Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 401

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 15
Chunk 401
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 by us.

l Original LTV - The LTV ratio at the time of origination. The original LTV is calculated as the UPB of the loan divided by the value of the property at the time of loan origination.

l Current LTV or CLTV - The current LTV ratio is a management estimate, which is updated on a monthly basis. Current market values are estimated by adjusting the value of the property at origination based on changes in the market value of homes in the same geographic area since that time irrespective of the type of features of the specific property relative to other properties in that same geographic area. Changes in market value of single-family properties are derived from our internal index, which measures price changes for repeat sales and refinancing activity on the same properties using Freddie Mac and Fannie Mae single-family loan acquisitions. Estimates of the current LTV ratio exclude any secondary financing by third parties.

FREDDIE MAC  |  2024 Form 10-K273

Glossary

n    Market spread - The difference between the yields of two debt securities, or the difference between the yield of a debt security and a benchmark yield, such as SOFR or U.S. Treasury securities. We measure market spreads primarily using our models.

n    MBS - Mortgage-backed security.

n    MBSD/FICC - Mortgage-Backed Securities Division of the Fixed Income Clearing Corporation.

n    MCIP - Multifamily Credit Insurance Pool.

n    MD&A - Management's Discussion and Analysis of Financial Condition and Results of Operations.

n    Moody's - Moody's Investor Service.

n    Mortgage assets - Refers to both loans and mortgage-related securities we hold in our mortgage-related investments portfolio.

n    MSA - Metropolitan Statistical Area.

n    MSCR note - Multifamily Structured Credit Risk note - A debt security issued by a nonconsolidated trust where the principal balance is linked to the credit performance of a reference pool of multifamily loans owned or guaranteed by Freddie Mac. We make payments to the trust to support payment of the interest due on the notes, and we receive payments from the trust as a result of defined credit events on the reference pool. 

n    Multifamily loan - A loan secured by a property with five or more residential rental units or by a manufactured housing community.

n    Multifamily PC - A fully guaranteed securitization product in which Freddie Mac retains