Freddie Mac 2015 Annual Report Download - page 77

Management's Discussion and Analysis Our Business Segments | Investments
Freddie Mac 2015 Form 10-K 75
BUSINESS RESULTS
The tables, graphs and related discussion below present the business results of our Investments
segment.
Investing Activity
The following table presents the Investments segment's investments portfolio.
December 31, 2015 December 31, 2014
(in millions) Liquid
Securiti-
zation
Pipeline Less Liquid Total Liquid
Securiti-
zation
Pipeline Less Liquid Total
Mortgage investments portfolio:
Single-family unsecuritized
loans
Performing loans $ — $ 10,041 $ — $ 10,041 $ — $ 7,497 $ — $ 7,497
Reperforming loans and
performing modified loans — — 67,036 67,036 — — 75,281 75,281
Total single-family unsecuritized
loans — 10,041 67,036 77,077 — 7,497 75,281 82,778
Freddie Mac mortgage-related
securities 135,869 — 6,076 141,945 150,852 — 7,363 158,215
Non-agency mortgage-related
securities — — 27,754 27,754 — — 44,230 44,230
Non-Freddie Mac agency
mortgage-related securities 12,958 — — 12,958 16,341 — — 16,341
Total - Mortgage investments
portfolio $148,827 $ 10,041 $100,866 $259,734 $167,193 $ 7,497 $126,874 $301,564
Non-mortgage-related assets
portfolio 100,913 — — 100,913 78,040 — — 78,040
Total Investments Portfolio $249,740 $ 10,041 $100,866 $360,647 $245,233 $ 7,497 $126,874 $379,604
Commentary
• Consistent with our efforts to improve the overall liquidity of our mortgage investments portfolio, our
new asset acquisitions have almost entirely consisted of purchases of agency mortgage-related
securities and loans awaiting securitization into PCs. During 2015, the percentage of our less liquid
assets relative to our total mortgage investments portfolio declined 3.3% to 38.8%.
• We expect to reduce the balance of our less liquid assets through a combination of pay-downs,
securitizations, and sales.