Offering Circular Supplement $637,897,471 Freddie Mac › mbs › data › 3523oc.pdf · Offering...

Offering Circular Supplement(To Offering CircularDated December 31, 2007)

$637,897,471

Freddie MacMulticlass Certificates, Series 3523

Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix AOffering Terms: The underwriter named below is offering the Classes (other than BT, DT, GT and LT) in

negotiated transactions at varying pricesClosing Date: April 30, 2009

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 1FM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $175,000,000 PT (2) FLT 31398CFX1 April 15, 2039SM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000,000 NTL(PT) (2) INV/IO 31398CGK8 April 15, 2039Group 2FA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,002,766 SC/PT (2) FLT 31398CFV5 September 15, 2036SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,002,766 SC/NTL(PT) (2) INV/IO 31398CGH5 September 15, 2036Group 3CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,287,932 PT (2) W/DLY 31398CFM5 February 15, 2037CI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,287,932 NTL(PT) (2) W/IO/DLY 31398CFN3 February 15, 2012Group 4FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,296,326 SC/PT (2) FLT 31398CGM4 November 15, 2035GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,648,163 SC/PT 5.5% FIX 31398CGN2 November 15, 2035Group 5EI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,981,909 NTL(PT) 5.5 FIX/IO 31398C F S 2 April 15, 2039EP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,402,000 PAC 5.0 FIX 31398C F T 0 March 15, 2039EX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529,000 PAC 5.0 FIX 31398CFU7 April 15, 2039ZE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,870,000 SUP 5.0 FIX/Z 31398CGL6 April 15, 2039Group 6MA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 SEQ 4.5 FIX 31398CGA0 January 15, 2028MX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,180,000 SEQ 4.5 FIX 31398CGB8 April 15, 2029Group 7BI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,938,329 SC/NTL(PT) (2) FLT/IO 31398CFK9 August 15, 2036BT(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,428,575 SC/PT 6.0 FIX 31398C F L 7 August 15, 2036Group 8DO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,405,410 SC/PT 0.0 PO 31398C F P 8 June 15, 2036DS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,864,875 SC/NTL(PT) (2) INV/IO 31398CFQ6 June 15, 2036DT(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,775,751 SC/PT 5.5 FIX 31398C FR 4 June 15, 2036Group 9GT(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,353,193 SC/PT 5.5 FIX 31398C G7 7 August 15, 2035Group 10LI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,589,794 SC/NTL(PT) 6.0 FIX/IO 31398C G8 5 March 15, 2037LT(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,718,355 SC/PT 6.0 FIX 31398C G9 3 March 15, 2037ResidualR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 31398CGD4 April 15, 2039RA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 31398CGF9 March 15, 2037

(1) See Appendix II to the Offering Circular.(2) See Terms Sheet — Interest.(3) This Class will back Giant PCs and will not be offered. See Plan of Distribution.

The Certificates may not be suitable investments for you. You should not purchase Certificates unless you havecarefully considered and are able to bear the associated prepayment, interest rate, yield and market risks ofinvesting in them. Certain Risk Considerations on page S-2 highlights some of these risks.

You should purchase Certificates only if you have read and understood this Supplement, the attached OfferingCircular and the documents listed under Available Information.

We guarantee principal and interest payments on the Certificates. These payments are not guaranteed by and arenot debts or obligations of the United States or any federal agency or instrumentality other than Freddie Mac. TheCertificates are not tax-exempt. Because of applicable securities law exemptions, we have not registered theCertificates with any federal or state securities commission. No securities commission has reviewed thisSupplement.

Banc of America Securities LLCMarch 24, 2009

CERTAIN RISK CONSIDERATIONS

Although we guarantee the payments on the Certificates, and so bear the associated credit risk, as aninvestor you will bear the other risks of owning mortgage securities. This section highlights some of theserisks. You should also read Risk Factors and Prepayment, Yield and Suitability Considerations in theOffering Circular for further discussions of these risks.

The Certificates May Not be Suitable Investments for You. The Certificates are complexsecurities. You should not purchase Certificates unless you are able to understand and bear the associatedprepayment, interest rate, yield and market risks.

In particular, the Interest Only, Principal Only, Inverse Floating Rate, Weighted Average Coupon,Accrual, Support and Residual Classes have special risks and are not suitable for all investors.

Prepayments Can Reduce Your Yield. The yield on your Certificates could be lower than youexpect if:

• You buy your Certificates at a premium over their principal amount and principal paymentsare faster than you expect.

• You buy your Certificates at a discount to their principal amount and principal payments areslower than you expect. This is especially true for the Principal Only Class.

If you buy an Interest Only Class and prepayments are fast, you may not even recover your investment.Rapid prepayments on the related Mortgages, especially those with relatively high interest rates, couldreduce the yields on the Weighted Average Coupon Classes.

LIBOR Levels Can Reduce Your Yield if You Own a Floating Rate or Inverse Floating RateClass. The yield on your Certificates could be lower than you expect (and you may not even recover yourinvestment) if:

• You buy a Floating Rate Class and LIBOR levels are lower than you expect.

• You buy an Inverse Floating Rate Class and LIBOR levels are higher than you expect.

If you buy an Interest Only Inverse Floating Rate Class, you may not even recover your investment ifLIBOR levels are high or prepayments are fast. If you buy the Interest Only Floating Rate Class, you maynot even recover your investment if LIBOR levels are low or prepayments are fast.

The Interest Rates on the Group 3 Assets Can Reduce Your Yield if You Own a WeightedAverage Coupon Class. The yields on the Weighted Average Coupon Classes could be lower than youexpect if the weighted average interest rate of the Group 3 Assets is lower than you expect.

The Group 3 and 5 Assets are backed by Initial Interest Mortgages. Principal payment andprepayment rates on Initial Interest Mortgages are likely to differ from principal payment and prepay-ment rates on otherwise similar continuously amortizing Mortgages. See Prepayment and YieldAnalysis — General.

The Certificates are Subject to Market Risks. You will bear all of the market risks of yourinvestment. The market value of your Certificates will vary over time, primarily in response to changes inprevailing interest rates. If you sell your Certificates when their market value is low, you may experiencesignificant losses. The underwriter named on the front cover (the “Underwriter”) intends to make amarket for the purchase and sale of the Certificates (other than BT, DT, GT and LT) after they are issued,but has no obligation to do so. A secondary market may not develop. Even if one does develop, it may notbe liquid enough to allow you to sell your Certificates easily or at your desired price.

Our Multiclass Certificates Offering Circular dated December 31, 2007 (the “Offering Circular”),attached to this Supplement, defines many of the terms we use in this Supplement.

S-2

TERMS SHEET

This Terms Sheet contains selected information about this Series. You should refer to theremainder of this Supplement for further information.

In this Supplement, we refer to Classes only by their letter designations. For example, “R” refers tothe R Class of this Series.

Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in June 2009 for the Group 3 Classes and May 2009 for the other Classes.

Form of Classes

Regular and MACR Classes: Book-entry on Fed System

Residual Classes: Certificated

Interest

The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and Appendix A.

DO is a Principal Only Class and does not bear interest.

The Floating Rate and Inverse Floating Rate Classes bear interest as shown in the following table.The initial Class Coupons apply only to the first Accrual Period. We determine LIBOR using the BBAMethod.

ClassInitial Class

Coupon Class Coupon Formula Minimum Rate Maximum RateClass Coupon Subject to

Group 1FM . . . . . 1.52% LIBOR + 1.0% 1.0% 7.0%SM . . . . . 5.48 6.0% � LIBOR 0 6.0Group 2FA . . . . . 1.52 LIBOR + 1.0% 1.0 7.0SA . . . . . 5.48 6.0% � LIBOR 0 6.0Group 4FC . . . . . 1.45125 LIBOR + 1.0% 1.0 7.0Group 7BI . . . . . . 0.0 LIBOR � 7.7% 0 0.05Group 8DS . . . . . 6.69875 7.15% � LIBOR 0 7.15SD* . . . . 18.42156072 19.6624981% � (LIBOR � 2.74999973) 0 19.6624981

* MACR Class.

