Freddie Mac 2010 Annual Report Download - page 40

Freddie Mac’s securities offerings are exempted from SEC registration requirements. As a result, we are not required to
and do not file registration statements or prospectuses with the SEC with respect to our securities offerings. To comply with
the disclosure requirements of Form 8-K relating to the incurrence of material financial obligations, we report our incurrence
of these types of obligations either in offering circulars (or supplements thereto) that we post on our website or in a current
report on Form 8-K, in accordance with a “no-action” letter we received from the SEC staff. In cases where the information
is disclosed in an offering circular posted on our website, the document will be posted on our website within the same time
period that a prospectus for a non-exempt securities offering would be required to be filed with the SEC.
The website address for disclosure about our debt securities is www.freddiemac.com/debt. From this address, investors
can access the offering circular and related supplements for debt securities offerings under Freddie Mac’s global debt facility,
including pricing supplements for individual issuances of debt securities.
Disclosure about our off-balance sheet obligations pursuant to some of the mortgage-related securities we issue can be
found at www.freddiemac.com/mbs. From this address, investors can access information and documents about our mortgage-
related securities, including offering circulars and related offering circular supplements.
Forward-Looking Statements
We regularly communicate information concerning our business activities to investors, the news media, securities
analysts and others as part of our normal operations. Some of these communications, including this Form 10-K, contain
“forward-looking statements,” including statements pertaining to the conservatorship, our current expectations and objectives
for our efforts under the MHA Program and other programs to assist the U.S. residential mortgage market, future business
plans, liquidity, capital management, economic and market conditions and trends, market share, the effect of legislative and
regulatory developments, implementation of new accounting standards, credit losses, internal control remediation efforts, and
results of operations and financial condition on a GAAP, Segment Earnings, and fair value basis. Forward-looking statements
are often accompanied by, and identified with, terms such as “objective,” “expect,” “trend,” “forecast,” “anticipate,”
“believe,” “intend,” “could,” “future,” and similar phrases. These statements are not historical facts, but rather represent our
expectations based on current information, plans, judgments, assumptions, estimates, and projections. Forward-looking
statements involve known and unknown risks and uncertainties, some of which are beyond our control. Actual results may
differ significantly from those described in or implied by such forward-looking statements due to various factors and
uncertainties, including those described in the “RISK FACTORS” section of this Form 10-K and:
• the actions FHFA, Treasury, the Federal Reserve, the Obama Administration, Congress, and our management may
take;
• the impact of the restrictions and other terms of the conservatorship, the Purchase Agreement, the senior preferred
stock, and the warrant on our business, including our ability to pay the dividend on the senior preferred stock;
• our ability to maintain adequate liquidity to fund our operations, including following changes in any support provided
to us by Treasury or FHFA;
• changes in our charter or applicable legislative or regulatory requirements, including any restructuring or
reorganization in the form of our company, including whether we will remain a stockholder-owned company or
continue to exist and whether we will be wound down or placed under receivership, regulations under the GSE Act,
the Reform Act, or the Dodd-Frank Act, changes to affordable housing goals regulation, reinstatement of regulatory
capital requirements, or the exercise or assertion of additional regulatory or administrative authority;
• changes in the regulation of the mortgage and financial services industries, including changes caused by the Dodd-
Frank Act, or any other legislative, regulatory, or judicial action at the federal or state level;
• the extent to which borrowers participate in the MHA Program and other initiatives designed to help in the housing
recovery and the impact of such programs on our credit losses, expenses, and the size and composition of our
mortgage-related investments portfolio;
• the impact of any deficiencies in foreclosure documentation practices and related delays in the foreclosure process;
• the ability of our financial, accounting, data processing, and other operating systems or infrastructure, and those of our
vendors to process the complexity and volume of our transactions;
• changes in accounting or tax standards or in our accounting policies or estimates, and our ability to effectively
implement any such changes in standards, policies, or estimates;
• changes in general regional, national, or international economic, business, or market conditions and competitive
pressures, including changes in employment rates and interest rates, and changes in the federal government’s fiscal
and monetary policy;
• changes in the U.S. residential mortgage market, including changes in the rate of growth in total outstanding U.S.
residential mortgage debt, the size of the U.S. residential mortgage market, and home prices;
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