Freddie Mac 2015 Annual Report Download - page 162
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Management's Discussion and Analysis Conservatorship and Related Matters
Freddie Mac 2015 Form 10-K 160
Mortgage Assets Indebtedness
Reducing Our Mortgage-Related Investments Portfolio Over Time
Our mortgage-related investments portfolio includes assets held by all three business segments and
consists of:
• Agency securities, which include both single-family and multifamily Freddie Mac mortgage-related
securities and non-Freddie Mac agency mortgage-related securities;
• Non-agency mortgage-related securities, which include single-family non-agency mortgage-related
securities, CMBS, housing revenue bonds, and other multifamily securities; and
• Single-family and multifamily unsecuritized loans.
We evaluate the liquidity of the assets in our mortgage-related investments portfolio based on three
categories (in order of liquidity):
• Liquid: single-class and multi-class agency securities, excluding certain structured agency securities
collateralized by non-agency mortgage-related securities;
• Securitization Pipeline: performing multifamily and single-family loans purchased for cash and
primarily held for a short period until securitized, with the resulting Freddie Mac issued securities
being sold or retained; and