Offering Circular Supplement $363,283,041 Freddie MacOffering Circular Supplement (To Offering Circular Dated August 1, 2014) $363,283,041 Freddie Mac Multiclass Certificates, Series

Offering Circular Supplement(To Offering CircularDated August 1, 2014)

$363,283,041

Freddie MacMulticlass Certificates, Series 4470

Offered Classes: REMIC Classes (other than U) shown below and MACR Classes shown on Appendix AOffering Terms: The underwriter named below is offering the Classes in negotiated transactions at varying

prices; it is expected that we will purchase certain of the Group 5 ClassesClosing Date: May 29, 2015

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber Final Payment Date

Group 1U(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,934,183 SC/PT 5.0% FIX 3137BJDZ3 April 15, 2024Group 2BW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,525,139 SEQ 3.0 FIX 3137BJ C J 0 May 15, 2035TA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,382,000 SEQ 3.0 FIX 3137BJDL4 April 15, 2032WA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,395,000 SEQ 3.0 FIX 3137BJE58 October 15, 2032YA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,249,000 SEQ 3.0 FIX 3137BJEH2 March 15, 2033Group 3GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 SEQ 3.0 FIX 3137BJD26 August 15, 2040GZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 SEQ 3.0 FIX/Z 3137BJD59 May 15, 2045VA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,803,836 AD/SEQ 3.0 FIX 3137BJE25 September 15, 2025Group 4GV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,778,000 SEQ 4.0 FIX 3137BJD42 October 15, 2032JB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,162,000 SEQ 4.0 FIX 3137BJD67 August 15, 2020JC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 SEQ 4.0 FIX 3137BJD75 August 15, 2043JZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,046,014 SEQ 4.0 FIX/Z 3137BJD83 May 15, 2045VG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,269,000 AD/SEQ 4.0 FIX 3137BJE33 July 15, 2026Group 5DA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,654,960 SC/PT 2.0 FIX 3137BJCY7 January 15, 2025DI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,327,480 SC/NTL(PT) 4.0 FIX/IO 3137BJCZ4 January 15, 2025Group 6MP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,155,000 SC/PAC 3.0 FIX 3137BJDF7 July 15, 2044MY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,752,342 SC/SUP 3.0 FIX 3137BJDH3 July 15, 2044Group 7A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,906,000 SEQ 4.0 FIX 3137BJBY8 May 15, 2043AC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,182,000 SUP 3.0 FIX 3137BJBZ5 May 15, 2043AP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 PAC 3.0 FIX 3137BJC27 August 15, 2042AQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,683,000 PAC 3.0 FIX 3137BJC35 June 15, 2041AY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,041,000 PAC 3.0 FIX 3137BJC43 August 15, 2042AZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,682,567 SEQ 3.5 FIX/Z 3137BJC50 May 15, 2045MV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,416,000 SEQ 3.5 FIX 3137BJDG5 March 15, 2035VM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,266,000 AD/SEQ 3.5 FIX 3137BJE41 May 15, 2028ResidualR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137BJDJ9 May 15, 2045RA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137BJDK6 April 15, 2024

(1) See Appendix II to the Offering Circular.(2) 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 identified under Available Information.

We guarantee principal and interest payments on the Certificates. These payments are not guaranteed by, andare not debts or obligations of, the United States or any federal agency or instrumentality other than FreddieMac. The Certificates are not tax-exempt. Because of applicable securities law exemptions, we have notregistered the Certificates with any federal or state securities commission. No securities commission hasreviewed this Supplement.

Wells Fargo SecuritiesApril 22, 2015

CERTAIN RISK CONSIDERATIONS

Although we guarantee the payments on the Certificates, and so bear the associated credit risk, asan investor you will bear the other risks of owning mortgage securities. This section highlights some ofthese risks. You should also read Risk Factors and Prepayment, Yield and Suitability Considerations inthe Offering 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 theassociated prepayment, interest rate, yield and market risks.

In particular, the Interest Only, Support, Accrual and Residual Classes have special risks and arenot 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 principalpayments are faster than you expect.

• You buy your Certificates at a discount to their principal amount and principal paymentsare slower than you expect.

If you buy an Interest Only Class or any other Class at a significant premium and prepayments are fast,you may not even recover your investment.

The Group 3 and 6 Assets are Backed By Super-Conforming Mortgages. Super-ConformingMortgages may tend to prepay differently than standard conforming Mortgages because of a number offactors, including their larger relative principal balance (and larger resulting savings in the case ofrefinancing in a low interest rate environment), the presence of Freddie Mac and Fannie Mae in thesecondary market for such Mortgages (which may tend to reduce the prevailing interest rates offeredby lenders for extending such Mortgages and to increase funds available for such Mortgages) and thepossible geographic concentration of such Mortgages. See Prepayment and Yield Analysis — 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 changesin prevailing interest rates. If you sell your Certificates when their market value is low, you mayexperience significant losses. The underwriter named on the front cover (the “Underwriter”) intendsto make a market for the purchase and sale of the Certificates (other than U) after they are issued, buthas 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 August 1, 2014 (the “Offering Circular”),attached to this Supplement, defines many of the terms we use in this Supplement.

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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” refersto the R Class of this Series.

Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in June 2015.

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 andAppendix A.

See Payments — Interest.

Notional Classes

ClassOriginal NotionalPrincipal Amount Reduces Proportionately With

Group 2BI* $30,013,000 TA, WA and YA, as a whole (SEQ)CI* 28,888,500 TA and WA, as a whole (SEQ)TI* 27,691,000 TA (SEQ)WI* 1,197,500 WA (SEQ)YI* 1,124,500 YA (SEQ)

Group 5DI $39,327,480 DA (SC/PT)

Group 6MI* $10,558,125 MP (SC/PAC)

* 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.

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Principal

REMIC Classes

On each Payment Date, we pay:

Group 1

SC/Pass-Through ⎧⎨⎩• The Group 1 Asset Principal Amount to U, until retired

Group 2

SequentialPay ⎧⎨⎩

• The Group 2 Asset Principal Amount to TA, WA, YA and BW, in that order, untilretired

Group 3

AccretionDirectedand Accrual ⎧⎨⎩• The GZ Accrual Amount to VA, until retired, and then to GZ

SequentialPay ⎧⎨⎩• The Group 3 Asset Principal Amount to GA, VA and GZ, in that order, until retired

Group 4

SequentialPay andAccrual ⎧⎨⎩• The JZ Accrual Amount to VG and GV, in that order, until retired, and then to JZ

SequentialPay ⎧⎨⎩

• The Group 4 Asset Principal Amount to JB, JC, VG, GV and JZ, in that order, untilretired

Group 5

SC/Pass-Through ⎧⎨⎩• The Group 5 Asset Principal Amount to DA, until retired

Group 6

• The Group 6 Asset Principal Amount in the following order of priority:

SC/PAC ⎧⎨⎩ 1. To MP, until reduced to its Targeted Balance

SC/Support ⎧⎨⎩ 2. To MY, until retired

SC/PAC ⎧⎨⎩ 3. To MP, until retired

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Group 7

SequentialPay andAccrual ⎧⎨⎩• The AZ Accrual Amount to VM and MV, in that order, until retired, and then to AZ


1. Concurrently:

PAC

⎧⎪⎪⎪⎨⎪⎪⎪⎩

a. 50% allocated as follows:

i. To the PAC Classes, until reduced to their Aggregate Targeted Balance,allocated concurrently:

(a) 3.8874203079% to AP, while outstanding

(b) 96.1125796921% to AQ and AY, in that order, while outstanding

Support ⎧⎨⎩ ii. To AC, until retired

PAC ⎧⎨⎩iii. To the PAC Classes, as described in step 1.a.i. above, but without regard to

their Aggregate Targeted Balance, until retired

SequentialPay ⎧⎨⎩ b. 50% to A, until retired

SequentialPay ⎧⎨⎩ 2. To VM, MV and AZ, in that order until retired

The “Aggregate Targeted Balances” and “Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges.

Structuring Range

Group 6PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150% PSA - 350% PSA

Group 7PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 250% PSA

See Payments — Principal and Prepayment and Yield Analysis.

MACR Classes

On each Payment Date when any outstanding MACR Certificates are entitled to principalpayments, we allocate such payments from the applicable REMIC Certificates to those MACRCertificates, as described 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 REMICPool as a REMIC under the Code. R and RA will be “Residual Classes” and the other Classes shownon the front cover will be “Regular Classes.” The Residual Classes will be subject to transferrestrictions. See Certain Federal Income Tax Consequences in this Supplement and the OfferingCircular.

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Weighted Average Lives (in years)*

Group 1PSA Prepayment Assumption

0% 100% 341% 500% 700%

U and Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 3.7 2.5 2.0 1.5


0% 100% 191% 300% 400%

BA, BC, BD, BE, BG, BH, BI, BJ, BK, BL,BM and BN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 6.2 4.5 3.5 2.9

BW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 16.6 14.1 11.2 9.2CA, CB, CD, CE, CG, CH, CI, CJ, CK, CL,

CM and CN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 5.9 4.3 3.3 2.8CW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7 16.1 13.5 10.7 8.8TA, TB, TD, TE, TG, TH, TI, TJ, TK, TL,

TM and TN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 5.6 4.1 3.1 2.6TW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.5 15.6 12.9 10.2 8.4WA, WB, WD, WE, WG, WH, WI, WJ, WK, WL,

WM and WN . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1 12.6 9.5 7.1 5.7YA, YB, YD, YE, YG, YH, YI, YJ, YK, YL,

YM and YN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.6 13.4 10.2 7.7 6.2Group 2 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 8.0 6.2 4.8 4.0


0% 100% 146% 250% 400%

GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 6.5 5.1 3.6 2.6GU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7 20.6 17.5 12.5 8.5GZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7 20.6 17.5 12.8 8.9VA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 5.4 5.4 5.1 4.1Group 3 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 10.5 8.7 6.1 4.3


0% 100% 303% 500% 700%

GV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4 14.4 10.7 7.2 5.3JB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 1.0 0.6 0.5 0.4JC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4 9.3 4.4 3.0 2.4JZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.1 24.9 15.1 10.1 7.3VG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.0 5.9 4.9 4.0Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.6 10.8 5.4 3.6 2.8


0% 100% 268% 450% 600%

DA, DI and Group 5 Assets . . . . . . . . . . . . . . . . . . . . . 4.8 4.0 3.0 2.2 1.8

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

S-6


0% 150% 250% 350% 500%

MA, MB, MC, MD, ME, MI and MP . . . . . . . . . . . . . 13.3 4.5 4.5 4.5 3.4MY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 14.5 6.3 1.9 1.0Group 6 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9 7.4 5.0 3.7 2.7


0% 120% 199% 250% 400%

A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7 6.5 4.4 3.6 2.3AC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.0 12.8 5.0 2.0 0.7AP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7 4.2 4.2 4.2 2.9AQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9 3.8 3.8 3.8 2.6AY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4 9.4 9.4 9.4 6.0AZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0 21.5 17.9 15.7 11.0MV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6 16.0 12.9 11.1 7.5VM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 7.0 7.0 6.7 5.3Group 7 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.3 8.5 6.2 5.1 3.3

The Assets

The Group 1, 5 and 6 Assets (the “Multiclass Assets”) consist of:

Group Class

Percentage ofClass in

This SeriesBalance inThis Series

Class Factorfor Month ofClosing Date

ClassCoupon

Principal/Interest Type(1) Final Payment Date

1 2788-DS 52.1376433785% $ 4,934,183 0.49341833 5.0% SEQ/FIX April 15, 2024

5⎧⎨⎪⎩

3608-GB 100 2,502,314 0.78405875 4.0 SEQ/FIX December 15, 20243608-LB 100 2,280,929 0.26880279 4.0 SEQ/FIX December 15, 20243620-AL 100 52,099,082 0.49121708 4.0 SEQ/FIX January 15, 20253626-BA(2) 100 21,772,635 0.68384332 4.0 SEQ/FIX January 15, 2025

6 ⎧⎨⎩4342-BG(2)(3) 59.401084803 30,064,554 0.82192996 3.0 PAC I/FIX December 15, 20434388-MA(3) 17.8638630865 9,842,788 0.82283800 3.0 PAC/FIX July 15, 2044

(1) This Supplement contains no information as to whether there have been changes in the payment behavior of the Multiclass Assets sincewe prepared the Multiclass Asset Offering Circulars. You may obtain additional information regarding the payment behavior of theMulticlass Assets by analyzing the Class Factors for the applicable Classes in light of the payment rules described in the Multiclass AssetOffering Circulars. See Payments — Class Factors and Prepayments and Yield Analysis — Prepayment and Weighted Average LifeConsiderations — The Multiclass Assets.

(2) MACR Class.(3) Backed by Super-Conforming Mortgages. See General Information — The Mortgages.

The Group 2, 3, 4 and 7 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:

Group Principal BalanceOriginal Term

(in years) Interest Rate

2 $72,551,139 20 3.0%3* 23,803,836 30 3.04 62,255,014 30 4.07 81,176,567 30 3.5

* Backed by Super-Conforming Mortgages. See General Information — The Mortgages.

We have agreed to sell the Group 5 Assets to the Underwriter for inclusion in this Series.

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

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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 May 1, 2015)

Multiclass Assets — Mortgage Characteristics

Group Series

Weighted AverageRemaining Term

to Maturity(in months)

Weighted AverageLoan Age

(in months)

Weighted AveragePer Annum

Interest Rate

Per AnnumInterest Rate

of Related PCs

1 2788 98 134 5.477% 5.0%

5⎧⎪⎨⎪⎩

3608(GB) 110 66 4.469 4.03608(LB) 110 66 4.469 4.0

3620 108 66 4.436 4.03626 107 67 4.471 4.0

6 ⎧⎨⎩4342 343 14 4.589 4.04388 341 16 4.569 4.0

PC Assets — Assumed Mortgage Characteristics

Group Principal Balance

Remaining Termto Maturity(in months)

Loan Age(in months)



of Related PCs

2 $72,551,139 238 2 3.625% 3.0%3 23,803,836 356 3 3.940 3.04 62,255,014 357 2 4.653 4.07 81,176,567 323 33 3.905 3.5

The actual characteristics of the Mortgages are likely to differ from those shown, in some casessignificantly.

See General Information — The Mortgages.

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AVAILABLE INFORMATION

We incorporate by reference in this Supplement the Incorporated Documents listed underAdditional Information in the Offering Circular. For purposes of this Supplement, the “IncorporatedDocuments” also include, if you are investing in a Group 1, 5 or 6 Class, our Offering CircularSupplements for the related Multiclass Assets (each, a “Multiclass Asset Offering Circular”), thefront covers, Terms Sheets and, if applicable, MACR tables from which are in Exhibits I through VI.

When we incorporate documents by reference, that means we are disclosing information to you byreferring to those documents rather than by providing you with separate copies. The IncorporatedDocuments are considered part of this Supplement. You should purchase Certificates only if you haveread and understood this Supplement, the Offering Circular and the Incorporated Documents.Information that we incorporate by reference will automatically update information in this Supplement.We will also 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. You shouldrely only on the most current information provided or incorporated by reference in this Supplement andany applicable Supplemental Statement.

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.govthat contains reports, proxy and information statements, and other information regarding companiesthat file electronically 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 securitieswe issue, from our Investor Inquiry Department or our internet website as described on pages 6 and 7of the Offering Circular. You can also obtain the documents listed above from the Underwriter at:

Wells Fargo Securities, LLCCustomer ServiceMAC N9303-054

608 2nd Avenue South, Suite 500Minneapolis, Minnesota 55479

US and International Callers: (800) 645-3751, option [email protected]

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 August 1, 2014 and a Terms Supplement datedthe Closing Date (together, the “Trust Agreement”). We will act as Trustee and Administrator underthe Trust 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.

S-9

Form of Certificates

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

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

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

Denominations of Certificates

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

Structure of Transaction

General

This Series has two Single-Tier REMIC Pools, structured as follows:REMIC Pool Classes Issued from REMIC Pool REMIC Pool Assets

A Group 2, 3, 4, 5, 6 and 7Regular Classes and R Group 2, 3, 4, 5, 6 and 7 Assets

B Group 1 Regular Class and RA Group 1 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. We act in multiple roles in connection withthe PCs that we issue: trustee, depositor, administrator and guarantor. See the PC Offering Circular forinformation regarding possible conflicts of interest pertaining to these roles.

The Multiclass Assets

The Multiclass Assets consist of previously issued Freddie Mac REMIC and MACR Certificates,which represent interests in their underlying PCs.

For additional information about the Multiclass Assets, see the Multiclass Asset OfferingCirculars and other related information on our internet website. We have attached the front covers,Terms Sheets and, if applicable, MACR tables from the Multiclass Asset Offering Circulars asExhibits to this Supplement.

There may have been material changes since we prepared the Multiclass Asset Offering Circulars,including changes in payment behavior of the Multiclass Assets and changes in prepayment rates,prevailing interest rates and other economic factors. These changes may limit the usefulness of, and beinconsistent with the assumptions used in preparing, the Multiclass Asset Offering Circulars.

The Mortgages

The Mortgages underlying the Assets (the “Mortgages”) are fixed-rate, first lien residentialmortgages and mortgage participations.

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For purposes of this Supplement, we have made certain assumptions regarding the Mortgagesunderlying the PC Assets, as shown under Terms Sheet — Mortgage Characteristics. The weightedaverage remaining terms to maturity, weighted average loan ages and weighted average interest ratesof the Mortgages underlying the Multiclass Assets, as of May 1, 2015, are shown under Terms Sheet —Mortgage Characteristics. However, the actual characteristics of the Mortgages are likely to 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 assumedor shown.

The Group 3 and 6 Assets are backed by Super-Conforming Mortgages. A “Super-ConformingMortgage” is a Mortgage secured by a property located in a designated high-cost area with an originalprincipal balance exceeding the base conforming loan limit ($417,000 for a one-family residence, or upto 125% of the median house price for certain geographic areas, not to exceed $729,750 for a one-family residence).

We will furnish some 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 creditscore or equity in the property. You can obtain information about the underlying Mortgagecharacteristics 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, beginningin the month following the Closing Date. A “Payment Date” is the 15th of each month or, if the 15this 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 endof the preceding calendar month.

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.

