Freddie Mac 2009 Annual Report Download - page 185

Table 79 presents the distribution of underlying mortgage assets for our PCs, Structured Securities and other mortgage-
related guarantees.
Table 79 — Issued Guaranteed PCs and Structured Securities
(1)
2009 2008 2007
December 31,
(in millions)
Single-family:
Conventional:
40-year amortizing fixed-rate ............................................... $ 1,601 $ 1,894 $ 1,762
30-year amortizing fixed-rate ............................................... 1,319,224 1,214,871 1,089,450
20-year amortizing fixed-rate ............................................... 57,977 67,215 72,225
15-year amortizing fixed-rate ............................................... 243,011 246,089 272,490
ARMs/adjustable-rate ..................................................... 61,548 80,771 91,219
Option ARMs
(2)
........................................................ 1,388 1,551 1,853
Interest-only
(3)
......................................................... 130,867 159,645 159,028
Balloon/resets . . . ....................................................... 5,266 10,967 17,242
Conforming jumbo
(4)
..................................................... 1,629 2,475 —
HFA bonds
(5)
............................................................ 802 — —
FHA/VA . . . . ........................................................... 1,178 1,310 1,283
USDA Rural Development and other federally guaranteed loans . . ....................... 165 118 132
Total single-family
(6)
.................................................... 1,824,656 1,786,906 1,706,684
Multifamily:
Conventional and other ..................................................... 14,263 14,829 10,658
HFA bonds
(7)
............................................................ 14 — —
Total multifamily ...................................................... 14,277 14,829 10,658
Structured Securities backed by non-Freddie Mac mortgage-related securities:
HFA bonds
(8)
—
Single-family . . . ....................................................... 3,113 — —
Multifamily ........................................................... 391 — —
Total HFA bonds ...................................................... 3,504 — —
Ginnie Mae Certificates
(9)
................................................... 949 1,089 1,268
Structured Transactions
(10)
................................................... 26,496 24,414 20,223
Total Structured Securities backed by non-Freddie Mac mortgage-related securities . . . . . . . . . 30,949 25,503 21,491
Total guaranteed PCs and Structured Securities . . . .................................... $1,869,882 $1,827,238 $1,738,833
(1) Based on unpaid principal balances and excludes mortgage-related securities traded, but not yet settled. Also includes long-term standby commitments
for mortgage assets held by third parties that require that we purchase loans from lenders when these loans meet certain delinquency criteria.
(2) Excludes option ARM mortgage loans that back our Structured Transactions. See endnote (9) for additional information.
(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) Consists principally of loans purchased in excess of $417,000 during 2008. 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.”
(5) Excludes $2.5 billion of single-family commitments under the HFA initiative that had not settled as of December 31, 2009.
(6) There were $25.1 billion of super-conforming mortgages underlying our guaranteed PCs and Structured Securities as of December 31, 2009. The
super-conforming mortgages underlying our guaranteed PCs and Structured Securities 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.”
(7) Excludes $0.6 billion of multifamily commitments under the HFA initiative that had not settled as of December 31, 2009.
(8) Excludes $3.1 billion and $1.0 billion of single-family and multifamily commitments, respectively, under the HFA initiative that had not settledasof
December 31, 2009.
(9) Ginnie Mae Certificates that underlie the Structured Securities are backed by FHA/VA loans.
(10) Represents Structured Securities backed by non-agency securities that include prime, FHA/VA and subprime mortgage loans, but excludes those
backed by HFA bonds shown separately above. Includes $9.6 billion, $10.8 billion and $12.8 billion of securities backed by option ARM mortgage
loans at December 31, 2009, 2008 and 2007, respectively.
182 Freddie Mac