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Here are 1-3 brief analogies for Federal Home Loan Mortgage (FMCC):

• Goldman Sachs for mortgages: It's like a specialized investment bank (similar to Goldman Sachs) that exclusively focuses on buying mortgage loans from lenders, packaging them into securities, and guaranteeing those securities for investors.
• Amazon for mortgage loans: Think of FMCC as a massive online marketplace or wholesaler, but instead of selling consumer goods, it buys mortgage loans in bulk from banks and sells them as investment products (securities) to other investors.

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• Purchasing Mortgage Loans: Acquires single-family and multifamily residential mortgage loans from lenders to provide liquidity in the secondary mortgage market.
• Mortgage Securitization: Bundles purchased mortgage loans into mortgage-backed securities (MBS) and issues them to investors, including specific certificates like multifamily K and SB certificates.
• Mortgage Guarantees: Provides guarantees on the timely payment of principal and interest on mortgage loans and mortgage-related securities, transferring credit risk from investors.
• Credit Risk Transfer Products: Develops and offers various products designed to transfer portions of the credit risk on mortgage loans to private investors.
• Investment in Mortgage-Related Securities: Invests its own capital in a portfolio of mortgage loans and mortgage-related securities.

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Federal Home Loan Mortgage (FMCC) primarily serves other companies and institutions. Its major customers fall into the following categories:

• Lenders and Originators: This broad category includes entities such as mortgage banking companies, commercial banks, regional banks, community banks, credit unions, savings institutions, non-depository financial institutions, and other banks and depository institutions, as well as a range of other lenders. FMCC purchases single-family and multifamily residential mortgage loans originated by these entities and provides them with securitization and guarantee services.
• Institutional Investors: This group comprises various institutions that invest in mortgage loans and mortgage-related securities. It includes insurance companies, money managers, central banks, pension funds, state and local governments, real estate investment trusts (REITs), and brokers and dealers. These customers purchase the securitized products (e.g., multifamily K and SB certificates) and other credit risk transfer products issued and guaranteed by FMCC.
• Housing Finance Agencies: These are specialized governmental or quasi-governmental agencies that FMCC serves, particularly within its Single-family segment.

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Kenny M. Smith, Chief Executive Officer and Director

Kenny M. Smith was appointed CEO of Freddie Mac effective December 17, 2025. He is a retired senior principal of Deloitte Consulting LLP, where he served since 1993, including as Vice Chairman, U.S. Financial Services Industry Leader from 2015 to 2020.

Jim Whitlinger, Executive Vice President and Chief Financial Officer

Jim Whitlinger is responsible for Freddie Mac's financial controls, accounting, investor relations, financial planning and reporting, tax, capital oversight, and compliance with Sarbanes-Oxley (SOX) requirements. He previously served as Freddie Mac's interim CFO and spent 10 years as the CFO of the Single-Family Division. Prior to joining Freddie Mac, he held various leadership positions during his 22-year tenure at GMAC ResCap, Inc., and Residential Capital LLC, including EVP and CFO for Residential Capital LLC and its subsidiaries, and also served on its Board of Directors.

Mike Hutchins, President and Director

Mike Hutchins has served as President of Freddie Mac since December 2020, and as a member of its Board since March 2025. He previously served as Interim President starting November 2020, and also as Interim CEO from March 2025 to December 2025, and from March 2024 to September 2024. In his role as President, he oversees the company's Single-Family, Multifamily, Investments and Capital Markets, Enterprise Operations & Technology, Finance, Human Resources, and Legal Divisions.

John Glessner, Executive Vice President and Head of Investments & Capital Markets

John Glessner is responsible for overseeing liquidity, financing, credit risk transfer, and derivative activities, as well as managing Freddie Mac's portfolio of single-family securities and loan investments. He also oversees enterprise functions related to financial/capital/risk analytics, model governance, payments, counterparty risk, and third-party risk.

Kevin Palmer, Executive Vice President and Head of Multifamily

Kevin Palmer leads all aspects of Freddie Mac's Multifamily division, focusing on providing stability, liquidity, and affordability in the rental housing market. His division is a leader in the secondary multifamily mortgage market, purchasing various types of loans and pioneering credit risk transfer (CRT) through its K-Deal® platform.