Interest

We pay 30 days’ interest on each Payment Date to the Holders of each Class on which interest hasaccrued, except that the Accrual Classes receive payments as described below. We calculate eachinterest payment on the outstanding balance of the Class immediately before the Payment Date and onthe basis of a 360-day year of twelve 30-day months.

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Accrual Period

The “Accrual Period” for each Payment Date is the preceding calendar month.

Fixed Rate Classes


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.

Accrual Classes

AZ, GZ and JZ are Accrual Classes. The Accrual Classes do not receive interest payments; rather,interest accrued on an Accrual Class during each Accrual Period is added to its principal amount on therelated Payment Date. We pay principal on each Accrual Class, including accrued interest that hasbeen added to its 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 thendue. Holders receive principal payments on a pro rata basis among the Certificates of their Class.

Amount of Payments

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

• The amount of interest accrued on each Accrual Class during the related Accrual Periodand not payable as interest on that Payment Date (the “AZ Accrual Amount,” the“GZ Accrual Amount” and the “JZ Accrual Amount”).

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

Allocation of Payments

On each Payment Date, we pay the Accrual Amounts 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 beavailable for 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 theClosing Date. 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.

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For example, the reduction (or for an Accrual Class, the increase) in the balance of a Certificate inFebruary will equal its original balance times the difference between its January and FebruaryClass Factors. The amount of interest to be paid on (or for an Accrual Class, added to the principalbalance of) a Certificate in February will equal 30 days’ interest at its Class Coupon, accrued duringthe related Accrual Period, on the 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 Couponand the payment of its principal amount as described in this Supplement. See Description ofCertificates — Payments — Guarantees in the Offering Circular.

1% Clean-up Call

We have a 1% Clean-up Call Right as to REMIC Pool A. We do not have such a right as toREMIC Pool B. If we exercise this right, all of the related Classes then outstanding will be paid in fulland will retire. Depending upon the principal payment priorities and the original balances of theClasses in their own Series, the Multiclass Assets may or may not become subject to the similar 1%Clean-up Call Rights in their Series. However, while U is outstanding, we will not exercise this right asto Series 2788. See Description of Certificates — Payments — 1% Clean-up Call in the OfferingCircular.

Residual Proceeds

Upon surrender of their Certificates to the Registrar, the Holders of each Residual Class willreceive the proceeds of any remaining assets of the related REMIC Pool after all required principal andinterest payments on the Classes have been made. Any remaining assets are likely to be insignificant.See Description 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 subjectto prepayment at any time without penalty. Mortgage prepayment rates fluctuate continuously and, insome market conditions, substantially. See Prepayment, Yield and Suitability Considerations —Prepayments in the Offering Circular for a discussion of Mortgage prepayment considerations andrisks.

Super-Conforming Mortgages may tend to prepay differently than standard conformingMortgages because of a number of factors, including their larger relative principal balance (and largerresulting savings in the case of refinancing in a low interest rate environment), the presence of FreddieMac and Fannie Mae in the secondary market for such Mortgages (which may tend to reduce theprevailing interest rates offered by lenders for extending such Mortgages and to increase fundsavailable for such Mortgages) and the possible geographic concentration of such Mortgages.

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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.

• The delay between each Accrual Period and the related Payment Date.

• If you own a Group 1, 5 or 6 Class, the payment characteristics of the related MulticlassAssets in their own Series, as described in the Terms Sheets of the related Multiclass AssetOffering Circulars.

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 May 1, 2015, each Mortgage underlying the Multiclass Assets has a remaining termto maturity equal to the weighted average remaining term to maturity, a loan age equal tothe weighted average loan age, and an interest rate equal to the weighted average interestrate, of all the Mortgages underlying the same PC.

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

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

• The Classes and Assets always receive payments on the 15th of the month, whether or nota Business Day.

• 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 mayexercise our 1% Clean-up Call Right. Moreover, Mortgage prepayment rates will differ from thepercentages of PSA shown in the tables. These differences will affect the actual payment behavior,weighted average lives and yields of the Classes, perhaps significantly.

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See Prepayment, Yield and Suitability Considerations — Tabular Information in Supplements inthe Offering Circular for descriptions of weighted average life and yield calculations and the PSAprepayment model.

Prepayment and Weighted Average Life Considerations

Accretion Directed Classes

Payments of principal on the Accretion Directed Classes should be stable in varying degreesunder relatively slow prepayment scenarios because the related Accrual Amounts will be dedicated tomaking principal payments on those Classes until they retire. The weighted average life of anAccretion Directed Class cannot exceed its weighted average life as shown in the following table underany prepayment scenario, even a scenario where there are no prepayments. Based on the ModelingAssumptions, each Accretion Directed Class would retire on, but not before, its Final Payment Date ifthe underlying Mortgages were to prepay at any constant rate at or below the rate shown for that Classuntil it retires.

The principal payment stability of the Accretion Directed Classes is supported primarily by theirreceipt of the related Accrual Amounts. They are protected against early retirement by the REMICClass or Classes shown in the table below. When the applicable Class or Classes retire, however, anyAccretion Directed Class, if outstanding, will become sensitive to Mortgage prepayments and mayretire before its Final Payment Date.

Accretion Directed Classes

Class

Maximum WeightedAverage Life

(in years) Final Payment DatePrepayment Rate

at or below Protected By

Group 3VA . . . . . . . . 5.4 September 15, 2025 170% PSA GA

Group 4VG . . . . . . . . 6.0 July 15, 2026 272% PSA JB and JC

Group 7VM . . . . . . . . 7.0 May 15, 2028 186% PSA All other Group 7 Classes,

except AZ and MV

The underlying Mortgages have characteristics that differ from the Modeling Assumptions. As aresult, even if the Mortgages prepay at a rate at or somewhat below the rate shown for an AccretionDirected Class, that Class could retire before its Final Payment Date and its weighted average lifecould shorten.

PAC Classes

Principal payments on the PAC Classes should be more stable than would be the case if they didnot receive such payments, to the extent of available principal, in accordance with their schedules.Moreover, they will have cumulative priorities for future payments if they fall behind their schedules.Based on the Modeling Assumptions, each of these Classes has a range of constant Mortgageprepayment rates (an “Effective Range”) at which it would receive scheduled payments. The EffectiveRange at any time depends on the actual or assumed characteristics of the underlying Mortgages at thattime. Based on the Modeling Assumptions, each PAC Class would receive scheduled payments untilretirement if the underlying Mortgages were to prepay at any constant percentage of PSA within itsinitial Effective Range shown in the following table.

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Initial Effective RangesClass Range

Group 6MA, MB, MC, MD, ME and MP . . . . . . . . . . . . . . . . . . . . . . 150% PSA - 350% PSA

Group 7AP and AQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 250% PSAAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117% PSA - 250% 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,that Class might not receive scheduled payments.

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

Other Classes support the principal payment stability of the PAC Classes, as shown below. Whenits supporting Classes all retire, any outstanding PAC Class will become more sensitive to Mortgageprepayments and its Effective Range will no longer exist.

Supporting ClassesClasses Supported by

Group 6PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Support

Group 7PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Support

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

Support Classes

The Support Classes support the principal payment stability of the PAC Classes as describedabove. As a result, each Support Class is likely to be much more sensitive to Mortgage prepaymentsthan is any Class it supports. The Support Classes may receive no principal payments for extendedperiods of time, and their principal payment rates may vary widely from month to month. Relatively

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fast Mortgage prepayments may significantly shorten, and relatively slow Mortgage prepayments maysignificantly extend, the weighted average lives of the Support Classes.

Pass-Through Classes

Each Pass-Through Class receives all of the principal payments made on its related Assets. Thesensitivity of each Pass-Through Class to prepayments on the underlying Mortgages is the same as thatof its related Assets.

Sequential Pay Classes

The Sequential Pay Classes receive principal payments from their related Assets in a prescribedsequence.

The Multiclass Assets

This Supplement contains no information as to whether there have been changes in the paymentbehavior of the Multiclass Assets since we prepared the Multiclass Asset Offering Circulars. Any suchchanges could result in the Multiclass Assets receiving payments in a manner not consistent with therelated “Principal Type” classifications shown in the Multiclass Asset Offering Circulars. You mayobtain additional information regarding the payment behavior of the Multiclass Assets by analyzing theClass Factors for the applicable Classes in light of the payment rules described in the Multiclass AssetOffering Circulars. See Payments — Class Factors in this Supplement and see Prepayment and YieldAnalysis in the Multiclass Asset Offering Circulars.

MACR Classes

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

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.

• 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 ofthe related PCs and (b) a remaining term to maturity of 240 or 360 months, as applicable, and a loanage of 0 months. We have calculated weighted average lives for each Notional Class assuming that areduction in its notional principal amount is a reduction in principal balance.

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Percentages of Original Balances Outstanding* and Weighted Average Lives

Group 1

U and Group 1 AssetsPSA Prepayment Assumption

Date 0% 100% 341% 500% 700%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 85 72 63 52May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 70 50 39 27May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 57 34 23 13May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 44 23 14 6May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 32 14 7 3May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 21 8 4 1May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 11 3 1 0May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 0 0 0May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 3.7 2.5 2.0 1.5

Group 2

BA, BC, BD, BE, BG, BH, BI, BJ,BK, BL, BM and BN BW

CA, CB, CD, CE, CG, CH, CI, CJ,CK, CL, CM and CN

PSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 191% 300% 400% 0% 100% 191% 300% 400% 0% 100% 191% 300% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 94 92 90 88 100 100 100 100 100 96 94 92 89 87May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 85 79 72 66 100 100 100 100 100 93 84 78 71 65May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 75 64 53 43 100 100 100 100 100 89 74 63 51 41May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 65 51 37 26 100 100 100 100 100 85 64 49 34 23May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 56 40 24 13 100 100 100 100 100 80 54 38 21 9May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 48 30 14 3 100 100 100 100 100 75 46 27 11 0May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 40 22 6 0 100 100 100 100 83 71 38 19 3 0May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 33 15 0 0 100 100 100 100 59 65 30 11 0 0May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 26 8 0 0 100 100 100 76 42 60 23 5 0 0May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 20 3 0 0 100 100 100 58 29 54 17 0 0 0May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 14 0 0 0 100 100 92 43 20 48 11 0 0 0May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 9 0 0 0 100 100 74 32 14 41 5 0 0 0May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 4 0 0 0 100 100 58 23 9 35 0 0 0 0May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 0 0 0 0 100 97 45 17 6 27 0 0 0 0May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 0 0 0 0 100 77 33 11 4 20 0 0 0 0May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 0 0 0 0 100 58 24 8 2 12 0 0 0 0May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0 0 0 0 100 41 16 5 1 3 0 0 0 0May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 90 25 9 3 1 0 0 0 0 0May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 46 11 4 1 0 0 0 0 0 0May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 6.2 4.5 3.5 2.9 18.9 16.6 14.1 11.2 9.2 10.0 5.9 4.3 3.3 2.8

* Rounded to nearest whole percentage.

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CWTA, TB, TD, TE, TG, TH, TI, TJ,

TK, TL, TM and TN TWPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 191% 300% 400% 0% 100% 191% 300% 400% 0% 100% 191% 300% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 96 93 91 89 87 100 100 100 100 100May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 92 84 77 70 64 100 100 100 100 100May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 88 73 61 49 38 100 100 100 100 100May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 84 62 47 32 19 100 100 100 100 100May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 79 52 35 18 5 100 100 100 100 100May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 99 74 43 24 7 0 100 100 100 100 85May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 71 69 35 15 0 0 100 100 100 95 61May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 85 50 64 27 7 0 0 100 100 100 73 43May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 65 36 58 20 1 0 0 100 100 100 56 31May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 97 49 25 52 13 0 0 0 100 100 83 42 22May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 78 37 17 46 7 0 0 0 100 100 67 32 15May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 63 27 12 39 1 0 0 0 100 100 54 23 10May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 49 20 8 32 0 0 0 0 100 86 42 17 7May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 82 38 14 5 24 0 0 0 0 100 71 33 12 5May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 65 28 10 3 16 0 0 0 0 100 56 24 8 3May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 49 20 6 2 8 0 0 0 0 100 42 17 6 2May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 35 13 4 1 0 0 0 0 0 96 30 12 3 1May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 22 8 2 1 0 0 0 0 0 66 19 7 2 1May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 9 3 1 0 0 0 0 0 0 34 8 3 1 0May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7 16.1 13.5 10.7 8.8 9.7 5.6 4.1 3.1 2.6 18.5 15.6 12.9 10.2 8.4

WA, WB, WD, WE, WG, WH,WI, WJ, WK, WL, WM and WN

YA, YB, YD, YE, YG, YH, YI, YJ,YK, YL, YM and YN Group 2 Assets


Date 0% 100% 191% 300% 400% 0% 100% 191% 300% 400% 0% 100% 191% 300% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 97 95 93 92 90May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 94 88 83 77 72May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 91 79 70 61 53May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 88 71 60 48 38May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 84 64 50 37 28May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 0 100 100 100 100 91 80 57 42 29 20May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 63 0 100 100 100 100 0 77 50 35 22 14May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 0 0 100 100 100 0 0 72 44 29 17 10May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 0 0 100 100 100 0 0 68 39 24 13 7May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 0 0 0 100 100 80 0 0 63 34 20 10 5May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 0 0 0 100 100 0 0 0 58 29 16 7 4May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 0 0 0 100 100 0 0 0 53 24 13 6 2May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2 0 0 0 100 100 0 0 0 48 20 10 4 2May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 0 0 0 0 100 0 0 0 0 42 17 8 3 1May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 0 0 0 0 100 0 0 0 0 36 13 6 2 1May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 0 0 0 0 100 0 0 0 0 30 10 4 1 0May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 0 0 0 0 100 0 0 0 0 23 7 3 1 0May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 16 4 2 0 0May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 8 2 1 0 0May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


S-19

Group 3

GA GU GZPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 146% 250% 400% 0% 100% 146% 250% 400% 0% 100% 146% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 95 94 91 87 100 100 100 100 100 103 103 103 103 103May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 87 83 75 63 100 100 100 100 100 106 106 106 106 106May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 77 70 56 37 100 100 100 100 100 109 109 109 109 109May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 67 58 39 17 100 100 100 100 100 113 113 113 113 113May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 58 47 26 2 100 100 100 100 100 116 116 116 116 116May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 50 38 15 0 100 100 100 100 79 120 120 120 120 107May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 43 29 5 0 100 100 100 100 58 123 123 123 123 79May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 36 21 0 0 100 100 100 94 43 127 127 127 127 59May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 29 14 0 0 100 100 100 77 32 131 131 131 105 43May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 23 8 0 0 100 100 100 63 23 135 135 135 86 32May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 17 2 0 0 100 100 100 52 17 136 136 136 71 23May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 11 0 0 0 100 100 93 43 13 136 136 126 58 17May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 6 0 0 0 100 100 81 35 9 136 136 111 47 12May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 2 0 0 0 100 100 71 28 7 136 136 97 38 9May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 0 0 0 0 100 94 62 23 5 136 127 84 31 7May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 0 0 0 0 100 83 53 18 3 136 114 73 25 5May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 0 0 0 0 100 74 46 15 2 136 101 63 20 3May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 0 0 0 0 100 65 39 12 2 136 89 54 16 2May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 0 0 0 0 100 57 33 9 1 136 78 45 13 2May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 0 0 0 0 100 50 28 7 1 136 67 38 10 1May 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 0 0 0 0 100 43 23 6 1 136 58 32 8 1May 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 0 0 0 0 100 36 19 4 0 136 49 26 6 1May 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 0 0 0 0 100 30 16 3 0 136 41 21 4 0May 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0 0 0 0 100 24 12 2 0 136 33 17 3 0May 15, 2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 0 0 100 19 9 2 0 136 26 13 2 0May 15, 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 85 15 7 1 0 116 20 9 2 0May 15, 2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 66 10 5 1 0 90 14 6 1 0May 15, 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 45 6 3 0 0 61 8 4 1 0May 15, 2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 23 2 1 0 0 31 3 1 0 0May 15, 2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


VA Group 3 AssetsPSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 146% 250% 400% 0% 100% 146% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 92 92 92 92 99 96 95 94 91May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 83 83 83 83 97 90 88 82 74May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 74 74 74 74 96 83 78 68 55May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 65 65 65 65 94 77 70 57 41May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 55 55 55 55 92 70 62 47 30May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 45 45 45 0 91 65 56 39 22May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 35 35 35 0 89 59 49 32 17May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25 25 0 0 87 54 44 27 12May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 14 14 0 0 85 49 39 22 9May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 0 0 83 45 34 18 7May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 80 41 30 15 5May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 78 37 27 12 4May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 75 33 23 10 3May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 72 30 20 8 2May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 69 27 18 7 1May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 66 24 15 5 1May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 63 21 13 4 1May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 60 19 11 3 1May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 56 16 10 3 0May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 52 14 8 2 0May 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 48 12 7 2 0May 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 44 10 6 1 0May 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 40 9 4 1 0May 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 35 7 4 1 0May 15, 2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 30 6 3 0 0May 15, 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 24 4 2 0 0May 15, 2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 19 3 1 0 0May 15, 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 13 2 1 0 0May 15, 2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 7 1 0 0 0May 15, 2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 5.4 5.4 5.1 4.1 18.9 10.5 8.7 6.1 4.3

S-20

Group 4

GV JB JCPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 303% 500% 700% 0% 100% 303% 500% 700% 0% 100% 303% 500% 700%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 83 51 0 0 0 100 100 100 96 92May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 65 0 0 0 0 100 97 84 71 59May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 46 0 0 0 0 100 89 64 44 27May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 26 0 0 0 0 100 81 49 25 9May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 4 0 0 0 0 100 73 36 12 0May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 0 0 0 0 0 0 98 66 25 3 0May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 74 0 0 0 0 0 0 96 59 17 0 0May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 0 0 0 0 0 0 0 94 53 10 0 0May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 0 0 0 0 0 0 0 92 47 5 0 0May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 0 0 0 0 0 0 0 89 41 1 0 0May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 19 0 0 0 0 0 0 0 87 36 0 0 0May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 88 0 0 0 0 0 0 0 0 84 31 0 0 0May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 73 0 0 0 0 0 0 0 0 81 27 0 0 0May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 57 0 0 0 0 0 0 0 0 78 23 0 0 0May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41 0 0 0 0 0 0 0 0 74 19 0 0 0May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 24 0 0 0 0 0 0 0 0 70 15 0 0 0May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 0 0 0 0 0 0 0 0 67 12 0 0 0May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 62 8 0 0 0May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 58 5 0 0 0May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 53 3 0 0 0May 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 48 0 0 0 0May 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 43 0 0 0 0May 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 37 0 0 0 0May 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 31 0 0 0 0May 15, 2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 24 0 0 0 0May 15, 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 17 0 0 0 0May 15, 2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 9 0 0 0 0May 15, 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0May 15, 2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0May 15, 2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


