Freddie Mac 2009 Annual Report Download - page 180

related to securitization entities” and “NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES — Recently
Issued Accounting Standards, Not Yet Adopted Within These Consolidated Financial Statements — Accounting for Transfers
of Financial Assets and Consolidation of VIEs” to our consolidated financial statements.
OUR PORTFOLIOS
Total Mortgage Portfolio
During 2009 and 2008, our total mortgage portfolio grew at an annualized rate of 2% and 5%, respectively. Our new
business purchases consist of mortgage loans and non-Freddie Mac mortgage-related securities that are purchased for our
mortgage-related investments portfolio or serve as collateral for our issued PCs and Structured Securities. During 2009, our
purchases of fixed-rate product as a percentage of our total purchases increased while our purchases of ARMs and interest-
only products decreased. Purchase volume associated with single-family refinance-loans was approximately $379 billion for
2009, or 80% of the single-family volume during the year. Our purchase volume of single-family refinance loans was higher
in 2009 than in any year since 2003, a year in which interest rates for residential mortgages also moved sharply downward.
We began to purchase refinance mortgages originated under the Freddie Mac Relief Refinance Mortgage
SM
program in April
2009 and purchased $34.7 billion in unpaid principal balance of these loans during 2009, which is included in our total 2009
refinance purchases noted above.
177 Freddie Mac