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Table of Contents

Page
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
Supplementary Tables for Credit Programs
Table 1 - Direct Loans: Subsidy Rates, Obligations, and Average Loan Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Table 2 - Loan Guarantees: Subsidy Rates, Commitments, and Average Loan Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Table 3 - Direct Loans: Assumptions Underlying the 2006 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Table 4 - Loan Guarantees: Assumptions Underlying the 2006 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Table 5 - Direct Loans: Assumptions Underlying the 2007 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Table 6 - Loan Guarantees: Assumptions Underlying the 2007 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Table 7 - Direct Loans: Subsidy Reestimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Table 8 - Loan Guarantees: Subsidy Reestimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Table 9 - Direct Loan Program Disbursement Rates in the 2007 Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Table 10 - Loan Guarantee Program Disbursement Rates in the 2007 Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

i

Introduction
The 2007 Federal Credit Supplement provides summary information about Federal direct loan and loan guarantee programs subject to the
Federal Credit Reform Act (FCRA) of 1990, as amended by the Balanced Budget Act of 1997. The printed version of the 2007 Supplement
contains abbreviated versions of tables 7 and 8, showing only the five most recent cohorts for each program. All cohorts appear for
programs that have five or fewer cohorts. The full versions of tables 7 and 8, which include all open cohorts for each program, may be
found in the electronic version of the Supplement which is located at http://www.budget.gov/budget. The credit activities of deposit
insurance and other insurance programs are exempt from FCRA and do not appear in this Supplement.
Tables 1 and 2 provide 2006 and 2007 subsidy rates, obligations/commitments, and average loan size for direct loans and loan guarantees
programs, as well as the program’s BEA classification under the Budget Enforcement Act (BEA) of 1990 as discretionary or mandatory
(see the "Budget System and Concepts" chapter in the Analytical Perspectives volume of the 2007 Budget for additional information about
BEA categories).
Tables 3 and 4 provide information about the major components of 2006 subsidy rates and about the characteristics of direct and guaranteed
loans, respectively. Tables 5 and 6 provide the same information for direct and guaranteed loans included in the President’s 2007 budget
request. The four components of the subsidy (defaults, net of recoveries; interest; fees; and all other) are reported on a present value basis,
the sum of which equals the estimated subsidy rate. Loan characteristics describe the terms of the loan agreement between the borrower
and the agency or lender. Except for loan maturity and grace period, which are expressed in years, all characteristics are expressed as a
percentage. Grace period may be for repayment of principal and/or interest.
Tables 7 and 8 provide information on the lifetime reestimates of 1992-2005 direct loan and loan guarantee cohorts, by agency, program,
bureau and risk category. The tables show, for each cohort, the original subsidy rate used at the point of obligation or commitment, the
current reestimated subsidy rate, the breakout between the interest and technical portions of the subsidy reestimate, and the total dollar
amount of the reestimate. Some cohorts displayed in this year’s Supplement have closed, i.e., there are no outstanding direct or guaranteed
loans in the cohort and no further activity is expected. Cohorts so identified in a footnote will not be displayed in future Supplements.
Tables 9 and 10 show the rate at which the 2007 cohorts of direct loans and guaranteed loans are expected to disburse.

ii

Table 1.—DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE
(in thousands of dollars, unless noted otherwise)

FY 2006
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

Obligations

FY 2007
Average loan
size

Subsidy rate
(percent)

Obligations

Average loan
size

Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Operating ................................................................................................................................................
Indian Land Acquisition ...................................................................................................................................
Emergency Disaster .........................................................................................................................................
Boll Weevil Eradication ....................................................................................................................................
Farm Ownership ..............................................................................................................................................
Farm Storage Facility Loan Program ..................................................................................................................
Sugar Storage Facility Loan Program .................................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Mandatory
Mandatory

9.95
4.01
10.94
¥18.09
5.12
¥0.62
¥5.45

643,500
2,000
100,000
100,000
205,918
64,000
2,500

41
667
62
16,667
122
58
2,500

11.69
21.15
1 11.77
1.90
4.19
0.38
¥2.71

643,500
3,960
77,742
59,400
222,750
71,000
2,500

41
792
69
14,850
122
58
2,500

Rural Community Advancement Program:
Community Facility Loans ...............................................................................................................................
Water and Waste Disposal Loans ..................................................................................................................

Discretionary
Discretionary

3.35
6.91

366,398
1,062,681

916
1,149

6.41
16.64

297,004
990,000

987
1,241

Rural Utilities Service:
Distance Learning and Telemedicine Loans .......................................................................................................
Broadband 4% Loans ..........................................................................................................................................
Broadband 4% Loans ..........................................................................................................................................
Broadband Treasury Loans .................................................................................................................................
Broadband Treasury Loans .................................................................................................................................
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans ..............................................................................................................................
Municipal Electric Loans .............................................................................................................................
FFB Electric Loans ......................................................................................................................................
Treasury Electric Loans ..............................................................................................................................
Telephone:
Telecommunication Hardship Loans ...........................................................................................................
FFB Telecommunications Loans .................................................................................................................
Treasury Telecommunication Loans ...........................................................................................................
FFB Guaranteed Underwriting .............................................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary

0.92
5.05
¥0.48
0.01

99,000
99,000
2,600,000
990,000

Discretionary
Discretionary
Discretionary
Discretionary

¥1.80
¥1.57
0.05
¥1.26

145,000
125,000
419,760
1,500,000

14,500
0.37
143,513
15,946
7,812
¥1.49
299,000
8,543
6,360
0.03
246,666
6,852
1,500,000 ...................... ...................... ......................

Rural Housing Service:
Rural Housing Insurance Fund:
Single-Family Housing Credit Sales ................................................................................................................
Multi-Family Housing Credit Sales ..................................................................................................................
Section 502 Single-Family Housing ................................................................................................................
Section 504 Housing Repair ...........................................................................................................................
Sec 515 Multi-Family Housing ........................................................................................................................
Section 523 Self-Help Site Development .......................................................................................................
Section 524 Site Development ........................................................................................................................
Section 514 Farm Labor Housing .......................................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary

¥14.53
45.40
11.39
29.25
45.88
1.03
¥3.51
44.59

10,000
1,485
1,306,786
87,201
99,000
4,998
5,000
39,319

49
0.48
10,000
52
442
45.33
1,482
494
100
10.03
1,237,497
204
6
29.55
36,382
7
529 ...................... ...................... ......................
782
2.47
4,979
830
500
¥1.66
5,045
504
983
47.95
41,580
1,066

Rural Business — Cooperative Service:
Intermediary Relending Program .........................................................................................................................
Rural Economic Development Loans ..................................................................................................................

Discretionary
Discretionary

43.02
19.97

33,869
25,223

Discretionary
Mandatory
Discretionary
Mandatory
Discretionary

1

1.50
69,543
2,898 ...................... ...................... ......................
7.95
64,000
32,000 ......................
(2) ......................
...................... ...................... ......................
10.32
29,699
29,699
2.15
145,209
16,134 ......................
(2) ......................
2.15
939,957
8,703
2.15
297,023
9,282
9,900
2.14
6,188
1.51
78,788
¥1.19
21,522 ......................

639
504

44.07
21.84

99,018
39,602
3,000,000
700,000

33,925
34,652

11,002
6,600
83,333
23,333

692
541

Table 1.—DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE—Continued
(in thousands of dollars, unless noted otherwise)

FY 2006
Agency, Bureau, Program and Risk Category

Foreign Agricultural Service:
P.L. 480 Direct Credits ........................................................................................................................................

BEA Category

Subsidy rate
(percent)

Obligations

FY 2007
Average loan
size

Subsidy rate
(percent)

Obligations

Average loan
size

Discretionary

54.14

29,700

14,850 ...................... ...................... ......................

Discretionary
Discretionary
Discretionary
Discretionary

¥11.88
¥8.07
2.51
1.00

5,000
59,000
19,711
74,105

125
¥8.08
5,000
132
3,471 ...................... ...................... ......................
19,711 ...................... ...................... ......................
74,105 ...................... ...................... ......................

Discretionary

25.34

572,000

Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Discretionary

2.05
9.83
¥8.28
¥6.37
4.37
......................

29,221,571
6,726,820
5,977,340
2,693,080
13,824,332
56,000

Discretionary
Discretionary

¥0.19
3 75.00

25,000
1,000,000

Bureau of Consular Affairs:
Repatriation Loans ...............................................................................................................................................

Discretionary

64.99

1,081

International Organizations and Conferences:
UN Headquarters Renovation ..............................................................................................................................

Discretionary

0.47

1,200,000

Federal Highway Administration:
Transportation Infrastructure Finance and Innovation:
TIFIA Direct Loans ...........................................................................................................................................
TIFIA Lines of Credit .......................................................................................................................................

Discretionary
Discretionary

6.04
7.76

2,200,000
200,000

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Program ...........................................................................

Mandatory

......................

200,000

Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans .......................................................................................................................
Traditional Direct Loans ...................................................................................................................................
New England Lobster Buyback .......................................................................................................................
Non-Pollock Buyback .......................................................................................................................................
Department of Defense
Family Housing:
Military Housing Improvement Fund ....................................................................................................................

57,200

28.40

757,000

94,625

7
0.16
4
10.29
5
¥8.42
10
¥8.00
25
1.15
14,000 ......................

24,807,143
7,234,365
6,574,479
3,021,530
7,976,768
56,000

6
4
5
10
24
14,000

Department of Education
Office of Postsecondary Education:
Ford Direct Loan Program:
Weighted Average of Total Obligations ..........................................................................................................
Subsidized Stafford ..........................................................................................................................................
Unsubsidized Stafford ......................................................................................................................................
PLUS ................................................................................................................................................................
Consolidated .....................................................................................................................................................
Historically Black College and University Capital Financing Program ...............................................................
Department of Homeland Security
Emergency Preparedness and Response:
State Share Loans ...............................................................................................................................................
Community Disaster Loans ..................................................................................................................................

12,500
1.18
25,000
12,500
5,714 ...................... ...................... ......................

Department of State
1

60.14

1,158

1

1,200,000 ...................... ...................... ......................

Department of Transportation

2

550,000
100,000

5.00
5.58

2,200,000
200,000

550,000
100,000

20,000 ...................... ...................... ......................

Table 1.—DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE—Continued
(in thousands of dollars, unless noted otherwise)

FY 2006
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

Obligations

FY 2007
Average loan
size

Subsidy rate
(percent)

Obligations

Average loan
size

Department of Treasury
Community Development Financial Institutions:
Community Development Financial Institutions Fund .........................................................................................

Discretionary

37.47

6,600

440 ...................... ...................... ......................

Benefits Programs:
Acquired Loans ....................................................................................................................................................
Vendee Loans ......................................................................................................................................................
Native American Veteran Housing Loans ...........................................................................................................
Vocational Rehabilitation Loan Fund ...................................................................................................................

Mandatory
Mandatory
Discretionary
Discretionary

9.18
¥5.64
¥13.79
1.59

217,144
150,974
4,957
4,292

58
68
165
1

10.43
¥3.46
¥13.46
2.00

223,080
365,581
5,066
3,369

60
72
169
1

Veterans Health Administration:
Transitional Housing for Homeless Veterans ......................................................................................................

Mandatory

79.89

11,140

5,570

70.74

10,965

5,482

Discretionary

10.27

145,000

1,611

4.28

350,000

3,889

General Business Loan Programs:
Section 7(m) Microloans ......................................................................................................................................

Discretionary

7.17

20,450

Disaster Loan Program:
Disaster Assistance ..............................................................................................................................................

Discretionary

14.64

4,587,000

27

13.18

900,000

27

Discretionary

34.00

50,000

25,000

34.00

50,000

25,000

Department of Veterans Affairs

International Assistance Programs
Overseas Private Investment Corporation:
OPIC Direct Loans ...............................................................................................................................................
Small Business Administration
454 ...................... ...................... ......................

Other Independent Agencies
Export-Import Bank of the United States:
Long and Medium Term Loans (including Tied Aid) ..........................................................................................
1
2
3

Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.
Discretionary funding is proposed for 2007.
Subsidy rate reflects the provisions of Public Law 109–88.

3

Table 2.—LOAN GUARANTEES: SUBSIDY RATES, COMMITMENTS, AND AVERAGE LOAN SIZE
(in thousands of dollars, unless noted otherwise)

FY 2006
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

FY 2007

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

Department of Agriculture
Farm Service Agency:
CCC Export Loan Guarantees:
GSM 102 ..........................................................................................................................................................
Facilities ............................................................................................................................................................
Supplier Credit .................................................................................................................................................
Agricultural Credit Insurance Fund:
Farm Operating—Unsubsidized .......................................................................................................................
Farm Operating—Subsidized ...........................................................................................................................
Farm Ownership—Unsubsidized .....................................................................................................................

Mandatory
Mandatory
Mandatory

5.05
8.16
0.22

2,485,000
20,000
602,000

Discretionary
Discretionary
Discretionary

3.03
12.50
0.48

1,197,015
271,886
1,386,000

Rural Community Advancement Program:
Business and Industry Loans ..............................................................................................................................
Guaranteed Business & Industry NadBank Loans .............................................................................................
Community Facility Loans ....................................................................................................................................
Water and Waste Disposal Loans .......................................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary

1 4.79

996,825
6,479
208,356
75,000

Rural Utilities Service:
Electric Guaranteed Loans ..................................................................................................................................
Guaranteed Broadband Loans .............................................................................................................................

Discretionary
Discretionary

0.09
99,000
33,000 ...................... ...................... ......................
...................... ...................... ......................
4.63
29,697
29,697

Rural Housing Service:
Rural Housing Insurance Fund:
Section 502 Single-Family Housing Purchase ................................................................................................
Section 502 Single-Family Housing Purchase (Legislative Proposal) ...........................................................
Section 502 Single-Family Housing Refinance ...............................................................................................
538 Multi-Family Housing—Subsidized ...........................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary

1.16
4,832,386
104
...................... ...................... ......................
0.29
243,016
102
5.42
99,000
1,650

Rural Business Cooperative Services:
Renewable Energy ...............................................................................................................................................
Rural Business Investment Program ...................................................................................................................

Discretionary
Discretionary

10.47
0.36
¥0.90

6.45
7.72

176,512
64,767

9.87
17.78
1.12
¥0.01
12.20

99,649,196
22,615,394
23,800,506
7,722,164
45,511,132

1,155
2,000
215

4.48
3.48
¥0.03

2,535,000
30,000
602,000

1,174
2,000
215

1 0.26
172
1 9.08
193
297 ......................

1,025,610
272,250
1,200,000

164
193
297

2,181
4.36
990,000
2,357
3,240 ...................... ...................... ......................
2,572
3.66
207,896
2,772
625
¥0.90
75,000
670

1.21
0.21
0.50
7.74

601,400
3,465,238
99,000
197,997

112
112
110
1,784

5,516
6.49
34,560
5,760
21,589 ...................... ...................... ......................

Department of Education
Office of Postsecondary Education:
Federal Family Education Loan Program:
Weighted Average of Total Commitments ......................................................................................................
Subsidized Stafford ..........................................................................................................................................
Unsubsidized Stafford ......................................................................................................................................
PLUS ................................................................................................................................................................
Consolidated .....................................................................................................................................................

Mandatory
Mandatory
Mandatory
Mandatory
Mandatory

7
4
5
11
27

7.27
18.77
0.78
¥0.63
5.59

84,286,714
24,327,601
26,018,747
8,701,650
25,238,716

6
4
5
11
28

Department of Health and Human Services
Health Resources and Services Administration:
Health Centers Loan Guarantees:
Health Facilities Construction Loans ...............................................................................................................
HMO Plan Loans .............................................................................................................................................
HMO Network Loans .......................................................................................................................................

Discretionary
Discretionary
Discretionary

5

3.50
15,000
2,000 ...................... ...................... ......................
8.17 ...................... ...................... ...................... ...................... ......................
8.00 ...................... ...................... ...................... ...................... ......................

Table 2.—LOAN GUARANTEES: SUBSIDY RATES, COMMITMENTS, AND AVERAGE LOAN SIZE—Continued
(in thousands of dollars, unless noted otherwise)

FY 2006
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

FY 2007

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

Department of Housing and Urban Development
Public and Indian Housing Programs:
Indian Housing Loan Guarantees ........................................................................................................................
Title VI Indian Housing Guarantees ....................................................................................................................
Native Hawaiian Housing Loan Guarantees .......................................................................................................

Discretionary
Discretionary
Discretionary

2.42
12.26
2.42

116,000
10,000
36,000

118
2,529
118

Community Planning and Development:
Community Development Loan Guarantees (Section 108) ................................................................................

Discretionary

2.20

276,000

5,308 ...................... ...................... ......................

Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary

¥0.18
9.74
¥3.54
¥1.84
5.43
15.89
¥0.67
¥0.83
¥0.76
¥1.26
¥1.76
¥0.73
¥2.19
¥2.19
¥1.12
¥1.12
¥1.74
¥1.74
1.79
1.10

1,800,000
30,000
850,000
1,800,000
10,400
1,000
150,000
20,000
190,000
1,000,000
750,000
55,000
3,821,639
3,821,639
419,000
419,000
6,092,000
6,092,000
72,556
103,710

7,856
¥3.63
1,800,000
7,857
5,017
6.31
52,000
5,019
4,884
¥2.78
1,300,000
4,866
3,256
¥4.42
1,800,000
3,256
1,040
3.93
10,400
1,040
917
16.55
1,000
917
4,559
¥0.68
200,000
4,559
3,484
¥0.89
35,000
3,500
5,539
¥4.42
190,000
5,539
5,317
¥3.47
1,000,000
5,317
75,000
¥3.51
750,000
75,000
12,222
¥4.29
55,000
12,222
60
¥1.49
3,842,000
60
60 ...................... ...................... ......................
78
0.31
421,000
78
78 ...................... ...................... ......................
242
¥1.21
13,717,000
242
242 ...................... ...................... ......................
14
0.97
72,556
14
35
0.83
103,710
35

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ..................................................................................................................................
Section 221(d)(3) Cooperatives .......................................................................................................................
Tax Credit New Construction ..........................................................................................................................
Apartment Refinance .......................................................................................................................................
Section 241 Supplemental Loans ...................................................................................................................
Multifamily Operating Loss Loans ...................................................................................................................
Housing Finance Authority Risk Sharing ........................................................................................................
GSE Risk Sharing ............................................................................................................................................
Health Care and Nursing Homes ....................................................................................................................
Health Care Refinance ....................................................................................................................................
Hospitals ...........................................................................................................................................................
Other Rental .....................................................................................................................................................
Section 234 Condominiums .............................................................................................................................
Section 234 Condominiums (Legislative Proposal) ........................................................................................
Section 203(k) Rehabilitation Mortgage ..........................................................................................................
Section 203(k) Rehabilitation Mortgage (Legislative Proposal) .....................................................................
Home Equity Conversion Mortgages ..............................................................................................................
Home Equity Conversion Mortgages (Legislative Proposal) ..........................................................................
Title I Property Improvement ...........................................................................................................................
Title I Manufactured Housing ..........................................................................................................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program ..............................................................................................................
MMI — Purchase and Refinance (Legislative Proposal) ...............................................................................
MMI — HECM (Legislative Proposal) .............................................................................................................
Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities ........................................................................................................
Guarantees of Mortgage-Backed Securities (Legislative Proposal) ...................................................................

2.35
11.99
2.35

Discretionary
Discretionary
Discretionary

¥1.70
48,593,500
126
...................... ...................... ......................
...................... ...................... ......................

2 ¥0.90

¥0.37

Discretionary
Discretionary

Discretionary
Discretionary

251,000
15,000
43,000

118
2,529
160

¥1.21

45,541,154
68,531,295
17,507,923

130
139
96

¥0.23
89,000,000
153
...................... ...................... ......................

¥0.21
¥0.27

86,000,000
86,000,000

156
156

4.75
112,114
1,495
...................... ...................... ......................

6.45
6.45

82,377
5,000

1,098
200

Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan Program .......................................................................................................................
Indian Insured Loan Program ..............................................................................................................................

6

Table 2.—LOAN GUARANTEES: SUBSIDY RATES, COMMITMENTS, AND AVERAGE LOAN SIZE—Continued
(in thousands of dollars, unless noted otherwise)

FY 2006
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

FY 2007

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

Department of Transportation
Office of the Secretary:
Minority Business Resource Center ....................................................................................................................

Discretionary

1.85

18,367

367

1.82

18,367

367

Federal Highway Administration:
TIFIA Loan Guarantees .......................................................................................................................................

Discretionary

3.67

200,000

100,000

3.90

200,000

100,000

Maritime Administration:
Maritime Guaranteed Loan Program:
Weighted Average ...........................................................................................................................................
Risk Category Level 1 .....................................................................................................................................
Risk Category Level 2 .....................................................................................................................................
Risk Category Level 3 .....................................................................................................................................
Risk Category Level 4 .....................................................................................................................................
Risk Category Level 5 .....................................................................................................................................
Risk Category Level 6 .....................................................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary

7.64
65,000
21,667 ...................... ...................... ......................
1.22 ...................... ...................... ...................... ...................... ......................
3.12 ...................... ...................... ...................... ...................... ......................
4.72
15,000
15,000 ...................... ...................... ......................
6.53
15,000
15,000 ...................... ...................... ......................
9.36
35,000
35,000 ...................... ...................... ......................
18.86 ...................... ...................... ...................... ...................... ......................

Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans .................................................................................................................................
Guaranteed Loan Sale Securities ........................................................................................................................

Mandatory
Mandatory

¥0.32
36,110,460
157
...................... ...................... ......................

¥0.36
3.99

Agency for International Development:
Development Credit Authority ..............................................................................................................................
Loan Guarantees to Israel ...................................................................................................................................

Discretionary
Discretionary

3.90
......................

Overseas Private Investment Corporation:
OPIC Loan Guarantees .......................................................................................................................................
OPIC Investment Funds .......................................................................................................................................

Discretionary
Discretionary

0.80
¥17.33

625,000
400,000

25,000
133,333

0.50
¥5.84

1,000,000
600,000

25,000
120,000

Discretionary
Discretionary
Discretionary
Discretionary

......................
......................
......................
......................

17,000,000
7,500,000
3,000,000
12,000,000

174
464
433
26,144

......................
......................
......................
......................

17,500,000
7,500,000
3,000,000
12,000,000

179
501
435
28,777

Export-Import Bank of the United States:
Short, Medium, and Long Term Guarantees and Insurance Program ..............................................................

Discretionary

1.76

13,828,000

4,455

0.25

17,477,000

4,455

Presidio Trust:
Presidio Trust Loan Guarantee Program ............................................................................................................

Discretionary

...................... ...................... ......................

0.32

20,000

5,000

37,189,036
491,842

162
91

International Assistance Programs
257,000
6,763
5.49
1,000,000 ...................... ......................

238,000
6,263
1,000,000 ......................

Small Business Administration
General Business Loan Programs:
7(a) General Business Loans ..............................................................................................................................
Section 504 Certified Development Companies Debentures .............................................................................
SBIC Debentures .................................................................................................................................................
Secondary Market Guarantee ..............................................................................................................................
Other Independent Agencies

1
2

Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.
Legislative proposal includes Section 234 Condominiums and Section 203(k) Rehabilitation Mortgages currently held in the General and Special Risk Insurance Fund.

7

Table 3.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE FY 2006 SUBSIDY ESTIMATES
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

..............
..............
..............
..............
..............
..............
..............

..............
..............
..............
..............
..............
0.11
..............

..............
..............
..............
..............
..............
..............
..............

..............
..............
..............
..............
..............
..............
..............

Default
rate 1

Recovery
rate 2

Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Operating ........................................................................
Indian Land Acquisition ............................................................
Emergency Disaster .................................................................
Boll Weevil Eradication ............................................................
Farm Ownership .......................................................................
Farm Storage Facility Loan Program ..........................................
Sugar Storage Facility Loan Program .........................................