JZ VG Group 4 AssetsPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 303% 500% 700% 0% 100% 303% 500% 700% 0% 100% 303% 500% 700%



S-21

Group 5

DA, DI and Group 5 AssetsPSA Prepayment Assumption

Date 0% 100% 268% 450% 600%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 85 76 66 58May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 72 57 43 33May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 59 42 28 19May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 47 30 17 10May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 36 21 10 5May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 26 13 6 3May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 17 8 3 1May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 8 3 1 0May 15, 2024 and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 4.0 3.0 2.2 1.8

Group 6

MA, MB, MC, MD, ME,MI and MP MY Group 6 Assets


Date 0% 150% 250% 350% 500% 0% 150% 250% 350% 500% 0% 150% 250% 350% 500%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 89 89 89 89 100 100 86 72 51 98 92 88 84 77May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 74 74 74 74 100 100 70 41 1 96 82 73 65 53May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 61 61 61 50 100 100 58 20 0 94 73 60 49 35May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 50 50 50 32 100 100 49 8 0 92 64 50 37 23May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 39 39 39 21 100 100 44 2 0 90 57 41 28 14May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 29 29 29 12 100 100 42 0 0 88 50 33 21 9May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 21 21 21 7 100 98 39 0 0 85 44 27 15 5May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 15 15 15 3 100 94 36 0 0 83 38 21 11 2May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 10 10 10 1 100 89 33 0 0 80 34 17 7 1May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 7 7 7 0 100 83 29 0 0 78 29 13 5 0May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 4 4 4 0 100 76 26 0 0 75 25 10 3 0May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 2 2 2 0 100 69 22 0 0 72 22 8 1 0May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 1 1 1 0 100 61 18 0 0 69 18 6 0 0May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 0 0 0 0 100 52 12 0 0 65 15 4 0 0May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 0 0 0 0 100 43 8 0 0 62 13 2 0 0May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 0 0 0 0 100 36 4 0 0 58 11 1 0 0May 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 0 0 0 0 100 29 2 0 0 55 8 0 0 0May 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 0 0 0 0 100 23 1 0 0 51 7 0 0 0May 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 0 0 0 0 100 17 0 0 0 47 5 0 0 0May 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 0 0 0 0 100 12 0 0 0 42 4 0 0 0May 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0 0 0 0 100 8 0 0 0 38 2 0 0 0May 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0 0 0 0 100 4 0 0 0 33 1 0 0 0May 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 96 1 0 0 0 28 0 0 0 0May 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 78 1 0 0 0 23 0 0 0 0May 15, 2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 60 0 0 0 0 18 0 0 0 0May 15, 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 41 0 0 0 0 12 0 0 0 0May 15, 2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 22 0 0 0 0 7 0 0 0 0May 15, 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 3 0 0 0 0 1 0 0 0 0May 15, 2044 and after . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


S-22

Group 7

A AC APPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 120% 199% 250% 400% 0% 120% 199% 250% 400% 0% 120% 199% 250% 400%



AQ AY AZPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 120% 199% 250% 400% 0% 120% 199% 250% 400% 0% 120% 199% 250% 400%



S-23

MV VM Group 7 AssetsPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 120% 199% 250% 400% 0% 120% 199% 250% 400% 0% 120% 199% 250% 400%



S-24

Yield Tables

The following tables show pre-tax yields to maturity (corporate bond equivalent) of specifiedClasses at various percentages of PSA. We have prepared these tables using the ModelingAssumptions and the assumed prices in the table captions, plus accrued interest. Actual sales will notnecessarily occur at the assumed prices.

Pre-Tax Yields

Group 2

BI Class(Assumed Price: 10.5%)

100% PSA 191% PSA 291% PSA 300% PSA 400% PSA

16.0% 8.7% 0.0% (0.8)% (9.8)%

CI Class(Assumed Price: 10.0%)


17.0% 9.2% 0.0% (0.9)% (10.2)%

TI Class(Assumed Price: 9.5%)


18.0% 9.7% 0.0% (0.9)% (10.7)%

WI Class(Assumed Price: 20.0%)


11.6% 7.8% 1.5% 0.0% (5.2)%

YI Class(Assumed Price: 21.0%)


11.1% 7.9% 2.3% 0.0% (3.9)%

Group 5

DI Class(Assumed Price: 9.8449%)


19.7% 7.8% 0.0% (5.9)% (18.0)%

Group 6

MI Class(Assumed Price: 12.0%)

50% PSA

150% PSAthrough

350% PSA 500% PSA 558% PSA

26.2% 13.9% 4.6% 0.0%

S-25

FINAL PAYMENT DATES

The Final Payment Date for each Class is the latest date by which it will be paid in full and willretire. We calculate Final Payment Dates using highly conservative assumptions. The actual retirementof each Class may occur earlier than its Final Payment Date.

CERTAIN FEDERAL INCOME TAX CONSEQUENCES

General

Subject to the assumptions described under Certain Federal Income Tax Consequences — REMICElection in the Offering Circular, the REMIC Pools will each qualify as a REMIC for federal incometax purposes.

Regular Classes

The Regular Classes are “regular interests” in the related REMIC Pool. See GeneralInformation — Structure of Transaction. They are treated as debt instruments for federal income taxpurposes and may be issued with original issue discount (“OID”) or at a premium. Based in part oninformation provided by the Underwriter regarding the initial prices at which it would have expected tosell or will sell substantial portions of the Regular Classes, we expect to report income to the InternalRevenue Service and to Holders of the Regular Classes assuming they are issued as follows:

• OID: AZ, DI, GZ and JZ.

• De Minimis OID: AC, AY, BW, MY and YA.

• Premium: A, AP, AQ, DA, GA, GV, JB, JC, MP, MV, TA, U, VA, VG, VM and WA.

OID generally results in recognition of taxable income in advance of the receipt of cashattributable to that income. The Pricing Speeds used for OID and premium calculations are:

• Group 1 — 341% PSA







See Certain Federal Income Tax Consequences — Taxation of Regular Classes — Original IssueDiscount and — Premium in the Offering Circular. Mortgage prepayment rates will differ, perhapssignificantly, from the Pricing Speeds shown above.

Residual Classes

Each Residual Class is the “residual interest” in its related REMIC Pool. See GeneralInformation — Structure of Transaction. Special tax considerations apply to the Residual Classes. Thetaxation of the Residual Classes can produce a significantly less favorable after-tax return than if

S-26

(a) the Residual Classes were taxable as debt instruments or (b) no portion of the taxable income on theResidual Classes were treated as “excess inclusions.” In certain periods, taxable income and theresulting tax liability on a Residual Class may exceed any payments on that Class. See Certain FederalIncome Tax Consequences — Taxation of Residual Classes in the Offering Circular.

A substantial tax may be imposed on certain transferors of a Residual Class and certain beneficialowners of a Residual Class that are “pass-through entities.” See Certain Federal Income TaxConsequences — Transfers of Interests in a Residual Class — Disqualified Organizations in theOffering Circular. You should not purchase a Residual Class before consulting your tax advisor.

We intend to report accruals of OID and market discount and to amortize premium with respect tothe Multiclass Assets using the applicable Pricing Speeds shown above, regardless of the PricingSpeeds used in their Series.

Certain Transfers of Residual Classes

The REMIC Regulations disregard:

1. A transfer of a “noneconomic residual interest” unless no significant purpose of the transfer isto impede the assessment or collection of tax.

2. Except in certain cases, a transfer of a residual interest to a foreign investor or a transfer of aresidual interest from a foreign investor to a U.S. investor. Accordingly, the Trust Agreementprohibits the transfer of an interest in a Residual Class to or from a foreign investor withoutour written consent.

See Certain Federal Income Tax Consequences — Transfers of Interests in a Residual Class —Additional Transfer Restrictions in the Offering Circular. In the case of a transfer that is disregarded,the transferor would continue to be treated as the owner of the residual interest and thus wouldcontinue to be subject to tax on its allocable portion of the net income of the REMIC.

MACR Classes

The arrangement under which the MACR Classes are created (the “MACR Pool”) will beclassified as a grantor trust under subpart E, part I of subchapter J of the Code. The interests in theRegular Classes that have been exchanged for the MACR Classes, including any exchanges effectiveon the Closing Date, will be the assets of the MACR Pool and the MACR Classes will representbeneficial ownership of these assets.

For a discussion of certain federal income tax consequences applicable to the MACR Classes, seeCertain Federal Income Tax Consequences — Taxation of MACR Classes, — Exchanges of MACRClasses and Regular Classes and — Taxation of Certain Foreign Investors in the Offering Circular.

ERISA CONSIDERATIONS

Fiduciaries of employee benefit plans should review ERISA Considerations in the OfferingCircular.

ACCOUNTING CONSIDERATIONS

You should consult your accountant for advice on the appropriate accounting treatment for yourCertificates. See Accounting Considerations in the Offering Circular.

S-27

LEGAL INVESTMENT CONSIDERATIONS

You should consult your legal advisor to determine whether the Certificates are a legal investmentfor you and whether you can use the Certificates as collateral for borrowings. See Legal InvestmentConsiderations in the Offering Circular.

PLAN OF DISTRIBUTION

Under an agreement with the Underwriter, we have agreed to sell all of the REMIC Certificates(other than U) to the Underwriter in exchange for the Assets. It is expected that we will buy certain ofthe Group 5 Classes from the Underwriter. From time to time we may purchase other Certificates in thesecondary market for our portfolio and we may sell any Certificates that we hold.

The Underwriter is offering the Certificates (other than U) to the public in negotiated transactionsat varying prices to be determined at the time of sale, plus accrued interest on each interest-bearingClass from the first day of its initial Accrual Period. The Underwriter is offering the Certificates (otherthan U) subject to their issuance by us and subject to the Underwriter’s right to reject any order. TheUnderwriter may make sales to or through securities dealers. The dealers may receive compensation inthe form of discounts, concessions or commissions from the Underwriter and commissions from anypurchasers for which they act as agents.

On the Closing Date, we expect to transfer U to a newly formed Gold Giant Pool (PoolNumber Z60015) and to deliver the related Gold Giant PCs to the Underwriter.

Our agreement with the Underwriter provides that we will indemnify it against certain liabilities.

LEGAL MATTERS

Our General Counsel or one of our Deputy General Counsels will render an opinion on thelegality of the Certificates. K&L Gates LLP is representing the Underwriter on legal mattersconcerning the Certificates.

S-28

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A-2

Appendix B

Balances Schedules

Payment Date

Group 6MP

PAC

Group 7PAC

(Aggregate)

Initial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,155,000.00 $25,724,000.00June 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,937,927.73 25,401,317.42July 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,711,386.23 25,080,848.23August 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,475,505.76 24,762,578.09September 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,230,423.82 24,446,492.71October 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,976,285.06 24,132,577.92November 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,713,241.08 23,820,819.60December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,441,450.32 23,511,203.77January 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,161,077.87 23,203,716.51February 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,872,295.27 22,898,343.99March 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,575,280.41 22,595,072.46April 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,270,217.23 22,293,888.28May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,957,295.61 21,994,777.87June 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,636,711.11 21,697,727.77July 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,310,412.92 21,402,724.57August 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,978,562.43 21,109,754.97September 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,642,931.58 20,818,805.73October 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,305,119.91 20,529,863.72November 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,966,059.32 20,242,915.88December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,628,356.83 19,957,949.23January 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,292,166.69 19,674,950.89February 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,958,585.36 19,393,908.03March 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,627,839.93 19,114,807.94April 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,299,907.29 18,837,637.95May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,974,764.52 18,562,385.51June 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,652,388.88 18,289,038.11July 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,332,757.81 18,017,583.37August 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,015,848.93 17,748,008.93September 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,701,640.05 17,480,302.55October 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,390,109.15 17,214,452.05November 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,081,234.36 16,950,445.35December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,774,994.04 16,688,270.40January 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,471,366.67 16,427,915.28February 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,170,330.92 16,169,368.11March 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,871,865.66 15,912,617.10April 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,575,949.88 15,657,650.53May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,282,562.77 15,404,456.75June 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,991,683.67 15,153,024.20July 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,703,292.11 14,903,341.38August 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,417,367.74 14,655,396.87September 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,133,890.43 14,409,179.31October 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,852,840.15 14,164,677.43November 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,574,197.08 13,921,880.02December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,297,941.54 13,680,775.94January 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,024,053.99 13,441,354.13February 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,752,515.08 13,203,603.60March 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,483,305.58 12,967,513.41April 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,216,406.45 12,733,072.72May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,951,798.77 12,500,270.73June 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,689,463.79 12,269,096.74July 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,429,382.91 12,039,540.08August 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,171,537.66 11,811,590.19September 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,915,909.75 11,585,236.53October 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,662,481.01 11,360,468.67November 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,411,233.42 11,137,276.23December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,162,149.11 10,915,648.88January 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,915,210.36 10,695,576.38February 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,670,399.57 10,477,048.55March 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,427,699.30 10,260,055.27April 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,187,092.25 10,044,586.47May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,948,561.24 9,830,632.17

B-1

Payment Date

Group 6MP

PACcontinued

Group 7PAC

(Aggregate)continued

June 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,712,089.25 $ 9,618,182.45July 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,477,659.39 9,407,227.43August 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,245,254.89 9,197,757.31September 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,014,859.14 8,989,762.37October 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,786,455.63 8,783,232.91November 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,560,028.02 8,578,159.32December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,335,560.08 8,374,532.06January 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,113,035.70 8,172,341.61February 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,892,438.93 7,971,578.56March 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,673,753.92 7,772,233.53April 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,456,964.95 7,574,297.21May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,243,446.96 7,377,760.34June 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,034,403.32 7,182,613.72July 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,829,741.96 6,988,848.23August 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,629,372.67 6,796,454.78September 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,433,207.08 6,605,424.35October 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,241,158.61 6,415,747.98November 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,053,142.44 6,227,416.76December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,869,075.47 6,040,421.85January 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,688,876.31 5,854,754.45February 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,512,465.20 5,670,405.83March 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,339,764.01 5,487,367.30April 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,170,696.21 5,306,924.26May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,005,186.81 5,129,217.68June 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,843,162.37 4,954,207.58July 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,684,550.92 4,781,854.55August 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,529,281.97 4,612,119.75September 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,377,286.46 4,444,964.89October 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,228,496.75 4,280,352.23November 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,082,846.55 4,118,244.55December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,940,270.94 3,958,605.19January 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800,706.34 3,801,398.00February 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,664,090.43 3,646,587.34March 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,530,362.18 3,494,138.09April 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,399,461.81 3,344,015.63May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,271,330.75 3,196,185.83June 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,145,911.63 3,050,615.05July 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,023,148.24 2,907,270.14August 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,902,985.54 2,766,118.41September 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,785,369.59 2,627,127.64October 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,670,247.57 2,490,266.08November 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,557,567.73 2,355,502.43December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,447,279.38 2,222,805.85January 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,339,332.86 2,092,145.91February 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,233,679.54 1,963,492.65March 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,130,271.76 1,836,816.51April 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,029,062.86 1,712,088.39May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,930,007.12 1,589,279.58June 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,833,059.76 1,468,361.78July 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,738,176.92 1,349,307.11August 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,645,315.63 1,232,088.09September 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,554,433.81 1,116,677.62October 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,465,490.23 1,003,049.01November 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,378,444.52 891,175.93December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,293,257.11 781,032.44January 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,209,889.28 672,592.97February 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,128,303.06 565,832.34March 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,048,461.31 460,725.69April 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,970,327.60 357,248.55May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,893,866.28 255,376.79June 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,819,042.43 155,086.63July 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,745,821.83 56,354.62August 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,170.97 0.00September 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,604,057.04 0.00October 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,535,447.89 0.00November 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,468,312.04 0.00December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,402,618.65 0.00

B-2

Payment Date

Group 6MP

PACcontinued

Group 7PAC

(Aggregate)continued

January 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,338,337.51 $ 0.00February 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,439.05 0.00March 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,213,894.28 0.00April 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,153,674.84 0.00May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,094,752.94 0.00June 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,037,101.34 0.00July 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980,693.39 0.00August 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,502.98 0.00September 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871,504.53 0.00October 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 818,673.01 0.00November 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 766,983.87 0.00December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 716,413.10 0.00January 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666,937.17 0.00February 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618,533.04 0.00March 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571,178.14 0.00April 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524,850.36 0.00May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479,528.08 0.00June 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,190.07 0.00July 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391,815.60 0.00August 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,384.33 0.00September 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,876.34 0.00October 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,272.15 0.00November 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,036.88 0.00December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,468.06 0.00January 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,108.32 0.00February 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,953.25 0.00March 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,998.50 0.00April 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,239.84 0.00May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,673.09 0.00June 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,294.20 0.00July 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,099.17 0.00August 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,084.09 0.00September 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,245.15 0.00October 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,578.60 0.00November 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,080.77 0.00December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,748.08 0.00January 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,577.00 0.00February 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,564.10 0.00March 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,706.01 0.00April 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,999.42 0.00May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,441.10 0.00June 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,027.90 0.00July 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,756.70 0.00August 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,624.48 0.00September 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,628.27 0.00October 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,765.15 0.00November 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,032.29 0.00December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,426.89 0.00January 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,946.22 0.00February 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,587.60 0.00March 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,348.43 0.00April 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,226.14 0.00May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,218.22 0.00June 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,322.22 0.00July 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,535.72 0.00August 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,856.38 0.00September 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,281.89 0.00October 15, 2030

and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00

B-3

OÅering Circular Supplement $230,639,261(To OÅering CircularDated June 1, 2003) Freddie Mac

Multiclass CertiÑcates, Series 2788 VOÅered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A

OÅering Terms: The underwriter named below is oÅering the Classes in negotiated transactions at varyingprices

Closing Date: April 30, 2004

REMIC Original Principal Class Interest CUSIP Final PaymentClasses Balance Type(1) Coupon Type(1) Number Date

Group 1DH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $97,820,000 SEQ 3.75% FIX 31394WA32 October 15, 2022DS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19,180,000 SEQ 5.0 FIX 31394WA40 April 15, 2024FB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,000,000 SEQ (2) FLT 31394WA57 October 15, 2022IH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12,955,000 NTL(SEQ) 5.0 FIX/IO 31394WA65 October 15, 2022SB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,000,000 NTL(SEQ) (2) INV/IO 31394WA99 October 15, 2022

Group 2AB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 75,000,000 SEQ 5.0 FIX 31394W7H5 February 15, 2032VC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,726,418 AD/SEQ 5.0 FIX 31394WAA6 January 15, 2010VD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8,673,690 SEQ 5.0 FIX 31394WAB4 April 15, 2026ZC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,239,153 SEQ 5.0 FIX/Z 31394WAC2 April 15, 2034

ResidualR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31394WA73 April 15, 2034RS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31394WA81 April 15, 2034

(1) See Appendix II to the OÅering Circular.(2) See Terms Sheet Ì Interest.

