Table 6.

LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES

(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics

Subsidy Defaults, Loan Grace

Agency, Bureau, Program and Risk Category Borrower Upfront Annual
rate net of Interest Fees All other maturity period
rate fees fees
recoveries (years) (years)

Department of Agriculture

Farm Service Agency:

Agricultural Credit Insurance Fund:
-0.01 1.31 ......
Farm Ownership—Unsubsidized....................................................................................... -1.32 ...... 18 5.90 ...... 1.50 ......
1.74 3.09 ......
Farm Operating—Unsubsidized....................................................................................... -1.35 ...... 4 6.11 ...... 1.50 ......
-0.01 1.31 ......
Conservation - Guaranteed....................................................................................... -1.32 ...... 18 5.90 ...... 1.50 ......
Commodity Credit Corporation Export Loans:
GSM 102.......................................................................................
-0.53 0.08 ...... -0.61 ...... 2 2.00 ...... 0.61 ......
-4.64 0.15 ......
Export Guarantee Program—Facilities.......................................................................................
-4.78 ...... 8 2.00 ...... 4.78 ......

Rural Housing Service:

3.68 ......
Guaranteed 502 Single Family Housing.......................................................................................
-0.03 -3.71 ...... 30 6.38 ...... 1.97 0.30
......
Rural Business Cooperative Service:
8.74 ......
Business and Industry Loan Guarantees.......................................................................................
6.38 -2.35 ...... 18 5.19 ...... 1.88 0.25
27.31 ......
Renewable Energy Loan Guarantees.......................................................................................
26.19 -1.11 ...... 8 5.19 ...... 1.00 0.25

Rural Utilities Service:

......
Water and Waste Disposal Loan Guarantees.......................................................................................
1.59 2.43 -0.85 ...... 21 ...... ...... 1.00 ......

Department of Commerce

Economic Development Administration:

16.75 ......
Science Parks Loan Guarantees.......................................................................................
15.50 -1.25 ...... 30 6.00 3 ...... 0.10

Department of Energy

Energy Programs:
Title 17 Innovative Technology Program: 3
10.53 ......
Section 1703 Loan Guarantees (Self Pay).......................................................................................
0.00 -10.53 ...... 28 3.50 5 10.53 ......
Better Buildings Pilot Loan Guarantee Initiative
...... ...... ...... ...... ......
for Universities, Schools, and Hospitals 3..............................................................................................................................................................................
5.01 5.01 10 6.00 ......
 Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics

Subsidy Defaults, Loan Grace

Agency, Bureau, Program and Risk Category Borrower Upfront Annual
rate net of Interest Fees All other maturity period
rate fees fees
recoveries (years) (years)

Department of Health and Human Services

Health Resources and Services Administration:

Health Resources and Services:
......
Facilities Renovation Loans.......................................................................................
2.67 2.67 ...... ...... 20 8.25 ...... ...... ......
9.62 10.62 ......
Managed Care Network Loans....................................................................................... -0.99 ...... 10 10.00 ...... 1.00 ......
5.76 6.76 ......
Managed Care Plan Loans....................................................................................... -0.99 ...... 5 10.00 ...... 1.00 ......

Department of Housing and Urban

Development

Public and Indian Housing Programs:

...... ......
Title VI Indian Federal Guarantees Program.......................................................................................
10.80 10.80 ...... 20 6.00 ...... ...... ......
1.46 2.46 ......
Indian Housing Loan Guarantee....................................................................................... -1.00 ...... 30 5.00 ...... 1.00 ......
0.93 1.93 ......
Native Hawaiian Housing Loan Guarantees.......................................................................................
-1.00 ...... 30 5.00 ...... 1.00 ......

Community Planning and Development:

Community Development Loan Guarantees
(Section 108).......................................................................................
0.00 2.48 ...... -2.48 ...... 10 4.00 ...... 2.48 ......

