Freddie Mac 2012 Annual Report Download - page 160

The table below provides certain attributes of our multifamily mortgage portfolio at December 31, 2012 and 2011.
Table 54 — Multifamily Mortgage Portfolio — by Attribute
UPB at Delinquency Rate(1) at
December 31,
2012
December 31,
2011
December 31,
2012
December 31,
2011
(dollars in billions)
Original LTV ratio(2)
Below 75% ....................................................... $ 87.6 $ 78.8 0.04% 0.10%
75%to80% ....................................................... 34.0 30.9 0.22 0.08
Above 80% ....................................................... 5.8 6.4 2.31 2.34
Total ........................................................... $127.4 $116.1 0.19% 0.22%
Weighted average LTV ratio at origination ................................ 70% 70%
Maturity Dates
2012 ............................................................. N/A $ 3.0 N/A 1.35%
2013 ............................................................. $ 3.3 5.6 0.90% —
2014 ............................................................. 5.8 7.6 — 0.03
2015 ............................................................. 9.8 11.0 0.53 0.17
2016 ............................................................. 13.0 13.5 0.05 0.06
Beyond 2016 ...................................................... 95.5 75.4 0.17 0.25
Total ........................................................... $127.4 $116.1 0.19% 0.22%
Year of Acquisition or Guarantee(3)
2004 and prior ..................................................... $ 9.2 $ 12.4 0.35% 0.40%
2005 ............................................................. 6.5 7.2 0.17 0.20
2006 ............................................................. 9.5 10.8 — 0.25
2007 ............................................................. 17.8 19.8 0.86 0.74
2008 ............................................................. 16.6 20.6 0.30 0.09
2009 ............................................................. 12.2 13.8 — —
2010 ............................................................. 12.0 12.7 — —
2011 ............................................................. 17.0 18.8 — —
2012 ............................................................. 26.6 N/A — N/A
Total ........................................................... $127.4 $116.1 0.19% 0.22%
Current Loan Size
Above $25 million .................................................. $ 48.5 $ 42.8 0.06% 0.06%
Above $5 million to $25 million ........................................ 70.0 64.0 0.26 0.31
$5 million and below ................................................ 8.9 9.3 0.37 0.31
Total ........................................................... $127.4 $116.1 0.19% 0.22%
Legal Structure
Unsecuritized loans ................................................. $ 76.6 $ 82.3 0.08% 0.10%
Freddie Mac mortgage-related securities .................................. 41.4 24.2 0.41 0.64
Other guarantee commitments .......................................... 9.4 9.6 0.13 0.18
Total ........................................................... $127.4 $116.1 0.19% 0.22%
Credit Enhancement
Credit-enhanced .................................................... $ 47.8 $ 31.6 0.36% 0.52%
Non-credit-enhanced ................................................ 79.6 84.5 0.10 0.11
Total ........................................................... $127.4 $116.1 0.19% 0.22%
Payment Type
Interest-only ...................................................... $ 22.8 $ 24.2 0.05% 0.16%
Partial interest-only(4) ................................................ 29.8 21.4 0.05 0.22
Amortizing ....................................................... 74.8 70.5 0.30 0.25
Total .......................................................... $127.4 $116.1 0.19% 0.22%
(1) See “Delinquencies” below for more information about our multifamily delinquency rates.
(2) 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, except for refinance loans, the mortgage borrower’s purchase price. Second liens not owned or guaranteed by us are excluded in the LTV
ratio calculation. We do not permit second lien financing with third parties on our multifamily loans without our prior consent.
(3) Based on either: (a) the year of acquisition, for loans recorded on our consolidated balance sheets; or (b) the year that we issued our guarantee, for the
remaining loans in our multifamily mortgage portfolio.
(4) Represent loans that have an interest-only period and where the borrower’s payments were interest-only at the respective reporting date. Loans which
have reached the end of their interest-only period by the respective reporting date have converted to, and are classified as, amortizing loans.
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