$140,000,000 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 AND THE INFORMATION CONTAINED HEREIN ARE CONFIDENTIAL AND ARE 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.

$140,000,000

Freddie Mac

STRUCTURED AGENCY CREDIT RISK (STACR?) 2019-FTR1 NOTES, FREDDIE MAC STACR TRUST 2019-FTR1

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

Trust and Issuer: Freddie Mac STACR Trust 2019-FTR1

Sponsor:

Freddie Mac

Indenture Trustee: U.S. Bank National Association

Owner Trustee: Wilmington Trust, National Association

Closing Date: May 21, 2019

Note Class

Class B-2(2)(3) . . . . . . . . . . . . . . . . . . . . . . . .

Original Class Principal Balance

$140,000,000

Class Coupon

(4)

CUSIP Number

35564PAC2

Scheduled Maturity Date

January 2048

Price to Public

100%

Initial Purchaser

Fee(1)

0.84%

Proceeds to Issuer

100%

(1) Approximate. See "Placement" herein. (2) MAC Class. (3) The Class B-2A and Class B-2B Notes may be exchanged for the Class B-2 Notes, and vice versa, pursuant to Combination 1 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. (4) See "Summary -- Interest" herein.

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 only being offered to, and may only be held by, qualified institutional buyers as defined in Rule 144A 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 information contained herein is confidential and may not be reproduced in whole or in part. Freddie Mac will, upon request, make available such other information as may be reasonably requested.

The Structured Agency Credit Risk (STACR) 2019-FTR1 Notes, including the Original Notes and the MAC 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 137 of this Memorandum sets forth definitions of certain defined terms appearing in this Memorandum.

BofA Merrill Lynch

Co-Manager

Barclays

Lead Manager and Sole Bookrunner

Nomura

Co-Manager

Wells Fargo Securities

Co-Manager

CastleOak Securities, L.P.

Selling Group Member

The date of this Private Placement Memorandum is May 15, 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 Credit Protection Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credit of Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Associated with an Early Termination of the Credit Protection 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 . . . . . . . . . . . . . . . . . . . . . . . . . The Issuer Relies on us for Credit Premium Payments, Credit Protection Reimbursement Payments

and Reimbursement of Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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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 Loan-to-Value 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . 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 . . . . . . . . . . . . . . . . . . The Reference Obligations Are Seasoned 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FHFA Could Terminate the Conservatorship by Placing Us into Receivership, Which Could Adversely Affect Our Performance Under the Credit Protection Agreement . . . . . . . . . . . . . . . A Receiver May Transfer or Sell Our Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . We are Dependent Upon the Support of Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Our Changes in Business Practices May Negatively Affect the Noteholders . . . . . . . . . . . . . . . . .

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 an Investment's Yield . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risks Associated with Compliance with the No-Action Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . The Transfer Restrictions on the Notes May Limit Investors' Ability to Sell the Notes . . . . . . . . . The Notes May be Redeemed Before the Scheduled Maturity Date . . . . . . . . . . . . . . . . . . . . . . . The Notes Will Not Be Rated on the Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Ability to Exchange the Exchangeable Notes and MAC 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, Credit Protection Agreement, Investment Management Agreement and Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legality of Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rights of Note Owners May Be Limited by Book-Entry System . . . . . . . . . . . . . . . . . . . . . . . . . Tax Characterization of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes to the U.S. Federal Income Tax Laws Could Have an Adverse Impact on the Notes . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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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 . . . . . . . . . . . . . . . .

MAC NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchange Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

THE AGREEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Credit Protection Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reference Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit Protection Agreement Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CPA Scheduled Termination Date and CPA Early Termination Date . . . . . . . . . . . . . . . . . . . . . . Amendments to and Assignment of the Credit Protection Agreement . . . . . . . . . . . . . . . . . . . . . . Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grant of the Collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Secured Parties' Relations; Subordination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Standard of Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounts, Accountings and Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payment Date Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indenture Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidation, Merger or Transfer of Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Petitions for Bankruptcy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Satisfaction and Discharge of the Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Binding Effect of the Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes Acquired by Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Third-Party Beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Investment Management Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Account Control Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Administration Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

THE PARTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Freddie Mac as Sponsor, Administrator and Certificateholder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indenture Trustee and Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Resignation and Removal of the Indenture Trustee; Appointment of Successor . . . . . . . . . . . . . . . Resignation and Removal of the Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Owner Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exchange Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

HISTORICAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PREPAYMENT AND YIELD CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credit Events and Modification Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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71 71 72 72 73 74 74 75 75 76 76 76 76 77 77 78 79 79 79 79 79 80 80 81 82 84 86 87 89 89 89 90 90 90 90 91 91 91 92 93 93 93 94 95 95 95 96 97 97 97

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Prepayment Considerations and Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MAC Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Assumptions Relating to Weighted Average Life Tables, Declining Balances Tables, Credit Event

Sensitivity Table, Cumulative Note Write-down Amount Tables and Yield Tables . . . . . . . . . . . . Weighted Average Lives of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted Average Life Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class B-2 Weighted Average Life to Maturity (years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Declining Balances Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Percentages of Original Balances Outstanding* and Weighted Average Lives . . . . . . . . . . . . . . . Yield Considerations with Respect to the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit Event Sensitivity Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 TAX CONSEQUENCES . . . . . . . . . . . . . . . . . . . . . . . . . Treatment of the Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treatment of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Beneficial Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Original Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treatment of the MAC Notes for U.S. Beneficial Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treatment if the Original Notes are Not Treated in part as a Limited Recourse Guarantee Contract

and in part as an Interest-Bearing Collateral Arrangement . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-U.S. Beneficial Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

U.S. Federal Estate and Gift Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information Reporting and Backup Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FATCA Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STATE, LOCAL AND FOREIGN TAX CONSEQUENCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LEGAL INVESTMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EU RETENTION REQUIREMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CERTAIN ERISA CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exempt Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PLACEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTICE TO INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notice to Canadian Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GLOSSARY OF SIGNIFICANT TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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99 100 103 103 105 105 107 108 109 111 113 114 114 114 117 117 118 119 120 121 121 121 122 122 123 123 123 124 124 125

125 126 127 127 128 128 128 129 130 130 131 131 135 135 138

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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 No Action Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . APPENDIX F General Mortgage Loan Purchase and Servicing . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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