509 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 285.70000000000005 m 513 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 285.70000000000005 m 563 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 285.70000000000005 m 347 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 285.70000000000005 m 401 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 285.70000000000005 m 509 285.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 248.70000000000005 m 347 248.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 248.70000000000005 m 401 248.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 248.70000000000005 m 293 248.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 235.70000000000005 m 293 235.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 233.70000000000005 m 293 233.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 248.70000000000005 m 347 248.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 235.70000000000005 m 347 235.70000000000005 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 233.70000000000005 m 347 233.70000000000005 l s 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(917) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.45 453.06 Td (3,379) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.45 453.06 Td (1,687) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 439.06 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.60 439.06 Td (\(327\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.20 439.06 Td (\(705) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.50 439.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 434.80 439.06 Td (378) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 488.80 439.06 Td (179) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 537.60 439.06 Td (\(506\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 425.06 Td (Credit enhancement expense) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.60 425.06 Td (\(267\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.20 425.06 Td (\(233) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.50 425.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 435.20 425.06 Td (\(34\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 486.20 425.06 Td (\(197) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.50 425.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 543.20 425.06 Td (\(70\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 411.06 Td (Expected credit enhancement recoveries) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 332.35 411.06 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 380.80 411.06 Td (221) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.60 411.06 Td (\(201\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 495.50 411.06 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 548.35 411.06 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 397.06 Td (Real estate owned \(REO\) operations expense) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 327.20 397.06 Td (\(40\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 383.75 397.06 Td (\(14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.50 397.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 435.20 397.06 Td (\(26\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 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0 rg BT 435.20 369.06 Td (\(40\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 486.20 369.06 Td (\(620) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.50 369.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 543.20 369.06 Td (\(21\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 355.06 Td (Temporary Payroll Tax Cut Continuation Act of 2011) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 345.06 Td (expense) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.60 347.06 Td (\(467\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.20 347.06 Td (\(442) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.50 347.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 435.20 347.06 Td (\(25\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 486.20 347.06 Td (\(408) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.50 347.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 543.20 347.06 Td (\(59\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 332.06 Td (Other expense) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.60 332.06 Td (\(237\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.20 332.06 Td (\(140) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.50 332.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 435.20 332.06 Td (\(97\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 486.20 332.06 Td (\(139) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.50 332.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 543.20 332.06 Td (\(98\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 318.06 Td (Operating expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.55 318.06 Td (\(1,345\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.50 318.06 Td (\(1,183) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.50 318.06 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.85 318.06 Td (\(162\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.50 318.06 Td (\(1,167) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.50 318.06 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.85 318.06 Td (\(178\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 304.06 Td (Income \(loss\) before income tax \(expense\) benefit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.45 304.06 Td (3,107) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.45 304.06 Td (2,235) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.80 304.06 Td (872) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.45 304.06 Td (2,136) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.80 304.06 Td (971) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 290.06 Td (Income tax \(expense\) benefit) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.60 290.06 Td (\(644\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.20 290.06 Td (\(458) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.50 290.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.60 290.06 Td (\(186\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 486.20 290.06 Td (\(427) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.50 290.06 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 537.60 290.06 Td (\(217\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 276.06 Td (Net 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0 0 rg BT 312.90 239.06 Td ($2,449) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.90 239.06 Td ($1,938) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.25 239.06 Td ($511) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.90 239.06 Td ($1,848) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.25 239.06 Td ($601) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 3 ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 232.65 724.95 Td (Selected Financial Measures ) Tj ET Q BT /F10 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 205.05 700.95 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.72 700.95 Td (Net Interest Income and Net Interest Yield) Tj 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Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 161.15 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 161.15 Td (Guarantee fee income decreased from the prior quarter, primarily due to higher ) Tj ET Q BT /F7 10.00 Tf ET 1 1 1 rg /GS0 gs 439.36 168.29 105.01 -10.00 re f /GS0 gs q 0 0 0 rg BT 439.36 161.15 Td (fair value losses on the ) Tj ET Q BT /F7 10.00 Tf ET 1 1 1 rg /GS0 gs 85.50 156.29 476.86 -10.00 re f /GS0 gs q 0 0 0 rg BT 85.50 149.15 Td (Multifamily guarantee asset as a result of an increase in interest rates from the prior quarter. Because most ) Tj ET Q BT /F7 10.00 Tf ET 1 1 1 rg /GS0 gs 85.50 144.29 461.20 -10.00 re f /GS0 gs q 0 0 0 rg BT 85.50 137.15 Td (multifamily loans are not prepayable without penalty, increases in interest rates generally result in lower ) Tj ET Q BT /F7 10.00 Tf ET 1 1 1 rg /GS0 gs 85.50 132.29 172.81 -10.00 re f /GS0 gs q 0 0 0 rg BT 85.50 125.15 Td (Multifamily guarantee asset fair values.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 4 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.30 726.40 Td (Credit-Related Expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.60 714.40 Td (\(Dollars in billions\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 345.36 714.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.36 714.40 Td ( ) Tj ET Q /GS0 gs q 513.00 0 0 305.00 49.50 404.40 cm /I5 Do Q BT /F1 10.00 Tf ET BT /F4 6.00 Tf ET q 0 0 0 rg BT 72.00 399.20 Td ( Amounts may not add due to rounding.) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 178.50 399.20 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 374.00 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 374.00 Td (Credit-related expense decreased from the prior quarter, primarily driven by:) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 85.50 353.84 cm /I6 Do Q q 0 0 0 rg BT 89.50 356.00 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 356.00 Td (Lower provision for credit losses reflecting strong house price growth in the third quarter of 2020 and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 344.00 Td (estimates of expected credit losses related to the COVID-19 pandemic that are beginning to stabilize; ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 332.00 Td (partially offset by) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 85.50 311.84 cm /I7 Do Q q 0 0 0 rg BT 89.50 314.00 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 314.00 Td (Higher credit costs related to portfolio growth; and) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 85.50 293.84 cm /I8 Do Q q 0 0 0 rg BT 89.50 296.00 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 296.00 Td (A lower benefit from expected credit enhancement recoveries.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 5 ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 202.25 724.95 Td (Non-GAAP Financial Measure Highlights) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 700.95 Td (In addition to analyzing the companys results on a GAAP basis, management reviews net interest income and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 688.95 Td (guarantee fee income on an adjusted, or non-GAAP basis. These adjusted financial measures are calculated by ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 676.95 Td (reclassifying certain credit guarantee-related activities and investment-related activities between various line items ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 664.95 Td (on the companys GAAP consolidated statements of comprehensive income. The company also presents one ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 652.95 Td (additional non-GAAP financial measure, adjusted net interest yield, that is calculated based on adjusted net ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (interest income. Management believes that these non-GAAP financial measures are useful because they more ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 628.95 Td (clearly reflect the companys sources of revenue and return.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 610.95 Td (For additional information about the company's non-GAAP financial measures and reconciliations to the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 598.95 Td (comparable amounts under GAAP, see pages 16 - 17 of this press release.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.10 574.95 Td (Adjusted Net Interest Income) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 290.53 578.45 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.42 574.95 Td (, Adjusted Net Interest Yield) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 430.64 578.45 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.53 574.95 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.10 562.95 Td (Investments Portfolio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.60 552.15 Td (\(Dollars in billions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.00 541.35 Td ( ) Tj ET Q /GS0 gs q 513.00 0 0 230.00 49.50 306.35 cm /I9 Do Q BT /F1 10.00 Tf ET BT /F7 6.00 Tf ET BT /F7 3.60 Tf ET q 0 0 0 rg BT 67.50 303.25 Td (\(1\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 76.50 301.15 Td (Non-GAAP financial measure. For reconciliations to the comparable amounts under GAAP, see pages 16-17 of this press release.) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 76.50 290.95 Td () Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 78.17 290.95 Td (Amounts may not add due to rounding.) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 183.00 290.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 272.95 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 272.95 Td (Adjusted net interest income and adjusted net interest yield decreased from the prior quarter, primarily ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 260.95 Td (driven by higher loan prepayments that resulted in an increase in amortization expense, combined with a ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 248.95 Td (change in investment mix as the lower-yielding other investments portfolio represented a larger percentage ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 236.95 Td (of the total investments portfolio. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 218.95 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 218.95 Td (The mortgage-related investments portfolio was ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 302.36 218.95 Td ($198 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 353.49 218.95 Td (, up ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 373.32 218.95 Td ($4 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.33 218.95 Td (, or ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 430.74 218.95 Td (2%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 446.30 218.95 Td (, from the prior quarter ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 206.95 Td (and down ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 132.73 206.95 Td ($23 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 178.30 206.95 Td (, or ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 195.71 206.95 Td (11%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 216.83 206.95 Td (, from the prior year. In February 2019, FHFA instructed the company to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 194.95 Td (maintain the mortgage-related investments portfolio at or below $225 billion at all times.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 6 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.85 726.40 Td (Adjusted Guarantee Fee Income) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 368.69 729.90 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.58 726.40 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.55 714.40 Td (Total Guarantee Portfolio ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.60 703.60 Td (\(Dollars in billions\) ) Tj ET Q /GS0 gs q 513.00 0 0 215.00 49.50 483.60 cm /I10 Do Q BT /F10 6.00 Tf ET q 0 0 0 rg BT 562.50 488.60 Td ( ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 76.50 480.50 Td (\(1\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 85.50 478.40 Td (Non-GAAP financial measure. For reconciliations to the comparable amounts under GAAP, see pages 16-17 of this press release.) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 85.50 468.20 Td (Amounts may not add due to rounding.) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 190.34 468.20 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 450.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 450.20 Td (Adjusted guarantee fee income remained relatively flat from the prior quarter as higher Single-Family ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 438.20 Td (guarantee fee income driven by portfolio growth and higher upfront fee income was largely offset by lower ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 426.20 Td (Multifamily guarantee fee income due to higher fair value losses on the guarantee asset.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 408.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 408.20 Td (The total guarantee portfolio grew ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 238.96 408.20 Td ($134 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 290.09 408.20 Td (, or ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 307.50 408.20 Td (6%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 323.06 408.20 Td (, from the prior quarter and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 446.36 408.20 Td ($255 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 497.49 408.20 Td (, or ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.90 408.20 Td (11%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 536.02 408.20 Td (, from ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 396.20 Td (the prior year, driven by increases in both the Single-Family and Multifamily guarantee portfolios.) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 195.70 375.80 Td (Return on Conservatorship Capital \(ROCC\)) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 357.80 Td (In May 2020, FHFA released its re-proposed Enterprise Capital Rule for comment. The re-proposed capital rule, if ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 345.80 Td (adopted, would significantly increase the company's capital requirements and, as a result, would significantly ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 333.80 Td (lower its returns on capital. It also could meaningfully affect the company's business strategies.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 315.80 Td (Until FHFA issues a final Enterprise Capital Rule, Freddie Mac will continue to use the Conservatorship Capital ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 303.80 Td (Framework \(CCF\) to evaluate business decisions and ensure the company makes such decisions prudently when ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 291.80 Td (pricing transactions and managing its business. The CCF has been and may be further revised by FHFA from time ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 279.80 Td (to time, including in connection with FHFAs consideration and adoption of a final Enterprise Capital Rule, which ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 267.80 Td (could possibly result in material changes in the company's conservatorship capital and, thus, its returns on ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 255.80 Td (conservatorship capital.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 237.80 Td (The table below provides the ROCC, calculated as \(1\) annualized comprehensive income for the period divided by ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 225.80 Td (\(2\) average conservatorship capital during the period. ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 289.97 229.30 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 207.80 Td (ROCC is not based on the company's total equity and does not reflect actual returns on total equity. The company ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 195.80 Td (does not believe that returns on total equity are meaningful because of the net worth limit imposed since 2012 ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 183.80 Td (under the Purchase Agreement. In addition, the company believes that returns post conservatorship would most ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 171.80 Td (likely be lower than the levels calculated below, assuming the same portfolio of risk assets, as it expects that it ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 159.80 Td (would hold capital above the minimum required regulatory capital levels and that it would likely be required to pay ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 147.80 Td (fees for federal government support, thereby reducing its total comprehensive income. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 7 ) Tj ET Q BT /F8 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.25882352941176473 0.25882352941176473 0.25882352941176473 rg BT 49.50 725.65 Td (Return on Conservatorship Capital) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 715.15 253.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 307.00 715.15 48.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 359.00 715.15 46.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 409.00 715.15 48.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 461.00 715.15 47.00 -15.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 512.00 715.15 48.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 307.00 700.15 48.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 359.00 700.15 46.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 461.00 700.15 47.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 307.00 685.15 48.