The Weighted Average Coupon Classes shown in the following table accrue interest during eachAccrual Period at Class Coupons determined as shown in the table. The initial Class Coupons apply onlyto the first Accrual Period. The Class Coupon for each Weighted Average Coupon Class may vary frommonth to month, as the Group 3 Assets reduce at different rates and as the weighted average interest rateof the Group 3 Assets varies. As used in the table, “WAC” means the weighted average interest rate of theGroup 3 Assets.

S-3

ClassInitial Class

Coupon Class Coupon FormulaMinimum

Class Coupon

CA* . . . . 3.401% • On or before the Payment Date in February 2012:12 times (a) the excess of (i) the amount of interest required to bepaid on the Group 3 Assets on the related Payment Date over(ii) the amount of interest required to be paid on CI on thatPayment Date, divided by (b) the outstanding principal balance ofCA immediately before that Payment Date.

0.0%

• After the Payment Date in February 2012:WAC.

CI* . . . . . 2.461 The lesser of 2.461% and WAC. 1.66

* Delay Class.

See Appendix V to the Offering Circular and Payments — Interest.

Notional Classes

ClassOriginal NotionalPrincipal Amount Reduces Proportionately With

Group 1SM $175,000,000 Group 1 Assets

Group 2SA $ 23,002,766 Group 2 Assets

Group 3CI $ 72,287,932(1) Group 3 Assets

Group 4GI(2) $ 4,385,528 Group 4 Assets

Group 5EI $ 6,981,909 Group 5 Assets

Group 7BI $ 5,938,329 Group 7 Assets

Group 8DS $ 25,864,875 Group 8 Assets

Group 10LI $ 4,589,794 Group 10 Assets

(1) Notional principal amount will be $0 after the Payment Date in February 2012.(2) MACR Class.

See Payments — Interest — Notional Classes.

MACR Classes

This Series includes MACR Classes. Appendix A shows the characteristics of the MACR Classesand the Combinations of REMIC and MACR Classes.

See Appendix III to the Offering Circular for a description of MACR Certificates and exchangeprocedures and fees.

Principal

REMIC Classes

On each Payment Date, we pay:

Group 1

• The Group 1 Asset Principal Amount to FM, until retiredPass-Through

ClassInitial Class

Coupon Class Coupon FormulaMinimum

Class Coupon

CA* . . . . 3.401% • On or before the Payment Date in February 2012:12 times (a) the excess of (i) the amount of interest required to bepaid on the Group 3 Assets on the related Payment Date over(ii) the amount of interest required to be paid on CI on thatPayment Date, divided by (b) the outstanding principal balance ofCA immediately before that Payment Date.

0.0%

• After the Payment Date in February 2012:WAC.

CI* . . . . . 2.461 The lesser of 2.461% and WAC. 1.66

* Delay Class.

See Appendix V to the Offering Circular and Payments — Interest.

Notional Classes

ClassOriginal NotionalPrincipal Amount Reduces Proportionately With

Group 1SM $175,000,000 Group 1 Assets

Group 2SA $ 23,002,766 Group 2 Assets

Group 3CI $ 72,287,932(1) Group 3 Assets

Group 4GI(2) $ 4,385,528 Group 4 Assets

Group 5EI $ 6,981,909 Group 5 Assets

Group 7BI $ 5,938,329 Group 7 Assets

Group 8DS $ 25,864,875 Group 8 Assets

Group 10LI $ 4,589,794 Group 10 Assets

(1) Notional principal amount will be $0 after the Payment Date in February 2012.(2) MACR Class.

See Payments — Interest — Notional Classes.

MACR Classes

This Series includes MACR Classes. Appendix A shows the characteristics of the MACR Classesand the Combinations of REMIC and MACR Classes.

See Appendix III to the Offering Circular for a description of MACR Certificates and exchangeprocedures and fees.

Principal

REMIC Classes

On each Payment Date, we pay:

Group 1

• The Group 1 Asset Principal Amount to FM, until retired��

Pass-Through

S-4

Group 2

• The Group 2 Asset Principal Amount to FA, until retiredSC/Pass-Through

Group 3

• The Group 3 Asset Principal Amount to CA, until retiredPass-Through

Group 4

• The Group 4 Asset Principal Amount to FC and GA, pro rata, until retiredSC/Pass-Through

Group 5

• The Accrual Amount and the Group 5 Asset Principal Amount in the following order ofpriority:

1. To EP and EX, in that order, until reduced to their Aggregate Targeted BalancePAC

2. To ZE, until retiredSupport

3. To EP and EX, in that order, until retiredPAC

Group 6

• The Group 6 Asset Principal Amount to MA and MX, in that order, until retiredSequentialPay

Group 7

• The Group 7 Asset Principal Amount to BT, until retiredSC/Pass-Through

Group 8

• The Group 8 Asset Principal Amount to DO and DT, pro rata, until retiredSC/Pass-Through

Group 9

• The Group 9 Asset Principal Amount to GT, until retiredSC/Pass-Through

Group 10

• The Group 10 Asset Principal Amount to LT, until retiredSC/Pass-Through

The “Aggregate Targeted Balances” are in Appendix B. They were calculated using the followingStructuring Range.

Structuring Range

PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335% PSA - 600% PSA

See Payments — Principal and Prepayment and Yield Analysis.

Group 2

• The Group 2 Asset Principal Amount to FA, until retired��

SC/Pass-Through

Group 3

• The Group 3 Asset Principal Amount to CA, until retired��

Pass-Through

Group 4

• The Group 4 Asset Principal Amount to FC and GA, pro rata, until retired��

SC/Pass-Through

Group 5

• The Accrual Amount and the Group 5 Asset Principal Amount in the following order ofpriority:

1. To EP and EX, in that order, until reduced to their Aggregate Targeted Balance��

PAC

2. To ZE, until retired��

Support

3. To EP and EX, in that order, until retired��

PAC

Group 6

• The Group 6 Asset Principal Amount to MA and MX, in that order, until retired��

SequentialPay

Group 7

• The Group 7 Asset Principal Amount to BT, until retired��

SC/Pass-Through

Group 8

• The Group 8 Asset Principal Amount to DO and DT, pro rata, until retired��

SC/Pass-Through

Group 9

• The Group 9 Asset Principal Amount to GT, until retired��

SC/Pass-Through

Group 10

• The Group 10 Asset Principal Amount to LT, until retired��

SC/Pass-Through

The “Aggregate Targeted Balances” are in Appendix B. They were calculated using the followingStructuring Range.

Structuring Range

PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335% PSA - 600% PSA

See Payments — Principal and Prepayment and Yield Analysis.

S-5

MACR Classes

On each Payment Date when MACR Certificates are outstanding, we allocate principal paymentsfrom the applicable REMIC Certificates to the related MACR Certificates that are entitled to principal, asdescribed under MACR Certificates in the Offering Circular.

REMIC Status

We will form two Single-Tier REMIC Pools for this Series. We will elect to treat each REMIC Poolas a REMIC under the Code. R and RA will be “Residual Classes” and the other Classes shown on thefront cover will be “Regular Classes.” The Residual Classes will be subject to transfer restrictions. SeeCertain Federal Income Tax Consequences in this Supplement and the Offering Circular.

Weighted Average Lives (in years)*

Group 1

0% 100% 300% 500% 750% 1,000%PSA Prepayment Assumption

FM, SM and Group 1 Assets . . . . . . . . . . . 21.3 10.2 4.6 2.7 1.6 1.1

Group 2

0% 100% 300% 450% 700% 900%PSA Prepayment Assumption

FA, SA and Group 2 Assets . . . . . . . . . . . . . 17.2 10.0 4.5 3.0 1.8 1.3

Group 3

0% 10% 15% 25% 30%CPR Prepayment Assumption

CA and Group 3 Assets . . . . . . . . . . . . . . . . . . . . . . . . . 17.1 7.5 5.5 3.4 2.8CI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 2.4 2.3 2.0 1.8

Group 4


FC, GA, GB, GC, GD, GE, GH, GI andGroup 4 Assets . . . . . . . . . . . . . . . . . . . . . 16.1 9.6 5.2 3.4 2.1 1.5

Group 5


EI and Group 5 Assets . . . . . . . . . . . . . . . . . 22.6 4.3 4.1 3.6 2.2 1.5EP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3 2.6 2.6 2.6 2.6 1.8EX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 12.9 12.9 12.9 12.9 9.1ZE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1 9.3 9.1 7.0 0.8 0.3

Group 6

0% 100% 300% 450% 600%PSA Prepayment Assumption

MA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 6.9 3.8 2.8 2.3MX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4 17.6 12.6 9.5 7.4Group 6 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 8.1 4.8 3.6 2.9

* We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actual weightedaverage lives are likely to differ from those shown, perhaps significantly.

