Freddie Mac 2009 Annual Report Download - page 183

Table 78 summarizes purchases into our total mortgage portfolio.
Table 78 — Total Mortgage Portfolio Activity
(1)
Purchase
Amount Percent
Purchase
Amount Percent
Purchase
Amount Percent
2009 2008 2007
Year Ended December 31,
(dollars in millions)
New business purchases:
Single-family mortgage purchases:
Conventional:
40-year amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56 —% $ 627 —% $ 1,546 —%
30-year amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392,151 78 282,236 72 310,950 63
20-year amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,895 3 7,303 2 13,959 3
15-year amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,583 13 29,669 8 28,910 6
ARMs/adjustable-rate
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,808 1 11,140 3 12,465 3
Interest-only
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845 — 23,102 6 97,778 20
Balloon/resets
(4)
.............................................................. 1 — 150 — 125 —
Conforming jumbo
(5)
........................................................... 91 — 2,562 1 — —
FHA/VA
(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380 — 565 — 157 —
USDA Rural Development and other federally guaranteed loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 738 — 231 — 176 —
Total single-family
(7)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474,548 95 357,585 92 466,066 95
Multifamily:
Conventional and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,557 3 23,972 6 21,645 4
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,557 3 23,972 6 21,645 4
Total mortgage purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,105 98 381,557 98 487,711 99
Non-Freddie Mac mortgage-related securities purchased for Structured Securities and other guarantees:
Single-family:
HFA bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,915 1 — — — —
Ginnie Mae Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 — 36 — 48 —
Structured Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,705 1 8,246 2 3,231 1
Multifamily:
HFA bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 — — — — —
Structured Transactions
(8)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,980 — — — 200 —
Total Non-Freddie Mac mortgage-related securities purchased for Structured Securities . . . . . . . . . . . . . . . . . . . . . . 11,061 2 8,282 2 3,479 1
Total single-family and multifamily mortgage purchases and total non-Freddie Mac mortgage-related securities purchased for
Structured Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $502,166 100% $389,839 100% $491,190 100%
Non-Freddie Mac mortgage-related securities purchased into the mortgage-related investments portfolio:
Agency securities:
Fannie Mae:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,298 $ 49,534 $ 2,170
Variable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,697 18,519 9,863
Total Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,995 68,053 12,033
Ginnie Mae fixed-rate ............................................................ 27 8 —
Total agency mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,022 68,061 12,033
Non-agency securities:
Single-family
Single-family:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 881
Variable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 618 49,563
Total single-family ............................................................. — 618 50,444
Commercial mortgage-backed securities:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 713 3,558
Variable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 703 18,526
Total commercial mortgage-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,416 22,084
Mortgage revenue bonds:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 81 1,813
Variable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 81 1,813
Manufactured Housing:
Variable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 127
Total Manufactured Housing ....................................................... — — 127
Total non-agency mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 2,115 74,468
Total non-Freddie Mac mortgage-related securities purchased into the mortgage-related investments portfolio . . . . . . . 46,202 70,176 86,501
Total new business purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $548,368 $460,015 $577,691
Mortgage purchases with credit enhancements
(9)
.................................................. 8% 21% 21%
Mortgage liquidations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $470,206 $319,546 $298,089
Mortgage liquidations rate (annualized)
(10)
..................................................... 21% 15% 16%
Freddie Mac securities repurchased into the mortgage-related investments portfolio:
Single-family:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $176,974 $192,701 $111,976
Variable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,414 26,344 26,800
Multifamily:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 111 2,283
Total Freddie Mac securities repurchased into the mortgage-related investments portfolio . . . . . . . . . . . . . . . . . . . . . $182,388 $219,156 $141,059
(1) Based on unpaid principal balances. Excludes mortgage loans and mortgage-related securities traded but not yet settled. Also excludes net additions to the mortgage-related
investments portfolio for delinquent mortgage loans and balloon/reset mortgages purchased out of PC pools.
(2) Includes amortizing ARMs with 1-, 3-, 5-, 7- and 10-year initial fixed-rate periods. We did not purchase any option ARM loans during 2007, 2008 or 2009.
(3) Represents loans where the borrower pays interest only for a period of time before the borrower begins making principal payments. Includes both fixed and variable-rate
interest-only loans.
(4) Represents mortgages whose terms require lump sum principal payments on contractually determined future dates unless the borrower qualifies for and elects an extension of
the maturity date at an adjusted interest rate.
(5) Consists principally of loans purchased in excess of $417,000 during 2008 and 2009. For more information on conforming jumbo mortgages, see “BUSINESS — Our
Business and Statutory Mission — Our Business Segments — Single-Family Guarantee Segment — Loan and Security Purchases.”
(6) Excludes FHA/VA loans that back Structured Transactions.
(7) Includes $26.3 billion in purchases of super-conforming mortgages during 2009. The super-confirming mortgages purchased in 2009 have been allocated to the appropriate
single-family conventional classification. For more information, see “BUSINESS — Our Business and Statutory Mission — Our Business Segments — Single-Family
Guarantee Segment — Loan and Security Purchases.”
(8) Represents the securitization of previously purchased multifamily mortgage loans.
(9) Based on the total mortgage portfolio, excluding non-Freddie Mac mortgage-related securities and that portion of Structured Securities that is backed by Ginnie Mae
Certificates.
(10) Based on the total mortgage portfolio.
180 Freddie Mac