FREJP Federal Home Loan Mortgage Corporation (QB)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER

REPORT PURSUANT TO SECTION 15G

OF THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________.

Date of Report (Date of earliest event reported): ___________

Commission File Number of securitizer: ___________

Central Index Key Number of securitizer: ___________

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]

[X] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).

Central Index Key Number of depositor: 0001026214

Federal Home Loan Mortgage Corporation (as issuer of the Multifamily Mortgage Participation Certificates,

Series WE5052, WE5053, WE6109, WE6110 and WE6111)

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): 0001026214

Central Index Key Number of underwriter (if applicable): ___________

Jason Griest (703) 903-2000

(Name and telephone number, including area code, of the person to contact in connection with this filing)

INFORMATION TO BE INCLUDED IN THE REPORT

PART I: REPRESENTATION AND WARRANTY INFORMATION

N/A

PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

See Report of Independent Accountants on Applying Agreed-Upon Procedures dated February 29, 2024, of Ernst & Young LLP, attached as Exhibit 99.1 to this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 99.1

		Ernst & Young LLP One Manhattan West New York, NY 10001		Tel: +1 212 773 3000 ey.com

Report of Independent Accountants on Applying Agreed-Upon Procedures

Federal Home Loan Mortgage Corporation (“Freddie Mac” or “Specified Party”)

Multifamily Mortgage Participation Certificates Series WE5052, WE5053, WE6109, WE6110 and WE6111

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Party, for the intended purpose of assisting the Specified Party in evaluating the accuracy of certain information with respect to the Mortgage Loans (as defined herein) relating to the Freddie Mac Multifamily Mortgage Participation Certificates Series WE5052, WE5053, WE6109, WE6110 and WE6111 (each, a “Certificate” and collectively, the “Certificates”) contained on the Data Files (as defined herein) (the “Subject Matter”) as of 29 February 2024. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Party identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

For the purpose of the procedures described in this report, Freddie Mac provided us with:

		Page 2 of 3

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. Freddie Mac is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics or any other information provided to us by Freddie Mac upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loans, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by Freddie Mac that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:

		Page 3 of 3

We are required to be independent of Freddie Mac and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Party and is not intended to be, and should not be, used by anyone other than the Specified Party. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as a Specified Party, but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

29 February 2024

		Attachment A Page 1 of 8

Background

For the purpose of the procedures described in this report, Freddie Mac indicated that each Certificate listed on the Data Files is a security that represents undivided beneficial ownership interests in, and derives payments from, one or more multifamily mortgages (each, a “Mortgage Loan” and collectively, the “Mortgage Loans”) that are held in trust for investors.

Procedures performed and our associated findings

We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein.

For each Mortgage Loan on the Preliminary Data File, we compared the Compared Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in copies of the Source Document(s) indicated on Exhibit 1 to Attachment A, subject only to the instructions, assumptions and methodologies described in the notes on Exhibit 1 to Attachment A and the next paragraph(s) of this Item.

The Source Document(s) that we were instructed by Freddie Mac to use for each Compared Characteristic are indicated on Exhibit 1 to Attachment A. Where more than one Source Document is listed for a Compared Characteristic, Freddie Mac instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 1 to Attachment A (except as described in the notes on Exhibit 1 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 1 to Attachment A.

Additionally, for any Mortgage Loan(s) listed in the table below, Freddie Mac provided us with the related draft Source Document(s) listed in the “Draft Source Document(s)” column of the table below.

For the purpose of the procedures described in this report, Freddie Mac instructed us to treat any “Draft Source Document(s)” listed in the table above as fully executed Source Document(s).

		Attachment A Page 2 of 8

Using information on the:

we compared each Compared Characteristic listed on Exhibit 1 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

as shown on the Final Data File, we recalculated the “Loan Term (Original)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

we recalculated the “IO Period” of each Mortgage Loan (except for any Interest Only Loan(s) or Amortizing Loan(s) (both as defined herein), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For any Interest Only Loan, Freddie Mac instructed us to use the “Loan Term (Original)” value on the Final Data File for the “IO Period” characteristic.

