Freddie Mac 2011 Annual Report Download - page 244

The table below presents the recorded investment of our single-family and multifamily mortgage loans, held-for-
investment, by payment status.
Table 5.2 — Payment Status of Mortgage Loans
(1)
Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure Total Non-accrual
December 31, 2011
(in millions)
Single-family —
20 and 30-year or more, amortizing fixed-rate
(2)
. . . . . . . $1,191,809 $24,964 $ 9,006 $46,707 $1,272,486 $46,600
15-year amortizing fixed-rate
(2)
. . . . . . . . . . . . . . . . . . 256,306 1,499 361 1,367 259,533 1,361
Adjustable-rate
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,929 724 239 1,842 66,734 1,838
Alt-A, interest-only, and option ARM
(4)
. . . . . . . . . . . . 109,967 4,617 2,172 22,502 139,258 22,473
Total single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,622,011 31,804 11,778 72,418 1,738,011 72,272
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,715 2 15 69 72,801 1,882
Total single-family and multifamily . . . . . . . . . . . . . . . . . $1,694,726 $31,806 $11,793 $72,487 $1,810,812 $74,154
Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure Total Non-accrual
December 31, 2010
(in millions)
Single-family —
20 and 30-year or more, amortizing fixed-rate
(2)
. . . . . . . $1,226,874 $26,442 $10,203 $51,604 $1,315,123 $51,507
15-year amortizing fixed-rate
(2)
. . . . . . . . . . . . . . . . . . 248,572 1,727 450 1,628 252,377 1,622
Adjustable-rate
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,205 826 335 2,308 56,674 2,303
Alt-A, interest-only, and option ARM
(4)
. . . . . . . . . . . . 137,395 5,701 3,046 28,679 174,821 28,620
Total single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,666,046 34,696 14,034 84,219 1,798,995 84,052
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,044 41 7 86 79,178 1,751
Total single-family and multifamily . . . . . . . . . . . . . . . . . $1,745,090 $34,737 $14,041 $84,305 $1,878,173 $85,803
(1) Based on recorded investment in the loan. Mortgage loans whose contractual terms have been modified under agreement with the borrower are not
counted as past due as long as the borrower is current under the modified terms. The payment status of a loan may be affected by temporary timing
differences, or lags, in the reporting of this information to us by our servicers.
(2) See endnote (3) of “Table 4.2 — Recorded Investment of Held-for-Investment Mortgage Loans, by LTV Ratio.”
(3) Includes balloon/reset mortgage loans and excludes option ARMs.
(4) See endnote (5) of “Table 4.2 — Recorded Investment of Held-for-Investment Mortgage Loans, by LTV Ratio.”
We have the option under our PC agreements to remove mortgage loans from the loan pools that underlie our PCs
under certain circumstances to resolve an existing or impending delinquency or default. Since the first quarter of 2010,
our practice generally has been to remove loans from PC trusts when the loans have been delinquent for 120 days or
more. As of December 31, 2011, there were $3.0 billion in UPB of loans underlying our PCs that were 120 days or more
delinquent, and that met our criteria for removing the loan from the consolidated trust. Generally, we remove these
delinquent loans from the PC trust, and thereby extinguish the related PC debt, at the next scheduled PC payment date,
unless the loans proceed to foreclosure transfer, complete a foreclosure alternative or are paid in full by the borrower
before such date.
When we remove mortgage loans from consolidated trusts, we reclassify the loans from mortgage loans held-for-
investment by consolidated trusts to unsecuritized mortgage loans held-for-investment and record an extinguishment of the
corresponding portion of the debt securities of the consolidated trusts. We removed $44.1 billion and $127.5 billion in
UPB of loans from PC trusts or associated with other guarantee commitments during the years ended December 31, 2011
and 2010, respectively.
239 Freddie Mac