Freddie Mac 2012 Annual Report Download - page 238

Table 3.1 — Assets and Liabilities of Consolidated VIEs
Consolidated Balance Sheets Line Item December 31, 2012 December 31, 2011
(in millions)
Cash and cash equivalents ............................................................ $ 1 $ 2
Restricted cash and cash equivalents ..................................................... 14,289 27,675
Federal funds sold and securities purchased under agreements to resell ............................ 19,250 —
Mortgage loans held-for-investment by consolidated trusts ..................................... 1,495,932 1,564,131
Accrued interest receivable ........................................................... 5,426 6,242
Real estate owned, net ............................................................... 45 60
Other assets ...................................................................... 7,986 6,083
Total assets of consolidated VIEs ..................................................... $1,542,929 $1,604,193
Accrued interest payable ............................................................. $ 5,142 $ 5,943
Debt securities of consolidated trusts held by third parties ..................................... 1,419,524 1,471,437
Other liabilities .................................................................... 1 3
Total liabilities of consolidated VIEs .................................................. $1,424,667 $1,477,383
VIEs for which We are not the Primary Beneficiary
The table below represents the carrying amounts and classification of the assets and liabilities recorded on our
consolidated balance sheets related to our variable interests in non-consolidated VIEs, as well as our maximum exposure to
loss as a result of our involvement with these VIEs. Our involvement with VIEs for which we are not the primary beneficiary
generally takes one of two forms: (a) purchasing an investment in these entities; or (b) providing a guarantee to these entities.
Our maximum exposure to loss for those VIEs in which we have purchased an investment is calculated as the maximum
potential charge that we would recognize in earnings if that investment were to become worthless. This amount does not
include other-than-temporary impairments or other write-downs that we previously recognized through earnings. Our
maximum exposure to loss for those VIEs for which we have provided a guarantee represents the contractual amounts that
could be lost under the guarantees if counterparties or borrowers defaulted, without consideration of possible recoveries
under credit enhancement arrangements. We do not believe the maximum exposure to loss disclosed in the table below is
representative of the actual loss we are likely to incur, based on our historical loss experience and after consideration of
proceeds from related collateral liquidation, including possible recoveries under credit enhancement arrangements.
233 Freddie Mac