9.95
4.01
10.94
¥18.09
5.12
¥0.62
¥5.45

8.04
¥1.86
6.25
¥18.74
2.49
6.76
7.20

Rural Community Advancement Program:
Community Facility Loans ........................................................
Water and Waste Disposal Loans ...........................................

3.35
6.91

0.24
0.09

1.50
7.95
2.15

Rural Utilities Service:
Distance Learning and Telemedicine Loans ...............................
Broadband 4% Loans ...................................................................
Broadband Treasury Loans ..........................................................
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans ......................................................
Municipal Electric Loans ......................................................
FFB Electric Loans ..............................................................
Treasury Electric Loans .......................................................
Telephone:
Telecommunication Hardship Loans ...................................
FFB Telecommunications Loans .........................................
Treasury Telecommunication Loans ...................................
FFB Guaranteed Underwriting .....................................................

1.62
5.86
5.02
0.51
0.63
0.04
3.59

..................
0.28
.................. ..................
..................
¥0.33
..................
0.14
..................
2.00
¥0.10
¥7.32
..................
¥16.24

4
40
10
7
36
7
15

3.58
5.00
3.75
4.00
5.22
5.02
5.13

¥0.48
¥0.32

28
38

4.62
4.58

1 .............. .............. ..............
1 .............. .............. ..............

6.59
3.42

99.00
99.90

1.63 .................. ..................
¥0.13
2.13
5.83 .................. ..................
2.22 .................. ..................
¥0.08

8
18
18

3.75 .............. .............. .............. ..............
4.00
1 .............. .............. ..............
4.72
1 .............. .............. ..............

41.18
8.43
8.83

100.00
71.00
71.00

0.92
5.05
¥0.48
0.01

0.02
0.69
0.02
4.68
0.02
¥0.49
0.02 ..................

0.20
0.35
¥0.01
¥0.01

33
33
27
32

5.00
4.66
4.97
5.02

1
1
1
1

..............
..............
..............
..............

..............
..............
..............
..............

..............
..............
..............
..............

0.66
0.55
0.60
0.73

100.00
100.00
100.00
100.00

¥1.80
¥1.57
0.05
¥1.26

0.02
¥1.84 ..................
0.02
0.02
¥1.03 ..................
¥0.56
0.03 .................. ..................
0.01
0.83
¥2.09 .................. ..................

19
18
19
20

5.00
1
4.79
1
4.78
1
4.37 ..............

..............
..............
..............
..............

.............. ..............
.............. ..............
.............. ..............
..............
0.30

0.55
0.45
0.97
10.66

100.00
100.00
100.00
82.87

20
50
32
18
50
2
2
33

7.01
6.51
6.51
1.00
6.51
3.00
6.70
1.00

..............
..............
..............
..............
..............
..............
..............
..............

..............
..............
..............
..............
..............
..............
..............
..............

3.59 ..................
7.14 ..................

..................
..................
..................
..................

Rural Housing Service:
Rural Housing Insurance Fund:
Single-Family Housing Credit Sales ........................................
Multi-Family Housing Credit Sales ..........................................
Section 502 Single-Family Housing ........................................
Section 504 Housing Repair ....................................................
Sec 515 Multi-Family Housing .................................................
Section 523 Self-Help Site Development ................................
Section 524 Site Development ................................................
Section 514 Farm Labor Housing ................................................

¥14.53
1.16
45.40
0.12
11.39
2.32
29.25
2.45
45.88
0.04
1.03 ..................
¥3.51
0.79
44.59
0.03

Rural Business — Cooperative Service:
Intermediary Relending Program .................................................
Rural Economic Development Loans ..........................................

43.02 ..................
19.97
0.07

43.84 ..................
21.40 ..................

Foreign Agricultural Service:
P.L. 480 Direct Credits .................................................................

54.14

44.39 .................. ..................

9.75

¥19.35
¥19.82
¥16.77
27.00
¥17.86
1.03
¥4.30
44.91

..................
3.66
..................
65.10
..................
25.85
..................
¥0.20
¥0.05
63.75
.................. ..................
.................. ..................
..................
¥0.34

9

¥0.82
¥1.50

..............
..............
..............
..............
..............
..............
..............
..............

..............
12.04
81.41
..............
0.51
20.18
..............
27.53
63.69
..............
10.56
45.99
..............
0.37
54.88
.............. ................ ................
..............
0.84 ................
..............
0.19
61.94

30
1.00
10 ..............

3 .............. .............. ..............
1 .............. .............. ..............

30

5 .............. .............. ..............

1.00

23.41
78.46
7.37
55.02
55.77
99.85
58.56
148.68
67.13
36.11
8.37 ................
11.95 ................

0.03
1.82

100.00
100.00

24.50 ................

Table 3.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE FY 2006 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ...............................................
Traditional Direct Loans ...........................................................
New England Lobster Buyback ...............................................
Non-Pollock Buyback ...............................................................

¥11.88
0.37
¥18.88
¥0.71
7.34
¥8.07
0.23
¥12.11
¥0.70
4.50
2.51
32.50
¥29.98 .................. ..................
1.00 .................. .................. ..................
1.00

20
15
30
30

6.92
6.41
7.18
7.18

..............
0.50 ..............
..............
0.50 ..............
.............. .............. ..............
.............. .............. ..............

14.28 .................. ..................

35

4.36

Office of Postsecondary Education:
Ford Direct Loan Program:
Weighted Average of Total Obligations ..................................
2.05
1.31
¥2.66
¥1.67
5.07
Subsidized Stafford ..................................................................
9.83
0.67
6.44
¥3.00
5.72
Unsubsidized Stafford ..............................................................
¥8.28
0.82
¥12.59
¥3.00
6.49
PLUS ........................................................................................
¥6.37
0.89
¥11.97
¥4.00
8.71
Consolidated .............................................................................
4.37
1.92
¥0.99 ..................
3.44
Historically Black College and University Capital Financing Program .......................................................................................... .................. .................. .................. .................. ..................

13
10
10
10
17

6.08
(3) *
1.60
6.62
(3) *
3.00
6.32
(3) *
3.00
8.14 ..............
4.00
5.35
(3) * ..............

30

..............
3.87
82.23
..............
2.28
82.93
..............
61.52 ................
.............. ................ ................

Department of Defense
Family Housing:
Military Housing Improvement Fund ............................................

25.34

11.06

5 .............. .............. ..............

37.00

54.00

..............
..............
..............
..............
..............

14.00
12.04
12.09
5.50
17.20

4 118.29

4.60 .............. .............. .............. ..............

2.00

100.00

Department of Education

..............
..............
..............
..............
..............

4 118.93
4 116.57
4 101.51
4 119.56

Department of Homeland Security
Emergency Preparedness and Response:
State Share Loans .......................................................................
Community Disaster Loans ..........................................................

¥0.19 ..................
¥0.55 ..................
0.36
5 75.00
75.00 .................. .................. ..................

5
5

4.88 .............. .............. .............. .............. ................ ................
2.70 .............. .............. .............. ..............
75.00 ................

Department of State
Bureau of Consular Affairs:
Repatriation Loans .......................................................................

64.99

64.95

0.04 .................. ..................

*

1.20

* .............. .............. ..............

94.19

33.44

International Organizations and Conferences:
UN Headquarters Renovation ......................................................

0.47

2.07

¥1.60 .................. ..................

30

5.54

5 .............. .............. ..............

11.22

48.87

6.04
7.76

4.35
1.74
0.01 ..................

¥0.05 ..................
¥0.26
8.01

38
35

5.32
5.32

26.40
33.55

60.00
60.00

¥2.49

¥0.14 ..................

25

5.23 .............. .............. ..............

48.06

63.17

Department of Transportation
Federal Highway Administration:
Transportation Infrastructure Finance and Innovation:
TIFIA Direct Loans ...................................................................
TIFIA Lines of Credit ...............................................................

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Program ... ..................

2.63

10

5
15

0.01 .............. ..............
0.03
0.01 ..............
0.14

Table 3.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE FY 2006 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Department of Treasury
Community Development Financial Institutions:
Community Development Financial Institutions Fund .................

37.47

17.24

20.23 .................. ..................

13

2.10

1 .............. .............. ..............

Benefits Programs:
Acquired Loans .............................................................................
Vendee Loans ..............................................................................
Native American Veteran Housing Loans ...................................
Vocational Rehabilitation Loan Fund ...........................................

9.18
¥5.64
¥13.79
1.59

10.88
0.92
1.99
0.26

¥2.43 ..................
0.73
¥18.10
¥2.14
13.67
¥17.05
¥0.57
1.84
1.32 .................. ..................

30
5.45
30
6.71
30
6.71
1 ..............

.............. .............. .............. ..............
..............
2.17 .............. ..............
..............
1.15 .............. ..............
.............. .............. .............. ..............

Veterans Health Administration:
Transitional Housing for Homeless Veterans ..............................

79.89

72.69

7.19 .................. ..................

30

10.27

22.15

2.41

¥14.29 ..................

6

4.49

4

General Business Loan Programs:
Section 7(m) Microloans ..............................................................

7.17

0.22

6.95 .................. ..................

10

Disaster Loan Program:
Disaster Assistance ......................................................................

14.64

9.77

8.10 ..................

¥3.22

34.00

17.72

¥11.49 ..................

25.00

15.00

Department of Veterans Affairs
78.34
48.59
60.27
44.51
10.57
78.72
0.27 ................
6 164.10

0.03

3.52 ..............

33.00

40.00

3.34

1 .............. .............. ..............

0.70

65.00

18

4.28

* .............. .............. ..............

23.31

10.36

25

1.61

4

38.96 ................

5.29 .............. .............. .............. ..............

International Assistance Programs
Overseas Private Investment Corporation:
OPIC Direct Loans .......................................................................

0.50

Small Business Administration

Other Independent Agencies
Export-Import Bank of the United States:
Long and Medium Term Loans (including Tied Aid) ..................

27.77

* Nonzero amount rounds to zero.
1 Lifetime defaults as a percentage of disbursements.
2 Recoveries as a percentage of lifetime defaults.
3 Consolidated loans (made in-school) and Stafford loans include a six-month grace period.
4 Recoveries include interest and penalties.
5 Subsidy rate reflects the provisions of Public Law 109–88.
6 Defaults include interest and fees.

11

0.50

12.01 ..............

Table 4.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE FY 2006 SUBSIDY ESTIMATES
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Loan Characteristics
All other

Loan
maturity
(years)

¥0.78 ................
¥0.02 ................
¥0.61 ................

4
10
*

3.39 ..............
3.39 ..............
3.39 ..............

3.93 ................
¥0.90 ................
3.26
9.24 ................ ................
1.38 ................
¥0.90 ................

6
6
18

7.85 ..............
1.00 .............. ..............
7.85 .............. .............. .............. ..............
7.64 ..............
1.00 .............. ..............

17
15
20
21

8.06
8.06
6.07
6.07

Interest

Fees

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Percent
guaranteed

Department of Agriculture
Farm Service Agency:
CCC Export Loan Guarantees:
GSM 102 ..........................................................................
Facilities ...........................................................................
Supplier Credit .................................................................
Agricultural Credit Insurance Fund:
Farm Operating—Unsubsidized .......................................
Farm Operating—Subsidized ..........................................
Farm Ownership—Unsubsidized .....................................

5.05
8.16
0.22
3.03
12.50
0.48

5.83 ................
8.18 ................
0.83 ................

Rural Community Advancement Program:
Business and Industry Loans ..............................................
Guaranteed Business & Industry NadBank Loans .............
Community Facility Loans ....................................................
Water and Waste Disposal Loans .......................................

10.47
0.36
¥0.90

Rural Utilities Service:
Electric Guaranteed Loans ..................................................

0.09

0.09 ................ ................ ................

Rural Housing Service:
Rural Housing Insurance Fund:
Section 502 Single-Family Housing Purchase ...............
Section 502 Single-Family Housing Refinance ..............
538 Multi-Family Housing—Subsidized ...........................

1.16
0.29
5.42

3.16 ................
0.79 ................
0.57
12.28

Rural Business Cooperative Services:
Renewable Energy ...............................................................
Rural Business Investment Program ...................................

6.45
7.72

8.20 ................
15.59 ................

3 4.79

8.20
13.76
1.21
................

................
................
................
................

¥3.41
¥3.28
¥0.85
¥0.90

................
................
................
................

..............
..............
..............
..............

0.78 .............. ..............
0.02 .............. ..............
0.61 .............. ..............

3.48 ................
5.61 ................
1.25 ................

96.00
96.00
96.00

5.16
4.38
2.25

6.86
5.38
28.08

90.00
90.00
90.00

1.88
0.25 ..............
12.92
32.75
2.00
0.25 ..............
18.95
23.90
1.00 .............. ..............
1.45
5.98
1.00 .............. .............. .............. ................

78.43
80.55
84.82
90.00

35 .............. .............. .............. .............. ..............

0.13 ................

100.00

¥2.00 ................
¥0.50 ................
¥7.44 ................

29
7.70 ..............
29 .............. ..............
32
7.70 ..............

2.00 .............. ..............
0.50 .............. ..............
1.00
0.50 ..............

4.15
0.42
1.04
0.42
0.87 ................

90.00
90.00
89.06

¥1.75 ................
¥7.87 ................

17
10

8.06 ..............
5.24 ..............

1.00
3.00

0.12 ..............
1.00 ..............

12.92
54.68

32.75
64.62

78.43
100.00

¥5.54
¥3.25
¥3.25
¥3.25
¥8.26

3.40
2.55
2.62
4.09
4.12

15
9
9
9
20

5.90
(4) *
6.53
(4) *
6.24
(4) *
8.00 ..............
5.15 ..............

1.90
0.52 ..............
3.25 .............. ..............
3.25 .............. ..............
3.25 .............. ..............
0.50
1.05 ..............

12.04
12.48
11.15
5.38
13.27

5 117.65

5 118.64

97.64
97.49
97.52
97.40
97.80

3.50 ................ ................ ................
9.14 ................
¥0.97 ................
8.97 ................
¥0.97 ................

10
5
10

1 .............. .............. ..............
1
1.00 .............. ..............
1
1.00 .............. ..............

17.00
19.00
17.58

74.00
60.00
40.03

80.00
80.00
80.00

Department of Education
Office of Postsecondary Education:
Federal Family Education Loan Program:
Weighted Average of Total Commitments ......................
Subsidized Stafford ..........................................................
Unsubsidized Stafford ......................................................
PLUS ................................................................................
Consolidated ....................................................................

9.87
17.78
1.12
¥0.01
12.20

0.89
0.86
0.96
0.88
0.88

11.12
17.62
0.79
¥1.73
15.46

5 118.99
5 116.27
5 101.08

Department of Health and Human Services
Health Resources and Services Administration:
Health Centers Loan Guarantees:
Health Facilities Construction Loans ...............................
HMO Plan Loans .............................................................
HMO Network Loans .......................................................

3.50
8.17
8.00

13

8.25
10.00
10.00

Table 4.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE FY 2006 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Percent
guaranteed

Department of Housing and Urban Development
Public and Indian Housing Programs:
Indian Housing Loan Guarantees ........................................
Title VI Indian Housing Guarantees ....................................
Native Hawaiian Housing Loan Guarantees .......................

2.42
12.26
2.42

3.42 ................
¥1.00 ................
12.26 ................ ................ ................
3.42 ................
¥1.00 ................

30
20
30

6.50 ..............
1.00 .............. ..............
6.50 .............. .............. .............. ..............
6.50 ..............
1.00 .............. ..............

6.70
76.00
15.00 ................
6.70
76.00

100.00
95.00
100.00

Community Planning and Development:
Community Development Loan Guarantees (Section 108)

2.20

2.20 ................ ................ ................

10

5.25 .............. .............. .............. ..............

14.11

80.00

100.00

19.61
68.94
46.59
55.50
10.17
65.75
10.71
69.87
18.16 ................
25.19 ................
13.42
81.83
2.30 ................
12.94
48.84
12.97
54.24
9.34
55.51
19.91
68.92
7.12
70.24
10.07
59.30
58.50
131.52
6.47
15.00
9.54
15.00

100.00
100.00
85.00
80.00
100.00
100.00
90.00
50.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
90.00
90.00

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ..................................................
Section 221(d)(3) Cooperatives ......................................
Tax Credit New Construction ..........................................
Apartment Refinance .......................................................
Section 241 Supplemental Loans ...................................
Multifamily Operating Loss Loans ...................................
Housing Finance Authority Risk Sharing ........................
GSE Risk Sharing ...........................................................
Health Care and Nursing Homes ....................................
Health Care Refinance ....................................................
Hospitals ...........................................................................
Other Rental ....................................................................
Section 234 Condominiums ............................................
Section 203(k) Rehabilitation Mortgage ..........................
Home Equity Conversion Mortgages ..............................
Title I Property Improvement ...........................................
Title I Manufactured Housing ..........................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program .............................

¥0.18
9.74
¥3.54
¥1.84
5.43
15.89
¥0.67
¥0.83
¥0.76
¥1.26
¥1.76
¥0.73
¥2.19
¥1.12
¥1.74
1.79
1.10

Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities .......................

................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................

¥5.68
¥7.65
¥5.06
¥4.58
¥7.57
¥5.07
¥3.36
¥2.25
¥6.28
¥5.68
¥5.18
¥6.28
¥3.96
¥4.43
¥3.74
¥3.03
¥5.73

................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................

40
40
40
35
30
35
38
30
40
35
25
40
30
30
30
20
20

¥1.70

1.58 ................

¥4.01

0.73

¥0.23

................ ................

5.50
17.39
1.52
2.74
13.00
20.96
2.70
1.43
5.52
4.43
3.41
5.56
1.78
3.31
2.00
4.82
6.83

7.12
6.70
6.68
6.93
7.58
7.57
6.54
7.81
7.34
7.23
6.26
7.04
6.79
7.73
5.26
13.00
13.00

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
1.50
1.50
2.00
..............
..............

30

6.49 ..............

1.50

¥0.23 ................

30

8.02 .............. ..............

9.00 ..............

0.45
0.80
0.50
0.45
0.80
0.80
0.50
0.50
0.57
0.50
0.50
0.50
0.50
0.50
0.50
1.00
1.00

0.45
..............
0.50
0.45
0.80
..............
0.50
0.50
0.57
..............
0.50
0.50
..............
..............
..............
..............
..............

0.50 ..............

8.35

77.85

100.00

0.06

0.02

0.06

100.00

100.00

2.00 .............. ..............

4.29

10.52

90.00

2.00 ................

75.00

Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan Program .......................................

4.75

3.10

¥1.80 ................

16

Office of the Secretary:
Minority Business Resource Center ....................................

1.85

1.85 ................ ................ ................

2

Federal Highway Administration:
TIFIA Loan Guarantees .......................................................

3.67

3.92 ................

¥0.26 ................

37

3.45

Department of Transportation

14

6.56 .............. .............. .............. ..............
5.32

5

0.30

0.01 ..............

26.18

60.00

100.00

Table 4.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE FY 2006 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Maritime Administration:
Maritime Guaranteed Loan Program:
Weighted Average ...........................................................
Risk Category Level 1 .....................................................
Risk Category Level 2 .....................................................
Risk Category Level 3 .....................................................
Risk Category Level 4 .....................................................
Risk Category Level 5 .....................................................
Risk Category Level 6 .....................................................

Subsidy
rate

7.64
1.22
3.12
4.72
6.53
9.36
18.86

Defaults,
net of
recoveries

12.52
6.10
8.01
9.60
11.42
14.24
23.74

Interest

................
................
................
................
................
................
................

Loan Characteristics

Fees

All other

Loan
maturity
(years)

Borrower
rate

¥4.88
¥4.88
¥4.88
¥4.88
¥4.88
¥4.88
¥4.88

................
................
................
................
................
................
................

25
25
25
25
25
25
25

6.50
6.50
6.50
6.50
6.50
6.50
6.50

Grace
period
(years)

Other
fees

..............
..............
..............
..............
..............
..............
..............

..............
..............
..............
..............
..............
..............
..............

21.62
11.10
14.16
16.71
19.68
24.56
31.16

38.00
38.00
38.00
38.00
38.00
38.00
20.00

100.00
100.00
100.00
100.00
100.00
100.00
100.00

6.71 ..............

1.78 ..............

0.50

7.21

73.65

25.00

50.00

4.88
4.88
4.88
4.88
4.88
4.88
4.88

Default
rate 1

Percent
guaranteed

Annual
fees

..............
..............
..............
..............
..............
..............
..............

Upfront
fees

Recovery
rate 2

Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans .................................................

¥0.32

1.44 ................

¥1.75 ................

30

Agency for International Development:
Development Credit Authority ..............................................

3.90

5.24 ................

¥1.34 ................

8

4.91

5

0.75

0.50 ..............

13.29 ................

Overseas Private Investment Corporation:
OPIC Loan Guarantees .......................................................
OPIC Investment Funds ......................................................

0.80
¥17.33

6.42 ................
0.29 ................

¥5.62 ................
¥17.62 ................

7
13

4.61
6.03

4
6

0.50
0.50

1.32 ..............
1.62 ..............

12.00
14.82

50.00
10.00

100.00
100.00

................

3.52 ................

¥3.52 ................

15

7.17 ..............

2.16

0.54 ..............

7.21

51.11

68.20

3.13 ................
¥3.50
0.38
8.97 ................
¥9.05
0.07
................ ................ ................ ................

20
10
20

6.23 ..............
1.33
0.34 ..............
5.95
41.91
5.24 ..............
3.00
0.94 ..............
34.41
71.15
4.47 .............. .............. .............. .............. .............. ................

100.00
100.00
100.00

¥3.96 ................

8

5.01

100.00

International Assistance Programs

Small Business Administration
General Business Loan Programs:
7(a) General Business Loans ..............................................
Section 504 Certified Development Companies Debentures .................................................................................
SBIC Debentures .................................................................
Secondary Market Guarantee ..............................................

................
................
................

Other Independent Agencies
Export-Import Bank of the United States:
Short, Medium, and Long Term Guarantees and Insurance Program ..................................................................

1.76

5.72 ................

* Nonzero amount rounds to zero, based on units for this column.
1 Lifetime defaults as a percentage of disbursements.
2 Recoveries as a percentage of lifetime defaults.
3 Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.
4 Stafford loans include a six-month grace period.
5 Recoveries include interest and penalties.

15

1

3.98

0.12 ..............

6.99 ................

Table 5.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE FY 2007 SUBSIDY ESTIMATES
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

..............
..............
..............
..............
..............
..............
..............

................
................
................
................
................
0.11
................

..............
..............
..............
..............
..............
..............
..............

................
................
................
................
................
................
................

Default
rate 1

Recovery
rate 2

Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Operating ..................................................................
Indian Land Acquisition ......................................................
Emergency Disaster ...........................................................
Boll Weevil Eradication ......................................................
Farm Ownership .................................................................
Farm Storage Facility Loan Program ....................................
Sugar Storage Facility Loan Program ...................................

11.69
21.15
3 11.77
1.90
4.19
0.38
¥2.71

10.49
15.66
0.08
¥0.95
0.43
7.27
7.40

Rural Community Advancement Program:
Community Facility Loans ..................................................
Water and Waste Disposal Loans .....................................

6.41
16.64

0.18
0.09

1.02
5.49
12.39
2.85
3.87
0.03
0.63

..................
0.18
.................. ................
..................
¥0.69
.................. ................
..................
¥0.12
¥0.11
¥6.80
.................. ¥10.74

4
40
10
7
36
7
15

4.75
5.00
3.75
4.50
5.13
5.02
5.13

¥0.81
¥0.66

29
38

4.51
3.88

1 ................ .............. ................
1 ................ .............. ................

4.96
4.13

99.00
99.90

18
18

4.00
5.04

1 ................ .............. ................
1 ................ .............. ................

8.43
9.01

71.00
71.00

33
33
27
32

5.00
1
5.08
1
5.23
1
5.19 ..............

................
................
................
................

0.02
0.06
0.56
0.01

100.00
100.00
100.00
100.00

19
18
19

5.00
5.11
5.07

1 ................ .............. ................
1 ................ .............. ................
1 ................ .............. ................