S-6

Group 7


BI, BT and Group 7 Assets . . . . . . . . . . . . . 17.0 9.9 4.5 3.0 1.8 1.3

Group 8


DO, DS, DT, SD and Group 8 Assets . . . . . 16.8 9.8 5.3 3.4 2.2 1.5

Group 9


GT and Group 9 Assets . . . . . . . . . . . . . . . . 15.7 9.4 5.2 3.4 2.1 1.5

Group 10


LI, LT and Group 10 Assets . . . . . . . . . . . . . 17.5 10.1 4.6 3.0 1.8 1.3

The Assets

The Group 1, 5 and 6 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:

Group Principal BalanceOriginal Term

(in years) Interest Rate

1 $175,000,000 30 7.0%5* 76,801,000 30 5.56 28,180,000 20 4.5

* Backed by Initial Interest Mortgages that require payments of accrued interest (but do not require payments of principal) for upto 10 years following origination. See General Information — The Mortgages.

The Group 3 Assets (the “ARM Assets”) consist of a $72,287,932 30-year Freddie Mac ARM GiantPC with the Pool Number shown in Appendix C.

The ARM Assets are backed by 30-year, adjustable rate mortgages (“ARMs”). The ARMs havefixed interest rates for their first five years, after which their interest rates and monthly payment amountswill adjust annually based on One-Year LIBOR, as determined under the terms of the ARMs (“One-YearLIBOR”), plus a specified percentage, or margin. The interest rates can increase or decrease up to 5% ontheir initial adjustment date and can increase or decrease up to 2% on each adjustment date thereafter,subject in each case to a lifetime ceiling of approximately 5% or 6% above their initial fixed rate. TheGroup 3 Assets are backed by Initial Interest Mortgages that require payments of accrued interest (but donot require payments of principal) for up to five years following origination. See General Information —The Mortgages.

S-7

The Group 2, 4, 8, 9 and 10 Assets and a portion of the Group 7 Assets (the “Multiclass Assets”)consist of:

Group Class

Percentage ofClass in

This SeriesBalance inThis Series

Class Factorfor Month ofClosing Date

ClassCoupon

Principal/Interest Type Final Payment Date

23210-FA 14.5833333333% $23,002,766 0.65722191 (1) PT/FLT September 15, 20363210-SA 14.5833333333 23,002,766 0.65722191 (1) NTL(PT)/INV/IO September 15, 2036

4 3064-CS 84.6153875444 9,648,163 0.72361223 (1) NTL(PT)/INV/IO November 15, 20353064-FC 100 28,944,489 0.72361223 (1) PT/FLT November 15, 2035

73247-FB(2) 100 33,042,491 0.66084982 (1) PT/FLT August 15, 20363247-IB(2) 100 33,042,491 0.66084982 (1) NTL(PT)/FLT/IO August 15, 20363262-FB(2) 100 37,066,055 0.66916477 (1) PT/FLT August 15, 20363262-IB(2) 100 37,066,055 0.66916478 (1) NTL(PT)/FLT/IO August 15, 2036

83174-FL 29.5 10,822,891 0.73375534 (1) PT/FLT June 15, 20363174-LO 100 6,670,503 0.73375534 0.0% PT/PO June 15, 20363174-SL 100 36,687,767 0.73375534 (1) PT/INV June 15, 2036

9 3499-PT(3)(4) 100 49,353,193 0.93254642 5.5 SC/PT/FIX August 15, 2035

10 3296-FM 100 36,718,355 0.80488985 (1) PT/FLT March 15, 20373296-SM 100 36,718,355 0.80488985 (1) NTL(PT)/INV/IO March 15, 2037

(1) See the applicable Multiclass Asset Offering Circular.(2) Backed by Gold MACS Series 239, Class F29.(3) MACR Class.(4) Backed by (i) 3019-FN (a PT/FLT Class), 3019-SN (a NTL(PT)/INV/IO Class), 3036-NF (a PT/FLT Class), 3036-NS (a NTL(PT)/INV/IO

Class), which are in turn backed by Gold MACS, Series 231 and (ii) Gold MACS Series 231, Class PO.

The remaining portion of the Group 7 Assets (the “Strip Assets”) consists of Classes from our GoldMACS (Modifiable And Combinable Securities), Series 239. These Assets have the followingcharacteristics:

ClassBalance inthis Series

Principal/Interest Type Class Coupon Final Payment Date

PO $23,320,029 PT/PO 0.0% August 1, 2036S29 64,170,217 NTL(PT)/INV/IO (1) August 1, 2036S30 5,938,329 NTL(PT)/INV/IO (2) August 1, 2036

(1) 7.75% � LIBOR, subject to a minimum rate of 0.0% and a maximum rate of 7.75%.(2) 7.7% � LIBOR, subject to a minimum rate of 0.0% and a maximum rate of 7.7%.

See General Information — Structure of Transaction and Exhibits I through VII.

We will publish a Supplemental Statement applicable to this Series shortly after the Closing Date.The Supplemental Statement will contain a schedule of the Assets and other information. See AvailableInformation.

Mortgage Characteristics (as of April 1, 2009)

PC Assets — Assumed Mortgage Characteristics

Group Principal Balance

Remaining Termto Maturity(in months)

Loan Age(in months)

Remaining Termto Amortization

(in months)*Per Annum

Interest Rate

Per AnnumInterest Rate

of Related PCs

1 $175,000,000 327 30 N/A 7.47% 7.0%5 76,801,000 330 30 91 6.07 5.56 28,180,000 235 4 N/A 5.10 4.5

* Represents the number of months from April 2009 through and including the first month in which a scheduled principalpayment will be required in accordance with the terms of the Mortgage.

The Group 2, 4, 8, 9 and 10 Assets and a portion of the Group 7 Assets (the “Multiclass Assets”)consist of:

Group Class

Percentage ofClass in

This SeriesBalance inThis Series

Class Factorfor Month ofClosing Date

ClassCoupon

Principal/Interest Type Final Payment Date

23210-FA 14.5833333333% $23,002,766 0.65722191 (1) PT/FLT September 15, 20363210-SA 14.5833333333 23,002,766 0.65722191 (1) NTL(PT)/INV/IO September 15, 2036

��

4 3064-CS 84.6153875444 9,648,163 0.72361223 (1) NTL(PT)/INV/IO November 15, 20353064-FC 100 28,944,489 0.72361223 (1) PT/FLT November 15, 2035

��

73247-FB(2) 100 33,042,491 0.66084982 (1) PT/FLT August 15, 20363247-IB(2) 100 33,042,491 0.66084982 (1) NTL(PT)/FLT/IO August 15, 20363262-FB(2) 100 37,066,055 0.66916477 (1) PT/FLT August 15, 20363262-IB(2) 100 37,066,055 0.66916478 (1) NTL(PT)/FLT/IO August 15, 2036

��

83174-FL 29.5 10,822,891 0.73375534 (1) PT/FLT June 15, 20363174-LO 100 6,670,503 0.73375534 0.0% PT/PO June 15, 20363174-SL 100 36,687,767 0.73375534 (1) PT/INV June 15, 2036

��

9 3499-PT(3)(4) 100 49,353,193 0.93254642 5.5 SC/PT/FIX August 15, 2035

10 3296-FM 100 36,718,355 0.80488985 (1) PT/FLT March 15, 20373296-SM 100 36,718,355 0.80488985 (1) NTL(PT)/INV/IO March 15, 2037

��

(1) See the applicable Multiclass Asset Offering Circular.(2) Backed by Gold MACS Series 239, Class F29.(3) MACR Class.(4) Backed by (i) 3019-FN (a PT/FLT Class), 3019-SN (a NTL(PT)/INV/IO Class), 3036-NF (a PT/FLT Class), 3036-NS (a NTL(PT)/INV/IO

Class), which are in turn backed by Gold MACS, Series 231 and (ii) Gold MACS Series 231, Class PO.

