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Management's Discussion and Analysis Risk Management | SF Credit Risk
Freddie Mac 2015 Form 10-K 105
collateral, leading to concentrations of credit risk in certain geographic areas.
The following table presents certain geographic concentrations in our single-family credit guarantee
portfolio. The states presented below had the largest number of seriously delinquent loans as of
December 31, 2015. See Note 13 for additional information on the concentration of credit risk in our
single-family credit guarantee portfolio.
As of December 31, 2015 Full Year
2015
Credit
Losses
As of December 31, 2014 Full Year
2014
Credit
Losses
As of December 31, 2013 Full Year
2013
Credit
Losses
(dollars in
millions)
SDQ
Loan
Count % of SDQ
Loans SDQ
Rate
SDQ
Loan
Count % of SDQ
Loans SDQ
Rate
SDQ
Loan
Count % of SDQ
Loans SDQ
Rate
Florida 14,070 10% 2.16% $ 867 25,656 13% 3.92% $ 1,079 42,948 17% 6.44% $ 1,374
New York 13,981 10 2.94% 568 19,462 10 4.06% 170 21,459 8 4.41% 48
New Jersey 11,978 9 3.90% 702 16,960 85.49% 244 19,306 8 6.20% 115
Illinois 8,841 6 1.62% 388 11,902 62.17% 403 15,521 6 2.79% 625
California 7,669 5 0.60% 219 11,386 60.92% 201 15,620 6 1.30% 594
All Others 83,182 60 1.12% 2,036 112,700 57 1.52% 1,822 137,907 55 1.85% 2,032
Total 139,721 100% 1.32% $ 4,780 198,066 100% 1.88% $ 3,919 252,761 100% 2.39% $ 4,788
The following table presents our single-family charge-offs and recoveries in each geographic region. See
"Single-Family Credit Guarantee Portfolio" in Note 13 for a description of these regions.
Year Ended December 31,
2015 2014 2013
(in millions)
Charge-
offs,
gross Recoveries
Charge-
offs,
net
Charge-
offs,
gross Recoveries
Charge-
offs,
net
Charge-
offs,
gross Recoveries
Charge-
offs,
net
Northeast $ 2,093 $ (207) $ 1,886 $ 1,138 $ (238) $ 900 $ 1,357 $ (656) $ 701
Southeast 1,294 (204) 1,090 1,703 (393) 1,310 3,015 (1,331) 1,684
North Central 869 (149) 720 1,018 (259) 759 1,870 (810) 1,060
West 701 (105) 596 875 (283) 592 2,589 (1,271) 1,318
Southwest 206 (52) 154 238 (85) 153 394 (245) 149
Total $ 5,163 $ (717) $ 4,446 $ 4,972 $ (1,258) $ 3,714 $ 9,225 $ (4,313) $ 4,912