Freddie Mac 2004 Annual Report Download - page 130

Product Mix. Table 60 presents the distribution of underlying mortgage assets for total PCs and
Structured Securities issued and outstanding.
Table 60 Ì Freddie Mac Issued and Outstanding PCs and Structured Securities(1)
December 31,
2004 2003
Total Issued PCs Outstanding PCs Total Issued PCs Outstanding PCs
and Structured and Structured and Structured and Structured
Securities Securities(2) Securities Securities(2)
(dollars in millions)
Freddie Mac issued PCs and Structured
Securities
Single-family:
Conventional:
30-year Ñxed-rate(3) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 689,945 $509,923 $ 649,719 $449,281
15-year Ñxed-rateÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 347,135 224,627 355,800 197,677
ARMs/Öoating-rate(4) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 102,273 59,089 81,184 39,868
Seconds(5) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 2 2
FHA/VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,350 1,340 2,098 2,058
RHS and other federal guarantee loans 178 178 164 164
Alternative collateral deals(6) ÏÏÏÏÏÏÏÏÏÏ 16,560 8,125 17,486 11,478
Balloons/resets(7) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 32,966 31,075 34,788 31,818
Structured Securities backed by Ginnie
Mae CertiÑcates(8)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,015 2,628 4,729 4,059
Total single-familyÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,193,422 836,985 1,145,970 736,405
Multifamily:
Conventional ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15,546 15,285 16,098 15,759
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,208,968 $852,270 $1,162,068 $752,164
(1) Excludes mortgage loans and mortgage-related securities traded, but not yet settled.
(2) Represents PCs and Structured Securities held by third parties.
(3) Also includes 20-year and 40-year Ñxed-rate mortgages.
(4) Includes ARMs with 1-, 3-, 5-, 7- and 10-year initial Ñxed-rate periods.
(5) Represents mortgage loans on properties that are subordinate to the superior mortgage lien.
(6) Prior to 2004, alternative collateral deals included Structured Securities backed by non-agency securities, which were primarily
backed by subprime mortgage loans; and to a lesser extent, FHA / VA loans and home equity loans. Beginning in 2004, alternative
collateral deals included Structured Securities backed by non-agency securities, which were backed by a mixture of subprime and
other (i.e., prime) mortgage loans. The alternative collateral deal portion of outstanding PCs and Structured Securities consisted of
$1,587 million and $2,572 million of Ñxed-rate, $1,165 million and $2,723 million of ARMs/Öoating rate, $5,286 million and
$6,040 million of FHA/VA, $17 million and $5 million of the Rural Housing Service and other federal guarantee loans, and
$70 million and $138 million of seconds at December 31, 2004 and 2003, respectively.
(7) Mortgages whose terms require lump sum principal payments on contractually determined future dates unless the borrower qualiÑes
for and elects an extension of the maturity date at an adjusted interest rate.
(8) Ginnie Mae CertiÑcates which underlie the Structured Securities are backed by FHA/VA loans.
Freddie Mac
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