$589,000,000 Freddie Mac

PRIVATE PLACEMENT MEMORANDUM

STRICTLY CONFIDENTIAL

THIS MEMORANDUM IS NOT TO BE SHOWN OR GIVEN TO ANY PERSON OTHER THAN POTENTIAL INVESTORS IN THE NOTES. THIS MEMORANDUM IS NOT TO BE COPIED OR OTHERWISE REPRODUCED OR FURTHER DISTRIBUTED, IN WHOLE OR IN PART, IN ANY MANNER WHATSOEVER. FAILURE TO COMPLY WITH THIS DIRECTIVE CAN RESULT IN A VIOLATION OF THE SECURITIES ACT.

$589,000,000

Freddie Mac

STRUCTURED AGENCY CREDIT RISK (STACR?) REMIC 2019-DNA4 NOTES, FREDDIE MAC STACR REMIC TRUST 2019-DNA4

Offered Notes: The Classes of Original Notes and Classes of MACR Notes shown below and on Table 1.

Trust and Issuer: Freddie Mac STACR REMIC Trust 2019-DNA4

Sponsor:

Freddie Mac

Indenture Trustee: U.S. Bank National Association

Owner Trustee: Wilmington Trust, National Association

Closing Date: October 22, 2019

Note Classes

Class M-1 . . . . . . . . . . . Class M-2(3)(4) . . . . . . . . Class B-1(3)(5) . . . . . . . . Class B-2(3)(6) . . . . . . . .

Original Class Principal Balance

$148,000,000 280,000,000 74,000,000 87,000,000

Class Coupon

(7) (7) (7) (7)

CUSIP Number(8)

35565AAA8 35565AAH3 35565ABD1 35565ABE9

Scheduled Maturity Date

October 2049 October 2049 October 2049 October 2049

Expected Ratings (KBRA/S&P)(1)

BBB+ (sf)/BBB+ (sf) BB (sf)/BB- (sf) B (sf)/B (sf) NR/NR

Price to Public

100% 100% 100% 100%

Initial Purchaser Fee(2)

0.25% 0.50% 0.50% 0.50%

Proceeds to Issuer

100% 100% 100% 100%

(1) See "Ratings" herein. (2) See "Placement" herein. (3) MACR Class. (4) The Class M-2A and Class M-2B Notes may be exchanged for the Class M-2 Notes, and vice versa, pursuant to Combination 1 described in Table 2. On the Closing Date, the

Class M-2A and Class M-2B Notes will be deemed to have been exchanged in whole or in part, as applicable, for the Class M-2 Notes. The original Class Principal Balance shown for the Class M-2 Notes above is its Maximum Class Principal Balance. (5) The Class B-1A and Class B-1B Notes may be exchanged for the Class B-1 Notes, and vice versa, pursuant to Combination 18 described in Table 2. On the Closing Date, the Class B-1A and Class B-1B Notes will be deemed to have been exchanged in whole or in part, as applicable, for the Class B-1 Notes. The original Class Principal Balance shown for the Class B-1 Notes above is its Maximum Class Principal Balance. (6) The Class B-2A and Class B-2B Notes may be exchanged for the Class B-2 Notes, and vice versa, pursuant to Combination 20 described in Table 2. On the Closing Date, the Class B-2A and Class B-2B Notes will be deemed to have been exchanged in whole or in part, as applicable, for the Class B-2 Notes. The original Class Principal Balance shown for the Class B-2 Notes above is its Maximum Class Principal Balance. (7) See "Summary -- Interest" herein. (8) Rule 144A CUSIP numbers are shown. See Appendix F for a list of Regulation S CUSIP numbers.

No person has been authorized to give any information or to make any representations other than those contained in this Memorandum, and, if given or made, such information or representations must not be relied upon. The delivery of this Memorandum at any time does not imply that the information herein is correct as of any time subsequent to its date.

