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 2007 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Table 4 - Loan Guarantees: Assumptions Underlying the 2007 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Table 5 - Direct Loans: Assumptions Underlying the 2008 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Table 6 - Loan Guarantees: Assumptions Underlying the 2008 Subsidy Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Table 7 - Direct Loans: Subsidy Reestimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Table 8 - Loan Guarantees: Subsidy Reestimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Table 9 - Direct Loan Program Disbursement Rates in the 2008 Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Table 10 - Loan Guarantee Program Disbursement Rates in the 2008 Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

i

Introduction
The 2008 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 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 2007 and 2008 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 2008 Budget for additional information about
BEA categories).
Tables 3 and 4 provide information about the major components of 2007 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
2008 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 1992-2006 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. These cohorts are identified in a footnote and will not be displayed in future
Supplements. The printed version of the 2008 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
include all open cohorts for each program, and are available in the electronic version of the Supplement at http://www.budget.gov/budget.
Tables 9 and 10 show the rate at which the 2008 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)

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

Obligations

2008
Average loan
size

Subsidy rate
(percent)

Obligations

Average loan
size

Department of Agriculture
Farm Service Agency:1
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

11.69
21.15
11.77
1.90
4.19
0.38
¥2.71

649,191
3,960
60,000
59,400
222,750
71,000
2,500

45
990
67
3,960
128
50
1,250

12.69
3.15
11.15
¥0.27
4.45
2 1.01
0.98

629,595
3,960
60,000
59,400
223,857
90,000
2,500

43
990
72
3,960
128
50
1,250

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

Discretionary
Discretionary

6.41
9.96

235,278
737,262

774
1,273

5.55
14.20

302,414
1,080,239

831
1,367

Discretionary
Discretionary

0.63
2.15

155,760
998,535

4,581 ...................... ...................... ......................
24,963
2.15
300,000
27,273

Rural Utilities Service:
Distance Learning and Telemedicine 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

2.14
1.51
¥1.19
......................

99,019
99,007
3,000,000
990,000

19,804
0.12
100,000
20,000
7,616 ...................... ...................... ......................
83,333
¥0.70
4,000,000
90,909
17,964 ...................... ...................... ......................

Discretionary
Discretionary
Discretionary
Discretionary

0.37
¥1.49
0.03
¥0.44

143,514
299,000
246,667
500,000

13,047
0.08
145,000
13,182
14,238
0.62
295,000
14,750
16,444
0.67
250,000
17,857
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 .......................................................................................................................
Multi-family Housing Relending Program ............................................................................................................

Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary
Discretionary

0.48
45.33
10.03
29.55
45.67
2.47
¥1.66
47.95
47.82

10,000
1,246
1,274,750
80,420
90,378
1,894
5,045
10,971
2,070

47
415
111
7
508
947
1,682
914
2,070

¥1.15
37.14
......................
28.27
......................
......................
¥0.79
43.26
......................

10,000
1,408
......................
22,854
......................
......................
5,045
13,520
......................

50
469
......................
7
......................
......................
1,682
1,040
......................

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

Discretionary
Discretionary

44.07
21.84

33,063
23,064

719
614

42.89
22.59

33,772
33,076

772
660

1

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

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

Obligations

2008
Average loan
size

Subsidy rate
(percent)

Obligations

Average loan
size

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

Discretionary
Discretionary
Discretionary

¥8.08
¥8.01
4.32

5,000
59,000
11,452

132
¥10.58
8,000
211
2,950 ...................... ...................... ......................
11,452 ...................... ...................... ......................

Discretionary

28.40

882,546

110,318

26.38

232,654

116,327

6
......................
4
......................
5
......................
10
......................
22
......................

2.37
2.35
11.56
11.46
¥7.12
¥7.13
¥4.90
¥5.66
5.56
5.67

21,102,583
21,636,043
6,974,415
7,321,029
6,226,176
6,360,622
2,888,281
2,888,281
5,013,711
5,066,111

6
6
4
4
5
5
11
11
23
23

Department of Defense
Family Housing:
Military Housing Improvement Fund ....................................................................................................................
Department of Education
Federal Student Aid:
Ford Direct Loan Program:
Weighted Average of Total Obligations ..........................................................................................................
Weighted Average of Total Obligations (Legislative Proposal) ......................................................................
Subsidized Stafford ..........................................................................................................................................
Subsidized Stafford (Legislative Proposal) .....................................................................................................
Unsubsidized Stafford ......................................................................................................................................
Unsubsidized Stafford (Legislative Proposal) .................................................................................................
PLUS ................................................................................................................................................................
PLUS (Legislative Proposal) ............................................................................................................................
Consolidated .....................................................................................................................................................
Consolidated (Legislative Proposal) ................................................................................................................

Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory

2.43
......................
11.06
......................
¥7.60
......................
¥4.91
......................
7.04
......................

19,503,180
......................
6,556,592
......................
5,812,391
......................
2,606,220
......................
4,527,977
......................

Office of Postsecondary Education:
Historically Black College and University Capital Financing Program ...............................................................
Historically Black College and University Hurricane Supplemental ...................................................................

Discretionary
Mandatory

......................
76.14

75,000
235,000

25,000 ...................... ...................... ......................
78,333 ...................... ...................... ......................

100.00

1,000

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

Department of Health and Human Services
Centers for Medicare and Medicaid Services:
Health Care Infrastructure Improvement .............................................................................................................

Mandatory

Department of Homeland Security
Federal Emergency Management Agency:
State Share Loans ...............................................................................................................................................
Community Disaster Loans ..................................................................................................................................

Discretionary
Discretionary

1.18
25,000
12,500
93.40 ...................... ......................

1.73
25,000
12,500
93.30 ...................... ......................

Discretionary

60.14

1,127

1

60.22

1,126

1

Discretionary

5.00

2,200,000

550,000

5.00

1,381,000

345,250

Department of State
Bureau of Consular Affairs:
Repatriation Loans ...............................................................................................................................................
Department of Transportation
Federal Highway Administration:
Transportation Infrastructure Finance and Innovation:
TIFIA Direct Loans ...........................................................................................................................................

2

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

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

Obligations

2008
Average loan
size

Subsidy rate
(percent)

100,000

5.00

200,000

100,000

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

600,000

40,000

Obligations

Average loan
size

TIFIA Lines of Credit .......................................................................................................................................

Discretionary

5.58

200,000

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

Discretionary

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

200,000

Discretionary

37.47

3,000

429

37.52

2,000

400

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

Mandatory
Mandatory
Mandatory
Discretionary

10.43
¥3.46
¥13.46
2.00

209,855
124,777
3,582
2,650

73
105
119
1

8.84
¥1.59
¥14.48
2.16

196,708
329,907
3,668
3,287

75
114
122
1

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

Discretionary

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

72.10

11,515

5,758

3.22

500,000

5,000

454 ......................

25,000

446

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

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

Discretionary

2.74

350,000

3,889

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

Discretionary

10.21

20,900

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

Discretionary

17.73

2,659,000

27

16.27

1,064,000

28

Discretionary

34.00

50,000

25,000

33.01

50,000

25,000

Small Business Administration

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

Subsidy estimates are based on total cash receipts curves. Default component includes net expected inflows and outflows where insufficient data is available to identify the source.
Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.

3

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

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

2008

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

2.39
¥0.05
5.60

2,214,000
26,000
200,000

1,163
2,000
215

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

1,964,000
1,050
26,000
1,733
1 0.34 ...................... ......................

Discretionary
Discretionary
Discretionary

2.47
10.07
0.58

1,151,000
272,250
1,201,000

166
193
297

2.42
13.34
0.40

1,000,000
250,000
1,200,000

177
202
299

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

Discretionary
Discretionary
Discretionary

4.36
3.66
¥0.90

1,096,282
20,495
75,000

2,463
2,562
938

4.32
3.68
¥0.82

1,000,000
210,000
75,000

2,645
2,658
1,014

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

1.21
4,687,940
111
...................... ...................... ......................
0.50
246,925
99
7.74
62,998
1,340

1.20
0.20
0.81
9.40

797,917
4,787,500
61,111
200,000

119
119
107
1,449

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

Discretionary

9.69

195,469

1,615

3.04

1 4.55

6.49

154,083

1,511

Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory

6.65
......................
18.03
......................
0.01
......................
¥0.28
......................
5.22
......................

88,062,022
......................
24,839,796
......................
25,819,102
......................
10,425,054
......................
26,978,070
......................

6
5.16
......................
3.88
4
18.14
......................
17.33
5
¥0.01
......................
¥0.95
12 ......................
......................
¥0.55
27
0.65
......................
¥1.82

98,467,702
99,480,606
26,863,115
27,564,977
28,031,135
28,324,757
11,560,023
11,560,023
32,013,429
32,030,849

7
7
4
4
5
5
13
13
28
28

Discretionary

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

9,000,000

300,000

Department of Education
Federal Student Aid:
Federal Family Education Loan Program:
Weighted Average of Total Commitments ......................................................................................................
Weighted Average of Total Commitments (Legislative Proposal) .................................................................
Subsidized Stafford ..........................................................................................................................................
Subsidized Stafford (Legislative Proposal) .....................................................................................................
Unsubsidized Stafford ......................................................................................................................................
Unsubsidized Stafford (Legislative Proposal) .................................................................................................
PLUS ................................................................................................................................................................
PLUS (Legislative Proposal) ............................................................................................................................
Consolidated .....................................................................................................................................................
Consolidated (Legislative Proposal) ................................................................................................................
Department of Energy
Energy Programs:
Title 17 Innovative Technology Loan Guarantees ..............................................................................................

5

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

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

2008

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

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

Discretionary

1 3.42

8,000

Public and Indian Housing Programs:
Indian Housing Loan Guarantees ........................................................................................................................
Title VI Indian Housing Guarantees ....................................................................................................................
Native Hawaiian Housing Loan Guarantees .......................................................................................................

Discretionary
Discretionary
Discretionary

2.35
11.99
2.35

251,000
17,000
43,000

118
2,529
160

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

Discretionary

2.17

138,000

5,111 ...................... ...................... ......................

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

¥0.61
......................
6.31
¥2.78
¥1.63
......................
3.93
1 16.55
¥0.68
¥0.89
¥2.42
¥0.91
¥1.83
¥1.56
¥1.49
......................
0.31
......................
¥2.82
0.97
0.83

707,000
......................
51,000
928,000
2,441,000
......................
4,300
2,200
149,000
9,000
312,000
2,180,000
900,000
130,000
3,224,000
......................
421,000
......................
8,939,000
43,496
58,638

12,625
¥0.83
848,000
12,471
......................
¥2.02
848,000
12,471
10,200
5.67
102,000
10,200
5,395
¥3.20
1,091,000
5,348
3,790
¥2.75
2,563,000
3,786
......................
¥4.09
2,563,000
3,786
1,433
2.99
6,500
1,300
733
15.43
3,300
660
6,773
¥1.25
156,000
6,783
1,800
¥1.42
11,000
1,833
11,556
¥0.68
339,000
9,971
5,924
¥1.58
3,069,000
5,948
75,000
¥2.66
900,000
75,000
28,889
¥1.82
324,000
16,200
147
¥0.88
3,418,604
147
...................... ...................... ...................... ......................
78
1.89
446,000
20
...................... ...................... ...................... ......................
242 ...................... ...................... ......................
28
0.53
43,496
28
19
0.13
58,638
19

Discretionary
Discretionary
Discretionary

¥0.37
44,418,000
130
...................... ...................... ......................
...................... ...................... ......................

¥0.01
¥0.60
¥1.35

39,705,000
56,996,000
25,000,000

130
145
87

Discretionary
Discretionary

¥0.21
86,000,000
156
...................... ...................... ......................

¥0.21
¥0.27

77,400,000
77,400,000

160
160

1,600 ...................... ...................... ......................

Department of Housing and Urban Development

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ..................................................................................................................................
Multifamily Development (Legislative Proposal) .............................................................................................
Section 221(d)(3) Cooperatives .......................................................................................................................
Tax Credit New Construction ..........................................................................................................................
Apartment Refinance .......................................................................................................................................
Apartment Refinance (Legislative Proposal) ...................................................................................................
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 ..............................................................................................................
Title I Property Improvement ...........................................................................................................................
Title I Manufactured Housing ..........................................................................................................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program ..............................................................................................................
Mutual Mortgage Insurance Program (Legislative Proposal) .........................................................................
Mutual Mortgage Insurance Program-HECM (Legislative Proposal) .............................................................
Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities ........................................................................................................
Guarantees of Mortgage-Backed Securities (Legislative Proposal) ...................................................................

6

2.42
12.12
2.42

367,000
17,000
41,504

118
2,529
160

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

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

2008

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

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

Discretionary
Discretionary

6.45
6.45

82,377
5,000

1,098
200

6.56
4.14

84,506
1,000

939
250

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

Discretionary

1.82

18,367

367

2.03

18,367

510

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

Discretionary

3.90

200,000

100,000

5.90

200,000

100,000

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Guaranteed Loans ...........................................................

Discretionary

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

100,000

20,000

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

Discretionary
Discretionary
Discretionary
Discretionary

Department of Transportation

5.93
4.31
6.08
8.79

67,000
23,000
33,000
11,000

16,750
23,000
16,500
11,000

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

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

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

¥0.36

28,260,360

157

¥0.37

29,104,463

162

5.45
110,000
2,895
4.88
...................... ...................... ......................
24.40
......................
1,000,000
1,000,000 ......................

328,000
20,000
1,000,000

3,859
1,250
1,000,000

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

Mandatory

International Assistance Programs
Agency for International Development:
Development Credit Authority (DCA):
DCA ..................................................................................................................................................................
DCA Line of Credit ..........................................................................................................................................
Loan Guarantees to Israel ...................................................................................................................................

Discretionary
Discretionary
Discretionary

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

Discretionary
Discretionary

2.00
¥4.11

450,000
500,000

15,000
100,000

2.74
¥3.94

450,000
500,000

15,000
100,000

Discretionary
Discretionary
Discretionary
Discretionary

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

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

152
501
18,987
8,664

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

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

145
582
18,987
8,602

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

7

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

2007
Agency, Bureau, Program and Risk Category

BEA Category

Subsidy rate
(percent)

2008

loan
Commitments Average
size

Subsidy rate
(percent)

loan
Commitments Average
size

Other Independent Agencies
Export-Import Bank of the United States:
Short, Medium, and Long Term Guarantees and Insurance Program:
Risk Category A ...............................................................................................................................................
Risk Category B ...............................................................................................................................................
1

Discretionary
Discretionary

Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.

8

2.60
¥1.72

6,551,000
9,309,000

4,540
4,539

1.37
¥3.06

4,671,000
14,043,000

4,539
4,539

Table 3.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 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:3
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
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
9.96

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
¥0.44

29
38

4.51
4.43

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

4.96
4.28

99.00
99.90

9
18

5.00 .............. .............. .............. ..............
5.04
1 .............. .............. ..............

14.58
9.01

94.00
71.00

7.04 ..................
10.31 ..................

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

Rural Utilities Service:
Distance Learning and Telemedicine Loans ...............................
0.63
1.35
¥0.72 ..................
¥0.01
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 .................. .................. ..................
FFB Guaranteed Underwriting .....................................................
¥0.44
0.81
¥1.24 .................. ..................

33
33
27
32

5.00
5.08
5.23
5.19

1
1
1
1

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

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

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

0.02
0.06
0.56
0.01

100.00
100.00
100.00
100.00

19
18
19
20

5.00
1
5.11
1
5.07
1
5.46 ..............

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

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

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

0.30
0.42
0.81
10.64

100.00
100.00
100.00
82.65

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 ................................................
Multi-family Housing Relending Program ....................................

0.48
9.56
45.33
0.11
10.03
5.37
29.55
1.47
45.67
0.07
2.47 ..................
¥1.66
0.93
47.95
0.21
47.82 ..................

20
50
30
19
50
2
2
33
30

7.06
6.56
6.56
1.00
6.56
3.00
6.56
1.00
1.00

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

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

..............
31.20
35.96
..............
0.45
20.62
..............
54.29
60.40
..............
7.15
46.44
..............
0.99
75.08
.............. ................ ................
..............
1.00 ................
..............
1.71
61.92
..............
0.02
90.00

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
¥18.32
2.47
¥2.59
45.52
47.81

..................
7.81
..................
64.41
..................
19.66
4 ¥2.00
..................
4 63.92
..................
.................. ..................
.................. ..................
..................
2.22
..................
0.01

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

9

¥0.86
¥1.78

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

..............
..............
..............
..............
..............
..............
..............
..............
3

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

0.02
4.46

100.00
100.00

Table 3.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 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 Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ...............................................
Traditional Direct Loans ...........................................................
New England Lobster Buyback ...............................................

¥8.08
¥8.01
4.32

0.54
0.23
31.89

¥16.00
¥0.69
8.07
¥13.56
¥0.70
6.02
¥27.57 .................. ..................

20
15
30

6.92 ..............
0.50 .............. ..............
7.04 ..............
0.05 .............. ..............
7.18 .............. .............. .............. ..............

4.18
77.21
1.35
82.72
61.52 ................

28.40

8.95

19.45 .................. ..................

35

3.56

37.00

54.48

2.43
11.06
¥7.60
¥4.91
7.04

3.46
0.87
0.87
0.52
12.21

7.01
6.86
7.63
10.78
4.26

11
10
10
10
16

6.79
*
2.36
6.80
*
2.88
6.46
*
2.88
7.90 ..............
4.00
6.56 .............. ..............

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

16.65
12.73
12.49
5.50
32.90

103.97
114.60
114.60
114.17
92.88

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

30

5.00 .............. .............. .............. ..............

10.00

83.00

30

1.00 .............. .............. .............. ..............

33.00 ................

