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Explanatory Notes

Rounding and other Conventions Relating to Entries in this Report

All dollar amounts are rounded to the nearest thousand. Percentages are rounded to the nearest percent (including, if applicable, 0%). Totals of dollar amounts and percentages reflect sums of rounded numbers.

Outstanding Mortgage Loan Count at Time of Securitization (Column (d))

In the case of a limited number of older Freddie Mac's mortgage-backed securities, the original mortgage loan count was not available and could not be derived or reconstructed. In those cases, a zero will appear.

Explanation for "Issuing Entity" (Column (a))

As sponsor, depositor and trustee for most of its mortgage-backed securities, Freddie Mac forms a trust to hold related mortgage loans. For the remainder of the mortgage-backed securities for which it was a securitizer, independent third parties serve in those capacities. For ease of reference, for "Issuing Entity," we disclose the CUSIP number of the security or other identifier that is backed by the applicable mortgage loans.

Explanation for "Name of Originator" (Column (c))

Freddie Mac has not collected and currently does not collect the identity of the "originator" from sellers of mortgage loans. (The "originator" is the entity that funded the mortgage loan.) Freddie Mac has approximately eleven hundred sellers of mortgage loans and its purchase contracts with those sellers do not currently impose a requirement on sellers to identify originators. Accordingly, the collection of originator identity from those sellers or retroactively collecting that data with respect to the approximately eleven million mortgage loans backing Freddie Mac's outstanding mortgage-backed securities would require unreasonable effort and expense. Moreover, those sellers are typically responsible for the accuracy of mortgage loan representations and warranties and for repurchase covenants.

For those mortgage loans, which sellers report to Freddie Mac as "retail" in origination, Freddie Mac discloses the seller as being the identity of the originator. Freddie Mac believes that this is a reasonable inference where the mortgage loan is "retail" in origination and the seller does not report that a third party was involved in origination of the mortgage loan. For those mortgage loans for which sellers reported the involvement of a third party in origination or an unknown origination, Freddie Mac discloses "Unavailable" for the identity of the originator.

In addition, in cases where an originator may have been acquired by, or merged into, another entity, Freddie Mac will disclose the successor entity as originator because determining the predecessor entity would involve substantial revision of systems and operations and unreasonable effort and expense.

On a going forward basis, Freddie Mac has notified its sellers of mortgage loans that it expects sellers to collect and furnish to Freddie Mac the identity of originators for mortgage loans with application dates received on or after August 1, 2012 that are delivered to Freddie Mac on or after November 26, 2012.

Explanation that "Assets That Were Subject of Demand," "Repurchased or Replaced," "Pending Repurchase or Replacement," "In Dispute," "Withdrawn" or "Rejected" could include mortgage loans that have been repurchased from mortgage-backed securities by Freddie Mac because they were 120 or more days delinquent or for other reasons. (Columns (g) through (x))

Notwithstanding Freddie Mac's repurchase of mortgage loans during a reporting period from a trust/security due to serious delinquency or other reasons and such mortgage loans' absence from the trust/security at the end of a reporting period, Freddie Mac will include repurchase activity associated with those repurchased mortgage loans in its disclosures for the reporting period and subsequent reporting periods. For purposes of mortgage loans repurchased by Freddie Mac from a trust/security, the unpaid principal balance of the loans at the time of repurchase by Freddie Mac is disclosed.

Explanation for "Assets That Were Repurchased or Replaced" (Columns (j) through (l))

Mortgage loans included in these columns (j through l) reflect those mortgage loans where the seller has (1) paid full or partial repurchase funds, (2) entered into a monetary settlement with Freddie Mac covering certain liabilities or potential liabilities associated with breaches or possible breaches of representations and warranties related to origination of the mortgage loans delivered to Freddie Mac over a certain time period and Freddie Mac agreed, subject to certain exceptions, to release a seller from such liabilities or potential liabilities associated with such breaches or possible breaches of representations and warranties or (3) resolved the repurchase demand without the immediate payment of repurchase funds; for example, a seller may agree to be recourse on the mortgage loan or to provide indemnification to Freddie Mac if the mortgage loan subsequently defaults.

Partial payment of funds may apply in circumstances where, for example, the repurchase demand is outstanding and there has been a foreclosure sale or short sale of the property subject to the mortgage loan or recovery of mortgage insurance proceeds and the seller has paid a portion of the difference between (A) the then unpaid principal balance of the mortgage loan and (B) the proceeds received from such sale or insurance payout. Freddie Mac currently has a policy that if the amount of this difference is less than $7,500, Freddie Mac will withdraw its repurchase demand related to that mortgage loan.

