Freddie Mac 2015 Annual Report Download - page 68
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Management's Discussion and Analysis Our Business Segments | Multifamily
Freddie Mac 2015 Form 10-K 66
Credit Risk Transfer Activity
New K Certificate Issuances for the Year
Ended December 31,
Cumulative K Certificate Issuances as of
December 31,
Commentary
• In addition to the credit risk we transferred on the K Certificates issued in 2015, we also transferred
credit risk associated with $1.7 billion of additional loans through other securitization products, such
as small balance loan securitizations.
• More than 90% of the loans we purchased in 2015 were designated for securitization.
• We resecuritized $3.4 billion of less liquid non-agency mortgage-related securities, transferring a
portion of the credit risk to private investors.
• While we expect to use K Certificates as the primary method to transfer credit risk in 2016, we also
expect to introduce new initiatives to transfer risk.