The CertiÑcates may not be suitable investments for you. You should consider carefully the risks of investingin them. Certain Risk Considerations on page S-2 highlights some of these risks.

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

We guarantee principal and interest payments on the CertiÑcates. These payments are not guaranteed by andare not debts or obligations of the United States or any federal agency or instrumentality other than FreddieMac. The CertiÑcates are not tax-exempt. Because of applicable securities law exemptions, we have notregistered the CertiÑcates with any federal or state securities commission. No securities commission hasreviewed this Supplement.

Amherst Securities Group, L.P.

March 30, 2004

Exhibit I — Series 2788 Front Cover and Terms Sheet

I-1

TERMS SHEET

This Terms Sheet contains selected information about this Series. You should refer to the

remainder of this Supplement for further information.

In this Supplement, we refer to Classes only by their letter designations. For example, ""R''

refers to the R Class of this Series.

Payment Dates

We make payments of principal and interest on the CertiÑcates on each monthly Payment Date

beginning in May 2004.

Form of Classes


Residual Classes: CertiÑcated

Interest

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

Appendix A.

The Floating Rate and Inverse Floating Rate Classes bear interest as shown in the following

table. The initial Class Coupons apply only to the Ñrst Accrual Period. We determine LIBOR using

the BBA Method.

InitialClass Coupon Subject toClass Class Coupon

Class Coupon Formula Minimum Rate Maximum Rate

FB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.5% LIBOR ° 0.4% 0.4% 7.5%SB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.0 7.1% ¿ LIBOR 0 7.1

See Appendix V to the OÅering Circular and Payments Ì Interest.

Notional Classes

Original NotionalClass Principal Amount Reduces Proportionately With:

IH $12,955,000 DH (SEQ)SB 23,000,000 FB (SEQ)

See Payments Ì Interest Ì Notional Classes.

MACR Classes

This Series includes MACR Classes. Appendix A shows the characteristics of the MACR

Classes and the Combinations of REMIC and MACR Classes.

See Appendix III to the OÅering Circular for a description of MACR CertiÑcates and

exchange procedures and fees.

I-2

Principal

REMIC Classes


Group 1

‚ The Group 1 Asset Principal Amount in the following order of priority:

A 1. To FB and DH, pro rata, until retiredSequentialBPay

D 2. To DS, until retired

Group 2Sequential A

Pay andB ‚ The Accrual Amount to VC and VD, in that order, until retired, and then to ZC

AccrualD

A ‚ The Group 2 Asset Principal Amount to AB, VC, VD and ZC, in that order, untilSequentialBPayD retired

See Payments Ì Principal and Prepayments and Yield Analysis.

MACR Classes

On each Payment Date when MACR CertiÑcates are outstanding, we allocate principal

payments from the applicable REMIC CertiÑcates to the related MACR CertiÑcates that are

entitled to principal, as described under MACR CertiÑcates in the OÅering Circular.

REMIC Status

We will form an Upper-Tier REMIC Pool and a Lower-Tier REMIC Pool for this Series. We

will elect to treat each REMIC Pool as a REMIC under the Code. R and RS will be ""Residual

Classes'' and the other Classes shown on the front cover will be ""Regular Classes.'' The Residual

Classes will be subject to transfer restrictions. See Certain Federal Income Tax Consequences in this

Supplement and the OÅering Circular.



0% 100% 300% 450% 600%

DA, DB, DC, DE, DG, DH, FB, IH and SBÏÏÏÏÏÏÏÏ 11.3 6.7 3.7 2.7 2.2DS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19.3 17.3 12.1 9.1 7.0Group 1 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12.4 8.2 4.8 3.6 2.9


0% 100% 275% 450% 600%

AB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18.4 8.0 3.8 2.6 2.0VC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3.0 3.0 3.0 3.0 2.9VD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14.9 14.6 10.1 6.9 5.3ZC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28.9 24.1 16.0 10.9 8.4Group 2 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20.2 10.7 5.6 3.7 2.8

* We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actualweighted average lives are likely to diÅer from those shown, perhaps signiÑcantly.

I-3

The Assets

The ""Assets'' consist of Freddie Mac PCs with the following characteristics:Original Term

Group Principal Balance (in years) Interest Rate

1 $140,000,000 20 5.0%2 90,639,261 30 5.0

See General Information Ì Structure of Transaction.

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

Available Information.

Assumed Mortgage Characteristics (as of April 1, 2004)

Remaining Term to Per AnnumPrincipal Maturity Loan Age Per Annum Interest Rate

Group Balance (in months) (in months) Interest Rate of Related PCs

1 $140,000,000 236 4 5.5% 5.0%2 90,639,261 352 7 5.5 5.0

The actual characteristics of the Mortgages diÅer from those shown, in some cases

signiÑcantly.

See General InformationÌ The Mortgages.

I-4

Offering Circular Supplement(To Offering Circular

Dated December 31, 2007)

$523,771,572


Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A

Offering Terms: The underwriter named below is offering the Classes in negotiated transactions at varyingprices; we have agreed to purchase all of BI, BL, GB, JI, JK and LB

Closing Date: December 30, 2009

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 1BI . . . . . . . . . . . . . . . . . . . . . $ 27,777,777 NTL(SEQ) 4.5% FIX/IO 31398LPQ5 November 15, 2038BK . . . . . . . . . . . . . . . . . . . . . 250,000,000 SEQ 4.0 FIX 31398LPR3 November 15, 2038BL . . . . . . . . . . . . . . . . . . . . . 23,224,000 SEQ 4.5 FIX 31398LPS1 December 15, 2039Group 2FA . . . . . . . . . . . . . . . . . . . . . 28,873,600 PT (2) FLT 31398LPT9 December 15, 2039SA . . . . . . . . . . . . . . . . . . . . . 28,873,600 NTL(PT) (2) INV/IO 31398LQA9 December 15, 2039Group 3GA . . . . . . . . . . . . . . . . . . . . . 50,000,000 SEQ 4.0 FIX 31398LPY8 May 15, 2024GB . . . . . . . . . . . . . . . . . . . . . 3,191,489 SEQ 4.0 FIX 31398LPZ5 December 15, 2024Group 4LA . . . . . . . . . . . . . . . . . . . . . 40,000,000 SEQ 4.0 FIX 31398LQ50 March 15, 2023LB . . . . . . . . . . . . . . . . . . . . . 8,485,511 SEQ 4.0 FIX 31398LQ68 December 15, 2024Group 5JC . . . . . . . . . . . . . . . . . . . . . 30,000,000 SEQ 4.5 FIX 31398LQ27 January 15, 2037JI . . . . . . . . . . . . . . . . . . . . . 3,000,000 NTL(SEQ) 5.0 FIX/IO 31398LQ35 January 15, 2037JK . . . . . . . . . . . . . . . . . . . . . 8,461,538 SEQ 5.0 FIX 31398LQ43 December 15, 2039Group 6FB . . . . . . . . . . . . . . . . . . . . . 48,921,260 PT (2) FLT 31398LPU6 December 15, 2039PT . . . . . . . . . . . . . . . . . . . . . 32,614,174 PT 4.5 FIX 31398LQ76 December 15, 2039SB . . . . . . . . . . . . . . . . . . . . . 48,921,260 NTL(PT) (2) INV/IO 31398LQB7 December 15, 2039ResidualR . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 31398LQ84 December 15, 2039RS . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 31398LQ92 December 15, 2039

(1) See Appendix II to the Offering Circular.(2) See Terms Sheet — Interest.


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.

November 17, 2009

Exhibit II — Series 3608 Front Cover and Terms Sheet

II-1

TERMS SHEET


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 January 2010.

Form of Classes



Interest

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

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 2FA . . . . 1.084% LIBOR + 0.85% 0.85% 6.5%SA . . . . 5.416 5.65% � LIBOR 0 5.65Group 6FB . . . . 1.033 LIBOR + 0.8% 0.8 7.0FC* . . . 0.983 LIBOR + 0.75% 0.75 7.0FD* . . . 1.003 LIBOR + 0.77% 0.77 7.0FE* . . . 0.983 LIBOR + 0.75% 0.75 7.0SB . . . . 5.967 6.2% � LIBOR 0 6.2SC* . . . 6.017 6.25% � LIBOR 0 6.25SD* . . . 5.997 6.23% � LIBOR 0 6.23SV* . . . 1.0 312.5% � (LIBOR � 50.0) 0 1.0SX* . . . 1.0 207.66666667% � (LIBOR � 33.333333334) 0 1.0

* MACR Class.

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

II-2

Notional Classes


Group 1BI $27,777,777 BK (SEQ)

Group 2SA $28,873,600 FA (PT)

Group 5JI $ 3,000,000 JC (SEQ)

Group 6SB $48,921,260 FB (PT)SC* 48,921,260 FB (PT)SD* 48,921,260 FB (PT)SV* 978,425 FB (PT)SX* 1,467,638 FB (PT)

* MACR Class.


MACR Classes



Principal

REMIC Classes


Group 1

• The Group 1 Asset Principal Amount to BK and BL, in that order, until retiredSequentialPay

Group 2

• The Group 2 Asset Principal Amount to FA, until retiredPass-Through

Group 3

• The Group 3 Asset Principal Amount to GA and GB, in that order, until retiredSequentialPay

Group 4

• The Group 4 Asset Principal Amount to LA and LB, in that order, until retiredSequentialPay

Group 5

• The Group 5 Asset Principal Amount to JC and JK, in that order, until retiredSequentialPay

Group 6

• The Group 6 Asset Principal Amount to FB and PT, pro rata, until retiredPass-Through


Notional Classes


Group 1BI $27,777,777 BK (SEQ)

Group 2SA $28,873,600 FA (PT)

Group 5JI $ 3,000,000 JC (SEQ)

Group 6SB $48,921,260 FB (PT)SC* 48,921,260 FB (PT)SD* 48,921,260 FB (PT)SV* 978,425 FB (PT)SX* 1,467,638 FB (PT)

* MACR Class.


MACR Classes



Principal

REMIC Classes


Group 1

• The Group 1 Asset Principal Amount to BK and BL, in that order, until retired��

SequentialPay

Group 2

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

Pass-Through

Group 3

• The Group 3 Asset Principal Amount to GA and GB, in that order, until retired��

SequentialPay

Group 4

• The Group 4 Asset Principal Amount to LA and LB, in that order, until retired��

SequentialPay

Group 5

• The Group 5 Asset Principal Amount to JC and JK, in that order, until retired��

SequentialPay

Group 6

• The Group 6 Asset Principal Amount to FB and PT, pro rata, until retired��

Pass-Through


II-3

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 an Upper-Tier REMIC Pool and a Lower-Tier REMIC Pool for this Series. We willelect to treat each REMIC Pool as a REMIC under the Code. R and RS will be “Residual Classes” andthe other Classes shown on the front cover will be “Regular Classes.” The Residual Classes will besubject to transfer restrictions. See Certain Federal Income Tax Consequences in this Supplement and theOffering Circular.


Group 1

0% 100% 246% 350% 500%PSA Prepayment Assumption

BI and BK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0 8.0 4.2 3.0 2.0BL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.5 22.5 16.5 12.7 9.0Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 9.2 5.2 3.8 2.6

Group 2

0% 100% 450% 814% 1,250% 1,700%PSA Prepayment Assumption

FA, SA and Group 2 Assets . . . . . . . . . . . 22.8 11.1 3.2 1.5 0.7 0.0

Group 3


GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 6.0 4.2 3.0 2.5GB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7 14.0 12.7 10.0 8.2Group 3 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 6.4 4.7 3.4 2.8

Group 4


LA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 5.1 3.5 2.5 2.1LB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 12.8 10.5 7.8 6.3Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 6.4 4.7 3.4 2.8

Group 5


JC and JI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.8 6.2 2.2 1.2 0.8JK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.6 18.8 9.1 5.3 3.7Group 5 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2 9.0 3.7 2.1 1.5

* 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.

II-4

Group 6

0% 100% 450% 800% 1,200% 1,600%PSA Prepayment Assumption

FB, FC, FD, FE, PT, SB, SC, SD, SV,SX and Group 6 Assets . . . . . . . . . . . . 20.8 10.2 3.1 1.5 0.8 0.4

The Assets

The “Assets” consist of Freddie Mac PCs with the following characteristics:



1 $273,224,000 30 4.5%2* 28,873,600 30 6.53 53,191,489 15 4.04 48,485,511 15 4.05 38,461,538 30 5.06 81,535,434 30 6.0

* 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.

We have agreed to sell the Groups 1, 3, 4 and 5 Assets to the Underwriter for inclusion in this Series.

See General Information — Structure of Transaction.


Assumed Mortgage Characteristics (as of December 1, 2009)



Loan Age(in months)

Remaining Termto Amortization

(in months)*Per Annum

Interest Rate

Per AnnumInterest Rate of

Related PCs

1 $273,224,000 300 52 N/A 5.28% 4.5%2 28,873,600 331 29 92 7.07 6.53 53,191,489 177 2 N/A 4.45 4.04 48,485,511 177 2 N/A 4.45 4.05 38,461,538 287 62 N/A 5.53 5.06 81,535,434 334 24 N/A 6.44 6.0

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

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


II-5



$975,578,603


Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix AOffering Terms: The underwriter named below is offering the Classes in negotiated transactions at varying prices; we

have agreed to purchase all of ALClosing Date: January 29, 2010

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 1AB . . . $500,000,000 SEQ 3.0% FIX 31398W B 2 9 April 15, 2023AI . . . 125,000,000 NTL(SEQ) 4.0 FIX/IO 31398W B 5 2 April 15, 2023AL . . . 106,061,219 SEQ 4.0 FIX 31398W B 7 8 January 15, 2025

Group 2TV . . . 8,182,500 SC/SEQ 5.5 FIX 31398W C P 7 December 15, 2020TZ . . . 10,000,000 SC/SEQ 5.5 FIX/Z 31398WCQ5 August 15, 2036

Group 3E . . . 95,000,000 SEQ 3.5 FIX 31398WBC7 December 15, 2027EL . . . 20,000,000 SEQ 4.0 FIX 31398W B F 0 January 15, 2030IE . . . 11,875,000 NTL(SEQ) 4.0 FIX/IO 31398WBT0 December 15, 2027

Group 4PA . . . 102,386,000 PAC I 4.5 FIX 31398W C 3 6 December 15, 2039PI . . . 10,238,600 NTL(PAC I) 5.0 FIX/IO 31398W C 4 4 December 15, 2039PL . . . 1,053,000 PAC I 5.0 FIX 31398W C 5 1 January 15, 2040WA . . . 24,221,194 SUP 5.0 FIX 31398WCV4 December 15, 2039WB . . . 5,840,000 PAC II 5.0 FIX 31398WCW2 January 15, 2040WC . . . 1,000,000 SUP 5.0 FIX 31398WCX0 January 15, 2040

Group 5PO . . . 78,701,913 PT 0.0 PO 31398W C 6 9 December 15, 2031

Group 6IO . . . 60,947,040 NTL(PT) 6.0 FIX/IO 31398WBV5 December 15, 2036

Group 7GA . . . 627,832 SC/NTL(PT) (2) INV/IO 31398W B J 2 January 15, 2032GC . . . 3,653,413 SC/NTL(PT) (2) INV/IO 31398WBK9 April 15, 2029GD . . . 947,992 SC/NTL(PT) (2) INV/IO 31398WBL7 January 15, 2029

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

GE . . . $ 2,075,891 SC/NTL(PT) (2) INV/IO 31398WBM5 August 15, 2028GH . . . 1,790,648 SC/NTL(PT) (2) INV/IO 31398WBN3 December 15, 2031GV . . . 629,776 SC/NTL(PT) (2) INV/IO 31398WBQ6 January 15, 2032IA . . . . 7,518,682 SC/NTL(PT) 6.0% FIX/IO 31398W BS 2 July 15, 2023IH . . . . 732,596 SC/NTL(PT) 6.5 FIX/IO 31398WBU7 August 15, 2019MA . . . 2,007,494 SC/NTL(PT) (2) INV/IO 31398WBW3 April 15, 2029MB . . . 737,476 SC/NTL(PT) (2) INV/IO 31398WBX1 April 15, 2027MC . . . 1,797,646 SC/NTL(PT) (2) INV/IO 31398WBY9 April 15, 2027MD . . . 486,225 SC/NTL(PT) (2) INV/IO 31398WBZ6 October 15, 2031MG . . . 7,932,089 SC/NTL(PT) (2) INV/IO 31398W C 2 8 June 15, 2034SA . . . 2,313,100 SC/NTL(PT) (2) INV/IO 31398WCD4 September 15, 2031SJ . . . . 3,591,006 SC/NTL(PT) (2) INV/IO 31398WCE2 June 15, 2031SK . . . 3,591,006 SC/NTL(PT) (2) INV/IO 31398W CF 9 June 15, 2031SL. . . . 5,628,726 SC/NTL(PT) (2) INV/IO 31398WCG7 February 15, 2032SO . . . 308,124 SC/NTL(PT) (2) INV/IO 31398WCH5 October 15, 2022ST. . . . 13,722,303 SC/NTL(PT) (2) INV/IO 31398W C J 1 June 15, 2032SU . . . 5,576,321 SC/NTL(PT) (2) INV/IO 31398WCK8 March 15, 2032SV . . . 5,576,321 SC/NTL(PT) (2) INV/IO 31398WCL6 March 15, 2032SY . . . 3,112,109 SC/NTL(PT) (2) INV/IO 31398WCM4 May 15, 2031UC . . . 4,262,581 SC/NTL(PT) (2) INV/IO 31398WCR3 May 15, 2029UD . . . 4,024,607 SC/NTL(PT) (2) INV/IO 31398W CS 1 April 15, 2029UE . . . 2,787,666 SC/NTL(PT) (2) INV/IO 31398WCT9 April 15, 2029YT . . . 6,439,418 SC/NTL(PT) (2) INV/IO 31398WCY8 March 15, 2032

Group 8AK . . . 23,132,777 SC/PT/SUP (2) W/IO/PO/DLY 31398W B 6 0 May 15, 2037

ResidualR . . . 0 NPR 0.0 NPR 31398W C 7 7 January 15, 2040RS . . . 0 NPR 0.0 NPR 31398WCA0 January 15, 2040


The Certificates may not be suitable investments for you. You should not purchase Certificates unless you have carefullyconsidered and are able to bear the associated prepayment, interest rate, yield and market risks of investing 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 Offering Circularand the documents listed under Available Information.