The remaining portion of the Group 7 Assets (the “Strip Assets”) consists of Classes from our GoldMACS (Modifiable And Combinable Securities), Series 239. These Assets have the followingcharacteristics:

ClassBalance inthis Series

Principal/Interest Type Class Coupon Final Payment Date

PO $23,320,029 PT/PO 0.0% August 1, 2036S29 64,170,217 NTL(PT)/INV/IO (1) August 1, 2036S30 5,938,329 NTL(PT)/INV/IO (2) August 1, 2036

(1) 7.75% � LIBOR, subject to a minimum rate of 0.0% and a maximum rate of 7.75%.(2) 7.7% � LIBOR, subject to a minimum rate of 0.0% and a maximum rate of 7.7%.

See General Information — Structure of Transaction and Exhibits I through VII.

We will publish a Supplemental Statement applicable to this Series shortly after the Closing Date.The Supplemental Statement will contain a schedule of the Assets and other information. See AvailableInformation.

Mortgage Characteristics (as of April 1, 2009)

PC Assets — Assumed Mortgage Characteristics

Group Principal Balance

Remaining Termto Maturity(in months)

Loan Age(in months)

Remaining Termto Amortization

(in months)*Per Annum

Interest Rate


of Related PCs

1 $175,000,000 327 30 N/A 7.47% 7.0%5 76,801,000 330 30 91 6.07 5.56 28,180,000 235 4 N/A 5.10 4.5

* Represents the number of months from April 2009 through and including the first month in which a scheduled principalpayment will be required in accordance with the terms of the Mortgage.

S-8

ARM Assets — Mortgage Characteristics

Appendix C lists certain characteristics of the Mortgages underlying the ARM Assets.

Multiclass and Strip Assets — Mortgage Characteristics

Group Series

Weighted AverageRemaining Term

to Maturity(in months)

Weighted AverageLoan Age

(in months)

Weighted AveragePer Annum

Interest Rate


of Related PCs

2 3210 321 34 6.832% 6.5%4 3064 311 43 5.900 5.57 3247/3262/Gold MACS 239 320 34 6.472 6.08 3174 319 35 6.124 5.59 3499/3019/3036/Gold MACS 231 304 49 5.931 5.5

10 3296 328 26 6.466 6.0

The actual characteristics of the Mortgages differ from those shown, in some cases significantly.

See General Information — The Mortgages.

S-9

AVAILABLE INFORMATION

We registered our common stock with the U.S. Securities and Exchange Commission (the “SEC”)under the Securities Exchange Act of 1934 (the “Exchange Act”), effective July 18, 2008. As a result, wenow file annual, quarterly and current reports, proxy statements and other information with the SEC.Prior to July 18, 2008, we prepared an annual Information Statement (containing annual financialdisclosures and audited consolidated financial statements) and Information Statement Supplements(containing periodic updates to the annual Information Statement).

As described below, we incorporate certain documents by reference in this Supplement, whichmeans that we are disclosing information to you by referring you to those documents rather than byproviding you with separate copies. We incorporate the following documents by reference in thisSupplement:

• Our Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SECon March 11, 2009.

• All other reports we have filed with the SEC pursuant to Section 13(a) of the Exchange Actsince December 31, 2008, excluding any information “furnished” to the SEC on Form 8-K.

• All documents that we file with the SEC pursuant to Section 13(a), 13(c) or 14 of theExchange Act after the date of this Supplement and prior to the termination of the offering ofthe Certificates, excluding any information that we “furnish” to the SEC on Form 8-K.

• Our Mortgage Participation Certificates Offering Circular dated March 24, 2009, whichdescribes Gold PCs and ARM PCs generally.

• Our Giant and Other Pass-Through Certificates Offering Circular dated December 31, 2007and the related Offering Circular Supplements dated July 18, 2008 and March 11, 2009,which together describe Gold Giant PCs, ARM Giant PCs, Stripped Giant Certificates andStripped Interest Certificates generally.

• If you are investing in a Group 2, 4, 7, 8, 9 or 10 Class, our Offering Circular Supplements forthe related Multiclass Assets (each, a “Multiclass Asset Offering Circular”), the frontcovers, Terms Sheets and, if applicable, MACR table from which are in Exhibits Ithrough VII.

• If you are investing in a Group 7 Class, our Offering Circular Supplement for the Strip Assets(the “Strip Asset Offering Circular Supplement”).

These documents are collectively referred to as the “Incorporated Documents” and are consideredpart of this Supplement. You should purchase Certificates only if you have read and understood thisSupplement, the Offering Circular and the Incorporated Documents. Information that we incorporate byreference will automatically update information in this Supplement. We will also publish a SupplementalStatement applicable to this Series shortly after the Closing Date. The Supplemental Statement willcontain a schedule of the Assets and other information. You should rely only on the most currentinformation provided or incorporated by reference in this Supplement and any applicable SupplementalStatement.

You may read and copy any document we file with the SEC at the SEC’s public reference room at100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for furtherinformation on the public reference room. The SEC also maintains a website at http://www.sec.gov that

S-10

contains reports, proxy and information statements, and other information regarding companies that fileelectronically with the SEC.

You can obtain, without charge, copies of the Incorporated Documents, any documents wesubsequently file with the SEC, the Trust Agreement and current information concerning the Assetsand Certificates, as well as the disclosure documents and current information for any other securities weissue, from our Investor Inquiry Department or our internet website as described on page 4 of the OfferingCircular. You can also obtain the documents listed above from the Underwriter at:

Banc of America Securities LLCProspectus Department

Capital Market Operations100 West 33rd Street, 3rd Floor

New York, New York 10001(646) 733-4166

GENERAL INFORMATION

The Trust Agreement

We will form a trust fund to hold the Assets and to issue the Certificates, each pursuant to theMulticlass Certificates Master Trust Agreement dated December 31, 2007 and a Terms Supplement datedthe Closing Date (together, the “Trust Agreement”). We will act as Trustee and Administrator under theTrust Agreement.

You should refer to the Trust Agreement for a complete description of your rights and obligationsand those of Freddie Mac. You will acquire your Certificates subject to the terms and conditions of theTrust Agreement, including the Terms Supplement.

Form of Certificates

The Regular and MACR Classes are issued, held and transferable on the Fed System. The ResidualClasses are issued and held in certificated form and are transferable at the office of the Registrar.

Only a Fed Participant can be a Holder of a Regular or MACR Class. As an investor in Certificates,you are not necessarily the Holder.

See Description of Certificates — Form, Holders and Payment Procedures in the Offering Circular.

Denominations of Certificates

See Description of Certificates — Form, Holders and Payment Procedures in the Offering Circularfor the minimum denominations of the Classes.

S-11

Structure of Transaction

General

This Series is composed of two separate Single-Tier Pools — one that relates to Groups 7 through10 and one that relates to the other Groups, structured as follows:

REMIC Pool Classes Issued from REMIC Pool REMIC Pool Assets

Single-Tier A Group 7 through 10 Regular Classesand RA

The Group 7 through 10 Assets

Single-Tier B All other Regular Classes and R The Group 1 through 6 Assets

See Description of Certificates — REMIC Pool Structures in the Offering Circular.

The PC Assets

The PC Assets are Gold PCs and/or Gold Giant PCs.