For any Amortizing Loan, Freddie Mac instructed us to use “0” for the “IO Period” characteristic.

		Attachment A Page 3 of 8

as shown on the Final Data File, we recalculated the “Amortization Term (Remaining)” of each Mortgage Loan (except for any Interest Only Loan(s), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For any Interest Only Loan, Freddie Mac instructed us to use “0” for the “Amortization Term (Remaining)” characteristic.

as shown on the Final Data File, we recalculated the “Loan Term (Remaining)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

as shown on the Final Data File, and the instruction(s) provided by Freddie Mac that are described in the succeeding paragraph(s) of this Item, we recalculated the principal balance as of the Cut-Off Date (the “Cut-Off Date Loan Amount”) and as of the “Maturity Date” (the “Maturity Balance”) of each Mortgage Loan, assuming all scheduled payments of principal and/or interest on the Mortgage Loan(s) are made and that there are no prepayments or other unscheduled collections. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

		Attachment A Page 4 of 8

9. (continued)

For the Ravenswood TEL Mortgage Loan (as defined herein), Freddie Mac instructed us to recalculate the “Cut-Off Date Loan Amount” and “Maturity Balance” using the information on the Ravenswood TEL Amortization Schedule (as defined herein) and the:

as shown on the Final Data File, assuming all scheduled payments of principal and/or interest on the Ravenswood TEL Mortgage Loan are made and that there are no prepayments or other unscheduled collections. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the Glen Oaks Apartments TEL Mortgage Loan (as defined herein), Freddie Mac instructed us to recalculate the “Cut-Off Date Loan Amount” and “Maturity Balance” using the information on the Glen Oaks Apartments TEL Amortization Schedule (as defined herein) and the:

as shown on the Final Data File, assuming all scheduled payments of principal and/or interest on the Glen Oaks Apartments TEL Mortgage Loan are made and that there are no prepayments or other unscheduled collections. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, Freddie Mac instructed us to:

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by Freddie Mac that are described in this Item.

		Attachment A Page 5 of 8

as shown on the Final Data File, and the applicable assumptions and calculation methodologies provided by Freddie Mac which are described in the succeeding paragraph(s) of this Item, we recalculated the:

of each Mortgage Loan (except for any Mortgage Loan in a Crossed Loan Group (as defined herein), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. For the purpose of this procedure, we were instructed by Freddie Mac to round the characteristics listed in i. through ii. above to two decimal places and the characteristics listed in iii. through iv. above to the nearest 1/10^th of one percent.

		Attachment A Page 6 of 8

11. (continued)

For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristics listed in i. through iv. above for any Mortgage Loan with the “Crossed Pool ID” characteristic matching the “PC” characteristic of any other Mortgage Loan (each such group of Mortgage Loans is a “Crossed Loan Group”), as shown on the Final Data File, by:

For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristic listed in v. above for any Crossed Loan Group by dividing the aggregate “Cut-Off Date Loan Amount” of the Mortgage Loans in the Crossed Loan Group by the aggregate “Total Units” of the Mortgage Loans in the Crossed Loan Group.

For the purpose of recalculating the characteristics listed in i. through iv. above for any Mortgage Loan listed in the “Mortgage Loan” column of Table A1, Freddie Mac instructed us to use the sum of the:

as applicable, as shown on the Final Data File, of any Mortgage Loan listed in the “Mortgage Loan” column of Table A1 and the corresponding characteristics listed in a. through d. above for the Mortgage Loan listed in the “Related First Lien Mortgage Loan” column of Table A1, as shown on the Final Data File.

For any Mortgage Loan with “N/A” for the “Monthly Debt Service Amount (IO)” characteristic, Freddie Mac instructed us to use “N/A” for the “UW NCF DSCR (IO)” characteristic.

		Attachment A Page 7 of 8

11. (continued)

Freddie Mac indicated that any Mortgage Loan listed in Table A2 has one or more related mortgage loan(s) (each, an “Additional Mortgage Loan”) that will not be an asset of any Certificate. For any Mortgage Loan listed in Table A2, Freddie Mac provided us with the applicable data source(s) for any corresponding Additional Mortgage Loan(s) listed in the “Data Source(s)” column of Table A2 (each, a “Data Source”).