0.30
0.42
0.81

100.00
100.00
100.00

20
50
30
19
2
2
33

7.06
6.56
6.56
1.00
3.00
6.56
1.00

7.04 ..................
17.22 ..................

Rural Utilities Service:
Broadband 4% Loans .............................................................
10.32
2.07
8.25 .................. ................
Broadband Treasury Loans ....................................................
2.15
2.19 .................. ..................
¥0.04
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans ................................................
2.14 ..................
2.25 ..................
¥0.12
Municipal Electric Loans ................................................
1.51 ..................
1.26 ..................
0.25
FFB Electric Loans ........................................................
¥1.19
0.02
¥1.21 .................. ................
Treasury Electric Loans ................................................. .................. .................. .................. .................. ................
Telephone:
Telecommunication Hardship Loans .............................
0.37
0.01
0.36 .................. ................
FFB Telecommunications Loans ...................................
¥1.49
0.02
¥1.21 ..................
¥0.29
Treasury Telecommunication Loans .............................
0.03
0.03 .................. .................. ................
Rural Housing Service:
Rural Housing Insurance Fund:
Single-Family Housing Credit Sales ..................................
Multi-Family Housing Credit Sales ....................................
Section 502 Single-Family Housing ..................................
Section 504 Housing Repair ..............................................
Section 523 Self-Help Site Development ..........................
Section 524 Site Development ..........................................
Section 514 Farm Labor Housing .........................................

0.48
9.56
45.33
0.11
10.03
5.37
29.55
1.47
2.47 ..................
¥1.66
0.93
47.95
0.21

Rural Business — Cooperative Service:
Intermediary Relending Program ...........................................
Rural Economic Development Loans ....................................

44.07 ..................
21.84
0.18

¥16.88
¥19.19
¥14.99
30.08
2.47
¥2.59
45.52

..................
7.81
..................
64.41
..................
19.66
..................
¥2.00
.................. ................
.................. ................
..................
2.22

44.93 ..................
23.45 ..................

¥0.86
¥1.78

30
1.00
10 ................

..............
..............
..............
..............
..............
..............
..............

................
................
................
................

................
................
................
................
................
................
................

..............
..............
..............
..............

..............
..............
..............
..............
..............
..............
..............

85.45
80.37
27.74
0.24
43.16
58.68
52.08
91.85
84.63
15.88
9.21 ................
12.65 ................

................
31.20
35.96
................
0.45
20.62
................
54.29
60.40
................
7.15
46.44
................ ................ ................
................
1.00 ................
................
1.71
61.92

3 ................ .............. ................
1 ................ .............. ................

0.02
4.46

100.00
100.00

4.18

77.21

Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans .........................................

¥8.08

0.54

¥16.00

¥0.69

17

8.06

20

6.92 ..............

0.50 .............. ................

Table 5.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE FY 2007 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Department of Defense
Family Housing:
Military Housing Improvement Fund ......................................

28.40

8.95

19.44 .................. ................

35

3.56

5 ................ .............. ................

27.00

54.00

Office of Postsecondary Education:
Ford Direct Loan Program:
Weighted Average of Total Obligations ............................
0.16
1.64
¥5.76
¥2.09
6.37
Subsidized Stafford ............................................................
10.29
0.70
6.22
¥2.88
6.25
Unsubsidized Stafford ........................................................
¥8.42
0.87
¥13.41
¥2.88
7.00
PLUS ..................................................................................
¥8.00
0.95
¥14.15
¥4.00
9.20
Consolidated .......................................................................
1.15
3.40
¥7.11 ..................
4.86
Historically Black College and University Capital Financing
Program .............................................................................. .................. .................. .................. .................. ................

12
10
10
10
16

6.86
(4) *
2.03
6.80
(4) *
2.88
6.46
(4) *
2.88
8.50 ..............
4.00
6.59 .............. ................

................
................
................
................
................

16.00
12.23
11.99
5.50
25.86

5 118.32

30

4.60 .............. ................ .............. ................

2.00

100.00

Department of Education

..............
..............
..............
..............
..............

5 119.21
5 116.50
5 101.49
5 119.89

Department of Homeland Security
Emergency Preparedness and Response:
State Share Loans .................................................................

1.18 ..................

0.82 ..................

0.36

7

5.18 .............. ................ .............. ................ ................ ................

0.49 .................. ................

*

1.20

* ................ .............. ................

94.19

39.81

5.00
4.99
0.01 .................. ................
5.58 .................. .................. ..................
5.58

38
35

5.37
5.37

5 ................ .............. ................
15 ................ .............. ................

37.69
32.21

60.00
60.00

30
5.78
30
7.06
30
6.88
1 ................

.............. ................ .............. ................
..............
1.96 .............. ................
..............
1.15 .............. ................
.............. ................ .............. ................

83.57
15.08
10.01
0.31

39.00
42.01
78.76
6.38

5.56 .............. ................ .............. ................

6 182.40

7 ¥0.03

24.55

50.00

Department of State
Bureau of Consular Affairs:
Repatriation Loans .................................................................

60.14

59.65

Department of Transportation
Federal Highway Administration:
Transportation Infrastructure Finance and Innovation:
TIFIA Direct Loans .............................................................
TIFIA Lines of Credit .........................................................
Department of Veterans Affairs
Benefits Programs:
Acquired Loans .......................................................................
Vendee Loans ........................................................................
Native American Veteran Housing Loans .............................
Vocational Rehabilitation Loan Fund .....................................

10.43
¥3.46
¥13.46
2.00

13.22
1.75
1.86
0.27

¥4.34 ..................
1.56
¥19.95
¥1.92
16.66
¥16.32
¥0.51
1.52
1.72 .................. ................

Veterans Health Administration:
Transitional Housing for Homeless Veterans ........................

70.74

70.29

0.45 .................. ................

4.28

11.29

35

International Assistance Programs
Overseas Private Investment Corporation:
OPIC Direct Loans .................................................................

¥0.69

¥6.32 ................

18

5

5.03

4

0.50

1.77 ................

Table 5.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE FY 2007 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Small Business Administration
Disaster Loan Program:
Disaster Assistance ................................................................

13.18

9.32

34.00

11.26

3.03 ..................

0.82

18

5.19

* ................ .............. ................

18.57

14.11

¥8.61 ................

24

1.65

4

18.73 ................

Other Independent Agencies
Export-Import Bank of the United States:
Long and Medium Term Loans (including Tied Aid) ............

31.35

* Nonzero amount rounds to zero.
1 Lifetime defaults as a percentage of disbursements.
2 Recoveries as a percentage of lifetime defaults.
3 Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.
4 Stafford loans include a six-month grace period.
5 Recoveries include interest and penalties.
6 Defaults include interest and fees.
7 Recoveries net of property expenses.

19

0.50

8.49 ................

Table 6.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE FY 2007 SUBSIDY ESTIMATES
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Loan Characteristics
All other

Loan
maturity
(years)

5.24 ................
3.50 ................
0.54 ................

¥0.76 ................
¥0.02 ................
¥0.57 ................

4
10
*

3.39 ..............
3.39 ..............
3.39 ..............

0.76 .............. ..............
0.02 .............. ..............
0.57 .............. ..............

3.49 ..............
5.68 ..............
1.27 ..............

96.00
96.00
96.00

3.37 ................
2.48
7.59
1.48 ................

¥3.11 ................
¥1.00 ................
¥1.48 ................

6
6
18

7.85 ..............
7.85 ..............
7.64 ..............

1.50
0.75 ..............
1.00 .............. ..............
1.48 .............. ..............

4.43
3.27
2.14

10.22
3.67
12.41

90.00
90.00
90.00

7.40 ................
4.52 ................
................ ................

¥3.04 ................
¥0.85 ................
¥0.90 ................

17
20
21

9.00 ..............
5.80 ..............
5.80 ..............

1.88
0.25 ..............
12.54
34.16
1.00 .............. ..............
6.09
2.28
1.00 .............. .............. .............. ..............

80.58
85.44
90.00

Interest

Fees

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Percent
guaranteed

Department of Agriculture
Farm Service Agency:
CCC Export Loan Guarantees:
GSM 102 ..........................................................................
4.48
Facilities ...........................................................................
3.48
Supplier Credit .................................................................
¥0.03
Agricultural Credit Insurance Fund:
3 0.26
Farm Operating—Unsubsidized .......................................
3 9.08
Farm Operating—Subsidized ...........................................
Farm Ownership—Unsubsidized ..................................... ..................
Rural Community Advancement Program:
Business and Industry Loans ..............................................
Community Facility Loans ....................................................
Water and Waste Disposal Loans .......................................

4.36
3.66
¥0.90

Rural Utilities Service:
Guaranteed Broadband Loans ............................................

4.63

4.63 ................ ................ ................

18 .............. .............. .............. .............. ..............

11.71

57.83

80.00

2.00 .............. ..............

4.30

0.58

90.00

29
8.06 ..............
30 .............. ..............
32
8.06 ..............

3.00 .............. ..............
0.50 .............. ..............
1.00
0.50 ..............

4.30
0.58
1.30
0.44
0.91 ..............

90.00
90.00
89.93

¥1.54 ................

17

9.00 ..............

1.00

0.12 ..............

12.92

32.75

78.43

¥4.21
¥2.38
¥2.38
¥2.38
¥8.48

3.29
2.62
2.69
4.18
4.24

13
9
9
9
20

6.70
(4) *
6.80
(4) *
6.46
(4) *
8.50 ..............
6.28 ..............

1.76
0.35 ..............
2.38 .............. ..............
2.38 .............. ..............
2.38 .............. ..............
0.50
1.05 ..............

11.86
12.70
11.08
5.38
13.84

5 117.38

5 118.73

97.00
97.00
97.00
97.00
97.00

3.35 ................
¥1.00 ................
11.99 ................ ................ ................
3.35 ................
¥1.00 ................

30
20
30

6.50 ..............
1.00 .............. ..............
6.50 .............. .............. .............. ..............
6.50 ..............
1.00 .............. ..............

6.70
2.53
17.81 ..............
6.70
2.53

100.00
95.00
100.00

Rural Housing Service:
Rural Housing Insurance Fund:
Section 502 Single-Family Housing Purchase ...............
Section 502 Single-Family Housing Purchase (Legislative Proposal) ...............................................................
Section 502 Single-Family Housing Refinance ..............
538 Multi-Family Housing—Subsidized ...........................

1.21

3.21 ................

¥2.00 ................

29

8.06 ..............

0.21
0.50
7.74

3.21 ................
1.00 ................
0.50
14.59

¥3.00 ................
¥0.50 ................
¥7.35 ................

Rural Business Cooperative Services:
Renewable Energy ...............................................................

6.49

8.03 ................

0.84
0.78
0.89
0.85
0.85

Department of Education
Office of Postsecondary Education:
Federal Family Education Loan Program:
Weighted Average of Total Commitments ......................
Subsidized Stafford ..........................................................
Unsubsidized Stafford ......................................................
PLUS ................................................................................
Consolidated ....................................................................

7.27
18.77
0.78
¥0.63
5.59

7.35
17.75
¥0.42
¥3.28
8.98

5 119.23
5 116.23
5 101.05

Department of Housing and Urban Development
Public and Indian Housing Programs:
Indian Housing Loan Guarantees ........................................
Title VI Indian Housing Guarantees ....................................
Native Hawaiian Housing Loan Guarantees .......................

2.35
11.99
2.35

21

Table 6.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE FY 2007 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ..................................................
¥3.63
Section 221(d)(3) Cooperatives ......................................
6.31
Tax Credit New Construction ..........................................
¥2.78
Apartment Refinance .......................................................
¥4.42
Section 241 Supplemental Loans ...................................
3.93
Multifamily Operating Loss Loans ...................................
16.55
Housing Finance Authority Risk Sharing ........................
¥0.68
GSE Risk Sharing ...........................................................
¥0.89
Health Care and Nursing Homes ....................................
¥4.42
Health Care Refinance ....................................................
¥3.47
Hospitals ...........................................................................
¥3.51
Other Rental ....................................................................
¥4.29
Section 234 Condominiums ............................................
¥1.49
Section 234 Condominiums (Legislative Proposal) ........ ..................
Section 203(k) Rehabilitation Mortgage ..........................
0.31
Section 203(k) Rehabilitation Mortgage (Legislative
Proposal) ...................................................................... ..................
Home Equity Conversion Mortgages ..............................
¥1.21
Home Equity Conversion Mortgages (Legislative Proposal) ........................................................................... ..................
Title I Property Improvement ...........................................
0.97
Title I Manufactured Housing ..........................................
0.83
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program .............................
¥0.37
6 ¥0.90
MMI — Purchase and Refinance (Legislative Proposal)
MMI — HECM (Legislative Proposal) .............................
¥1.21
Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities .......................
Guarantees of Mortgage-Backed Securities (Legislative
Proposal) ..........................................................................

Defaults,
net of
recoveries

4.87
13.56
1.84
3.15
11.37
21.55
2.67
1.39
3.89
4.64
3.27
4.87
2.15
................
4.23

Interest

Fees

Loan Characteristics
All other

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

................
¥8.50 ................
40
7.12 ..............
................
¥7.25 ................
40
6.70 ..............
................
¥4.63 ................
40
6.68 ..............
................
¥7.57 ................
35
6.93 ..............
................
¥7.43 ................
30
7.58 ..............
................
¥5.00 ................
35
7.57 ..............
................
¥3.35 ................
38
6.54 ..............
................
¥2.28 ................
30
7.81 ..............
................
¥8.31 ................
40
7.34 ..............
................
¥8.10 ................
35
7.23 ..............
................
¥6.78 ................
25
6.26 ..............
................
¥9.16 ................
40
7.04 ..............
................
¥3.64 ................
30
6.79 ..............
................ ................ ................ .............. .............. ..............
................
¥3.92 ................
30
7.73 ..............

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

..............
0.77
0.77
18.42
..............
0.80 ..............
46.04
..............
0.50
0.50
11.71
..............
0.77
0.77
11.77
..............
0.80
0.80
15.74
..............
0.80 ..............
26.63
..............
0.50
0.50
13.01
..............
0.50
0.50
2.40
..............
0.80
0.80
9.61
..............
0.80 ..............
14.28
..............
0.80
0.50
9.77
..............
0.77
0.77
18.41
1.50
0.50 ..............
9.03
.............. .............. .............. ..............
1.50
0.50 ..............
13.46

Recovery
rate 2

Percent
guaranteed

68.82
100.00
66.20
100.00
71.20
85.00
64.10
80.00
..............
100.00
..............
100.00
78.81
90.00
..............
50.00
49.93
100.00
54.05
80.00
55.51
100.00
68.24
100.00
71.21
100.00
.............. ................
61.10
100.00

................ ................ ................ ................ .............. .............. .............. .............. .............. .............. .............. .............. ................
3.39 ................
¥4.60 ................
30
4.70 ..............
2.00
0.50 ..............
57.54
125.61
100.00
................ ................ ................ ................ .............. .............. .............. .............. .............. .............. .............. .............. ................
3.94 ................
¥2.97 ................
20
13.00 .............. ..............
1.00 ..............
5.48
15.00
90.00
6.44 ................
¥5.62 ................
20
13.00 .............. ..............
1.00 ..............
9.44
15.00
90.00
2.21 ................
2.06 ................
3.39 ................

¥3.76
1.18
¥4.02
1.06
¥4.60 ................

30
30
30

6.86 ..............
6.86 ..............
4.70 ..............

¥0.21

................ ................

¥0.22 ................

30

8.12 .............. ..............

¥0.27

................ ................

¥0.28 ................

30

8.12 ..............

0.06

9.00 ..............
9.00 ..............

2.00 .............. ..............
2.00 .............. ..............

1.50
1.50
2.00

0.50 ..............
0.50 ..............
0.50 ..............

12.08
10.75
57.54

78.37
77.17
125.61

100.00
100.00
100.00

0.06

0.02 ..............

99.86

100.00

0.06

0.02 ..............

99.86

100.00

9.21
9.21

90.00
90.00

2.00 ..............

75.00

Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan Program .......................................
Indian Insured Loan Program ..............................................

6.45
6.45

4.99
4.99

¥1.80 ................
¥1.80 ................

16
16

Office of the Secretary:
Minority Business Resource Center ....................................

1.82

1.82 ................ ................ ................

2

Federal Highway Administration:
TIFIA Loan Guarantees .......................................................

3.90

3.90 ................ ................ ................

37

3.27
3.27

7.28
7.28

Department of Transportation

22

9.25 .............. .............. .............. ..............
5.37

5 .............. .............. ..............

24.65

60.00

100.00

Table 6.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE FY 2007 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Loan Characteristics
All other

Loan
maturity
(years)

1.27 ................
¥1.63 ................
4.92 ................ ................
¥0.93

30
30

Interest

Fees

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

Percent
guaranteed

Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans .................................................
Guaranteed Loan Sale Securities .......................................

¥0.36
3.99

7.06 ..............
1.66 ..............
*
7.06 .............. .............. .............. ..............

7.34
6.64

76.66
14.31

25.00
100.00

International Assistance Programs
Agency for International Development:
Development Credit Authority ..............................................

5.49

6.51 ................

¥1.02 ................

7

4.91

5

0.50

0.50 ..............

17.06 ..............

50.00

Overseas Private Investment Corporation:
OPIC Loan Guarantees .......................................................
OPIC Investment Funds ......................................................

0.50
¥5.84

10.55 ................
8.23 ................

¥10.05 ................
¥14.07 ................

8
13

5.28
8.03

4
7

0.50
0.50

1.58 ..............
1.50 ..............

23.19
40.00
15.27 ..............

100.00
100.00

..................

3.47 ................

¥3.46 ................

16

8.35 ..............

2.07

0.55 ..............

50.75

72.68

2.15 ................
¥2.45
0.30
8.17 ................
¥3.20
¥4.97
................ ................ ................ ................

20
10
20

6.27 ..............
1.36
0.16 ..............
4.11
40.84
5.89 ..............
3.00
0.91 ..............
33.16
75.18
5.50 .............. .............. .............. .............. .............. ..............

100.00
100.00
100.00

5.01

Small Business Administration
General Business Loan Programs:
7(a) General Business Loans ..............................................
Section 504 Certified Development Companies Debentures .................................................................................
SBIC Debentures .................................................................
Secondary Market Guarantee ..............................................

..................
..................
..................

7.19

Other Independent Agencies
Export-Import Bank of the United States:
Short, Medium, and Long Term Guarantees and Insurance Program ..................................................................

0.25

7.61 ................

¥7.36 ................

6

Presidio Trust:
Presidio Trust Loan Guarantee Program ............................

0.32

0.46 ................

¥0.14 ................

20

1

9.00 ..............

7.83

0.12 ..............

8.74 ..............

100.00

0.50 .............. ..............

0.62 ..............

75.00

* Nonzero amount rounds to zero, based on units for this column.
1 Lifetime defaults as a percentage of disbursements.
2 Recoveries as a percentage of lifetime defaults.
3 Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.
4 Stafford loans include a six-month grace period.
5 Recoveries include interest and penalties.
6 Legislative proposal includes Section 234 Condominiums and Section 203(k) Rehabilitation Mortgages currently held in the General and Special Risk Insurance Fund.

23

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Credit Sales of Acquired Property
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
Farm Operating
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Indian Land Acquisition
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Emergency Disaster
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................

29.76
21.67
15.02
18.06
13.02

2.72
¥1.47
5.22
8.94
7.53

¥27.36
¥4.34
1.73
5.37
2.13

0.32
¥18.80
¥11.53
¥14.49
¥7.62

¥260
¥161
¥1,106
109
343

¥4,782
¥9,657
¥3,033
¥874
¥240

¥7,523
¥12,433
¥6,499
¥1,222
¥552

27,821
53,730
66,315
13,399
10,048

15.71
12.75
12.36
12.63
12.98
12.59
6.57
6.83
5.86
9.02
8.93
17.25
14.42
10.09

7.98
7.48
11.78
16.48
12.52
12.98
12.68
11.24
14.04
10.54
10.31
7.62
6.83
12.59

¥15.12
¥2.02
1.84
0.39
¥5.67
0.99
12.40
11.61
3.65
¥1.04
¥3.81
¥2.94
¥1.10
¥0.18

7.39
¥3.25
¥2.42
3.46
5.21
¥0.60
¥6.29
¥7.20
4.53
2.56
5.19
¥6.69
¥6.49
2.68

2,128
1,836
605
¥354
¥2,494
¥2,611
¥3,145
¥12,196
¥8,913
¥11,904
¥12,647
¥16,195
¥19,056
11,739

¥62,118
¥46,312
¥21,710
17,976
¥6,146
¥4,035
30,735
20,386
44,255
2,054
5,904
¥69,081
¥48,008
11,739

¥43,404
¥28,353
¥3,732
16,679
¥2,579
1,990
33,795
34,419
54,156
10,415
9,141
¥65,948
¥45,804
11,295

561,497
538,014
643,367
433,220
560,669
510,320
553,109
780,474
662,049
685,221
662,397
684,817
603,485
451,813

25.25
21.17
8.20
22.36
23.28
24.10
13.18
2.00
16.11
5.92
8.95
¥0.78
5.27
20.26
24.27
28.00
31.90

¥5.87
¥1.25
¥29.87
¥718
¥1,098
¥307
988
14.56
¥2.04
¥4.57
5
¥370
¥57
859
16.42
5.39
2.83
¥4
¥135
53
649
27.53
4.81
0.36
7
¥106
28
550
22.39
¥0.37
¥0.52
15
¥139
¥6
641
24.30
¥1.19
1.39
9
¥36
*
224
15.86
¥1.45
4.13
28
¥34
13
500
20.89
14.15
4.74
75
122
155
822
¥8.06
¥3.12
¥21.05
¥40
¥158
¥143
590
¥5.42
0.06
¥11.40
¥9
¥9
¥8
74
7.42
¥10.37
8.84
13
¥2
¥2
110
14.40
¥0.82
16.00
227
258
241
1,586
(4) .......................... .......................... .......................... .......................... .......................... ..........................
20.02
23.50
16.73
24.23

25

11.59
2.87
5.52
¥0.59

¥11.83
¥3.64
¥16.79
¥7.08

326
¥1,400
158
29

¥2,467
¥2,022
¥20,211
¥6,395

¥177
¥446
¥16,250
¥5,129

73,854
57,939
144,191
66,875

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Boll Weevil Eradication
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Farm Ownership
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Soil and Water
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
Seed Loans to Producers
FY 2001 ................................................................................................
Farm Storage Facility Loan Program
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

29.34
30.41
24.03
23.60
15.53
24.53
13.45
20.39
13.83
12.94

20.79
22.73
17.50
20.66
17.16
8.92
8.14
¥9.04
¥2.91
0.19

¥1.24
¥0.07
10.61
11.83
5.08
¥3.80
¥4.52
¥9.42
¥1.02
¥1.97

¥7.31
¥7.61
¥17.14
¥14.77
¥3.45
¥11.81
¥0.79
¥20.01
¥15.72
¥10.78

¥1,669
¥893
¥1,845
91
¥951
¥1,402
¥753
¥1,546
¥4,436
¥2,693

¥20,038
¥14,900
¥8,538
¥7,962
249
¥15,331
¥3,533
¥29,616
¥5,335
¥2,693

¥14,782
¥10,966
¥6,245
¥9,069
2,434
¥13,935
¥3,069
¥27,901
¥4,968
¥2,583

172,884
142,781
95,639
308,461
149,299
89,270
57,800
94,805
29,677
20,262

1.24
1.18
1.44
¥4.38
¥0.78
¥2.18
¥2.70
¥6.07
¥5.68

1.15
¥1.41
¥0.38
¥5.64
¥9.37
¥6.79
¥3.77
¥0.45
¥2.50

0.13
22.91
¥1.37
3.49
¥3.69
¥6.46
¥6.72
¥1.53
¥0.48

¥0.22
¥25.50
¥0.45
¥4.75
¥4.90
1.85
5.65
7.15
3.66

¥116
185
2,838
17,066
26,758
25,305
24,238
20,386
2,085

¥396
516
¥4,184
1,096
¥7,986
¥4,404
¥90
6,463
2,085

¥34
¥1,036
¥1,820
¥1,260
¥8,129
¥4,356
¥1,059
5,490
2,006

37,277
40,000
100,000
100,000
94,628
94,495
99,000
97,695
63,095

22.64
8.50
9.81
22.31
19.04
21.03
13.04
14.97
3.77
10.77
2.63
11.61
22.08
5.35

20.34
12.32
13.09
13.62
12.75
12.17
8.74
10.06
8.48
1.83
4.73
¥3.71
¥1.76
¥1.66

¥2.27
6.38
7.95
1.17
1.16
2.14
8.09
5.73
10.20
¥6.80
¥1.91
¥8.04
¥0.57
¥4.18

¥0.03
¥2.56
¥4.67
¥9.86
¥7.45
¥11.00
¥12.39
¥10.64
¥5.49
¥2.14
4.01
¥7.28
¥23.27
¥2.83

¥5,436
¥5,334
¥3,400
2,638
4,769
3,811
3,714
3,308
3,956
433
14,413
¥7,377
¥35,997
¥12,397

¥1,796
2,779
29
¥5,976
¥7,269
¥9,454
¥5,152
¥10,810
6,784
¥17,946
4,175
¥26,541
¥35,997
¥12,397

¥1,509
2,526
2,631
¥4,782
¥5,469
¥6,958
¥3,465
¥7,868
10,642
¥14,325
3,641
¥25,148
¥33,250
¥11,864

65,611
66,128
80,218
55,033
86,955
78,529
80,585
160,245
225,954
160,240
173,358
164,151
139,473
169,247

8.11
16.32
14.06

8.77
13.42
15.10

¥2.68
¥9.30
3.72

3.34
6.40
¥2.68

¥7
3
136

248
178
455

15
¥60
33

2,257
2,052
3,141

10.96

20.18

¥1.66

10.88

255

2,298

2,519

27,318

2.85
2.14

¥2.84
¥1.74

0.25
0.30

¥5.94
¥4.18

¥2,559
¥1,489

¥3,436
¥3,263

¥3,318
¥3,037

58,312
78,272

26

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Apple Loan Program
FY 2001 .....................................................................................................
Emergency Boll Weevil Loans
FY 2001 .....................................................................................................
Rural Community Advancement Program:
Business and Industry Loans
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
Community Facility Loans
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Water and Waste Disposal Loans
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

2.42
1.28
1.22
¥1.43

¥2.57
¥0.73
2.33
0.52

¥6.04
¥6.37
¥1.92
1.24

1.05
4.36
3.03
0.71

¥181
1,562
730
328

¥2,260
¥1,209
559
328

¥2,417
¥1,181
531
315

48,427
58,774
47,871
16,176

5.01

¥3.06

0.44

¥8.51

204

¥858

¥922

11,423

60.00

98.32

(5)

38.32

3,232

4,676

3,832

10,000

0.51
¥7.16
¥14.64
¥14.16
5.82

57.71
40.48
51.84
57.17
62.33

¥16.21
¥10.90
2.50
¥2.20
2.77

73.41
58.54
63.98
73.53
53.74

..........................
..........................
..........................
..........................
..........................