The ARM Assets

The ARM Assets consist of an ARM Giant PC, which is backed by an ARM PC. The ARM PC bearsinterest at an annual rate equal to the weighted average of the interest rates of the related ARMs, less therates of servicing fees and management and guarantee fees. Each ARM bears interest at an annual ratewhich is based on the level of One-Year LIBOR, plus a margin. The interest rate applicable to a givenpayment on an ARM PC is the rate in effect for the second month preceding the month in which thatpayment is made. In general, all principal payments (including prepayments) and scheduled interestpayments (less servicing fees and Freddie Mac’s management and guarantee fee) on the underlyingMortgages are passed through on the related ARM PC, in each case monthly.

The Multiclass and Strip Assets

The Multiclass Assets consist of previously issued Freddie Mac REMIC and MACR Certificates,which represent interests in their underlying PCs. In addition, the Group 7 Assets include the Strip Assets,which consist of Principal Only and Interest Only Stripped Giant Certificates.

For additional information about the Multiclass Assets, see the Multiclass Asset Offering Circularsand other related information on our internet website. We have attached the front covers, Terms Sheetsand, if applicable, MACR table from the Multiclass Asset Offering Circulars as Exhibits to thisSupplement. For additional information about the Strip Assets, see the Strip Asset Offering CircularSupplement and other related information on our internet website.

There may have been material changes since we prepared the Multiclass Asset Offering Circularsand Strip Asset Offering Circular Supplement, including changes in prepayment rates, prevailing interestrates and other economic factors. These changes may limit the usefulness of, and be inconsistent with theassumptions used in preparing, the Multiclass Asset Offering Circulars and Strip Asset Offering CircularSupplement.

The Mortgages

The Mortgages underlying the Assets (the “Mortgages”) are first lien residential mortgages andmortgage participations.

S-12

For purposes of the Supplement, we have made certain assumptions regarding the Mortgagesunderlying the PC Assets, as shown under Terms Sheet — Mortgage Characteristics. The weightedaverage remaining term to maturity, weighted average loan age, weighted average remaining term toamortization, weighted average current interest rate and other weighted average characteristics of theMortgages underlying the ARM Assets, as of April 1, 2009, are shown in Appendix C. The weightedaverage remaining terms to maturity, weighted average loan ages and weighted average interest rates ofthe Mortgages underlying the Multiclass and Strip Assets, as of April 1, 2009, are shown under TermsSheet — Mortgage Characteristics. However, the actual characteristics of most of the Mortgages differfrom those assumed or shown, perhaps significantly. This is the case even if the weighted averagecharacteristics of the Mortgages are the same as those of mortgages having the characteristics assumed orshown.

The Group 3 and 5 Assets are backed by Initial Interest Mortgages. An “Initial Interest Mortgage”permits monthly payments of only accrued interest on the principal balance of the Mortgage for aspecified extended initial period, followed by monthly payments of principal and interest (subject toperiodic adjustments, in the case of the ARM Assets) for the remaining term of the Initial InterestMortgage. Full or partial prepayments may be made at any time under Initial Interest Mortgages. In thecase of a partial prepayment during the initial interest only period, the borrower’s monthly payment isreduced to reflect the reduced principal balance of the Initial Interest Mortgage.

We may furnish some or all of the Assets from our own portfolio. Assets from our portfolio, or fromother sources, may emphasize specific Mortgage characteristics, such as loan purpose, source oforigination, geographic distribution or loan size, or specific borrower characteristics, such as creditrating or equity in the property. You can obtain information about the underlying Mortgage character-istics for the Assets from our internet website.

PAYMENTS

Payment Dates; Record Dates

We make payments of principal and interest on the Certificates on each Payment Date, beginning inthe month (or second month, in the case of the Group 3 Classes) following the Closing Date. A “PaymentDate” is the 15th of each month or, if the 15th is not a Business Day, the next Business Day.

On each Payment Date, any payment on a Certificate is made to the Holder of record as of the end ofthe preceding calendar month (or second preceding calendar month, in the case of the Group 3 Classes)(each, a “Record Date”).

Method of Payment

You will receive payments on your Certificates in the manner described under Description ofCertificates — Form, Holders and Payment Procedures in the Offering Circular.

Categories of Classes

For purposes of principal and interest payments, we have categorized the Classes as shown under“Principal Type” and “Interest Type” on the front cover and Appendix A. Appendix II to the OfferingCircular explains the abbreviations used for categories of Classes.

S-13

Interest

We pay 30 days’ interest on each Payment Date to the Holders of each Class on which interest hasaccrued. We calculate each interest payment on the outstanding balance of the Class immediately beforethe Payment Date. We calculate each interest payment on the basis of a 360-day year of twelve 30-daymonths.

Accrual Period

The “Accrual Period” for each Payment Date is:

• For Fixed Rate Classes — the preceding calendar month.

• For Weighted Average Coupon Classes — the second preceding calendar month.

• For Floating Rate and Inverse Floating Rate Classes — from the 15th of the preceding monthto the 15th of the month of that Payment Date.

Fixed Rate Classes

The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and Appendix A.

Principal Only Class

The Principal Only Class is shown under Terms Sheet — Interest. It does not bear interest.

Notional Classes

The Notional Classes do not receive principal payments. For calculating interest payments, theNotional Classes have notional principal amounts that will reduce as shown under Terms Sheet —Notional Classes.

Floating Rate and Inverse Floating Rate Classes

The Floating Rate and Inverse Floating Rate Classes bear interest as shown under Terms Sheet —Interest. Their Class Coupons are based on one-month LIBOR.

We determine LIBOR and calculate the Class Coupons for the Floating Rate and Inverse FloatingRate Classes as described in Appendix V to the Offering Circular.

Weighted Average Coupon Classes

The Weighted Average Coupon Classes bear interest as described under Terms Sheet — Interest.

Accrual Class

ZE is an Accrual Class. The Accrual Class does not receive interest payments; rather, interestaccrued on the Accrual Class during each Accrual Period is added to its principal amount on the relatedPayment Date. We pay principal on the Accrual Class, including accrued interest that has been added toits principal amount, as described under Terms Sheet — Principal.

Principal

We pay principal on each Payment Date to the Holders of the Classes on which principal is then due.Holders receive principal payments on a pro rata basis among the Certificates of their Class.

S-14

Amount of Payments

The principal payments on the Certificates on each Payment Date equal:

• The amount of interest accrued on the Accrual Class during the related Accrual Period andnot payable as interest on that Payment Date (the “Accrual Amount”).

• The amount of principal required to be paid in the same month on the Assets of each Group(the “Group 1 Asset Principal Amount,” the “Group 2 Asset Principal Amount” and soforth).

Allocation of Payments

On each Payment Date, we pay the Accrual Amount and the Asset Principal Amounts for thatPayment Date as described under Terms Sheet — Principal. Principal allocable to the Classes receivingpayments from a particular Asset Group will be allocated only to those Classes and will not be availablefor Classes receiving payments from the other Asset Groups.

Class Factors

General

We make Class Factors available on or about the fifth business day of each month after the ClosingDate. See Description of Certificates — Payments — Class Factors in the Offering Circular.

Use of Factors

You can calculate principal and interest payments by using the Class Factors.

For example, the reduction (or for the Accrual Class, the increase) in the balance of a Certificate inFebruary (or March, in the case of the Group 3 Classes) will equal its original balance times the differencebetween its January and February Class Factors. The amount of interest to be paid on (or for the AccrualClass, added to the principal balance of) a Certificate in February (or March, in the case of the Group 3Classes) will equal 30 days’ interest at its Class Coupon, accrued during the related Accrual Period, onthe balance of that Certificate determined by its January Class Factor.

Guarantees

We guarantee to each Holder of a Certificate the timely payment of interest at its Class Coupon andthe payment of its principal amount as described in this Supplement. See Description of Certificates —Payments — Guarantees in the Offering Circular.

1% Clean-up Call

We have a 1% Clean-up Call Right as to Single-Tier REMIC Pool B only. We do not have such aright as to Single-Tier REMIC Pool A. If we exercise this right, all of the related Classes then outstandingwill be paid in full and will retire. The Multiclass Assets may become subject to the similar 1% Clean-upCall Rights in their Series. However, while BT, DT, GT or LT is outstanding, we will not exercise ourClean-up Call Rights as to the Group 7, 8, 9 or 10 Assets, respectively. See Description of Certificates —Payments — 1% Clean-up Call in the Offering Circular.