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

December 15, 2009

Exhibit III — Series 3620 Front Cover and Terms Sheet

III-1

TERMS SHEET



Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in February 2010.

Form of Classes

Regular and MACR Classes (other than the DTC Classes): Book-entry on Fed System

AK, AT, BT, DT, ET, GT and HT (the “DTC Classes”): Book-entry on DTC System


Interest

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

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

Each of the Weighted Average Coupon Classes shown in the following table accrues interest duringeach Accrual Period at a Class Coupon determined as shown in the table. The initial Class Coupons applyonly to the first Accrual Period. The Class Coupon for each Weighted Average Coupon Class will varyfrom month to month, as its constituent Assets or Classes (or in the case of AK, the Assets underlying itsconstituent Assets) reduce at different rates and, except in the case of AK, BT and GT, as the level ofLIBOR varies.

Interest payments on AK are payable from the interest payments received from the Interest OnlyClasses exchanged for the Group 8 Assets. Principal payments are payable from the principal paymentsreceived from the Principal Only Class exchanged for the Group 8 Assets. AK effectively becomes aPrincipal Only Class when the Interest Only Classes exchanged for the Group 8 Assets retire and anInterest Only Class when the Principal Only Class exchanged for the Group 8 Assets retire.

AT is a MACR Class formed from REMIC Classes IO and PO and MACR Class TI. Interestpayments on AT are payable from the interest payments received from IO and TI. Principal payments arepayable from the principal payments received from PO. AT effectively becomes a Principal Only Classwhen IO and TI retire and an Interest Only Class when PO retires.

BT is a MACR Class formed from REMIC Classes IO and PO. Interest payments on BT are payablefrom the interest payments received from IO. Principal payments are payable from the principalpayments received from PO. BT effectively becomes a Principal Only Class when IO retires and anInterest Only Class when PO retires.

DT is a MACR Class formed from REMIC Classes AK, IO and PO and MACR Class TI. Interestpayments on DT are payable from the interest payments received from AK, IO and TI. Principalpayments are payable from the principal payments received from AK and PO. DT effectively becomes aPrincipal Only Class when IO, TI and the Interest Only Classes exchanged for the Group 8 Assets retire

III-2

and an Interest Only Class when PO and the Principal Only Class exchanged for the Group 8 Assetsretire.

ET is a MACR Class formed from REMIC Class AK and MACR Class TI. Interest payments on ETare payable from the interest payments received from AK and TI. Principal payments are payable fromthe principal payments received from AK. ET effectively becomes a Principal Only Class when TI andthe Interest Only Classes exchanged for the Group 8 Assets retire and an Interest Only Class when thePrincipal Only Class exchanged for the Group 8 Assets retire.

GT is a MACR Class formed from REMIC Classes AK and IO and a portion of REMIC Class PO.Interest payments on GT are payable from the interest payments received from AK and IO. Principalpayments are payable from the principal payments received from AK and PO. GT effectively becomes aPrincipal Only Class when IO and the Interest Only Classes exchanged for the Group 8 Assets retire andan Interest Only Class when PO and the Principal Only Class exchanged for the Group 8 Assets retire.

HT is a MACR Class formed from REMIC Class AK, a portion of REMIC Class PO and MACRClass TI. Interest payments on HT are payable from the interest payments received from AK and TI.Principal payments are payable from the principal payments received from AK and PO. HT effectivelybecomes a Principal Only Class when TI and the Interest Only Classes exchanged for the Group 8 Assetsretire and an Interest Only Class when PO and the Principal Only Class exchanged for the Group 8 Assetsretire.

III-3

ClassInitial Class

Coupon Class Coupon FormulaMinimum Class

Coupon

Group 5

AT(1)(2) . . . . 6.056669029% 12 times (a) the aggregate interest required to be paid on IO and TIon the related Payment Date divided by (b) while PO is outstanding,the outstanding principal balance of AT immediately before thatPayment Date, and thereafter the notional principal balance of ATimmediately before that Payment Date

0.0%

BT(1)(3) . . . . 4.6464212375 12 times (a) the interest required to be paid on IO on the relatedPayment Date divided by (b) while PO is outstanding, theoutstanding principal balance of BT immediately before thatPayment Date, and thereafter the notional principal balance of BTimmediately before that Payment Date

0.0

DT(1)(4) . . . . 6.8076834845 12 times (a) the aggregate interest required to be paid on AK, IOand TI on the related Payment Date divided by (b) while (i) AK isoutstanding and pays principal or (ii) PO is outstanding, theoutstanding principal balance of DT immediately before thatPayment Date, and thereafter the notional principal balance of DTimmediately before that Payment Date

0.0

GT(1)(5) . . . . 9.3187316172 12 times (a) the aggregate interest required to be paid on AK and IOon the related Payment Date divided by (b) while (i) AK isoutstanding and pays principal or (ii) PO is outstanding, theoutstanding principal balance of GT immediately before thatPayment Date, and thereafter the notional principal balance of GTimmediately before that Payment Date

0.0

HT(1)(6) . . . . 5.2425820535 12 times (a) the aggregate interest required to be paid on AK and TIon the related Payment Date divided by (b) while (i) AK isoutstanding and pays principal or (ii) PO is outstanding, theoutstanding principal balance of HT immediately before thatPayment Date, and thereafter the notional principal balance of HTimmediately before that Payment Date

0.0

Group 6

CT(1)(7) . . . . 3.1192082379 12 times (a) the aggregate interest required to be paid on IO and TIon the related Payment Date divided by (b) the notional principalbalance of CT immediately before that Payment Date

0.0

Group 7

ET(1)(8) . . . . 14.1606905761 12 times (a) the aggregate interest required to be paid on AK and TIon the related Payment Date divided by (b) while AK is outstandingand pays principal, the outstanding principal balance of ETimmediately before that Payment Date, and thereafter the notionalprincipal balance of ET immediately before that Payment Date

0.0

TI(1)(9) . . . . 1.2080976696 The weighted average interest rate of the Group 7 Assets for therelated Payment Date

0.0

Group 8

AK(1) . . . . . . 9.3627712 The interest rate of the Group 8 Assets (3514-AK) for the relatedPayment Date

0.0

(1) Delay Class.(2) MACR Class formed from Classes in Groups 5, 6 and 7.(3) MACR Class formed from Classes in Groups 5 and 6.(4) MACR Class formed from Classes in Groups 5, 6, 7 and 8.(5) MACR Class formed from Classes in Groups 5, 6 and 8.(6) MACR Class formed from Classes in Groups 5, 7 and 8.(7) MACR Class formed from Classes in Groups 6 and 7.(8) MACR Class formed from Classes in Groups 7 and 8.(9) MACR Class.

III-4

The following Inverse Floating Rate Classes bear interest as shown in the following table. The initialClass Coupons apply only to the first Accrual Period. We determine LIBOR using the BBA Method(except in the case of SO, for which we use the LIBO Method).

ClassInitial Class


GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 7.95% � LIBOR 0% 0.95%GC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15 8.15% � LIBOR 0 1.15GD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 7.8% � LIBOR 0 0.8GE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05 8.05% � LIBOR 0 1.05GH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.79 7.79% � LIBOR 0 0.79GV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85 7.85% � LIBOR 0 0.85MA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 8.2% � LIBOR 0 1.2MB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 8.1% � LIBOR 0 1.1MC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05 8.05% � LIBOR 0 1.05MD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 7.9% � LIBOR 0 0.9MG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 7.6% � LIBOR 0 0.6SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05 8.1% � LIBOR 0 0.05SJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05 7.9% � LIBOR 0 0.05SK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05 7.95% � LIBOR 0 0.05SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 8.0% � LIBOR 0 1.0SO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 9.6% � LIBOR 0 1.0ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 8.0% � LIBOR 0 1.0SU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05 7.95% � LIBOR 0 0.05SV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05 8.0% � LIBOR 0 0.05SY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02 7.77% � LIBOR 0 0.02UC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 8.1% � LIBOR 0 1.1UD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 8.5% � LIBOR 0 1.5UE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15 8.15% � LIBOR 0 1.15YT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 8.0% � LIBOR 0 1.0


III-5

Notional Classes


Group 1AI $125,000,000 AB (SEQ)

Group 3IE $ 11,875,000 E (SEQ)

Group 4PI $ 10,238,600 PA (PAC I)

Group 6

IO

$ 34,381 The balance of Gold MACS 215 included in the Group 6 Assets589,678 The aggregate balance of Gold MACS 199 and Gold MACS 217

included in the Group 6 Assets29,330,982 The aggregate balance of Gold MACS 197, Gold MACS 201,

Gold MACS 204 and Gold MACS 224 included in theGroup 6 Assets

30,991,999 The aggregate balance of Gold MACS 223 and Gold MACS 244included in the Group 6 Assets

$ 60,947,040

CT(1)





91,871,048 Group 7 Assets$152,818,088

Group 7GA $ 627,832 2989-GAGC 3,653,413 2989-GCGD 947,992 2989-GDGE 2,075,891 2989-GEGH 1,790,648 2989-GHGV 629,776 2989-GVIA 7,518,682 2649-IAIH 732,596 3567-IHMA 2,007,494 2989-MAMB 737,476 2989-MBMC 1,797,646 2989-MCMD 486,225 2989-MDMG 7,932,089 2989-MGSA 2,313,100 2362-SASJ 3,591,006 2477-SJSK 3,591,006 2477-SKSL 5,628,726 2476-SLSO 308,124 1930-SOST 13,722,303 2956-STSU 5,576,321 2504-SUSV 5,576,321 2504-SVSY 3,112,109 2416-SYTI(2) 91,871,048 Group 7 AssetsUC 4,262,581 2989-UCUD 4,024,607 2989-UDUE 2,787,666 2989-UEYT 6,439,418 2471-YT

(1) MACR Class formed from Classes in Groups 6 and 7.(2) MACR Class.


Notional Classes


Group 1AI $125,000,000 AB (SEQ)

Group 3IE $ 11,875,000 E (SEQ)

Group 4PI $ 10,238,600 PA (PAC I)

Group 6

IO





$ 60,947,040

��

CT(1)





91,871,048 Group 7 Assets$152,818,088

��

Group 7GA $ 627,832 2989-GAGC 3,653,413 2989-GCGD 947,992 2989-GDGE 2,075,891 2989-GEGH 1,790,648 2989-GHGV 629,776 2989-GVIA 7,518,682 2649-IAIH 732,596 3567-IHMA 2,007,494 2989-MAMB 737,476 2989-MBMC 1,797,646 2989-MCMD 486,225 2989-MDMG 7,932,089 2989-MGSA 2,313,100 2362-SASJ 3,591,006 2477-SJSK 3,591,006 2477-SKSL 5,628,726 2476-SLSO 308,124 1930-SOST 13,722,303 2956-STSU 5,576,321 2504-SUSV 5,576,321 2504-SVSY 3,112,109 2416-SYTI(2) 91,871,048 Group 7 AssetsUC 4,262,581 2989-UCUD 4,024,607 2989-UDUE 2,787,666 2989-UEYT 6,439,418 2471-YT

(1) MACR Class formed from Classes in Groups 6 and 7.(2) MACR Class.


III-6

MACR Classes



Principal

REMIC Classes


Group 1

• The Group 1 Asset Principal Amount to AB and AL, in that order, until retiredSequentialPay

Group 2

• The Accrual Amount and the Group 2 Asset Principal Amount to TV and TZ, in that order,until retired

SC/SequentialPay

Group 3

• The Group 3 Asset Principal Amount to E and EL, in that order, until retiredSequentialPay

Group 4


1. To PA and PL, in that order, until reduced to their Aggregate Targeted BalanceType I PAC

2. To WB, until reduced to its Targeted BalanceType II PAC

3. To WA and WC, in that order, until retiredSupport

4. To WB, until retiredType II PAC

5. To PA and PL, in that order, until retiredType I PAC

Group 5

• The Group 5 Asset Principal Amount to PO, until retiredPass-Through

Group 8

• The Group 8 Asset Principal Amount to AK, until retiredSC/Pass-Through/Support

The “Targeted Balances” and “Aggregate Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges.

Structuring Range

Type I PAC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 250% PSAType II PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140% PSA - 250% PSA


MACR Classes



Principal

REMIC Classes


Group 1

• The Group 1 Asset Principal Amount to AB and AL, in that order, until retired��

SequentialPay

Group 2

• The Accrual Amount and the Group 2 Asset Principal Amount to TV and TZ, in that order,until retired

��

SC/SequentialPay

Group 3

• The Group 3 Asset Principal Amount to E and EL, in that order, until retired��

SequentialPay

Group 4


1. To PA and PL, in that order, until reduced to their Aggregate Targeted Balance��Type I PAC

2. To WB, until reduced to its Targeted Balance��Type II PAC

3. To WA and WC, in that order, until retired��Support

4. To WB, until retired��Type II PAC

5. To PA and PL, in that order, until retired��Type I PAC

Group 5

• The Group 5 Asset Principal Amount to PO, until retired��

Pass-Through

Group 8

• The Group 8 Asset Principal Amount to AK, until retired��

SC/Pass-Through/Support

The “Targeted Balances” and “Aggregate Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges.

Structuring Range



III-7

MACR Classes


REMIC Status


Weighted Average Lives (in years)(1)

Group 1


A, AB, AC, AD and AI . . . . . . . . . . . . . . . . . . . . . . 7.5 5.0 3.5 2.9 2.3AL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 12.7 10.5 9.0 7.1Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 6.4 4.7 3.9 3.2

Group 2

0% 100% 250% 416% 650% 900%PSA Prepayment Assumption

TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.0 4.8 3.4 2.2 1.5TZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.8 17.4 11.5 7.6 4.8 3.2Group 2 Assets. . . . . . . . . . . . . . . . . . . . . . . 22.8 17.4 10.4 6.5 3.9 2.6

Group 3


E, EH, EJ and IE . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 6.0 3.9 2.8 2.1EL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0 16.1 13.0 9.8 7.3Group 3 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 7.7 5.5 4.0 3.0

Group 4


PA and PI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.6 6.0 6.0 6.0 3.2PL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.8 23.1 23.1 23.1 14.8W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.5 16.6 6.3 2.0 0.5WA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.8 17.9 6.6 1.7 0.4WB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2 10.0 2.4 2.4 0.8WC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.0 25.0 23.5 5.5 0.8Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2 8.6 6.2 5.2 2.6

(1) We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actualweighted average lives are likely to differ from those shown, perhaps significantly.

III-8

Group 5


AT(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 7.2 3.4 2.1 1.5BT(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 7.2 3.4 2.1 1.5DT(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 9.4 3.0 1.7 1.2GT(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5 10.8 2.7 1.5 1.0HT(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5 10.8 2.7 1.5 1.0PO and Group 5 Assets . . . . . . . . . . . . . . . . . . . . . . 10.4 7.2 3.4 2.1 1.5

Group 6


CT(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 7.8 3.5 2.1 1.5IO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 8.0 3.5 2.1 1.5Group 6 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 8.1 3.5 2.1 1.5

Group 7


ET(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.5 16.7 1.6 0.5 0.3GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 8.4 3.6 2.1 1.5GC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 7.4 3.4 2.1 1.5GD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 7.3 3.4 2.1 1.5GE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2 7.2 3.4 2.1 1.5GH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 8.3 3.6 2.1 1.5GV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 8.4 3.6 2.1 1.5IA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 5.5 3.0 1.9 1.4IH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 5.0 2.1 1.2 0.9MA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9 7.0 3.4 2.1 1.4MB and MC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1 6.6 3.3 2.0 1.4MD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1 6.6 3.3 2.0 1.4MG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 8.3 3.6 2.1 1.5SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 5.3 3.0 1.9 1.4SJ and SK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 8.0 3.5 2.1 1.5SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 8.3 3.6 2.1 1.5SO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 5.0 2.9 1.9 1.4ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 8.4 3.6 2.1 1.5SU and SV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 8.2 3.5 2.1 1.5SY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 8.0 3.5 2.1 1.5TI and Group 7 Assets . . . . . . . . . . . . . . . . . . . . . . . 11.3 7.6 3.4 2.1 1.5UC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 7.4 3.4 2.1 1.5UD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2 7.2 3.4 2.1 1.5UE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 7.1 3.4 2.1 1.4YT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 8.2 3.5 2.1 1.5

Group 8


AK and Group 8 Assets . . . . . . . . . . . . . . . . . . . . . . 21.5 16.7 1.6 0.5 0.3

(2) MACR Class formed from Classes in Groups 5, 6 and 7.(3) MACR Class formed from Classes in Groups 5 and 6.(4) MACR Class formed from Classes in Groups 5, 6, 7 and 8.(5) MACR Class formed from Classes in Groups 5, 6 and 8.(6) MACR Class formed from Classes in Groups 5, 7 and 8.(7) MACR Class formed from Classes in Groups 6 and 7.(8) MACR Class formed from Classes in Groups 7 and 8.