8,171
11,072
18,959
22,656
28,522

6,037
9,314
16,521
19,577
25,643

10,554
19,552
24,951
28,827
48,877

10.60
8.14
12.57
12.14
16.80
8.73
8.38
13.74
6.06
11.69
5.43
6.24
¥0.71
4.05
14.10
12.69
16.18
15.28
22.50
9.02
9.76
16.52
7.10
13.59
6.88
11.34

8.85
3.12
¥4.87
10.47
6.84
¥4.51
15.25
3.92
¥1.24
12.99
3.35
¥2.50
11.84
¥2.88
¥2.08
10.49
3.72
¥1.96
12.05
3.83
¥0.16
10.15
¥1.01
¥2.58
6.45
1.94
¥1.55
5.01
¥6.99
0.31
4.77
¥2.97
2.31
6.16
¥1.92
1.84
0.22
0.19
0.74
(4) .......................... ..........................
14.20
17.69
16.62
15.16
15.20
12.93
13.86
12.91
10.92
8.62
7.02
11.04

27

4.93
9.17
4.62
2.90
¥5.14
6.38
4.73
¥2.29
5.70
¥5.27
¥1.19
¥1.34

¥4.83
¥4.17
¥4.18
¥3.02
¥2.16
¥2.47
¥0.63
¥1.32
¥1.88
0.30
1.33
1.04

..........................
¥3,199
¥1,430
81,704
..........................
1,193
2,157
92,568
..........................
4,487
4,086
152,473
..........................
1,007
1,362
160,210
..........................
¥11,350
¥8,827
177,958
..........................
2,722
2,071
117,685
..........................
7,284
6,289
171,362
..........................
¥5,742
¥5,016
139,728
..........................
686
635
162,704
..........................
¥17,046
¥15,309
229,176
..........................
¥1,450
¥1,344
203,654
..........................
¥73
¥69
86,485
..........................
318
303
32,615
.......................... .......................... .......................... ..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

¥7,680
20,099
¥6,760
¥9,419
¥50,004
31,221
30,894
¥26,470
24,964
¥29,802
728
¥491

550
28,120
2,445
¥928
¥40,259
29,724
28,574
¥22,694
23,378
¥26,905
670
¥462

550,277
596,007
644,315
773,220
552,188
760,001
696,036
628,631
612,032
538,726
478,621
153,874

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2004 ................................................................................................
FY 2005 ................................................................................................
Rural Utilities Service:
Distance Learning and Telemedicine Loans
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Broadband 4% Loans
FY 2004 .....................................................................................................
Broadband Treasury Loans
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans
FY 1992 ............................................................................................
FY 1993 ............................................................................................
FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................
FY 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
Municipal Electric Loans
FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................
FY 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................

Original
Subsidy Rate

3.33
9.00

0.02
0.35
¥1.15
..........................
1.42
4.94

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

3.50
0.06
0.11 ..........................
37
35
20,618
(4) .......................... .......................... .......................... .......................... .......................... ..........................

¥13.68
1.52
¥15.22
15.03
0.17
14.51
0.68
¥0.26
2.09
¥0.37
¥0.03
¥0.34
(4) .......................... ..........................

..........................
¥487
¥423
3,065
..........................
793
666
4,534
..........................
84
80
4,389
..........................
¥2
¥2
585
.......................... .......................... .......................... ..........................

(4) .......................... .......................... .......................... .......................... .......................... ..........................

¥0.61
¥0.07
2.22
2.18
2.13

1.03
¥3.16
4.80
¥0.67
¥0.01
¥0.59
1.14
¥0.88
¥0.20
2.62
¥0.10
0.54
(4) .......................... ..........................

..........................
1,216
1,086
66,192
..........................
¥313
¥291
48,576
..........................
¥281
¥269
24,874
..........................
27
25
5,787
.......................... .......................... .......................... ..........................

18.82
12.84
17.11
13.09
23.37
5.27
7.46
13.04
0.90
9.96
2.98
5.71
¥2.33
3.04

15.25
2.46
¥6.03
15.14
7.20
¥4.90
16.06
3.21
¥4.26
11.57
5.91
¥7.43
11.97
¥9.73
¥1.67
7.93
8.56
¥5.90
7.30
3.95
¥4.11
7.63
¥2.07
¥3.34
6.75
7.19
¥1.34
3.93
¥6.02
¥0.01
0.86
¥3.82
1.70
5.76
¥3.80
3.85
¥1.78
0.48
0.07
(4) .......................... ..........................

..........................
¥34,802
¥20,155
564,555
..........................
3,628
19,194
834,525
..........................
¥3,031
¥1,079
102,780
..........................
¥2,787
¥1,124
73,973
..........................
¥12,017
¥9,838
86,299
..........................
1,745
1,721
64,708
..........................
¥622
¥199
124,414
..........................
¥4,437
¥3,802
70,270
..........................
7,069
6,193
105,871
..........................
¥5,577
¥4,922
81,627
..........................
¥1,232
¥1,133
53,443
..........................
4
3
6,931
..........................
12
11
2,000
.......................... .......................... .......................... ..........................

11.26
8.58
10.44
6.20
4.22
8.76
3.67
6.95

14.35
11.28
16.70
15.55
13.34
13.53
24.23
27.32

28

9.73
11.18
12.00
14.10
12.59
8.81
19.33
19.04

¥6.64
¥8.48
¥5.74
¥4.75
¥3.47
¥4.04
1.23
1.33

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

13,334
8,779
37,740
46,555
51,034
16,805
69,204
60,792

11,570
12,753
31,972
41,116
44,486
14,071
59,292
55,120

374,439
472,329
510,734
439,744
487,786
294,990
288,383
270,594

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
FFB Electric Loans
FY 1992 ............................................................................................
FY 1993 ............................................................................................
FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................
FY 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
Treasury Electric Loans
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
Telephone:
Telecommunication Hardship Loans
FY 1992 ............................................................................................
FY 1993 ............................................................................................
FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................
FY 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
FFB Telecommunications Loans
FY 1992 ............................................................................................
FY 1993 ............................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

¥0.09
4.03
¥2.42
1.35

9.82
12.57
¥2.66
11.78
5.15
2.60
¥1.31
1.10
0.01
(4) .......................... ..........................

..........................
39,637
37,635
379,771
..........................
2,788
2,598
33,520
..........................
173
165
14,828
.......................... .......................... .......................... ..........................

1.80
4.51
0.96
¥0.03
0.84
0.93
0.92
¥0.38
¥1.18
¥3.09
¥1.13
¥1.82
¥1.99
¥2.33

3.70
1.30
0.60
¥1.14
4.81
¥10.46
2.63
19.52
¥17.85
0.05
8.71
¥8.63
¥1.35
6.32
¥8.51
¥2.68
1.88
¥5.49
0.84
4.61
¥4.69
6.50
5.70
1.18
2.56
6.66
¥2.92
1.49
13.04
¥8.46
1.37
2.36
0.14
¥0.17
¥1.16
2.81
¥0.78
0.03
1.18
(4) .......................... ..........................

..........................
26,154
13,598
715,687
..........................
¥44,917
¥43,632
772,252
..........................
6,579
4,075
243,999
..........................
313
237
296,148
..........................
¥4,559
¥3,939
179,858
..........................
¥11,227
¥9,841
272,598
..........................
278
¥201
251,329
..........................
82,569
69,857
1,015,368
..........................
64,021
54,917
1,468,359
..........................
76,233
67,948
1,483,573
..........................
59,401
54,587
2,183,488
..........................
12,180
11,525
698,476
..........................
244
233
19,221
.......................... .......................... .......................... ..........................

..........................
¥0.04
¥0.04
¥0.06
¥0.05

0.80
2.85
¥2.05
4.19
3.42
0.81
1.29
¥1.83
3.16
¥0.08
0.02
¥0.04
(4) .......................... ..........................

..........................
3,899
3,541
442,584
..........................
20,023
18,410
435,220
..........................
3,597
3,398
255,489
..........................
¥8,447
¥8,045
40,227
.......................... .......................... .......................... ..........................

16.84
11.66
16.04
7.91
19.59
1.59
3.92
9.79
1.12
10.36
2.32
1.71
¥4.44
¥1.21

11.39
3.51
¥8.96
10.96
6.45
¥7.15
9.06
¥0.72
¥6.26
7.97
5.66
¥5.60
12.30
¥8.49
1.20
5.42
7.54
¥3.71
2.75
3.28
¥4.45
3.73
¥5.09
¥0.97
0.16
3.34
¥4.30
5.66
¥4.48
¥0.22
¥0.09
¥3.21
0.80
0.35
¥1.50
0.14
(4) .......................... ..........................
(4) .......................... ..........................

..........................
¥11,672
¥9,438
173,167
..........................
¥2,468
¥1,550
221,491
..........................
¥4,150
¥3,747
53,686
..........................
¥225
24
40,659
..........................
¥4,470
¥3,945
54,118
..........................
2,207
2,087
54,493
..........................
¥1,017
¥677
57,828
..........................
¥2,939
¥2,546
42,005
..........................
¥407
¥363
37,793
..........................
¥1,189
¥1,068
22,722
..........................
¥319
¥295
12,225
..........................
¥75
¥71
5,222
.......................... .......................... .......................... ..........................
.......................... .......................... .......................... ..........................

..........................
0.08

4.18
¥2.57

29

8.13
2.10

¥3.95 ..........................
¥4.75 ..........................

1,743
¥1,487

1,364
¥1,294

32,628
48,837

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................
FY 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
Treasury Telecommunication Loans
FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................
FY 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
Rural Telephone Bank Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

¥4.01
¥3.91
¥0.05
¥0.07
¥0.07
¥0.81
¥0.46
¥2.04
¥0.85
¥2.36
¥1.85
¥1.95

1.74
14.24
¥8.49
¥5.79
9.80
¥11.68
¥0.01
¥2.46
2.50
20.89
36.03
¥15.07
¥0.30
¥0.05
¥0.18
¥0.29
0.11
0.41
2.46
7.45
¥4.53
2.37
4.24
0.17
7.07
6.45
1.47
11.72
16.78
¥2.70
¥1.16
0.66
0.03
(4) .......................... ..........................

..........................
2,561
2,073
36,056
..........................
¥253
¥998
53,089
..........................
¥102
16
40,621
..........................
7,934
7,212
34,409
..........................
¥45
¥46
20,072
..........................
137
109
20,989
..........................
1,768
1,555
53,250
..........................
1,653
1,473
33,412
..........................
3,990
3,625
45,771
..........................
11,824
11,267
80,018
..........................
277
265
38,466
.......................... .......................... .......................... ..........................

0.02
0.02
0.02
0.02
0.02
0.27
0.79
¥1.00
0.10
0.05
0.05
0.04

¥0.75
2.61
¥3.38
¥3.13
5.64
¥8.79
¥1.94
0.06
¥2.02
¥0.34
4.44
¥4.80
¥0.89
1.00
¥1.91
0.20
¥1.04
0.97
0.50
2.54
¥2.83
¥1.48
0.67
¥1.15
0.20
¥1.76
1.86
¥1.22
¥0.58
¥0.69
0.06
0.06
¥0.05
(4) .......................... ..........................

..........................
166
¥1,012
131,473
..........................
¥7,039
¥5,084
161,385
..........................
¥3,519
¥2,299
117,319
..........................
¥265
¥359
99,598
..........................
¥1,721
¥1,418
155,800
..........................
14
¥71
101,905
..........................
¥393
¥410
141,421
..........................
¥524
¥489
101,799
..........................
53
49
49,197
..........................
¥333
¥316
24,919
..........................
*
*
434
.......................... .......................... .......................... ..........................

2.05
0.02
0.39
0.44
2.87
1.32
2.12
2.65
1.88
1.48
2.14
1.38
¥4.32
¥1.83

1.01
3.78
¥4.82
¥1.03
1.64
¥2.69
¥2.12
7.24
¥9.75
¥2.38
6.16
¥8.98
4.67
¥3.04
4.84
¥8.06
¥5.01
¥4.37
¥3.76
¥3.14
¥2.74
¥0.11
¥4.12
1.36
¥1.17
¥1.46
¥1.59
¥3.52
¥5.19
0.19
1.62
¥1.18
0.66
1.87
¥0.31
0.80
¥4.35
0.07
¥0.10
(4) .......................... ..........................

..........................
¥2,228
¥1,007
96,833
..........................
¥1,805
¥768
80,035
..........................
¥4,003
¥2,381
94,879
..........................
¥2,230
¥1,770
62,768
..........................
584
641
35,612
..........................
¥3,024
¥2,734
29,151
..........................
¥3,693
¥3,205
54,513
..........................
¥445
¥400
14,494
..........................
¥1,394
¥1,290
42,288
..........................
¥1,371
¥1,337
26,737
..........................
¥25
¥23
4,497
..........................
10
9
1,846
..........................
¥*
¥*
293
.......................... .......................... .......................... ..........................

30

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Rural Housing Service:
Rural Housing Insurance Fund:
Single-Family Housing Credit Sales
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Multi-Family Housing Credit Sales
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Section 502 Single-Family Housing
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Section 504 Housing Repair
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................

Original
Subsidy Rate

14.69
11.51
16.26
8.87
13.97
9.02
6.08
¥3.23
¥4.82
¥9.58
¥17.46
¥16.23

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

15.70
¥0.13
1.14 ..........................
5,098
1,890
187,175
11.78
0.47
¥0.20 ..........................
1,720
446
165,087
14.86
¥0.32
¥1.08 ..........................
¥1,154
¥1,717
122,655
6.98
1.21
¥3.10 ..........................
¥579
¥352
18,611
6.70
¥1.31
¥5.96 ..........................
¥1,652
¥1,535
21,111
8.33
1.60
¥2.29 ..........................
¥130
¥107
15,459
10.14
3.59
0.47 ..........................
292
258
6,354
¥11.04
8.62
¥16.43 ..........................
¥259
¥233
2,979
¥11.64
14.41
¥21.23 ..........................
¥168
¥160
2,351
(4) .......................... .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... .......................... ..........................

50.55
13.97
48.31
39.54
49.03
42.17
46.68
44.20
48.44

58.83
9.49
¥1.21
45.75
18.25
13.53
45.85
¥2.19
¥0.27
48.01
12.44
¥3.97
44.48
¥5.14
0.59
47.61
1.19
4.25
35.14
¥3.07
¥8.47
42.52
1.35
¥3.03
(4) .......................... ..........................

..........................
408
351
4,234
..........................
246
314
988
..........................
¥79
¥97
3,961
..........................
86
81
958
..........................
¥88
¥81
1,779
..........................
104
97
1,775
..........................
¥249
¥229
1,988
..........................
¥7
¥7
401
.......................... .......................... .......................... ..........................

22.64
18.75
20.10
24.36
14.30
14.18
12.81
11.82
8.53
16.06
13.16
19.37
9.27
11.58

17.29
¥0.48
¥4.87
12.66
5.12
¥11.21
16.54
2.57
¥6.13
16.75
¥0.48
¥7.13
14.14
2.08
¥2.24
12.47
1.48
¥3.19
10.12
1.19
¥3.88
10.06
3.45
¥5.21
11.27
7.00
¥4.26
7.20
¥6.31
¥2.55
5.59
¥3.62
¥3.95
5.67
¥1.82
¥11.88
10.46
1.63
¥0.44
(4) .......................... ..........................

..........................
¥150,625
¥66,249
1,238,296
..........................
¥133,335
¥77,302
1,269,332
..........................
¥126,714
¥58,355
1,636,603
..........................
¥104,605
¥70,267
919,926
..........................
¥20,430
¥1,591
994,496
..........................
¥22,545
¥11,508
672,979
..........................
¥41,478
¥26,027
967,534
..........................
¥27,951
¥16,373
930,275
..........................
29,084
30,235
1,103,469
..........................
¥98,887
¥91,604
1,033,902
..........................
¥85,863
¥77,603
1,025,141
..........................
¥142,772
¥133,741
976,210
..........................
10,186
9,751
819,415
.......................... .......................... .......................... ..........................

42.92
38.27
37.63

28.77
26.78
28.59

31

0.55
1.79
0.13

¥14.70 ..........................
¥13.28 ..........................
¥9.17 ..........................

¥1,921
¥1,541
¥2,380

¥1,560
¥1,312
¥2,092

11,024
11,468
24,310

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Sec 515 Multi-Family Housing
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Section 523 Self-Help Site Development
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Section 524 Site Development
FY 1998 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Section 514 Farm Labor Housing
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 ...................................................................................................
FY 1995 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

39.61
37.55
36.63
34.36
35.23
30.56
35.44
32.13
31.02
27.46
29.06

31.43
¥0.49
¥7.69
30.95
¥0.10
¥6.50
32.63
0.34
¥4.34
30.08
¥0.52
¥3.76
32.37
¥1.71
¥1.15
34.93
5.02
¥0.65
28.80
¥4.26
¥2.38
28.90
¥3.46
0.23
23.64
¥5.56
¥1.82
27.24
¥0.45
0.23
(4) .......................... ..........................

..........................
¥2,365
¥2,319
28,345
..........................
¥2,309
¥2,198
33,367
..........................
¥942
¥1,123
28,766
..........................
¥1,028
¥1,196
28,209
..........................
¥719
¥719
23,512
..........................
1,330
1,110
25,009
..........................
¥2,095
¥1,884
28,454
..........................
¥1,131
¥1,029
31,945
..........................
¥2,343
¥2,202
29,764
..........................
¥86
¥82
26,726
.......................... .......................... .......................... ..........................

43.30
49.55
58.06
54.55
53.80
51.24
45.85
48.25
39.68
49.27
42.32
46.63
43.01
47.09

57.42
¥3.17
17.29
57.44
6.16
1.73
59.34
2.40
¥1.12
55.38
2.99
¥2.16
55.66
¥2.57
4.43
51.02
3.62
¥3.84
47.25
7.49
¥6.09
48.95
¥1.26
1.96
46.80
4.55
2.57
46.25
¥6.44
3.42
44.33
¥0.83
2.84
44.87
¥2.58
0.82
39.21
2.17
¥5.97
(4) .......................... ..........................

..........................
81,220
80,548
570,454
..........................
44,262
45,070
571,230
..........................
1,405
6,534
510,450
..........................
259
1,518
182,840
..........................
2,665
2,772
149,056
..........................
¥649
¥280
127,184
..........................
1,853
1,667
119,046
..........................
1,259
743
106,090
..........................
8,258
7,348
103,207
..........................
¥3,346
¥3,148
104,253
..........................
1,490
1,379
68,622
..........................
¥890
¥824
46,799
..........................
¥558
¥531
13,976
.......................... .......................... .......................... ..........................

5.61
5.57
4.41
3.08
¥0.47

13.85
0.55
7.69
3.23
¥4.00
1.66
2.25
¥2.62
0.46
(4) .......................... ..........................
(4) .......................... ..........................

..........................
124
103
1,248
..........................
¥83
¥91
3,874
..........................
¥22
¥21
979
.......................... .......................... .......................... ..........................
.......................... .......................... .......................... ..........................

¥1.19
¥0.12
0.55
1.09
¥0.03
¥4.94

¥0.96
¥2.61
2.46
1.55
(4)
(4)

55.21
45.48
50.00
52.48

50.92
53.64
56.10
53.01

32

..........................
0.23 ..........................
¥7
¥15
358
¥3.04
0.55 ..........................
¥77
¥78
2,960
..........................
1.91 ..........................
1
¥5
449
¥0.81
1.27 .......................... .......................... ..........................
684
.......................... .......................... .......................... .......................... .......................... ..........................
.......................... .......................... .......................... .......................... .......................... ..........................
¥0.37
8.63
4.11
2.19

¥3.92
¥0.47
1.99
¥1.66

..........................
..........................
..........................
..........................

¥1,337
1,518
1,579
¥16

¥683
1,333
964
81

15,924
16,339
15,803
15,214

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY
FY
FY
FY
FY
FY
FY
FY
FY
FY

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................

Rural Business — Cooperative Service:
Intermediary Relending Program
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Rural Economic Development Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

56.80
47.77
49.25
52.03
45.23
52.59
47.31
49.02
42.73
47.06

51.93
¥3.20
¥1.67
48.88
3.68
¥2.57
50.37
0.96
0.16
48.73
¥4.89
1.59
45.33
0.68
¥0.58
46.76
¥6.08
0.25
44.90
¥2.26
¥0.15
46.36
¥2.31
¥0.35
42.52
0.52
¥0.73
(4) .......................... ..........................

..........................
¥799
¥729
14,973
..........................
112
170
15,284
..........................
182
164
14,626
..........................
¥664
¥579
17,540
..........................
86
24
24,224
..........................
¥1,125
¥1,042
17,871
..........................
¥230
¥213
8,837
..........................
¥102
¥96
3,616
..........................
¥8
¥8
374
.......................... .......................... .......................... ..........................