The Notes are being offered and sold only (i) in the United States to "qualified institutional buyers," as such term is defined in Rule 144A under the Securities Act, and (ii) in "offshore transactions" to persons that are not "U.S. persons," as such terms are defined in, and in accordance with, Regulation S under the Securities Act.

The Notes are expected to be made eligible for trading in book-entry form through the Same-Day Funds Settlement System of DTC, which may include delivery through Clearstream and Euroclear, against payment therefor in immediately available funds.

THE NOTES DO NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF FREDDIE MAC, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY FREDDIE MAC, THE UNITED STATES GOVERNMENT OR ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

Transfer of the Notes will be subject to certain restrictions as described herein.

The Trust intends to rely on the exemption from registration found at Section 2(b) of the Investment Company Act and as a result should not be a "covered fund" for purposes of the Volcker Rule. See "Risk Factors -- Investment Factors and Risks Related to the Notes -- Risks Associated with the Investment Company Act" and "-- Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Notes, Which May Limit Investors' Ability to Sell the Notes".

The information contained herein is confidential and may not be reproduced in whole or in part. We will, upon request, make available such other information as may be reasonably requested.

The Structured Agency Credit Risk (STACR) REMIC 2019-DNA4 Notes, including the Original Notes and the MACR Notes, are complex financial instruments and may not be suitable investments for you. You should consider carefully the risk factors described beginning on page 16 of this Memorandum. You should not purchase Notes unless you understand and are able to bear these and any other applicable risks. You should purchase Notes only if you understand the information contained in this Memorandum and the documents incorporated by reference in this Memorandum.

The Glossary of Significant Terms beginning on page 173 of this Memorandum sets forth definitions of certain defined terms appearing in this Memorandum.

BofA Merrill Lynch

Co-Lead Manager and Joint Bookrunner

Credit Suisse

Co-Lead Manager and Joint Bookrunner

Citigroup J.P. Morgan Morgan Stanley Wells Fargo Securities CastleOak Securities, L.P. Ramirez & Co., Inc.

Co-Manager Co-Manager Co-Manager

Co-Manager

Selling Group Member

Selling Group Member

The date of this Private Placement Memorandum is October 17, 2019.

TABLE OF CONTENTS

TABLE 1 -- STRUCTURED AGENCY CREDIT RISK (STACR?) . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE 2 -- AVAILABLE MODIFICATIONS AND COMBINATIONS . . . . . . . . . . . . . . . . . . . . . .

Exchange Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchange Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payment Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

WE ARE IN CONSERVATORSHIP; POTENTIAL RECEIVERSHIP . . . . . . . . . . . . . . . . . . . . . . . . IMPORTANT NOTICE REGARDING THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SECTION 309B(1)(C) NOTIFICATION UNDER THE SECURITIES AND FUTURES ACT,

CHAPTER 289 OF SINGAPORE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS MEMORANDUM . . . . . . EU RISK RETENTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTICE TO EUROPEAN ECONOMIC AREA INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MIFID II PRODUCT GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTICE TO UNITED KINGDOM INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FREDDIE MAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Conservatorship and Related Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Purchase Agreement, Warrant and Senior Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRANSACTION DIAGRAM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE 3 -- CLASSES OF REFERENCE TRANCHES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hypothetical Structure and Calculations with Respect to the Reference Tranches . . . . . . . . . . . . . . . SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Associated with the Collateral Administration Agreement and the Capital Contribution

Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Notes are Subordinate to Certain Payments Payable to Us . . . . . . . . . . . . . . . . . . . . . . . . . . . Our Payments are not Guaranteed by the United States or any Other Person . . . . . . . . . . . . . . . . . We may Assign our Obligations under the Collateral Administration Agreement and Capital

Contribution Agreement to a Third Party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Notes are Subject to an Indenture Event of Default or Redemption in the Event of an Early