100.00

20

1.00

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

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

Department of Education
Federal Student Aid:
Ford Direct Loan Program:
Weighted Average of Total Obligations ..................................
Subsidized Stafford ..................................................................
Unsubsidized Stafford ..............................................................
PLUS ........................................................................................
Consolidated .............................................................................
Office of Postsecondary Education:
Historically Black College and University Capital Financing Program ..........................................................................................
Historically Black College and University Hurricane Supplemental .......................................................................................

76.14

20.26

¥5.68
¥2.36
6.21
¥2.88
¥13.22
¥2.88
¥12.21
¥4.00
¥9.43 ..................

55.89 .................. ..................

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

Department of Health and Human Services
Centers for Medicare and Medicaid Services:
Health Care Infrastructure Improvement .....................................

100.00 .................. .................. ..................

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

Department of Homeland Security
Federal Emergency Management Agency:
State Share Loans .......................................................................
Community Disaster Loans ..........................................................

1.18 ..................
93.40 ..................

0.82 ..................
4.90 ..................

0.36
88.50

7
5

5.18 .............. .............. .............. .............. ................ ................
5.08 .............. .............. .............. .............. ................ ................

60.14

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

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

59.65

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

10

Table 3.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2007 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

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

Defaults,
net of
recoveries

3.46

Interest

¥1.27

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

¥2.19 ..................

25

5.35

6 .............. ..............

2.19

60.62

61.44

13

2.10

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

25.00

15.00

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

24.55

50.00

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

37.47

17.24

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

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

2.74

13.73

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

10.21

5 ¥0.03

9.08 ..................

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

17.73

8.63

10.63 ..................

34.00

11.26

Department of Veterans Affairs
Benefits Programs:
Acquired Loans .............................................................................
Vendee Loans ..............................................................................
Native American Veteran Housing Loans ...................................
Vocational Rehabilitation Loan Fund ...........................................
International Assistance Programs
Overseas Private Investment Corporation:
OPIC Direct Loans .......................................................................

¥2.41

¥8.57 ..................

8

5.03

4

0.50

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

1.16

10

3.72

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

¥1.53

18

4.08

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

17.58

¥8.61 ..................

24

1.65

4

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

Small Business Administration

14.61

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

31.35

0.50

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

* Nonzero amount rounds to zero.
1 Lifetime defaults as a percentage of disbursements.
2 Recoveries as a percentage of lifetime defaults.
3 Subsidy estimates are based on total cash receipts curves. Default component includes net expected inflows and outflows where insufficient data is available to identify the source.
4 Fees included in the All other component.
5 Default component reflects recoveries only; defaults are included in the All other component.

11

Table 4.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 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)

3 0.34

3.76 ................
4.57 ................
0.96 ................

¥0.72 ................
¥0.02 ................
¥0.62 ................

3
10
*

5.00 ..............
5.00 ..............
5.00 ..............

2.47
10.07
0.58

3.37 ................
¥0.90 ................
2.48
7.59 ................ ................
1.48 ................
¥0.91 ................

4
6
18

8.75 ..............
1.00 .............. ..............
7.85 .............. .............. .............. ..............
7.64 ..............
1.00 .............. ..............
9.00 ..............
5.80 ..............
5.80 ..............

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

3.04
3 4.55

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

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

98.00
96.00
65.00

4.43
3.27
2.14

10.22
3.67
12.41

90.00
90.00
90.00

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

80.58
85.44
90.00

90.00
90.00
89.93

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

4.36
3.66
¥0.90

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

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

17
20
21

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

1.21
0.50
7.74

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

¥2.00 ................
¥0.50 ................
¥7.35 ................

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

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

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

6.49

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

¥1.54 ................

17

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

1.00

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

12.92

32.75

78.43

0.60
0.22
0.19
0.41
1.40

¥4.18
¥2.38
¥2.38
¥2.38
¥8.26

3.03
2.32
2.43
3.45
4.08

12
9
9
8
19

6.76
*
6.80
*
6.46
*
8.50 ..............
6.37 ..............

1.74
0.36 ..............
2.38 .............. ..............
2.38 .............. ..............
2.38 .............. ..............
0.50
1.05 ..............

11.70
12.45
11.02
5.22
13.87

116.74
122.94
122.94
108.69
109.34

97.00
97.00
97.00
97.00
97.00

3 3.42

3.42 ................ ................ ................

10

8.25

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

17.00

74.00

80.00

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

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

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

2.17

2.17 ................ ................ ................

10

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

14.11

100.00

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

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

6.65
18.03
0.01
¥0.28
5.22

7.21
17.87
¥0.23
¥1.76
8.00

Department of Health and Human Services
Health Resources and Services Administration:
Health Centers Loan Guarantees:
Health Facilities Construction Loans ...............................
Department of Housing and Urban Development

13

80.00

Table 4.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2007 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

Subsidy
rate

Defaults,
net of
recoveries

Fees

All other

Loan
maturity
(years)

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

¥5.48
¥7.25
¥4.63
¥4.78
¥7.43
¥5.00
¥3.35
¥2.28
¥6.31
¥5.55
¥5.10
¥6.43
¥3.64
¥3.92
¥4.81
¥2.97
¥5.62

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

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

¥3.76

1.18

Interest

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

¥0.61
6.31
¥2.78
¥1.63
3.93
3 16.55
¥0.68
¥0.89
¥2.42
¥0.91
¥1.83
¥1.56
¥1.49
0.31
¥2.82
0.97
0.83
¥0.37

2.21 ................

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

¥0.21

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

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
1.99
3.94
6.44

Loan Characteristics
Borrower
rate

Grace
period
(years)

Upfront
fees

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

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

30

6.86 ..............

1.50

¥0.22 ................

30

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

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

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
6.21
13.00
13.00

Annual
fees

0.77
0.80
0.50
0.77
0.80
0.80
0.50
0.50
0.80
0.80
0.80
0.77
0.50
0.50
0.50
1.00
1.00

Other
fees

0.77
..............
0.50
0.77
0.80
..............
0.50
0.50
0.80
..............
0.50
0.77
..............
..............
..............
..............
..............

Recovery
rate 2

Percent
guaranteed

18.42
68.82
46.04
66.20
11.71
71.20
11.77
64.10
15.74 ................
26.63 ................
13.01
78.81
2.40 ................
9.61
49.93
14.28
54.05
9.77
55.51
18.41
68.24
9.03
71.21
13.46
61.10
62.07
131.46
5.48
15.00
9.44
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

12.08

78.37

100.00

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

99.86

100.00

9.21
9.21

90.00
90.00

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

75.00

0.50 ..............
0.06

Default
rate 1

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

6.45
6.45

4.98
4.98

¥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

5.37

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

5.93
4.31
6.08
8.79

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

25
25
25
25

6.50
6.50
6.50
6.50

¥1.63 ................

30

7.06 ..............

3.27
3.27

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

7.29
7.29

Department of Transportation

10.81
9.20
10.96
13.67

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

¥4.88
¥4.88
¥4.88
¥4.88

9.25 .............. .............. .............. ..............
5 .............. .............. ..............

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

24.65

60.00

100.00

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

19.09
16.37
19.31
24.09

38.00
38.00
38.00
38.00

100.00
100.00
100.00
100.00

1.66 .............. ..............

7.34

76.66

25.00

4.88
4.88
4.88
4.88

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

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

¥0.36

1.27 ................

14

Table 4.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 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

Percent
guaranteed

International Assistance Programs
Agency for International Development:
Development Credit Authority (DCA):
DCA ..................................................................................

5.45

6.52 ................

¥1.07 ................

7

4.91

5

0.50

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

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

50.00

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

2.00
¥4.11

11.19 ................
9.26 ................

¥9.19 ................
¥13.37 ................

9
12

7.71
8.03

4
11

0.50
0.50

1.42 ..............
1.50 ..............

23.19
40.00
16.30 ................

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

¥7.39 ................
¥3.90 ................

7
7

5.46
5.46

100.00
100.00

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:
Risk Category A ..............................................................
Risk Category B ..............................................................

2.60
¥1.72

9.99 ................
2.18 ................

* 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.

15

1
1

7.87
3.92

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

11.65 ................
2.60 ................

Table 5.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2008 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
................

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

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

25.69
11.92
18.56
2.22
105.95
19.85
10.54

45.75
22.61
99.57
23.46
22.76
69.90
87.45

Default
rate 1

Recovery
rate 2

Department of Agriculture
Farm Service Agency:3
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 ...................................

12.69
3.15
11.15
¥0.27
4.45
4 1.01
0.98

14.43
0.31
5.24
1.45
11.00
1.10
0.62

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

5.55
14.20

0.73
0.09

Rural Utilities Service:
Broadband Treasury Loans ....................................................
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans ................................................
FFB 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 504 Housing Repair ..............................................
Section 524 Site Development ..........................................
Section 514 Farm Labor Housing .........................................
Rural Business — Cooperative Service:
Intermediary Relending Program ...........................................
Rural Economic Development Loans ....................................

2.15
0.12
¥0.70
0.08
0.62
0.67

¥1.15
37.14
28.27
¥0.79
43.26

¥1.11
2.83
6.72
¥2.00
¥6.72
0.02
0.36

..................
¥0.63
.................. ................
..................
¥0.82
..................
0.28
..................
0.17
¥0.11 ................
.................. ................

4
5.61
40
5.00
11
3.75
7
5.52
37
5.74
7
5.00
15 ................

5.40 ..................
14.65 ..................

¥0.58
¥0.55

30
38

4.50
3.90

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

6.10
4.34

83.08
99.90

2.17 .................. ..................

¥0.02

18

4.89

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

8.92

71.00

¥0.03 ..................
¥0.81
¥1.37 .................. ................

33
27

5.00
5.06

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

10.21
5.28

83.03
83.02

0.04
¥0.22
0.03

19
16
18

5.00
4.79
4.90

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

7.02
5.52
4.69

83.03
83.03
83.03

..................
6.38
..................
49.15
.................. 5 ¥1.81
.................. ................
.................. ¥10.11

20
50
19
2
33

6.72
6.22
1.00
6.22
1.00

0.96
0.67

1.00
¥0.96 ..................
0.85
¥0.01 ..................
0.64 .................. ..................

7.85
5.41
0.94
0.92
8.93

42.89 ..................
22.59
0.21

¥15.38
¥17.41
29.14
¥1.71
44.45

43.53 ..................
23.15 ..................

¥0.64
¥0.77

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

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

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

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

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

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

46.69
64.00
18.65
22.50
7.15
56.86
1.00 ................
56.47
61.26
0.03
5.55

100.00
100.00

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

3.96

81.47

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

82.43

40.82

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

¥10.58

0.38

26.38

16.07

¥17.66

¥0.68

7.38

21

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

10.31 .................. ................

42

3.89

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

17

Table 5.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2008 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 Education
Federal Student Aid:
Ford Direct Loan Program:
Weighted Average of Total Obligations ............................
Weighted Average of Total Obligations (Legislative Proposal) ..............................................................................
Subsidized Stafford ............................................................
Subsidized Stafford (Legislative Proposal) ........................
Unsubsidized Stafford ........................................................
Unsubsidized Stafford (Legislative Proposal) ....................
PLUS ..................................................................................
PLUS (Legislative Proposal) ..............................................
Consolidated .......................................................................
Consolidated (Legislative Proposal) ..................................

¥2.04

7.07

11

6.89

3.46
0.87
0.88
0.87
0.86
0.52
0.54
12.00
12.13

¥6.21
¥2.04
6.21
¥2.38
6.12
¥2.38
¥13.23
¥2.38
¥13.23
¥2.38
¥12.20
¥4.00
¥13.55
¥4.00
¥10.99 ..................
¥11.00 ..................

7.13
6.86
6.84
7.62
7.62
10.78
11.35
4.55
4.54

11
10
10
10
10
10
10
16
16

6.93
6.80
6.80
6.46
6.46
7.90
8.21
6.94
6.94

1.73 ..................
93.30 ..................

1.38 ..................
5.01 ..................

0.35
88.29

7
5

4.96 .............. ................ .............. ................ ................ ................
5.09 .............. ................ .............. ................ ................ ................

60.22

0.57 .................. ................

*

1.20

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

94.19

39.81

5.00
5.04
¥0.04 .................. ................
5.00 .................. .................. ..................
5.00

38
35

5.22
5.00

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

36.54
32.21

60.00
60.00

¥0.95

¥2.90 ................

25

5.14

6 ................ ..............

2.90

61.61

61.91

13

2.10

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

25.00

15.00

30
5.74
30
6.82
30
6.82
1 ................

.............. ................ .............. ................
..............
1.83 .............. ................
..............
1.15 .............. ................
.............. ................ .............. ................

2.37

3.47

2.35
11.56
11.46
¥7.12
¥7.13
¥4.90
¥5.66
5.56
5.67

¥6.13

*

2.04 .............. ................

*
2.04 ..............
*
2.38 ..............
*
2.38 ..............
*
2.38 ..............
*
2.38 ..............
..............
4.00 ..............
..............
4.00 ..............
.............. ................ ..............
.............. ................ ..............

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

16.65

103.98

16.62
12.98
12.84
12.45
12.40
5.50
5.50
32.24
32.55

104.00
114.60
114.60
114.60
114.60
114.17
114.17
92.96
92.92

Department of Homeland Security
Federal Emergency Management Agency:
State Share Loans .................................................................
Community Disaster Loans ....................................................
Department of State
Bureau of Consular Affairs:
Repatriation Loans .................................................................

59.65

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

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

3.85

37.52

17.23

20.29 .................. ................

8.84
¥1.59
¥14.48
2.16

13.12
3.62
1.64
0.29

¥6.27 ..................
1.99
¥19.60
¥1.79
16.17
¥19.05
¥0.51
3.44
1.87 .................. ................

Department of Treasury
Community Development Financial Institutions:
Community Development Financial Institutions Fund ...........
Department of Veterans Affairs
Benefits Programs:
Acquired Loans .......................................................................
Vendee Loans ........................................................................
Native American Veteran Housing Loans .............................
Vocational Rehabilitation Loan Fund .....................................

18

83.12
40.47
19.98
35.99
9.34
80.00
0.30 ................

Table 5.—DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2008 SUBSIDY ESTIMATES—Continued
(in percentages, unless noted otherwise)

Composition of Subsidy
Agency, Bureau, Program and Risk Category

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

Subsidy
rate

Defaults,
net of
recoveries

Interest

Fees

Loan Characteristics
All other

¥23.34 .................. ................

72.10

95.45

3.22

13.60

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

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

6 ¥0.05

¥2.10 ..................

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

16.27

10.25

11.47 ..................

33.01

5.97

Loan
maturity
(years)

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Default
rate 1

Recovery
rate 2

35

5.17 .............. ................ .............. ................

217.58 ................

10

6.67

5

2.15

10

5.99

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

¥5.45

21

3.94

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

24.01

¥4.46 ................

24

1.50

4 ................

12.22 ................

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

¥1.31

¥9.08 ................

0.40

1.50 ................

33.76

50.00

Small Business Administration

15.56

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

31.50

4.67 ................

* Nonzero amount rounds to zero.
1 Lifetime defaults as a percentage of disbursements.
2 Recoveries as a percentage of lifetime defaults.
3 Subsidy estimates are based on total cash receipts curves. Default component includes net expected inflows and outflows where insufficient data is available to identify the source.
4 Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.
5 Fees included in the All other component.
6 Default component reflects recoveries only; defaults are included in the All other component.

19

Table 6.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2008 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)

¥0.57 ................
¥4.17 ................
¥0.56 ................

3
10
*

5.00 ..............
5.00 ..............
5.00 ..............

3.32 ................
¥0.90 ................
2.29
11.05 ................ ................
1.28 ................
¥0.88 ................

4
6
18

9.02 ..............
1.00 .............. ..............
8.75 .............. .............. .............. ..............
8.05 ..............
1.00 .............. ..............

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 ..........................................................................
Facilities ...........................................................................
Supplier Credit .................................................................
Agricultural Credit Insurance Fund:
Farm Operating—Unsubsidized .......................................
Farm Operating—Subsidized ...........................................
Farm Ownership—Unsubsidized .....................................
Rural Community Advancement Program:
Business and Industry Loans ..............................................
Community Facility Loans ....................................................
Water and Waste Disposal Loans .......................................

2.39
¥0.05
5.60
2.42
13.34
0.40

2.96 ................
4.12 ................
6.16 ................

0.57 .............. ..............
4.17 .............. ..............
0.56 .............. ..............

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

98.00
96.00
65.00

4.28
3.00
2.19

7.40
3.47
27.42

90.00
90.00
90.00

4.32
3.68
¥0.82

7.33 ................
4.54 ................
................ ................

¥3.01 ................
¥0.86 ................
¥0.82 ................

17
9.44 ..............
20
5.79 ..............
20 .............. ..............

1.88
0.25 ..............
12.36
33.23
1.00 .............. ..............
5.98
2.59
1.00 .............. .............. .............. ..............

78.22
86.05
82.05

0.65

90.00

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

1.20

3.20 ................

¥2.00 ................

29 .............. ..............

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

0.20
0.81
9.40

3.20 ................
1.31 ................
0.42
16.91

¥3.00 ................
¥0.50 ................
¥7.94 ................

29
8.06 ..............
30 .............. ..............
36
7.82 ..............

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

4.21
0.65
1.65
0.58
79.80 ..............

90.00
90.00
90.00

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

9.69

11.97 ................

¥2.28 ................

17

9.44 ..............

1.00

0.25 ..............

20.70

27.60

78.43

0.38 ..............