50.03
54.22
57.54
54.02
59.50
46.48
48.25
50.35
43.43
50.91
43.21
48.26
43.27
46.38

49.80
5.42
¥5.65
51.39
1.03
¥3.86
51.75
¥3.81
¥1.98
47.66
¥1.89
¥4.47
47.38
¥8.37
¥3.75
46.91
3.15
¥2.72
47.07
0.58
¥1.76
47.53
¥2.61
¥0.21
44.94
2.36
¥0.85
46.12
¥5.53
0.74
43.10
¥0.94
0.83
46.33
¥1.73
¥0.20
42.53
0.04
¥0.78
(4) .......................... ..........................

..........................
¥317
¥75
32,427
..........................
¥1,362
¥917
32,390
..........................
¥5,620
¥4,416
76,267
..........................
¥7,237
¥5,251
82,558
..........................
¥4,904
¥3,968
32,741
..........................
¥40
141
32,700
..........................
¥515
¥330
27,987
..........................
¥969
¥780
27,652
..........................
494
475
31,473
..........................
¥1,258
¥1,116
23,304
..........................
¥21
¥19
17,546
..........................
¥225
¥212
10,993
..........................
¥10
¥10
1,327
.......................... .......................... .......................... ..........................

30.29
25.82
25.42
24.92
28.48
22.93
23.91
25.22
23.02
26.07
24.16
21.36
18.61
18.79

26.81
¥1.74
¥1.74
27.44
1.50
0.12
26.34
3.15
¥2.23
25.73
2.44
¥1.63
19.57
¥0.13
¥8.78
23.41
3.29
¥2.81
23.88
1.93
¥1.96
23.65
0.93
¥2.50
24.24
3.45
¥2.23
19.61
¥4.06
¥2.40
17.50
¥6.62
¥0.04
17.33
¥3.67
¥0.36
18.05
¥0.39
¥0.17
(4) .......................... ..........................

..........................
¥193
¥241
6,903
..........................
303
197
12,189
..........................
15
120
13,068
..........................
¥40
92
11,318
..........................
¥1,462
¥1,092
12,260
..........................
25
53
11,142
..........................
¥76
¥7
22,912
..........................
¥271
¥198
12,590
..........................
158
160
13,155
..........................
¥1,291
¥1,176
18,202
..........................
¥955
¥883
13,257
..........................
¥525
¥501
12,420
..........................
¥20
¥19
3,375
.......................... .......................... .......................... ..........................

33

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Foreign Agricultural Service:
P.L. 480 Direct Credits
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

Original
Subsidy Rate

67.10
58.75
76.54
81.19
79.65
70.87
67.03
76.45
50.56
60.76
76.18
56.80
57.17
57.55

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

55.52
¥2.66
¥8.92
¥19,136
¥104,336
¥45,329
384,029
37.74
3.03
¥24.04
¥128,603
¥410,398
¥180,154
853,948
59.65
0.76
¥17.65
¥7,430
¥75,735
¥40,570
234,327
61.66
¥1.35
¥18.18
¥8,551
¥59,764
¥35,513
179,855
54.54
¥3.78
¥21.33
¥23,891
¥83,246
¥51,949
205,793
49.21
¥1.16
¥20.50
¥39,518
¥53,991
¥32,792
158,140
53.67
¥2.60
¥10.76
¥21,077
¥32,520
¥21,856
168,928
45.60
¥16.13
¥14.72
¥158,845
¥242,428
¥177,860
594,430
48.85
3.77
¥5.48
¥797
¥1,964
¥1,342
81,534
58.79
2.65
¥4.62
¥518
¥3,293
¥1,974
104,461
58.58
¥0.40
¥17.20
¥2,746
¥19,660
¥18,605
107,138
50.93
¥4.71
¥1.16
¥499
¥3,682
¥3,487
59,785
49.56
¥0.61
¥7.00
¥3,486
¥3,486
¥3,335
45,819
(4) .......................... .......................... .......................... .......................... .......................... ..........................

Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Traditional Direct Loans
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
North East Initiative Loans
FY 1998 ................................................................................................
FY 1999 ................................................................................................

2.00
2.00
2.00
2.00
0.26
¥12.03
¥15.94
¥18.45

¥12.83
0.17
¥14.12
¥0.47
¥12.53
2.10
¥11.90
¥3.14
¥16.83
¥4.54
¥14.32 ..........................
¥21.06 ..........................
¥11.29 ..........................

¥15.00
¥15.65
¥16.63
¥10.76
¥12.55
¥2.29
¥5.12
7.16

32
8
47
220
¥97
102
¥171
128

¥581
¥682
¥472
¥410
¥566
¥86
¥120
128

¥573
¥631
¥479
¥622
¥737
¥95
¥111
121

3,642
4,197
3,390
2,970
3,180
2,636
2,504
1,782

1.00
1.00
1.00
1.00
1.00
¥15.66
¥11.89
¥5.49
¥13.71

¥7.48
3.06
¥7.48
¥0.04
¥6.91
¥0.67
¥7.28
1.76
¥4.90
¥19.28
¥13.26
¥5.18
¥16.89
¥6.72
¥19.20 ..........................
¥10.50 ..........................

¥11.54
¥8.44
¥7.24
¥10.04
13.38
7.58
1.72
¥13.71
3.21

27
111
1,019
560
134
¥92
¥683
¥3,019
293

¥2,020
¥1,490
¥1,443
¥844
¥933
372
¥699
¥4,108
293

¥1,903
¥1,448
¥1,692
¥980
¥1,009
417
¥636
¥3,911
279

21,061
16,443
20,288
12,150
16,516
19,000
13,230
27,388
9,138

¥13.42
¥6.89

¥2
*

¥188
¥32

¥167
¥31

1,195
434

5.00
5.00

¥8.24
¥1.78

34

0.18
0.11

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Pollock Buyback Loan
FY 1999 ................................................................................................
NE Groundfish Buyback
FY 2003 ................................................................................................
Pacific Ground Fish Buyback
FY 2003 ................................................................................................
Bering Sea & Aleutian Island Crab Buyback
FY 2002 ................................................................................................
Tuna Buyback
FY 2003 ................................................................................................
Federal Gulf of Mexico Reef Fish Buyback
FY 2005 ................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥4.69

¥9.73

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

¥13.42

¥0.37

(4)

1.08

4.29

¥7.23

10.44

¥617

1,201

1,172

35,662

¥4.60

¥20.65

¥7.30

¥8.75

¥15,636

¥15,636

¥14,957

97,399

¥11.89

¥8.22

¥6.23

9.90

1,677

1,463

1,342

38,301

1.28

¥11,225

Total
disbursements
to date
($ thousands)

1.00

1,396

¥12,211

Net lifetime
reestimate
amount, excluding interest
($ thousands)

75,000

.......................... .......................... .......................... .......................... .......................... ..........................

(4) .......................... .......................... .......................... .......................... .......................... ..........................

Department of Defense
Family Housing:
Military Housing Improvement Fund
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

40.77
53.48
52.63
37.97
34.92
33.73
19.23

¥2.99
¥0.88
¥1.26
..........................
..........................
..........................
..........................

¥8.31
6.43
¥7.40
..........................
..........................
..........................
..........................

¥1,759
¥375
¥2,384
..........................
..........................
..........................
..........................

¥1,484
¥2,866
¥7,775
..........................
..........................
..........................
..........................

8.97
(5)
8.57
(5)
6.85
(5)
6.75
(5)
5.13
(5)
5.08
¥1.51
8.77
8.17
4.29
¥1.62
1.67
0.89
¥1.26
4.23
0.58
¥1.45
2.37 ..........................

¥1.03
¥0.25
4.29
3.66
3.43
8.70
9.56
10.38
4.67
¥4.04
2.64
¥1.57

29,956
237,920
455,432
461,561
446,645
730,639
495,574
502,918
488,768
395,171
424,802
¥522,215

20,545
132,533
797,591
775,071
834,198
1,803,862
3,158,932
1,935,955
1,069,524
71,511
308,222
¥522,215

¥13,515
¥50,455
411,463
398,258
430,169
1,257,505
2,702,786
1,655,733
1,127,988
55,664
278,300
¥500,464

821,000
4,948,000
9,454,000
11,131,000
12,520,000
17,786,000
16,004,000
18,115,000
20,094,000
18,527,000
20,222,000
24,141,720

(5)
(5)

¥1.87
¥1.09

30,791
180,037

7,257
39,146

¥16,311
¥80,816

536,000
2,898,000

29.47
59.03
43.98
(4)
(4)
(4)
(4)

¥1,198
10,599
2,840
51,149
¥6,918
79,899
..........................
18,975
..........................
58,550
.......................... ..........................
.......................... ..........................

Department of Education
Office of Postsecondary Education:
Ford Direct Loan Program:
Weighted Average of Total Obligations
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Subsidized Stafford
FY 1994 ................................................................................................
FY 1995 ................................................................................................

10.00
8.82
2.56
3.09
1.70
¥2.11
¥8.96
¥4.46
¥3.88
¥1.46
¥0.62
3.94
18.30
17.38

16.43
16.29

35

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Unsubsidized Stafford
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
PLUS
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Consolidated
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................

Percentage
point change
due to technical
assumptions

12.51
11.97
13.12
8.17
2.37
7.16
3.63
3.63
4.55
8.09

14.38
(5)
14.19
(5)
12.58
(5)
14.45
¥1.81
16.34
6.92
12.42
¥1.82
8.38
2.89
4.86
4.12
5.45
¥1.02
6.85 ..........................

1.87
2.22
¥0.54
8.09
7.05
7.08
1.86
¥2.89
1.92
¥1.24

295,770
288,044
214,729
157,403
117,169
77,587
94,826
145,911
88,477
¥50,868

307,952
289,793
113,265
437,577
882,682
312,523
217,610
51,077
65,683
¥50,868

92,835
120,367
¥29,360
313,724
767,392
268,803
265,027
51,917
61,319
¥48,666

5,083,000
5,669,000
5,644,000
5,293,000
5,460,000
5,179,000
5,473,000
5,682,000
5,794,000
3,887,644

¥5.84
¥2.92
¥12.97
¥8.64
¥9.22
¥11.74
¥23.26
¥12.61
¥12.05
¥6.20
¥5.00
¥6.32

¥6.72
(5)
¥4.97
(5)
¥5.79
(5)
¥5.17
(5)
¥5.18
(5)
¥0.86
¥4.25
2.86
9.19
1.60
¥2.17
¥1.24
3.32
¥5.77
4.60
¥7.60
¥1.02
¥9.34 ..........................

¥0.88
¥2.05
7.18
3.47
4.04
15.13
16.93
16.38
7.49
¥4.17
¥1.58
¥3.02

¥1,004
4,289
9,934
4,315
¥2,853
2,533
¥7,042
¥20,017
¥14,854
¥4,683
¥81,043
¥104,450

6,549
5,677
274,474
204,264
257,476
493,982
1,115,090
609,314
377,868
43,291
¥103,391
¥104,450

¥828
¥22,275
183,580
102,219
142,885
379,873
992,872
560,903
451,559
52,210
¥97,017
¥99,919

213,000
1,329,000
2,559,000
3,213,000
3,426,000
3,497,000
3,899,000
3,888,000
4,269,000
4,455,000
4,632,000
3,226,268

¥3.81
¥5.35
¥8.09
¥7.69
¥9.26
¥10.40
¥18.07
¥9.49
¥8.89
¥6.53
¥4.91
¥4.00

0.92
(5)
¥1.09
(5)
¥2.78
(5)
¥2.39
(5)
¥2.84
(5)
¥0.91
¥2.15
2.19
6.43
1.24
¥2.28
¥1.60
3.23
¥4.84
3.33
¥5.57
¥0.29
¥6.88 ..........................

4.73
4.26
5.31
5.30
6.42
11.64
13.83
13.01
4.06
¥1.64
¥0.37
¥2.88

170
1,666
1,433
2,249
¥1,246
595
¥312
¥3,356
¥6,622
¥587
¥19,286
¥45,022

6,739
30,945
59,157
66,527
86,296
126,354
265,118
146,866
73,989
20,317
¥15,189
¥45,022

3,623
21,412
40,828
43,189
59,241
99,712
233,798
133,297
98,275
21,396
¥14,103
¥43,295

72,000
393,000
775,000
879,000
1,021,000
1,022,000
1,226,000
1,274,000
1,442,000
1,714,000
2,078,000
1,420,192

(5)
(5)
(5)
(5)
(5)
9.22
¥1.16

9.52
9.25
9.82
10.60
5.88
5.20
9.25

51,928
148,295
166,952
236,015
570,108
385,759
448,705

56,766
156,008
214,488
377,160
745,949
896,042
867,252

31,223
94,220
132,483
257,403
464,195
708,725
692,730

328,000
1,037,000
1,370,000
2,429,000
7,974,000
5,419,000
7,774,000

0.24
¥0.83
¥1.31
¥4.88
¥3.95
¥7.85
¥7.03

Current
Reestimated
Rate

9.76
8.42
8.51
5.72
1.93
6.57
1.06

36

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Original
Subsidy Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
College Housing and Academic Facilities Loan Program:
College Housing and Academic Facilities Loans
FY 1992 ................................................................................................
FY 1993 ................................................................................................

Original
Subsidy Rate

¥3.78
¥1.42
¥0.81
5.49

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥0.40
¥1.72
¥2.59
4.28
3.42
¥2.86
4.21 ..........................

5.10
¥5.45
7.09
¥1.28

415,417
254,530
436,654
¥321,874

400,058
¥43,174
361,119
¥321,874

313,127
¥69,859
328,101
¥308,583

8,910,000
6,676,000
7,718,000
15,607,615

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

25.13
10.09

12.53
13.17

¥10.84
3.77

¥1.76
¥0.69

144
¥270

¥1,671
737

¥1,177
550

9,344
17,871

25.00
6 87.26

69.53
100.00

(5)
(5)

44.53
12.74

15
¥23

36,636
8,247

25,100
16,284

36,461
127,816

Bureau of Reclamation:
Reclamation Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................

55.21
57.75
62.06
56.55
41.25
48.05
53.78
42.81
34.49
50.66
51.86

58.75
59.01
74.28
54.77
53.57
31.40
65.79
47.52
21.55
45.39
68.74

2.77
¥2.86
7.04
¥3.87
7.03
6.33
¥0.74
6.17
1.55
1.76
1.95

0.77
4.11
5.17
2.08
5.29
¥22.98
12.75
¥1.47
¥14.49
¥7.03
14.93

1
320
1,734
1
¥1
2
¥*
¥*
¥*
¥1
¥*

185
195
4,929
¥273
2,360
¥3,336
4,269
866
¥4,341
¥954
4,211

106
81
2,497
¥136
1,676
¥1,887
2,856
640
¥3,048
¥778
4,629

3,004
6,434
20,434
7,585
13,614
11,335
23,771
13,599
23,558
14,760
27,419

Bureau of Indian Affairs:
Indian Direct Loan
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................

19.30
19.80
22.81
22.81

57.45
16.74
39.76
38.89

(5)
(5)
(5)
(5)

38.15
¥3.06
16.95
16.08

229
70
¥150
¥95

6,644
¥166
2,860
1,234

4,282
¥344
1,843
526

11,223
11,230
10,873
3,273

Departmental Offices:
American Samoa Tobacco Loan
FY 2001 .....................................................................................................

15.58

25.08

¥6.97

16.47

2,673

2,291

1,767

18,600

Department of Homeland Security
Emergency Preparedness and Response:
Community Disaster Loans
FY 1993 .....................................................................................................
FY 1996 .....................................................................................................
Department of the Interior

37

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)

¥33.00
¥33.00
¥33.00
¥34.00
¥36.00
¥13.19
¥17.71
¥18.98
¥30.89
¥36.72
¥38.57
¥35.95
¥12.27
¥13.26

¥517
¥352
¥362
¥388
¥514
¥138
¥252
¥205
¥242
¥242
¥295
¥225
¥129
¥138

¥517
¥352
¥362
¥388
¥514
¥138
¥252
¥205
¥242
¥242
¥295
¥225
¥129
¥138

¥296
¥232
¥225
¥205
¥302
¥85
¥166
¥148
¥167
¥191
¥244
¥195
¥124
¥134

897
704
681
602
840
648
937
780
541
520
633
543
1,011
1,009

4.34
¥0.30
¥4.16
¥2.57
14.51
¥0.78
14.13 ..........................

0.72
¥1.78
4.40
7.03

65
¥6,898
¥6,987
2,064

¥4,373
¥7,884
¥6,213
5,095

3,545
¥6,924
¥5,782
4,751

315,000
159,161
50,500
67,589

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

Department of State
Bureau of Consular Affairs:
Repatriation Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
71.00
70.00

47.00
47.00
47.00
46.00
44.00
66.81
62.29
61.02
49.11
43.28
41.43
44.05
58.73
56.74

Department of Transportation
Federal Highway Administration:
Transportation Infrastructure Finance and Innovation:
TIFIA Direct Loans
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2003 ................................................................................................

3.91
0.19
10.89
7.10

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Program
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

..........................
..........................
..........................
..........................

7.79
¥4.92
12.71
¥604
¥5,038
¥4,342
101,921
¥9.18
¥8.84
¥0.34
¥1,365
¥1,365
¥1,221
13,300
¥4.04
¥1.32
¥2.72
¥10,504
¥10,504
¥9,632
238,179
(4) .......................... .......................... .......................... .......................... .......................... ..........................

Department of Treasury
Community Development Financial Institutions:
Community Development Financial Institutions Fund
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................

44.95
32.14
40.93
45.20
38.64
38.10

41.57
25.46
42.68
33.52
38.15
33.10

38

¥30.97
¥17.41
¥24.91
¥29.29
¥25.44
¥19.74

27.58
10.72
26.66
17.61
24.95
14.73

¥197
¥1
¥188
¥913
¥417
¥61

¥434
¥121
78
¥1,781
¥192
¥645

¥224
¥74
108
¥1,448
¥58
¥645

6,623
1,100
6,150
12,395
11,780
12,877

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY
FY
FY
FY

2002
2003
2004
2005

.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................

Original
Subsidy Rate

38.49
32.85
35.62
37.47

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

39.10
¥21.39
22.00
¥8
51
51
8,260
28.30
¥32.66
28.11
¥119
¥119
¥119
2,615
(4) .......................... .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... .......................... ..........................

Department of Veterans Affairs
Benefits Programs:
Vendee and Acquired Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Native American Veteran Housing Loans
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Vocational Rehabilitation Loan Fund
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Environmental Protection Agency
Abatement, Control, and Compliance Loan
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................

7.08
8.92
2.11
1.83
2.20
1.33
2.36
7.78
2.99
2.16
0.86
¥1.39
¥1.36
¥5.12

¥2.09
1.69
14.13
1.23
4.11
5.51
2.99
8.91
2.76
¥4.26
¥2.24
¥1.86
27.70
¥7.36

0.41
¥0.32
0.53
0.49
¥1.32
1.99
¥0.35
0.18
0.24
¥0.53
¥1.38
¥1.79
¥1.79
¥1.25

¥9.58
¥6.91
11.49
¥1.09
3.23
2.19
0.98
0.95
¥0.47
¥5.89
¥1.72
1.32
30.85
¥0.99

¥1,146
¥2,022
¥8,039
¥4,127
¥3,553
¥5,400
¥6,844
¥9,644
¥8,780
¥23,025
¥31,350
¥5,248
38,879
¥3,428

¥214,402
¥134,040
322,509
9,213
59,553
93,805
20,086
69,942
22,531
¥81,111
¥26,850
¥713
47,205
¥3,428

¥129,657
¥121,993
186,708
¥9,802
23,954
53,027
8,848
18,955
¥2,991
¥78,195
¥30,417
¥2,156
43,813
¥3,289

1,418,895
1,597,155
1,560,392
1,526,404
1,327,896
1,284,705
1,369,968
1,633,411
1,426,849
1,236,116
1,021,354
517,393
155,825
154,002

7.72
7.72
7.72
7.72
7.72
7.72
7.72
7.72
7.72
¥8.96
0.28
¥13.79

5.84
4.30
1.12
6.09
¥1.33
¥20.20
¥15.22
¥5.61
¥12.19
¥33.92
¥19.64
¥26.45

(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
¥10.34
¥14.38
¥0.22

¥1.88
¥3.42
¥6.60
¥1.63
¥9.05
¥27.92
¥22.94
¥13.33
¥19.91
¥14.62
¥5.54
¥12.44

1
¥5
3
22
15
4
¥163
¥2
¥160
¥1,846
¥276
¥512

¥31
¥178
¥473
¥19
¥272
¥970
¥419
¥186
¥1,165
¥3,139
¥1,074
¥512

¥14
¥224
¥466
¥130
¥255
¥790
¥359
¥193
¥1,125
¥2,818
¥1,014
¥491

763
5,595
6,467
5,558
2,702
2,882
1,585
1,421
5,700
11,817
5,327
4,046

1.33
1.14

¥17.63
2.07

¥0.45
0.32

¥18.51
0.61

¥573
29

¥559
29

¥541
28

2,901
3,096

42.87
40.46

35.66
42.78

(5)
(5)

¥7.21
2.32

42
16

¥4,200
1,598

¥2,052
1,130

27,530
48,052

39

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

International Assistance Programs
International Security Assistance:
Foreign Military Financing Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 2003 .....................................................................................................
Overseas Private Investment Corporation:
OPIC Direct Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
NIS Direct Loans
FY 1996 .....................................................................................................
FY 2000 .....................................................................................................

14.52
16.00
4.95
7.67
10.92
13.44
12.34
¥0.15

¥2.18
¥6.30
7.86
1.14
0.60
6.29
¥3.33
¥2.29
¥6.74
0.42
¥4.94
¥4.36
0.17
0.74
¥1.47 ..........................

¥10.40 ..........................
¥9.28
¥12,456
10.64
¥3,313
¥8.71
¥4,753
¥18.08
¥7,725
¥14.02
¥5,444
¥12.91
¥4
¥1.32
16,037

¥87,528
¥119,699
¥63,810
¥76,368
¥110,960
¥59,000
¥12,838
¥5,194

¥57,630
¥69,548
¥33,428
¥61,368
¥96,025
¥54,682
¥12,171
¥5,049

345,000
855,000
769,500
557,685
544,000
297,500
100,000
382,480

17.27
19.03
4.46
6.77
12.06
13.61
18.42
3.85
¥4.17
13.85
4.71
11.53
6.56

¥14.75
9.61
¥10.79
¥2.67
¥10.52
¥11.48
¥7.64
5.60
(4)
(4)
(4)
(4)
(4)

(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
..........................
..........................
..........................
..........................
..........................

¥32.02
¥9.42
¥15.25
¥9.44
¥22.58
¥25.09
¥26.06
1.75
..........................
..........................
..........................
..........................
..........................

68
*
345
*
10
¥354
¥4,574
¥1,467
..........................
..........................
..........................
..........................
..........................

¥5,267
¥1,087
¥11,192
¥345
¥5,288
¥10,354
¥7,965
2,030
..........................
..........................
..........................
..........................
..........................

¥3,133
¥651
¥6,784
¥226
¥3,522
¥8,500
¥6,631
1,623
..........................
..........................
..........................
..........................
..........................

10,680
7,100
44,625
4,800
22,888
32,550
35,398
40,762
..........................
..........................
..........................
..........................
..........................

2.09
7.48

5.57
10.88

(5)
(5)

3.48
3.40

¥3,057
¥73

¥562
23

383
19

11,000
555

30.30
17.87
13.29

24.51
28.32
50.18

(5)
(5)
(5)

¥5.79
10.45
36.89

¥19
¥14
¥29

¥551
865
1,551

¥271
477
891

4,247
4,115
2,241

30.30
17.83
21.89

26.95
30.38
51.40

(5)
(5)
(5)

¥3.35
12.55
29.51

¥47
¥38
106

¥1,230
1,993
4,309

¥581
1,102
2,416

15,650
7,912
7,604

36.36

48.92

(5)

12.56

124

3,156

1,540

11,078

Small Business Administration
General Business Loan Programs:
Section 8(a) Business Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
Economic Opportunity Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
Handicapped Assistance Loans
FY 1992 .....................................................................................................

