Freddie Mac 2015 Annual Report Download - page 31
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Management's Discussion and Analysis Consolidated Balance Sheets Analysis
Freddie Mac 2015 Form 10-K 29
• Debt, net increased as debt securities of consolidated trusts held by third parties rose as a result of
the increase in the acquisition and securitization of mortgage loans in 2015 due to higher volumes of
home sales and home price appreciation. This increase in debt securities of consolidated trusts held
by third parties was partially offset by declines in other debt as we continued to reduce our
indebtedness along with the decline in our mortgage-related investments portfolio.
• Total equity increased as a result of higher comprehensive income in the fourth quarter of 2015
compared to the fourth quarter of 2014 and was partially offset by dividends paid related to the $600
million decline in the Capital Reserve Amount in 2015.