III-9

The Assets

The Group 1, 3 and 4 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:



1 $606,061,219 15 4.0%3 115,000,000 20 4.04 134,500,194 30 5.0


Group Class




ClassCoupon

Principal/Interest Type Final Payment Date

2 3200-AY(1) 3.0304166667% $18,182,500 1.00000000 5.5% SEQ/FIX August 15, 2036

7

1930-SO(2) 100 308,124 0.01337362 (3) SC/NTL(PT)/INV/IO October 15, 20222362-SA 100 2,313,100 0.07015555 (3) NTL(PT)/INV/IO September 15, 20312416-SY(4) 100 3,112,109 0.03421624 (3) NTL(PT)/INV/IO May 15, 20312471-YT(5) 100 6,439,418 0.06439418 (3) NTL(PT)/INV/IO March 15, 20322476-SL(6) 100 5,628,726 0.07504968 (3) NTL(PT)/INV/IO February 15, 20322477-SJ(7) 100 3,591,006 0.06466476 (3) NTL(PT)/INV/IO June 15, 20312477-SK(7) 100 3,591,006 0.06466476 (3) NTL(PT)/INV/IO June 15, 20312504-SU(5) 100 5,576,321 0.06551995 (3) NTL(PT)/INV/IO March 15, 20322504-SV(5) 100 5,576,321 0.06551995 (3) NTL(PT)/INV/IO March 15, 20322649-IA 100 7,518,682 0.19115295 6.0 NTL(PT)/FIX/IO July 15, 20232956-ST(8) 100 13,722,303 0.30725035 (3) SC/NTL(PT)/INV/IO June 15, 20322989-GA(9) 100 627,832 0.34554371 (3) SC/NTL(PT)/INV/IO January 15, 20322989-GC(9) 100 3,653,413 0.38092725 (3) SC/NTL(PT)/INV/IO April 15, 20292989-GD(9) 100 947,992 0.38470030 (3) SC/NTL(PT)/INV/IO January 15, 20292989-GE(9) 100 2,075,891 0.36452355 (3) SC/NTL(PT)/INV/IO August 15, 20282989-GH(9) 100 1,790,648 0.39508805 (3) SC/NTL(PT)/INV/IO December 15, 20312989-GV(9) 100 629,776 0.29581795 (3) SC/NTL(PT)/INV/IO January 15, 20322989-MA(10) 100 2,007,494 0.38407565 (3) SC/NTL(PT)/INV/IO April 15, 20292989-MB(10) 100 737,476 0.36755445 (3) SC/NTL(PT)/INV/IO April 15, 20272989-MC(10) 100 1,797,646 0.36755461 (3) SC/NTL(PT)/INV/IO April 15, 20272989-MD(10) 100 486,225 0.38854140 (3) SC/NTL(PT)/INV/IO October 15, 20312989-MG(10) 100 7,932,089 0.35318420 (3) SC/NTL(PT)/INV/IO June 15, 20342989-UC(11) 100 4,262,581 0.35492288 (3) SC/NTL(PT)/INV/IO May 15, 20292989-UD(11) 100 4,024,607 0.36578027 (3) SC/NTL(PT)/INV/IO April 15, 20292989-UE(11) 100 2,787,666 0.40924761 (3) SC/NTL(PT)/INV/IO April 15, 20293567-IH 20.99999662 732,596 0.90702494 6.5 NTL(GMC/SEQ)/FIX/IO August 15, 2019

8 3514-AK(1)(12) 77.6624030970 23,132,777 0.66535498 (3) SC/PT/SUP/W/IO/PO/DLY May 15, 2037

(1) MACR Class.(2) This Class is backed by 1395-F (a TAC/FLT Class) and 1395-S (a NTL(TAC)/INV/IO Class).(3) See the applicable Multiclass Asset Offering Circular.(4) This Class is backed by Gold MACS, Series 212.(5) This Class is backed by Gold MACS, Series 219.(6) This Class is backed by Gold MACS, Series 218.(7) This Class is backed by Gold MACS, Series 213.(8) This Class is backed by 2424-SM, 2452-SE and 2460-SE (NTL(PT)/INV/IO Classes) and 2448-SX and 2448-SY (NTL(SEQ)/INV/IO

Classes).(9) This Class is backed by 2449-SL, 2567-SJ, 2141-SH, 2413-SG and 2394-SX (NTL(PT)/INV/IO Classes), 2322-BS (a NTL(SEQ)/INV/IO

Class) and 2499-SI (an SC/NTL(PT)/INV/IO Class). 2499-SI is backed by 2398-SA (a PT/INV Class).(10) This Class is backed by 2141-SB, 2526-SV, 2470-SB, 2369-SU, 2826-ST and 2810-ST (NTL(PT)/INV/IO Classes).(11) This Class is backed by 2477-S, 2476-SK, 2526-SM, 2143-SG and 2141-SD (NTL(PT)/INV/IO Classes).(12) This Class is backed by Gold MACS, Series 231, Gold MACS, Series 235 and various REMIC and MACR Certificates. See the applicable

Multiclass Asset Offering Circular.

The Assets

The Group 1, 3 and 4 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:



1 $606,061,219 15 4.0%3 115,000,000 20 4.04 134,500,194 30 5.0


Group Class




ClassCoupon


2 3200-AY(1) 3.0304166667% $18,182,500 1.00000000 5.5% SEQ/FIX August 15, 2036

7

1930-SO(2) 100 308,124 0.01337362 (3) SC/NTL(PT)/INV/IO October 15, 20222362-SA 100 2,313,100 0.07015555 (3) NTL(PT)/INV/IO September 15, 20312416-SY(4) 100 3,112,109 0.03421624 (3) NTL(PT)/INV/IO May 15, 20312471-YT(5) 100 6,439,418 0.06439418 (3) NTL(PT)/INV/IO March 15, 20322476-SL(6) 100 5,628,726 0.07504968 (3) NTL(PT)/INV/IO February 15, 20322477-SJ(7) 100 3,591,006 0.06466476 (3) NTL(PT)/INV/IO June 15, 20312477-SK(7) 100 3,591,006 0.06466476 (3) NTL(PT)/INV/IO June 15, 20312504-SU(5) 100 5,576,321 0.06551995 (3) NTL(PT)/INV/IO March 15, 20322504-SV(5) 100 5,576,321 0.06551995 (3) NTL(PT)/INV/IO March 15, 20322649-IA 100 7,518,682 0.19115295 6.0 NTL(PT)/FIX/IO July 15, 20232956-ST(8) 100 13,722,303 0.30725035 (3) SC/NTL(PT)/INV/IO June 15, 20322989-GA(9) 100 627,832 0.34554371 (3) SC/NTL(PT)/INV/IO January 15, 20322989-GC(9) 100 3,653,413 0.38092725 (3) SC/NTL(PT)/INV/IO April 15, 20292989-GD(9) 100 947,992 0.38470030 (3) SC/NTL(PT)/INV/IO January 15, 20292989-GE(9) 100 2,075,891 0.36452355 (3) SC/NTL(PT)/INV/IO August 15, 20282989-GH(9) 100 1,790,648 0.39508805 (3) SC/NTL(PT)/INV/IO December 15, 20312989-GV(9) 100 629,776 0.29581795 (3) SC/NTL(PT)/INV/IO January 15, 20322989-MA(10) 100 2,007,494 0.38407565 (3) SC/NTL(PT)/INV/IO April 15, 20292989-MB(10) 100 737,476 0.36755445 (3) SC/NTL(PT)/INV/IO April 15, 20272989-MC(10) 100 1,797,646 0.36755461 (3) SC/NTL(PT)/INV/IO April 15, 20272989-MD(10) 100 486,225 0.38854140 (3) SC/NTL(PT)/INV/IO October 15, 20312989-MG(10) 100 7,932,089 0.35318420 (3) SC/NTL(PT)/INV/IO June 15, 20342989-UC(11) 100 4,262,581 0.35492288 (3) SC/NTL(PT)/INV/IO May 15, 20292989-UD(11) 100 4,024,607 0.36578027 (3) SC/NTL(PT)/INV/IO April 15, 20292989-UE(11) 100 2,787,666 0.40924761 (3) SC/NTL(PT)/INV/IO April 15, 20293567-IH 20.99999662 732,596 0.90702494 6.5 NTL(GMC/SEQ)/FIX/IO August 15, 2019

��

8 3514-AK(1)(12) 77.6624030970 23,132,777 0.66535498 (3) SC/PT/SUP/W/IO/PO/DLY May 15, 2037

(1) MACR Class.(2) This Class is backed by 1395-F (a TAC/FLT Class) and 1395-S (a NTL(TAC)/INV/IO Class).(3) See the applicable Multiclass Asset Offering Circular.(4) This Class is backed by Gold MACS, Series 212.(5) This Class is backed by Gold MACS, Series 219.(6) This Class is backed by Gold MACS, Series 218.(7) This Class is backed by Gold MACS, Series 213.(8) This Class is backed by 2424-SM, 2452-SE and 2460-SE (NTL(PT)/INV/IO Classes) and 2448-SX and 2448-SY (NTL(SEQ)/INV/IO

Classes).(9) This Class is backed by 2449-SL, 2567-SJ, 2141-SH, 2413-SG and 2394-SX (NTL(PT)/INV/IO Classes), 2322-BS (a NTL(SEQ)/INV/IO

Class) and 2499-SI (an SC/NTL(PT)/INV/IO Class). 2499-SI is backed by 2398-SA (a PT/INV Class).(10) This Class is backed by 2141-SB, 2526-SV, 2470-SB, 2369-SU, 2826-ST and 2810-ST (NTL(PT)/INV/IO Classes).(11) This Class is backed by 2477-S, 2476-SK, 2526-SM, 2143-SG and 2141-SD (NTL(PT)/INV/IO Classes).(12) This Class is backed by Gold MACS, Series 231, Gold MACS, Series 235 and various REMIC and MACR Certificates. See the applicable

Multiclass Asset Offering Circular.

III-10

The Group 5 and 6 Assets (the “Strip Assets”) consist of Interest Only and Principal Only StrippedGiant Certificates from various Series of our Gold MACS (Modifiable And Combinable Securities).These Assets have the following characteristics:

Group Series ClassBalance inthis Series Class Coupon Interest Type Final Payment Date

5211 PO $76,793,650 0.0% PO July 15, 2029213 PO 557,707 0.0 PO June 15, 2031216 PO 1,350,556 0.0 PO December 15, 2031

6

197 IO 16,636,398 6.0 FIX/IO April 15, 2028199 IO 391,140 6.5 FIX/IO August 15, 2028201 IO 572,309 6.0 FIX/IO January 15, 2029204 IO 6,975,316 6.0 FIX/IO May 15, 2029215 IO 25,786 8.0 FIX/IO June 15, 2031217 IO 153,178 6.5 FIX/IO January 15, 2032223 IO 26,423,388 5.5 FIX/IO December 15, 2032224 IO 5,146,959 6.0 FIX/IO March 15, 2033244 IO 7,386,066 5.5 FIX/IO December 15, 2036


See General Information — Structure of Transaction and the applicable Multiclass Asset OfferingCirculars.


Mortgage Characteristics (as of January 1, 2010)




Loan Age(in months)



of Related PCs

1 $606,061,219 176 3 4.445% 4.0%3 115,000,000 229 9 4.670 4.04 134,500,194 304 48 5.713 5.0

The Group 5 and 6 Assets (the “Strip Assets”) consist of Interest Only and Principal Only StrippedGiant Certificates from various Series of our Gold MACS (Modifiable And Combinable Securities).These Assets have the following characteristics:

Group Series ClassBalance inthis Series Class Coupon Interest Type Final Payment Date

5211 PO $76,793,650 0.0% PO July 15, 2029213 PO 557,707 0.0 PO June 15, 2031216 PO 1,350,556 0.0 PO December 15, 2031

��

6

197 IO 16,636,398 6.0 FIX/IO April 15, 2028199 IO 391,140 6.5 FIX/IO August 15, 2028201 IO 572,309 6.0 FIX/IO January 15, 2029204 IO 6,975,316 6.0 FIX/IO May 15, 2029215 IO 25,786 8.0 FIX/IO June 15, 2031217 IO 153,178 6.5 FIX/IO January 15, 2032223 IO 26,423,388 5.5 FIX/IO December 15, 2032224 IO 5,146,959 6.0 FIX/IO March 15, 2033244 IO 7,386,066 5.5 FIX/IO December 15, 2036

��


See General Information — Structure of Transaction and the applicable Multiclass Asset OfferingCirculars.






Loan Age(in months)



of Related PCs

1 $606,061,219 176 3 4.445% 4.0%3 115,000,000 229 9 4.670 4.04 134,500,194 304 48 5.713 5.0

III-11


Group Series




(in months)


Interest Rate


of Related PCs

2 3200 304 49 6.102% 5.5%

7

1930/1395 131 211 8.552 8.02362 137 198 9.149 8.5

2416/Gold MACS 212 237 106 6.737 6.02504/2471/Gold MACS 219 248 96 6.495 6.0

2476/Gold MACS 218 249 97 6.490 6.02477/Gold MACS 213 237 105 6.638 6.0

2649 150 84 6.442 6.02956/2424 252 96 6.916 6.5

2956/2452/2448/Gold MACS 220 249 98 6.939 6.52956/2460/Gold MACS 222 255 93 6.907 6.5

2989 (GA)/2449/Gold MACS 217 252 97 6.875 6.52989 (GC)/2141/Gold MACS 202 212 132 6.981 6.52989 (GD)/2413/Gold MACS 200 209 133 7.001 6.52989 (GE)/2322/Gold MACS 199 204 139 7.088 6.5

2989 (GV)/2499/2398 251 98 6.750 6.52989 (GH)/2394 248 98 6.750 6.5

2989 (MA)/2141(PCs) 199 144 7.529 7.02989 (MA)/2141/Gold MACS 184 175 167 7.538 7.02989 (MB)/2526/Gold MACS 183 184 156 7.625 7.0

2989 (MC)/2470/Gold MACS 183/(PCs) 184 156 7.625 7.02989 (MD)/2369 183 157 7.589 7.02989 (MG)/2810 246 103 7.418 7.0

2989 (UC)/2526/Gold MACS 204 213 130 6.717 6.02989 (UD)/2143/Gold MACS 201 206 134 6.695 6.0

2989 (UE)/2141 203 136 6.698 6.03567 210 132 7.056 6.5

8

3514/2911(FT) 289 62 5.543 5.03514/2911(MF) 268 78 5.418 5.03514/2917/2519 259 87 6.111 5.53514/2917/2527 259 87 6.112 5.5

3514/3008 287 64 5.927 5.53514/3010 294 57 5.945 5.53514/3035 288 63 5.903 5.53514/3040 288 63 5.912 5.53514/3117 302 51 5.621 5.0

3514/2545(BI) 261 85 5.934 5.53514/2545(GI) 261 85 5.888 5.5

3514/2586 264 83 5.886 5.53514/2588 262 83 5.769 5.53514/2594 264 82 5.917 5.53514/2626 266 80 5.574 5.0

3514/3115/2620 265 80 5.829 5.53514/3115/2621 267 80 5.871 5.53514/3115/2673 271 77 5.865 5.53514/3115/2686 273 76 5.934 5.53514/3115/2693 272 77 5.942 5.5

3514/3115/2845/2522 261 86 5.983 5.53514/3115/2845/2553 259 85 5.822 5.53514/3115/2845/2698 267 75 5.895 5.5

3514/3115/2952 291 59 5.865 5.53514/3115/2956 292 60 5.909 5.53514/3115/2972 295 59 5.905 5.5



Group Series




(in months)


Interest Rate


of Related PCs

2 3200 304 49 6.102% 5.5%

7

1930/1395 131 211 8.552 8.02362 137 198 9.149 8.5

2416/Gold MACS 212 237 106 6.737 6.02504/2471/Gold MACS 219 248 96 6.495 6.0


2649 150 84 6.442 6.02956/2424 252 96 6.916 6.5

2956/2452/2448/Gold MACS 220 249 98 6.939 6.52956/2460/Gold MACS 222 255 93 6.907 6.5

2989 (GA)/2449/Gold MACS 217 252 97 6.875 6.52989 (GC)/2141/Gold MACS 202 212 132 6.981 6.52989 (GD)/2413/Gold MACS 200 209 133 7.001 6.52989 (GE)/2322/Gold MACS 199 204 139 7.088 6.5

2989 (GV)/2499/2398 251 98 6.750 6.52989 (GH)/2394 248 98 6.750 6.5

2989 (MA)/2141(PCs) 199 144 7.529 7.02989 (MA)/2141/Gold MACS 184 175 167 7.538 7.02989 (MB)/2526/Gold MACS 183 184 156 7.625 7.0

2989 (MC)/2470/Gold MACS 183/(PCs) 184 156 7.625 7.02989 (MD)/2369 183 157 7.589 7.02989 (MG)/2810 246 103 7.418 7.0

2989 (UC)/2526/Gold MACS 204 213 130 6.717 6.02989 (UD)/2143/Gold MACS 201 206 134 6.695 6.0

2989 (UE)/2141 203 136 6.698 6.03567 210 132 7.056 6.5

��

8

3514/2911(FT) 289 62 5.543 5.03514/2911(MF) 268 78 5.418 5.03514/2917/2519 259 87 6.111 5.53514/2917/2527 259 87 6.112 5.5

3514/3008 287 64 5.927 5.53514/3010 294 57 5.945 5.53514/3035 288 63 5.903 5.53514/3040 288 63 5.912 5.53514/3117 302 51 5.621 5.0

3514/2545(BI) 261 85 5.934 5.53514/2545(GI) 261 85 5.888 5.5

3514/2586 264 83 5.886 5.53514/2588 262 83 5.769 5.53514/2594 264 82 5.917 5.53514/2626 266 80 5.574 5.0

3514/3115/2620 265 80 5.829 5.53514/3115/2621 267 80 5.871 5.53514/3115/2673 271 77 5.865 5.53514/3115/2686 273 76 5.934 5.53514/3115/2693 272 77 5.942 5.5

3514/3115/2845/2522 261 86 5.983 5.53514/3115/2845/2553 259 85 5.822 5.53514/3115/2845/2698 267 75 5.895 5.5

3514/3115/2952 291 59 5.865 5.53514/3115/2956 292 60 5.909 5.53514/3115/2972 295 59 5.905 5.5


��

III-12

Strip Assets — Mortgage Characteristics

Group Series




(in months)


Interest Rate


Related PCs

5211 209 133 6.572% 6.0%213 237 105 6.638 6.0216 248 98 6.529 6.0

6

197 195 142 6.718 6.0199 204 139 7.088 6.5201 206 134 6.695 6.0204 213 130 6.717 6.0215 230 114 8.572 8.0217 252 97 6.875 6.5223 260 86 6.038 5.5224 263 86 6.407 6.0244 315 39 6.193 5.5