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 359.00 685.15 46.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 461.00 685.15 47.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 307.00 670.15 48.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 359.00 670.15 46.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 461.00 670.15 47.00 -15.00 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 307 670.15 m 355 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 670.15 m 405 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 670.15 m 457 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 670.15 m 461 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 670.15 m 508 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 670.15 m 512 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 670.15 m 560 670.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 670.15 m 303 670.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 655.15 m 303 655.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 670.15 m 355 670.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 655.15 m 355 655.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 670.15 m 359 670.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 655.15 m 359 655.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 670.15 m 405 670.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 655.15 m 405 655.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 670.15 m 409 670.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 655.15 m 409 655.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 655.15 m 457 655.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 655.15 m 461 655.15 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 670.15 m 508 670.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 655.15 m 508 655.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 655.15 m 512 655.15 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 655.15 m 560 655.15 l s BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 704.94 Td (\(Dollars in billions\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 311.30 705.51 Td (3Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 362.30 705.51 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 414.05 705.51 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 464.80 705.51 Td (3Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 517.05 705.51 Td (Change) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 690.51 Td (Comprehensive income) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 332.00 690.51 Td ($2.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 382.00 690.51 Td ($1.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 434.00 690.51 Td ($0.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 485.00 690.51 Td ($1.8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 537.00 690.51 Td ($0.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 675.51 Td (Conservatorship capital \(average during the period\)) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 280.92 679.01 Td (\(1\)\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 326.45 675.51 Td ($52.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 376.45 675.51 Td ($49.8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 434.00 675.51 Td ($2.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 479.45 675.51 Td ($51.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 537.00 675.51 Td ($1.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 660.51 Td (ROCC, based on comprehensive income) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 325.00 660.51 Td (18.7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 344.50 660.51 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.00 660.51 Td (15.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 394.50 660.51 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 432.60 660.51 Td (3.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 446.50 660.51 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 478.00 660.51 Td (14.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 497.50 660.51 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.60 660.51 Td (4.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 549.50 660.51 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 49.50 650.55 Td (\(1\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 56.37 648.45 Td (Average conservatorship capital and ROCC for 3Q 2020 are preliminary and subject to change until official submission to FHFA. Prior period preliminary numbers have been updated, as ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 58.50 641.25 Td (needed, to reflect final data submitted to FHFA. ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 49.50 636.15 Td (\(2\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 56.37 634.05 Td (Average conservatorship capital for each period is based on the CCF in effect during that period. The CCF in effect as of September 30, 2020 was largely unchanged from the CCF as of ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 58.50 626.85 Td (June 30, 2020 and September 30, 2019.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 611.85 Td (ROCC increased compared to the prior quarter, primarily driven by the increase in comprehensive income in the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 599.85 Td (third quarter of 2020, partially offset by an increase in the level of conservatorship capital needed, resulting from ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 587.85 Td (growth in the Single-Family and Multifamily guarantee portfolios.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 569.85 Td (For additional information on the CCF and ROCC, see the companys Quarterly Report on Form 10-Q for the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 557.85 Td (quarter ended September 30, 2020.) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 174.50 531.45 Td (Segment Financial Results and Business Highlights) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 507.45 Td (Freddie Macs operations consist of three reportable segments, which are based on the types of business activities ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 495.45 Td (they perform Single-Family Guarantee, Multifamily, and Capital Markets. The company presents Segment ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 483.45 Td (Earnings for each reportable segment by reclassifying certain credit guarantee-related activities and investment-) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 471.45 Td (related activities between various line items on its GAAP consolidated statements of comprehensive income and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 459.45 Td (allocating certain revenues and expenses, including funding costs and administrative expenses, to its three ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 447.45 Td (reportable segments.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 429.45 Td (For more information about Segment Earnings, see Note 13 to the financial statements included in the companys ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 417.45 Td (Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 394.05 Td (Single-Family Guarantee Segment ) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 376.05 Td (Providing liquidity to the market while transforming U.S. housing finance) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 359.05 m 125.0615234375 359.05 l s q 0 0 0 rg BT 49.50 360.05 Td (Financial Results) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 125.06 363.20 Td (\(1\) ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 349.55 224.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 278.00 349.55 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 336.00 349.55 53.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 393.00 349.55 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 451.00 349.55 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 509.00 349.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 335.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 335.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 335.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 321.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 321.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 321.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 307.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 307.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 307.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 293.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 293.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 293.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 279.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 279.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 279.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 265.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 265.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 265.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 251.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 251.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 251.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 237.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 237.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 237.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 223.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 223.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 223.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 209.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 209.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 209.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 195.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 195.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 195.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 181.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 181.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 181.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 167.55 54.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 167.55 53.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 167.55 54.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 146.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 146.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 146.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 132.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 132.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 132.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 118.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 118.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 118.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 278.00 104.55 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 336.00 104.55 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 451.00 104.55 54.00 -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 50 293.54999999999995 m 274 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 293.54999999999995 m 332 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 293.54999999999995 m 336 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 293.54999999999995 m 389 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 293.54999999999995 m 393 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 293.54999999999995 m 447 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 293.54999999999995 m 451 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 293.54999999999995 m 505 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 293.54999999999995 m 509 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 293.54999999999995 m 562 293.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 223.54999999999995 m 274 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 223.54999999999995 m 332 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 223.54999999999995 m 336 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 223.54999999999995 m 389 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 223.54999999999995 m 393 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 223.54999999999995 m 447 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 223.54999999999995 m 451 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 223.54999999999995 m 505 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 223.54999999999995 m 509 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 223.54999999999995 m 562 223.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 181.54999999999995 m 332 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 181.54999999999995 m 336 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 181.54999999999995 m 389 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 181.54999999999995 m 393 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 181.54999999999995 m 447 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 181.54999999999995 m 451 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 181.54999999999995 m 505 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 181.54999999999995 m 509 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 181.54999999999995 m 562 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 181.54999999999995 m 274 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 167.54999999999995 m 332 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 167.54999999999995 m 336 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 181.54999999999995 m 389 181.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 167.54999999999995 m 389 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 167.54999999999995 m 393 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 167.54999999999995 m 447 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 167.54999999999995 m 451 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 167.54999999999995 m 505 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 167.54999999999995 m 509 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 167.54999999999995 m 562 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 167.54999999999995 m 274 167.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 132.54999999999995 m 332 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 132.54999999999995 m 336 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 132.54999999999995 m 389 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 132.54999999999995 m 393 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 132.54999999999995 m 447 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 132.54999999999995 m 451 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 132.54999999999995 m 505 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 132.54999999999995 m 509 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 132.54999999999995 m 562 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 132.54999999999995 m 274 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 132.54999999999995 m 332 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 132.54999999999995 m 389 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 132.54999999999995 m 505 132.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 104.54999999999995 m 332 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 104.54999999999995 m 389 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 104.54999999999995 m 274 104.54999999999995 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 91.54999999999995 m 274 91.54999999999995 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 89.54999999999995 m 274 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 104.54999999999995 m 332 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 91.54999999999995 m 332 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 89.54999999999995 m 332 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 104.54999999999995 m 336 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 91.54999999999995 m 336 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 89.54999999999995 m 336 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 104.54999999999995 m 389 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 91.54999999999995 m 389 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 89.54999999999995 m 389 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 104.54999999999995 m 393 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 91.54999999999995 m 393 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 89.54999999999995 m 393 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 104.54999999999995 m 447 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 91.54999999999995 m 447 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 89.54999999999995 m 447 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 104.54999999999995 m 451 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 91.54999999999995 m 451 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 89.54999999999995 m 451 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 104.54999999999995 m 505 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 91.54999999999995 m 505 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 89.54999999999995 m 505 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 104.54999999999995 m 509 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 91.54999999999995 m 509 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 89.54999999999995 m 509 89.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 104.54999999999995 m 562 104.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 91.54999999999995 m 562 91.54999999999995 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 89.54999999999995 m 562 89.54999999999995 l s BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 340.34 Td (\(Dollars in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 285.30 339.91 Td (3Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 342.80 339.91 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 401.05 339.91 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 458.30 339.91 Td (3Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 516.55 339.91 Td (Change) Tj ET Q BT /F7 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 58.50 326.62 Td (Guarantee fee income) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 300.95 326.62 Td ($2,683) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 357.95 326.62 Td ($2,528) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 423.45 326.62 Td ($155) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 473.95 326.62 Td ($2,064) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.45 326.62 Td ($619) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 312.62 Td (Investment gains \(losses\), net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 313.45 312.62 Td (409) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 375.45 312.62 Td (21) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.45 312.62 Td (388) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 312.62 Td (377) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 548.45 312.62 Td (32) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 298.62 Td (Other income \(loss\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 313.45 298.62 Td (124) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 370.80 298.62 Td (\(83\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.45 298.62 Td (207) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 491.45 298.62 Td (55) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 548.45 298.62 Td (69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 284.62 Td (Net revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.95 284.62 Td (3,216) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 284.62 Td (2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 284.62 Td (750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 284.62 Td (2,496) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.45 284.62 Td (720) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 270.62 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 308.80 270.62 Td (\(426\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 365.80 270.62 Td (\(752\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.45 270.62 Td (326) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 491.45 270.62 Td (81) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.80 270.62 Td (\(507\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 256.62 Td (Credit enhancement expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 308.80 256.62 Td (\(416\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 365.80 256.62 Td (\(399\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.80 256.62 Td (\(17\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.80 256.62 Td (\(373\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 543.80 256.62 Td (\(43\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 242.62 Td (Expected credit enhancement recoveries) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 318.45 242.62 Td (26) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 370.45 242.62 Td (219) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 423.80 242.62 Td (\(193\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 496.45 242.62 Td (0) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 548.45 242.62 Td (26) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 228.62 Td (REO operations expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 313.80 228.62 Td (\(41\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 370.80 228.62 Td (\(14\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.80 228.62 Td (\(27\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.80 228.62 Td (\(61\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 548.45 228.62 Td (20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 214.62 Td (Credit-related expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.15 214.62 Td (\(857\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.15 214.62 Td (\(946\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.45 214.62 Td (89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.15 214.62 Td (\(353\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.15 214.62 Td (\(504\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 200.62 Td (Administrative expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 308.80 200.62 Td (\(409\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 365.80 200.62 Td (\(379\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.80 200.62 Td (\(30\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.80 200.62 Td (\(399\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 543.80 200.62 Td (\(10\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 186.62 Td (Other expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 308.80 186.62 Td (\(296\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 365.80 186.62 Td (\(195\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 423.80 186.62 Td (\(101\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.80 186.62 Td (\(180\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.80 186.62 Td (\(116\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 172.62 Td (Operating expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.15 172.62 Td (\(705\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.15 172.62 Td (\(574\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.15 172.62 Td (\(131\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.15 172.62 Td (\(579\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.15 172.62 Td (\(126\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 158.62 Td (Segment Earnings \(Losses\) before income tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 149.62 Td (\(expense\) benefit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.95 151.62 Td (1,654) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 151.62 Td (946) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 151.62 Td (708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 151.62 Td (1,564) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.45 151.62 Td (90) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 137.62 Td (Income tax \(expense\) benefit) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 308.80 137.62 Td (\(343\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 365.80 137.62 Td (\(193\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 423.80 137.62 Td (\(150\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.80 137.62 Td (\(314\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 543.80 137.62 Td (\(29\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 123.62 Td (Segment Earnings \(Losses\), net of taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.95 123.62 Td (1,311) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 123.62 Td (753) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 123.62 Td (558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 123.62 Td (1,250) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.45 123.62 Td (61) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 109.62 Td (Total other comprehensive income \(loss\), net of tax) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 318.80 109.62 Td (\(3\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 375.80 109.62 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 433.80 109.62 Td (\(1\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 491.80 109.62 Td (\(3\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 550.15 109.62 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 95.62 Td (Total comprehensive income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.95 95.62 Td ($1,308) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 95.62 Td ($751) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.45 95.62 Td ($557) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 95.62 Td ($1,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.45 95.62 Td ($61) Tj ET Q BT /F1 10.00 Tf ET BT /F4 7.00 Tf ET BT /F4 4.20 Tf ET q 0 0 0 rg BT 54.00 79.10 Td (\(1\) ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 63.00 76.65 Td (The financial performance of the companys Single-Family Guarantee segment is measured based on its contribution to GAAP net income \(loss\).) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 8 ) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 725.4 m 100.490234375 725.4 l s q 0 0 0 rg BT 49.50 726.40 Td (Key Drivers) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 708.40 Td (Comprehensive income increased from the prior quarter, primarily driven by:) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 690.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 690.40 Td (Higher guarantee fee income primarily due to portfolio growth and increased upfront fee income recognition, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 678.40 Td (driven by faster loan prepayments;) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 660.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 660.40 Td (Higher investment gains on sales of reperforming loans; and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 642.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 642.40 Td (Lower credit-related expense primarily driven by lower provision for credit losses, partially offset by a lower ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 630.40 Td (benefit from credit enhancement recoveries. ) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 611.4 m 137.4716796875 611.4 l s q 0 0 0 rg BT 49.50 612.40 Td (Business Highlights) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 599.20 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 587.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 587.20 Td (New business activity was ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 187.86 587.20 Td ($337 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 238.99 587.20 Td (, an increase of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 309.93 587.20 Td ($105 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 361.06 587.20 Td (, or ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.47 587.20 Td (45%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 399.59 587.20 Td (, from the prior quarter, driven by ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 575.20 Td (higher refinance and higher purchase activity resulting from record low mortgage interest rates in the third ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 563.20 Td (quarter of 2020. ) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 543.04 cm /I11 Do Q q 0 0 0 rg BT 71.50 545.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 545.20 Td (The weighted average original loan-to-value \(LTV\) ratio of new business activity improved to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 498.73 545.20 Td (71%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.85 545.20 Td (, from ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 533.20 Td (72% for the prior quarter, while the weighted average original credit score was ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 533.20 Td (761) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.68 533.20 Td (, up from 758 in the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 521.20 Td (prior quarter. ) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 501.04 cm /I12 Do Q q 0 0 0 rg BT 71.50 503.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 503.20 Td (The average guarantee fee rate charged on new acquisitions was ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 377.89 503.20 Td (46) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 389.01 503.20 Td ( basis points, down from 48 basis ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 491.20 Td (points for the prior quarter. ) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 471.04 cm /I13 Do Q q 0 0 0 rg BT 71.50 473.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 473.20 Td (First-time homebuyers represented ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 245.06 473.20 Td (46%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 266.18 473.20 Td ( of new single-family purchase loans.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 453.04 cm /I14 Do Q q 0 0 0 rg BT 71.50 455.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 455.20 Td (The company provided funding for ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 242.40 455.20 Td (1,153) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 267.42 455.20 Td (,000 single-family homes, nearly ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.13 455.20 Td (813) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 430.81 455.20 Td (,000 of which were refinance ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 443.20 Td (loans.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 425.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 425.20 Td (The Single-Family guarantee portfolio increased ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 283.03 425.20 Td (11%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 304.15 425.20 Td ( from September 30, 2019, to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 438.24 425.20 Td ($2,179 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 497.71 425.20 Td ( at September ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 413.20 Td (30, 2020, driven by an increase in U.S. single-family mortgage debt outstanding and strong business activity.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 393.04 cm /I15 Do Q q 0 0 0 rg BT 71.50 395.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 395.20 Td (The average guarantee fee rate on the Single-Family guarantee portfolio was) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 425.25 395.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.92 395.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.70 395.20 Td (51) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 440.82 395.20 Td ( basis points, up from 50 ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 383.20 Td (basis points for the prior quarter. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 365.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 365.20 Td (The Single-Family serious delinquency rate increased to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 318.99 365.20 Td (3.04%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.45 365.20 Td (, from 2.48% at the end of the prior quarter, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 353.20 Td (driven by loans in forbearance due to the COVID-19 pandemic. ) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 333.04 cm /I16 Do Q q 0 0 0 rg BT 71.50 335.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 335.20 Td (Single-Family loans in forbearance are reported as delinquent during the forbearance period to the extent ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 323.20 Td (that payments are past due based upon the loans' original contractual terms.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 305.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 305.20 Td (Single-Family loan workout activity increased to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 282.91 305.20 Td (193) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 299.59 305.20 Td (,000, from ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 347.77 305.20 Td (89) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 358.89 305.20 Td (,000 in the prior quarter, driven by completed ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 293.20 Td (forbearance agreements and payment deferrals primarily related to the COVID-19 pandemic.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 275.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 275.20 Td (2.95%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.96 275.20 Td ( of loans in the Single-Family guarantee portfolio, based on loan count, were delinquent and in ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 263.20 Td (forbearance as of September 30, 2020.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 245.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 245.20 Td (Credit enhancement coverage of the Single-Family guarantee portfolio decreased to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 444.19 245.20 Td (52) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 455.31 245.20 Td (% from 54% in the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 233.20 Td (prior quarter, driven by the high volume of new business activity, which has not been included in CRT ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 221.20 Td (transactions but may be included in future periods.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 203.20 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 203.20 Td (As of September 30, 2020, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 189.84 203.20 Td (44%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 210.96 203.20 Td ( of the Single-Family guarantee portfolio was covered by certain CRT ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 191.20 Td (transactions, and conservatorship capital needed for credit risk on this population was reduced by ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 179.20 Td (approximately ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 133.14 179.20 Td (76%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 154.26 179.20 Td ( through these CRT transactions based on prescribed CCF guidelines. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 9 ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 724.95 Td (Multifamily Segment ) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 706.95 Td (Leading through innovation) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 689.95 m 125.0615234375 689.95 l s q 0 0 0 rg BT 49.50 690.95 Td (Financial Results) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 125.06 694.10 Td (\(1\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 130.86 690.95 Td ( ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.50 680.45 223.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 277.50 680.45 53.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 334.50 680.45 53.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 391.50 680.45 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 449.50 680.45 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 507.50 680.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 666.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 666.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 666.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 652.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 652.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 652.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 638.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 638.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 638.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 624.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 624.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 624.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 610.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 610.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 610.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 596.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 596.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 596.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 582.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 582.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 582.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 568.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 568.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 568.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 554.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 554.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 554.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 540.45 53.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 540.45 53.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 540.45 54.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 519.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 519.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 519.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 505.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 505.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 505.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 491.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 491.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 491.45 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 477.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 477.45 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 477.45 54.00 -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 50.5 610.45 m 273.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 610.45 m 330.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 610.45 m 334.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 610.45 m 387.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 610.45 m 391.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 610.45 m 445.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 610.45 m 449.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 610.45 m 503.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 610.45 m 507.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 610.45 m 560.5 610.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 554.45 m 330.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 554.45 m 334.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 554.45 m 387.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 554.45 m 391.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 554.45 m 445.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 554.45 m 449.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 554.45 m 503.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 554.45 m 507.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 554.45 m 560.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 554.45 m 273.5 554.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 540.45 m 330.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 540.45 m 334.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 540.45 m 387.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 540.45 m 391.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 540.45 m 445.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 540.45 m 449.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 540.45 m 503.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 540.45 m 507.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 540.45 m 560.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 540.45 m 273.5 540.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 505.45 m 330.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 505.45 m 334.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 505.45 m 387.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 505.45 m 391.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 505.45 m 445.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 505.45 m 449.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 505.45 m 503.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 505.45 m 507.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 505.45 m 560.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 505.45 m 273.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 505.45 m 330.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 505.45 m 503.5 505.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 477.45 m 330.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 477.45 m 387.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 477.45 m 503.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 477.45 m 273.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 464.45 m 273.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 462.45 m 273.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 477.45 m 330.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 464.45 m 330.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 462.45 m 330.