S-15

Residual Proceeds

Upon surrender of their Certificates to the Registrar, the Holders of each Residual Class will receivethe proceeds of any remaining assets of the related REMIC Pool after all required principal and interestpayments on the Classes have been made. Any remaining assets are likely to be insignificant. SeeDescription of Certificates — Payments — Residual Classes in the Offering Circular.

PREPAYMENT AND YIELD ANALYSIS

General

Mortgage Prepayments

The rates of principal payments on the Assets and the Certificates will depend on the rates ofprincipal payments, including prepayments, on the underlying Mortgages. The Mortgages are subject toprepayment at any time without penalty. Mortgage prepayment rates fluctuate continuously and, in somemarket conditions, substantially. See Prepayment, Yield and Suitability Considerations — Prepaymentsin the Offering Circular for a discussion of Mortgage prepayment considerations and risks.

Initial Interest Mortgages permit borrowers to pay only accrued interest for extended periodswithout requiring scheduled principal payments. When scheduled principal payments on these Mort-gages commence, the required monthly payment may increase substantially because scheduled principalpayments are calculated to pay off such a Mortgage over its then remaining term at the then currentinterest rate. In addition, unless the borrower makes unscheduled principal payments during the interestonly period, equity accretion for the borrower during that period will result solely from market priceappreciation on the related property. These factors will affect the prepayment behavior of theseMortgages.

The weighted average life of an Initial Interest Mortgage will differ from the weighted average lifeof a level-payment, fully amortizing fixed rate Mortgage having the same principal amount, interest rateand maturity (or an otherwise similar ARM, if applicable) and, as a result, its yield may be more or lessthan the yield of the level-payment, fully amortizing fixed rate Mortgage (or otherwise similar ARM),depending on its purchase price. Assets backed by Initial Interest Mortgages may therefore have differentyields than Assets backed by level-payment, fully amortizing fixed rate Mortgages having otherwisesimilar terms (or otherwise similar ARMs). Moreover, prepayments of Initial Interest Mortgages duringthe interest only period may affect yields on the related Assets more than similar prepayments wouldaffect the yields on Assets backed by level-payment, fully amortizing fixed rate Mortgages (or otherwisesimilar ARMs).

Yield

As an investor in the Certificates, your yield will depend on:

• Your purchase price.

• The rate of principal payments on the underlying Mortgages.

• The actual characteristics of the underlying Mortgages.

• If you own a Floating Rate or Inverse Floating Rate Class, the level of LIBOR.

S-16

• If you own a Fixed Rate or Weighted Average Coupon Class, the delay between its AccrualPeriod and the related Payment Date.

• If you own a Class backed by Multiclass Assets, the payment characteristics of the relatedMulticlass Assets in their own Series, as described in the Terms Sheets of the relatedMulticlass Asset Offering Circulars.

• If you own a Group 7 Class, the payment characteristics of the Strip Assets, as described inthe Strip Asset Offering Circular Supplement.

• If you own a Weighted Average Coupon Class, the differing rates at which the Group 3Assets reduce and the effects of periodic interest rate adjustments (and associated interestrate adjustment caps and lifetime ceiling) on the levels of Mortgage payments.

See Prepayment, Yield and Suitability Considerations — Yields in the Offering Circular for adiscussion of yield considerations and risks.

Suitability

The Certificates may not be suitable investments for you. See Prepayment, Yield and SuitabilityConsiderations — Suitability in the Offering Circular for a discussion of suitability considerations andrisks.

Modeling Assumptions

To prepare the tables in this Supplement, we have made several assumptions. Unless otherwisenoted, each table employs the following assumptions (the “Modeling Assumptions”), among others:

• The Mortgages underlying the PC Assets have the characteristics shown under TermsSheet — Mortgage Characteristics.

• As of April 1, 2009, each Mortgage underlying the ARM Assets has the same characteristicsas the weighted average characteristics of all the Mortgages underlying the ARM Giant PCshown in Appendix C.

• As of April 1, 2009, each Mortgage underlying the Multiclass or Strip Assets has a remainingterm to maturity equal to the weighted average remaining term to maturity, a loan age equalto the weighted average loan age, and an interest rate equal to the weighted average interestrate, of all the Mortgages underlying the same PC.

• One-Year LIBOR is 1.0% at all times.

• As of the Closing Date, the Assets have the balances shown under Terms Sheet — The Assets.

• The Multiclass Assets receive payments as described in the Multiclass Asset OfferingCirculars.

• The Strip Assets receive payments as described in the Strip Asset Offering CircularSupplement.

• The Classes and Assets always receive payments on the 15th of the month, whether or not aBusiness Day.

S-17

• We do not exercise our 1% Clean-up Call Right.

• Each Class is outstanding from the Closing Date to retirement and no exchanges occur.

The Modeling Assumptions, like any other stated assumptions, are likely to differ from actualexperience in many cases. For example, the Mortgages have characteristics more diverse than thoseassumed, many Payment Dates will occur on a Business Day after the dates assumed and we may exerciseour 1% Clean-up Call Right. Moreover, Mortgage prepayment rates will differ from the percentages ofPSA and CPR shown in the tables. These differences will affect the actual payment behavior, weightedaverage lives and yields of the Classes, perhaps significantly.

See Prepayment, Yield and Suitability Considerations — Tabular Information in Supplements in theOffering Circular for descriptions of weighted average life and yield calculations and the PSA and CPRprepayment models.

Prepayment and Weighted Average Life Considerations

PAC Classes

Principal payments on the PAC Classes should be more stable than would be the case if they did notreceive such payments, to the extent of available principal, in accordance with their schedule. Moreover,they will have a cumulative priority for future payments if they fall behind their schedule. Based on theModeling Assumptions, each PAC Class has a range of constant Mortgage prepayment rates (an“Effective Range”) at which it would receive scheduled payments. The Effective Range at any timedepends on the actual or assumed characteristics of the underlying Mortgages at that time. Based on theModeling Assumptions, each PAC Class would receive scheduled payments until retirement if theunderlying Mortgages were to prepay at any constant percentage of PSAwithin its initial Effective Rangeshown in the following table.

Initial Effective RangesClass Range

EP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335% PSA - 600% PSAEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124% PSA - 600% PSA

The initial Effective Ranges, if calculated using the actual characteristics of the Mortgages, coulddiffer from those shown in the table. Even if the Mortgages were to prepay at a constant rate within theinitial Effective Range shown for any Class, but near the upper or lower end of that Effective Range, thatClass might not receive scheduled payments.

Non-constant prepayment rates can cause any Class not to receive scheduled payments, even if suchrates remain within its Effective Range shown above. The Effective Ranges can narrow or “drift” upwardor downward over time. Under many scenarios the Classes shown in the table would not receivescheduled payments.

The Support Class supports the principal payment stability of the PAC Classes. When the SupportClass retires, any outstanding PAC Class will become more sensitive to Mortgage prepayments and itsEffective Range will no longer exist.

If the underlying Mortgages prepay at rates that are generally below the Effective Range for anyClass, the available principal may be insufficient to produce scheduled payments on that Class and itsweighted average life may extend, perhaps significantly. If the underlying Mortgages prepay at rates that

S-18

are generally above the Effective Range for any Class, its weighted average life may shorten, perhapssignificantly. However, the weighted average life of any PAC Class could extend (or shorten) under somescenarios, including “whipsaw” scenarios, involving Mortgage prepayments at rates that, on average, areabove (or below) its Effective Range.

We distribute all available principal monthly on each Payment Date and do not retain it fordistribution on subsequent Payment Dates. As a result, the likelihood that the PAC Classes will receivescheduled payments will not benefit from averaging high and low principal payments in different months.