Strip Assets — Mortgage Characteristics

Group Series




(in months)


Interest Rate


Related PCs

5211 209 133 6.572% 6.0%213 237 105 6.638 6.0216 248 98 6.529 6.0

��

6

197 195 142 6.718 6.0199 204 139 7.088 6.5201 206 134 6.695 6.0204 213 130 6.717 6.0215 230 114 8.572 8.0217 252 97 6.875 6.5223 260 86 6.038 5.5224 263 86 6.407 6.0244 315 39 6.193 5.5

��



III-13



$1,143,568,654



Offering Terms: The underwriter named below is offering the Classes in negotiated transactions at varyingprices; we have agreed to purchase all of BA

Closing Date: January 29, 2010REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 1AB . . . . . . . . . . . . . . . . . . . . . . . . . $150,000,000 SEQ 4.0% FIX 31398W4G6 April 15, 2023IB . . . . . . . . . . . . . . . . . . . . . . . . . 31,838,632 NTL(SEQ) 4.0 FIX/IO 31398W6N9 January 15, 2025OB . . . . . . . . . . . . . . . . . . . . . . . . . 31,838,632 SEQ 0.0 PO 31398WA79 January 15, 2025Group 2AA . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 SUP/RTL 5.0 FIX 31398W4F8 September 15, 2039BB . . . . . . . . . . . . . . . . . . . . . . . . . 4,088,000 SUP/RTL 5.0 FIX 31398W4Q4 December 15, 2039CC . . . . . . . . . . . . . . . . . . . . . . . . . 2,550,000 SUP/RTL 5.0 FIX 31398W4X9 January 15, 2040IE . . . . . . . . . . . . . . . . . . . . . . . . . 22,692,000 NTL(PAC I) 5.0 FIX/IO 31398W6P4 January 15, 2040LA . . . . . . . . . . . . . . . . . . . . . . . . . 13,876,000 PAC II 5.0 FIX 31398W7C2 January 15, 2040MA . . . . . . . . . . . . . . . . . . . . . . . . . 59,526,000 PAC I 5.0 FIX 31398W7D0 February 15, 2030MB . . . . . . . . . . . . . . . . . . . . . . . . . 12,946,000 PAC I 5.0 FIX 31398W7E8 March 15, 2032MC . . . . . . . . . . . . . . . . . . . . . . . . . 28,206,000 PAC I 5.0 FIX 31398W7F5 December 15, 2035MD . . . . . . . . . . . . . . . . . . . . . . . . . 20,115,000 PAC I 5.0 FIX 31398W7G3 January 15, 2038OE . . . . . . . . . . . . . . . . . . . . . . . . . 22,692,000 PAC I 0.0 PO 31398WA87 January 15, 2040UA . . . . . . . . . . . . . . . . . . . . . . . . . 11,001,000 SUP 5.0 FIX 31398WAN4 September 15, 2039Group 3AV . . . . . . . . . . . . . . . . . . . . . . . . . 44,549,000 SC/SEQ 5.5 FIX 31398W4L5 October 15, 2020AZ . . . . . . . . . . . . . . . . . . . . . . . . . 55,451,000 SC/SEQ 5.5 FIX/Z 31398W4N1 August 15, 2036DM . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 SC/SEQ 5.5 FIX 31398W5L4 August 15, 2036IN . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 SC/NTL(SEQ) 5.5 FIX/IO 31398W6Q2 August 15, 2036ON . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 SC/SEQ 0.0 PO 31398WA95 August 15, 2036Group 4BI . . . . . . . . . . . . . . . . . . . . . . . . . 81,058,000 NTL(SEQ) 5.0 FIX/IO 31398W4R2 January 15, 2040BO . . . . . . . . . . . . . . . . . . . . . . . . . 81,058,000 SEQ 0.0 PO 31398W4S0 January 15, 2040DA . . . . . . . . . . . . . . . . . . . . . . . . . 395,740,000 SEQ 4.5 FIX 31398W5H3 November 15, 2037DI . . . . . . . . . . . . . . . . . . . . . . . . . 39,574,000 NTL(SEQ) 5.0 FIX/IO 31398W5K6 November 15, 2037Group 5AF . . . . . . . . . . . . . . . . . . . . . . . . . 53,996,314 PT (2) FLT/W/DLY 31398W4H4 June 15, 2037AS . . . . . . . . . . . . . . . . . . . . . . . . . 53,996,314 NTL(PT) (2) INV/W/IO/DLY 31398W4K7 June 15, 2037Group 6FA . . . . . . . . . . . . . . . . . . . . . . . . . 28,285,708 PT (2) FLT 31398W6B5 May 15, 2036Group 7EA . . . . . . . . . . . . . . . . . . . . . . . . . 42,100,000 SEQ 5.0 FIX 31398W5Q3 June 15, 2037EB . . . . . . . . . . . . . . . . . . . . . . . . . 10,550,000 SEQ 5.0 FIX 31398W5R1 January 15, 2040ResidualR . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 31398WAA2 January 15, 2040RS . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 31398WAC8 January 15, 2040



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.

Barclays CapitalJanuary 4, 2010

Exhibit IV — Series 3626 Front Cover, Terms Sheet and MACR Table

IV-1

TERMS SHEET



Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in March 2010 for the Group 5 Classes and February 2010 for the other Classes.

Form of Classes

Regular (non-Retail) and MACR Classes: Book-entry on Fed System

Retail Classes: Book-entry on DTC System; issued and paid in $1,000 Retail Class Units


Interest

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

The following Classes are Principal Only Classes and do not bear interest:Group Class

1 OB2 OE3 ON4 BO

The following Floating Rate Class bears interest as shown in the following table. The initialClass Coupon applies only to the first Accrual Period. We determine LIBOR using the BBA Method.

ClassInitial Class


FA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88313% LIBOR + 0.65% 0.65% 7.25%

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 will vary frommonth to month, as the related Mortgages reduce at different rates, as the weighted average interest rate ofthe Group 5 Assets varies and as the level of LIBOR varies. As used in the table, “WAC” means theweighted average interest rate of the Group 5 Assets for the related Payment Date and “LIBOR” meansone-month LIBOR. We determine LIBOR using the BBA Method.

ClassInitial Class

Coupon Class Coupon FormulaMinimum Class

Coupon

AF* . . . . . . . . . . . 0.83094% The lesser of (a) WAC and (b) LIBOR + 0.6% 0.6%AS* . . . . . . . . . . . 5.1951383246 (a) WAC minus (b) LIBOR + 0.6% 0.0

* Delay Class.


IV-2

Notional Classes


Group 1IB $31,838,632 OB (SEQ)

Group 2CI* $ 5,178,400 MB (PAC I)HI* 48,317,200 MA, MB, MC and MD, as a whole (PAC I)IE 22,692,000 OE (PAC I)KI* 40,271,200 MA, MB and MC, as a whole (PAC I)MI* 35,715,600 MA (PAC I)TI* 8,046,000 MD (PAC I)YI* 11,282,400 MC (PAC I)

Group 3IN $30,000,000 ON (SC/SEQ)IV* 12,149,727 AV (SC/SEQ)

Group 4BI $81,058,000 BO (SEQ)DI 39,574,000 DA (SEQ)

Group 5AS $53,996,314 Group 5 Assets

Group 7EI* $16,840,000 EA (SEQ)

* MACR Class.


MACR Classes



Principal

REMIC Classes


Group 1

• The Group 1 Asset Principal Amount to AB and OB, in that order, until retiredSequentialPay

Group 2


1. To MA, MB, MC, MD and OE, in that order, until reduced to their Aggregate TargetedBalance

Type I PAC

2. To LA, until reduced to its Targeted BalanceType II PAC

Notional Classes


Group 1IB $31,838,632 OB (SEQ)

Group 2CI* $ 5,178,400 MB (PAC I)HI* 48,317,200 MA, MB, MC and MD, as a whole (PAC I)IE 22,692,000 OE (PAC I)KI* 40,271,200 MA, MB and MC, as a whole (PAC I)MI* 35,715,600 MA (PAC I)TI* 8,046,000 MD (PAC I)YI* 11,282,400 MC (PAC I)

Group 3IN $30,000,000 ON (SC/SEQ)IV* 12,149,727 AV (SC/SEQ)

Group 4BI $81,058,000 BO (SEQ)DI 39,574,000 DA (SEQ)

Group 5AS $53,996,314 Group 5 Assets

Group 7EI* $16,840,000 EA (SEQ)

* MACR Class.


MACR Classes



Principal

REMIC Classes


Group 1

• The Group 1 Asset Principal Amount to AB and OB, in that order, until retired��

SequentialPay

Group 2


1. To MA, MB, MC, MD and OE, in that order, until reduced to their Aggregate TargetedBalance

��

Type I PAC

2. To LA, until reduced to its Targeted Balance��Type II PAC

IV-3

3. To AA and UA, pro rata, until retired

4. To BB and CC, in that order, until retiredSupport

5. To LA, until retiredType II PAC

6. To MA, MB, MC, MD and OE, in that order, until retiredType I PAC

Group 3

• The Accrual Amount to AV, until retired, and then to AZSC/SequentialPay andAccrual

• 1/3 of the Group 3 Asset Principal Amount to DM and ON, in that order, until retired

• 2/3 of the Group 3 Asset Principal Amount to AV and AZ, in that order, until retired

SC/SequentialPay

Group 4

• The Group 4 Asset Principal Amount to DA and BO, in that order, until retiredSequentialPay

Group 5

• The Group 5 Asset Principal Amount to AF, until retiredPass-Through

Group 6

• The Group 6 Asset Principal Amount to FA, until retiredPass-Through

Group 7

• The Group 7 Asset Principal Amount to EA and EB, in that order, until retiredSequentialPay


Structuring Range



MACR Classes


Retail Classes

AA, BB and CC are Retail Classes. If you own a Retail Class, you will receive principal paymentsin $1,000 Retail Class Units, as described in Appendix IV to the Offering Circular.

See Prepayment and Yield Analysis — Prepayment and Weighted Average Life Considerations —Retail Classes.

3. To AA and UA, pro rata, until retired

4. To BB and CC, in that order, until retired

��

Support

5. To LA, until retired��Type II PAC

6. To MA, MB, MC, MD and OE, in that order, until retired��Type I PAC

Group 3

• The Accrual Amount to AV, until retired, and then to AZ��

SC/SequentialPay andAccrual

• 1/3 of the Group 3 Asset Principal Amount to DM and ON, in that order, until retired

• 2/3 of the Group 3 Asset Principal Amount to AV and AZ, in that order, until retired

��

SC/SequentialPay

Group 4

• The Group 4 Asset Principal Amount to DA and BO, in that order, until retired��

SequentialPay

Group 5

• The Group 5 Asset Principal Amount to AF, until retired��

Pass-Through

Group 6

• The Group 6 Asset Principal Amount to FA, until retired��

Pass-Through

Group 7

• The Group 7 Asset Principal Amount to EA and EB, in that order, until retired��

SequentialPay


Structuring Range



MACR Classes


Retail Classes

AA, BB and CC are Retail Classes. If you own a Retail Class, you will receive principal paymentsin $1,000 Retail Class Units, as described in Appendix IV to the Offering Circular.

See Prepayment and Yield Analysis — Prepayment and Weighted Average Life Considerations —Retail Classes.

IV-4

REMIC Status



Group 1


AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 5.0 3.9 3.1 2.7BA, IB and OB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 12.7 11.2 9.7 8.3Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 6.4 5.2 4.3 3.6

Group 2


AA** and UA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.4 20.9 12.2 2.4 1.2AP, BP, CP, DP, MA, MG, MH, MI, MJ, MK, ML,

MN, MP and MQ . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 3.0 3.0 3.0 2.4BB** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.7 27.8 25.2 4.8 2.0CA, CB, CD, CE, CG, CH, CI, CJ, CK and MB . . . 17.8 6.0 6.0 6.0 3.7CC** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.9 29.2 28.3 5.4 2.1HA, HB, HC, HD, HE, HG, HI, HJ, HK and HL . . . 15.5 5.8 5.8 5.8 3.7IE, ME and OE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.2 17.2 17.2 17.2 9.6KA, KB, KC, KD, KE, KG, KH, KI, KJ and KL . . . 14.0 4.8 4.8 4.8 3.2LA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.6 12.9 6.0 4.6 2.2MC, YA, YB, YC, YD, YE, YG, YH, YI and YJ . . 20.5 8.0 8.0 8.0 4.6MD, TA, TB, TC, TD, TE, TG, TH, TI and TJ . . . . 23.2 11.0 11.0 11.0 6.0Group 2 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2 11.1 9.0 6.4 3.7

Group 3


AV, BV, CV, DV and IV . . . . . . . . . . . . . . . . . . . . . . 5.9 5.9 5.2 4.3 3.5AY and Group 3 Assets. . . . . . . . . . . . . . . . . . . . . . . 22.8 17.4 12.3 8.9 6.8AZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.8 17.4 13.1 10.0 7.9DM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1 13.5 8.3 5.8 4.3DN, IN and ON . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.0 20.1 14.9 11.0 8.4

Group 4


BI, BO and DB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.9 20.7 15.8 10.4 7.2DA and DI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4 7.0 4.2 2.5 1.7Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2 9.3 6.2 3.8 2.6


** The weighted average lives for each Retail Class apply to that Class as a whole. The weighted average lives of RetailClass Units will vary among different investors.

IV-5

Group 5

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

AF, AS and Group 5 Assets . . . . . . . . . . . . . . . . . . . . . . 17.0 7.5 5.5 3.4 2.8

Group 6


FA and Group 6 Assets. . . . . . . . . . . . . . . . . . . . . . . 16.0 9.5 6.3 4.5 3.4

Group 7


EA, EC, ED, EG, EH, EI, EJ, EK, EL and EM . . . . 18.1 6.2 3.8 2.3 1.6EB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.7 18.2 14.1 9.5 6.7Group 7 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2 8.6 5.9 3.7 2.6

The Assets

The Group 1, 2, 4 and 7 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:



1 $181,838,632 15 4.0%2 200,000,000 30 5.04 476,798,000 30 5.07 52,650,000 30 5.0

The Group 5 Assets (the “ARM Assets”) consist of Freddie Mac ARM Giant PCs with thefollowing characteristics and with the Pool Numbers shown in Appendix C:

Principal BalanceOriginal Term

(in years)

$53,996,314 30

The ARM Assets are backed by 30-year, adjustable rate mortgages (“ARMs”). The ARMs havefixed interest rates for their first three or five years, after which their interest rates and monthly paymentamounts will adjust semi-annually or annually based on Six-Month LIBOR or One-Year LIBOR, in eachcase as determined under the terms of the ARMs (“Six-Month LIBOR” or “One-Year LIBOR”), plus aspecified percentage, or margin. The interest rates can increase or decrease up to 5% or 6% on their initialadjustment date and can increase or decrease up to 1% or 2% on each adjustment date thereafter, subjectin each case to a lifetime ceiling, generally of approximately 5% or 6% above their initial fixed rate.Approximately 56.80% of the Group 5 Assets are backed by Initial Interest Mortgages that requirepayments of accrued interest (but do not require payments of principal) for up to five or ten yearsfollowing origination. See General Information — The Mortgages.

IV-6

The Group 3 Assets (the “Multiclass Assets”) consist of:

Class




ClassCoupon


3200-AY* 25% $150,000,000 1.00000000 5.5% SEQ/FIX August 15, 2036

* MACR Class.

The Group 6 Assets (the “Strip Assets”) consists of Stripped Giant Certificates from Series 237 ofour Gold MACS (Modifiable And Combinable Securities). These Assets have the followingcharacteristics:

ClassBalance inThis Series Class Coupon Interest Type Final Payment Date

F14 $28,285,708 * PT/FLT May 15, 2036IO 1,285,714 5.5% NTL(PT)/FIX/IO May 15, 2036

* LIBOR + 0.4%, subject to a minimum rate of 0.4% and a maximum rate of 7.0%.

The Assets of this Series also include a $999.99 Retail Rounding Account which we will use forpayments on the Retail Classes as described in Appendix IV to the Offering Circular.


See General Information — Structure of Transaction and Exhibit I.






Loan Age(in months)



of Related PCs

1 $181,838,632 176 3 4.450% 4.0%2 200,000,000 357 1 5.400 5.04 476,798,000 302 50 5.680 5.07 52,650,000 270 76 5.401 5.0

ARM Assets — Mortgage Characteristics

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

Multiclass and Strip Assets — Mortgage Characteristics

Group Series




(in months)


Interest Rate


of Related PCs

3

3200 (Group 3) 311 43 6.166% 5.5%3200 (Group 4) 295 58 6.020 5.53200 (Group 5) 306 48 6.125 5.53200 (Group 6) 308 44 6.061 5.5

6 237 307 46 6.026 5.5



The Group 3 Assets (the “Multiclass Assets”) consist of:

Class




ClassCoupon


3200-AY* 25% $150,000,000 1.00000000 5.5% SEQ/FIX August 15, 2036

* MACR Class.

The Group 6 Assets (the “Strip Assets”) consists of Stripped Giant Certificates from Series 237 ofour Gold MACS (Modifiable And Combinable Securities). These Assets have the followingcharacteristics:

ClassBalance inThis Series Class Coupon Interest Type Final Payment Date

F14 $28,285,708 * PT/FLT May 15, 2036IO 1,285,714 5.5% NTL(PT)/FIX/IO May 15, 2036

* LIBOR + 0.4%, subject to a minimum rate of 0.4% and a maximum rate of 7.0%.

The Assets of this Series also include a $999.99 Retail Rounding Account which we will use forpayments on the Retail Classes as described in Appendix IV to the Offering Circular.


See General Information — Structure of Transaction and Exhibit I.