Housing Programs:
FHA Mutual Mortgage Insurance Fund:
......
Mutual Mortgage Insurance Program.......................................................................................
-2.16 2.67 -5.84 1.01 30 5.18 ...... 1.00 1.13
5.73 ......
Mutual Mortgage Insurance Program—HECM.......................................................................................
-1.52 -7.25 ...... 40 5.55 ...... 1.34 1.25
......
Mutual Mortgage Insurance Program—Refi.......................................................................................
0.00 6.38 -5.99 -0.39 30 5.18 ...... 1.00 1.13
FHA General and Special Risk Insurance Fund:
5.33 ......
Multifamily Development.......................................................................................
-1.09 -6.41 ...... 40 7.01 ...... 0.45 0.45
18.84 ......
221(d)(3) Cooperatives.......................................................................................
11.81 -7.03 ...... 40 5.33 ...... 0.80 0.80
2.92 ......
Tax Credit New Construction.......................................................................................
-2.30 -5.22 ...... 37 3.88 ...... 0.45 0.45
3.45 ......
Apartments Refinance.......................................................................................
-2.17 -5.63 ...... 34 6.61 ...... 0.91 0.45
12.57 ......
241 Supplemental Loans.......................................................................................
5.01 -7.56 ...... 36 6.37 ...... 0.80 0.80
 Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics

Subsidy Defaults, Loan Grace

Agency, Bureau, Program and Risk Category Borrower Upfront Annual
rate net of Interest Fees All other maturity period
rate fees fees
recoveries (years) (years)

25.83 ......
Multifamily Operating Loss Loans.......................................................................................
20.57 -5.26 ...... 35 6.31 ...... 0.80 0.80
2.67 ......
Housing Finance Authority Risk Sharing.......................................................................................
-0.99 -3.66 ...... 36 3.95 ...... 0.50 0.50
GSE Risk Sharing.......................................................................................
-0.99 1.43 ...... -2.42 ...... 37 5.00 ...... 0.25 0.50
5.59 ......
Health Care and Nursing Homes.......................................................................................
-1.34 -6.94 ...... 36 7.07 ...... 0.57 0.57
3.60 ......
Health Care Refinances.......................................................................................
-1.96 -5.56 ...... 32 6.02 ...... 1.00 0.50
Hospitals.......................................................................................
-3.82 1.79 ...... -5.61 ...... 24 5.36 ...... 0.50 0.50
Other Rental.......................................................................................
-1.70 5.55 ...... -7.25 ...... 40 5.44 ...... 0.50 0.50
-0.67 2.50 ......
Title 1 Property Improvement....................................................................................... -3.17 ...... 12 13.00 ...... ...... 1.00
6.21 ......
Title 1 Manufactured Housing.......................................................................................
-2.14 -8.35 ...... 18 13.00 ...... 2.25 1.00

Government National Mortgage Association:

0.01 ......
Guarantees of Mortgage-Backed Securities.......................................................................................
-0.19 -0.23 0.04 30 5.46 ...... ...... 0.06

Department of the Interior

Bureau of Indian Affairs:

Indian Guaranteed Loans.......................................................................................
8.42 6.59 3.63 -1.80 ...... 12 6.87 ...... 2.00 ......
Indian Insured Loans.......................................................................................
5.68 6.58 ...... -0.90 ...... 5 6.87 ...... 1.00 ......

International Assistance Programs

Agency for International Development:

Development Credit Authority (DCA)
Loan Guarantees.......................................................................................
7.56 8.49 ...... -0.93 ...... 7 4.91 2 0.75 0.50

Overseas Private Investment Corporation:

OPIC Loan Guarantees.......................................................................................
-5.41 5.70 ...... -11.10 ...... 10 6.17 3 ...... 2.70
OPIC Investment Funds.......................................................................................
-5.99 8.82 ...... -14.81 ...... 10 5.80 10 ...... 1.50

Department of Transportation

Office of the Secretary:

Minority Business Resource Center
 Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics

Subsidy Defaults, Loan Grace

Agency, Bureau, Program and Risk Category Borrower Upfront Annual
rate net of Interest Fees All other maturity period
rate fees fees
recoveries (years) (years)

Loan Guarantees.......................................................................................
1.81 1.81 ...... ...... ...... 2 6.50 ...... ...... ......

