Freddie Mac 2008 Annual Report Download - page 129
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Please find page 129 of the 2008 Freddie Mac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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RISKS — Mortgage Credit Risk” herein for detailed discussion and other information on our PCs and Structured Securities,
including Structured Transactions.
In addition to our mortgage security guarantees, during 2008 and 2007, we entered into $1.6 billion and $32.2 billion,
respectively, of long-term standby commitments for mortgage assets held by third parties that require us to purchase loans
from lenders when the loans subject to these commitments meet certain delinquency criteria. We terminated $19.9 billion of
these previously issued long-term standby commitments in 2008. The majority of the loans previously covered by these
commitments were subsequently securitized as PCs. We include these long-term standby commitments in the reported
activity and balances of our guaranteed PCs and Structured Securities portfolio. Long-term standby commitments represented
approximately 1% and 2% of the balance of our PCs and Structured Securities portfolio at December 31, 2008 and
December 31, 2007, respectively.
126 Freddie Mac