Loan Age(in months)



of Related PCs

1 $181,838,632 176 3 4.450% 4.0%2 200,000,000 357 1 5.400 5.04 476,798,000 302 50 5.680 5.07 52,650,000 270 76 5.401 5.0

ARM Assets — Mortgage Characteristics

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

Multiclass and Strip Assets — Mortgage Characteristics

Group Series




(in months)


Interest Rate


of Related PCs

3

3200 (Group 3) 311 43 6.166% 5.5%3200 (Group 4) 295 58 6.020 5.53200 (Group 5) 306 48 6.125 5.53200 (Group 6) 308 44 6.061 5.5

��

6 237 307 46 6.026 5.5



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IV-10

Offering Circular Supplement(To Offering CircularDated June 1, 2010)

$124,327,170



Offering Terms: The underwriter named below is offering the Classes in negotiated transactions at varyingprices

Closing Date: May 30, 2014

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1) CUSIP Number Final Payment Date

Group 1BN . . . . . . . . . . . . . . . . . . . $11,839,000 PAC II 3.5% FIX 3137BA Y 6 3 January 15, 2044BO . . . . . . . . . . . . . . . . . . . 61,578,000 PAC I 0.0 PO 3137BA Y 7 1 December 15, 2043BY . . . . . . . . . . . . . . . . . . . 2,167,000 PAC 4.0 FIX 3137BAYA4 May 15, 2044IB . . . . . . . . . . . . . . . . . . . 33,157,384 NTL(PAC I) (2) FLT/IO 3137BA Y J 5 December 15, 2043IP . . . . . . . . . . . . . . . . . . . 9,177,125 NTL(PAC) 4.0 FIX/IO 3137BAYK2 January 15, 2044SB . . . . . . . . . . . . . . . . . . . 33,157,384 NTL(PAC I) (2) INV/IO 3137BAYN6 December 15, 2043ZA . . . . . . . . . . . . . . . . . . . 10,000,000 SUP 4.0 FIX/Z 3137BAYQ9 May 15, 2044Group 2AI . . . . . . . . . . . . . . . . . . . 4,250,000 NTL(SEQ) 3.0 FIX/IO 3137BAXV9 November 15, 2033CA . . . . . . . . . . . . . . . . . . . 8,500,000 SEQ 1.5 FIX 3137BAYB2 November 15, 2033DA . . . . . . . . . . . . . . . . . . . 26,974,700 SEQ 2.5 FIX 3137BAYE6 March 15, 2033DI . . . . . . . . . . . . . . . . . . . 4,495,783 NTL(SEQ) 3.0 FIX/IO 3137BA Y F3 March 15, 2033DY . . . . . . . . . . . . . . . . . . . 1,776,170 SEQ 3.0 FIX 3137BAYG1 May 15, 2034YD . . . . . . . . . . . . . . . . . . . 1,492,300 SEQ 3.0 FIX 3137BA Y P1 November 15, 2033ResidualR . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137BAYL0 May 15, 2044RS . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137BAYM8 May 15, 2044





Deutsche Bank Securities

April 28, 2014

Exhibit V — Series 4342 Front Cover, Terms Sheet and MACR Table

V-1

TERMS SHEET



Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in June 2014.

Form of Classes



Interest


BO 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 ICEMethod, as described under Payments — Interest — Floating Rate and Inverse Floating Rate Classes.

ClassInitial Class

Coupon Class Coupon FormulaClass Coupon Subject to

Minimum Rate Maximum Rate

FB* . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% LIBOR + 0.3% 0.3% 6.5%IB . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45 LIBOR + 0.3% 0.3 6.5SB . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 6.2% � LIBOR 0 6.2

* MACR Class.


V-2

Notional Classes


Group 1BI* $53,880,749 BO (PAC I)IB 33,157,384 BO (PAC I)IP 9,177,125 BN and BO, as a whole (PAC)SB 33,157,384 BO (PAC I)

Group 2AI $ 4,250,000 CA (SEQ)

CI*⎧⎪⎨⎪⎩

$ 4,250,0004,495,783

CA (SEQ)DA (SEQ)

$ 8,745,783

DI $ 4,495,783 DA (SEQ)

* MACR Class.


MACR Classes



Principal

REMIC Classes


Group 1

• The Accrual Amount and the Group 1 Asset Principal Amount in the following order ofpriority:

1. To the PAC, Type I PAC and Type II PAC Classes, until reduced to theirAggregate Targeted Balance, allocated as follows:

Type I PAC ⎧⎨⎩ a. To BO, until reduced to its Targeted Balance

Type II PAC ⎧⎨⎩ b. To BN, while outstanding

Type I PAC ⎧⎨⎩ c. To BO, while outstanding

PAC ⎧⎨⎩ d. To BY, while outstanding

V-3

Support ⎧⎨⎩ 2. To ZA, until retired

PAC,Type I PACandType II PAC

⎧⎨⎩

3. To the PAC, Type I PAC and Type II PAC Classes, as described in step 1 above,but without regard to their Aggregate Targeted Balance, until retired

Group 2

SequentialPay

⎧⎪⎪⎪⎪⎨⎪⎪⎪⎪⎩


1. Concurrently:

a. 22.993480672% to CA, until retired

b. 77.006519328% to DA and YD, in that order, until retired

2. To DY, until retired


Structuring Range

PAC, Type I PAC and Type II PAC (Aggregate) . . . . . . . . . . . . . 175% PSA - 275% PSAType I PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115% PSA - 294% PSA


MACR Classes


REMIC Status

We will form an Upper-Tier REMIC Pool and a Lower-Tier REMIC Pool for this Series. We willelect to treat each REMIC Pool as a REMIC under the Code. R and RS will be “Residual Classes”and the other Classes shown on the front cover will be “Regular Classes.” The Residual Classes willbe subject to transfer restrictions. See Certain Federal Income Tax Consequences in this Supplementand the Offering Circular.

V-4



0% 115% 220% 294% 500% 700%

BA, BC, BD, BE, BG, BI, BK, BM, BO, BP,BW, FB, IB and SB . . . . . . . . . . . . . . . . . . 13.6 6.0 6.0 6.0 4.1 3.1

BN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.6 11.8 4.8 3.3 1.9 1.5BY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.2 21.6 21.6 20.7 13.2 9.4IP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 6.9 5.8 5.6 3.7 2.9ZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7 20.9 11.1 2.1 1.0 0.8Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . 19.6 10.1 6.8 5.5 3.6 2.8


0% 100% 120% 250% 400%

AI and CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4 6.6 6.2 4.1 2.8CI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 6.4 5.9 3.9 2.7CY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4 16.6 16.3 13.4 10.1DA and DI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 6.1 5.7 3.7 2.5DY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.7 17.4 17.2 15.0 11.7YD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1 15.7 15.2 11.6 8.2Group 2 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 7.1 6.7 4.6 3.2


The Assets

The “Assets” consist of Freddie Mac PCs with the following characteristics:



1* $85,584,000 30 4.0%2 38,743,170 20 3.0


See General Information — Structure of Transaction.


Assumed Mortgage Characteristics (as of May 1, 2014)



Loan Age(in months)



of Related PCs

1 $85,584,000 357 2 4.59% 4.0%2 38,743,170 219 18 3.56 3.0



V-5

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V-7

Offering Circular Supplement(To Offering CircularDated August 1, 2014)

$352,406,798


Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix AOffering Terms: The underwriter named below is offering the Classes in negotiated transactions at varying

prices; it is expected that we will purchase certain of the Group 1 ClassesClosing Date: September 30, 2014

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber Final Payment Date

Group 1IO . . . . . . . . . . . . . . . . . . $ 87,523,773 NTL(PT) 5.0% FIX/IO 3137BDE69 September 15, 2044PA . . . . . . . . . . . . . . . . . . 176,769,000 PAC 3.0 FIX 3137BDFV3 September 15, 2044PL . . . . . . . . . . . . . . . . . . 587,000 PAC 3.0 FIX 3137BDG75 September 15, 2044ZA . . . . . . . . . . . . . . . . . . 41,453,434 SUP 3.0 FIX/Z 3137BDGL4 September 15, 2044Group 2MA . . . . . . . . . . . . . . . . . . 66,962,000 PAC 3.0 FIX 3137BDEP7 July 15, 2044MF . . . . . . . . . . . . . . . . . . 33,491,638 PT (2) FLT 3137BDEU6 September 15, 2044ML . . . . . . . . . . . . . . . . . . 1,016,000 PAC 3.0 FIX 3137BD F 2 7 September 15, 2044MS . . . . . . . . . . . . . . . . . . 33,491,638 NTL(PT) (2) INV/IO 3137BD F 7 6 September 15, 2044MZ . . . . . . . . . . . . . . . . . . 15,751,098 SUP 3.0 FIX/Z 3137BDFB7 September 15, 2044Group 3WF . . . . . . . . . . . . . . . . . . 16,376,628 SC/PT (2) FLT 3137BDGJ9 August 15, 2042WS . . . . . . . . . . . . . . . . . . 16,376,628 SC/NTL(PT) (2) INV/IO 3137BDGK6 August 15, 2042Group 4IJ . . . . . . . . . . . . . . . . . . 27,961,223 SC/NTL(PT) 4.0 FIX/IO 3137BDE51 March 15, 2040ResidualR . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137BDGF7 September 15, 2044





August 26, 2014

Exhibit VI — Series 4388 Front Cover and Terms Sheet

VI-1

TERMS SHEET



Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in October 2014.

Form of Classes


Residual Class: Certificated

Interest


The following Classes are Principal Only MACR Classes and do not bear interest:Group Class

1 LO, NO and PO2 MO

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. As used in this table, “LIBOR”means one-month LIBOR. We determine LIBOR using the ICE Method.

ClassInitial Class

Coupon Class Coupon FormulaClass Coupon Subject to

Minimum Rate Maximum Rate

Group 2MF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.552% LIBOR + 0.4% 0.4% 6.5%MS . . . . . . . . . . . . . . . . . . . . . . . . . . 5.948 6.1% � LIBOR 0 6.1Group 3WF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.652 LIBOR + 0.5% 0.5 6.5WS . . . . . . . . . . . . . . . . . . . . . . . . . . 5.848 6.0% � LIBOR 0 6.0


VI-2

Notional Classes


Group 1IO $ 87,523,773 Group 1 AssetsLI* 352,200 PL (PAC)NI* 106,413,600 PA and PL, as a whole (PAC)PI* 106,061,400 PA (PAC)

Group 2MI* $ 50,221,500 MA (PAC)MS 33,491,638 MF (PT)

Group 3WS $ 16,376,628 WF (SC/PT)

Group 4IJ $ 27,961,223 Group 4 Assets

* MACR Class.


MACR Classes



Principal

REMIC Classes


Group 1

• The ZA Accrual Amount and the Group 1 Asset Principal Amount in the following orderof priority:

PAC ⎧⎨⎩ 1. To PA and PL, in that order, until reduced to their Aggregate Targeted Balance

Support ⎧⎨⎩ 2. To ZA, until retired

PAC ⎧⎨⎩ 3. To PA and PL, in that order, until retired

VI-3

Group 2

Pass-Through ⎧⎨⎩• 28.5714278402% of the Group 2 Asset Principal Amount to MF, until retired

• The MZ Accrual Amount and 71.4285721598% of the Group 2 Asset Principal Amountin the following order of priority:

PAC ⎧⎨⎩ 1. To MA and ML, in that order, until reduced to their Aggregate Targeted Balance

Support ⎧⎨⎩ 2. To MZ, until retired

PAC ⎧⎨⎩ 3. To MA and ML, in that order, until retired

Group 3

SC/Pass-Through ⎧⎨⎩• The Group 3 Asset Principal Amount to WF, until retired

The “Aggregate Targeted Balances” are in Appendix B. They were calculated using thefollowing Structuring Ranges. The Group 1 and Group 2 PAC schedules in Appendix B are illustrative,as discussed below.

Structuring Range

Group 1PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200% PSA - 385% PSA

Group 2PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250% PSA - 450% PSA

We will prepare the actual Group 1 and Group 2 PAC schedules on or before the Closing Dateusing, among other things:

• The related Structuring Ranges shown above.

• The assumption that as of September 1, 2014, each Mortgage underlying the Group 1 orGroup 2 Assets, as applicable, has a remaining term to maturity equal to the weightedaverage remaining term to maturity, a loan age equal to the weighted average loan age, andan interest rate equal to the weighted average interest rate, of all Mortgages underlying thesame PC.

The illustrative schedules in Appendix B were calculated using the Modeling Assumptions, butotherwise were calculated using the same methodology as we will use to prepare the actual schedules.


MACR Classes


VI-4

REMIC Status

We will form a Single-Tier REMIC Pool for this Series. We will elect to treat the REMIC Pool asa REMIC under the Code. R will be the “Residual Class” and the other Classes shown on the frontcover will be “Regular Classes.” The Residual Class will be subject to transfer restrictions. SeeCertain Federal Income Tax Consequences in this Supplement and the Offering Circular.



0% 200% 250% 385% 500%

IO, TP and Group 1 Assets . . . . . . . . . . . . . . . . . . . . 20.2 5.3 4.5 3.2 2.5LA, LB, LC, LD, LE, LG, LI, LJ, LK, LM, LN, LO,

LP, LQ, LW, LY and PL . . . . . . . . . . . . . . . . . . . . 24.2 16.7 16.7 16.7 15.0NA, NB, NC, ND, NE, NG, NI, NJ, NK, NL, NM, NO,

NP, NQ, NW, NY and P . . . . . . . . . . . . . . . . . . . . 15.1 3.7 3.7 3.7 3.0PA, PB, PC, PD, PE, PG, PH, PI, PJ, PK, PM, PN, PO,

PQ, PT, PW and PY . . . . . . . . . . . . . . . . . . . . . . . 15.1 3.7 3.7 3.7 2.9ZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.3 10.7 8.1 1.1 0.5


0% 250% 300% 450% 600%

MA, MB, MC, MD, ME, MG, MH, MI, MJ, MK, MN,MO, MP, MQ, MU, MW and MY . . . . . . . . . . . . . 14.4 3.9 3.9 3.9 3.1

MF, MS and Group 2 Assets . . . . . . . . . . . . . . . . . . . 19.6 5.9 5.1 3.6 2.8ML . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.8 16.3 16.3 16.3 12.2MZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.1 12.4 9.6 1.7 1.0


0% 100% 175% 300% 400%

WF, WS and Group 3 Assets . . . . . . . . . . . . . . . . . . . 18.4 11.0 8.0 5.2 3.9


0% 100% 195% 300% 400%

IJ and Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . 11.0 5.2 3.2 2.1 1.6


The Assets

The Group 1 and 2 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:



1 $218,809,434 30 5.0%2* 117,220,736 30 4.0


VI-5

The Group 3 and 4 Assets (the “Multiclass Assets”) consist of:

Group Class




ClassCoupon

Principal/Interest Type(1) Final Payment Date

3 4186-WE(2)(3) 99.0923738345% $16,376,628 1.00000000 6.5% SC/SEQ/FIX August 15, 2042

4 ⎧⎨⎩3738-IB(4) 6.1657702755 9,375,000 1.00000000 4.0 NTL(PAC I)/FIX/IO December 15, 20383759-LI 100 13,955,749 0.34618914 4.0 NTL(PAC I)/FIX/IO November 15, 20343896-PI(4) 5.2734655489 4,630,474 0.49451069 4.0 NTL(PAC)/FIX/IO March 15, 2040

(1) This Supplement contains no information as to whether there have been changes in the payment behavior of the Multiclass Assets sincewe prepared the Multiclass Asset Offering Circulars. You may obtain additional information regarding the payment behavior of theMulticlass Assets by analyzing the Class Factors for the applicable Classes in light of the payment rules described in the Multiclass AssetOffering Circulars. See Payments — Class Factors and Prepayment and Yield Analysis — Prepayment and Weighted Average LifeConsiderations — The Multiclass Assets.

(2) Backed by one or more REMIC and/or MACR Certificates. See the applicable Multiclass Offering Circular for a description of the Classand our internet website for information regarding its principal payment history.

(3) Backed by Super-Conforming Mortgages. See General Information — The Mortgages.(4) MACR Class.


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


Mortgage Characteristics (as of September 1, 2014)




Loan Age(in months)



of Related PCs

1 $218,809,434 215 133 5.432% 5.0%2 117,220,736 352 7 4.570 4.0


Group Series




(in months)


Interest Rate


of Related PCs

3 4186/4093 328 26 3.963% 3.5%

4⎧⎨⎩

3738 304 48 4.458 4.03759 304 46 4.410 4.03896 286 62 4.515 4.0

The actual characteristics of the Mortgages are likely to differ from those shown, in some casessignificantly.


VI-6

If you intend to purchase Certificates, you shouldrely only on the information in this Supplementand the Offering Circular, including theinformation in the Incorporated Documents. Wehave not authorized anyone to provide you withdifferent information.

This Supplement, the Offering Circular and theIncorporated Documents may not be correctafter their dates.

We are not offering the Certificates in anyjurisdiction that prohibits their offer.

TABLE OF CONTENTSDescription Page

Offering Circular SupplementCertain Risk Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-2Terms Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-3Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9

The Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Form of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Denominations of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . S-10Structure of Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10The Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10

Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Payment Dates; Record Dates . . . . . . . . . . . . . . . . . . . . . . . . . S-11Method of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Categories of Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Class Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-131% Clean-up Call . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Residual Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13

Prepayment and Yield Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Prepayment and Weighted Average Life Considerations . . . . . . S-15Declining Balances Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-17Yield Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-25

Final Payment Dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-26Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . S-26

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-26Regular Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-26Residual Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-26MACR Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-27

ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-27Accounting Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-27Legal Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . S-28Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-28Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-28Appendix A — Available Combinations — Series 4470 . . . . . . . . . . A-1Appendix B — Balances Schedules . . . . . . . . . . . . . . . . . . . . . . . . . B-1Exhibit I — Series 2788 Front Cover and Terms Sheet . . . . . . . . . . . I-1Exhibit II — Series 3608 Front Cover and Terms Sheet . . . . . . . . . . II-1Exhibit III — Series 3620 Front Cover and Terms Sheet . . . . . . . . . . III-1Exhibit IV — Series 3626 Front Cover, Terms Sheet and

MACR Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IV-1Exhibit V — Series 4342 Front Cover, Terms Sheet and

MACR Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V-1Exhibit VI — Series 4388 Front Cover and Terms Sheet . . . . . . . . . VI-1

Offering CircularFreddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Application of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Description of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20MACR Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Prepayment, Yield and Suitability Considerations . . . . . . . . . . . . . . 33The Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . 44ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Accounting Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Legal Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . 63Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64Increase in Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64Appendix I — Index of Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1Appendix II — Standard Definitions and Abbreviations for

Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1Appendix III — MACR Certificate Exchanges . . . . . . . . . . . . . . . . III-1Appendix IV — Retail Class Principal Payments . . . . . . . . . . . . . . . IV-1Appendix V — Interest Rate Indices . . . . . . . . . . . . . . . . . . . . . . . . V-1

$363,283,041

Freddie Mac

Multiclass Certificates,Series 4470

Wells Fargo Securities

April 22, 2015