11.77

116.41

97.00

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

11.74
12.78
12.67
10.96
10.92
5.22
5.22
13.73
13.75

116.47
122.94
122.94
122.94
122.94
108.69
108.69
109.07
109.12

95.00
95.00
95.00
97.00
95.00
97.00
95.00
97.00
95.00

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

3 50.57

3 47.30

80.00

4.21

Department of Education
Federal Student Aid:
Federal Family Education Loan Program:
Weighted Average of Total Commitments ......................
5.16
Weighted Average of Total Commitments (Legislative
Proposal) ......................................................................
3.88
Subsidized Stafford ..........................................................
18.14
Subsidized Stafford (Legislative Proposal) .....................
17.33
Unsubsidized Stafford ......................................................
¥0.01
Unsubsidized Stafford (Legislative Proposal) .................
¥0.95
PLUS ................................................................................ ..................
PLUS (Legislative Proposal) ...........................................
¥0.55
Consolidated ....................................................................
0.65
Consolidated (Legislative Proposal) ................................
¥1.82

0.62

5.46

¥3.96

3.05

12

6.95

*

1.53

0.27
0.23
¥0.17
0.19
¥0.15
0.41
0.26
1.40
1.02

4.66
17.35
16.40
¥0.73
¥1.67
¥1.98
¥2.27
3.56
2.66

¥4.10
¥1.75
¥1.75
¥1.88
¥1.88
¥1.88
¥1.88
¥8.39
¥8.89

3.05
2.31
2.85
2.41
2.75
3.45
3.34
4.08
3.39

12
9
9
9
9
8
8
19
19

6.94
6.80
6.80
6.46
6.46
8.50
8.38
6.94
6.94

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

1.53
1.75
1.75
1.88
1.88
1.88
1.88
0.50
1.00

¥20.95 ................

30

7.50

5

3 20.95

0.37
..............
..............
..............
..............
..............
..............
1.05
1.05

Department of Energy
Energy Programs:
Title 17 Innovative Technology Loan Guarantees .............. ..................

20.95 ................

21

Table 6.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2008 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)

3.42 ................
¥1.00 ................
12.12 ................ ................ ................
3.42 ................
¥1.00 ................

30
20
30

Interest

Fees

Borrower
rate

Grace
period
(years)

Upfront
fees

Annual
fees

Other
fees

Recovery
rate 2

Default
rate 1

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
12.12
2.42

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ..................................................
¥0.83
Multifamily Development (Legislative Proposal) .............
¥2.02
Section 221(d)(3) Cooperatives ......................................
5.67
Tax Credit New Construction ..........................................
¥3.20
Apartment Refinance .......................................................
¥2.75
Apartment Refinance (Legislative Proposal) ...................
¥4.09
Section 241 Supplemental Loans ...................................
2.99
Multifamily Operating Loss Loans ...................................
15.43
Housing Finance Authority Risk Sharing ........................
¥1.25
GSE Risk Sharing ...........................................................
¥1.42
Health Care and Nursing Homes ....................................
¥0.68
Health Care Refinance ....................................................
¥1.58
Hospitals ...........................................................................
¥2.66
Other Rental ....................................................................
¥1.82
Section 234 Condominiums ............................................
¥0.88
Section 234 Condominiums (Legislative Proposal) ........ ..................
Section 203(k) Rehabilitation Mortgage ..........................
1.89
Section 203(k) Rehabilitation Mortgage (Legislative
Proposal) ...................................................................... ..................
Title I Property Improvement ...........................................
0.53
Title I Manufactured Housing ..........................................
0.13
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program .............................
¥0.01
Mutual Mortgage Insurance Program (Legislative Proposal) ...........................................................................
¥0.60
Mutual Mortgage Insurance Program-HECM (Legislative Proposal) ...............................................................
¥1.35
Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities .......................
Guarantees of Mortgage-Backed Securities (Legislative
Proposal) ..........................................................................

4.46
4.46
12.58
1.46
1.98
1.98
10.12
20.46
2.09
0.86
5.42
3.73
2.33
4.22
2.68
................
5.63

6.50 ..............
1.00 .............. ..............
7.00 .............. .............. .............. ..............
6.50 ..............
1.00 .............. ..............

................
¥5.30 ................
40
7.01 ..............
................
¥6.48 ................
40
7.01 ..............
................
¥6.91 ................
40
5.33 ..............
................
¥4.66 ................
40
4.60 ..............
................
¥4.73 ................
35
6.73 ..............
................
¥6.07 ................
35
6.73 ..............
................
¥7.12 ................
30
4.93 ..............
................
¥5.03 ................
35
6.31 ..............
................
¥3.34 ................
38
5.72 ..............
................
¥2.28 ................
30
5.00 ..............
................
¥6.10 ................
40
7.07 ..............
................
¥5.31 ................
35
6.02 ..............
................
¥4.99 ................
25
5.36 ..............
................
¥6.04 ................
40
5.44 ..............
................
¥3.56 ................
30
6.79 ..............
................ ................ ................ .............. .............. ..............
................
¥3.74 ................
30
7.73 ..............

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

..............
0.77
0.77
18.38
..............
0.77
0.77
18.38
..............
0.80 ..............
43.45
..............
0.50
0.50
9.81
..............
0.77
0.77
8.39
..............
0.77
0.77
8.39
..............
0.80
0.80
13.80
..............
0.80 ..............
25.54
..............
0.50
0.50
11.16
0.50
0.50 ..............
1.39
..............
0.80
0.80
13.88
..............
0.80 ..............
12.66
..............
0.80
0.50
6.38
..............
0.77
0.77
16.89
1.50
0.50 ..............
9.13
.............. .............. .............. ..............
1.50
0.50 ..............
13.68

100.00
95.00
100.00

72.32
100.00
72.32
100.00
67.25
100.00
74.93
85.00
70.64
80.00
70.64
80.00
..............
100.00
..............
100.00
82.57
90.00
..............
50.00
51.72
100.00
60.38
80.00
63.38
100.00
71.34
100.00
63.92
100.00
.............. ................
48.45
100.00

................ ................ ................ ................ .............. .............. .............. .............. .............. .............. .............. .............. ................
3.53 ................
¥3.00 ................
20
13.00 .............. ..............
1.00 ..............
4.97
15.00
90.00
5.78 ................
¥5.65 ................
20
13.00 .............. ..............
1.00 ..............
8.59
15.00
90.00
2.91 ................

¥4.05

1.12

30

6.86 ..............

1.66

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

12.83

72.53

100.00

2.55 ................

¥3.99

0.84

30

6.86 ..............

1.52

0.56 ..............

12.83

72.53

100.00

2.55 ................

¥3.89 ................

30

6.46 ..............

2.00

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

24.79

112.56

100.00

¥0.21

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

¥0.21 ................

30

7.98 .............. ..............

0.06

0.02

*

99.77

100.00

¥0.27

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

¥0.27 ................

30

7.98 ..............

0.06

0.06

0.02

*

99.77

100.00

6.56
4.14

5.04
3.32
5.04 ................

¥1.80 ................
¥0.90 ................

16
10

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

2.00 .............. ..............
1.00 .............. ..............

7.46
7.46

9.65
9.65

90.00
90.00

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

22

Table 6.—LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2008 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 Transportation
Office of the Secretary:
Minority Business Resource Center ....................................

2.03

2.03 ................ ................ ................

2

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

5.90

5.90 ................ ................ ................

37

5.50

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

38.09

60.00

100.00

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Guaranteed Loans ...................................................................

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

3.81 ................

¥3.81 ................

25

5.14

6

3.81 .............. ..............

30.52

95.00

80.00

¥0.37

1.26 ................

¥1.62 ................

30

6.82 ..............

1.66 .............. ..............

6.97

75.71

25.00

Agency for International Development:
Development Credit Authority (DCA):
DCA ..................................................................................
DCA Line of Credit ..........................................................

4.88
24.40

5.86 ................
25.44 ................

¥0.99 ................
¥1.05 ................

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

2.74
¥3.94

11.03 ................
9.45 ................

¥8.30 ................
¥13.39 ................

9
12

7.30
7.73

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

3.37 ................

¥3.37 ................

9.94 .............. .............. .............. ..............

2.24 ..............

75.00

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

7
4.91
5
8 .............. ..............

0.43
0.50

0.78 ..............
1.00 ..............

13.57 ..............
57.48 ..............

50.00
50.00

4
11

0.50
0.50

1.25 ..............
1.25 ..............

24.06
40.00
16.31 ..............

100.00
100.00

13

9.53 ..............

2.02

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

50.66

66.95

1.71 ................
¥2.05
0.33
7.17 ................
¥7.20
0.03
................ ................ ................ ................

20
10
20

6.00 ..............
0.88
0.17 ..............
3.39
42.50
5.85 ..............
3.00
0.72 ..............
31.01
76.39
7.75 .............. .............. .............. .............. .............. ..............

100.00
100.00
100.00

¥2.68 ................
¥3.14 ................

7
10

5.85
5.85

100.00
100.00

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

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

6.96

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

1.37
¥3.06

4.05 ................
0.07 ................

1
2

2.69
3.10

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

4.67 ..............
0.09 ..............

* 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 Assumptions reflect an illustrative example for informational purposes only. The assumptions will be determined at the time of execution based upon the actual terms and conditions of the loan and guarantee contracts.
4 Does not match the rate published in the Appendix, but is the correct rate and will be used for execution.

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

¥27.36
¥4.34
1.73
5.37
2.13

0.56
¥18.68
¥11.03
¥12.20
¥15.80

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 ................................................................................................
FY 2006 ................................................................................................
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 2006 ................................................................................................
Emergency Disaster
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................

29.76
21.67
15.02
18.06
13.02
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
9.95

2.96
¥1.35
5.72
11.23
¥0.65

7.98
¥15.12
7.39
7.48
¥2.02
¥3.25
11.78
1.84
¥2.42
16.48
0.39
3.46
12.52
¥5.67
5.21
12.98
0.99
¥0.60
12.68
12.40
¥6.29
11.24
11.61
¥7.20
14.04
3.65
4.53
10.54
¥1.04
2.56
10.31
¥3.81
5.19
7.62
¥2.94
¥6.69
6.83
¥1.10
¥6.49
12.59
¥0.18
2.68
(4) .......................... ..........................

¥7,456
¥12,369
¥6,167
¥915
¥1,374

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

..........................
¥62,118
¥43,404
..........................
¥46,312
¥28,353
..........................
¥21,710
¥3,732
..........................
17,976
16,679
..........................
¥6,146
¥2,579
..........................
¥4,035
1,990
..........................
30,735
33,795
..........................
20,386
34,419
..........................
44,255
54,156
..........................
2,054
10,415
..........................
5,904
9,141
..........................
¥69,081
¥65,948
..........................
¥48,008
¥45,804
..........................
11,739
11,295
.......................... .......................... ..........................

561,497
538,014
643,367
433,220
560,669
510,320
553,109
780,474
662,049
685,221
662,483
685,131
605,192
548,505
531,292

198
158
778
581
¥1,340

¥4,584
¥9,499
¥2,255
¥293
¥1,580

25.25
21.17
8.20
22.36
23.28
24.10
13.18
2.00
16.11
5.92
8.95
¥0.78
4.01

24.26
14.85
15.87
27.05
21.32
22.42
12.44
15.35
¥18.61
¥5.42
¥6.85
¥1.18
¥1.75

¥1.25
¥2.04
5.39
4.81
¥0.37
¥1.19
¥1.45
14.15
¥3.12
0.06
¥10.37
¥0.82
¥4.34

0.26
¥4.28
2.28
¥0.12
¥1.59
¥0.49
0.71
¥0.80
¥31.60
¥11.40
¥5.43
0.42
¥1.42

767
6
¥8
¥6
¥14
¥8
¥27
¥69
¥82
*
¥19
¥278
¥22

¥331
¥364
¥144
¥113
¥153
¥44
¥61
53
¥240
¥9
¥21
¥20
¥22

¥10
¥54
50
26
¥13
¥4
¥4
110
¥205
¥8
¥17
¥6
¥21

988
859
649
550
641
224
500
822
590
74
110
1,586
360

20.26
24.27
28.00

20.53
23.09
17.76

11.59
2.87
5.52

¥11.32
¥4.05
¥15.76

1,117
¥583
3,478

¥1,351
¥2,605
¥16,733

199
¥684
¥14,765

73,854
57,939
144,191

25

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 ................................................................................................
FY 2006 ................................................................................................
Boll Weevil Eradication
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
Soil and 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)

31.90
29.34
30.41
24.03
23.60
15.53
24.53
13.45
20.39
13.83
12.94
10.94

24.22
21.36
22.98
17.80
21.53
17.51
9.35
7.32
¥10.73
¥3.35
¥2.66
12.61

¥0.59
¥1.24
¥0.07
10.61
11.83
5.08
¥3.80
¥4.52
¥9.42
¥1.02
¥1.88
0.28

¥7.09
¥6.74
¥7.36
¥16.84
¥13.90
¥3.10
¥11.38
¥1.61
¥21.70
¥16.16
¥13.72
1.39

¥15
1,989
680
476
4,170
804
520
¥592
¥1,861
¥160
¥1,098
779

¥6,410
¥18,049
¥14,220
¥8,062
¥3,792
1,054
¥14,811
¥4,125
¥31,477
¥5,495
¥3,792
779

¥5,136
¥13,796
¥10,609
¥5,958
¥6,385
2,956
¥13,551
¥3,543
¥29,506
¥5,110
¥3,596
743

66,875
172,884
142,781
95,639
308,461
149,299
89,270
57,800
94,815
29,743
23,050
44,478

1.24
1.18
1.44
¥4.38
¥0.78
¥2.18
¥2.70
¥6.07
¥5.68
¥18.09

1.15
¥1.04
¥0.41
¥0.98
¥1.95
¥5.54
¥5.77
¥1.54
¥4.70
¥1.35

0.13
22.91
¥1.37
3.49
¥3.69
¥6.46
¥6.72
¥1.53
0.37
1.71

¥0.22
¥25.13
¥0.48
¥0.09
2.52
3.10
3.65
6.06
0.61
15.03

¥*
242
¥46
6,858
8,776
1,339
¥2,205
¥1,182
¥1,330
2,540

¥396
758
¥4,230
7,954
790
¥3,065
¥2,296
5,281
755
2,540

¥34
¥888
¥1,850
3,400
¥1,107
¥3,175
¥3,039
4,426
768
2,427

37,277
40,000
100,000
100,000
94,628
94,495
99,000
97,695
78,395
14,500

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
5.12

20.13
11.64
12.60
14.94
14.32
12.89
10.25
9.82
9.10
1.22
¥2.36
¥4.12
¥3.13
¥2.60
0.71

¥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
¥4.40
¥0.68

¥0.24
¥3.24
¥5.16
¥8.54
¥5.88
¥10.28
¥10.88
¥10.88
¥4.87
¥2.75
¥3.08
¥7.69
¥24.64
¥3.55
¥3.73

¥405
¥1,105
¥922
1,683
2,776
1,033
2,014
¥601
2,112
¥1,349
¥15,316
¥788
¥2,322
¥9,695
¥7,795

¥2,201
1,674
¥893
¥4,293
¥4,493
¥8,422
¥3,138
¥11,411
8,895
¥19,295
¥11,141
¥27,329
¥38,319
¥22,092
¥7,795

¥1,647
2,076
2,238
¥4,056
¥4,104
¥6,392
¥2,248
¥8,253
12,043
¥15,322
¥8,651
¥25,824
¥35,305
¥20,849
¥7,434

65,611
66,128
80,218
55,033
86,955
78,529
80,585
160,245
225,954
160,440
173,368
164,168
140,044
262,256
168,563

8.11
16.32
14.06

9.09
13.60
14.09

¥2.68
¥9.30
3.72

3.66
6.58
¥3.69

21
9
¥74

269
187
381

22
¥56
1

2,257
2,052
3,141

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

Seed Loans to Producers
FY 2001 ................................................................................................
Farm Storage Facility Loan Program
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
Water and Waste Disposal Loans
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................

Original
Subsidy Rate

10.96
2.85
2.14
2.42
1.28
1.22
¥1.43
¥0.62

Current
Reestimated
Rate

15.78

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥1.66

6.48

¥2.84
0.25
¥5.94
¥1.74
0.30
¥4.18
¥2.57
¥6.04
1.05
¥0.73
¥6.37
4.36
2.33
¥1.92
3.03
0.52
1.24
0.71
(4) .......................... ..........................

5.01

¥3.12

0.44

60.00

98.32

(5)

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

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
3.35
14.10
12.69
16.18
15.28
22.50

¥8.57

27

4.93
9.17
4.69
2.90
¥5.12

¥1,591

Net lifetime
reestimate
amount 3
($ thousands)

708

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

1,317

27,318

..........................
¥3,436
¥3,318
..........................
¥3,263
¥3,037
..........................
¥2,260
¥2,417
..........................
¥1,209
¥1,181
..........................
559
531
..........................
328
315
.......................... .......................... ..........................

58,312
78,272
48,592
58,607
57,283
64,849
26,228

¥9

¥867

¥929

11,423

38.32 ..........................

4,676

3,832

10,000

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

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

10,554
19,552
24,851
28,828
45,377

73.41
58.54
63.98
73.53
53.74

8.48
3.12
¥5.24
10.44
6.84
¥4.54
14.34
3.92
¥2.15
12.42
3.35
¥3.07
10.47
¥2.90
¥3.43
9.91
3.47
¥2.29
12.11
3.88
¥0.15
9.91
¥0.97
¥2.86
6.41
1.79
¥1.44
3.44
¥6.97
¥1.28
3.16
¥3.31
1.04
5.40
¥3.47
2.63
0.07
¥0.28
1.06
3.94
¥1.12
1.01
(4) .......................... ..........................
14.01
17.06
16.21
14.62
14.83

Current
reestimate
amount 2
($ thousands)

¥5.02
¥4.80
¥4.66
¥3.56
¥2.56

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

..........................
¥3,897
¥1,732
81,704
..........................
1,134
2,129
92,568
..........................
1,715
2,700
152,542
..........................
¥624
449
160,292
..........................
¥15,613
¥11,403
180,148
..........................
1,755
1,432
121,345
..........................
7,558
6,480
173,717
..........................
¥6,306
¥5,431
141,805
..........................
611
576
164,693
..........................
¥23,537
¥20,847
252,695
..........................
¥6,666
¥5,994
264,070
..........................
¥1,478
¥1,363
162,296
..........................
1,129
1,068
136,933
..........................
¥54
¥51
46,438
.......................... .......................... .......................... ..........................
..........................
..........................
..........................
..........................
..........................

