Freddie Mac 2015 Annual Report Download - page 65
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Management's Discussion and Analysis Our Business Segments | Multifamily
Freddie Mac 2015 Form 10-K 63
Multifamily Portfolio
Multifamily Portfolio as of December 31, Net Interest Yield Earned For the Year Ended
December 31,
Commentary
• Our Multifamily portfolio grew in 2015 due to an increase in the guarantee portfolio, which was
primarily attributable to our securitization of loans in K Certificate transactions. This growth was
consistent with the overall increase in multifamily mortgage debt outstanding in the U.S.
• Our portfolio of interest-earning assets continued to decline in 2015 as a result of reductions in our
unsecuritized loan and mortgage-related securities portfolios, consistent with our plans to reduce our
holdings of less liquid assets. The interest earning assets that liquidated had lower net interest yields
relative to the average portfolio, resulting in an increase in net interest yields in 2015.
• We expect a continued increase in the size of our guarantee portfolio as a result of ongoing K
Certificate transactions and a reduction in our unsecuritized loan and mortgage-related security
portfolios due to ongoing principal repayments.