Explanation for Principal Balance calculations relating to "Assets That Were Repurchased or Replaced" (Columns (j) through (l))

For columns (j through l), Freddie Mac is reporting the principal balance of mortgage loans repurchased or replaced by a seller at the time of such repurchase or replacement because the outstanding principal balance of such repurchased or replaced mortgage loans at the end of the reporting period would be zero.

Explanation for "cure period" in "Assets Pending Repurchase or Replacement" (Columns (m) through (o))

With respect to columns (m through o), Freddie Mac's repurchase demands do not explicitly indicate a "cure period," as such, but require that within 30 days of the date of the repurchase demand the seller either remit repurchase funds for the applicable mortgage loans or submit a written request to appeal the demand. Freddie Mac works with sellers that exceed the 30-day period, and generally seeks to have outstanding repurchase requests substantially resolved within 120 days from the date of the repurchase demand. Therefore, mortgage loans included in these columns (m through o) reflect those mortgage loans that have been subject to repurchase demands for up to 120 days and for which Freddie Mac has not received from the seller (A) repurchase funds or any other remedy or (B) a written appeal, and Freddie Mac has not withdrawn its repurchase demand.

Explanation for "Demand In Dispute" (Columns (p through r))

Mortgage loans included in these columns (p through r) reflect those mortgage loans where the seller has appealed Freddie Mac's repurchase demand and the appeals process has not been completed or resolved as evidenced by (A) the mortgage loan being repurchased by seller, (B) the demand being withdrawn by Freddie Mac or (C) Freddie Mac deeming the demand to be uncollectible.

Explanation for "Demand Withdrawn" (Columns (s) through (u))

Mortgage loans included in these columns (s through u) reflect those mortgage loans where Freddie Mac has withdrawn its repurchase demand because the mortgage loan file or an explanation provided by the seller indicates that the deficiency or deficiencies related to the demand were unfounded. Under the applicable circumstances, Freddie Mac may also decide that providing feedback to the seller is more appropriate than pursuing the repurchase demand. In addition, in cases where the repurchase demand is outstanding and, for example, there has been a foreclosure sale or short sale of the property subject to the mortgage loan or recovery of mortgage insurance proceeds, if the difference between (i) the then unpaid principal balance of the mortgage loan and (ii) the proceeds received from such sale or insurance payout is less than $7,500, Freddie Mac will withdraw its repurchase demand related to that mortgage loan.

Explanation for "Demand Rejected" (Columns (v) through (x))

Mortgage loans included in these columns (v through x) reflect those mortgage loans where Freddie Mac has deemed its repurchase demand to be uncollectible. Freddie Mac may deem its repurchase demand to be uncollectible when, for example, (i) the seller of the mortgage loan has ceased to do business because of bankruptcy, receivership or like event, (ii) Freddie Mac has terminated the seller and ceased to do business with it or (iii) the seller has refused to repurchase the mortgage loan and Freddie Mac is pursuing available remedies.

Explanation for Blanks for Principal Balance percentages (Columns (i), (l), (o), (r), (u) and (x))

Percentages for columns (i), (l), (o), (r), (u) and (x) are not indicated because (A) the principal balance of mortgage loans with repurchase activity during a reporting period may include mortgage loans that Freddie Mac has repurchased during a reporting period from a trust/security due to serious delinquency or other reasons, which mortgage loans are no longer in that trust/security at the end of a reporting period, and (B) the principal balance of all mortgage loans related to a trust/security at the end of the reporting period will reflect reductions on account of (i) other repurchases of mortgage loans, (ii) scheduled or other principal payments and (iii) refinancings of mortgage loans. Therefore, disclosure of percentages in these columns would be misleading.

Entries for mortgage-backed securities for which independent third parties acted as Trustee and/or Servicer

Data for Issuing Entities T005, T007 through T010, T013 through T016, T020, T021, T023, T024, T027, T030 through T032, T035, T036, T040, T041, T048, T051, T054 through T057, T059 through T063, T065, T069, T073 and T076 were furnished to Freddie Mac by the trustee or master servicer for these trusts pursuant to certain conditions and parameters provided in a Memorandum of Understanding (MOU) between the trustee or master servicer and Freddie Mac and are subject to that MOU.

Freddie Mac also initiated repurchase demands associated with Issuing Entities T061 through T071, T073, T074, T076 through T080 and T082. The entries for these repurchase demands and any ensuing activity are governed by the explanations in the preceding notes.