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 477.45 m 334.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 464.45 m 334.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 462.45 m 334.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 477.45 m 387.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 464.45 m 387.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 462.45 m 387.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 477.45 m 391.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 464.45 m 391.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 462.45 m 391.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 477.45 m 445.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 464.45 m 445.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 462.45 m 445.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 477.45 m 449.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 464.45 m 449.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 462.45 m 449.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 477.45 m 503.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 464.45 m 503.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 462.45 m 503.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 477.45 m 507.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 464.45 m 507.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 462.45 m 507.5 462.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 477.45 m 560.5 477.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 464.45 m 560.5 464.45 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 462.45 m 560.5 462.45 l s BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 53.00 671.24 Td (\(Dollars in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 284.30 670.81 Td (3Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 341.30 670.81 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 399.55 670.81 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 456.80 670.81 Td (3Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 515.05 670.81 Td (Change) Tj ET Q BT /F7 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 59.00 657.52 Td (Net interest income) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 306.95 657.52 Td ($210) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 363.95 657.52 Td ($228) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 422.30 657.52 Td ($\(18\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 479.95 657.52 Td ($292) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 537.30 657.52 Td ($\(82\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 643.52 Td (Guarantee fee income) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 311.95 643.52 Td (303) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 368.95 643.52 Td (442) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 422.30 643.52 Td (\(139\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 485.25 643.52 Td (294) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 551.95 643.52 Td (9) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 629.52 Td (Investment gains \(losses\), net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 304.45 629.52 Td (1,091) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 368.95 629.52 Td (761) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 426.95 629.52 Td (330) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 485.25 629.52 Td (258) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.95 629.52 Td (833) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 615.52 Td (Other income \(loss\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 316.95 615.52 Td (43) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 373.95 615.52 Td (51) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.30 615.52 Td (\(8\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 490.25 615.52 Td (27) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 546.95 615.52 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 601.52 Td (Net revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.45 601.52 Td (1,647) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 601.52 Td (1,482) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.95 601.52 Td (165) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.25 601.52 Td (871) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 601.52 Td (776) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 587.52 Td (Credit-related expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.65 587.52 Td (\(20\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.65 587.52 Td (\(84\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.95 587.52 Td (64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.60 587.52 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.30 587.52 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.65 587.52 Td (\(15\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 573.52 Td (Administrative expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 307.30 573.52 Td (\(128\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 364.30 573.52 Td (\(124\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.30 573.52 Td (\(4\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 482.95 573.52 Td (\(125) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 500.30 573.52 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.30 573.52 Td (\(3\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 559.52 Td (Other expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 317.30 559.52 Td (\(9\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 374.30 559.52 Td (\(9\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 436.95 559.52 Td (0) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 487.95 559.52 Td (\(14) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 500.30 559.52 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 551.95 559.52 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 545.52 Td (Operating expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.65 545.52 Td (\(137\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.65 545.52 Td (\(133\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.65 545.52 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.60 545.52 Td (\(139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.30 545.52 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.95 545.52 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 531.52 Td (Segment Earnings \(Losses\) before income tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 522.52 Td (\(expense\) benefit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.45 524.52 Td (1,490) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 524.52 Td (1,265) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.95 524.52 Td (225) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.25 524.52 Td (727) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 524.52 Td (763) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 53.00 510.52 Td (Income tax \(expense\) benefit) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 307.30 510.52 Td (\(309\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 364.30 510.52 Td (\(260\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 427.30 510.52 Td (\(49\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 482.95 510.52 Td (\(146) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 500.30 510.52 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 537.30 510.52 Td (\(163\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 496.52 Td (Segment Earnings \(Losses\), net of taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.45 496.52 Td (1,181) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 496.52 Td (1,005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.95 496.52 Td (176) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.25 496.52 Td (581) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 496.52 Td (600) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 53.00 482.52 Td (Total other comprehensive income \(loss\), net of tax) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 317.30 482.52 Td (\(4\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 373.95 482.52 Td (58) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 427.30 482.52 Td (\(62\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 490.25 482.52 Td (10) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.30 482.52 Td (\(14\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 468.52 Td (Total comprehensive income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 468.52 Td ($1,177) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 468.52 Td ($1,063) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 468.52 Td ($114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 468.52 Td ($591) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 468.52 Td ($586) Tj ET Q BT /F1 10.00 Tf ET BT /F4 7.00 Tf ET BT /F4 4.20 Tf ET q 0 0 0 rg BT 49.50 452.00 Td (\(1\) ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 58.50 449.55 Td (The financial performance of the companys Multifamily segment is measured based on its contribution to GAAP comprehensive income \(loss\).) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 430.55 m 100.490234375 430.55 l s q 0 0 0 rg BT 49.50 431.55 Td (Key Drivers) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 413.55 Td (Comprehensive income increased from the prior quarter, mainly driven by:) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 395.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 395.55 Td (Investment gains \(net of other comprehensive income\), primarily driven by continued strong margins on ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 383.55 Td (Multifamily loan commitments, partially offset by) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 365.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 365.55 Td (Lower guarantee fee income driven by higher fair value losses on the guarantee asset ) Tj ET Q BT /F7 10.00 Tf ET 1 1 1 rg /GS0 gs 450.35 372.69 113.91 -10.00 re f /GS0 gs q 0 0 0 rg BT 450.35 365.55 Td (as a result of an increase ) Tj ET Q BT /F7 10.00 Tf ET 1 1 1 rg /GS0 gs 67.50 360.69 165.91 -10.00 re f /GS0 gs q 0 0 0 rg BT 67.50 353.55 Td (in interest rates from the prior quarter) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 233.17 353.55 Td (. Because most multifamily loans are not prepayable without penalty, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 341.55 Td (increases in interest rates generally result in lower Multifamily guarantee asset fair values.) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 322.55 m 137.4716796875 322.55 l s q 0 0 0 rg BT 49.50 323.55 Td (Business Highlights) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 137.47 323.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 305.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 305.55 Td (New business activity was ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 187.86 305.55 Td ($18 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 233.43 305.55 Td (, down ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 266.58 305.55 Td (10%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 287.70 305.55 Td ( from ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.64 305.55 Td ($20 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 359.21 305.55 Td ( in the prior quarter.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 285.39 cm /I17 Do Q q 0 0 0 rg BT 71.50 287.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 287.55 Td (In September 2019, FHFA announced a revised loan purchase cap structure for the Multifamily business. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 275.55 Td (The loan purchase cap is $100.0 billion for the five-quarter period from the fourth quarter of 2019 through ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 263.55 Td (the fourth quarter of 2020, and at least 37.5% of the new multifamily loan purchase activity must be ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 251.55 Td (mission-driven, affordable housing over the same five-quarter period.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 85.50 231.39 cm /I18 Do Q q 0 0 0 rg BT 89.50 233.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 233.55 Td (As of September 30, 2020, the total cumulative new loan purchase activity subject to the cap was ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 103.50 221.55 Td ($65.5 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 157.41 221.55 Td (. Approximately ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 229.72 221.55 Td (41%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 250.84 221.55 Td ( of this activity was mission-driven, affordable housing. ) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 201.39 cm /I19 Do Q q 0 0 0 rg BT 71.50 203.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 203.55 Td (The weighted average original LTV ratio of new business activity was) Tj ET Q BT /F7 4.00 Tf ET q 0 0 0 rg BT 390.78 203.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 391.90 203.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 394.67 203.55 Td (66%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 415.79 203.55 Td (, down from 69% in the prior ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 191.55 Td (quarter.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 171.39 cm /I20 Do Q q 0 0 0 rg BT 71.50 173.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 173.55 Td (The company provided financing for more than ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 297.42 173.55 Td (185) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 314.10 173.55 Td (,000 multifamily rental units.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 153.39 cm /I21 Do Q q 0 0 0 rg BT 71.50 155.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 155.55 Td (96%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 106.62 155.55 Td ( of the eligible multifamily rental units financed were affordable to families earning at or below 120% ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 143.55 Td (of area median income.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 125.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 125.55 Td (The Multifamily guarantee portfolio increased ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 271.11 125.55 Td (14%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 292.23 125.55 Td ( from September 30, 2019, to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.32 125.55 Td ($297 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 477.45 125.55 Td (, driven by new ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 113.55 Td (securitization activity. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 95.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 95.55 Td (The Multifamily delinquency rate increased to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 272.07 95.55 Td (0.13%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.53 95.55 Td ( from 0.10% in the prior quarter.) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 75.39 cm /I22 Do Q q 0 0 0 rg BT 71.50 77.55 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 77.55 Td (Multifamily loans in forbearance are reported as current as long as the borrower is in compliance with the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 65.55 Td (forbearance agreement, including the agreed upon repayment plan. Loans in forbearance are therefore not ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 53.55 Td (included in the Multifamily delinquency rates if the borrower is in compliance with the forbearance ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 41.55 Td (agreement.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 10 ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 726.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 726.40 Td (As of September 30, 2020, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 189.84 726.40 Td (2.21%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 219.30 726.40 Td ( of the loans in the Multifamily mortgage portfolio, based on UPB, were in a ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 714.40 Td (forbearance program, approximately ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 232.49 714.40 Td (90%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 253.61 714.40 Td ( of which were in the repayment period. Approximately ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 499.65 714.40 Td (84%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.77 714.40 Td ( of the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 702.40 Td (total loans in a Multifamily forbearance program are included in securitizations with credit enhancement ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 690.40 Td (provided by subordination.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 672.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 672.40 Td (Credit enhancement coverage of the Multifamily mortgage portfolio increased to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 427.31 672.40 Td (90%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.43 672.40 Td ( from 87% in the prior ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 660.40 Td (quarter, as the company continued to successfully transfer multifamily credit risk throughout the third quarter ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 648.40 Td (of 2020.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 630.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 630.40 Td (As of September 30, 2020, the company had cumulatively transferred the large majority of expected and stress ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 618.40 Td (credit risk on the Multifamily guarantee portfolio, primarily through subordination in its securitizations. ) Tj ET Q BT /F7 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 67.50 598.24 cm /I23 Do Q q 0 0 0 rg BT 71.50 600.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 600.40 Td (In addition, nearly all of Multifamily's securitization activities shifted substantially all the interest-rate and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 588.40 Td (liquidity risk associated with the underlying collateral away from Freddie Mac to third-party investors. ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg BT 49.50 568.00 Td (Capital Markets Segment ) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 550.00 Td (Innovating the distribution of loans and securities into the mortgage market and activelyreducing riskfor taxpayers) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 531 m 125.0615234375 531 l s q 0 0 0 rg BT 49.50 532.00 Td (Financial Results) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 125.06 535.50 Td (\(1\) ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.50 521.50 223.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 277.50 521.50 53.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 334.50 521.50 53.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 391.50 521.50 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 449.50 521.50 54.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 507.50 521.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 507.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 507.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 507.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 493.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 493.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 493.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 479.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 479.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 479.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 465.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 465.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 465.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 451.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 451.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 451.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 437.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 437.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 437.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 423.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 423.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 423.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 409.50 53.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 409.50 53.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 409.50 54.00 -21.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 388.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 388.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 388.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 374.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 374.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 374.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 360.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 360.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 360.50 54.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 277.50 346.