For any Mortgage Loan listed in Table A2, the applicable Data Source(s) for each corresponding Additional Mortgage Loan indicate that the loan amortization type of the Additional Mortgage Loan is the same as the loan amortization type that is identified in the “Loan Amortization Type” column of Table A2 of the corresponding Mortgage Loan.

For any Mortgage Loan listed in Table A2 with “Interest Only” (an “Interest Only Mortgage Loan With Additional Debt“) or “Partial IO” identified in the “Loan Amortization Type” column of Table A2, the corresponding Additional Mortgage Loan is hereinafter referred to as an “Additional Mortgage Loan with an Interest Only Period.” For any Mortgage Loan listed in Table A2 with “Balloon” or “Fully Amortizing” identified in the “Loan Amortization Type” column of Table A2, the corresponding Additional Mortgage Loan is hereinafter referred to as an “Amortizing Additional Mortgage Loan.”

For any Additional Mortgage Loan with an Interest Only Period, Freddie Mac instructed us to use the sum of the:

for the purpose of recalculating the “UW NCF DSCR (IO)” characteristic.

For any Amortizing Additional Mortgage Loan, Freddie Mac instructed us to use “N/A” for the “UW NCF DSCR (IO)” characteristic.

For any Amortizing Additional Mortgage Loan, Freddie Mac instructed us to use the sum of the:

for the purpose of recalculating the “UW NCF DSCR” characteristic.

For any Interest Only Mortgage Loan With Additional Debt, Freddie Mac instructed us to use the “UW NCF DSCR (IO)” characteristic for the “UW NCF DSCR” characteristic.

		Attachment A Page 8 of 8

11. (continued)

For any Mortgage Loan listed in Table A2, Freddie Mac instructed us to use:

for the purpose of recalculating the “Cut-Off Date LTV” characteristic and

for the purpose of recalculating the “Maturity LTV” characteristic.

Using:

and the instructions provided by Freddie Mac that are described in the succeeding paragraph(s) of this Item, we recalculated the interest only monthly debt service amount of any Additional Mortgage Loan with an Interest Only Period (the “Additional Mortgage Loan Monthly Debt Service Amount (IO)”).

For the purpose of this procedure, Freddie Mac instructed us to recalculate the “Additional Mortgage Loan Monthly Debt Service Amount (IO)” of any Additional Mortgage Loan with an Interest Only Period as 1/12^th of the product of:

Using:

and the instructions provided by Freddie Mac that are described in the succeeding paragraph(s) of this Item, we recalculated the principal balance as of the Cut-Off Date of any Additional Mortgage Loan(s) (the “Additional Mortgage Loan Cut-Off Date Loan Amount”) and principal balance as of the maturity date of any Additional Mortgage Loan(s) (the “Additional Mortgage Loan Maturity Balance”), assuming all scheduled payments of principal and/or interest on the Additional Mortgage Loans are made and there are no prepayments or other unscheduled collections.

For the purpose of this procedure, Freddie Mac instructed us to recalculate the “Additional Mortgage Loan Maturity Balance” of any Additional Mortgage Loan as the principal amount that is scheduled to be paid on the maturity date of such Additional Mortgage Loan after the principal component (if any) that is included in the scheduled payment that is due on the maturity date is applied to the principal balance of such Additional Mortgage Loan.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by Freddie Mac that are described above.

Exhibit 1 to Attachment A

Page 1 of 11

Compared Characteristics and Source Documents

Property Information:

Third Party Information:

Exhibit 1 to Attachment A

Page 2 of 11

Multifamily Information:

Underwriting Information: (see Notes 7 and 16)

Mortgage Loan Information:

Exhibit 1 to Attachment A

Page 3 of 11

Mortgage Loan Information: (continued)

Exhibit 1 to Attachment A

Page 4 of 11

Mortgage Loan Information: (continued)

Reserve/Escrow Information: (see Note 7)

Exhibit 1 to Attachment A

Page 5 of 11

Reserve/Escrow Information: (continued)

Social Bonds Information: (see Note 2)

Exhibit 1 to Attachment A

Page 6 of 11

Notes:

Exhibit 1 to Attachment A

Page 7 of 11

Notes: (continued)

For the purpose of comparing the “Seismic Insurance if PML >=20% (Y/N)” characteristic, Freddie Mac instructed us to use “No” if:

even if the property insurance certificate Source Document indicates that earthquake insurance is in place.

