OVERVIEW Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-DNA2's notes are unsecured general obligations of Freddie Mac linked to the credit performance of a reference pool of fully amortizing, first-lien, fixed-rate residential mortgage loans secured by one- to four-family residences, planned unit developments, condominiums, cooperatives, and manufactured housing to mostly prime borrowers. We assigned our preliminary ratings to the class M-1, M-2, M-2F, M-2I, M-3A, M-3AF, M-3AI, M-3B, and M-3 notes. The preliminary ratings reflect our view of the transaction's credit enhancement and the issuer's aggregation experience, among other factors. NEW YORK (Standard&Poor's) April 28, 2016--Standard&Poor's Ratings Services today assigned its preliminary ratings to Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-DNA2