Termination of the Collateral Administration Agreement and the Capital Contribution Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Relating to the Notes Being Linked to the Reference Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . The Notes Bear the Risk of Credit Events and Modification Events on the Reference Pool . . . . . . . Holders of Notes Have No Rights or Remedies With Respect to the Reference Obligations . . . . . . Delay in Liquidation; Net Liquidation Proceeds May Be Less Than Mortgage Balance . . . . . . . . . The Timing of Credit Events and Modification Events (and the Severity of Losses Realized with Respect Thereto) May Adversely Affect Returns on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . Our Limited Review of a Sample of a Small Percentage of the Reference Obligations May Not Reveal All Aspects Which Could Lead to Increases in the Principal Loss Amounts and Modification Loss Amounts Allocated to the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Our Limited Review of a Sample of a Small Percentage of the Reference Obligations Covers Only Some of the Defects Which Could Lead to Credit Events or Modification Events and Would Not Detect All Potentially Relevant Defects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Our Quality Control and Quality Assurance Processes Are Not Designed to Protect Noteholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Our Review of Reference Obligations That Become Credit Event Reference Obligations May Not Result in Reversed Credit Event Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited Scope and Size of the Third-Party Diligence Provider's Review of the Reference Obligations May Not Reveal Aspects of the Reference Obligations Which Could Lead to Credit Events or Modification Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Underwriting Standards Used by Many of Our Sellers May be Less Stringent than Required by Our Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A Recurrence of Turbulence in the Residential Mortgage Market and/or Financial Markets and/or Lack of Liquidity for Mortgage-Related Securities May Adversely Affect the Performance and Market Value of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appraisals or Other Assessments May Not Accurately Reflect the Value of the Mortgaged Property; LTV Ratios May Be Calculated Based on Appraised Value or Other Assessments, Which May Not Be an Accurate Reflection of Current Market Value . . . . . . . . . . . . . . . . . . . .

ELTV Ratios May Not Reflect the Actual Value of the Mortgaged Properties . . . . . . . . . . . . . . . . Credit Scores May Not Accurately Predict the Likelihood of Default . . . . . . . . . . . . . . . . . . . . . . Residential Real Estate Values May Fluctuate and Adversely Affect the Notes . . . . . . . . . . . . . . . Reduced Lending Capacities and/or Increases in Mortgage Interest Rates May Hinder Refinancing

and Increase Risk of Credit Events and Modification Events on the Reference Obligations . . . . . The Rate and Timing of Principal Payment Collections on the Reference Obligations Will Affect

the Yield on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reference Obligations in the Reference Pool May Be Refinanced Under Our Enhanced Relief

Refinance Program, Which May Result in Mortgage Loans With High LTV Ratios Being Included in the Reference Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . We Do Not Re-Underwrite the Mortgage Loans We Acquire, Which May Adversely Affect the Performance of the Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Performance of the Reference Obligations Could be Dependent on the Servicers . . . . . . . . . . Servicers May Not Follow the Requirements of Our Guide or TOBs, and Servicing Standards May Change Periodically . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statutory and Judicial Limitations on Foreclosure Procedures May Delay Recovery in Respect of the Mortgaged Properties and, in Some Instances, Limit the Amount That May Be Recovered by the Servicers, Resulting in Losses on the Reference Obligations That Might Be Allocated to the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stricter Enforcement of Foreclosure Rules and Documentation Requirements May Cause Delays and Increase the Risk of Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance Related to the Mortgaged Properties May Not Be Sufficient to Compensate for Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Servicing Transfers May Result in Decreased or Delayed Collections and Credit Events . . . . . . . . Each Servicer's Discretion Over the Servicing of the Related Reference Obligations May Adversely Affect the Amount and Timing of Funds Available to Make Payments on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Performance of Sellers and Servicers May Adversely Affect the Performance of the Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Classification of Underwriting Defects and Servicing Defects are Dependent in Part on Cooperation by the Sellers and Servicers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Solicitation May Result in Erosion in the Overall Credit Quality of the Reference Pool . . . . . . . . . Mortgagors May Have, or May in the Future Incur, Additional Indebtedness Secured by Mortgaged Properties Securing the Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . Geographic Concentration May Increase Risk of Credit Events Due to Adverse Economic Conditions or Natural Disasters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reference Pool Removals Following the Closing Date Resulting from Hurricane Dorian May Negatively Affect the Yield on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Rate of Credit Events and Modification Events on Mortgage Loans That Are Secured by Second Homes or Investment Properties May be Higher than on Other Mortgage Loans . . . . . .

