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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Documents filed as part of this report

1. Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm .............................. F-2

Financial Statements .......................................................... F-3

Consolidated Balance Sheets as of December 31, 2009 and 2008 ......................... F-3

Consolidated Statements of Operations for the years ended December 31, 2009, 2008 and 2007 . . F-4

Consolidated Statements of Cash Flows for the years ended December 31, 2009, 2008 and

2007.................................................................... F-5

Consolidated Statements of Changes in Equity (Deficit) for the years ended December 31, 2009,

2008 and 2007 ............................................................ F-6

Notes to Consolidated Financial Statements ......................................... F-8

Note 1— Summary of Significant Accounting Policies ............................. F-8

Note 2— Consolidations .................................................... F-40

Note 3— Mortgage Loans .................................................. F-44

Note 4— Allowance for Loan Losses and Reserve for Guaranty Losses ................. F-49

Note 5— Investments in Securities ............................................ F-51

Note 6— Portfolio Securitizations ............................................. F-57

Note 7— Financial Guarantees and Master Servicing............................... F-62

Note 8— Acquired Property, Net ............................................. F-67

Note 9— Short-term Borrowings and Long-term Debt .............................. F-68

Note 10— Derivative Instruments and Hedging Activities ............................ F-72

Note 11— Income Taxes .................................................... F-79

Note 12— Loss Per Share ................................................... F-82

Note 13— Stock-Based Compensation .......................................... F-83

Note 14— Employee Retirement Benefits ........................................ F-85

Note 15— Segment Reporting . . .............................................. F-94

Note 16— Equity (Deficit) ................................................... F-99

Note 17— Regulatory Capital Requirements ...................................... F-106

Note 18— Concentrations of Credit Risk ........................................ F-108

Note 19— Fair Value ....................................................... F-113

Note 20— Commitments and Contingencies ...................................... F-125

Note 21— Selected Quarterly Financial Information (Unaudited) ....................... F-129

Note 22— Subsequent Event . . . .............................................. F-132

2. Financial Statement Schedules

None.

3. Exhibits

An index to exhibits has been filed as part of this report beginning on page E-1 and is incorporated

herein by reference.

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