¥9,947
13,436
¥11,472
¥16,726
¥53,446

¥495
24,800
¥114
¥5,103
¥42,380

550,277
596,007
648,859
773,220
552,541

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

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

Rural Utilities Service:
Distance Learning and Telemedicine Loans
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
Broadband Treasury Loans
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
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 ............................................................................................
FY 2006 ............................................................................................

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)

9.02
9.76
16.52
7.10
13.59
6.88
11.34
3.33
9.00
6.91

12.62
6.38
¥2.78
12.91
4.90
¥1.75
12.31
¥2.09
¥2.12
10.95
5.40
¥1.55
6.97
¥5.93
¥0.69
5.78
¥2.28
1.18
8.79
¥4.20
1.65
3.43
¥0.44
0.54
8.48
¥0.24
¥0.28
(4) .......................... ..........................

..........................
27,865
27,428
761,890
..........................
23,096
22,849
727,683
..........................
¥32,794
¥27,582
655,152
..........................
27,063
25,108
652,164
..........................
¥44,075
¥39,208
598,596
..........................
¥8,919
¥8,047
731,535
..........................
¥10,089
¥9,344
366,425
..........................
189
179
179,413
..........................
¥195
¥185
35,612
.......................... .......................... .......................... ..........................

0.02
0.35
¥1.15
..........................
1.42
1.50

¥9.39
1.92
¥11.33
79.39
¥0.81
79.85
¥1.02
¥0.16
0.29
0.39
¥1.24
1.63
(4) .......................... ..........................
(4) .......................... ..........................

..........................
¥316
¥294
3,122
..........................
4,432
3,538
4,476
..........................
13
13
10,362
..........................
50
48
12,351
.......................... .......................... .......................... ..........................
.......................... .......................... .......................... ..........................

¥0.61
¥0.07
2.22
2.18
2.13
2.15

2.61
¥2.44
5.66
4.01
¥3.42
7.50
1.09
¥1.86
0.73
2.56
¥1.11
1.49
(4) .......................... ..........................
(4) .......................... ..........................

..........................
2,677
2,333
72,438
..........................
2,345
2,092
51,271
..........................
¥391
¥370
32,713
..........................
176
168
44,195
.......................... .......................... .......................... ..........................
.......................... .......................... .......................... ..........................

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
0.92

15.31
2.46
¥5.97
15.14
7.20
¥4.90
16.04
3.21
¥4.28
11.47
5.91
¥7.53
11.82
¥9.73
¥1.82
7.63
8.56
¥6.20
7.24
3.95
¥4.17
7.44
¥2.07
¥3.53
6.11
7.19
¥1.98
¥0.17
¥7.84
¥2.29
¥1.29
¥5.40
1.13
1.70
¥6.83
2.82
¥2.79
¥1.46
1.00
3.15
¥0.83
0.94
(4) .......................... ..........................

..........................
¥34,053
¥19,816
564,554
..........................
3,628
19,194
834,525
..........................
¥3,073
¥1,100
102,780
..........................
¥2,923
¥1,198
73,973
..........................
¥12,236
¥9,967
86,299
..........................
1,450
1,527
64,708
..........................
¥729
¥274
124,414
..........................
¥4,619
¥3,935
70,270
..........................
6,791
5,977
114,723
..........................
¥11,541
¥10,071
99,416
..........................
¥3,687
¥3,335
78,108
..........................
¥1,954
¥1,840
45,879
..........................
¥248
¥236
51,374
..........................
3
3
3,000
.......................... .......................... .......................... ..........................

28

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

Municipal Electric 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 ............................................................................................
FY 2006 ............................................................................................
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 ............................................................................................
FY 2006 ............................................................................................
Treasury Electric Loans
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
FY 2006 ............................................................................................
Telephone:
Telecommunication Hardship Loans
FY 1992 ............................................................................................
FY 1993 ............................................................................................
FY 1994 ............................................................................................
FY 1995 ............................................................................................
FY 1996 ............................................................................................

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)

11.26
8.58
10.44
6.20
4.22
8.76
3.67
6.95
¥0.09
4.03
¥2.42
1.35
5.05

14.10
9.73
¥6.89
10.98
11.18
¥8.78
15.52
10.25
¥5.17
14.54
14.10
¥5.76
12.30
12.59
¥4.51
12.07
8.81
¥5.50
22.81
17.73
1.41
22.48
13.08
2.45
7.50
10.45
¥2.86
13.31
6.15
3.13
2.17
4.48
0.11
2.03
¥0.93
1.61
(4) .......................... ..........................

..........................
11,517
10,634
374,439
..........................
10,252
11,336
472,329
..........................
28,157
26,060
512,984
..........................
39,545
36,675
439,744
..........................
43,685
39,413
487,786
..........................
10,811
9,764
294,990
..........................
65,100
56,180
293,523
..........................
48,667
45,069
290,207
..........................
35,535
33,991
447,844
..........................
5,680
5,237
56,436
..........................
10,303
9,792
213,325
..........................
14
14
2,000
.......................... .......................... .......................... ..........................

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
¥2.23
¥0.48

4.03
1.30
0.93
¥1.02
4.81
¥10.34
0.55
15.23
¥15.64
¥1.44
8.71
¥10.12
¥1.10
6.23
¥8.17
¥3.46
1.90
¥6.29
¥1.34
3.52
¥5.78
4.13
1.62
2.89
1.13
5.92
¥3.61
0.23
10.55
¥7.23
¥0.52
1.41
¥0.80
¥1.16
¥0.23
0.89
¥1.28
0.74
¥0.03
¥0.98
¥1.43
2.68
(4) .......................... ..........................

..........................
32,230
15,960
715,687
..........................
¥42,841
¥42,706
772,252
..........................
¥923
¥1,000
243,999
..........................
¥6,027
¥4,176
296,148
..........................
¥3,934
¥3,489
179,858
..........................
¥14,801
¥12,501
284,765
..........................
¥7,264
¥5,694
251,959
..........................
51,395
46,107
1,022,329
..........................
41,538
36,591
1,584,040
..........................
58,278
52,885
1,592,911
..........................
13,851
14,432
2,365,902
..........................
10,629
10,084
1,527,878
..........................
4,219
4,022
566,441
..........................
150
143
11,422
.......................... .......................... .......................... ..........................

..........................
¥0.04
¥0.04
¥0.06
¥0.05
0.01

¥0.14
2.22
¥2.36
2.03
2.73
¥0.66
0.55
¥2.38
2.97
¥1.14
¥1.91
0.83
3.04
2.40
0.69
(4) .......................... ..........................

..........................
¥1,134
¥687
490,725
..........................
13,896
12,912
623,771
..........................
3,594
3,395
575,442
..........................
¥3,250
¥3,076
284,860
..........................
2,353
2,233
72,275
.......................... .......................... .......................... ..........................

16.84
11.66
16.04
7.91
19.59

10.38
10.31
5.80
4.13
8.55

29

3.54
6.45
¥0.72
5.66
¥8.49

¥10.00
¥7.80
¥9.52
¥9.44
¥2.55

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

¥15,257
¥5,246
¥7,363
¥2,668
¥8,137

¥11,265
¥2,998
¥5,617
¥1,541
¥6,225

174,380
222,047
54,851
40,764
56,388

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 1997 ............................................................................................
FY 1998 ............................................................................................
FY 1999 ............................................................................................
FY 2000 ............................................................................................
FY 2001 ............................................................................................
FY 2002 ............................................................................................
FY 2003 ............................................................................................
FY 2004 ............................................................................................
FY 2005 ............................................................................................
FY 2006 ............................................................................................
FFB Telecommunications 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 ............................................................................................
FY 2006 ............................................................................................
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 ............................................................................................
FY 2006 ............................................................................................
FFB Guaranteed Underwriting
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

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)

1.59
3.92
9.79
1.12
10.36
2.32
1.71
¥4.44
¥1.21
¥1.80

4.22
7.54
¥4.91
2.91
3.28
¥4.29
2.28
¥5.09
¥2.42
¥0.19
2.92
¥4.23
5.35
¥6.20
1.19
¥0.78
¥4.18
1.08
¥1.12
¥2.86
0.03
¥6.12
¥0.55
¥1.13
(4) .......................... ..........................
(4) .......................... ..........................

..........................
1,301
1,467
55,774
..........................
¥897
¥591
58,497
..........................
¥3,984
¥3,358
44,711
..........................
¥606
¥527
40,225
..........................
¥1,305
¥1,166
23,265
..........................
¥620
¥565
18,226
..........................
¥492
¥462
16,320
..........................
¥373
¥357
21,231
.......................... .......................... .......................... ..........................
.......................... .......................... .......................... ..........................

..........................
0.08
¥4.01
¥3.91
¥0.05
¥0.07
¥0.07
¥0.81
¥0.46
¥2.04
¥0.85
¥2.36
¥1.85
¥1.95
¥1.57

0.59
8.13
¥7.54
¥2.50
2.10
¥4.68
3.13
20.14
¥13.00
¥4.69
9.74
¥10.52
¥0.10
¥2.46
2.41
8.81
25.24
¥16.36
¥0.29
1.50
¥1.72
¥0.33
¥0.24
0.72
1.12
6.13
¥4.55
1.48
0.68
2.84
3.59
2.07
2.37
4.37
9.37
¥2.64
¥1.08
1.32
¥0.55
¥2.23
1.13
¥1.41
(4) .......................... ..........................

..........................
¥696
193
32,628
..........................
¥1,418
¥1,260
48,837
..........................
3,772
2,852
39,951
..........................
715
¥414
53,089
..........................
¥160
¥20
40,621
..........................
3,335
3,211
36,156
..........................
¥49
¥50
22,588
..........................
126
101
20,989
..........................
1,202
1,068
67,593
..........................
1,542
1,382
39,249
..........................
2,285
2,150
48,414
..........................
6,239
6,134
91,149
..........................
1,026
974
126,433
..........................
¥133
¥127
45,524
.......................... .......................... .......................... ..........................

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

¥2.59
2.84
¥5.45
¥5.52
6.05
¥11.59
¥6.47
4.72
¥11.21
¥0.59
4.72
¥5.33
¥2.36
1.68
¥4.06
0.31
0.23
¥0.19
0.79
2.27
¥2.27
¥1.46
¥0.19
¥0.27
0.27
¥2.30
2.47
¥1.54
¥1.57
¥0.02
¥3.68
1.30
¥5.03
¥0.49
0.31
¥0.84
(4) .......................... ..........................

..........................
¥4,270
¥3,462
132,648
..........................
¥13,335
¥9,188
165,845
..........................
¥11,469
¥7,615
117,341
..........................
¥641
¥628
102,962
..........................
¥4,992
¥3,864
162,363
..........................
162
46
114,765
..........................
94 ..........................
148,536
..........................
¥594
¥549
119,275
..........................
141
129
75,648
..........................
¥855
¥801
50,372
..........................
¥1,537
¥1,476
39,570
..........................
¥154
¥146
27,624
.......................... .......................... .......................... ..........................

..........................
¥1.26

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

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 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 .....................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
Multi-Family Housing Credit Sales
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................

Original
Subsidy Rate

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

Current
Reestimated
Rate

¥1.08
¥4.98
¥5.70
¥5.08
¥2.23
¥9.89
¥5.22
¥0.97
¥2.16
¥4.36
0.79
0.89
¥4.41
¥3.06

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

3.53
2.07
6.60
6.24
¥2.70
¥4.46
¥2.89
¥3.34
¥2.16
¥5.77
¥1.77
¥1.06
¥0.11
¥0.09

¥6.66
¥7.07
¥12.69
¥11.76
¥2.40
¥6.75
¥4.45
¥0.28
¥1.88
¥0.07
0.42
0.57
0.02
¥1.14

Current
reestimate
amount 2
($ thousands)

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

Net lifetime
reestimate
amount 3
($ thousands)

¥6,444
¥8,240
¥9,641
¥4,971
¥2,970
¥4,022
¥5,082
¥1,157
¥2,280
¥1,933
¥196
¥24
¥29
¥153

Net lifetime
reestimate
amount, excluding interest
($ thousands)

¥3,031
¥4,001
¥5,940
¥3,754
¥1,854
¥3,507
¥4,349
¥1,013
¥2,083
¥1,804
¥182
¥22
¥27
¥146

Total
disbursements
to date
($ thousands)

96,833
80,028
97,533
68,002
36,349
31,287
59,252
27,988
51,567
30,888
13,474
4,436
30,405
11,883

14.69
11.51
16.26
8.87
13.97
9.02
6.08
¥3.23
¥4.82
¥9.58
¥17.46
¥16.23
¥14.53

13.03
¥0.13
¥1.53
10.12
0.47
¥1.86
16.52
¥0.32
0.58
14.30
1.21
4.22
11.14
¥1.31
¥1.52
12.23
1.60
1.61
12.28
3.59
2.61
¥2.03
¥2.16
3.36
¥0.51
¥4.77
9.08
¥5.48
¥8.32
12.42
¥5.96
¥5.61
17.11
¥2.23
¥6.52
20.52
(4) .......................... ..........................

..........................
¥8,766
¥3,107
187,175
..........................
¥4,606
¥2,295
165,087
..........................
3,318
319
122,655
..........................
1,821
1,010
18,611
..........................
¥163
¥600
21,184
..........................
771
501
15,592
..........................
490
395
6,373
..........................
79
36
2,972
..........................
149
101
2,348
..........................
32
30
737
..........................
103
99
862
..........................
104
101
718
.......................... .......................... .......................... ..........................

50.55
13.97
48.31
39.54
49.03
42.17
46.68
44.20
48.44
45.40

58.79
9.49
¥1.25
45.84
18.25
13.62
45.82
¥2.19
¥0.30
47.93
12.44
¥4.05
44.18
¥5.14
0.29
47.41
1.19
4.05
37.25
¥3.07
¥6.36
40.36
1.35
¥5.19
36.14
¥6.87
¥5.43
(4) .......................... ..........................

..........................
405
349
4,234
..........................
248
315
988
..........................
¥81
¥99
3,961
..........................
85
80
958
..........................
¥95
¥86
1,779
..........................
99
93
1,775
..........................
¥200
¥187
1,988
..........................
¥17
¥15
401
..........................
¥176
¥168
1,368
.......................... .......................... .......................... ..........................

31

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

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 ................................................................................................
FY 2006 ................................................................................................
Direct 502 Manufactured Home Disaster Demo
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
Section 504 Housing Repair
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 ................................................................................................
FY 2006 ................................................................................................
Sec 515 Multi-Family Housing
FY 1992 ................................................................................................
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................

Original
Subsidy Rate

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
11.39
20.07
17.68
17.92
..........................
..........................
..........................

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

17.15
¥0.48
¥5.01
12.70
5.12
¥11.17
17.12
2.57
¥5.55
18.44
¥0.48
¥5.44
15.78
2.08
¥0.60
15.12
1.48
¥0.54
14.46
1.21
0.44
13.88
3.45
¥1.39
14.55
7.02
¥1.00
9.95
¥6.29
0.18
6.95
¥3.60
¥2.61
4.60
¥1.94
¥12.83
11.29
1.75
0.27
3.72
¥2.56
¥5.30
(4) .......................... ..........................

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

..........................
¥155,353
¥67,982
1,238,296
..........................
¥132,171
¥76,795
1,269,332
..........................
¥105,668
¥48,771
1,636,603
..........................
¥70,458
¥54,460
919,926
..........................
10,643
14,719
994,496
..........................
8,780
6,326
672,979
..........................
24,155
15,964
967,534
..........................
24,483
19,164
930,275
..........................
80,257
66,428
1,103,453
..........................
¥62,967
¥63,197
1,034,315
..........................
¥69,497
¥63,723
1,026,139
..........................
¥153,379
¥143,257
969,916
..........................
26,972
25,358
1,255,358
..........................
¥70,120
¥67,120
853,939
.......................... .......................... .......................... ..........................

¥8.99
¥5.32
¥23.74 ..........................
¥94
¥74
256
0.42
¥3.93
¥13.33 ..........................
¥87
¥72
416
¥23.99
¥7.33
¥34.58 ..........................
¥91
¥80
191
(4) .......................... .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... .......................... ..........................

42.92
38.22
37.61
39.61
37.55
36.63
34.36
35.23
30.56
35.44
32.13
31.02
27.46
29.06
29.25

28.87
0.55
¥14.60
26.71
1.84
¥13.35
29.10
0.21
¥8.72
30.65
¥0.49
¥8.47
29.19
¥0.12
¥8.24
29.99
0.33
¥6.97
25.32
¥0.52
¥8.52
25.71
¥1.71
¥7.81
26.65
5.02
¥8.93
24.48
¥4.26
¥6.70
24.48
¥3.46
¥4.19
21.54
¥5.56
¥3.92
24.60
¥0.64
¥2.22
26.26
¥2.15
¥0.65
(4) .......................... ..........................