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 334.50 346.50 53.00 -14.00 re f /GS0 gs 0.8666666666666667 0.8666666666666667 0.8666666666666667 rg /GS0 gs 449.50 346.50 54.00 -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 50.5 465.5 m 273.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 465.5 m 330.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 465.5 m 334.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 465.5 m 387.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 465.5 m 391.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 465.5 m 445.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 465.5 m 449.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 465.5 m 503.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 465.5 m 507.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 465.5 m 560.5 465.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 423.5 m 330.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 423.5 m 334.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 423.5 m 387.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 423.5 m 391.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 423.5 m 445.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 423.5 m 449.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 423.5 m 503.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 423.5 m 507.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 423.5 m 560.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 423.5 m 273.5 423.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 409.5 m 330.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 409.5 m 334.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 409.5 m 387.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 409.5 m 391.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 409.5 m 445.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 409.5 m 449.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 409.5 m 503.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 409.5 m 507.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 409.5 m 560.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 409.5 m 273.5 409.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 374.5 m 330.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 374.5 m 334.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 374.5 m 387.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 374.5 m 391.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 374.5 m 445.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 374.5 m 449.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 374.5 m 503.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 374.5 m 507.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 374.5 m 560.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 374.5 m 273.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 374.5 m 330.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 374.5 m 503.5 374.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 346.5 m 330.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 346.5 m 387.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 346.5 m 503.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 346.5 m 273.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 333.5 m 273.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 331.5 m 273.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 346.5 m 330.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 333.5 m 330.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 331.5 m 330.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 346.5 m 334.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 333.5 m 334.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 331.5 m 334.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 346.5 m 387.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 333.5 m 387.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 331.5 m 387.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 346.5 m 391.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 333.5 m 391.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 331.5 m 391.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 346.5 m 445.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 333.5 m 445.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 331.5 m 445.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 346.5 m 449.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 333.5 m 449.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 331.5 m 449.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 346.5 m 503.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 333.5 m 503.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 331.5 m 503.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 346.5 m 507.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 333.5 m 507.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 331.5 m 507.5 331.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 346.5 m 560.5 346.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 333.5 m 560.5 333.5 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 331.5 m 560.5 331.5 l s BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 53.00 512.29 Td (\(Dollars in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 284.30 511.86 Td (3Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 341.30 511.86 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 399.55 511.86 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 456.80 511.86 Td (3Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 515.05 511.86 Td (Change) Tj ET Q BT /F7 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 59.00 498.57 Td (Net interest income) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 311.95 498.57 Td ($20) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 363.95 498.57 Td ($152) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 417.30 498.57 Td ($\(132\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 479.95 498.57 Td ($497) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 532.30 498.57 Td ($\(477\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 484.57 Td (Investment gains \(losses\), net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 316.95 484.57 Td (15) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 368.95 484.57 Td (206) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 422.30 484.57 Td (\(191\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 480.30 484.57 Td (\(292\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.95 484.57 Td (307) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 470.57 Td (Other income \(loss\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 316.95 470.57 Td (37) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 364.30 470.57 Td (\(234\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 426.95 470.57 Td (271) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 480.30 470.57 Td (\(261\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.95 470.57 Td (298) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 456.57 Td (Net revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.95 456.57 Td (72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 456.57 Td (124) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.65 456.57 Td (\(52\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.65 456.57 Td (\(56\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 456.57 Td (128) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 442.57 Td (Administrative expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 307.30 442.57 Td (\(104\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 369.30 442.57 Td (\(98\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.30 442.57 Td (\(6\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 485.30 442.57 Td (\(96\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.30 442.57 Td (\(8\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 59.00 428.57 Td (Other expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 317.30 428.57 Td (\(5\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 374.30 428.57 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.30 428.57 Td (\(3\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 490.30 428.57 Td (\(3\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.30 428.57 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 414.57 Td (Operating expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.65 414.57 Td (\(109\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.65 414.57 Td (\(100\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.65 414.57 Td (\(9\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.65 414.57 Td (\(99\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.65 414.57 Td (\(10\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 400.57 Td (Segment Earnings \(Losses\) before income tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 391.57 Td (\(expense\) benefit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.65 393.57 Td (\(37\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 393.57 Td (24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.65 393.57 Td (\(61\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.65 393.57 Td (\(155\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 393.57 Td (118) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 53.00 379.57 Td (Income tax \(expense\) benefit) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 321.95 379.57 Td (8) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 374.30 379.57 Td (\(5\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 431.95 379.57 Td (13) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 489.95 379.57 Td (33) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.30 379.57 Td (\(25\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 365.57 Td (Segment Earnings \(Losses\), net of taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.65 365.57 Td (\(29\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 365.57 Td (19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.65 365.57 Td (\(48\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.65 365.57 Td (\(122\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 365.57 Td (93) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 53.00 351.57 Td (Total other comprehensive income \(loss\), net of tax) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 317.30 351.57 Td (\(7\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 368.95 351.57 Td (105) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 422.30 351.57 Td (\(112\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 484.95 351.57 Td (132) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 537.30 351.57 Td (\(139\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 337.57 Td (Total comprehensive income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.65 337.57 Td ($\(36\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.95 337.57 Td ($124) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.65 337.57 Td ($\(160\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 337.57 Td ($10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.65 337.57 Td ($\(46\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 7.00 Tf ET BT /F4 4.20 Tf ET q 0 0 0 rg BT 49.50 321.05 Td (\(1\) ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 58.50 318.60 Td (The financial performance of the companys Capital Markets segment is measured based on its contribution to GAAP comprehensive income \(loss\).) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 299.6 m 100.490234375 299.6 l s q 0 0 0 rg BT 49.50 300.60 Td (Key Drivers) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td (Comprehensive loss compared to comprehensive income in the prior quarter, primarily due to:) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 261.60 Td (Lower net interest income primarily driven by higher loan prepayments that resulted in an increase in ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 249.60 Td (amortization expense, coupled with a change in investment mix as the lower-yielding other investments ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 237.60 Td (portfolio represented a larger percentage of the total investments portfolio;) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 219.60 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 219.60 Td (Lower fair value gains on investments \(some of which are recorded in other comprehensive income\) primarily ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 207.60 Td (due to an increase in long-term interest rates and spread tightening, partially offset by gains on sales of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 195.60 Td (reperforming loans; partially offset by ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 177.60 Td (Higher other income from amortization of certain basis adjustments on loans and debt of consolidated trusts. ) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 152.60000000000002 m 137.4716796875 152.60000000000002 l s q 0 0 0 rg BT 49.50 153.60 Td (Business Highlights) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 146.40 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 134.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 134.40 Td (Freddie Mac continued to maintain a presence in the agency mortgage-related securities market to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 122.40 Td (strategically support the guarantee business.) Tj ET Q BT /F10 6.00 Tf ET q 0 0 0 rg BT 267.42 122.40 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 104.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 104.40 Td (FHFA has instructed the company to maintain loans in COVID-19 payment forbearance plans in mortgage-) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 92.40 Td (backed security pools for at least the duration of the forbearance plan. The company's less liquid assets are ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 80.40 Td (likely to increase in future periods as it will likely purchase a higher amount of delinquent and modified loans ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 68.40 Td (from securities after borrowers exit forbearance plans. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 11 ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 242.55 724.95 Td (Housing Market Support ) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 700.95 Td (Freddie Mac supports the U.S. housing market by executing its Charter Mission to ensure credit availability for new ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 688.95 Td (and refinanced single-family mortgages as well as for rental housing, and by helping struggling homeowners avoid ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 676.95 Td (foreclosure. Despite the significant challenges presented by the COVID-19 pandemic, the company continues to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 664.95 Td (provide funding and stability to the housing market.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Mortgage Funding) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 136.73 640.95 Td ( Freddie Mac provided approximately ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.22 640.95 Td ($768 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.35 640.95 Td ( in liquidity to the market in the nine months ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 628.95 Td (ended September 30, 2020, funding: ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 616.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 604.95 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 604.95 Td (More than ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 133.67 604.95 Td (2,506) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 158.69 604.95 Td (,000 single-family homes, approximately ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 341.41 604.95 Td (1,731) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.43 604.95 Td (,000 of which were refinance loans; and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 586.95 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 586.95 Td (More than ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 133.67 586.95 Td (497) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 150.35 586.95 Td (,000 multifamily rental units.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.30 562.95 Td (Number of Families Helped to Own or Rent a Home) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.55 552.15 Td (\(In thousands\)) Tj ET Q /GS0 gs q 493.00 0 0 245.00 59.50 302.15 cm /I24 Do Q BT /F1 10.00 Tf ET BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 49.50 299.05 Td (\(1\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 56.37 296.95 Td (As of September 30.) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 254.55 Td (Preventing Foreclosures) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 165.18 254.55 Td ( Freddie Mac continued to help struggling borrowers retain their homes or otherwise) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 242.55 Td (avoid foreclosure, completing nearly ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 213.97 242.55 Td (293) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 230.65 242.55 Td (,000 single-family loan workouts in the nine months ended September 30, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 230.55 Td (2020 compared to approximately 36,000 in the nine months ended September 30, 2019. ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 306.00 192.15 Td ( ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 12 ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 208.65 724.95 Td (About Freddie Macs Conservatorship ) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 700.95 Td (Since September 2008, Freddie Mac has been operating under conservatorship with FHFA as Conservator. The ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 688.95 Td (support provided by Treasury pursuant to the Purchase Agreement enables the company to maintain access to the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 676.95 Td (debt markets and have adequate liquidity to conduct its normal business operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 208.05 652.95 Td (Treasury Draws and Dividend Payments) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 397.05 656.45 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.60 642.15 Td (\(Dollars in billions\) ) Tj ET Q /GS0 gs q 513.00 0 0 215.00 49.50 422.15 cm /I25 Do Q BT /F1 10.00 Tf ET BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 67.50 419.05 Td (\(1\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 74.37 416.95 Td (Excludes the initial $1 billion liquidation preference of the senior preferred stock issued to Treasury in September 2008 and the $11.4 billion increase to date in the aggregate ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 76.50 409.75 Td (liquidation preference of the senior preferred stock pursuant to the Letter Agreements. ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 67.50 404.65 Td (\(2\) ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 73.37 402.55 Td (As of September 30, 2020.) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 74.85 392.35 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 371.35 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 371.35 Td (As a result of the increase in the Capital Reserve Amount pursuant to the September 2019 Letter ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 359.35 Td (Agreement, the company did not have a dividend requirement to Treasury on the senior preferred stock in ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 347.35 Td (September 2020, and it will not be required to pay a dividend on the senior preferred stock to Treasury ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 335.35 Td (until its Net Worth Amount exceeds $20.0 billion.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 317.35 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 317.35 Td (Pursuant to the September 2019 Letter Agreement, the liquidation preference of the senior preferred stock ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 305.35 Td (increased from $82.2 billion to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 223.02 305.35 Td ($84.1 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 276.93 305.35 Td ( on September 30, 2020 based on the $) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 454.49 305.35 Td (1.9 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 497.28 305.35 Td ( increase in ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 293.35 Td (the Net Worth Amount during the second quarter of 2020, and will increase to ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 434.47 293.35 Td ($86.5 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 488.38 293.35 Td ( on December ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 281.35 Td (31, 2020 based on the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 188.52 281.35 Td ($2.4 billion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 236.87 281.35 Td ( increase in the Net Worth Amount during the third quarter of 2020. