Freddie Mac 2009 Annual Report Download - page 159
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Please find page 159 of the 2009 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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products without these characteristics. In addition, in years prior to 2006, as home prices increased, many borrowers used
second liens at the time of purchase to reduce the LTV ratio on first lien mortgages. A borrower who obtains a second lien
mortgage, either at the time of origination or subsequently, is more susceptible to declines in home prices, which would
reduce the equity in their home to a lower level than if there were no second lien. We obtain second lien information on
loans we purchase only if the second lien mortgage was obtained at the time of origination. As of both December 31, 2009
and 2008, approximately 14% of loans in our single-family mortgage portfolio had second lien, third-party financing at the
time of origination and we estimate that these loans comprised 21% and 25%, respectively, of our delinquent loans, based on
unpaid principal balances.
156 Freddie Mac