Freddie Mac 2010 Annual Report Download - page 167

Securities.” Any changes in these estimates, assumptions, or judgments in future periods may result in the recognition of an
other-than-temporary impairment, which would result in some of this deferred tax asset not being realized and may have a
material effect on our financial position and results of operations. For more information see “NOTE 14: INCOME TAXES.”
Accounting Changes and Recently Issued Accounting Pronouncements
See “NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” and “NOTE 2: CHANGE IN
ACCOUNTING PRINCIPLES” for more information concerning our accounting policies and recently issued accounting
pronouncements, including those that we have not yet adopted and that will likely affect our consolidated financial
statements.
RISK MANAGEMENT AND DISCLOSURE COMMITMENTS
In October 2000, we announced our adoption of a series of commitments designed to enhance market discipline,
liquidity and capital. In September 2005, we entered into a written agreement with FHFA that updated these commitments and
set forth a process for implementing them. A copy of the letters between us and FHFA dated September 1, 2005 constituting
the written agreement has been filed as an exhibit to our Registration Statement on Form 10, filed with the SEC on July 18,
2008, and is available on the Investor Relations page of our website at www.freddiemac.com/investors/sec filings/index.html.
In November 2008, FHFA suspended our periodic issuance of subordinated debt disclosure commitment during the term
of conservatorship and thereafter until directed otherwise. In March 2009, FHFA suspended the remaining disclosure
commitments under the September 1, 2005 agreement until further notice, except that: (a) FHFA will continue to monitor our
adherence to the substance of the liquidity management and contingency planning commitment through normal supervision
activities; and (b) we will continue to provide interest rate risk and credit risk disclosures in our periodic public reports. For
the year ended December 31, 2010, our duration gap averaged zero months, PMVS-L averaged $338 million and PMVS-YC
averaged $23 million. Our 2010 monthly average duration gap, PMVS results and related disclosures are provided in our
Monthly Volume Summary reports, which are available on our website, www.freddiemac.com/investors/volsum and in current
reports on Form 8-K we file with the SEC. For disclosures concerning credit risk sensitivity, see “RISK MANAGEMENT —
Credit Risk — Mortgage Credit Risk — Portfolio Management Activities — Credit Risk Sensitivity.” We are providing our
website addresses solely for your information. Information appearing on our website is not incorporated into this Form 10-K.
164 Freddie Mac