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The Rate of Credit Events and Modification Events on Mortgage Loans That Are Cash-out Refinance Transactions May be Higher Than on Other Mortgage Loans . . . . . . . . . . . . . . . . . .

Some of the Reference Obligations are Seasoned Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . Mortgage Loans Made to Certain Mortgagors May Present a Greater Risk . . . . . . . . . . . . . . . . . . Mortgage Loans Secured by Manufactured Homes May Present a Greater Risk . . . . . . . . . . . . . . Impact of Potential Military Action and Terrorist Attacks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mortgage Loan Historical Information is Not Indicative of Future Performance of the Reference

Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governance and Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

New Laws and Regulations May Adversely Affect Our Business Activities and the Reference Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Governmental Actions May Affect Servicing of Mortgage Loans and May Limit the Servicer's Ability to Foreclose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Legislative or Regulatory Actions Could Adversely Affect Our Business Activities and the Reference Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Violations of Various Federal, State and Local Laws May Result in Losses on the Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Violations of TRID or Other TILA Provisions May Result in Losses . . . . . . . . . . . . . . . . . . . . . . Special Assessments, Energy Efficiency and Homeowner Association Liens May Take Priority

Over the Mortgage Lien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Relating to Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Creditworthiness of Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FHFA Could Terminate the Conservatorship by Placing Us into Receivership, Which Could

Adversely Affect Our Performance Under the Collateral Administration Agreement and the Capital Contribution Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A Receiver May Transfer or Sell Our Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . We are Dependent Upon the Support of Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes in Our Business Practices May Negatively Affect the Noteholders . . . . . . . . . . . . . . . . . Future Legislation and Regulatory Actions Will Likely Affect the Role of Freddie Mac . . . . . . . . Risks Related to Eligible Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Noteholders Are Exposed to the Value of the Underlying Assets of the Relevant Eligible Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Certain Types of Eligible Investments May Suspend or Delay Redemptions . . . . . . . . . . . . . . . . . Redeeming Units of an Eligible Investment During an Unfavorable Market Environment May Affect the Net Asset Value of Such Eligible Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Failure of Eligible Investments to Satisfy the Relevant Criteria May Not Result in Their Replacement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unfavorable Market Conditions May Cause Changes in the Yield of an Eligible Investment . . . . . The Net Yield of a Fund May Become Negative for Other Reasons . . . . . . . . . . . . . . . . . . . . . . . The Investment Manager May Be Unable to Liquidate Investments in a Timely Manner . . . . . . . . Ineligible Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Factors and Risks Related to the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Notes May Not Be Repaid in Full . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Limited Source of Payments -- No Recourse to Reference Obligations . . . . . . . . . . . . . . . . . . . . Subordination of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit Support Available to Corresponding Classes of Reference Tranches Pursuant to Hypothetical Structure Is Limited and May Not Be Sufficient to Prevent Loss on Your Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subordination of Corresponding Classes of Reference Tranches Increases Risk of Loss on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Significant Write-downs of the Notes That Are Subsequently Subject to Write-ups Will Result in Lost Accrued Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIBOR Levels Could Reduce the Yield on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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50

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A Change in Any Reporting Period May Affect the Yield on the Notes . . . . . . . . . . . . . . . . . . . . Uncertainty Relating to the Determination of LIBOR and the Potential Phasing Out of LIBOR after