43.30
49.55
58.06
54.55

56.59
56.51
58.44
53.36

32

¥3.17
6.16
2.40
2.99

16.46
0.80
¥2.02
¥4.18

..........................
¥1,891
¥1,549
11,024
..........................
¥1,558
¥1,320
11,468
..........................
¥2,327
¥2,068
24,310
..........................
¥2,836
¥2,540
28,345
..........................
¥3,431
¥2,791
33,367
..........................
¥2,338
¥1,909
28,766
..........................
¥3,149
¥2,551
28,209
..........................
¥2,953
¥2,239
23,512
..........................
¥1,636
¥978
25,009
..........................
¥3,671
¥3,118
28,462
..........................
¥2,827
¥2,443
31,954
..........................
¥3,045
¥2,828
29,842
..........................
¥957
¥885
30,993
..........................
¥886
¥849
30,380
.......................... .......................... .......................... ..........................
..........................
..........................
..........................
..........................

68,276
31,749
¥8,164
¥6,435

74,990
39,350
1,920
¥2,140

564,262
565,371
505,323
179,792

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 ................................................................................................
FY 2006 ................................................................................................
Section 523 Self-Help Site Development
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
Section 524 Site Development
FY 2001 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
Multifamily Housing Revitalization Soft Seconds
FY 2006 ................................................................................................
Section 514 Farm Labor 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 .....................................................................................................
FY 2006 .....................................................................................................
Multi-family Housing Revitalization
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)

53.80
51.24
45.85
48.25
39.68
49.27
42.32
46.63
43.01
47.09
45.88

53.64
¥2.57
2.41
48.27
3.62
¥6.59
46.92
7.49
¥6.42
47.99
¥1.23
0.97
45.92
4.47
1.77
44.93
¥7.15
2.81
43.77
¥1.83
3.28
44.22
¥3.12
0.71
39.51
¥0.23
¥3.27
39.73
1.87
¥9.23
(4) .......................... ..........................

..........................
¥2,456
¥235
146,926
..........................
¥5,856
¥3,731
125,607
..........................
1,305
1,277
119,301
..........................
¥97
¥284
109,161
..........................
7,069
6,408
102,697
..........................
¥5,183
¥4,690
108,063
..........................
1,297
1,207
83,270
..........................
¥2,010
¥1,837
76,210
..........................
¥1,433
¥1,349
38,546
..........................
¥197
¥186
2,531
.......................... .......................... .......................... ..........................

5.61
5.57
4.41
3.08
¥0.47
1.03

13.69
0.55
7.53
0.22
¥4.00
¥1.35
¥0.80
¥2.82
¥2.39
0.98
¥0.59
¥1.51
4.27
0.40
4.34
(4) .......................... ..........................

..........................
122
101
1,248
..........................
¥219
¥207
3,874
..........................
¥54
¥51
978
..........................
¥51
¥49
2,348
..........................
113
109
2,295
.......................... .......................... .......................... ..........................

¥0.12
1.09
¥0.03
¥4.94
¥3.51

2.73
¥3.04
5.89
¥0.22
¥1.04
¥0.27
¥4.91
0.62
¥5.50
¥4.10
1.09
¥0.25
(4) .......................... ..........................

..........................
47
36
1,250
..........................
¥14
¥13
1,007
..........................
¥136
¥131
2,685
..........................
3
3
380
.......................... .......................... .......................... ..........................

87.52
55.21
45.48
50.00
52.48
56.80
47.77
49.25
52.03
45.23
52.59
47.31
49.02
42.73
47.06
44.59
46.76

(4) .......................... .......................... .......................... .......................... .......................... ..........................
51.49
¥0.37
¥3.35
54.84
8.63
0.73
57.35
4.11
3.24
53.60
2.19
¥1.07
53.66
¥3.20
0.06
50.63
3.68
¥0.82
52.00
0.96
1.79
50.28
¥4.89
3.14
46.83
0.68
0.92
47.39
¥7.11
1.91
44.68
¥2.98
0.35
47.64
¥4.35
2.97
45.13
¥0.10
2.50
49.26
¥0.63
2.83
(4) .......................... ..........................

..........................
¥1,120
¥588
15,804
..........................
1,893
1,508
16,112
..........................
1,966
1,149
15,627
..........................
156
169
15,052
..........................
¥346
¥466
14,830
..........................
517
432
15,090
..........................
527
399
14,515
..........................
¥332
¥317
18,122
..........................
536
397
24,827
..........................
¥1,208
¥1,114
21,426
..........................
¥624
¥576
21,918
..........................
¥101
¥95
6,913
..........................
42
40
1,655
..........................
15
14
635
.......................... .......................... .......................... ..........................

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

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

FY 2006 .....................................................................................................
Multi-family Housing Relending Program
FY 2006 .....................................................................................................
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 .....................................................................................................
FY 2006 .....................................................................................................
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 .....................................................................................................
FY 2006 .....................................................................................................
Foreign Agricultural Service:
P.L. 480 Direct Credits
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................

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)

46.76

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

46.76

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

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
43.02

49.98
8.38
¥8.43
51.66
1.03
¥3.59
51.67
¥3.81
¥2.06
47.56
¥1.89
¥4.57
46.88
¥8.37
¥4.25
46.50
3.15
¥3.13
46.65
0.58
¥2.18
46.80
¥2.61
¥0.94
45.07
2.16
¥0.52
44.26
¥6.71
0.06
42.41
¥2.11
1.31
44.81
¥3.60
0.15
41.66
¥0.84
¥0.77
45.37
¥1.51
0.50
(4) .......................... ..........................

..........................
¥196
¥16
32,500
..........................
¥1,187
¥829
32,390
..........................
¥5,738
¥4,477
76,267
..........................
¥7,376
¥5,333
82,558
..........................
¥5,188
¥4,152
32,902
..........................
¥235
7
33,372
..........................
¥682
¥449
28,042
..........................
¥1,271
¥1,006
28,343
..........................
591
552
33,671
..........................
¥2,089
¥1,821
27,380
..........................
¥192
¥171
21,415
..........................
¥769
¥715
20,716
..........................
¥209
¥198
12,291
..........................
¥14
¥13
1,313
.......................... .......................... .......................... ..........................

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
19.97

27.03
¥1.74
¥1.52
27.63
1.50
0.31
27.73
3.15
¥0.84
25.29
2.44
¥2.07
18.83
¥0.13
¥9.52
23.60
3.29
¥2.62
24.22
1.93
¥1.62
23.31
0.93
¥2.84
23.50
3.45
¥2.97
18.34
¥4.15
¥3.58
17.23
¥6.92
¥0.01
17.13
¥4.14
¥0.09
17.79
¥0.56
¥0.26
18.49
¥0.17
¥0.13
(4) .......................... ..........................

..........................
¥157
¥226
6,936
..........................
353
221
12,189
..........................
406
302
13,068
..........................
¥135
42
11,318
..........................
¥1,615
¥1,183
12,260
..........................
58
75
11,142
..........................
39
71
22,912
..........................
¥332
¥240
12,590
..........................
29
63
13,155
..........................
¥1,569
¥1,407
18,202
..........................
¥996
¥919
13,257
..........................
¥573
¥544
12,870
..........................
¥85
¥81
9,929
..........................
¥15
¥15
4,930
.......................... .......................... .......................... ..........................

67.10
58.75
76.54
81.19
79.65

55.18
37.80
56.45
59.01
54.56

34

¥2.66
3.03
0.76
¥1.35
¥3.78

¥9.26
¥23.98
¥20.85
¥20.83
¥21.31

¥4,697
¥7,581
¥17,017
¥10,124
¥1,555

¥109,034
¥417,978
¥92,752
¥69,888
¥84,800

¥47,057
¥183,356
¥47,800
¥40,241
¥52,723

384,029
853,948
234,327
179,855
205,793

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

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

Original
Subsidy Rate

70.87
67.03
76.45
50.56
60.76
76.18
56.80
57.17
58.84
54.14

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)

54.20
¥1.16
¥15.51
10,756
¥43,235
¥26,776
158,140
52.27
¥2.60
¥12.16
¥4,871
¥37,390
¥24,858
168,928
44.63
¥16.13
¥15.69
¥18,237
¥260,665
¥189,630
594,430
49.60
3.77
¥4.73
778
¥1,186
¥797
81,534
57.28
2.65
¥6.13
¥1,968
¥5,261
¥3,480
104,461
58.78
¥0.40
¥17.00
112
¥19,548
¥18,513
107,138
52.86
¥4.70
0.76
1,244
¥2,438
¥2,412
59,785
50.64
¥0.61
¥5.92
359
¥3,127
¥3,006
45,819
57.81
¥3.28
2.25
¥403
¥403
¥384
39,269
(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 ................................................................................................
FY 2006 ................................................................................................
Traditional Direct Loans
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
North East Initiative Loans
FY 1998 ................................................................................................
FY 1999 ................................................................................................
Pollock Buyback Loan
FY 1999 ................................................................................................
NE Groundfish Buyback
FY 2003 ................................................................................................

2.00
2.00
2.00
2.00
0.26
¥12.03
¥15.94
¥18.45
¥11.88

¥11.97
¥13.51
¥11.75
¥11.69
¥18.19
¥14.48
¥18.59
¥12.91
¥21.09

0.17
¥0.47
2.10
¥3.14
¥4.54
..........................
..........................
..........................
..........................

¥14.14
¥15.04
¥15.85
¥10.55
¥13.91
¥2.45
¥2.65
5.54
¥9.21

48
36
38
20
35
30
26
44
¥196

¥533
¥646
¥434
¥390
¥612
¥56
¥94
172
¥196

¥542
¥607
¥452
¥607
¥779
¥70
¥87
162
¥187

3,642
4,197
3,390
3,018
3,180
2,663
2,657
2,576
2,133

1.00
1.00
1.00
1.00
1.00
¥15.66
¥11.89
¥5.49
¥13.71
¥8.07

¥7.46
3.06
¥7.51
¥0.04
¥7.76
¥0.67
¥7.48
1.76
¥4.85
¥19.28
¥13.45
¥5.18
¥19.20
¥6.72
¥16.46
¥0.78
¥15.90 ..........................
¥23.23 ..........................

¥11.52
¥8.47
¥8.09
¥10.24
13.43
7.39
¥0.59
¥10.19
¥2.19
¥15.16

7
¥3
¥189
¥1
36
¥45
¥90
¥2,472
¥946
¥1,780

¥2,013
¥1,492
¥1,632
¥845
¥897
328
¥1,116
¥6,580
¥653
¥1,780

¥1,898
¥1,449
¥1,816
¥980
¥981
378
¥1,021
¥6,227
¥611
¥1,705

21,061
16,443
20,288
12,150
16,516
19,000
13,230
59,000
33,602
11,740

5.00
5.00

¥6.32
¥1.77

0.18
0.11

¥11.50
¥6.88

36
*

¥152
¥32

¥146
¥31

1,195
434

1.00

¥12.89

¥4.69

¥9.20

672

¥11,539

¥10,797

75,000

¥0.37

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

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

Pacific Ground Fish Buyback
FY 2003 ................................................................................................
Non-Pollock Buyback
FY 2006 ................................................................................................
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

¥7.23

6.25

Current
reestimate
amount 2
($ thousands)

¥1,676

Net lifetime
reestimate
amount 3
($ thousands)

¥475

Net lifetime
reestimate
amount, excluding interest
($ thousands)

¥277

Total
disbursements
to date
($ thousands)

1.08

0.10

1.00

(4)

¥4.60

¥25.05

¥7.30

¥13.15

¥6,437

¥20,823

¥19,547

97,399

¥11.89

¥8.19

¥6.23

9.93

83

1,546

1,415

38,301

1.28

35,662

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

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

Department of Defense
Family Housing:
Military Housing Improvement Fund
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2006 .....................................................................................................

40.77
53.48
52.63
37.97
34.92
28.97
2.56

28.32
58.26
44.99
28.95
(4)
29.75
(4)

¥2.99
¥9.46
¥170
¥1,655
¥1,320
10,599
¥0.88
5.66
¥521
2,345
2,443
51,149
¥1.26
¥6.39
1,017
¥6,758
¥6,106
79,899
..........................
¥9.02
¥2,077
¥2,077
¥1,980
21,950
.......................... .......................... .......................... .......................... ..........................
58,600
..........................
0.78
611
611
581
74,500
.......................... .......................... .......................... .......................... .......................... ..........................

Department of Education
Federal Student Aid:
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 ................................................................................................
FY 2006 ................................................................................................
Subsidized Stafford
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................

10.00
8.82
2.56
3.09
1.70
¥2.11
¥8.96
¥4.46
¥3.88
¥1.46
¥0.62
3.47
5.80
18.30
17.38
12.51

9.14
(5)
8.81
(5)
7.76
(5)
7.56
(5)
5.88
(5)
6.18
¥1.51
10.69
8.17
7.13
¥1.62
4.74
0.89
2.52
4.23
4.30
¥1.45
4.20
¥2.56
3.06 ..........................

¥0.86
¥0.01
5.20
4.47
4.18
9.80
11.48
13.21
7.74
¥0.25
6.37
3.28
¥2.73

2,986
27,953
182,380
166,129
145,142
295,995
494,866
643,868
724,404
759,229
740,610
518,540
¥984,538

23,531
160,486
979,970
941,200
979,340
2,099,857
3,653,797
2,579,823
1,793,928
830,741
1,048,833
¥3,675
¥984,538

¥12,157
¥37,505
503,380
489,447
522,876
1,456,046
3,035,641
2,145,085
1,730,931
752,703
997,089
70,220
¥939,504

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
28,424,214
27,520,318

(5)
(5)
(5)

¥1.39
¥0.73
2.66

5,840
21,893
77,473

13,097
61,039
385,425

¥13,738
¥70,383
132,991

536,000
2,898,000
5,083,000

16.91
16.65
15.17

36

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 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
Consolidated
FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................

Percentage
point change
due to technical
assumptions

11.97
13.12
8.17
2.37
7.16
3.63
3.63
4.55
8.09
10.65

14.93
(5)
13.26
(5)
14.94
¥1.81
16.77
6.92
12.66
¥1.82
8.99
2.89
5.80
4.12
6.06
¥1.02
6.97
¥0.80
8.80 ..........................

2.96
0.14
8.58
7.48
7.32
2.47
¥1.95
2.53
¥0.32
¥1.85

73,961
59,194
36,091
29,065
6,985
27,616
40,963
¥11,824
¥68,984
¥73,353

363,753
172,459
473,669
911,748
319,508
245,226
92,041
53,859
¥119,852
¥73,353

162,318
9,019
339,660
790,870
281,232
298,417
105,328
76,353
¥77,778
¥70,197

5,669,000
5,644,000
5,293,000
5,460,000
5,179,000
5,473,000
5,682,000
5,794,000
5,681,987
3,687,407

¥5.84
¥2.92
¥12.97
¥8.64
¥9.22
¥11.74
¥23.26
¥12.61
¥12.05
¥6.20
¥5.00
¥6.32
¥7.56

¥5.84
(5)
¥4.64
(5)
¥5.00
(5)
¥4.37
(5)
¥4.44
(5)
¥0.39
¥4.25
3.38
9.19
2.36
¥2.17
0.50
3.32
¥2.20
4.60
¥2.74
¥1.02
¥6.15
¥0.92
¥9.07 ..........................

¥*
¥1.72
7.97
4.27
4.78
15.60
17.45
17.14
9.23
¥0.60
3.28
1.09
¥1.51

4,229
13,720
42,706
48,747
41,038
21,113
23,892
31,101
77,916
160,967
199,441
67,625
¥45,026

10,778
19,397
317,180
253,011
298,514
515,096
1,138,983
640,415
455,784
204,259
96,049
¥36,825
¥45,026

1,047
¥17,889
203,796
127,923
168,237
396,309
1,013,146
590,452
525,835
211,253
112,239
8,414
¥43,081

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
4,768,399
3,153,909

¥3.81
¥5.35
¥8.09
¥7.69
¥9.26
¥10.40
¥18.07
¥9.49
¥8.89
¥6.53
¥4.91
¥4.00
¥6.05

¥3.37
(5)
¥2.50
(5)
¥3.54
(5)
¥2.97
(5)
¥3.19
(5)
¥1.39
¥2.15
1.77
6.43
1.33
¥2.28
¥0.62
3.23
¥2.82
3.33
¥2.68
¥0.29
¥2.98
¥1.29
¥5.88 ..........................

0.44
2.85
4.55
4.72
6.07
11.16
13.41
13.10
5.04
0.38
2.52
2.31
0.17

¥7,082
¥11,955
¥11,594
¥9,245
¥5,767
¥7,659
¥7,742
987
15,528
35,188
56,137
54,589
3,500

¥343
18,989
47,562
57,282
80,529
118,695
257,376
147,853
89,516
55,505
40,948
9,566
3,500

535
15,871
34,938
38,091
55,667
94,807
228,648
134,444
112,412
56,018
43,892
20,332
3,355

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
2,226,676
1,400,913

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

10.64
12.86
11.91
11.94
7.90

4,295
73,795
52,666
50,678
246,449

61,061
229,803
267,154
427,838
992,398

34,897
131,656
161,116
289,952
625,270

328,000
1,037,000
1,370,000
2,429,000
7,974,000

0.24
¥0.83
¥1.31
¥4.88
¥3.95

Current
Reestimated
Rate

10.88
12.03
10.60
7.06
3.95

37

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
FY
FY
FY
FY
FY
FY

2000
2001
2002
2003
2004
2005
2006

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

Office of Postsecondary Education:
College Housing and Academic Facilities Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
Historically Black College and University Capital Financing Program
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1999 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

Original
Subsidy Rate

¥7.85
¥7.03
¥3.78
¥1.42
¥0.81
5.49
7.70

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

12.00
9.22
6.80
¥1.16
5.00
¥1.72
4.15
4.28
9.09
¥2.86
6.94
¥3.73
4.45 ..........................

