Freddie Mac 2011 Annual Report Download - page 131

The table below presents additional details regarding our issued and guaranteed mortgage-related securities.
Table 36 — Freddie Mac Mortgage-Related Securities by Class Type
(1)
2011 2010 2009
December 31,
(in millions)
Held by Freddie Mac:
Single-class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 125,271 $ 157,752 $ 255,171
Multiclass . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,396 105,851 119,444
Total held by Freddie Mac
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,667 263,603 374,615
Held by third parties:
Single-class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 949,301 1,020,200 1,031,869
Multiclass . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451,716 429,115 448,329
Total held by third parties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,401,017 1,449,315 1,480,198
Total Freddie Mac mortgage-related securities
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,624,684 $1,712,918 $1,854,813
(1) Based on UPB of the securities and excludes mortgage-related securities traded, but not yet settled.
(2) Beginning January 1, 2010, includes single-family single-class and certain multiclass securities held by us, which are recorded as extinguishments of
debt securities of consolidated trusts on our consolidated balance sheets. Prior to 2010, all Freddie Mac mortgage-related securities held by us were
accounted for as investments in securities on our consolidated balance sheets. See “NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES” for a discussion of our significant accounting policies related to our investments in securities and debt securities of consolidated trusts.
The table below presents issuances and extinguishments of the debt securities of our consolidated trusts during 2011
and 2010, as well as the UPB of consolidated trusts held by third parties.
Table 37 — Issuances and Extinguishments of Debt Securities of Consolidated Trusts
(1)
2011 2010
Year Ended December 31,
(in millions)
Beginning balance of debt securities of consolidated trusts held by third parties . . . . . . . . . . . . . . . . . . . . . . . . . $1,517,001 $1,564,093
Issuances to third parties of debt securities of consolidated trusts:
Issuances based on underlying mortgage product type:
30-year or more amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,951 255,101
20-year amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,250 24,293
15-year amortizing fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,917 78,316
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,675 15,869
Interest-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 845
FHA/VA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 1,429
Debt securities of consolidated trusts retained by us at issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,910) (15,725)
Net issuances of debt securities of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,195 360,128
Reissuances of debt securities of consolidated trusts previously held by us
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . 80,485 51,209
Total issuances to third parties of debt securities of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . 369,680 411,337
Extinguishments, net
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (434,205) (458,429)
Ending balance of debt securities of consolidated trusts held by third parties . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,452,476 $1,517,001
(1) Based on UPB.
(2) Represents our sales of PCs and certain Other Guarantee Transactions previously held by us.
(3) Represents: (a) UPB of our purchases from third parties of PCs and Other Guarantee Transactions issued by our consolidated trusts; (b) principal
repayments related to PCs and Other Guarantee Transactions issued by our consolidated trusts; and (c) certain remittance amounts associated with
our trust security administration that are payable to third-party mortgage-related security holders as of December 31, 2011 and 2010.
Other Liabilities
Other liabilities consist of the guarantee obligation, the reserve for guarantee losses on non-consolidated trusts and
other mortgage-related financial guarantees, servicer liabilities, accounts payable and accrued expenses, and other
miscellaneous liabilities. Other liabilities decreased to $6.0 billion as of December 31, 2011 from $8.1 billion as of
December 31, 2010 primarily because of a decrease in: (a) credit loss-related liabilities, largely due to short sale
adjustments related to accrued estimated losses on unsettled transactions; and (b) servicer advanced interest liabilities, due
to a decrease in seriously delinquent loans during the year ended December 31, 2011. See “NOTE 19: SELECTED
FINANCIAL STATEMENT LINE ITEMS” for additional information.
126 Freddie Mac