40

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
Veterans Loan Program
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
Section 7(m) Microloans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
SBIC Direct Preferred Stock and Fee Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
Disaster Loan Program:
Disaster Assistance
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

25.71
34.04
41.82

47.41
58.89
72.45

(5)
(5)
(5)

21.70
24.85
30.63

126
*
¥285

4,615
4,178
1,837

2,538
2,359
1,067

10,625
8,866
3,295

30.30
17.87
25.05

30.64
29.67
40.04

(5)
(5)
(5)

0.34
11.80
14.99

¥492
68
68

86
3,558
3,135

94
1,955
1,753

15,127
15,052
10,919

17.00
15.95
10.15
19.61
15.69
8.86
10.31
9.54
8.54
8.95
6.78
13.05
9.55
10.25

¥4.88
18.05
34.75
6.23
15.97
17.63
7 ¥226.19
16.87
3.14
6.74
4.47
14.17
4.40
(4)

¥6.60
¥15.28
¥4,308
¥4,882
¥2,308
¥4.73
6.83
807
1,070
449
0.75
23.85
2,619
3,085
1,696
¥9.37
¥4.01
¥1,060
¥2,305
¥1,611
¥5.75
6.03
489
170
16
1.13
7.64
1,152
966
641
¥0.30
¥236.20
¥30,914
¥30,980
¥21,343
¥3.46
10.79
1,197
1,279
922
5.66
¥11.06
¥1,834
¥1,716
¥1,310
3.20
¥5.41
¥724
¥682
¥570
..........................
¥2.31
¥319
¥319
¥287
..........................
1.12
318
318
286
..........................
¥5.15
¥734
¥734
¥695
.......................... .......................... .......................... .......................... ..........................

11,118
21,973
7,260
12,430
7,998
7,941
9,551
13,355
25,622
26,871
12,874
26,706
14,055
3,584

44.33
38.06
31.64
43.10

63.45
73.14
43.63
33.33

2,145
4,061
1,680
¥511

12,050
12,356
15,018
5,605

33.93
20.58
22.99
31.54
28.08
20.02
23.46
22.36
22.20
17.46
14.67
13.98
11.72
12.86

36.24
¥0.79
3.10
¥678
56,155
13,758
32.41
7.62
4.21
¥490
266,388
145,327
26.05
10.50
¥7.44
¥2,941
264,578
100,035
27.18
0.51
¥4.87
¥1,917
15,342
¥25,927
28.69
1.78
¥1.17
408
51,309
4,592
29.24
6.17
3.05
1,420
140,757
78,185
27.04
¥1.46
5.04
64
53,922
20,063
25.23
¥7.23
10.10
¥3,542
47,010
20,807
24.57
(5)
2.37
8,163
34,195
17,271
20.79
0.18
3.15
286
34,950
22,825
24.42
(5)
9.75
¥4,143
86,452
54,319
17.56
(5)
3.58
6,854
23,393
19,208
20.29
¥0.98
9.55
39,875
39,875
37,124
(4) .......................... .......................... .......................... .......................... ..........................

577,376
1,213,873
3,148,103
955,493
664,567
832,790
550,979
688,117
726,785
696,580
783,654
543,949
452,183
838,127

41

(5)
(5)
(5)
(5)

19.12
35.08
11.99
¥9.77

5,784
9,022
3,635
¥1,086

5,784
9,022
3,635
¥1,086

Table 7.—DIRECT LOANS: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Economic Injury Disaster Loans—Terrorist Attack
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................

Original
Subsidy Rate

22.67
23.20

Current
Reestimated
Rate

26.21
29.86

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥3.49
¥6.16

7.03
12.82

Current
reestimate
amount 2
($ thousands)

13,734
9,390

Net lifetime
reestimate
amount 3
($ thousands)

¥1,750
5,653

Net lifetime
reestimate
amount, excluding interest
($ thousands)

16,135
6,054

Total
disbursements
to date
($ thousands)

426,499
89,051

Other Independent Agencies
Export-Import Bank of the United States:
Long and Medium Term Loans (including Tied Aid)
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
Federal Communications Commission:
C Block
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
F Block
FY 1998 .....................................................................................................
SMR/MDS
FY 1996 .....................................................................................................
Multi-auction
FY 1995 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2002 .....................................................................................................

3.90
5.51
12.84
6.07
7.92
2.84
15.53
5.87
1.39
9.92
16.29
1.72
11.40

5.83
¥0.24
2.17
¥2,541
42,035
1.83
0.07
¥3.75
¥8,576
¥77,353
¥2.24
¥0.21
¥14.87
¥128,924
¥540,757
¥5.07
¥4.81
¥6.33
¥89,427
¥196,872
¥8.75
¥4.50
¥12.17
32,198
¥187,734
¥16.10
¥2.30
¥16.64
¥19,402
¥149,926
¥3.27
0.27
¥19.07
¥7,369
¥22,613
¥7.76
(5)
¥13.63
¥59,171
¥127,840
5
¥13.61
()
¥15.00
¥8,956
¥36,086
¥13.11
(5)
¥23.03
¥55,645
¥164,749
1.07
(5)
¥15.22
¥12,494
¥15,526
¥3.91
(5)
¥5.63
¥7,621
¥23,009
(4) .......................... .......................... .......................... ..........................

..........................
593,028
..........................
1,514,620
..........................
2,797,632
..........................
2,638,594
..........................
1,635,149
..........................
1,018,610
..........................
95,413
..........................
977,657
..........................
434,227
..........................
511,932
..........................
126,076
..........................
23,020
.......................... ..........................

12.56
50.00

65.64
¥1.24

(5)
(5)

53.08
134,833
¥51.24 ..........................

5,976,519
¥46,368

4,964,668
¥42,731

8,984,729
83,394

12.00

1.04

(5)

¥10.96

406

¥66,516

¥61,081

14,165

0.74

12.95

(5)

12.21

993

17,683

14,730

120,190

58.81
24.10
5.89
8.25
8.25
15.37

79.93
¥35.82
1.07
13.53
16.48
¥1.53

(5)
(5)
(5)
(5)
(5)
¥4.11

21.12
¥140
¥59.92
¥180,391
¥4.82
18
5.28
55
8.23
1
¥12.79 ..........................

77,374
¥368,180
¥333
140
145
¥256

44,112
¥310,666
¥250
123
99
¥231

210,177
520,806
5,488
2,340
1,137
1,369

* Nonzero amount rounds to zero, based on units for this column.
1 Reestimates for some programs did not appear in the 2007 Appendix because they were $500,000 or less.
2 Current year reestimates, including interest on reestimates.
3 Total (net cumulative) reestimates, including interest on reestimates.
4 Reestimates have not yet been calculated.
5 Breakout between technical and interest reestimates is not available.
6 Cohort was incorrectly reported closed as of the end of 2004. Cohort is closed as of the end of 2005.
7 The $30.9 million downward reestimate resulted from loan sale proceeds for all direct business loans during 1998 being deposited into this single cohort.

42

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥3.38
¥4.64
¥10.56
¥10.18
¥7.73
¥5.37
¥5.97
¥7.06
¥2.48
¥2.34
¥5.19
¥1.98

¥0.30
¥0.90
4.94
4.37
1.40
¥0.19
¥0.54
3.51
¥0.91
¥0.14
1.23
0.65

¥115,662
¥32,385
¥4,960
¥11,262
¥8,981
¥311
¥325
¥73,561
¥123,834
¥74,394
¥64,860
¥22,806

¥438,889
¥274,634
¥181,562
¥185,504
¥271,657
¥178,437
¥206,879
¥113,592
¥102,537
¥58,460
¥102,189
¥22,806

¥217,637
¥180,600
¥148,913
¥141,810
¥223,242
¥143,695
¥181,742
¥94,617
¥86,851
¥56,989
¥98,324
¥22,033

5,332,448
3,352,987
2,771,152
2,529,300
3,584,764
2,678,178
2,708,072
2,702,530
2,682,107
2,316,959
2,517,627
1,716,039

¥160.92
¥0.48
¥14.48
¥5.32
¥86.58
¥1.91
¥107.79
¥2.56
¥10.58
¥1.82
¥0.13
¥2.18
¥0.53
¥5.89
¥2.04
¥6.31
¥2.41 ..........................

¥162.30
¥14.81
¥86.59
¥107.97
¥11.26
¥0.31
¥0.13
¥1.64
¥4.66

1,355
¥2,026
2,374
987
¥399
¥224
¥403
¥613
¥121

¥277,879
¥83,990
¥208,100
¥97,882
¥9,839
¥1,444
¥2,632
¥3,835
¥355

¥127,441
¥44,785
¥130,297
¥66,131
¥7,164
¥989
¥2,064
¥3,302
¥343

77,391
222,390
144,285
58,635
54,116
41,114
34,214
41,466
7,306

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

Department of Agriculture
Farm Service Agency:
CCC Export Loan Guarantees:
GSM 102
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
GSM 103
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2003 ................................................................................................
Supplier Credit
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Agricultural Credit Insurance Fund:
Farm Operating—Unsubsidized
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................

4.61
4.67
10.59
10.23
7.71
5.29
5.83
7.21
2.48
4.41
7.81
6.09
1.86
5.65
1.92
2.74
2.50
2.36
5.49
5.91
2.25

0.93
¥0.87
4.97
4.42
1.38
¥0.27
¥0.68
3.66
¥0.91
1.93
3.85
4.76

1.49
1.57
2.87
0.53
0.26
0.95
¥0.15
14.24
1.54

1.47
0.43
0.01
3.92
4.38
5.48
1.18
11.17
6.75

¥1.49
¥1.57
¥2.85
¥0.54
¥0.25
0.01
1.36
¥12.27
2.13

1.47
0.43
¥0.01
3.93
4.37
4.52
¥0.03
9.20
3.08

¥*
77
¥*
¥17
¥44
¥1,426
¥4,151
48,553
14,719

13
¥77
¥674
2,924
7,547
14,653
6,866
¥20,649
14,719

4
¥100
¥146
2,417
6,947
14,399
6,738
¥21,344
14,267

2,249
9,869
24,627
69,785
163,780
306,445
499,464
661,823
282,669

1.55
1.31
0.48
0.49
1.11

1.97
2.21
2.97
3.48
3.04

0.94
1.83
3.35
3.47
2.50

¥0.52
¥0.93
¥0.86
¥0.48
¥0.57

¥4,518
¥3,570
¥3,989
¥3,324
¥3,922

3,303
10,475
29,911
43,413
25,754

3,964
7,757
26,259
35,010
21,301

943,920
861,863
1,054,565
1,170,902
1,103,702

43

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Farm Operating—Subsidized
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Farm Ownership—Unsubsidized
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Guaranteed Soil & Water
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

1.10
1.17
1.16
1.41
1.37
3.51
3.17
3.33
3.23

2.72
2.73
1.68
2.28
2.02
2.22
1.72
1.99
1.96

2.32
2.60
2.35
2.11
2.16
0.25
¥0.04
¥0.06
¥0.07

¥0.70
¥1.04
¥1.83
¥1.24
¥1.51
¥1.54
¥1.41
¥1.28
¥1.20

¥2,873
¥3,160
¥6,815
¥8,140
¥7,483
¥10,743
¥14,922
¥11,408
¥10,062

14,238
11,517
2,495
5,585
4,125
¥15,195
¥15,815
¥13,374
¥10,062

13,118
11,546
6,386
8,543
6,427
¥13,399
¥14,486
¥12,594
¥9,687

809,779
740,124
1,228,124
981,962
988,695
1,038,717
999,041
939,834
762,734

7.82
9.12
11.95
12.47
9.12
9.08
9.64
8.74
8.81
8.16
13.56
11.80
12.77
13.31

10.55
11.52
11.85
11.82
11.61
11.90
11.70
11.02
10.43
10.27
10.41
10.71
10.30
9.63

3.74
3.80
1.58
0.63
4.00
4.19
4.08
4.97
4.36
5.65
0.70
¥0.09
¥0.47
¥0.44

¥1.01
¥1.40
¥1.68
¥1.28
¥1.51
¥1.37
¥2.02
¥2.69
¥2.74
¥3.54
¥3.85
¥1.00
¥2.00
¥3.24

¥1,295
¥1,620
¥2,908
¥2,657
¥3,030
¥3,636
¥4,498
¥10,677
¥17,563
¥14,137
¥17,315
¥15,874
¥6,856
¥9,858

4,962
4,103
981
¥301
4,343
5,797
4,024
8,308
6,936
7,097
¥17,796
¥5,225
¥7,033
¥9,858

4,085
3,302
¥231
¥1,226
4,723
6,045
5,273
11,886
12,875
9,776
¥15,516
¥4,493
¥6,647
¥9,505

149,638
137,570
230,826
188,550
189,682
214,367
255,963
521,298
794,754
463,317
492,571
412,240
269,098
258,290

4.89
4.58
3.82
3.71
3.74
3.69
3.86
1.59
0.56
0.51
0.45
0.75
0.54
0.53

0.30
0.22
0.39
0.74
0.66
0.54
0.68
0.46
0.36
0.37
0.25
0.41
0.48
0.47

¥4.45
¥4.38
¥3.35
¥2.96
¥3.32
¥3.42
¥3.42
¥1.14
¥0.11
¥0.03
0.08
¥0.05
¥0.03
¥0.04

¥0.14
0.02
¥0.08
¥0.01
0.24
0.27
0.24
0.01
¥0.09
¥0.11
¥0.28
¥0.29
¥0.03
¥0.02

¥232
500
349
228
293
1,604
388
1,539
1,562
523
¥1,874
¥1,586
¥1,589
¥435

¥25,495
¥23,210
¥23,909
¥20,681
¥19,400
¥17,938
¥13,997
¥8,729
¥2,023
¥1,406
¥2,512
¥4,286
¥711
¥435

¥20,235
¥19,031
¥18,251
¥16,144
¥16,062
¥16,191
¥13,221
¥8,471
¥1,700
¥1,168
¥2,139
¥4,056
¥640
¥418

440,842
436,497
532,104
543,561
521,502
513,989
415,760
749,603
850,064
833,986
1,069,330
1,193,002
1,066,810
697,427

1.94
3.12
2.15

7.43
0.87
¥0.89

(4)
(4)
(4)

5.49
¥2.25
¥3.04

¥*
¥*
¥*

24
¥6
¥36

23
¥4
¥25

427
191
832

44

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Natural Resources Conservation Service:
Agricultural Resources Conservation Demonstration
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
Rural Community Advancement Program:
Business and Industry Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Guaranteed Business & Industry NadBank Loans
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Community Facility Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................

Original
Subsidy Rate

34.16
53.00
53.92

Current
Reestimated
Rate

54.73
52.79
53.90

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

17.75
3.22
0.67

2.82
¥3.43
¥0.69

Current
reestimate
amount 2
($ thousands)

920
¥315
¥256

Net lifetime
reestimate
amount 3
($ thousands)

2,734
1,301
¥68

Net lifetime
reestimate
amount, excluding interest
($ thousands)

2,057
¥15
¥2

Total
disbursements
to date
($ thousands)

10,000
6,875
6,673

5.87
5.44
0.93
0.94
0.92
0.93
0.97
1.02
3.11
0.86
3.74
3.97
4.86
5.03

4.72
¥0.54
¥0.61
¥0.23
¥0.11
¥5.56
5.03 ..........................
4.10
3.30
¥0.01
2.37
3.72
¥0.44
3.24
5.78
¥0.49
5.34
3.84
¥0.43
3.30
7.09
¥0.48
6.55
7.27
¥0.90
5.06
¥1.15
¥0.75
¥1.26
4.30
0.34
0.22
4.82
0.15
0.70
5.28
0.06
0.36
(5) .......................... ..........................

..........................
1,692
¥954
82,995
..........................
¥11,544
¥9,220
160,955
..........................
12,216
8,251
201,241
..........................
10,479
7,910
335,179
..........................
16,857
14,571
520,397
..........................
40,723
33,779
696,477
..........................
29,861
27,536
959,441
..........................
69,568
59,790
985,002
..........................
37,851
32,305
776,562
..........................
40,906
37,787
875,388
..........................
4,164
3,947
704,869
..........................
5,560
5,387
633,794
..........................
1,748
1,691
402,526
.......................... .......................... .......................... ..........................

1.09
1.04
0.96
3.28
0.82
3.68
4.56
2.94
8.30

¥0.92
0.16
¥2.17
8.84
¥0.20
8.00
13.85
¥0.31
13.20
14.45
¥0.66
11.83
18.65
¥0.68
18.51
3.55
0.59
¥0.72
9.47
0.17
4.74
9.77
0.07
6.76
(5) .......................... ..........................

..........................
¥24
¥18
904
..........................
6,201
5,197
66,629
..........................
9,666
7,642
59,284
..........................
5,870
5,039
45,113
..........................
6,793
6,098
27,568
..........................
¥5,541
¥5,285
2,130
..........................
141
139
4,560
..........................
68
67
975
.......................... .......................... .......................... ..........................

¥0.80
¥0.75
3.49
¥0.77
¥0.42
6.33
1.40
1.61
1.14
2.94
0.93

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

¥0.19
¥0.45
4.98
4.94
4.76
0.41
0.40
¥0.54
¥0.54
¥0.54
¥0.68

45

0.17
¥0.23
¥5.02
¥3.73
¥2.92
¥1.02
¥1.01
¥0.10
¥0.10
¥0.09
0.01

¥0.78
¥0.07
3.53
¥1.98
¥2.26
6.94
2.01
2.25
1.78
3.57
1.60

¥596
¥255
228
¥2,771
¥1,966
3,858
634
2,092
1,381
3,780
1,392

¥130
¥145
¥406
¥2,460
¥1,908
2,552
565
1,648
1,184
3,533
1,309

21,251
45,690
27,237
43,088
36,832
43,111
56,536
76,665
70,489
101,531
81,274

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Water and Waste Disposal Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

Original
Subsidy Rate

¥0.54
¥0.60
0.36

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

0.50
0.01
1.03 ..........................
811
767
73,715
0.40
0.01
0.99 ..........................
204
192
33,204
(5) .......................... .......................... .......................... .......................... .......................... ..........................

¥0.61
¥0.73
¥1.12
¥1.18
¥1.09
¥1.90
¥1.08
¥0.83
¥1.50
¥0.80
¥0.81
¥0.90
¥0.90

¥0.80
¥0.80
¥0.73
¥0.77
¥0.80
¥0.77
¥0.82
¥0.77
¥0.46
¥0.73
¥0.89
(5)
(5)

Rural Utilities Service:
Electric Guaranteed Loans
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

..........................
0.01
0.01
0.08
0.08
0.06
0.06

0.06
0.07
0.09
(5)
(5)
(5)
(5)

Rural Housing Service:
Rural Housing Insurance Fund:
Section 502 Single-Family Housing Purchase
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................

1.13
1.85
1.68
1.64
0.20
0.23
0.23
0.09
0.61
0.20
1.28
1.22
1.32
1.07

¥0.20
0.01 ..........................
¥15
¥7
3,843
¥0.04
¥0.03 ..........................
¥4
¥1
809
¥0.24
0.63 ..........................
26
14
3,591
¥2.25
2.66 ..........................
54
35
8,460
¥2.32
2.61 ..........................
11
6
2,188
¥1.29
2.42 ..........................
176
158
14,019
¥3.31
3.57 ..........................
15
15
5,864
2.47
¥2.41 ..........................
3
3
4,646
¥0.34
1.38 ..........................
30
29
2,747
..........................
0.07 ..........................
1
1
1,919
..........................
¥0.08 ..........................
¥2
¥2
2,400
.......................... .......................... .......................... .......................... .......................... ..........................
.......................... .......................... .......................... .......................... .......................... ..........................

0.01
..........................
..........................
..........................
..........................
..........................
..........................

0.05
0.06
0.08
..........................
..........................
..........................
..........................

0.66
0.01
¥0.48
0.93
0.02
¥0.94
1.51
¥0.40
0.23
2.99
¥0.01
1.36
2.98
0.01
2.77
2.73
¥0.01
2.51
2.32
0.02
2.07
2.43
0.02
2.32
2.88
0.01
2.26
1.59
1.23
0.16
1.38
0.20
¥0.10
1.85
0.20
0.43
1.72
0.04
0.36
(5) .......................... ..........................

46

..........................
..........................
..........................
..........................
..........................
..........................
..........................

99
34
43
..........................
..........................
..........................
..........................

88
30
39
..........................
..........................
..........................
..........................

145,911
50,259
49,117
..........................
..........................
..........................
..........................

..........................
¥1,424
¥943
200,567
..........................
¥5,714
¥4,678
508,495
..........................
¥603
¥1,200
706,124
..........................
20,043
13,600
1,007,416
..........................
56,401
45,160
1,624,458
..........................
55,799
47,708
1,908,314
..........................
62,348
56,414
2,699,240
..........................
76,357
66,971
2,862,017
..........................
55,058
47,402
2,088,199
..........................
38,074
32,002
2,302,324
..........................
2,739
2,262
2,262,158
..........................
18,774
17,656
2,802,465
..........................
11,175
10,745
2,686,219
.......................... .......................... .......................... ..........................

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Section 502 Single-Family Housing Refinance
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
538 Multi-Family Housing—Subsidized
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

0.20
1.28
0.18
0.29
0.27

¥1.20
0.23
¥1.63
¥0.19
0.20
¥1.67
0.36
0.13
0.05
0.32 ..........................
0.03
(5) .......................... ..........................

..........................
¥138
¥137
9,760
..........................
¥1,131
¥1,069
72,719
..........................
439
415
230,362
..........................
14
14
45,988
.......................... .......................... .......................... ..........................

6.10
3.09
3.00
3.10
0.48
3.93
4.50
5.95
3.49

11.24
¥0.34
5.48
0.67
¥2.62
0.20
2.45
¥2.35
1.80
2.87
¥2.57
2.34
2.61
¥2.98
5.11
3.68
¥1.48
1.23
2.45
¥0.05
¥2.00
3.45
¥0.13
¥2.37
(5) .......................... ..........................

..........................
281,460
197
3,827
..........................
¥99,932
¥99
4,100
..........................
¥4,508
¥4
1
..........................
¥17,629
¥27
11,835
..........................
267,771
223
10,480
..........................
¥183,904
¥172
68,667
..........................
¥485,717
¥455
22,200
..........................
¥865,715
¥826
33,055
.......................... .......................... .......................... ..........................

Department of Commerce
Office of Departmental Management:
Emergency Steel Loan Guarantee Program
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
Emergency Oil & Gas Loan Guarantee Program
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Guaranteed Traditional Loans
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
Guaranteed NE Initiative Loans
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................

11.68
12.36
27.69

¥7.85
5.51
29.42

¥0.70
¥0.19
0.30

¥18.83
¥6.66
1.43

¥85,295
¥942
¥1,182

¥31,009
¥3,355
3,036

¥21,483
¥2,885
2,999

110,000
42,118
250,000

32.96
42.03

0.92
18.16

0.01
1.40

¥32.05
¥25.27

¥507
¥307

¥1,098
¥405

¥922
¥358

2,878
1,500

1.00
1.00
1.00
1.00

8.27
1.48
¥5.44
¥4.72

¥0.13
¥0.16
¥0.18
0.01

7.40
0.64
¥6.26
¥5.73

519
¥8
¥24
2

6,052
580
¥2,034
¥1,318

3,544
120
¥892
¥749

46,951
32,057
24,649
19,656

5.00
5.00
5.00

¥7.28
¥3.40
¥5.17

0.04
¥0.15
¥0.09

¥12.32 ..........................
¥8.25
¥4
¥10.08
39

¥352
¥776
¥1,320

¥237
¥531
¥1,115

1,900
6,186
10,273

(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................

10,000
1,600

Department of Defense
Procurement:
ARMS Initiative
FY 1998 .....................................................................................................
FY 2002 .....................................................................................................