Federal Highway Administration:

Transportation Infrastructure, Finance &
...... ...... ......
Innovation (TIFIA) Loan Guarantee..............................................................................................................................................................................
10.00 10.00 36 4.17 5 ...... ......
 Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics

Subsidy Defaults, Loan Grace

Agency, Bureau, Program and Risk Category Borrower Upfront Annual
rate net of Interest Fees All other maturity period
rate fees fees
recoveries (years) (years)

Federal Railroad Administration:

Railroad Rehabilitation and Improvement
1.85 ......
Financing Guarantees.......................................................................................
0.00 -1.85 ...... 25 5.14 6 1.85 ......

Maritime Administration:
Maritime Guaranteed Loan (Title XI):
Risk Category 2.......................................................................................
3.62 8.51 ...... -4.89 ...... 25 5.00 ...... 4.89 ......
Risk Category 4.......................................................................................
7.26 12.15 ...... -4.89 ...... 25 5.00 ...... 4.89 ......

Department of the Treasury

Departmental Offices:
Troubled Asset Relief Program, Home Affordable
Modification Program:
......
FHA Refi Letter of Credit 5.......................................................................................
4.90 4.90 ...... ...... 30 5.18 ...... ...... ......

Department of Veterans Affairs

Benefits Programs:
Veterans Housing Benefit Program Fund:
0.35 1.41 ......
Housing Guaranteed Loans....................................................................................... -1.06 ...... 30 5.18 ...... 1.03 ......
...... ......
Guaranteed Loan Sale Securities—Vendee.......................................................................................
10.75 3.01 7.74 30 5.18 ...... ...... ......
Guaranteed Loan Sale Securities—Vendee
......
(Legislative Proposal).......................................................................................
2.53 3.01 ...... -0.49 30 5.18 ...... ...... ......

Small Business Administration

Business Loans:
5.28 ......
7(a) General Business Loan Guarantees.......................................................................................
0.87 -4.41 ...... 15 5.83 ...... 2.49 0.55
Section 504 Certified Development Companies
Debentures.......................................................................................
1.09 9.07 ...... -8.71 0.73 19 5.00 ...... 1.35 1.12
SBIC Debentures.......................................................................................
0.00 7.72 ...... -7.88 0.16 10 4.45 ...... 3.00 0.80
...... ......
Secondary Market Guarantee.......................................................................................
0.00 ...... ...... 19 5.67 ...... ...... ......
 Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics

Subsidy Defaults, Loan Grace

Agency, Bureau, Program and Risk Category Borrower Upfront Annual
rate net of Interest Fees All other maturity period
rate fees fees
recoveries (years) (years)

Secondary Market 504 First Mortgage

Guarantees—ARRA.......................................................................................
0.00 3.07 ...... -3.58 0.51 23 7.14 ...... ...... 0.74
7(a) Dealer Floor Plan.......................................................................................
0.02 0.19 ...... -0.17 ...... 4 5.37 ...... 0.13 0.55
7(a) Revolvers.......................................................................................
0.12 0.19 ...... -0.07 ...... 4 5.83 ...... 0.04 0.55
504 Commercial Real Estate (CRE) Refinance
Program.......................................................................................
0.00 9.06 ...... -9.80 0.74 19 5.00 ...... 1.35 1.28

Disaster Loans:
......
Expedited Disaster Assistance.......................................................................................
2.28 2.28 ...... ...... 2 4.31 1 ...... ......

Other Independent Agencies

Export-Import Bank of the United States:

Long Term Guarantees.......................................................................................
-1.68 1.54 ...... -3.22 ...... 10 3.00 ...... 3.16 ......
......
Medium Term Guarantees.......................................................................................
6.65 12.63 -5.97 ...... 5 4.65 ...... ...... ......
Short Term Insurance.......................................................................................
0.15 1.60 ...... -1.45 ...... 2 3.95 ...... 1.47 ......
8.20 14.28 ......
Medium Term Insurance....................................................................................... -6.08 ...... 5 4.65 ...... 6.47 ......
* Nonzero amount rounds to zero, based on units for this column.
1
Nominal lifetime defaults as a percent of disbursements.
2
Nominal lifetime recoveries as a percent of defaults.
3
Data reflect initial estimates. Actual subsidy rates will be determined at the time of execution, and will reflect the terms of the contracts and other loan characteristics.
4
Represents defaults net of recoveries.
5
The subsidy cost for TARP support of FHA Refinance guarantees is estimated with a risk adjustment to the discount rate required under the Federal Credit Reform Act for market risks
6
Reflects TARP coverage ratio on default claims; total TARP coverage on FHA Refinance default claims cannot exceed $8 billion.
ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
rcentages, unless noted otherwise)
Loan Characteristics