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 67.50 263.35 Td ( ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 263.35 Td (The amount of funding available to Freddie Mac under the Purchase Agreement remained $140.2 billion at ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.50 251.35 Td (September 30, 2020.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 13 ) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 249.95 704.55 Td (Additional Information) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 680.55 Td (For more information, including information related to Freddie Macs financial results, conservatorship, and related ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 668.55 Td (matters, see the companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 656.55 Td (companys Financial Results Supplement. These documents are available on the Investor Relations page of the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 644.55 Td (companys website at www.FreddieMac.com/investors.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 626.55 Td (Additional information about Freddie Mac and its business is also set forth in the companys other filings with the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 614.55 Td (SEC, which are available on the Investor Relations page of the companys website at www.FreddieMac.com/) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 602.55 Td (investors and the SECs website at www.sec.gov. Freddie Mac encourages all investors and interested members of ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (the public to review these materials for a more complete understanding of the companys financial results and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 578.55 Td (related disclosures.) Tj ET Q BT /F9 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.27058823529411763 0.4823529411764706 0.7450980392156863 rg BT 242.20 555.15 Td (Webcast Announcement) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 531.15 Td (Management will host a conference call at 9 a.m. Eastern Time on October 29, 2020 to discuss the companys ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 519.15 Td (results with the media. The conference call will be concurrently webcast. To access the live audio webcast, use the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 507.15 Td (following link: ) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.0196078431372549 0.38823529411764707 0.7568627450980392 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 113.01123046875 506.15 m 328.43310546875 506.15 l s q 0.0196078431372549 0.38823529411764707 0.7568627450980392 rg BT 113.01 507.15 Td (https://edge.media-server.com/mmc/p/vicyf9cw) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 328.31 507.15 Td (. The replay will be available on the companys ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 495.15 Td (website at www.FreddieMac.com/investors for approximately 30 days. All materials related to the call will be ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 483.15 Td (available on the Investor Relations page of the companys website at www.FreddieMac.com/investors.) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 472.65 266.00 -6.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 316.00 472.65 247.00 -6.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 466.65 266.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 316.00 466.65 247.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 452.65 266.00 -6.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 316.00 452.65 247.00 -6.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 456.87 Td (Media Contact: Frederick Solomon \(703\)903-3861) Tj ET Q BT /F2 10.00 Tf ET q 1 1 1 rg BT 326.05 456.87 Td (Investor Contact: Laurie Garthune \(571\)382-4732) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F10 10.00 Tf ET q 0 0 0 rg BT 281.50 429.15 Td (****) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 417.15 Td (This press release contains forward-looking statements, which may include statements pertaining to the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 405.15 Td (conservatorship, the companys current expectations and objectives for its Single-Family Guarantee, Multifamily, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 393.15 Td (and Capital Markets segments, its efforts to assist the housing market, liquidity and capital management, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 381.15 Td (economic and market conditions and trends, the effects of the COVID-19 pandemic and actions taken in response ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 369.15 Td (thereto on its business, financial condition, and liquidity, its market share, the effect of legislative and regulatory ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 357.15 Td (developments and new accounting guidance, credit quality of loans the company owns or guarantees, the costs ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 345.15 Td (and benefits of the companys CRT transactions, and results of operations and financial condition on a GAAP, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 333.15 Td (Segment Earnings, non-GAAP, and fair value basis. Forward-looking statements involve known and unknown risks ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 321.15 Td (and uncertainties, some of which are beyond the companys control. Managements expectations for the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 309.15 Td (companys future necessarily involve a number of assumptions, judgments, and estimates, and various factors, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 297.15 Td (including changes in market conditions, liquidity, mortgage spreads, credit outlook, uncertainty about the duration, ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 285.15 Td (severity, and effects of the COVID-19 pandemic and actions taken in response thereto, actions by the U.S. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 273.15 Td (government \(including FHFA, Treasury, Congress, and state and local governments\), and the impacts of legislation ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 261.15 Td (or regulations and new or amended accounting guidance, could cause actual results to differ materially from these ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 249.15 Td (expectations. These assumptions, judgments, estimates, and factors are discussed in the companys Quarterly ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 237.15 Td (Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020, which are ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (available on the Investor Relations page of the companys website at www.FreddieMac.com/investors and the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 213.15 Td (SECs website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 201.15 Td (makes to reflect events or circumstances occurring after the date of this press release.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 183.15 Td (Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 171.15 Td (Since its creation by Congress in 1970, the company has made housing more accessible and affordable for ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 159.15 Td (homebuyers and renters in communities nationwide. The company is building a better housing finance system for ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 147.15 Td (homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 49.50 135.15 Td (Macs blog FreddieMac.com/blog.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 14 ) Tj ET Q BT /F6 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 723.55 Td (FREDDIE MAC) Tj ET Q BT /F9 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 710.35 Td (Condensed Consolidated Statements of Comprehensive Income \(Loss\) \(Unaudited\) ) Tj ET Q 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 699.85 345.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 399.00 699.85 52.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 455.00 699.85 52.00 -23.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg 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3 M 399 127.85000000000002 m 451 127.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 125.85000000000002 m 507 125.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 127.85000000000002 m 507 127.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 79.85000000000002 m 451 79.85000000000002 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 79.85000000000002 m 507 79.85000000000002 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 79.85000000000002 m 395 79.85000000000002 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 66.85000000000002 m 395 66.85000000000002 l s 0.5333333333333333 0.7411764705882353 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79.85000000000002 m 563 79.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 66.85000000000002 m 563 66.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 64.85000000000002 m 563 64.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 64.85000000000002 m 451 64.85000000000002 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 66.85000000000002 m 451 66.85000000000002 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 37.85000000000002 m 395 37.85000000000002 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 37.85000000000002 m 451 37.85000000000002 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 37.85000000000002 m 455 37.85000000000002 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 37.85000000000002 m 507 37.85000000000002 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 37.85000000000002 m 511 37.85000000000002 l s 0 0.6509803921568628 0.8862745098039215 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 37.85000000000002 m 563 37.85000000000002 l s BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 52.50 686.64 Td (\(I) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 56.64 686.64 Td (n millions, ) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 97.49 686.64 Td (except share-related amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 405.30 682.21 Td (3Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 461.30 682.21 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 517.30 682.21 Td (3Q 2019) 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 52.50 667.92 Td (Interest income) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 653.92 Td (Mortgage loans) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 414.95 653.92 Td ($14,134) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 470.95 653.92 Td ($15,026) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 526.95 653.92 Td ($16,428) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 639.92 Td (Investment securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.75 639.92 Td (659) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 639.92 Td (637) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 639.92 Td (686) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 625.92 Td (Other) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 437.75 625.92 Td (56) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 493.75 625.92 Td (53) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 625.92 Td (426) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 58.50 611.92 Td (Total interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.25 611.92 Td (14,849) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.25 611.92 Td (15,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.25 611.92 Td (17,540) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 597.92 Td (Interest expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 417.90 597.92 Td (\(11,392) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 597.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 473.90 597.92 Td (\(12,840) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 597.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 529.90 597.92 Td (\(15,130) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 597.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 583.92 Td (Net interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.25 583.92 Td (3,457) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.25 583.92 Td (2,876) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.25 583.92 Td (2,410) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 558.92 Td (Non-interest income \(loss\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 544.92 Td (Guarantee fee income) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.75 544.92 Td (315) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 544.92 Td (469) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 544.92 Td (280) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 530.92 Td (Investment gains \(losses\), net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 425.25 530.92 Td (1,122) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 530.92 Td (670) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 530.92 Td (568) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 516.92 Td (Other income \(loss\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 432.75 516.92 Td (172) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 516.92 Td (134) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 516.92 Td (121) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 502.92 Td (Non-interest income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.25 502.92 Td (1,609) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.25 502.92 Td (1,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.75 502.92 Td (969) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 488.92 Td (Net revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.25 488.92 Td (5,066) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.25 488.92 Td (4,149) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.25 488.92 Td (3,379) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 463.92 Td (Benefit \(provision\) for credit losses) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 463.92 Td (\(327) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 463.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 463.92 Td (\(705) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 463.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 463.92 Td (179) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 438.92 Td (Non-interest expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 424.92 Td (Salaries and employee benefits) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 424.92 Td (\(334) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 424.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 424.92 Td (\(327) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 424.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 424.92 Td (\(333) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 424.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 410.92 Td (Professional services) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 410.92 Td (\(105) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 410.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 491.45 410.92 Td (\(88) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 410.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 410.92 Td (\(115) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 410.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 396.92 Td (Other administrative expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 396.92 Td (\(202) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 396.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 396.92 Td (\(186) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 396.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 396.92 Td (\(172) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 396.92 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.50 382.92 Td (Total administrative expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 382.92 Td (\(641) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 382.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 382.92 Td (\(601) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 382.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 382.92 Td (\(620) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 382.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 368.92 Td (Credit enhancement expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 368.92 Td (\(267) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 368.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 368.92 Td (\(233) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 368.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 368.92 Td (\(197) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 368.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 354.92 Td (Expected credit enhancement recoveries) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 437.75 354.92 Td (20) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 354.92 Td (221) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 550.80 354.92 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 340.92 Td (REO operations expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 435.45 340.92 Td (\(40) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 340.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 491.45 340.92 Td (\(14) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 340.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.45 340.92 Td (\(58) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 340.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 326.92 Td (Temporary Payroll Tax Cut Continuation Act of 2011 expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 326.92 Td (\(467) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 326.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 326.92 Td (\(442) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 326.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 326.92 Td (\(408) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 326.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 312.92 Td (Other expense) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 312.92 Td (\(237) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 312.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 312.92 Td (\(140) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 312.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 312.92 Td (\(139) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 312.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 298.92 Td (Non-interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.60 298.92 Td (\(1,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.80 298.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.60 298.92 Td (\(1,209) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.80 298.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.60 298.92 Td (\(1,422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.80 298.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 273.92 Td (Income \(loss\) before income tax \(expense\) benefit) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 425.25 273.92 Td (3,107) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.25 273.92 Td (2,235) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 537.25 273.92 Td (2,136) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 259.92 Td (Income tax \(expense\) benefit) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 430.45 259.92 Td (\(644) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 259.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 486.45 259.92 Td (\(458) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 259.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 542.45 259.92 Td (\(427) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 259.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 245.92 Td (Net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.25 245.92 Td (2,463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.25 245.92 Td (1,777) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.25 245.92 Td (1,709) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 219.92 Td (Other comprehensive income \(loss\), net of taxes and reclassification) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 210.92 Td (adjustments) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 196.92 Td (Changes in unrealized gains \(losses\) related to available-for-sale securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 435.45 196.92 Td (\(16) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 196.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 196.92 Td (154) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 544.75 196.92 Td (124) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 182.92 Td (Changes in unrealized gains \(losses\) related to cash flow hedge relationships) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 442.75 182.92 Td (6) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 493.75 182.92 Td (11) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 549.75 182.92 Td (19) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 168.92 Td (Changes in defined benefit plans) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 440.45 168.92 Td (\(4) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 447.80 168.