0.96
3.19

47

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

FY 2003 .....................................................................................................

3.34

Family Housing:
Military Housing Improvement Fund
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................

6.26
6.83
5.19
5.45
8.20

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

(5) .......................... .......................... .......................... .......................... ..........................

Total
disbursements
to date
($ thousands)

6,121

4.41
0.13
¥1.98
29
¥635
¥544
29,385
3.12
¥0.28
¥3.43
¥4,697
¥8,485
¥6,279
172,635
5.10
0.51
¥0.60
¥153
¥70
¥43
48,000
(5) .......................... .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... .......................... ..........................

Department of Education
Office of Postsecondary Education:
Federal Family Education Loan Program:
Weighted Average of Total Commitments
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Subsidized Stafford
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................

6 15.88

15.03
12.83
12.71
8.82
12.34
14.20
8.68
8.84
9.58
11.61
11.71

14.85
(4)
12.61
(4)
11.45
(4)
11.04
(4)
9.42
(4)
9.03
(4)
9.46
(4)
8.78
0.04
7.02
¥0.10
5.22
0.30
5.77
¥0.31
10.60
¥0.03
13.44
0.12
17.31 ..........................

¥1.03
¥0.87
¥0.47
¥3.99
¥3.41
¥3.68
0.63
¥3.60
¥7.08
¥3.75
¥2.76
1.06
1.71
5.60

134,596
159,221
88,770
36,818
¥111,701
¥142,540
¥9,612
24,337
¥25,384
8,802
320,183
597,661
1,062,503
5,154,482

¥424,451
¥648,902
¥425,060
¥770,269
¥892,285
¥1,016,736
52,950
¥1,021,374
¥1,973,111
¥1,057,648
¥836,677
1,462,669
1,182,626
5,154,482

¥167,126
¥343,470
¥134,154
¥321,068
¥632,700
¥788,723
149,710
¥848,945
¥1,707,136
¥938,953
¥922,822
1,378,496
1,114,853
4,961,152

13,137,590
15,986,481
22,626,856
21,966,983
21,855,846
23,224,487
23,311,144
25,488,403
29,267,244
34,234,421
51,548,769
69,108,896
75,398,476
81,712,296

18.07
18.90
19.04
22.69
22.92
22.03
18.14
21.55
24.92
18.15
16.41
14.74
15.41
16.73

18.96
(4)
18.38
(4)
20.01
(4)
20.71
(4)
19.86
(4)
19.86
(4)
19.05
(4)
18.23
0.38
16.04
¥0.28
13.12
0.50
12.13
¥0.65
13.37
¥0.04
16.63
¥0.24
19.09 ..........................

0.89
¥0.52
0.97
¥1.98
¥3.06
¥2.17
0.91
¥3.70
¥8.60
¥5.53
¥3.63
¥1.33
1.46
2.36

119,181
146,006
111,556
27,596
¥15,986
¥22,627
4,749
4,037
¥18,007
¥41,414
¥40,676
¥140,986
250,855
291,725

36,440
¥60,535
139,657
¥103,491
¥206,105
¥254,922
79,544
¥442,871
¥1,007,822
¥513,957
¥365,517
¥69,894
254,069
291,725

72,639
¥116,175
119,462
36,465
¥172,254
¥245,434
86,796
¥378,127
¥891,772
¥467,250
¥440,115
¥60,369
241,311
280,397

10,046,651
11,202,851
13,276,450
11,492,996
10,433,244
10,727,129
10,764,807
10,566,375
11,160,709
11,909,462
13,437,262
15,600,092
17,582,539
12,182,437

6 13.48
6 11.92

48

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Unsubsidized Stafford
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
PLUS
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
Consolidated
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................

Percentage
point change
due to technical
assumptions

0.83
3.04
4.91
7.12
6.04
2.18
7.84
8.47
4.98
6.21
6.02
3.91
3.19

¥2.42
(4)
¥0.28
(4)
0.50
(4)
0.26
(4)
0.58
(4)
1.26
(4)
2.76
¥0.24
2.09
¥0.08
1.84
0.26
2.36
¥0.41
3.07
0.02
4.27
¥0.19
4.02 ..........................

¥3.25
¥3.32
¥4.41
¥6.86
¥5.46
¥0.92
¥4.84
¥6.30
¥3.40
¥3.44
¥2.97
0.55
0.83

2,765
15,379
28,327
27,052
27,607
30,048
25,459
8,923
¥8
2,617
¥93,816
84,010
108,911

¥82,204
¥278,832
¥427,049
¥512,831
¥458,841
¥125,415
¥450,160
¥650,161
¥335,360
¥444,465
¥388,889
83,250
108,911

¥37,827
¥140,803
¥226,024
¥375,661
¥353,522
¥68,922
¥379,369
¥561,331
¥293,875
¥418,369
¥373,367
78,937
104,463

901,543
4,219,498
5,789,106
5,871,038
6,760,362
7,283,686
7,919,742
9,108,933
10,179,709
11,976,220
14,193,106
16,543,245
12,053,532

6.02
2.75
0.61
1.68
3.06
4.36
0.16
5.94
5.80
2.98
4.72
3.78
1.62
1.36

2.36
(4)
1.13
(4)
0.27
(4)
0.64
(4)
0.99
(4)
1.00
(4)
0.93
(4)
1.79
¥0.62
1.28
¥0.21
1.43
0.18
1.49
¥0.27
1.53
¥0.05
1.46
¥0.06
1.41 ..........................

¥3.66
¥1.62
¥0.34
¥1.04
¥2.07
¥3.36
0.77
¥3.53
¥4.31
¥1.73
¥2.96
¥2.20
¥0.10
0.05

11,018
2,615
¥2,867
¥2,658
266
287
¥2,033
¥3,022
¥3,990
¥3,934
¥4,642
¥14,967
¥5,600
2,729

¥85,594
¥95,023
¥35,576
¥46,429
¥49,774
¥74,076
¥33
¥100,836
¥119,318
¥45,363
¥101,498
¥73,917
¥5,182
2,729

¥46,663
¥21,002
¥5,154
¥12,403
¥29,167
¥53,020
14,686
¥83,744
¥101,377
¥39,069
¥96,304
¥71,452
¥5,089
2,692

1,138,005
1,155,574
1,483,565
1,455,648
1,473,583
1,737,687
1,908,314
2,074,487
2,405,433
2,726,888
3,200,400
4,067,235
5,156,694
3,708,037

0.08
8.69
0.31
1.23
¥2.31
1.35
4.29
1.72
5.73
9.35
14.42
13.25

¥1.61
(4)
0.23
(4)
¥1.04
(4)
¥2.25
(4)
1.31
(4)
1.12
(4)
0.67
0.37
¥0.02
0.10
4.43
0.01
13.45
¥0.05
17.80
0.36
20.99 ..........................

¥1.69
¥8.46
¥1.35
¥3.48
3.62
¥0.23
¥3.99
¥1.84
¥1.31
4.15
3.02
7.74

¥41,726
¥16,446
¥123,033
¥147,806
¥42,376
¥2,137
¥12,310
54,158
362,884
847,430
733,239
4,751,117

¥82,462
¥193,300
¥123,575
¥228,897
98,853
¥27,508
¥195,811
¥162,969
74,803
1,995,368
850,489
4,751,117

¥33,737
¥119,106
¥55,618
¥136,748
117,150
¥7,706
¥152,656
¥138,760
31,967
1,883,685
799,694
4,573,600

1,993,217
3,229,232
4,077,981
3,999,310
3,354,338
4,927,799
6,592,169
9,418,362
22,934,887
35,248,463
36,115,998
53,768,289

Current
Reestimated
Rate

49

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Original
Subsidy Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

Department of Health and Human Services
Health Resources and Services Administration:
Health Centers Loan Guarantees:
Health Facilities Construction Loans
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
HMO Plan Loans
FY 2004 ................................................................................................
Health Education Assistance Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................

¥1.45
¥*
¥0.15
23
¥5.20 ..........................
0.78
*
¥0.61 ..........................
2.11
¥15

0.71
0.43
4.08
3.49
3.52
3.57

2.67
3.13
3.51
4.43
3.00
3.50

3.41
2.85
4.63
0.16
0.09
¥2.18

10
120
¥2
42
¥19
¥15

14
103
¥3
42
¥19
¥14

718
3,830
500
4,422
3,680
20,442

16.61

15.53

0.37

¥1.45

¥1,040

¥166

¥97

9,000

10.32
9.06
8.87
7.78
0.06
0.34
1.20
..........................
..........................
..........................
10.67
15.76
14.80

¥6.12
¥4.37
5.69
6.76
1.68
1.61
3.18
5.45
4.35
6.13
8.29
19.47
¥25.17

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥16.44
¥13.43
¥3.18
¥1.02
1.62
1.27
1.98
5.45
4.35
6.13
¥2.38
3.71
¥39.97

¥1,654
¥2,478
¥3,658
¥5,468
¥3,354
¥2,215
¥2,756
¥2,076
¥1,467
¥2,418
¥2,534
¥976
254

¥107,424
¥88,215
¥35,268
¥14,549
11,467
7,364
7,611
15,704
6,680
13,231
141
¥6,634
¥19,004

¥1,349
¥2,045
¥7,580
¥5,975
¥5,385
¥3,406
¥9,755
¥9,472
¥4,626
¥7,493
¥6,074
¥6,171
¥18,273

290,675
340,752
587,951
616,250
464,112
350,542
331,270
252,495
116,608
150,489
174,733
78,857
45,693

8.13
8.13
8.13
8.13
8.13
8.13
8.13
8.13
2.47
2.43
2.73
2.58

¥4.06
¥6.24
¥0.57
¥0.61
¥1.80
0.65
0.79
0.82
1.43
1.80
0.87
1.64

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥12.19
¥14.37
¥8.70
¥8.74
¥9.93
¥7.48
¥7.34
¥7.31
¥1.04
¥0.63
¥1.86
¥0.94

¥21
¥222
15
¥197
¥233
¥80
¥20
94
¥8
160
¥102
¥557

¥39
¥467
¥1,751
¥2,609
¥1,712
¥1,020
¥1,155
¥982
¥302
¥264
¥850
¥557

¥26
¥277
¥1,199
¥1,960
¥1,158
¥803
¥950
¥776
¥272
¥253
¥806
¥529

192
1,965
14,358
22,587
13,458
11,887
14,340
12,007
26,262
39,243
43,843
59,367

Department of Housing and Urban Development
Public and Indian Housing Programs:
Indian Housing Loan Guarantees
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

50

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
Reestimated
Rate

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

(4)
(4)
(4)
(4)
(4)
(4)

¥1.90
¥4.10
2.79
4.21
5.83
34.38

¥105
¥111
¥1,102
¥155
¥121
1,545

¥159
¥381
1,730
380
623
1,545

¥127
¥310
1,497
348
600
1,472

6,996
7,696
51,792
8,107
10,203
4,494

(4)
¥1.31
(4)
¥0.80
(4)
¥0.57
(4)
¥0.24
(4) ..........................
(4)
0.06
(4)
1.14
(4)
1.39
(4)
2.01
(4)
1.93

136
¥297
¥280
¥531
¥1,707
¥876
¥2,226
¥11
1,972
549

¥5,292
¥2,467
¥2,175
¥912
¥12
168
4,561
4,416
3,720
549

¥3,866
¥1,775
¥1,623
¥538
212
310
5,004
4,321
3,469
524

273,405
211,163
277,198
293,147
300,430
165,830
227,693
222,721
136,072
28,475

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

Title VI Indian Housing Guarantees
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

11.07
11.07
11.07
11.07
10.56
10.32

9.17
6.97
13.86
15.28
16.39
44.70

Community Planning and Development:
Community Development Loan Guarantees (Section 108)
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

2.10
2.30
2.30
2.30
2.30
2.30
2.30
2.30
2.30
2.30

0.79
1.50
1.73
2.06
2.30
2.36
3.44
3.69
4.31
4.23

0.46
1.65
..........................
¥0.39
..........................
¥0.02
0.14
0.03
1.31
¥0.14
¥1.53
¥1.02
¥1.00
¥0.34

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

2,021
¥4,397
¥28,460
30,526
¥21,345
¥28,074
¥4,785
47,384
¥6,961
¥96,057
99,144
28,940
27,802
134,866

¥115,524
¥269,268
¥538,363
40,198
398,324
¥615,386
¥128,843
27,631
¥150,051
42,819
346,247
385,651
339,259
¥61,696

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

7 ¥2.60

¥3.42
¥2.86
¥2.03
¥0.97
¥1.36

(4)
(4)
(4)
(4)
(4)

¥0.82
¥0.16
0.76
0.98
1.41

¥103,430
13,629
28,387
21,960
20,092

¥194,931
185,856
1,458,718
820,341
1,745,957

¥351,611
¥113,729
620,706
399,530
1,173,402

43,436,866
71,620,140
82,366,460
40,997,820
64,199,694

Housing Programs:
FHA General and Special Risk Insurance Fund:
FHA General and Special Risk Insurance
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................

¥2.70
¥2.79
¥1.95
¥2.77

51

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

................................................................................................
................................................................................................
................................................................................................
................................................................................................
................................................................................................
................................................................................................
................................................................................................
................................................................................................
................................................................................................

¥2.88
¥2.99
¥2.62
¥1.99
¥2.15
¥2.07
¥2.53
¥2.47
¥1.80

¥1.36
¥1.83
¥1.76
¥0.37
¥0.67
¥0.72
¥1.03
¥1.30
¥0.21

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

1.52
1.16
0.86
1.62
1.48
1.35
1.50
1.17
1.59

33,383
69,967
166,533
211,817
407,671
533,296
634,434
340,370
922,330

1,965,969
1,451,209
1,331,133
1,757,783
2,172,219
2,026,656
1,859,556
1,305,326
922,330

1,475,712
1,080,673
957,902
1,369,416
1,778,674
1,755,197
1,715,733
1,246,915
901,329

67,016,474
93,255,810
111,807,708
84,858,576
121,642,379
131,415,078
115,979,624
107,614,704
57,948,589

Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

..........................
..........................
..........................
..........................
..........................
..........................
¥0.32
¥0.42
¥0.29
¥0.36
¥0.33
¥0.33
¥0.27
¥0.23

(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

72,164,297
116,911,671
140,411,220
63,726,699
101,540,000
97,568,559
138,449,738
163,507,803
105,517,628
153,797,628
174,853,252
215,817,959
149,080,558
112,519,000

4.24
(4)
¥2.49
¥*
¥2,344
¥1,220
6.04
(4)
¥5.65
¥74
¥2,366
¥1,384
2.97
(4)
¥9.76
504
¥7,247
¥5,387
4.87
(4)
¥13.86
74
¥6,783
¥4,821
8.64
(4)
¥3.89
236
¥616
¥600
12.79
(4)
¥0.21
¥313
236
¥28
2.78
(4)
¥10.22
¥662
¥1,965
¥1,739
8.13
(4)
0.59
2,533
959
276
13.54
(4)
6.00
4,432
4,390
3,236
7.35
0.51
0.11
2,612
596
274
10.54
0.29
4.25
4,219
3,065
2,593
14.64 ..........................
7.73
5,154
5,154
4,386
(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................

48,990
24,501
55,190
34,785
15,428
13,447
17,019
46,810
53,928
44,247
57,114
56,745
74,843
28,725

FY
FY
FY
FY
FY
FY
FY
FY
FY

1997
1998
1999
2000
2001
2002
2003
2004
2005

Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan Program
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

6.73
11.69
12.73
18.73
12.53
13.00
13.00
7.54
7.54
6.73
6.00
6.91
6.13
6.76

52

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

Department of Transportation
Office of the Secretary:
Minority Business Resource Center
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

2.70
2.69
2.53
2.08

Maritime Administration:
Maritime Guaranteed Loan Program:
Weighted Average
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................

1.69
9.88
9.88
6.76
8.65
5.47
4.26
6.47
4.60
5.62
6.20
6.06

¥2.73
¥3.46
1.18
6.40
18.04
¥0.58
20.02
6.39
5.59
7.85
4.66
0.41

¥0.16
(4)
(4)
(4)
0.56
0.17
0.28
¥1.29
0.65
0.36
1.20
0.03

¥4.25
¥13.34
¥8.70
¥0.36
8.83
¥6.23
15.49
1.21
0.35
1.87
¥2.74
¥5.69

102
¥1,021
5,129
¥16,427
¥3,416
¥8,956
¥36,122
¥14,497
¥17,596
¥1,082
¥6,674
¥6,152

¥2,036
¥20,393
¥24,453
¥10,321
14,313
¥33,596
125,244
¥4,959
3,345
4,447
¥5,241
¥10,239

¥2,094
¥19,837
¥27,247
¥2,566
15,630
¥30,431
136,941
¥662
6,878
5,037
¥4,686
¥9,823

47,394
148,672
313,095
714,382
166,417
502,434
868,889
787,975
690,791
225,347
305,356
173,654

40.11
13.63
¥8.93

¥21.90
¥0.37
¥10.67

0.43
0.03
¥0.49

¥62.44
¥49,303
¥14.03
¥66,069
¥1.25 ..........................

¥205,664
328,077
¥531

¥190,398
303,083
¥522

429,000
1,283,000
30,000

¥163,138
¥770,390
¥742,140
¥363,612
¥626,601
¥434,574
¥502,704
¥578,853
¥358,526

¥108,311
¥720,513
¥636,575
¥315,382
¥503,694
¥305,800
¥301,921
¥361,804
¥275,353

26,473,457
44,040,055
44,630,046
24,514,642
32,082,686
27,191,137
44,709,106
47,235,321
21,799,649

0.05
0.09
¥2.74
¥156
¥156
¥133
(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................

5,036
6,172
8,611
4,550

Department of Treasury
Office of the Secretary:
Air Transportation Stabilization Loan Guarantee Program
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................

2.19
2.33
1.36
1.18
1.56
0.74
0.49
0.45
0.68

1.60
0.21
0.21 ..........................
¥0.12
¥0.02
¥0.25
¥0.21
¥0.21
0.16
¥0.50
¥0.30
¥0.28
0.01
¥0.40
¥0.03
¥0.68
¥0.05

53

¥0.80
¥2.12
¥1.46
¥1.22
¥1.93
¥0.94
¥0.78
¥0.82
¥1.31

2,771
¥21,713
¥19,448
¥21,375
¥52,895
¥56,303
¥119,838
¥179,161
¥121,280

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Guaranteed Loan Sale Securities
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

0.29
0.39
0.81
0.50
¥0.32

¥0.09
¥0.14
0.22
¥0.13
¥0.64

0.01
0.05
0.19
¥0.05
0.03

¥0.39
¥0.58
¥0.78
¥0.58
¥0.35

¥176,531
¥163,971
¥118,202
198
¥60,160

92,681
¥214,975
¥366,025
¥208,965
¥60,160

¥104,076
¥177,387
¥346,413
¥201,109
¥57,808

34,064,438
38,871,184
66,656,164
35,699,154
22,543,614

(8)
(8)
(8)
(8)
(8)
(8)
(8)
5.69
5.45
5.21
5.05
5.06
5.65

1.52
3.38
5.89
4.71
5.10
1.20
¥0.11
2.62
3.10
0.80
0.66
¥0.72
1.50

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
¥0.08
0.02
0.28
0.30
0.11

1.52
3.38
5.89
4.71
5.10
1.20
¥0.11
¥3.07
¥2.27
¥4.43
¥4.67
¥6.08
¥4.26

¥2,223
¥4,959
¥10,343
¥3,909
652
¥4,514
¥7,293
¥6,969
¥11,035
¥4,541
¥8,727
¥1,498
¥1,633

30,440
83,735
117,701
90,664
76,557
8,309
¥8,705
¥36,283
¥42,070
¥41,140
¥45,431
¥16,911
¥12,775

18,814
53,660
83,606
63,571
64,252
11,480
¥413
¥29,431
¥34,298
¥35,546
¥42,240
¥16,180
¥12,268

1,234,037
1,591,309
1,407,246
1,351,043
1,262,970
979,856
1,127,250
967,977
1,487,972
808,091
967,494
282,669
297,104

3.21
3.85
6.05
5.59
3.81

0.89
2.72
2.30
1.07
1.18

1.43
1.40
3.32
1.03
0.49

¥3.75
¥2.53
¥7.07
¥5.55
¥3.12

¥59
¥78
¥749
¥1,288
¥1,252

¥509
1,280
¥466
¥832
¥451

166
809
¥359
¥646
¥317

37,751
73,500
48,448
44,134
30,320

4.50
5.65
2.04
2.13
3.40
3.69
5.09

¥2.14
5.39
0.60
(5)
(5)
(5)
(5)

¥1.60
¥1.47
¥0.39
..........................
..........................
..........................
..........................

¥5.04
1.21
¥1.05
..........................
..........................
..........................
..........................

¥1,751
250
¥82
..........................
..........................
..........................
..........................

¥4,293
83
¥194
..........................
..........................
..........................
..........................

¥2,912
69
¥145
..........................
..........................
..........................
..........................

52,674
15,835
47,055
..........................
..........................
..........................
..........................

30.68
¥5.56
16.58
¥7.69
6.14
¥2.88
20.08
¥1.07
11.55
0.80
10.50 ..........................

20.73
3.42
0.54
7.64
5.71
3.00

645
¥5,029
¥974
¥1,573
¥1,937
¥828

16,057
¥6,630
¥4,353
13,678
6,745
1,364

9,990
¥196
¥619
10,282
5,187
¥119

53,000
94,000
153,750
138,000
76,450
39,000

International Assistance Programs
Agency for International Development:
Micro and Small Enterprise Development Program
FY 1995 .....................................................................................................
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
Development Credit Authority
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Urban and Environmental Credit Program
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................

15.51
20.85
8.48
13.51
5.04
7.50

54

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
Loan Guarantees to Israel
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Loan Guarantees to Egypt
FY 2005 .....................................................................................................
Overseas Private Investment Corporation:
OPIC Loan Guarantees
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
NIS — Guaranteed Loans
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................

Original
Subsidy Rate

24.67
6.97

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

81.89 ..........................
4.98
¥7.88

57.22
5.89

¥94
303

7,673
¥344

5,858
¥207

10,000
21,500

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

¥0.06
0.55
¥0.07
¥0.27
¥0.30
¥0.85
¥0.53
0.90
2.86

(4)
(4)
(4)
(4)
(4)
(4)
1.13
¥0.12
0.58

¥0.06
0.55
¥0.07
¥0.27
¥0.30
¥0.85
¥1.66
1.02
2.28

45,803
40,018
29,940
37,944
29,849
29,366
35,540
33,750
21,460

¥694
18,005
¥72
¥6,179
¥4,457
¥15,789
¥10,302
16,496
21,460

¥3,014
7,251
¥2,328
¥6,663
¥5,446
¥13,778
¥28,536
14,081
20,577

2,000,000
1,563,000
1,250,000
1,751,300
1,250,000
1,411,868
1,600,000
1,750,000
750,000

..........................

0.62

0.58

0.04

7,692

7,692

7,335

1,250,000

0.52
1.92
2.45
1.91
3.72
0.32
¥15.38
¥12.18
¥2.33
1.18
¥7.98
¥3.81
0.92

¥10.31
3.11
¥8.67
4.10
¥3.40
¥1.81
17.62
¥11.27
(5)
(5)
(5)
(5)
(5)

(4)
(4)
(4)
(4)
0.57
0.18
¥0.71
¥0.09
..........................
..........................
..........................
..........................
..........................

¥10.83
1.19
¥11.12
2.19
¥7.69
¥2.31
33.71
1.00
..........................
..........................
..........................
..........................
..........................

¥1,541
¥1,735
¥3,040
¥122,093
19,345
18,191
¥38,689
¥3,610
..........................
..........................
..........................
..........................
..........................

¥49,158
3,073
¥97,992
¥11,874
¥57,029
¥28,101
10,019
¥70,288
..........................
..........................
..........................
..........................
..........................

¥27,659
57,089
¥69,680
25,816
¥39,853
¥17,976
10,692
¥56,359
..........................
..........................
..........................
..........................
..........................

