Freddie Mac 2015 Annual Report Download - page 70
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Management's Discussion and Analysis Our Business Segments | Multifamily
Freddie Mac 2015 Form 10-K 68
fair value changes (that are offset in derivative gains (losses)), as rates increased in 2013 but
decreased in 2014.
• Derivative gains (losses) for the Multifamily segment are offset by fair value changes of the loans
and investment securities being hedged. As a result, there is no net impact on total comprehensive
income for the Multifamily segment from fair value changes related to interest rate-related
derivatives. The fair value changes of the hedged assets are included in gains (losses) on loans,
other non-interest income and total other comprehensive income.
• Other non-interest income and total other comprehensive loss (excluding the interest rate-related
fair value changes that are offset in derivative gains (losses)) declined each year, primarily due to
declining sales of available-for-sale securities where gains had previously been recognized in AOCI.
We sold $1.0 billion of investment securities in 2015, compared to $2.6 billion during 2014 and $13.6
billion in 2013.