Freddie Mac 2004 Annual Report Download - page 140
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Please find page 140 of the 2004 Freddie Mac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Our single-family portfolio distribution by origination year was aÅected by heavy reÑnance volumes in
recent years. At December 31, 2004, 84 percent of our single-family mortgage portfolio consisted of mortgage
loans originated in 2002, 2003 or 2004. Mortgage loans originated in 2001 and earlier, which represent
approximately 16 percent of our single-family mortgage portfolio, have delinquency rates that are generally
higher than the overall portfolio delinquency rate due to the natural aging of the loans and, in some instances,
to the weaker credit quality of these loans. For instance, mortgage loans originated in 2000 were generally for
purchase transactions, which, as noted earlier, typically involve more risk resulting in weaker credit quality, as
opposed to reÑnancing transactions. As a result, we have experienced higher than average early defaults and
delinquency rates on these mortgage loans originated in 2000, but they represent only one percent of the
single-family Total mortgage portfolio (excluding non-Freddie Mac mortgage-related securities and that
portion of Structured Securities that is backed by Ginnie Mae CertiÑcates).
Freddie Mac
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