272,702
308,878
647,388
1,009,806
741,176
652,136
60,000
516,364
..........................
..........................
..........................
..........................
..........................

4.81
4.19
9.60
4.93

5.72
23.08
¥14.38
¥11.53

(4)
(4)
(4)
(4)

0.91
13,602
18.89
80,578
¥23.98 ..........................
¥16.46
2,464

6,962
72,483
¥5,167
¥24,147

3,584
40,801
¥3,597
¥19,094

393,842
215,994
15,000
116,000

¥152,501
¥226,088
¥172,148
4,993
10,586

¥125,809
¥198,780
¥112,259
¥7,299
¥4,576

5,226,162
5,925,676
7,193,352
7,144,600
6,611,181

Small Business Administration
General Business Loan Programs:
7(a) General Business Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................

4.85
5.21
2.15
2.74
1.06

2.50
0.53
1.89
0.22
0.59
0.04
2.41
0.23
1.02 ..........................

55

¥2.88
¥3.54
¥1.60
¥0.56
¥0.04

¥5,864
¥4,378
¥7,936
¥6,045
¥8,069

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
7(a) General Business Loans—DELTA
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
7(a) General Business Loans — STAR
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
SBIC 301 Guaranty
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
Section 502 Local Development Companies
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
Section 504 Certified Development Companies Debentures
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................

Original
Subsidy Rate

1.93
2.14
1.39
1.16
1.16
1.07
1.04
0.78
..........................

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

0.62
0.30
0.87
¥0.91
1.10
¥0.50
1.38
¥0.07
0.97
0.05
¥0.26
0.14
0.83 ..........................
0.83
¥0.17
0.19 ..........................

¥1.61
¥0.36
0.21
0.29
¥0.24
¥1.47
¥0.21
0.22
0.19

¥16,534
33,686
¥6,380
¥8,839
¥6,217
¥46,238
¥39,248
47,680
17,170

¥94,121
¥94,921
¥16,760
36,840
¥15,192
¥126,544
¥18,742
5,432
17,170

¥104,104
¥99,387
¥24,663
19,257
¥15,843
¥115,965
¥16,558
4,168
16,550

7,889,572
7,650,100
8,624,676
8,954,741
8,520,199
8,879,291
8,261,269
11,504,142
9,209,672

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

4.86
3.15
3.47
3.36
2.08
1.83
1.87
1.73
1.51

0.73
9.70
0.91
5.57
9.60
7.88
15.51
¥1.88
2.50

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥4.13
6.55
¥2.56
2.21
7.52
6.05
13.64
¥3.61
0.99

¥91
2,430
¥1,134
895
3,686
1,090
400
¥40
2

¥91
2,430
¥1,134
895
3,686
1,090
400
¥40
2

¥47
1,294
¥656
570
2,489
769
322
¥35
1

1,220
21,115
27,309
27,296
35,028
13,508
2,470
1,002
150

1.67
1.04

0.70
0.90

(4)
(4)

¥0.97
¥0.14

¥4,929
¥1,535

¥17,504
¥2,021

¥15,329
¥1,864

1,633,708
1,376,925

27.30
28.88
29.92
27.85
28.93

¥3.19
32.43
30.12
29.23
30.11

(4)
(4)
(4)
(4)
(4)

¥30.49
3.55
0.20
1.38
1.18

¥9,698
849
55
647
15

¥9,698
849
55
647
15

¥3,482
367
25
299
8

12,290
11,030
13,240
23,320
700

5.95
5.58
1.60
1.50

5.93
1.30
1.51
0.28

(4)
(4)
(4)
(4)

¥0.02
¥4.28
¥0.09
¥1.22

¥16
¥3,099
¥63
¥852

¥16
¥3,099
¥63
¥852

¥6
¥1,377
¥29
¥421

28,070
34,301
36,626
36,985

3.24 ..........................
1.76 ..........................
5.81
1.68
3.75
2.40
2.17
¥0.01
¥1.95
¥0.07
¥1.23
¥1.35
¥0.56
0.30
¥0.22
0.05
¥0.71
0.06

2.75
1.22
3.62
0.78
2.18
¥1.88
0.12
¥0.86
¥0.27
¥0.77

¥1,400
¥1,670
¥2,952
¥4,647
¥6,753
¥6,754
¥9,190
¥15,866
¥12,291
¥14,304

9,766
¥4,831
83,046
37,342
34,431
¥20,401
¥11,609
¥5,097
¥4,530
¥16,410

15,752
8,725
64,499
37,989
42,133
¥23,532
¥17,972
¥7,784
¥3,407
¥13,249

562,596
723,343
1,135,379
1,314,744
2,076,042
1,203,911
1,464,717
1,596,437
1,491,375
1,904,404

0.49
0.54
0.51
0.57
..........................
..........................
..........................
..........................
..........................
..........................

56

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
Section 504 Certified Development Companies—DELTA
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
Section 7(m) Microloan Guaranty
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
SBIC Debentures
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
SBIC Participating Securities
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................

Original
Subsidy Rate

..........................
..........................
..........................
..........................

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥1.95
0.06
¥2.54
0.06
¥2.62 ..........................
¥2.37 ..........................

¥2.01
¥2.60
¥2.62
¥2.37

¥17,356
¥23,326
¥56,032
¥29,744

¥43,685
¥68,417
¥70,119
¥29,744

¥38,684
¥65,403
¥66,648
¥28,680

2,036,141
2,565,671
2,633,948
1,253,735

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

0.57
1.01
0.72
1.29

¥1.06
¥177.93
¥164.41
¥3.26

(4)
(4)
(4)
(4)

¥1.63
¥178.94
¥165.13
¥4.55

¥239
¥4,968
¥12,375
¥108

¥239
¥4,968
¥12,375
¥108

¥129
¥2,902
¥8,224
¥74

8,463
1,727
5,278
1,725

11.95
8.21
8.15
7.97
8.32
7.95

5.23
0.89
4.48
6.46
1.58
0.48

(4)
(4)
(4)
(4)
(4)
(4)

¥6.72
¥7.32
¥3.67
¥1.51
¥6.74
¥7.47

¥181
¥283
¥195
¥37
¥106
¥177

¥181
¥283
¥195
¥37
¥106
¥177

¥99
¥170
¥127
¥25
¥73
¥142

1,579
2,473
3,654
1,757
1,150
2,000

14.29
15.40
16.25
14.65
15.46
3.19
1.94
1.38
..........................
..........................
..........................
..........................
..........................
..........................

21.89
17.33
¥4.52
¥17.29
¥25.35
¥12.51
15.19
6.28
2.84
¥0.86
4.94
2.15
1.66
2.15

0.19
0.07
¥0.46
0.41
¥0.02
¥0.01
¥2.89
¥2.36
(4)
(4)
..........................
..........................
..........................
..........................

7.41
1.86
¥20.31
¥32.35
¥40.79
¥15.69
16.14
7.26
2.84
¥0.86
4.94
2.15
1.66
2.15

¥2,098
5,219
¥13,027
¥1,541
¥4,184
¥6,394
31,285
¥5,861
5,417
¥14,408
16,645
¥883
3,604
1,519

12,013
5,838
¥35,807
¥60,601
¥74,224
¥35,007
65,959
17,183
12,165
¥2,080
19,209
6,724
5,016
1,519

4,547
928
¥20,548
¥33,239
¥43,637
¥21,256
49,740
14,220
8,513
¥2,892
16,848
6,281
4,768
1,458

60,060
63,350
100,000
104,430
108,570
138,725
382,035
292,750
296,155
383,045
354,370
299,030
298,225
70,780

¥3.78
¥0.41
25.12
0.18
10.82
¥0.02
26.19
¥0.10
13.49
¥0.93
51.36
¥1.03
46.12
0.26
28.31
¥0.24
25.47 ..........................
21.72 ..........................
19.15 ..........................

¥12.37
16.04
1.84
23.00
12.22
50.20
44.06
27.24
25.47
21.72
19.15

¥5,534
¥416
¥20,651
¥62,709
¥63,496
¥97,921
¥114,812
¥133,262
404
50,224
102,396

¥21,446
80,110
19,922
84,535
102,070
570,952
568,291
463,136
252,688
155,156
120,006

¥19,830
34,670
4,295
55,183
79,484
460,880
493,065
397,004
231,080
146,473
114,409

149,660
219,940
231,230
232,830
677,825
930,450
1,089,560
1,654,845
942,630
695,275
623,925

9.00
8.90
9.00
3.29
2.20
2.19
1.80
1.31
..........................
..........................
..........................

57

Table 8.—LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued
(in percentages, unless noted otherwise)

Characteristics of Subsidy Reestimates
Agency, Bureau, Program, Risk Category, and Cohort Year

SBIC New Market Venture Capital
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
Secondary Market Guarantee
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................

Percentage
point change
due to technical
assumptions

14.47
15.46

17.89 ..........................
17.73 ..........................

3.42
2.27

244
324

244
324

213
300

..........................
..........................

0.51 ..........................
¥0.12 ..........................

0.51
¥0.12

52,778
¥4,320

201,863
¥4,320

194,845
¥4,130

¥1.76
¥6.08
¥6.77
¥10.17
¥7.40
¥10.13
¥6.11
¥6.37
¥8.66
¥10.38
¥9.26
¥4.34
¥2.38

¥37,630
¥36,374
27,751
¥8,120
¥16,733
¥50,236
¥18,441
¥175,972
¥114,852
¥323,390
¥505,748
¥140,403
¥829

¥701,526
¥600,756
¥760,722
¥754,993
¥539,734
¥869,133
¥872,503
¥1,052,787
¥1,074,441
¥957,332
¥904,037
¥167,231
¥829

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

Current
Reestimated
Rate

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Original
Subsidy Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

6,560
13,795
9

38,008,032
3,647,557

Other Independent Agencies
Export-Import Bank of the United States:
Short, Medium, and Long Term Guarantees and Insurance Program
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2005 .....................................................................................................

4.95
4.00
4.52
5.62
7.50
7.51
6.82
5.13
7.90
8.77
7.18
3.06
2.50

3.79
¥2.28
¥2.00
¥3.98
0.19
¥2.40
0.37
¥1.24
¥0.76
¥1.61
¥2.08
¥1.28
0.12

0.60
¥0.20
0.25
0.57
0.09
0.22
¥0.34
(4)
(4)
(4)
(4)
(4)
(4)

* Nonzero amount rounds to zero, based on units for this column.
1 Reestimates for some programs did not appear in the 2007 Appendix because they were $500,000 or less.
2 Current year reestimates, including interest on reestimates.
3 Total (net cumulative) reestimates, including interest on reestimates.
4 Breakout between technical and interest reestimates is not available.
5 Reestimates have not yet been calculated.
6 Includes the SLS loan program, for which loans were last originated in 1994.
7 The 1992 subsidy rate was executed at ¥1.82 percent in 1992, but was adjusted to ¥2.60 percent retroactively in 1993.
8 Subsidy for the Guaranteeed Loan Sales Securities program was not displayed separately until 1999.
9 The SMG program was brought on budget as subject to the Federal Credit Reform Act in 2004. The 2004 cohort includes activity for all cohorts prior to and including 2004.

58

8,102,397
10,187,672
9,448,361
5,489,964
6,449,940
8,422,038
6,937,274
11,404,126
9,721,042
10,414,492
10,950,736
11,695,869
44,766

Table 9.—DIRECT LOAN PROGRAM DISBURSEMENT RATES IN THE FY 2007 BUDGET 1
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

................
................
................
................
................
................
................

................
................
................
................
................
................
................

................
................
................
................
................
................
................

................
................
................
................
................
................
................

2
2

1
2

1
3

1
3

Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Operating ..................................................................................................................................
Indian Land Acquisition .....................................................................................................................
Emergency Disaster ..........................................................................................................................
Boll Weevil Eradication ......................................................................................................................
Farm Ownership ................................................................................................................................
Farm Storage Facility Loan Program ....................................................................................................
Sugar Storage Facility Loan Program ...................................................................................................

88
82
91
76
79
37
80

6
6 ................ ................ ................
16
2 ................ ................ ................
6
3 ................ ................ ................
24 ................ ................ ................ ................
18
3 ................ ................ ................
63
* ................ ................ ................
20 ................ ................ ................ ................

Rural Community Advancement Program:
Community Facility Loans .................................................................................................................
Water and Waste Disposal Loans ....................................................................................................

12
4

32
22

30
30

13
19

10
10

55
55

25
25

10 ................ ................ ................ ................ ................ ................
10 ................ ................ ................ ................ ................ ................

11
16
17
7

32
34
18
34

22
22
13
18

16
12
11
12

10
8
15
10

5
6
8
10

4 ................ ................ ................
2 ................ ................ ................
12
6 ................ ................
9 ................ ................ ................

2
4
1

18
15
11

16
11
16

13
12
13

13
12
12

13
12
11

9
10
10

Rural Utilities Service:
Broadband 4% Loans ............................................................................................................................
Broadband Treasury Loans ...................................................................................................................
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans ................................................................................................................
Municipal Electric Loans ...............................................................................................................
FFB Electric Loans ........................................................................................................................
Treasury Electric Loans ................................................................................................................
Telephone:
Telecommunication Hardship Loans .............................................................................................
FFB Telecommunications Loans ..................................................................................................
Treasury Telecommunication Loans .............................................................................................
Rural Housing Service:
Rural Housing Insurance Fund:
Single-Family Housing Credit Sales .................................................................................................
Multi-Family Housing Credit Sales ....................................................................................................
Section 502 Single-Family Housing ..................................................................................................
Section 504 Housing Repair .............................................................................................................
Section 523 Self-Help Site Development .........................................................................................
Section 524 Site Development .........................................................................................................
Section 514 Farm Labor Housing .........................................................................................................
Rural Business — Cooperative Service:
Intermediary Relending Program ...........................................................................................................
Rural Economic Development Loans ....................................................................................................

5
10

3
5

9
8
10

5
8
9

2
8
7

100 ................ ................ ................ ................ ................ ................ ................
90
10 ................ ................ ................ ................ ................ ................
78
21
1 ................ ................ ................ ................ ................
78
16
* ................ ................
5 ................ ................
38
47
15 ................ ................ ................ ................ ................
12
64
23 ................ ................ ................ ................ ................
32
36
14
16
2 ................ ................ ................

................
................
................
................
................
................
................

................
................
................
................
................
................
................

6
22

28
60

24
13

16
4

30

53

6

9

10
16 ................ ................ ................ ................
1 ................ ................ ................ ................ ................

Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ........................................................................................................

59

2

1 ................ ................ ................ ................

Table 9.—DIRECT LOAN PROGRAM DISBURSEMENT RATES IN THE FY 2007 BUDGET 1—Continued
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

Department of Defense
Family Housing:
Military Housing Improvement Fund .....................................................................................................

................ ................

100 ................ ................ ................ ................ ................ ................ ................

Department of Education
Office of Postsecondary Education:
Ford Direct Loan Program:
Weighted Average of Total Obligations ............................................................................................
Subsidized Stafford ............................................................................................................................
Unsubsidized Stafford ........................................................................................................................
PLUS ..................................................................................................................................................
Consolidated ......................................................................................................................................
Historically Black College and University Capital Financing Program .................................................

77
66
67
63
100
30

23
34
33
37
*
45

78

22

................
................
................
................
................
25

................
................
................
................
................
................

................
................
................
................
................
................

................
................
................
................
................
................

................
................
................
................
................
................

................
................
................
................
................
................

................
................
................
................
................
................

................
................
................
................
................
................

Department of Homeland Security
Emergency Preparedness and Response:
State Share Loans .................................................................................................................................

* ................ ................ ................ ................ ................ ................ ................

Department of State
Bureau of Consular Affairs:
Repatriation Loans .................................................................................................................................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Department of Transportation
Federal Highway Administration:
Transportation Infrastructure Finance and Innovation:
TIFIA Direct Loans ............................................................................................................................
TIFIA Lines of Credit .........................................................................................................................

20
10

20
10

20
10

20
10

20 ................ ................ ................ ................ ................
10
10
10
10
10
10

Department of Veterans Affairs
Benefits Programs:
Acquired Loans ......................................................................................................................................
Vendee Loans ........................................................................................................................................
Native American Veteran Housing Loans .............................................................................................
Vocational Rehabilitation Loan Fund ....................................................................................................
Veterans Health Administration:
Transitional Housing for Homeless Veterans .......................................................................................

100 ................ ................ ................ ................
100 ................ ................ ................ ................
92
7
1 ................ ................
100 ................ ................ ................ ................
49

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

51 ................ ................ ................ ................ ................ ................ ................ ................

International Assistance Programs
Overseas Private Investment Corporation:
OPIC Direct Loans .................................................................................................................................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Small Business Administration
Disaster Loan Program:
Disaster Assistance ................................................................................................................................

68

60

27

5 ................ ................ ................ ................ ................ ................ ................

Table 9.—DIRECT LOAN PROGRAM DISBURSEMENT RATES IN THE FY 2007 BUDGET 1—Continued
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

Other Independent Agencies
Export-Import Bank of the United States:
Long and Medium Term Loans (including Tied Aid) ............................................................................

10

50

25

* Nonzero amount rounds to zero, based on units for this column.
1 In some cases, disbursement rates may not add to 100 percent due to cancellations between the time of obligation and disbursement.

61

15 ................ ................ ................ ................ ................ ................

Table 10.—LOAN GUARANTEE PROGRAM DISBURSEMENT RATES IN THE FY 2007 BUDGET 1
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

Department of Agriculture
Farm Service Agency:
CCC Export Loan Guarantees:
GSM 102 ............................................................................................................................................
Facilities .............................................................................................................................................
Supplier Credit ...................................................................................................................................
Agricultural Credit Insurance Fund:
Farm Operating—Unsubsidized ........................................................................................................
Farm Operating—Subsidized ............................................................................................................
Farm Ownership—Unsubsidized .......................................................................................................

70
70
70

30 ................ ................ ................ ................ ................ ................ ................ ................
30 ................ ................ ................ ................ ................ ................ ................ ................
30 ................ ................ ................ ................ ................ ................ ................ ................

88
83
70

11
15
28

1 ................ ................ ................ ................ ................ ................ ................
2 ................ ................ ................ ................ ................ ................ ................
2 ................ ................ ................ ................ ................ ................ ................

Rural Community Advancement Program:
Business and Industry Loans ................................................................................................................
Community Facility Loans ......................................................................................................................
Water and Waste Disposal Loans ........................................................................................................

50
11
2

39
33
28

11 ................ ................ ................ ................ ................ ................ ................
31
13
9
2
1 ................ ................ ................
42
15
5
5
3 ................ ................ ................

Rural Utilities Service:
Guaranteed Broadband Loans ..............................................................................................................

10

55

25

Rural Housing Service:
Rural Housing Insurance Fund:
Section 502 Single-Family Housing Purchase .................................................................................
Section 502 Single-Family Housing Purchase (Legislative Proposal) .............................................
Section 502 Single-Family Housing Refinance ................................................................................
538 Multi-Family Housing—Subsidized .............................................................................................

74
74
75
4

26 ................ ................ ................ ................ ................ ................ ................ ................
26 ................ ................ ................ ................ ................ ................ ................ ................
25 ................ ................ ................ ................ ................ ................ ................ ................
12
16
12
19
15
8
7
7 ................

Rural Business Cooperative Services:
Renewable Energy .................................................................................................................................

45

38

13

2

76
64
65
62
100

24
36
35
38
*

................
................
................
................
................

................
................
................
................
................

Public and Indian Housing Programs:
Indian Housing Loan Guarantees .........................................................................................................
Title VI Indian Housing Guarantees ......................................................................................................
Native Hawaiian Housing Loan Guarantees .........................................................................................

50
25
50

35
50
35

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ....................................................................................................................
Section 221(d)(3) Cooperatives ........................................................................................................
Tax Credit New Construction ............................................................................................................
Apartment Refinance .........................................................................................................................

75
75
75
75

25
25
25
25

10 ................ ................ ................ ................ ................ ................

2 ................ ................ ................ ................ ................

Department of Education
Office of Postsecondary Education:
Federal Family Education Loan Program:
Weighted Average of Total Commitments ........................................................................................
Subsidized Stafford ............................................................................................................................
Unsubsidized Stafford ........................................................................................................................
PLUS ..................................................................................................................................................
Consolidated ......................................................................................................................................

................
................
................
................
................

................
................
................
................
................

................
................
................
................
................

................
................
................
................
................

................
................
................
................
................

................
................
................
................
................

Department of Housing and Urban Development

63

11
4 ................ ................ ................ ................ ................ ................
25 ................ ................ ................ ................ ................ ................ ................
11
4 ................ ................ ................ ................ ................ ................

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

................
................
................
................

Table 10.—LOAN GUARANTEE PROGRAM DISBURSEMENT RATES IN THE FY 2007 BUDGET 1—Continued
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

Section 241 Supplemental Loans .....................................................................................................
Multifamily Operating Loss Loans .....................................................................................................
Housing Finance Authority Risk Sharing ..........................................................................................
GSE Risk Sharing .............................................................................................................................
Health Care and Nursing Homes .....................................................................................................
Health Care Refinance ......................................................................................................................
Hospitals ............................................................................................................................................
Other Rental ......................................................................................................................................
Section 234 Condominiums ..............................................................................................................
Section 203(k) Rehabilitation Mortgage ............................................................................................
Home Equity Conversion Mortgages ................................................................................................
Title I Property Improvement ............................................................................................................
Title I Manufactured Housing ............................................................................................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program ...............................................................................................
MMI — Purchase and Refinance (Legislative Proposal) .................................................................
MMI — HECM (Legislative Proposal) ...............................................................................................
Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities .........................................................................................
Guarantees of Mortgage-Backed Securities (Legislative Proposal) .....................................................

75
75
75
75
75
75
75
75
100
100
37
100
100

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

25
25
25
25
25
25
25
25
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
6
................
................

................
................
................
................
................
................
................
................
................
................
1
................
................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................
37
6
6
6
6
6
6
6
6
1
100 ................ ................ ................ ................ ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan Program .........................................................................................................
Indian Insured Loan Program ................................................................................................................

29
29

45
45

20
20

6 ................ ................ ................ ................ ................ ................
6 ................ ................ ................ ................ ................ ................

Department of Transportation
Office of the Secretary:
Minority Business Resource Center ......................................................................................................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Federal Highway Administration:
TIFIA Loan Guarantees .........................................................................................................................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans ...................................................................................................................
Guaranteed Loan Sale Securities .........................................................................................................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................

International Assistance Programs
Agency for International Development:
Development Credit Authority ................................................................................................................
Loan Guarantees to Israel .....................................................................................................................

25
37
37 ................ ................ ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Overseas Private Investment Corporation:
OPIC Loan Guarantees .........................................................................................................................
OPIC Investment Funds ........................................................................................................................

100 ................ ................ ................ ................ ................ ................ ................ ................ ................
17
17
17
17
17
17 ................ ................ ................ ................

64

Table 10.—LOAN GUARANTEE PROGRAM DISBURSEMENT RATES IN THE FY 2007 BUDGET 1—Continued
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

Small Business Administration
General Business Loan Programs:
7(a) General Business Loans ................................................................................................................
Section 504 Certified Development Companies Debentures ...............................................................
SBIC Debentures ...................................................................................................................................
Secondary Market Guarantee ...............................................................................................................

71
27
2
*
*
*
*
*
*
*
27
53
17
3
1
*
*
* ................ ................
26
37
18
12
7 ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................

Other Independent Agencies
Export-Import Bank of the United States:
Short, Medium, and Long Term Guarantees and Insurance Program ................................................

25

75 ................ ................ ................ ................ ................ ................ ................ ................

Presidio Trust:
Presidio Trust Loan Guarantee Program ..............................................................................................

10

25

25

* Nonzero amount rounds to zero, based on units for this column.
1 In some cases, disbursement rates may not add to 100 percent due to cancellations between the time of obligation and disbursement.

65

25

15 ................ ................ ................ ................ ................