10.63
14.99
10.50
1.29
12.76
5.18
¥3.25

449,650
604,795
603,344
522,110
496,857
465,311
¥869,658

1,345,691
1,472,047
1,003,402
478,936
857,976
143,437
¥869,658

1,002,977
1,138,958
794,267
380,104
764,606
119,252
¥829,580

5,419,000
7,774,000
8,910,000
6,676,000
7,718,000
15,747,151
19,278,089

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

25.13
10.09

12.60
13.24

¥10.84
3.77

¥1.69
¥0.62

14
23

¥1,657
760

¥1,171
563

9,344
17,871

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

0.48
0.60
9.89
40.02
8.30
3.42
¥0.03
0.48

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

0.48
0.60
9.89
40.02
8.30
3.42
¥0.03
0.48

25
47
1,276
6,448
4,256
2,036
¥10
67

25
47
1,276
6,448
4,256
2,036
¥10
67

15
28
888
4,928
3,393
1,789
¥9
64

3,389
4,968
9,495
12,963
42,959
54,581
33,856
13,856

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

140,000

Department of Health and Human Services
Centers for Medicare and Medicaid Services:
Health Care Infrastructure Improvement
FY 2006 .....................................................................................................

100.00

Department of Homeland Security
Federal Emergency Management Agency:
Community Disaster Loans
FY 1993 .....................................................................................................
FY 1996 .....................................................................................................
Special Community Disaster Loans
FY 2006 .....................................................................................................

25.00
87.26
75.00

91.97

(5)
(5)

25,390
16,130

36,461
127,816

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

628,579

6 100.00

66.97
12.74

694
¥286

37,333
8,533

Department of the Interior
Bureau of Reclamation:
Reclamation Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................

55.21
57.75
62.06
56.55
44.38
48.05

58.75
59.01
74.28
54.77
56.21
31.40

38

2.77
¥2.86
7.04
¥3.87
6.17
6.33

0.77
4.11
5.17
2.08
5.66
¥22.98

1
¥1
1
¥1
317
¥*

185
195
4,929
¥273
2,676
¥3,336

106
81
2,497
¥136
1,834
¥1,887

3,004
6,434
20,434
7,585
15,504
11,335

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)

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

53.78
42.81
34.53
50.66
51.86

65.79
47.52
21.57
45.39
68.74

¥0.74
6.17
1.54
1.76
1.95

12.75
¥1.47
¥14.50
¥7.03
14.93

¥*
1
*
*
¥*

4,269
865
¥4,342
¥954
4,211

2,856
640
¥3,049
¥778
4,629

23,771
13,599
23,522
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

62.26
12.42
46.21
39.43

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

42.96
¥7.38
23.40
16.62

1,559
¥1,194
1,645
41

8,204
¥1,360
4,505
1,274

4,821
¥829
2,544
544

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

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

15.58

26.18

8.82

1.78

2,643

2,643

1,972

18,600

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
69.73
64.99

46.00
44.96
46.67
44.40
42.50
65.57
56.88
58.76
46.78
33.72
32.90
43.86
47.19
45.76
37.33

(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
¥17.05
¥16.52

¥34.00
¥35.04
¥33.33
¥35.60
¥37.50
¥14.43
¥23.12
¥21.24
¥33.22
¥46.28
¥47.10
¥36.14
¥23.81
¥6.92
¥11.14

¥554
¥386
¥381
¥431
¥565
¥239
¥346
¥240
¥271
¥320
¥378
¥237
¥256
¥259
¥288

¥554
¥386
¥381
¥431
¥565
¥239
¥346
¥240
¥271
¥320
¥378
¥237
¥256
¥259
¥288

¥305
¥247
¥227
¥214
¥315
¥140
¥217
¥166
¥180
¥240
¥298
¥196
¥241
¥242
¥275

897
704
681
602
840
970
937
780
541
520
633
543
1,011
1,009
994

1.12 ..........................
1.87
6,980
4.16
1,447
7.03 ..........................

¥4,364
¥904
¥4,766
5,095

¥3,545
¥1,115
¥4,492
4,751

315,000
159,161
50,500
111,273

FY
FY
FY
FY
FY

1998
1999
2000
2001
2002

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 .....................................................................................................
FY 2006 .....................................................................................................
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

3.76
¥1.27
¥0.51
¥2.57
14.64
¥0.41
14.13 ..........................

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

FY 2005 ................................................................................................
FY 2006 ................................................................................................

13.81
8.50

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Program
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

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

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

7.64
¥10.27
¥5.76
3.38
4.04

¥4.92
¥8.85
¥1.32
4.81
3.41

12.57
¥1.42
¥4.44
¥1.42
0.63

¥194
¥169
¥4,675
2,898
396

¥5,233
¥1,534
¥15,179
2,898
396

¥4,495
¥1,366
¥13,730
2,735
378

101,921
13,300
238,179
80,882
9,350

Department of Treasury
Community Development Financial Institutions:
Community Development Financial Institutions Fund
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

44.95
32.14
40.93
45.20
38.12
38.10
38.48
32.85
33.08
37.57
37.47

41.53
¥30.97
27.55
¥3
¥437
¥226
6,623
25.46
¥17.41
10.72 ..........................
¥121
¥74
1,100
42.62
¥24.91
26.60
¥6
72
104
6,150
33.58
¥29.30
17.67
9
¥1,771
¥1,441
12,395
35.38
¥24.95
22.20
¥353
¥545
¥332
12,105
35.84
¥19.81
17.55
353
¥292
¥291
12,877
38.67
¥21.39
21.57
¥35
15
15
8,260
28.30
¥32.66
28.11
¥*
¥119
¥119
2,615
34.96
7.71
¥5.83
93
93
93
4,994
44.71
¥1.72
8.86
495
495
495
6,933
(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 .....................................................................................................
FY 2006 .....................................................................................................

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
1.97

¥2.09
1.64
14.02
1.19
4.10
5.35
2.74
8.57
2.54
¥3.89
¥2.61
¥2.72
12.53
5.22
¥15.62

40

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
0.32

¥9.58
¥6.96
11.38
¥1.13
3.22
2.03
0.73
0.61
¥0.69
¥5.52
¥2.09
0.46
15.68
11.59
¥17.92

¥415
¥2,214
¥4,437
¥1,981
¥617
¥4,371
¥6,003
¥9,132
¥5,413
¥2,305
¥6,778
¥4,730
¥27,447
3,959
¥26,479

¥214,816
¥136,255
318,071
7,232
58,936
89,435
14,083
60,810
17,119
¥83,415
¥33,627
¥5,442
19,758
531
¥26,479

¥129,795
¥122,891
184,815
¥10,644
23,654
50,782
5,288
13,143
¥6,507
¥79,892
¥35,717
¥6,125
19,539
355
¥25,691

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
193,127
150,760

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

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 .....................................................................................................
FY 2006 .....................................................................................................
Vocational Rehabilitation Loan Fund
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

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)

7.72
7.72
7.72
7.72
7.72
7.72
7.72
7.72
7.72
¥8.96
0.28
¥7.75
¥13.79

10.32
4.98
¥0.67
1.62
¥0.08
¥21.59
¥10.86
¥3.80
¥13.27
¥14.04
6.18
¥31.11
22.31

(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
¥10.34
¥14.38
¥6.26
¥2.95

2.60
¥2.74
¥8.39
¥6.10
¥7.80
¥29.31
¥18.58
¥11.52
¥20.99
5.26
20.28
¥17.10
39.05

74
40
¥240
3
26
¥8
41
14
¥75
771
929
¥722
735

42
¥138
¥712
¥16
¥244
¥980
¥377
¥171
¥1,239
¥1,258
¥145
¥1,235
735

17
¥170
¥527
¥90
¥219
¥768
¥315
¥169
¥1,138
¥1,107
¥192
¥1,164
700

763
5,595
6,467
5,558
2,702
2,882
1,555
1,351
5,700
10,733
3,473
4,623
2,037

1.33
1.14
1.59

1.36
0.62
25.60

¥0.45
0.32
0.45

0.48
¥0.84
23.56

1
¥45
676

1
¥16
676

1
¥15
653

2,901
3,096
2,807

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

2,428

Veterans Health Administration:
Transitional Housing for Homeless Veterans
FY 2005 .....................................................................................................

99.24

Environmental Protection Agency
Abatement, Control, and Compliance Loan
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................

42.87
40.46

35.65
42.76

(5)
(5)

¥7.22
2.30

¥5
¥24

¥4,205
1,575

¥2,054
1,120

27,530
48,052

¥10.40 ..........................
¥9.28 ..........................
¥11.43
¥8,822
¥9.08
¥3,231
¥19.11
¥7,801
¥15.78
¥6,780
¥12.91 ..........................
0.90
14,365

¥87,528
¥119,699
¥72,633
¥79,600
¥118,761
¥65,780
¥12,838
9,171

¥57,630
¥69,548
¥39,601
¥63,415
¥101,657
¥59,915
¥12,170
7,987

345,000
855,000
769,500
557,685
544,000
297,500
100,000
760,700

¥5,442
¥1,087
¥11,194

¥3,212
¥651
¥6,785

10,680
7,100
44,625

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

14.52
16.00
4.95
7.67
10.92
13.44
12.34
..........................

Overseas Private Investment Corporation:
OPIC Direct Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................

17.27
19.03
4.46

¥2.18
¥6.30
7.86
1.14
¥0.20
6.29
¥3.70
¥2.29
¥7.77
0.42
¥6.70
¥4.36
0.17
0.74
0.90 ..........................

¥15.54
9.61
¥10.80

41

(5)
(5)
(5)

¥32.81
¥9.41
¥15.26

¥175
¥*
¥2

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 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
NIS Direct Loans
FY 1996 .....................................................................................................
FY 2000 .....................................................................................................

Original
Subsidy Rate

6.77
12.06
13.61
18.42
3.85
7.02
14.62
3.20
9.29
2.26
2.04

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)

¥2.67
(5)
¥9.44
¥*
¥345
¥226
¥10.52
(5)
¥22.58
¥*
¥5,288
¥3,522
¥11.51
(5)
¥25.12
¥14
¥10,368
¥8,509
3.88
(5)
¥14.54
5,047
¥2,918
¥2,763
12.92
(5)
9.07
3,727
5,757
4,572
28.20
¥5.76
26.94
30,272
30,272
24,411
22.55
¥8.66
16.59
1,745
1,745
1,398
48.11
¥5.81
50.72
42,960
42,960
38,975
(4) .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... ..........................
(4) .......................... .......................... .......................... .......................... ..........................

2.09
7.48

5.51
10.05

(5)
(5)

30.30
17.87
13.29

24.51
28.22
50.16

(5)
(5)
(5)

¥5.79
10.35
36.87

30.30
17.83
21.89

26.95
30.65
51.31

(5)
(5)
(5)

36.36
25.71
34.04
41.82

48.89
47.51
59.26
75.55

30.30
17.87
25.05
17.00
15.95
10.15
19.61
15.69
8.86
10.31
9.54

Total
disbursements
to date
($ thousands)

4,800
22,888
32,550
35,398
42,362
94,494
13,535
101,994
71,200
65,660
46,689

¥569
17

376
14

11,000
555

¥2
¥10
¥3

¥553
855
1,548

¥272
473
889

4,247
4,115
2,241

¥3.35
12.82
29.42

¥3
46
¥7

¥1,233
2,039
4,303

¥582
1,121
2,413

15,650
7,912
7,604

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

12.53
21.80
25.22
33.73

¥*
31
70
196

3,156
4,646
4,248
2,033

1,540
2,550
2,389
1,153

11,078
10,625
8,866
3,295

30.62
29.66
40.02

(5)
(5)
(5)

0.32
¥47
11.79 ..........................
14.97 ..........................

39
3,558
3,135

77
1,955
1,753

15,127
15,052
10,919

¥4.54
18.34
34.56
6.29
14.85
15.69
7 ¥212.64
18.16

¥6.60
¥4.73
0.75
¥9.37
¥5.75
1.13
¥0.30
¥3.46

¥5,085
1,263
3,237
¥2,363
49
802
¥30,912
1,596

¥2,390
531
1,766
¥1,640
¥51
537
¥21,299
1,134

11,118
21,973
7,260
12,430
7,998
7,941
9,551
13,355

3.42 ..........................
2.57
¥6

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

42

¥14.94
7.12
23.66
¥3.95
4.91
5.70
¥222.65
12.08

¥203
192
152
¥57
¥120
¥164
68
317

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 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
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 .....................................................................................................
FY 2006 .....................................................................................................
Economic Injury Disaster Loans—Terrorist Attack
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)

8.54
8.95
6.78
13.05
9.55
10.25
7.17

4.98
5.66
¥9.22
509
¥1,208
¥937
5.91
3.20
¥6.24
¥299
¥981
¥811
4.60
¥9.30
7.12
6
¥313
¥281
16.00
¥5.29
8.24
579
896
785
10.53 ..........................
0.98
912
178
143
5.55 ..........................
¥4.70
¥539
¥539
¥510
(4) .......................... .......................... .......................... .......................... ..........................

44.33
38.06
31.64
43.10

40.09
53.51
38.42
35.39

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

¥4.24
15.45
6.78
¥7.71

¥7,162
¥4,782
¥1,429
169

¥1,378
4,241
2,206
¥917

¥327
2,045
1,064
¥437

12,050
12,356
15,029
5,594

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
14.64

36.34
¥0.79
32.43
7.62
26.09
10.50
27.18
0.51
28.66
1.78
29.25
6.17
27.14
¥1.46
25.22
¥7.23
24.76
(5)
21.65
0.18
26.31
(5)
17.90
(5)
19.24
¥0.98
19.55
¥1.79
19.87 ..........................

3.20
4.23
¥7.40
¥4.87
¥1.20
3.06
5.14
10.09
2.56
4.01
11.64
3.92
8.50
8.48
5.23

1,380
552
2,777
¥134
¥332
492
841
¥309
2,514
7,056
17,156
2,495
¥1,767
76,471
177,593

40,835
254,240
237,255
¥1,692
39,476
121,449
44,463
41,101
35,410
38,206
103,609
23,267
38,108
76,471
177,593

14,270
145,555
101,235
¥25,987
4,427
78,447
20,575
20,610
18,928
28,153
68,215
21,377
35,542
70,935
169,507

577,587
1,213,657
3,143,430
955,543
664,518
832,786
550,901
688,195
726,791
687,040
782,220
548,454
473,595
1,106,163
3,397,180

17.46
22.67
23.20
23.20

24.30
25.53
23.20
28.35

0.18
¥3.49
¥6.16
¥6.16

6.66
6.35
6.16
11.31

881
¥2,382
¥6,270
100

881
16,709
602
100

697
14,238
660
88

10,674
427,952
89,301
1,788

3.90
5.51
12.84
6.07
7.92

5.21
¥2.44
¥3.71
¥6.24
¥13.75

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

1.31
¥7.95
¥16.55
¥12.31
¥21.67

¥3,810
¥22,364
¥97,355
¥63,948
¥127,103

38,225
¥99,717
¥638,112
¥260,820
¥314,837

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

593,028
1,514,620
2,797,632
2,638,594
1,635,149

25,622
26,871
12,874
27,396
17,301
11,326
4,004

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

43

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

1997
1998
1999
2000
2001
2002
2003

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

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

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)

2.84
15.53
5.87
1.39
9.92
16.29
1.72

¥14.57
¥3.51
¥8.21
¥12.99
¥14.54
¥3.98
¥17.90

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

¥17.41
¥19.04
¥14.08
¥14.38
¥24.46
¥20.27
¥19.62

10,463
¥1,033
¥14,337
1,116
¥18,816
¥8,483
¥8,127

¥139,463
¥23,646
¥142,177
¥34,970
¥183,656
¥24,009
¥31,138

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

1,022,378
95,413
977,657
434,227
524,743
130,760
34,654

12.56
50.00

65.78
¥1.24

(5)
(5)

53.22
24,217
¥51.24 ..........................

6,000,736
¥46,368

4,977,247
¥42,731

8,984,729
83,394

12.00

0.88

(5)

¥11.12

¥38

¥66,554

¥61,104

14,165

0.74

13.09

(5)

12.35

326

18,009

14,891

120,190

58.81
24.10
5.89
8.25
8.25
15.37

79.93
¥35.77
0.79
¥56.97
17.15
¥1.53

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

21.12 ..........................
¥59.87
518
¥5.10
¥26
¥65.22
¥2,565
8.90
12
¥16.90 ..........................

77,374
¥367,662
¥359
¥2,425
157
¥256

44,112
¥310,397
¥265
¥1,527
107
¥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 2008 Appendix because they were $500,000 or less. Information on all cohorts is provided in the electronic version of the Federal Credit Supplement at
www.budget.gov/budget/
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 is closed as of the end of 2006.
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.

44

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
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:
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 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................

