Freddie Mac 2010 Annual Report Download - page 261

Table 19.1 — Concentration of Credit Risk — Single-Family Credit Guarantee Portfolio
Percentage of
Portfolio
(2)
Serious
Delinquency
Rate
(3)
Percentage of
Portfolio
(2)
Serious
Delinquency
Rate
(3)
December 31,
2010
December 31,
2009
December 31, 2010 December 31, 2009 Percent of Credit Losses
(1)
Year Ended
Year of Origination
2010 . . . . . . . . . . . . . ....................... 18% 0.1% —% —% —% —%
2009 . . . . . . . . . . . . . ....................... 21 0.3 23 0.1 — —
2008 . . . . . . . . . . . . . ....................... 9 4.9 12 3.4 7 5
2007 . . . . . . . . . . . . . ....................... 11 11.6 14 10.5 34 36
2006 . . . . . . . . . . . . . ....................... 9 10.5 11 9.4 30 35
2005 . . . . . . . . . . . . . ....................... 10 6.0 12 5.2 20 15
2004 and prior . . . . . . ....................... 22 2.5 28 2.2 9 9
Total . . . . . . . . . . . ....................... 100% 3.8% 100% 4.0% 100% 100%
By Region
(4)
West.................................... 27% 4.7% 27% 5.3% 48% 53%
Northeast . . . . . . . . . . ....................... 25 3.2 25 3.0 8 8
North Central . . . . . . . ....................... 18 3.1 18 3.2 15 15
Southeast . . . . . . . . . . ....................... 18 5.6 18 5.6 25 20
Southwest . . . . . . . . . ....................... 12 2.1 12 2.2 4 4
Total . . . . . . . . . . . ....................... 100% 3.8% 100% 4.0% 100% 100%
State
California . . . . . . . . . . ....................... 16% 4.9% 15% 5.8% 26% 32%
Florida . . . . . . . . . . . . ....................... 6 10.5 6 10.3 19 15
Arizona . . . . . . . . . . . ....................... 3 6.1 3 7.3 11 11
Nevada .................................. 1 11.9 1 11.4 6 6
Michigan . . . . . . . . . . ....................... 3 3.0 3 3.7 5 6
Illinois . . . . . . . . . . . . ....................... 5 4.6 5 4.4 5 3
Georgia . . . . . . . . . . . ....................... 3 4.1 3 4.4 3 3
All other . . . . . . . . . . ....................... 63 N/A 64 N/A 25 24
Total . . . . . . . . . . . ....................... 100% 3.8% 100% 4.0% 100% 100%
(1) Credit losses consist of the aggregate amount of charge-offs, net of recoveries, and REO operations expense in each of the respective periods and
exclude forgone interest on non-performing loans and other market-based losses recognized on our consolidated statements of operations.
(2) Based on the UPB of our single-family credit guarantee portfolio, which includes unsecuritized single-family mortgage loans held by us on our
consolidated balance sheets and those underlying Freddie Mac mortgage-related securities, or covered by our other guarantee commitments.
(3) Serious delinquencies on mortgage loans underlying certain REMICs and Other Structured Securities, Other Guarantee Transactions, and other guarantee
commitments may be reported on a different schedule due to variances in industry practice.
(4) Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA,
WV); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); Southwest (AR, CO, KS, LA,
MO, NE, NM, OK, TX, WY).
We primarily invest in and securitize single-family mortgage loans. However, we also invest in and guarantee
multifamily mortgage loans, which totaled $108.7 billion and $101.3 billion in UPB as of December 31, 2010 and 2009,
respectively.
Table 19.2 summarizes the concentration of multifamily mortgages in our multifamily mortgage portfolio by certain
attributes. Information presented for multifamily mortgage loans includes certain categories based on loan or borrower
characteristics present at origination. The table includes a presentation of each category in isolation. A single loan may fall
within more than one category (for example, a non-credit enhanced loan may also have an original LTV ratio greater than
80%).
258 Freddie Mac