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 496.45 168.92 Td (\(4) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 503.80 168.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 552.45 168.92 Td (\(4) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 168.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 154.92 Td (Total other comprehensive income \(loss\), net of taxes and reclassification) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 145.92 Td (adjustments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.10 150.42 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.80 150.42 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.75 150.42 Td (161) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.75 150.42 Td (139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 131.92 Td (Comprehensive income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 131.92 Td ($2,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.95 131.92 Td ($1,938) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 131.92 Td ($1,848) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 106.92 Td (Net income \(loss\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 419.95 106.92 Td ($2,463) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 475.95 106.92 Td ($1,777) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 531.95 106.92 Td ($1,709) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 92.92 Td (Undistributed net worth sweep, senior preferred stock dividends, or future increase) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 83.92 Td (in senior preferred stock liquidation preference) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 420.30 84.92 Td (\(2,449\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.30 84.92 Td (\(1,938\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 532.30 84.92 Td (\(1,848\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 70.92 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 70.92 Td ($14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.15 70.92 Td ($\(161\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.15 70.92 Td ($\(139\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 56.92 Td (Net income \(loss\) per common share basic and diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.95 56.92 Td ($0.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.65 56.92 Td ($\(0.05\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.65 56.92 Td ($\(0.04\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 42.92 Td (Weighted average common shares outstanding \(in millions\) basic and diluted) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 425.25 42.92 Td (3,234) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.25 42.92 Td (3,234) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 537.25 42.92 Td (3,234) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 15 ) Tj ET Q BT /F6 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 723.55 Td (FREDDIE MAC ) Tj ET Q BT /F9 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 710.35 Td (Condensed Consolidated Balance Sheets \(Unaudited\) ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 433.00 699.85 69.00 -13.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 506.00 699.85 66.00 -13.00 re f /GS0 gs 0 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572 533.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 533.85 m 429 533.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 520.85 m 429 520.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 518.85 m 429 518.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 533.85 m 502 533.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 520.85 m 502 520.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 518.85 m 502 518.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 533.85 m 572 533.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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433 23.850000000000023 m 502 23.850000000000023 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 38.85000000000002 m 572 38.85000000000002 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 25.850000000000023 m 572 25.850000000000023 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 23.850000000000023 m 572 23.850000000000023 l s BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 435.90 690.92 Td (September 30,) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 508.75 690.92 Td (December 31,) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 52.50 678.64 Td (\(I) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 56.64 678.64 Td (nmillions) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 93.04 678.64 Td (,exceptshare-relatedamounts\)) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 456.95 677.92 Td (2020) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 528.45 677.92 Td (2019) 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 52.50 664.92 Td (Assets) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 650.92 Td (Cash and cash equivalents ) Tj ET Q BT /F7 8.50 Tf ET q 0 0 0 rg BT 163.25 650.92 Td (\(includes $1,790 and $991 of restricted cash and cash equivalents\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 470.95 650.92 Td ($8,074) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 540.95 650.92 Td ($5,189) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 636.92 Td (Securities purchased under agreements to resell) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 636.92 Td (99,252) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 636.92 Td (56,271) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 622.92 Td (Investment securities, at fair value) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 622.92 Td (71,702) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 622.92 Td (75,711) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 608.92 Td (Mortgage loans held-for-sale ) Tj ET Q BT /F7 8.50 Tf ET q 0 0 0 rg BT 171.34 608.92 Td (\(includes $12,330 and $15,035 at fair value\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 608.92 Td (30,585) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 608.92 Td (35,288) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 594.92 Td (Mortgage loans held-for-investment ) Tj ET Q BT /F7 8.50 Tf ET q 0 0 0 rg BT 199.19 594.92 Td (\(net of allowance for credit losses of $6,773 and $4,234\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 458.75 594.92 Td (2,189,656) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 528.75 594.92 Td (1,984,912) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 580.92 Td (Accrued interest receivable \(net of allowance of $107 and $0\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.25 580.92 Td (7,583) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 546.25 580.92 Td (6,848) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 566.92 Td (Derivative assets, net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.25 566.92 Td (1,282) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 553.75 566.92 Td (844) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 552.92 Td (Deferred tax assets, net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.25 552.92 Td (5,886) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 546.25 552.92 Td (5,918) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 538.92 Td (Other assets ) Tj ET Q BT /F7 8.50 Tf ET q 0 0 0 rg BT 106.01 538.92 Td (\(includes $5,591 and $4,627 at fair value\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 538.92 Td (40,051) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 538.92 Td (22,799) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 524.92 Td (Total assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 524.92 Td ($2,454,071) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.45 524.92 Td ($2,193,780) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 510.92 Td (Liabilities and equity) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 496.92 Td (Liabilities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 482.92 Td (Accrued interest payable) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 470.95 482.92 Td ($6,020) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 540.95 482.92 Td ($6,559) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 468.92 Td (Debt ) Tj ET Q BT /F7 8.50 Tf ET q 0 0 0 rg BT 74.34 468.92 Td (\(includes $2,798 and $3,938 at fair value\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 458.75 468.92 Td (2,423,316) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 528.75 468.92 Td (2,169,685) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 454.92 Td (Derivative liabilities, net) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 483.75 454.92 Td (613) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 553.75 454.92 Td (372) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 440.92 Td (Other liabilities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 440.92 Td (10,231) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 546.25 440.92 Td (8,042) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 426.92 Td (Total liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.75 426.92 Td (2,440,180) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.75 426.92 Td (2,184,658) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 412.92 Td (Commitments and contingencies) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 398.92 Td (Equity) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 384.92 Td (Senior preferred stock ) Tj ET Q BT /F7 8.50 Tf ET q 0 0 0 rg BT 144.24 384.92 Td (\(liquidation preference of $84,090 and $79,322\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 384.92 Td (72,648) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 384.92 Td (72,648) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 370.92 Td (Preferred stock, at redemption value) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 370.92 Td (14,109) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 370.92 Td (14,109) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 356.92 Td (Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 347.92 Td (issued and 650,059,292 shares and 650,059,033 shares outstanding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 489.80 348.92 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 348.92 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 334.92 Td (Additional paid-in capital) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 489.80 334.92 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 559.80 334.92 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 320.92 Td (Retained earnings \(accumulated deficit\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 468.90 320.92 Td (\(70,015) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 498.80 320.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.90 320.92 Td (\(74,188) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 568.80 320.92 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 306.92 Td (AOCI, net of taxes, related to:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 292.92 Td (Available-for-sale securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.25 292.92 Td (1,194) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 553.75 292.92 Td (618) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 278.92 Td (Cash flow hedge relationships) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 481.45 278.92 Td (\(214) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 498.80 278.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 551.45 278.92 Td (\(244) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 568.80 278.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 264.92 Td (Defined benefit plans) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.75 264.92 Td (54) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 558.75 264.92 Td (64) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 250.92 Td (Total AOCI, net of taxes) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.25 250.92 Td (1,034) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 553.75 250.92 Td (438) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 236.92 Td (Treasury stock, at cost, 75,804,594 shares and 75,804,853 shares) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 473.95 236.92 Td (\(3,885) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 498.80 236.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 543.95 236.92 Td (\(3,885) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 568.80 236.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 222.92 Td (Total equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.25 222.92 Td (13,891) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.25 222.92 Td (9,122) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 208.92 Td (Total liabilities and equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 208.92 Td ($2,454,071) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.45 208.92 Td ($2,193,780) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 52.50 189.64 Td (The table below presents the carrying value and classification of the assets and liabilities of consolidated variable interest entities \(VIEs\) on the) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 52.50 181.64 Td (company's condensed consolidated balance sheets.) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 435.90 167.92 Td (September 30,) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 508.75 167.92 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 52.50 155.64 Td (\(Inmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 456.95 154.92 Td (2020) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 528.45 154.92 Td (2019) 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 52.50 141.92 Td (Condensed Consolidated Balance Sheet Line Item) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 127.92 Td (Assets:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 113.92 Td (Mortgage loans held-for-investment) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 453.45 113.92 Td ($2,115,509) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 523.45 113.92 Td ($1,940,523) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 99.92 Td (All other assets) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 471.25 99.92 Td (81,970) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 541.25 99.92 Td (40,598) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 85.92 Td (Total assets of consolidated VIEs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 85.92 Td ($2,197,479) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.45 85.92 Td ($1,981,121) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 71.92 Td (Liabilities:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 57.92 Td (Debt) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 453.45 57.92 Td ($2,138,420) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 523.45 57.92 Td ($1,898,355) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 58.50 43.92 Td (All other liabilities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 476.25 43.92 Td (5,604) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 546.25 43.92 Td (5,537) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 29.92 Td (Total liabilities of consolidated VIEs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 29.92 Td ($2,144,024) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.45 29.92 Td ($1,903,892) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 16 ) Tj ET Q BT /F11 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6509803921568628 0.8862745098039215 rg BT 49.50 723.55 Td (FREDDIE MAC) Tj ET Q BT /F12 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4666666666666667 0.47058823529411764 0.4549019607843137 rg BT 49.50 710.35 Td (Non-GAAP Reconciliations ) Tj ET Q 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 50.00 645.85 459.00 -19.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 509.00 645.85 4.00 -19.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 513.00 645.85 46.00 -19.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 559.00 645.85 4.00 -19.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 626.85 262.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 316.00 626.85 45.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 365.00 626.85 45.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 414.00 626.85 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 464.00 626.85 45.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 513.00 626.85 46.00 -14.00 re f /GS0 gs 0.5333333333333333 0.7411764705882353 0.27058823529411763 rg /GS0 gs 50.00 386.85 513.00 -19.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 50.00 367.85 262.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 316.00 367.85 45.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 365.00 367.85 45.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 414.00 367.85 46.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 464.00 367.85 45.00 -14.00 re f /GS0 gs 0 0.6509803921568628 0.8862745098039215 rg /GS0 gs 513.00 367.85 46.00 -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 316 512.85 m 361 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 512.85 m 410 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 512.85 m 460 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 512.85 m 509 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 512.85 m 559 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 512.85 m 312 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 498.85 m 312 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 512.85 m 361 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 498.85 m 361 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 512.85 m 365 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 498.85 m 365 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 512.85 m 410 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 498.85 m 410 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 512.85 m 414 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 498.85 m 414 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 512.85 m 460 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 498.85 m 460 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 512.85 m 464 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 498.85 m 464 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 512.85 m 509 512.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 498.85 m 509 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG 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0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 483.85 m 361 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 485.85 m 365 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 483.85 m 365 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 498.85 m 410 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 485.85 m 410 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 483.85 m 410 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 485.85 m 414 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 483.85 m 414 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 498.85 m 460 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 485.85 m 460 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 483.85 m 460 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 485.85 m 464 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 483.85 m 464 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 498.85 m 509 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 485.85 m 509 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 483.85 m 509 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 485.85 m 513 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 483.85 m 513 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 498.85 m 559 498.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 485.85 m 559 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 483.85 m 559 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 483.85 m 361 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 485.85 m 361 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 469.85 m 361 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 483.85 m 460 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 485.85 m 460 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 469.85 m 460 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 483.85 m 559 483.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 485.85 m 559 485.