2021 May Adversely Affect the Value of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Use of an Alternative Method or Index in Place of LIBOR for Determining Monthly Interest

Rates May Adversely Affect the Value of Certain Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Use of an Alternative Method or Index in Place of LIBOR for Determining Monthly Interest

Rates May Result in Adverse Tax Consequences with Respect to the Notes . . . . . . . . . . . . . . . Changes in the Market Value of the Notes May Not Be Reflective of the Performance or

Anticipated Performance of the Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . There May be Limited Liquidity of the Notes, Which May Limit Your Ability to Sell the

Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the

Notes, Which May Limit Investors' Ability to Sell the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Associated with the Investment Company Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Associated with the Commodity Exchange Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Transfer Restrictions on the Notes May Limit Investors' Ability to Sell the Notes . . . . . . . . . The Notes May be Redeemed Before the Scheduled Maturity Date . . . . . . . . . . . . . . . . . . . . . . . Exchanges of Notes May Result in Investors Holding Lower Rated Notes . . . . . . . . . . . . . . . . . . A Reduction, Withdrawal or Qualification of the Ratings on the Rated Notes, or the Issuance of an

Unsolicited Rating on the Rated Notes, May Adversely Affect the Market Value of Those Notes and/or Limit an Investor's Ability to Resell Those Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Ratings on the Rated Notes May Not Reflect All Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Certain Notes Will Not Be Rated by the Rating Agencies on the Closing Date . . . . . . . . . . . . . . . The Ratings of the Interest Only MACR Notes do not address the Timing or Magnitude of Reductions of the Notional Principal Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Ability to Exchange the Exchangeable Notes and MACR Notes May Be Limited . . . . . . . . . . Investors Have No Direct Right to Enforce Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Noteholders Have Limited Control over Amendments, Modifications and Waivers to the Indenture, Account Control Agreement, Collateral Administration Agreement, Capital Contribution Agreement, Investment Management Agreement and Trust Agreement . . . . . . . . . Legality of Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rights of Note Owners May Be Limited by Book-Entry System . . . . . . . . . . . . . . . . . . . . . . . . . Risks Relating to REMIC Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes to the U.S. Federal Income Tax Laws Could Have an Adverse Impact on the Notes . . . . . Tax Audit Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Downgrades or Defaults of Government Debt or of U.S. Government-Sponsored Enterprises May Adversely Affect the Market Value of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Interests of the Transaction Parties and Others May Conflict With and be Adverse to the Interests of the Noteholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Relationships Among Freddie Mac, Sellers, Servicers, the Indenture Trustee, the Owner Trustee, the Investment Manager, the Custodian and Initial Purchasers are Multifaceted and Complex. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Our Actions with Respect to REO Dispositions, Note Sales, Third-Party Sales, Short Sales and Disposition Timelines May Increase the Risk of Loss on the Notes . . . . . . . . . . . . . . . . . . . . . . Our Interests May Not be Aligned With the Interests of the Noteholders . . . . . . . . . . . . . . . . . . . . Potential Conflicts of Interest of the Initial Purchasers and their Affiliates . . . . . . . . . . . . . . . . . . Potential Conflicts of Interest of the Indenture Trustee, the Custodian and the Exchange Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Potential Conflicts of Interest of the Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Potential Conflicts of Interest of the Owner Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Potential Conflicts of Interest Between the Classes of Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lack of Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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v

Combination or "Layering" of Multiple Risk Factors May Significantly Increase the Risk of Loss on Your Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