4.61
4.67
10.59
10.23
7.71
5.29
5.83
7.21
2.48
4.41
7.81
6.09
5.05

0.42
¥0.93
5.02
4.37
1.24
¥0.30
¥0.77
1.93
¥0.84
¥0.40
1.12
1.72
2.55

¥3.38
¥4.64
¥10.56
¥10.18
¥7.73
¥5.37
¥5.97
¥7.06
¥2.48
¥2.34
¥5.19
¥1.98
¥2.13

¥0.81
¥0.96
4.99
4.32
1.26
¥0.22
¥0.63
1.78
¥0.84
¥2.47
¥1.50
¥2.39
¥0.37

¥63,109
¥4,902
1,952
¥2,542
¥8,327
¥942
¥3,704
¥65,438
¥7,821
¥59,928
¥74,894
¥69,403
¥18,324

¥501,998
¥279,536
¥179,611
¥188,046
¥279,984
¥179,379
¥210,583
¥179,030
¥110,358
¥118,388
¥177,083
¥92,209
¥18,324

¥246,333
¥183,202
¥147,879
¥143,220
¥228,417
¥144,325
¥184,184
¥143,247
¥93,089
¥111,518
¥167,454
¥86,785
¥17,489

5,332,448
3,352,987
2,771,152
2,529,300
3,585,118
2,678,178
2,708,072
2,702,530
2,682,107
2,317,144
2,540,021
2,022,923
1,029,448

1.86
5.65
1.92
2.74
2.50
2.36
5.49
5.91
2.25

¥173.82
¥14.66
¥87.54
¥109.00
¥10.72
¥0.68
¥0.90
¥2.99
¥3.81

¥0.48
¥5.32
¥1.91
¥2.56
¥1.82
¥2.18
¥5.89
¥6.31
¥2.25

¥175.20
¥14.99
¥87.55
¥109.18
¥11.40
¥0.86
¥0.50
¥2.59
¥3.81

¥3,600
¥940
¥2,410
¥1,157
¥135
¥341
¥208
¥558
¥118

¥281,479
¥84,930
¥210,510
¥99,039
¥9,974
¥1,785
¥2,840
¥4,393
¥472

¥128,812
¥45,207
¥131,524
¥66,769
¥7,246
¥1,213
¥2,201
¥3,715
¥447

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

1.49
1.57
2.87
0.53
0.26
0.95
¥0.15
14.24
1.54

1.47
0.41
0.13
3.94
4.43
5.62
1.24
10.71
26.44

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

1.47
0.41
0.11
3.95
4.42
4.66
0.03
8.74
22.77

*
*
40
18
66
403
454
¥1,922
79,624

13
¥77
¥633
2,942
7,613
15,056
7,320
¥22,570
94,343

4
¥100
¥118
2,429
6,998
14,744
7,147
¥23,201
89,077

2,249
9,869
24,627
69,838
163,780
306,445
499,665
666,571
369,816

1.55
1.31
0.48
0.49

1.93
2.16
2.92
3.44

0.94
1.83
3.35
3.47

¥0.56
¥0.98
¥0.91
¥0.52

¥828
¥812
¥1,052
¥1,013

2,475
9,663
28,859
42,399

3,587
7,326
25,731
34,542

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

45

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 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................

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)

1.11
1.10
1.17
1.16
1.41
1.37
3.51
3.17
3.33
3.23
3.03

3.00
2.67
2.66
1.62
2.31
2.07
2.28
1.83
2.25
2.56
2.06

2.50
2.32
2.60
2.35
2.11
2.16
0.25
¥0.04
¥0.06
0.02
¥0.04

¥0.61
¥0.75
¥1.11
¥1.89
¥1.21
¥1.46
¥1.48
¥1.30
¥1.02
¥0.69
¥0.93

¥831
¥726
¥834
¥1,104
447
655
750
1,228
2,675
4,126
¥8,295

24,923
13,512
10,683
1,391
6,032
4,780
¥14,445
¥14,588
¥10,699
¥6,310
¥8,295

20,860
12,714
11,028
5,649
8,838
6,921
¥12,776
¥13,389
¥10,162
¥5,853
¥7,921

1,103,702
809,779
740,124
1,228,124
981,962
988,695
1,038,717
999,187
940,931
873,550
816,624

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
12.50

10.55
11.52
11.85
11.83
11.66
12.02
11.95
11.46
10.87
11.21
11.82
12.47
12.59
12.43
10.99

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
0.02
¥0.15

¥1.01
¥1.40
¥1.68
¥1.27
¥1.46
¥1.25
¥1.77
¥2.25
¥2.30
¥2.60
¥2.44
0.76
0.29
¥0.90
¥1.36

¥*
*
*
42
185
474
1,042
3,488
5,296
5,784
8,352
8,064
6,754
7,565
¥3,929

4,962
4,103
981
¥258
4,528
6,270
5,067
11,796
12,233
12,881
¥9,445
2,839
¥278
¥2,292
¥3,929

4,085
3,302
¥231
¥1,207
4,818
6,302
5,913
14,179
16,372
14,131
¥8,571
2,762
¥484
¥2,475
¥3,752

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
281,291
248,454

0.29
¥4.45
0.23
¥4.38
0.41
¥3.35
0.73
¥2.96
0.66
¥3.32
0.41
¥3.42
0.68
¥3.42
0.37
¥1.14
0.21
¥0.11
0.28
¥0.03
0.16
0.08
0.08
¥0.05
0.42
¥0.03
0.40 ..........................
0.11
¥0.01

¥0.15
0.03
¥0.06
¥0.02
0.24
0.14
0.24
¥0.08
¥0.24
¥0.20
¥0.37
¥0.62
¥0.09
¥0.13
¥0.36

¥125
107
249
¥122
*
¥1,234
*
¥1,047
¥1,913
¥987
¥1,168
¥4,465
¥714
¥934
¥2,611

¥25,619
¥23,103
¥23,660
¥20,803
¥19,400
¥19,173
¥13,997
¥9,776
¥3,937
¥2,393
¥3,679
¥8,751
¥1,425
¥1,369
¥2,611

¥20,279
¥18,988
¥18,145
¥16,198
¥16,062
¥16,859
¥13,221
¥9,145
¥2,975
¥1,918
¥3,101
¥7,997
¥1,287
¥1,287
¥2,494

440,842
436,497
532,104
543,561
521,502
513,989
415,760
749,603
850,064
833,986
1,069,330
1,193,556
1,072,298
990,260
674,127

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
0.48

46

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

Guaranteed
FY 1992
FY 1993
FY 1994

Soil & Water
................................................................................................
................................................................................................
................................................................................................

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 .....................................................................................................
FY 2006 .....................................................................................................
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 .....................................................................................................
FY 2006 .....................................................................................................
Water and Waste Disposal Loans
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

(4)
(4)
(4)

5.49
¥2.25
¥3.04

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

1.94
3.12
2.15

7.43
0.87
¥0.89

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
4.36

4.42
¥0.54
¥0.91
¥0.33
0.25
¥6.02
4.85 ..........................
3.92
3.14
¥0.01
2.21
4.37
¥0.44
3.89
6.25
¥0.49
5.81
3.52
¥0.43
2.98
6.94
¥0.48
6.40
7.38
¥0.90
5.17
6.91
¥1.71
7.76
5.11
0.34
1.03
5.61
0.14
1.50
5.92
0.05
1.01
6.01
¥0.03
1.01
(5) .......................... ..........................

..........................
1,069
¥1,203
82,995
..........................
¥11,687
¥9,284
160,955
..........................
11,442
7,889
201,241
..........................
9,443
7,374
335,179
..........................
22,835
17,954
520,397
..........................
46,125
37,053
696,477
..........................
25,228
24,466
959,441
..........................
67,515
58,357
985,760
..........................
39,121
33,231
778,242
..........................
58,638
52,991
875,388
..........................
10,680
9,857
719,507
..........................
12,672
12,114
738,676
..........................
8,390
8,034
757,921
..........................
2,243
2,175
221,914
.......................... .......................... .......................... ..........................

¥0.19
¥0.42
4.98
4.94
4.76
0.41
0.40
¥0.54
¥0.54
¥0.54
¥0.68
¥0.54
¥0.60
0.09
0.36

¥0.80
0.17
¥0.78
¥0.75
¥0.26
¥0.07
3.50
¥5.02
3.54
¥0.77
¥3.73
¥1.98
1.33
¥2.92
¥0.51
8.96
¥1.02
9.57
5.45
¥1.01
6.06
3.96
¥0.10
4.60
3.79
¥0.10
4.43
5.36
¥0.28
6.18
4.09
0.01
4.76
6.51
0.01
7.04
3.97
0.01
4.56
4.04 ..........................
3.95
(5) .......................... ..........................

..........................
¥596
¥130
21,251
..........................
¥267
¥151
45,690
..........................
233
¥403
27,237
..........................
¥2,771
¥2,460
43,088
..........................
¥953
¥1,263
36,832
..........................
5,598
3,686
43,111
..........................
3,799
2,855
56,536
..........................
4,546
3,450
76,665
..........................
3,828
3,078
71,089
..........................
6,618
6,026
102,131
..........................
4,666
4,247
89,027
..........................
9,060
8,470
120,143
..........................
3,211
3,033
66,358
..........................
198
190
4,800
.......................... .......................... .......................... ..........................

¥0.61
¥0.72
¥1.15
¥1.18
¥1.09

¥0.80
¥0.80
¥0.78
¥0.77
¥0.80

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

47

¥0.20
¥0.05
0.35
¥2.25
¥2.32

0.01
¥0.03
0.02
2.66
2.61

*
¥*
*

24
¥6
¥36

¥15
¥4
25
54
11

23
¥4
¥25

¥7
¥1
13
35
6

427
191
832

3,843
809
3,591
8,460
2,188

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

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

¥1.90
¥1.08
¥0.83
¥1.50
¥0.80
¥0.81
¥0.90
¥0.90

Rural Utilities Service:
Electric Guaranteed Loans
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................

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

FY
FY
FY
FY
FY
FY
FY
FY

1998
1999
2000
2001
2002
2003
2005
2006

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 ................................................................................................
FY 2006 ................................................................................................
Section 502 Single-Family Housing Refinance
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
538 Multi-Family Housing—Subsidized
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................

Current
Reestimated
Rate

¥0.78
¥0.82
¥0.76
¥0.81
¥0.83
¥0.90
¥0.89
(5)

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

¥1.29
2.41
¥3.31
3.57
2.46
¥2.39
¥0.45
1.14
..........................
¥0.03
..........................
¥0.09
..........................
0.01
.......................... ..........................

0.05
0.01
0.06 ..........................
0.08 ..........................

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

..........................
174
157
14,019
..........................
15
15
5,864
..........................
4
3
4,777
..........................
33
31
4,497
..........................
¥1
¥1
2,119
..........................
¥3
¥3
3,542
..........................
*
*
1,688
.......................... .......................... .......................... ..........................

0.04 ..........................
0.05 ..........................
0.07 ..........................

79
29
37

73
26
34

145,911
52,259
49,117

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
1.16

0.62
0.01
¥0.52
0.85
0.02
¥1.02
1.43
¥0.40
0.15
2.97
¥0.01
1.34
2.90
0.01
2.69
2.75
¥0.01
2.53
2.32
0.02
2.07
2.47
0.02
2.36
3.04
0.01
2.42
1.80
1.23
0.37
1.60
0.21
0.11
1.99
0.20
0.57
1.81
0.04
0.45
1.43
0.04
0.32
(5) .......................... ..........................

..........................
¥1,628
¥1,023
200,567
..........................
¥6,642
¥5,085
508,495
..........................
¥1,843
¥1,765
706,124
..........................
19,617
13,399
1,007,416
..........................
53,933
43,860
1,624,458
..........................
56,464
48,090
1,908,314
..........................
62,348
56,414
2,699,240
..........................
78,049
68,116
2,862,017
..........................
59,796
50,751
2,088,512
..........................
44,153
36,849
2,303,086
..........................
8,558
7,240
2,262,446
..........................
23,119
21,599
2,805,056
..........................
16,085
15,317
3,125,880
..........................
9,450
9,076
2,521,050
.......................... .......................... .......................... ..........................

0.20
1.28
0.18
0.29
0.27
0.29

¥1.04
0.23
¥1.47
0.35
0.20
¥1.13
0.71
0.13
0.40
0.55
0.01
0.25
0.55
0.01
0.27
(5) .......................... ..........................

..........................
¥119
¥121
9,760
..........................
¥687
¥677
72,789
..........................
1,326
1,222
230,605
..........................
137
128
49,128
..........................
60
58
20,654
.......................... .......................... .......................... ..........................

6.10
3.09
3.00
3.10

14.39
3.23
4.86
7.11

48

¥0.34
2.29
¥2.35
0.48

8.63
¥2.15
4.21
3.53

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

406
49
16
642

267
6
13
481

3,226
4,100
700
11,985

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
FY
FY
FY
FY
FY

2000
2002
2003
2004
2005
2006

Original
Subsidy Rate

Current
Reestimated
Rate

Percentage
point change
due to interest
rates

Percentage
point change
due to technical
assumptions

3.66
2.94
0.24
11.75
4.67
3.15
11.49
2.91
4.08
12.72
3.10
3.67
10.60
6.18
0.93
(5) .......................... ..........................

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount 3
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Total
disbursements
to date
($ thousands)

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

0.48
3.93
4.50
5.95
3.49
5.42

..........................
487
412
12,965
..........................
6,755
5,996
76,671
..........................
2,376
2,141
30,624
..........................
4,076
3,762
55,567
..........................
451
430
6,045
.......................... .......................... .......................... ..........................

Rural Business Cooperative Services:
Renewable Energy
FY 2006 .....................................................................................................
Rural Business Investment Program
FY 2006 .....................................................................................................

6.45

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

7.72

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

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 2002 .....................................................................................................

11.68
12.36
27.69

¥7.52
¥0.48
25.25

¥0.70
¥0.19
0.30

¥18.50
¥12.65
¥2.74

440
¥3,262
¥10,859

¥30,569
¥6,617
¥7,823

¥21,120
¥5,407
¥7,409

110,000
42,118
250,000

42.03

14.52

1.40

¥28.91

¥64

¥469

¥413

1,500

National Oceanic and Atmospheric Administration:
Fisheries Finance:
Guaranteed Traditional Loans
FY 1993 ................................................................................................
FY 1994 ................................................................................................
FY 1995 ................................................................................................
FY 1996 ................................................................................................
Guaranteed NE Initiative Loans
FY 1995 ................................................................................................
FY 1996 ................................................................................................

1.00
1.00
1.00
1.00

7.16
1.44
1.99
¥4.81

¥0.13
¥0.16
¥0.18
0.01

6.29
0.60
1.17
¥5.82

¥1,117
¥33
3,542
¥33

4,935
547
1,509
¥1,350

3,073
105
825
¥766

46,951
32,057
24,649
19,656

5.00
5.00

¥3.38
¥5.20

¥0.15
¥0.09

¥8.23
¥10.11

2
¥2

¥774
¥1,322

¥530
¥1,116

6,186
10,273

Procurement:
ARMS Initiative
FY 1998 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................

0.96
3.19
3.34
3.37

68.42
1.71
85.41
4.69

¥0.96
¥3.19
¥3.34
0.14

68.42
1.71
85.41
1.18

11,253
¥26
14,971
48

11,253
¥26
14,971
48

6,746
¥24
13,542
45

10,000
1,600
16,500
3,434

Family Housing:
Military Housing Improvement Fund
FY 1998 .....................................................................................................
FY 2000 .....................................................................................................

6.26
6.76

3.30
2.65

0.13
¥0.21

¥3.09
¥3.90

¥429
¥1,226

¥1,064
¥9,712

¥870
¥7,096

29,385
172,635

Department of Defense

49

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
FY
FY
FY

2001
2002
2003
2005

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

Percentage
point change
due to technical
assumptions

5.19
5.55
5.63
6.27

¥0.09
0.51
4.05 ..........................
4.89 ..........................
6.22 ..........................

¥5.79
¥1.50
¥0.74
¥0.05

¥2,955
¥1,233
¥638
¥90

¥3,025
¥1,233
¥638
¥90

¥2,533
¥969
¥548
¥82

48,000
64,600
74,000
165,000

6 15.88

15.03
12.83
12.71
8.82
12.34
14.20
8.68
8.84
9.58
11.61
11.26
13.63

14.70
(4)
11.68
(4)
11.69
(4)
12.06
(4)
9.63
(4)
9.41
(4)
9.31
(4)
8.85
0.04
7.39
¥0.10
5.21
0.30
6.14
¥0.31
10.80
¥0.03
13.68
0.08
15.79
0.26
14.65 ..........................

¥1.18
¥1.81
¥0.24
¥2.97
¥3.20
¥3.30
0.48
¥3.53
¥6.71
¥3.76
¥2.39
1.26
1.98
4.27
1.01

¥144,166
¥2,245
151,956
118,723
155,720
31,919
¥106,517
¥146,977
¥127,716
¥287,558
¥147,429
¥267,803
¥873,661
¥1,161,215
¥352,644

¥568,617
¥651,148
¥273,104
¥651,546
¥736,565
¥984,817
¥53,567
¥1,168,350
¥2,100,827
¥1,345,206
¥984,106
1,194,866
308,965
3,993,267
¥352,644

¥176,632
¥345,043
¥66,439
¥263,644
¥545,966
¥760,138
106,765
¥881,368
¥1,676,567
¥960,618
¥679,921
1,639,079
1,012,818
5,089,854
¥335,847

13,137,590
15,986,481
22,626,674
21,966,542
21,855,299
23,223,970
23,310,861
25,489,455
29,264,981
34,230,921
51,515,348
69,089,484
75,324,759
97,798,371
102,172,708

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
18.55

18.79
(4)
18.30
(4)
20.10
(4)
20.93
(4)
20.01
(4)
19.80
(4)
18.61
(4)
17.70
0.38
15.60
¥0.28
11.71
0.50
10.11
¥0.65
10.42
¥0.04
12.17
¥0.24
15.63
0.37
17.99 ..........................

0.72
¥0.60
1.06
¥1.76
¥2.91
¥2.23
0.47
¥4.23
¥9.04
¥6.94
¥5.65
¥4.28
¥3.00
¥1.47
¥0.56

¥135,508
¥21,026
27,578
55,164
30,896
¥11,445
¥76,077
¥94,097
¥88,962
¥252,070
¥385,165
¥632,051
¥1,092,328
¥830,408
¥49,584

¥99,068
¥81,561
167,235
¥48,327
¥175,208
¥266,367
3,467
¥536,968
¥1,096,784
¥766,026
¥750,682
¥701,944
¥838,259
¥538,684
¥49,584

55,560
¥125,137
131,410
61,750
¥156,604
¥251,870
39,431
¥434,128
¥940,879
¥635,173
¥711,785
¥521,108
¥559,928
¥172,553
¥47,527

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
13,434,914
15,594,951
17,560,664
18,776,313
12,870,327

(4)
(4)

¥3.53
¥3.72

¥5,895
¥38,637

¥88,099
¥317,469

¥40,352
¥157,681

901,543
4,219,498

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)

Department of Education
Federal Student Aid:
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 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
Unsubsidized Stafford
FY 1993 ................................................................................................
FY 1994 ................................................................................................