Percent
Default Recovery
Other fees guarantee
rate 1 rate 2
d

...... 1.88 23.51 90.00

...... 3.61 8.05 90.00
...... 1.88 23.51 75.00

...... 0.23 79.22 98.00

...... 0.45 79.22 95.00

...... 4.25 3.54 90.00

...... 12.70 27.71 77.86

...... 34.51 18.05 75.00

...... 2.81 ...... 84.85

...... 41.99 20.00 80.00

...... 23.44 44.00 80.00

...... 5.55 ...... 80.00

ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
rcentages, unless noted otherwise)
Loan Characteristics

Percent
Default Recovery
Other fees guarantee
rate 1 rate 2
d

...... 13.60 77.44 80.00

...... 19.78 40.00 90.00
...... 17.10 60.00 90.00

...... 14.25 ...... 95.00

...... 5.02 47.99 100.00
...... 5.03 59.88 100.00

...... 12.99 79.41 100.00

...... 10.06 71.38 100.00

...... 37.94 113.93 100.00
...... 21.50 67.02 100.00

0.80 19.11 67.58 100.00

0.80 53.43 61.07 100.00
...... 11.65 67.31 90.00
0.28 12.64 65.01 100.00
0.80 14.38 ...... 100.00
ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
rcentages, unless noted otherwise)
Loan Characteristics

Percent
Default Recovery
Other fees guarantee
rate 1 rate 2
d

0.30 29.12 ...... 100.00

0.25 12.87 76.96 72.00
...... 1.99 4 ...... 50.00
0.80 12.26 48.79 100.00
0.30 7.11 40.62 100.00
0.55 5.70 70.19 100.00
0.80 19.76 66.88 100.00
...... 4.62 41.97 90.00
...... 8.99 19.60 90.00

0.02 * 98.53 100.00

...... 16.04 52.03 90.00

...... 16.01 52.02 90.00

...... 18.55 ...... 50.00

...... 11.98 50.00 100.00

3.50 12.79 ...... 100.00
ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
rcentages, unless noted otherwise)
Loan Characteristics

Percent
Default Recovery
Other fees guarantee
rate 1 rate 2
d

...... 1.86 ...... 75.00

...... 66.35 65.12 100.00

ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
rcentages, unless noted otherwise)
Loan Characteristics

Percent
Default Recovery
Other fees guarantee
rate 1 rate 2
d

...... 29.94 99.37 80.00

...... 16.05 38.00 100.00

...... 22.76 38.00 100.00

...... 4.90 ...... 18.85 6

0.02 4.56 64.30 25.00

...... 3.62 ...... 100.00

...... 3.62 ...... 100.00

...... 9.24 43.64 74.64

...... 12.43 23.22 100.00

...... 31.22 77.34 100.00
...... ...... ...... 100.00
ASSUMPTIONS UNDERLYING THE 2012 SUBSIDY ESTIMATES
rcentages, unless noted otherwise)
Loan Characteristics

Percent
Default Recovery
Other fees guarantee
rate 1 rate 2
d

...... 11.30 71.91 80.00

...... 0.36 49.66 72.81
...... 0.22 10.93 59.56

...... 12.42 23.22 100.00

...... 3.37 25.00 80.00

0.12 1.62 ...... 100.00

0.12 12.70 ...... 100.00
...... 1.61 ...... 100.00
...... 14.65 ...... 100.00

ion, and will reflect the terms of the contracts and other loan characteristics.

justment to the discount rate required under the Federal Credit Reform Act for market risks, as directed in legislation.
ault claims cannot exceed $8 billion.