Freddie Mac 2009 Annual Report Download - page 35

• our ability to maintain adequate liquidity to fund our operations following changes in any support provided to us by
the Federal Reserve, Treasury or FHFA;
• changes in our charter or applicable legislative or regulatory requirements, including any restructuring or
reorganization in the form of our company, including whether we will remain a stockholder-owned company and
whether we will be placed under receivership, regulations under the Reform Act, changes to affordable housing goals
regulation, reinstatement of regulatory capital requirements or the exercise or assertion of additional regulatory or
administrative authority;
• changes in the regulation of the mortgage industry, including legislative, regulatory or judicial action at the federal or
state level, including changes to bankruptcy laws or the foreclosure process in individual states;
• the extent to which borrowers participate in the MHA Program and other initiatives designed to help in the housing
recovery and the impact of such programs on our credit losses, expenses and the size of our mortgage-related
investments portfolio;
• changes in accounting or tax standards or in our accounting policies or estimates, and our ability to effectively
implement any such changes in standards, policies or estimates, such as the operational and systems changes that will
be necessary to implement the changes to the accounting standards for transfers of financial assets and consolidation
of VIEs;
• changes in general regional, national or international economic, business or market conditions and competitive
pressures, including changes in employment rates and interest rates;
• changes in the U.S. residential mortgage market, including the rate of growth in total outstanding U.S. residential
mortgage debt, the size of the U.S. residential mortgage market and changes in home prices;
• our ability to effectively implement our business strategies, including our efforts to improve the supply and liquidity
of, and demand for, our products;
• our ability to recruit and retain executive officers and other key employees;
• our ability to effectively identify and manage credit, interest-rate, operational and other risks in our business,
including changes to the credit environment and the levels and volatilities of interest rates, as well as the shape and
slope of the yield curves;
• our ability to effectively identify, assess, evaluate, manage, mitigate or remediate control deficiencies and risks,
including material weaknesses and significant deficiencies, in our internal control over financial reporting and
disclosure controls and procedures;
• incomplete or inaccurate information provided by customers and counterparties;
• consolidation among, or adverse changes in the financial condition of, our customers and counterparties or the failure
of our customers and counterparties to fulfill their obligation to us;
• the risk that we may not be able to maintain the continued listing of our common and exchange-listed issues of
preferred stock on the NYSE;
• changes in our judgments, assumptions, forecasts or estimates regarding rates of growth in our business and spreads
we expect to earn;
• the availability of options, interest-rate and currency swaps and other derivative financial instruments of the types and
quantities and with acceptable counterparties needed for investment funding and risk management purposes;
• changes in pricing, valuation or other methodologies, models, assumptions, judgments, estimates and/or other
measurement techniques or their respective reliability;
• changes in mortgage-to-debt OAS;
• volatility of reported results due to changes in the fair value of certain instruments or assets;
• preferences of originators in selling into the secondary mortgage market;
• changes to our underwriting requirements or investment standards for mortgage-related products;
• investor preferences for mortgage loans and mortgage-related and debt securities compared to other investments;
• the ability of our financial, accounting, data processing and other operating systems or infrastructure and those of our
vendors to process the complexity and volume of our transactions;
• borrower preferences for fixed-rate mortgages or adjustable-rate mortgages;
• the occurrence of a major natural or other disaster in geographic areas in which portions of our total mortgage
portfolio are concentrated;
• other factors and assumptions described in this Form 10-K, including in the “MD&A” section;
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