For the purpose of comparing the “Seismic Insurance if PML >=20% (Y/N)” characteristic, Freddie Mac instructed us to use the property insurance certificate Source Document even if the certificate expired prior to the Cut-Off Date.

If the number of units shown in the rent roll or underwriter’s summary report Source Document, as applicable, is less than the number of units shown in the appraisal report Source Document, Freddie Mac instructed us to treat the difference between the number of units shown in the appraisal report Source Document and the number of units shown in the rent roll or underwriter’s summary report Source Document, as applicable, as vacant units for the “Occupancy %” characteristic.

Exhibit 1 to Attachment A

Page 8 of 11

Notes: (continued)

For the purpose of comparing the “First Payment Date” for any Mortgage Loan listed in Table A4, Freddie Mac instructed us to use the first payment date value on the amortization schedule shown in the applicable promissory note, project note or amended project note Source Document.

and which also has an “Accrual Basis” of “Actual/360,” as shown on the Preliminary Data File, Freddie Mac instructed us to recalculate the “Monthly Debt Service Amount (IO)” as 1/12^th of the product of:

For the purpose of comparing the “Monthly Debt Service Amount (IO)” characteristic for any Interest Only Loan or Partial IO Loan which also has an “Accrual Basis” of “30/360,” as shown on the Preliminary Data File, Freddie Mac instructed us to recalculate the “Monthly Debt Service Amount (IO)” as 1/12^th of the product of:

Exhibit 1 to Attachment A

Page 9 of 11

Notes: (continued)

10. (continued)

For any Interest Only Loan, Freddie Mac instructed us to use the “Monthly Debt Service Amount (IO),” as shown on the Preliminary Data File, for the “Monthly Debt Service Amount (Amortizing)” characteristic.

For any Mortgage Loan with “Balloon” or “Fully Amortizing” for the “Loan Amortization Type” characteristic on the Preliminary Data File (each, an “Amortizing Loan”), Freddie Mac instructed us to use “N/A” for the “Monthly Debt Service Amount (IO)” characteristic.

For the purpose of comparing the “Monthly Debt Service Amount (Amortizing)” characteristic for the Mortgage Loan identified on the Preliminary Data File as “Ravenswood TEL” (the “Ravenswood TEL Mortgage Loan”), Freddie Mac instructed us to use the fixed monthly debt service payment of “267,168.42,” commencing on “2/1/2024,” as shown on the amortization schedule in the amended project note Source Document (the “Ravenswood TEL Amortization Schedule”).

For the purpose of comparing the “Monthly Debt Service Amount (Amortizing)” characteristic for the Mortgage Loan identified on the Preliminary Data File as “Glen Oaks Apartments TEL” (the “Glen Oaks Apartments TEL Mortgage Loan”), Freddie Mac instructed us to use the fixed monthly debt service payment of “17,705.32,” commencing on “2/1/2024,” as shown on the amortization schedule in the amended project note Source Document (the “Glen Oaks Apartments TEL Amortization Schedule”).

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by Freddie Mac that are described in this note.

Exhibit 1 to Attachment A

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Notes: (continued)

as shown on the Preliminary Data File, and assume each Mortgage Loan has a fixed level monthly payment, to recalculate the “Amortization Term (Original)” characteristic.

For the purpose of comparing the “Amortization Term (Original)” characteristic for any Interest Only Loan, Freddie Mac instructed us to use “0” for the “Amortization Term (Original)” characteristic.

For the purpose of comparing the “Prepayment Provision” characteristic, Freddie Mac instructed us to ignore any prepayment related reference to “Tax Abatement Prepayment,” as shown in the applicable Source Document(s).

Exhibit 1 to Attachment A

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Notes: (continued)

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by Freddie Mac that are described in the notes above.

Exhibit 2 to Attachment A

Provided Characteristics