THE TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Form, Registration and Transfer of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form of Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Registration of Transfer and Exchange of Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer and Exchange of Definitive Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payment Procedures; Withholding Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Priority of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Scheduled Maturity Date and Early Redemption Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class Coupon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reductions in Class Principal Balances of the Notes Due to Allocation of Tranche Write-down Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increases in Class Principal Balances of the Notes Due to Allocation of Tranche Write-up Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hypothetical Structure and Calculations with Respect to the Reference Tranches . . . . . . . . . . . . . . . Allocation of Tranche Write-down Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allocation of Tranche Write-up Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allocation of Modification Loss Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allocation of Modification Gain Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allocation of Senior Reduction Amount and Subordinate Reduction Amount . . . . . . . . . . . . . . . . Allocation of Supplemental Subordinate Reduction Amount and Supplemental Senior Increase

Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MACR NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchange Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

THE AGREEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Collateral Administration Agreement and the Capital Contribution Agreement . . . . . . . . . . . . . The Collateral Administration Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Capital Contribution Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Netting of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Termination Date, Scheduled Termination Date and Early Termination Date . . . . . . . . . . . . . . . . The Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grant of the Collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Standard of Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounts, Accountings and Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payment Date Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indenture Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendments to the Indenture and the other Basic Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidation, Merger or Transfer of Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Petitions for Bankruptcy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Satisfaction and Discharge of the Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Binding Effect of the Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes Acquired by Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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80 81 81 83 83 83 83 84 84 84 85 85 85 85 86 86 87 90 92 93 96 96 96 97 97

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Optional Retirement of Notes Owned by Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Third-Party Beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Investment Management Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Account Control Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Administration Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THE PARTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Freddie Mac as Sponsor and Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indenture Trustee and Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Resignation and Removal of the Indenture Trustee; Appointment of Successor . . . . . . . . . . . . . . . Resignation and Removal of the Custodian; Appointment of Successor . . . . . . . . . . . . . . . . . . . . Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Owner Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchange Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HISTORICAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PREPAYMENT AND YIELD CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit Events and Modification Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prepayment Considerations and Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MACR Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Assumptions Relating to Weighted Average Life Tables, Declining Balances Tables, Credit Event Sensitivity Tables, Cumulative Note Write-down Amount Tables and Yield Tables . . . . . . . . . . . . Weighted Average Lives of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Weighted Average Life Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Declining Balances Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yield Considerations with Respect to the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit Event Sensitivity Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cumulative Note Write-down Amount Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yield Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CERTAIN LEGAL ASPECTS OF MORTGAGE LOANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Security Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rights of Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Anti-Deficiency Legislation and Other Limitations on Lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . Environmental Legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consumer Protection Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal and State Anti-Predatory Lending Laws and Restrictions on Servicing . . . . . . . . . . . . . . . . . Enforceability of Due-On-Sale Clauses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subordinate Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Applicability of Usury Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Forfeitures in Drug and RICO Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Servicemembers Civil Relief Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . REMIC Election . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Status of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxation of the Regular Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Original Issue Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Market Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Constant Yield Election . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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107 108 111 115 124 124 125 129 142 143 143 143 146 146 147 148 149 150 150 150 151 151 152 152 152 152 153 153 153 154 155 155

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Treatment of Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sale or Exchage of Regular Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxation of NPCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxation of MACR Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tax Accounting for MACR Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchanges of MACR Notes and Exchangeable Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adoption of an Alternative Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxation of Certain Foreign Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Backup Withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reporting and Administrative Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Account Tax Compliance Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STATE, LOCAL AND FOREIGN TAX CONSEQUENCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LEGAL INVESTMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EU RETENTION REQUIREMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CERTAIN ERISA CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prohibited Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plan Asset Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prohibited Transaction Exemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Review by Plan Fiduciaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PLACEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTICE TO INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notice to Canadian Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RATINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GLOSSARY OF SIGNIFICANT TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

APPENDIX A The Reference Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . APPENDIX B Third-Party Diligence Provider's Data Integrity Review Discrepancies . . . . . . . . . . . . APPENDIX C Assumed Characteristics of the Reference Obligations (as of the Cut-off Date) . . . . . . APPENDIX D Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . APPENDIX E General Mortgage Loan Purchase and Servicing . . . . . . . . . . . . . . . . . . . . . . . . . . . . APPENDIX F CUSIP Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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