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The addressable markets for Federal Home Loan Mortgage (FMCC) in the United States are substantial across its main product and service segments.

Single-Family Mortgage Market (U.S.)

The total single-family mortgage origination volume in the U.S. is projected to reach $2.0 trillion in 2025 and further increase to $2.2 trillion in 2026.

Multifamily Mortgage Market (U.S.)

Multifamily lending in the U.S. reached $288.7 billion in 2024. Freddie Mac (FMCC) anticipates multifamily originations to grow to between $370 billion and $380 billion in 2025. The total outstanding multifamily mortgage debt in the U.S. was $2.24 trillion as of the third quarter of 2025. The U.S. multifamily market size was valued at $265 billion in 2022 and is expected to grow to $466 billion by 2030.

Mortgage-Backed Securities (MBS) Market (U.S.)

The Mortgage-Backed Securities (MBS) market in the U.S. is estimated at $15.55 trillion in 2025 and is projected to reach $22.43 trillion by 2030, growing at a compound annual growth rate (CAGR) of 7.60%. In 2024, MBS issuance in the U.S. increased to $1.6 trillion. As of mid-2023, there was over $11 trillion in outstanding MBS in the United States.

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Here are 3-5 expected drivers of future revenue growth for Federal Home Loan Mortgage (FMCC) over the next 2-3 years:

1. Continued Growth in Mortgage Portfolio Driven by Favorable Market Conditions: Freddie Mac anticipates an increase in overall origination volumes, particularly in the multifamily sector, with projections for multifamily originations to reach between $370 billion and $380 billion in 2025, up from $320 billion in 2024. This growth is expected to be fueled by factors such as slightly lower mortgage rates and increased home sales activity. The expansion of its mortgage portfolio directly contributes to higher net interest income, a significant component of the company's revenue.
2. Expansion of Mission-Driven Lending for Affordable Housing and Underserved Communities: Freddie Mac has a strategic focus on promoting equitable housing finance and increasing homeownership opportunities for underserved populations. This includes expanding programs for first-time homebuyers, targeting minority borrowers, and committing to funding a significant number of affordable housing units through initiatives like multifamily Forward Commitments. By increasing mortgage accessibility and supporting affordable housing, the company expects to drive new business volume and portfolio expansion in these key segments.
3. Strategic Investments in Technology and Operational Efficiency: The company is focused on operational streamlining, which is expected to reduce general and administrative expenses. These savings are anticipated to enable further investment in critical technology and digital mortgage tools. While primarily aimed at cost reduction and process improvement, these technological advancements can enhance service delivery, simplify loan approvals, reduce costs for homebuyers, and attract more business, thereby indirectly supporting revenue growth through increased market share and transaction volumes.

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Inbound Investments

• Freddie Mac has been focused on building its capital to meet the buffers outlined in the Enterprise Regulatory Capital Framework (ERCF), with increases in net worth adding to the liquidation preference of the senior preferred stock held by the U.S. Treasury.
• Pursuant to a January 2021 amendment to the Purchase Agreement, Freddie Mac is not required to pay dividends to the Treasury until it has accumulated sufficient net worth to meet its capital requirements.

Outbound Investments

• Freddie Mac's mortgage portfolio experienced growth, increasing at an annualized rate of 6.5% in December 2025, reaching $3.67 trillion.
• Purchases of mortgage-related investments amounted to $45.6 billion in December 2025, reflecting an increase from $38.3 billion in November 2025 and $32.5 billion in December 2024.
• The company made $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments in 2024 as part of its $66 billion multifamily production volume, and its 2025 multifamily production volume totaled $77.6 billion, supporting over 577,000 affordable rental units.

Share Issuance

• Freddie Mac issued $56 billion of securities through its multifamily risk transfer platform in 2024 to transfer interest rate risk, liquidity risk, and credit risk to private investors.
• The company's multifamily risk transfer platform settled $27.7 billion in K-Deals® and $22.1 billion in Multi PC® issuances in 2024.
• In 2025, Freddie Mac Multifamily issued $68 billion in securities.