Freddie Mac 2010 Annual Report Download - page 128

Table 45 provides attributes of our multifamily mortgage portfolio at December 31, 2010 and 2009.
Table 45 — Multifamily Mortgage Portfolio — by Attribute
2010 2009 2010 2009
UPB at December 31,
Delinquency Rate
(2)
at
December 31,
Original LTV Ratio
(1)
(dollars in billions)
Below 75% . . ......................................... $ 72.0 $ 65.0 0.08% 0.07%
75%to80% .......................................... 29.9 29.5 0.24 0.15
Above 80% . . ......................................... 6.8 6.8 2.30 1.63
Total .............................................. $108.7 $101.3 0.26% 0.20%
Weighted average LTV ratio at origination . ..................... 70% 70%
Geographic Distribution
California . . . ......................................... $ 19.4 $ 18.2 0.06% —%
Texas ............................................... 12.8 11.7 0.52 0.26
NewYork............................................ 9.2 9.0 — —
Florida .............................................. 6.4 5.6 0.56 0.42
Virginia ............................................. 5.6 5.6 — —
Georgia ............................................. 5.5 5.3 0.98 0.65
All other States ........................................ 49.8 45.9 0.24 0.24
Total .............................................. $108.7 $101.3 0.26% 0.20%
Maturity Dates
2010. ............................................... N/A $ 1.8 N/A 0.21%
2011. ............................................... $ 2.3 3.5 0.97% —
2012. ............................................... 4.1 4.4 0.82 0.14
2013. ............................................... 6.8 7.4 — —
2014. ............................................... 8.5 8.8 0.02 —
Beyond 2014 . ......................................... 87.0 75.4 0.26 0.25
Total .............................................. $108.7 $101.3 0.26% 0.20%
Year of Origination
2004 and prior ......................................... $ 15.9 $ 19.4 0.31% 0.08%
2005. ............................................... 8.0 8.4 — —
2006. ............................................... 11.7 12.0 0.25 0.16
2007. ............................................... 20.8 21.3 0.97 0.63
2008. ............................................... 23.0 23.9 0.03 0.13
2009. ............................................... 15.2 16.3 — —
2010. ............................................... 14.1 N/A — N/A
Total .............................................. $108.7 $101.3 0.26% 0.20%
Current Loan Size Distribution
Above $25 million ...................................... $ 39.7 $ 36.9 0.07% —%
Above $5 million to $25 million. . . . ......................... 59.7 55.3 0.38 0.32
$5 million and below . . . . . . . . . . . ......................... 9.3 9.1 0.37 0.25
Total ............................................... $108.7 $101.3 0.26% 0.20%
Legal Structure
Unsecuritized loans . . . . . . . . . . . . ......................... $ 85.9 $ 83.9 0.11% 0.08%
Non-consolidated Freddie Mac mortgage-related securities . . . . . . . . . . . 13.1 8.2 1.30 1.61
Other guarantee commitments . . . . . ......................... 9.7 9.2 0.23 —
Total ............................................... $108.7 $101.3 0.26% 0.20%
(1) Original LTV ratios are calculated as the UPB of the mortgage, divided by the lesser of the appraised value of the property at the time of mortgage
origination or the mortgage borrower’s purchase price. Second liens not owned or guaranteed by us are excluded from the LTV ratio calculation.
(2) See “Portfolio Management — Credit Performance — Delinquencies” for more information about our delinquency rates.
Our multifamily mortgage portfolio consists of product types that are categorized based on loan terms. Multifamily
loans may be interest-only or amortizing, fixed or variable rate, or may switch between fixed and variable rate over time.
However, our multifamily loans are generally for shorter terms than single-family loans, and most have balloon maturities
ranging from five to ten years. Amortizing loans reduce our credit exposure over time because the UPB declines with each
mortgage payment. Fixed-rate loans may also create less risk for us because the borrower’s payments are determined at
origination, and, therefore, the risk that the monthly mortgage payment could increase if interest rates rise as with a variable-
rate mortgage is eliminated. As of December 31, 2010 and 2009, approximately 85% and 86%, respectively, of the
multifamily loans on our consolidated balance sheets had fixed interest rates while the remaining loans had variable-rates.
125 Freddie Mac