Support Class

The Support Class supports the principal payment stability of the PAC Classes as described above.As a result, the Support Class is likely to be much more sensitive to Mortgage prepayments than is anyClass it supports. The Support Class may receive no principal payments for extended periods of time, andits principal payment rate may vary widely from month to month. Relatively fast Mortgage prepaymentsmay significantly shorten, and relatively slow Mortgage prepayments may significantly extend, theweighted average life of the Support Class.

Sequential Pay Classes

The Sequential Pay Classes receive principal payments from the Group 6 Assets in a prescribedsequence.

Pass-Through Classes

Each Pass-Through Class receives all or a specified portion of the principal payments made on itsrelated Assets. The sensitivity of each Pass-Through Class to prepayments on the underlying Mortgagesis the same as that of its related Assets.

The Multiclass Assets

The Multiclass Assets include Pass-Through Classes and, in the case of Groups 2, 4, 7 and 10,related Notional (Pass-Through) Classes. These Pass-Through Classes receive all or a specified portionof the principal payments made on their related Assets.

See Prepayment and Yield Analysis in the Multiclass Asset Offering Circulars.

MACR Classes

The payment characteristics of the MACR Classes reflect the payment characteristics of theirrelated REMIC Classes.

S-19

Declining Balances Table

The following table shows:

• Percentages of original balances (as of the Closing Date) that would be outstanding aftereach of the Payment Dates shown at various percentages of PSA and CPR.

• Corresponding weighted average lives.

We have prepared this table using the Modeling Assumptions. However, for 0% PSA we haveassumed that each Mortgage underlying the PC Assets has (a) an interest rate 2.5% higher than that of therelated PCs, (b) a remaining term to maturity of 240 or 360 months, as applicable, and a loan age of0 months and (c) in the case of Group 5, a remaining term to amortization of 121 months. We havecalculated weighted average lives for each Notional Class assuming that a reduction in its notionalprincipal amount is a reduction in principal balance.

S-20

Percentages of Original Balances Outstanding* and Weighted Average Lives

Group 1

Date 0% 100% 300% 500% 750% 1,000%

PSA Prepayment Assumption

FM, SM and Group 1 Assets

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 93 81 69 54 40April 15, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 86 66 48 30 16April 15, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 80 53 33 16 6April 15, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 74 43 23 9 2April 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 68 35 16 5 1April 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 63 28 11 3 0April 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 58 22 7 1 0April 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 53 18 5 1 0April 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 49 14 3 0 0April 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 45 11 2 0 0April 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 41 9 2 0 0April 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 37 7 1 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 34 6 1 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 30 4 0 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 27 4 0 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 24 3 0 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 21 2 0 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 19 2 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 16 1 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 14 1 0 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 12 1 0 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 10 0 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 8 0 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 6 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 4 0 0 0 0April 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 2 0 0 0 0April 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 0 0 0 0 0April 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 0 0 0 0 0April 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0 0 0 0 0April 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3 10.2 4.6 2.7 1.6 1.1

Group 2

Date 0% 100% 300% 450% 700% 900%


FA, SA and Group 2 Assets

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 93 81 72 57 45April 15, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 86 65 52 33 21April 15, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 79 53 37 19 9April 15, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 73 42 27 11 4April 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 68 34 19 6 2April 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 62 27 14 3 1April 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 57 22 10 2 0April 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 52 18 7 1 0April 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 48 14 5 1 0April 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 44 11 3 0 0April 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 40 9 2 0 0April 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 36 7 2 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 32 5 1 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 29 4 1 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 26 3 1 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 23 3 0 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 20 2 0 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 18 2 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 15 1 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 13 1 0 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 11 1 0 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 8 0 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 7 0 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 5 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 3 0 0 0 0April 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 0 0 0 0April 15, 2036 and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0


* Rounded to nearest whole percentage.

S-21

Group 3

Date 0% 10% 15% 25% 30% 0% 10% 15% 25% 30%

CPR Prepayment Assumption CPR Prepayment Assumption

CA and Group 3 Assets CI

Closing Date . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . 100 90 85 75 70 100 90 85 75 70April 15, 2011 . . . . . . . . . . . . . . . . . . 100 81 72 56 49 100 81 72 56 49April 15, 2012 . . . . . . . . . . . . . . . . . . 99 72 61 42 34 0 0 0 0 0April 15, 2013 . . . . . . . . . . . . . . . . . . 97 63 51 31 23 0 0 0 0 0April 15, 2014 . . . . . . . . . . . . . . . . . . 94 56 42 22 16 0 0 0 0 0April 15, 2015 . . . . . . . . . . . . . . . . . . 91 48 34 16 11 0 0 0 0 0April 15, 2016 . . . . . . . . . . . . . . . . . . 88 42 28 12 7 0 0 0 0 0April 15, 2017 . . . . . . . . . . . . . . . . . . 85 37 23 9 5 0 0 0 0 0April 15, 2018 . . . . . . . . . . . . . . . . . . 82 32 19 6 3 0 0 0 0 0April 15, 2019 . . . . . . . . . . . . . . . . . . 79 28 16 4 2 0 0 0 0 0April 15, 2020 . . . . . . . . . . . . . . . . . . 76 24 13 3 1 0 0 0 0 0April 15, 2021 . . . . . . . . . . . . . . . . . . 72 20 10 2 1 0 0 0 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . 69 17 8 2 1 0 0 0 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . 65 15 7 1 0 0 0 0 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . 61 13 5 1 0 0 0 0 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . 57 11 4 1 0 0 0 0 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . 53 9 3 0 0 0 0 0 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . 49 7 3 0 0 0 0 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . 45 6 2 0 0 0 0 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . 40 5 2 0 0 0 0 0 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . 36 4 1 0 0 0 0 0 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . 31 3 1 0 0 0 0 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . 26 2 1 0 0 0 0 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . 21 2 0 0 0 0 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . 16 1 0 0 0 0 0 0 0 0April 15, 2035 . . . . . . . . . . . . . . . . . . 10 1 0 0 0 0 0 0 0 0April 15, 2036 . . . . . . . . . . . . . . . . . . 4 0 0 0 0 0 0 0 0 0April 15, 2037 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . 17.1 7.5 5.5 3.4 2.8 2.8 2.4 2.3 2.0 1.8

Group 4

Date 0% 100% 250% 400% 600% 800%


FC, GA, GB, GC, GD, GE, GH, GI and Group 4 Assets

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 92 84 75 63 51April 15, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 85 70 56 40 26April 15, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 79 58 42 25 13April 15, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 72 48 31 16 7April 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 66 40 23 10 3April 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 61 33 17 6 2April 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 56 28 13 4 1April 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 51 23 9 2 0April 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 46 19 7 1 0April 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 42 15 5 1 0April 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 38 12 4 1 0April 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 34 10 3 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 30 8 2 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 27 7 1 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 24 5 1 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 21 4 1 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 18 3 0 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 16 3 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 13 2 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 11 1 0 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 9 1 0 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 7 1 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 5 0 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 3 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1 0 0 0 0April 15, 2035 and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0