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 469.85 m 559 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 469.85 m 312 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 447.85 m 312 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 469.85 m 361 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 447.85 m 361 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 469.85 m 365 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 447.85 m 365 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 469.85 m 410 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 447.85 m 410 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 469.85 m 414 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 447.85 m 414 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 469.85 m 460 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 447.85 m 460 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 469.85 m 464 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 447.85 m 464 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 469.85 m 509 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 447.85 m 509 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 469.85 m 513 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 447.85 m 513 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 469.85 m 559 469.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 447.85 m 559 447.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 285.85 m 361 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 285.85 m 410 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 285.85 m 460 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 285.85 m 559 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 285.85 m 312 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 271.85 m 312 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 285.85 m 361 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 271.85 m 361 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 285.85 m 365 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 271.85 m 365 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 285.85 m 410 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 271.85 m 410 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 285.85 m 414 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 271.85 m 414 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 285.85 m 460 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 271.85 m 460 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 285.85 m 464 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 271.85 m 464 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 285.85 m 509 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 271.85 m 509 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 285.85 m 513 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 271.85 m 513 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 285.85 m 559 285.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 271.85 m 559 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 258.85 m 312 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 256.85 m 312 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 271.85 m 361 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 258.85 m 361 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 256.85 m 361 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 258.85 m 365 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 256.85 m 365 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 271.85 m 410 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 258.85 m 410 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 256.85 m 410 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 258.85 m 414 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 256.85 m 414 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 271.85 m 460 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 258.85 m 460 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 256.85 m 460 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 258.85 m 464 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 256.85 m 464 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 271.85 m 509 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 258.85 m 509 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 256.85 m 509 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 258.85 m 513 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 256.85 m 513 256.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 271.85 m 559 271.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 258.85 m 559 258.85 l s 0.5333333333333333 0.7411764705882353 0.27058823529411763 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 256.85 m 559 256.85 l s BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 690.21 Td (The companys GAAP net interest income includes the spread earned on its investment activities plus the) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 680.21 Td (guarantee fees earned by its single-family business. Adjusted net interest income is the net spread earned on) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 670.21 Td (the companys investment activities, including the cost of funds associated with using derivatives. Net interest) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 660.21 Td (yield, GAAP and adjusted, is calculated as annualized quarterly GAAP or adjusted net interest income divided by) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 650.21 Td (the average balance of the underlying assets and liabilities.) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 76.10 634.21 Td (Reconciliation of GAAP Net Interest Income to Adjusted Net Interest Income \(pre-tax\)) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 52.50 617.64 Td (\(Dollars in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 318.80 617.21 Td (3Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 367.80 617.21 Td (4Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 417.30 617.21 Td (1Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 466.80 617.21 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 516.30 617.21 Td (3Q 2020) 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 52.50 603.92 Td (GAAP net interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.95 603.92 Td ($2,410) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 603.92 Td ($3,358) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.95 603.92 Td ($2,785) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.95 603.92 Td ($2,876) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 603.92 Td ($3,457) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 589.92 Td (Reclassifications:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 575.92 Td (Guarantee fee income reclassified to adjusted guarantee fee ) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 566.92 Td (income ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 84.51 570.07 Td (\(1\)\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 332.95 575.92 Td (\(2,486) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 357.80 575.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 381.95 575.92 Td (\(2,607) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.80 575.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 431.95 575.92 Td (\(2,561) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 456.80 575.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 480.95 575.92 Td (\(2,943) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 505.80 575.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 530.95 575.92 Td (\(3,138) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 555.80 575.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 553.92 Td (Accrual of periodic cash settlements reclassified from ) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 544.92 Td (derivative gain \(loss\)) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 134.00 548.07 Td ( \(3\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 345.45 553.92 Td (\(47) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 357.80 553.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 389.45 553.92 Td (\(129) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.80 553.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 439.45 553.92 Td (\(176) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 456.80 553.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.45 553.92 Td (\(329) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 505.80 553.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.45 553.92 Td (\(540) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 555.80 553.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 531.92 Td (Hedge accounting impact ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 158.86 535.07 Td (\(4\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 342.75 531.92 Td (517) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 394.45 531.92 Td (\(11) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.80 531.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 441.75 531.92 Td (350) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 490.75 531.92 Td (475) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 540.75 531.92 Td (690) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 517.92 Td (Other reclassifications) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 141.67 521.07 Td ( \(5\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 342.75 517.92 Td (395) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 391.75 517.92 Td (137) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 441.75 517.92 Td (380) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 490.75 517.92 Td (301) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.45 517.92 Td (\(239) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 555.80 517.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 64.50 503.92 Td (Total reclassifications) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 332.95 503.92 Td (\(1,621) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 357.80 503.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 381.95 503.92 Td (\(2,610) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.80 503.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 431.95 503.92 Td (\(2,007) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 456.80 503.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 480.95 503.92 Td (\(2,496) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 505.80 503.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 530.95 503.92 Td (\(3,227) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 555.80 503.92 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 489.92 Td (Adjusted net interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 489.92 Td ($789) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 489.92 Td ($748) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 489.92 Td ($778) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 489.92 Td ($380) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 489.92 Td ($230) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 474.92 Td (Average balance of assets and liabilities, GAAP \(in billions\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 329.95 474.92 Td ($2,120) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 378.95 474.92 Td ($2,162) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 428.95 474.92 Td ($2,205) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 477.95 474.92 Td ($2,274) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 527.95 474.92 Td ($2,376) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 452.92 Td (Average balance of assets and liabilities, adjusted \(in billions\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 337.45 452.92 Td ($310) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 386.45 452.92 Td ($319) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 436.45 452.92 Td ($324) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 485.45 452.92 Td ($352) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 535.45 452.92 Td ($364) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 422.21 Td (The company's GAAP guarantee fees are primarily those generated by the company's multifamily business.) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 412.21 Td (Adjusted guarantee fee income consists of the revenues from guarantee fees from both the Single-Family and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 402.21 Td (Multifamily businesses, net of the 10 basis point guarantee fee remitted to Treasury as part of the Temporary) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 52.50 392.21 Td (Payroll Tax Cut Continuation Act of 2011.) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 89.70 375.21 Td (Reconciliation of GAAP Guarantee Fee Income to Adjusted Guarantee Fee Income \(pre-tax\)) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 52.50 358.64 Td (\(Dollars in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 318.80 358.21 Td (3Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 367.80 358.21 Td (4Q 2019) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 417.30 358.21 Td (1Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 466.80 358.21 Td (2Q 2020) Tj ET Q BT /F3 10.00 Tf ET q 1 1 1 rg BT 516.30 358.21 Td (3Q 2020) 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 52.50 344.92 Td (GAAP guarantee fee income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 344.92 Td ($280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 344.92 Td ($239) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 344.92 Td ($377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 344.92 Td ($469) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 344.92 Td ($315) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 330.92 Td (Reclassifications:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 316.92 Td (Guarantee fee income reclassified from net interest income ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 291.29 320.07 Td (\(1\)\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 335.25 316.92 Td (2,486) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 384.25 316.92 Td (2,607) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 434.25 316.92 Td (2,561) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 483.25 316.92 Td (2,943) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 533.25 316.92 Td (3,138) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 298.92 Td (Temporary Payroll Tax Cut Continuation Act of 2011 expense ) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 52.50 289.92 Td (reclassified from other non-interest expense) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.40 Tf ET q 0 0 0 rg BT 228.93 293.07 Td ( \(6\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 340.45 298.92 Td (\(408) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 357.80 298.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 389.45 298.92 Td (\(420) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.80 298.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 439.45 298.92 Td (\(432) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 456.80 298.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 488.45 298.92 Td (\(442) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 505.80 298.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 538.45 298.92 Td (\(467) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 555.80 298.92 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 64.50 276.92 Td (Total reclassifications) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 335.25 276.92 Td (2,078) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 384.25 276.92 Td (2,187) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 434.25 276.92 Td (2,129) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 483.25 276.92 Td (2,501) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 533.25 276.92 Td (2,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.50 262.92 Td (Adjusted guarantee fee income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.95 262.92 Td ($2,358) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 262.92 Td ($2,426) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.95 262.92 Td ($2,506) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.95 262.92 Td ($2,970) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 262.92 Td ($2,986) Tj ET Q BT /F1 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 245.15 Td (Columns may not add due to rounding.) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 228.35 Td (For notes on reclassifications, see page 17 of this press release.) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 220.61 228.35 Td () Tj ET Q BT /F10 9.00 Tf ET q 0 0 0 rg BT 222.56 228.35 Td () Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 773.10 Td (Freddie Mac Third Quarter 2020 Financial Results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 762.30 Td (October 29, 2020 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 751.50 Td (Page 17 ) Tj ET Q BT /F7 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 725.4 m 217.3427734375 725.4 l s q 0 0 0 rg BT 49.50 726.40 Td (Notes on Significant Reclassifications) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 711.90 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 55.94 708.40 Td ( Net guarantee fees, including upfront fees and related hedge amortization and implied guarantee fee income ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 696.40 Td (related to unsecuritized loans held in the mortgage-related investments portfolio, are reclassified from GAAP net ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 684.40 Td (interest income to adjusted guarantee fee income.) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 669.90 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 55.94 666.40 Td ( Short-term returns on cash received related to certain upfront fees on single-family loans are reclassified from ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 654.40 Td (GAAP net interest income to adjusted guarantee fee income.) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 639.90 Td (\(3\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 55.94 636.40 Td ( The accrual of periodic cash settlements of derivatives is reclassified from GAAP investment gains \(losses\), net ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 624.40 Td (to adjusted net interest income to fully reflect the periodic cost associated with the protection provided by these ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 612.40 Td (contracts.) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 597.90 Td (\(4\)) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 55.94 594.40 Td ( ) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 58.72 594.40 Td (Hedge accounting impact consists of removing the effects of hedge accounting including deferred gains and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 582.40 Td (losses on closed cash flow hedges related to forecasted debt issuances.) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 567.90 Td (\(5\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 55.94 564.40 Td ( Other reclassifications primarily relate to items reclassified out of GAAP net interest income, including the ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 552.40 Td (amortization related to derivative commitment basis adjustments associated with mortgage-related and non-) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 540.40 Td (mortgage-related securities, amortization related to accretion of other-than-temporary impairments on available-) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 528.40 Td (for-sale securities, amortization of discounts on loans purchased with deteriorated credit quality that are on ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 516.40 Td (accrual status, amortization related to premiums and discounts, including non-cash premiums and discounts, on ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 504.40 Td (single-family loans in trusts and on the associated consolidated securities, amortization related to premiums and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 492.40 Td (discounts associated with securities issued by consolidated trusts that were previously held and subsequently ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 480.40 Td (transferred to third parties, costs associated with STACR debt note expenses, and internally allocated costs ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 468.40 Td (associated with the refinancing of debt related to Multifamily segment held-for-investment loans which were ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 456.40 Td (securitized.) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.00 Tf ET q 0 0 0 rg BT 49.50 441.90 Td (\(6\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 55.94 438.40 Td ( The expense related to the Temporary Payroll Tax Cut Continuation Act of 2011 is reclassified from GAAP other ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 426.40 Td (non-interest expense to adjusted guarantee fee income. As a result of the reclassification, the revenue and ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 58.50 414.40 Td (expense related to the legislated 10 basis point increase are netted within adjusted guarantee fee income.) Tj ET Q endstream endobj 37 0 obj <> /View <>>>>> endobj 38 0 obj <> /View <>>>>> endobj 39 0 obj <> endobj 40 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;