S-22

Group 5

Date 0% 335% 350% 400% 600% 800% 0% 335% 350% 400% 600% 800%

PSA Prepayment Assumption PSA Prepayment Assumption

EI and Group 5 Assets EP

Closing Date . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . 100 80 79 76 64 52 99 73 73 73 73 66April 15, 2011 . . . . . . . . . . . . . . . . . . 100 64 62 58 41 27 97 51 51 51 51 34April 15, 2012 . . . . . . . . . . . . . . . . . . 100 51 49 44 26 14 95 33 33 33 33 17April 15, 2013 . . . . . . . . . . . . . . . . . . 100 41 39 33 17 7 94 21 21 21 21 9April 15, 2014 . . . . . . . . . . . . . . . . . . 100 33 31 25 11 4 92 13 13 13 13 4April 15, 2015 . . . . . . . . . . . . . . . . . . 100 26 24 19 7 2 90 8 8 8 8 2April 15, 2016 . . . . . . . . . . . . . . . . . . 100 21 19 15 4 1 88 5 5 5 5 0April 15, 2017 . . . . . . . . . . . . . . . . . . 100 16 15 11 3 1 86 3 3 3 3 0April 15, 2018 . . . . . . . . . . . . . . . . . . 100 13 12 8 2 0 84 1 1 1 1 0April 15, 2019 . . . . . . . . . . . . . . . . . . 100 10 9 6 1 0 82 0 0 0 0 0April 15, 2020 . . . . . . . . . . . . . . . . . . 98 8 7 4 1 0 76 0 0 0 0 0April 15, 2021 . . . . . . . . . . . . . . . . . . 96 6 5 3 0 0 71 0 0 0 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . 93 5 4 2 0 0 65 0 0 0 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . 90 3 3 2 0 0 59 0 0 0 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . 88 3 2 1 0 0 52 0 0 0 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . 84 2 2 1 0 0 45 0 0 0 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . 81 1 1 1 0 0 37 0 0 0 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . 77 1 1 0 0 0 29 0 0 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . 73 1 1 0 0 0 21 0 0 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . 69 1 0 0 0 0 11 0 0 0 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . 64 0 0 0 0 0 1 0 0 0 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . 59 0 0 0 0 0 0 0 0 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . 54 0 0 0 0 0 0 0 0 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . 48 0 0 0 0 0 0 0 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . 41 0 0 0 0 0 0 0 0 0 0 0April 15, 2035 . . . . . . . . . . . . . . . . . . 34 0 0 0 0 0 0 0 0 0 0 0April 15, 2036 . . . . . . . . . . . . . . . . . . 27 0 0 0 0 0 0 0 0 0 0 0April 15, 2037 . . . . . . . . . . . . . . . . . . 18 0 0 0 0 0 0 0 0 0 0 0April 15, 2038 . . . . . . . . . . . . . . . . . . 10 0 0 0 0 0 0 0 0 0 0 0April 15, 2039 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . 22.6 4.3 4.1 3.6 2.2 1.5 14.3 2.6 2.6 2.6 2.6 1.8

Date 0% 335% 350% 400% 600% 800% 0% 335% 350% 400% 600% 800%

PSA Prepayment Assumption PSA Prepayment Assumption

EX ZE

Closing Date . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 105 105 100 87 32 0April 15, 2011 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 110 109 103 82 5 0April 15, 2012 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 116 113 105 81 0 0April 15, 2013 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 122 109 101 76 0 0April 15, 2014 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 128 99 91 67 0 0April 15, 2015 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 135 87 79 56 0 0April 15, 2016 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 142 75 67 47 0 0April 15, 2017 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 77 149 62 56 37 0 0April 15, 2018 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 39 157 50 44 29 0 0April 15, 2019 . . . . . . . . . . . . . . . . . . 100 100 100 100 100 20 165 40 35 22 0 0April 15, 2020 . . . . . . . . . . . . . . . . . . 100 96 96 96 96 10 173 32 28 17 0 0April 15, 2021 . . . . . . . . . . . . . . . . . . 100 59 59 59 59 5 182 25 21 13 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . 100 36 36 36 36 2 191 19 17 10 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . 100 22 22 22 22 1 201 15 13 7 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . 100 13 13 13 13 1 211 11 10 5 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . 100 8 8 8 8 0 222 9 7 4 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . 100 5 5 5 5 0 234 7 5 3 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . 100 3 3 3 3 0 246 5 4 2 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . 100 2 2 2 2 0 258 4 3 1 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . 100 1 1 1 1 0 271 3 2 1 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . 100 0 0 0 0 0 285 2 1 1 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 269 1 1 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 244 1 1 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 217 1 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 188 0 0 0 0 0April 15, 2035 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 156 0 0 0 0 0April 15, 2036 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 122 0 0 0 0 0April 15, 2037 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 84 0 0 0 0 0April 15, 2038 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 44 0 0 0 0 0April 15, 2039 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . 21.2 12.9 12.9 12.9 12.9 9.1 26.1 9.3 9.1 7.0 0.8 0.3

S-23

Group 6

Date 0% 100% 300% 450% 600% 0% 100% 300% 450% 600% 0% 100% 300% 450% 600%

PSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

MA MX Group 6 Assets

Closing Date . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . 97 94 90 86 83 100 100 100 100 100 98 95 91 88 85April 15, 2011 . . . . . . . . . . . . . . . . . . 94 86 73 63 55 100 100 100 100 100 95 88 76 68 60April 15, 2012 . . . . . . . . . . . . . . . . . . 91 77 55 41 29 100 100 100 100 100 92 79 60 48 37April 15, 2013 . . . . . . . . . . . . . . . . . . 88 68 41 25 13 100 100 100 100 100 89 72 47 33 23April 15, 2014 . . . . . . . . . . . . . . . . . . 85 60 29 14 3 100 100 100 100 100 86 64 37 23 14April 15, 2015 . . . . . . . . . . . . . . . . . . 81 52 20 6 0 100 100 100 100 75 83 58 29 16 8April 15, 2016 . . . . . . . . . . . . . . . . . . 77 45 13 0 0 100 100 100 99 45 79 51 23 11 5April 15, 2017 . . . . . . . . . . . . . . . . . . 72 39 7 0 0 100 100 100 68 27 75 46 17 8 3April 15, 2018 . . . . . . . . . . . . . . . . . . 68 32 2 0 0 100 100 100 47 16 71 40 13 5 2April 15, 2019 . . . . . . . . . . . . . . . . . . 63 27 0 0 0 100 100 90 32 10 67 35 10 4 1April 15, 2020 . . . . . . . . . . . . . . . . . . 57 21 0 0 0 100 100 68 21 6 62 30 8 2 1April 15, 2021 . . . . . . . . . . . . . . . . . . 51 16 0 0 0 100 100 50 14 3 57 26 6 2 0April 15, 2022 . . . . . . . . . . . . . . . . . . 45 11 0 0 0 100 100 37 9 2 51 21 4 1 0April 15, 2023 . . . . . . . . . . . . . . . . . . 39 7 0 0 0 100 100 26 6 1 45 17 3 1 0April 15, 2024 . . . . . . . . . . . . . . . . . . 31 3 0 0 0 100 100 18 4 1 39 14 2 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . 24 0 0 0 0 100 92 12 2 0 32 10 1 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . 16 0 0 0 0 100 64 7 1 0 25 7 1 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . 7 0 0 0 0 100 38 4 1 0 17 4 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 79 13 1 0 0 9 2 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . 11.3 6.9 3.8 2.8 2.3 19.4 17.6 12.6 9.5 7.4 12.3 8.1 4.8 3.6 2.9

Group 7

Date 0% 100% 300% 450% 700% 900%


BI, BT and Group 7 Assets



S-24

Group 8

Date 0% 100% 250% 400% 600% 800%


DO, DS, DT, SD and Group 8 Assets



Group 9

Date 0% 100% 250% 400% 600% 800%


GT and Group 9 Assets

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 92 84 75 63 51April 15, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 85 70 56 39 26April 15, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 78 58 41 25 13April 15, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 72 48 31 15 7April 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 66 40 23 10 3April 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 61 33 17 6 2April 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 55 27 12 4 1April 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 50 23 9 2 0April 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 46 18 7 1 0April 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 41 15 5 1 0April 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 37 12 4 1 0April 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 33 10 3 0 0April 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 30 8 2 0 0April 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 26 6 1 0 0April 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 23 5 1 0 0April 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 20 4 1 0 0April 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 18 3 0 0 0April 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 15 2 0 0 0April 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 12 2 0 0 0April 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 10 1 0 0 0April 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 8 1 0 0 0April 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 6 1 0 0 0April 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 4 0 0 0 0April 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2 0 0 0 0April 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 0 0 0 0April 15, 2035 and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0


S-25

Group 10

Date 0% 100% 300% 450% 700% 900%


LI, LT and Group 10 Assets

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100April 15, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 93 81 72 58 46April 15, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 86 66 52 33 21April 15, 2012 . . . .

Offering Circular Supplement $637,897,471 Freddie Mac › mbs › data › 3523oc.pdf · Offering...

Documents

Transcript of Offering Circular Supplement $637,897,471 Freddie Mac › mbs › data › 3523oc.pdf · Offering...