6 13.48
6 11.92

0.83
3.04

¥2.70
¥0.68

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

FY 1995 ................................................................................................
FY 1996 ................................................................................................
FY 1997 ................................................................................................
FY 1998 ................................................................................................
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................
FY 2005 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................
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 ................................................................................................
FY 2006 ................................................................................................

Percentage
point change
due to technical
assumptions

4.91
7.12
6.04
2.18
7.84
8.47
4.98
6.21
6.02
3.91
3.19
1.66

0.19
(4)
¥0.10
(4)
0.02
(4)
0.40
(4)
1.86
¥0.24
1.29
¥0.08
0.96
0.26
1.34
¥0.41
1.78
0.02
2.20
¥0.19
2.11
0.19
0.90 ..........................

¥4.72
¥7.22
¥6.02
¥1.78
¥5.74
¥7.10
¥4.28
¥4.46
¥4.26
¥1.52
¥1.27
¥0.76

¥39,039
¥41,406
¥68,391
¥101,564
¥114,730
¥120,985
¥141,085
¥197,113
¥310,939
¥605,242
¥700,370
¥104,904

¥466,088
¥554,237
¥527,232
¥226,979
¥564,890
¥771,146
¥476,445
¥641,578
¥699,828
¥521,991
¥591,459
¥104,904

¥243,971
¥396,796
¥391,380
¥131,562
¥450,646
¥634,202
¥383,456
¥540,577
¥556,569
¥274,485
¥183,208
¥99,118

5,789,106
5,871,038
6,760,362
7,283,686
7,919,742
9,108,933
10,179,709
11,972,297
14,186,863
16,518,954
18,479,582
13,141,778

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
0.27

1.98
(4)
0.70
(4)
¥0.03
(4)
0.31
(4)
0.69
(4)
0.66
(4)
0.56
(4)
1.42
¥0.62
1.02
¥0.21
1.24
0.18
1.38
¥0.27
1.52
¥0.05
1.54
¥0.06
1.52
0.10
0.10 ..........................

¥4.04
¥2.05
¥0.64
¥1.37
¥2.37
¥3.70
0.40
¥3.90
¥4.57
¥1.92
¥3.07
¥2.21
¥0.02
0.06
¥0.17

¥23,109
¥11,988
¥10,207
¥10,401
¥8,653
¥10,612
¥11,331
¥11,790
¥10,726
¥10,683
¥12,854
¥18,402
¥32,742
¥61,845
¥6,597

¥108,703
¥107,011
¥45,783
¥56,830
¥58,427
¥84,688
¥11,364
¥112,626
¥130,044
¥56,046
¥114,352
¥92,319
¥37,924
¥59,116
¥6,597

¥50,987
¥25,971
¥9,605
¥17,206
¥33,588
¥58,928
7,625
¥91,419
¥107,631
¥44,250
¥99,844
¥71,893
¥2,145
11,727
¥6,316

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
3,198,943
4,064,959
5,154,735
6,036,057
4,376,178

0.08
8.69
0.31
1.23
¥2.31
1.35
4.29
1.72
5.73
9.35
14.42
13.25
15.46

1.65
(4)
1.93
(4)
1.33
(4)
¥0.28
(4)
3.52
(4)
3.20
(4)
3.08
0.37
2.54
0.10
7.23
0.01
16.02
¥0.05
20.72
0.36
22.33
0.26
17.07 ..........................

1.57
¥6.76
1.02
¥1.51
5.83
1.85
¥1.58
0.72
1.49
6.72
5.94
8.82
1.61

145,003
112,999
174,883
122,368
82,455
73,641
92,957
116,279
447,703
693,590
856,651
431,409
¥191,559

62,541
¥80,301
51,308
¥106,529
181,308
46,133
¥102,854
¥46,689
522,506
2,688,958
1,707,140
5,182,526
¥191,559

31,239
¥64,217
41,022
¥57,960
191,270
94,826
6,146
102,262
672,286
2,788,649
1,849,376
5,433,888
¥182,886

1,993,035
3,228,791
4,077,434
3,998,792
3,354,055
4,928,852
6,589,907
9,414,863
22,909,195
35,242,711
36,090,406
54,506,418
71,784,426

Current
Reestimated
Rate

51

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 ................................................................................................
FY 2006 ................................................................................................
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
24
¥5.20 ..........................
0.78
*
¥0.61 ..........................
2.11
¥15
2.02
¥2

0.71
0.43
4.08
3.49
3.52
3.57
3.50

2.67
3.13
3.51
4.43
3.00
3.50
3.41

3.41
2.85
4.63
0.16
0.09
¥2.18
¥2.11

10.32
9.06
8.87
7.78
0.06
0.34
1.20
..........................
..........................
..........................
10.67
15.76
14.80

¥6.22
¥4.64
5.40
6.28
1.46
1.46
3.67
4.60
4.39
6.63
9.07
5.98
¥27.13

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥16.54
¥13.70
¥3.47
¥1.50
1.40
1.12
2.47
4.60
4.39
6.63
¥1.60
¥9.78
¥41.93

8.13
8.13
8.13
8.13
8.13
8.13
8.13
8.13
2.47
2.43
2.73
2.58
2.42

47.90
¥6.04
¥0.73
¥0.77
¥2.77
0.67
0.47
0.80
1.11
1.58
1.76
1.86
2.68

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
0.15
0.30
0.05
(4)
(4)

39.77
¥14.17
¥8.86
¥8.90
¥10.90
¥7.46
¥7.66
¥7.33
¥1.51
¥1.15
¥1.02
¥0.72
0.26

10
121
¥2
42
¥19
¥15
¥2

14
103
¥3
42
¥19
¥14
¥2

718
3,830
500
4,422
3,680
20,442
2,125

¥920
¥1,721
¥3,817
¥4,520
¥3,048
¥2,838
¥3,055
¥2,681
¥1,432
¥3,238
¥3,766
¥1,905
¥958

¥108,343
¥89,936
¥39,085
¥19,070
8,419
4,525
10,067
13,023
5,247
9,993
¥3,626
¥8,539
¥19,961

¥49,776
¥48,056
¥20,822
¥9,149
6,998
4,325
5,126
12,210
5,458
10,438
¥2,726
¥7,737
¥19,124

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

205
¥8
¥40
¥72
¥215
¥2
¥65
23
¥101
¥82
280
¥94
354

165
¥474
¥1,791
¥2,680
¥1,927
¥1,022
¥1,220
¥959
¥403
¥347
¥570
¥651
354

66
¥281
¥1,220
¥2,000
¥1,289
¥805
¥994
¥759
¥353
¥323
¥558
¥615
354

192
1,965
14,358
22,587
13,458
11,887
14,340
12,007
26,262
38,816
58,131
87,458
137,636

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 .....................................................................................................
FY 2006 .....................................................................................................

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)

Title VI Indian Housing Guarantees
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

11.07
11.07
11.07
11.07
10.56
10.32
12.26

7.40
5.08
6.64
10.65
14.54
11.26
28.99

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

¥3.67
¥5.99
¥4.43
¥0.42
3.98
0.94
16.73

¥174
¥196
¥4,678
¥448
¥213
¥1,501
1,511

¥333
¥577
¥2,949
¥67
410
44
1,511

¥199
¥227
¥4,480
¥496
¥297
110
1,511

6,996
7,696
51,792
8,107
10,203
4,493
9,031

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 .....................................................................................................
FY 2006 .....................................................................................................

2.10
2.30
2.30
2.30
2.30
2.30
2.30
2.30
2.30
2.30
2.20

0.58
0.96
1.83
2.19
2.83
2.43
3.96
3.85
3.06
5.33
4.36

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

0.58
0.96
1.83
2.19
2.83
2.43
3.96
3.85
3.06
5.33
4.36

¥732
¥2,088
81
¥50
218
¥797
¥1,479
712
243
4,995
1,550

¥6,160
¥4,258
¥1,814
¥431
1,914
246
5,308
5,139
1,991
4,995
1,550

¥4,394
¥2,856
¥1,380
¥185
1,733
394
5,680
4,947
1,877
4,731
1,476

273,405
211,163
277,198
293,147
300,430
188,973
250,210
260,557
181,812
163,322
71,886

0.46
1.65
..........................
¥0.39
..........................
¥0.02
0.14
0.03
1.31
¥0.14
¥1.53
¥1.02
¥1.00
¥0.34
¥0.70

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

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

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

¥29,066
¥1,795
¥35,325
¥38,429
¥35,941
¥46,090
¥54,703
¥115,386
¥85,106
¥92,179
¥202,250
¥413,804
¥423,804
¥173,041
109,274

¥144,590
¥271,063
¥573,688
1,769
362,383
¥661,476
¥183,546
¥87,755
¥235,157
¥49,360
143,997
¥28,153
¥84,545
¥234,737
109,274

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

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

¥2.60
¥2.70

¥3.42
¥2.86

(4)
(4)

¥0.82
¥0.16

¥8,022
136

¥202,953
185,992

¥354,423
¥113,673

43,436,967
71,620,236

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 ................................................................................................
FY 2006 ................................................................................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program
FY 1992 ................................................................................................
FY 1993 ................................................................................................

53

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)

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

¥2.79
¥1.95
¥2.77
¥2.88
¥2.99
¥2.62
¥1.99
¥2.15
¥2.07
¥2.53
¥2.47
¥1.80
¥1.70

¥2.03
¥0.96
¥1.35
¥1.54
¥1.81
¥1.71
¥0.30
¥0.61
¥0.66
¥1.00
¥1.49
¥0.83
¥0.18

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

0.76
0.99
1.42
1.34
1.18
0.91
1.69
1.54
1.41
1.53
0.98
0.97
1.52

1,234
14,282
11,382
7,764
36,650
82,468
92,977
128,307
112,347
75,824
¥202,294
¥343,340
787,098

1,459,952
834,623
1,757,339
1,778,941
1,487,859
1,413,601
1,850,760
2,300,526
2,139,003
1,935,380
1,103,032
578,990
787,098

621,232
405,833
1,179,011
1,479,898
1,102,825
1,010,535
1,431,381
1,870,096
1,842,322
1,778,697
1,065,554
573,444
752,859

82,366,632
40,997,896
64,199,786
67,016,474
93,255,810
111,807,782
84,858,576
121,642,379
131,415,258
115,979,735
107,616,285
57,971,564
51,757,492

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 .....................................................................................................
FY 2006 .....................................................................................................

..........................
..........................
..........................
..........................
..........................
..........................
0.32
0.42
0.29
0.36
0.33
0.33
0.27
0.23
0.23

(5)
(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
90,285,552
81,694,246

6.73
11.69
12.73
18.73
12.53
13.00
13.00
7.54
7.54

4.26
5.97
2.70
4.76
7.18
13.91
2.12
5.43
10.43

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥2.47
¥5.72
¥10.03
¥13.97
¥5.35
0.91
¥10.88
¥2.11
2.89

26
¥40
¥302
¥79
¥406
251
¥177
¥1,953
¥2,370

¥2,318
¥2,406
¥7,550
¥6,862
¥1,022
487
¥2,141
¥993
2,020

¥1,210
¥1,401
¥5,536
¥4,859
¥825
122
¥1,852
¥988
1,559

48,990
24,501
55,190
34,785
15,428
13,447
17,019
46,810
53,928

FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

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

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)

6.73
6.00
6.91
6.13
6.76
4.75

6.72
0.51
¥0.52
¥361
235
¥4
17.17
0.29
10.88
4,054
7,119
5,924
13.91
0.37
6.63
¥471
4,683
3,972
14.33
¥0.02
8.22
6,897
6,897
6,166
(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................

44,247
53,034
56,745
75,193
42,749
47,744

Office of the Secretary:
Minority Business Resource Center
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

2.69
2.53
2.08
1.85

1.37
0.11
¥1.43
¥115
¥115
¥104
3.75
0.05
1.17
113
113
105
5
( ) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................

7,896
8,611
7,865
2,015

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
8.66
5.47
4.26
6.47
4.60
5.62
6.20
6.06

¥2.75
¥3.52
0.16
6.89
21.01
¥1.15
19.42
7.15
5.21
4.75
3.35
¥0.17

¥0.16
(4)
(4)
(4)
0.59
0.17
0.28
¥1.29
0.65
0.36
1.20
0.03

¥4.28
¥13.40
¥9.72
0.13
11.77
¥6.79
14.88
1.97
¥0.04
¥1.23
¥4.05
¥6.26

¥28
¥205
¥7,548
5,575
9,100
¥4,659
¥8,177
7,984
¥3,329
¥8,216
¥4,527
¥1,112

¥2,121
¥20,044
¥34,795
3,010
24,730
¥35,091
128,765
7,321
3,549
¥3,181
¥9,214
¥10,935

¥2,105
¥19,926
¥30,435
932
21,079
¥33,254
131,686
5,387
4,223
¥1,962
¥8,686
¥10,818

47,394
148,672
313,095
714,382
170,657
502,434
868,889
787,975
690,791
225,347
305,356
173,654

40.11
13.13
¥8.93

¥23.29
¥2.70
¥10.36

0.43
0.03
¥0.49

¥63.83
¥15.86
¥0.94

¥6,668
¥34,942
100

¥212,332
290,951
¥432

¥196,344
283,701
¥430

429,000
1,168,000
30,000

1.59
0.21
0.20 ..........................
¥0.14
¥0.02

¥0.81
¥2.13
¥1.48

¥26,778
¥41,924
¥52,445

¥189,916
¥812,314
¥794,585

¥117,249
¥737,535
¥658,955

26,473,457
44,040,055
44,630,046

FY
FY
FY
FY
FY
FY

2001
2002
2003
2004
2005
2006

.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
.....................................................................................................
Department of Transportation

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

2.19
2.33
1.36

55

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 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
FY 1998 .....................................................................................................
FY 1999 .....................................................................................................
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
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

1.18
1.56
0.74
0.49
0.45
0.68
0.29
0.39
0.81
0.50
¥0.32
¥0.32

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

¥0.27
¥0.21
¥0.23
0.16
¥0.53
¥0.30
¥0.33
0.01
¥0.47
¥0.03
¥0.77
¥0.05
¥0.20
0.01
¥0.28
0.05
0.13
0.19
¥0.09
¥0.05
¥0.43
0.03
¥0.52 ..........................

¥1.24
¥1.95
¥0.97
¥0.83
¥0.89
¥1.40
¥0.50
¥0.72
¥0.87
¥0.54
¥0.14
¥0.20

¥28,953
¥35,854
¥35,113
¥69,054
¥85,018
¥45,550
¥76,528
¥94,518
¥114,300
¥8,512
28,327
¥49,248

¥392,565
¥662,455
¥469,687
¥571,758
¥663,871
¥404,076
16,152
¥309,493
¥480,325
¥217,477
¥31,832
¥49,248

¥327,689
¥521,136
¥323,835
¥342,864
¥415,915
¥304,936
¥158,517
¥253,415
¥446,250
¥208,696
¥31,653
¥47,000

24,514,642
32,082,686
27,191,137
44,709,106
47,235,321
21,799,649
34,064,438
38,871,184
66,656,165
35,693,154
24,137,705
23,499,949

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

..........................
..........................
..........................
..........................
..........................
..........................
..........................
5.69
5.45
5.21
5.05
5.06
5.65

1.65
3.21
4.29
4.77
5.22
1.14
¥0.40
2.10
2.61
0.45
0.25
¥1.44
1.73

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
¥0.08
0.02
0.28
0.30
0.11

1.65
3.21
4.29
4.77
5.22
1.14
¥0.40
¥3.59
¥2.76
¥4.78
¥5.08
¥6.80
¥4.03

4,183
¥6,489
¥49,956
1,585
2,997
¥1,424
¥5,643
¥7,935
¥11,297
¥4,037
¥5,067
¥2,284
661

34,625
77,246
67,745
92,250
79,554
6,884
¥14,347
¥44,218
¥53,365
¥45,176
¥50,498
¥19,196
¥12,114

20,211
51,026
62,288
64,245
65,710
10,749
¥3,759
¥34,481
¥41,635
¥38,451
¥46,338
¥18,199
¥11,674

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

6.05
5.59
3.81
4.80
9.61

0.96
¥0.55
¥2.53
¥3.63
13.13

3.32
1.03
0.49
¥4.80
¥9.61

¥8.41
¥7.17
¥6.83
¥3.63
13.13

¥742
¥980
¥1,495
¥12
34

¥1,208
¥1,812
¥1,947
¥12
34

¥1,007
¥1,469
¥1,652
¥11
31

48,448
45,808
33,829
276
674

4.50
5.65
2.04
3.73
3.77
3.69

¥0.01
5.23
1.22
1.67
3.80
5.08

¥1.60
¥1.47
¥0.39
¥3.73
¥3.77
¥3.69

¥2.91
1.05
¥0.43
1.67
3.80
5.08

1,193
¥267
556
¥1,180
490
1,254

¥2,812
¥222
372
¥1,180
490
1,254

¥1,031
¥319
402
¥1,008
440
1,180

56,252
15,503
68,487
56,595
124,292
97,068

International Assistance Programs
Agency for International Development:
Micro and Small Enterprise Development Program
FY 2000 .....................................................................................................
FY 2001 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
Development Credit Authority (DCA):
DCA
FY 1999 ................................................................................................
FY 2000 ................................................................................................
FY 2001 ................................................................................................
FY 2002 ................................................................................................
FY 2003 ................................................................................................
FY 2004 ................................................................................................

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 2005 ................................................................................................
FY 2006 ................................................................................................
Urban and Environmental Credit Program
FY 1992 .....................................................................................................
FY 1993 .....................................................................................................
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................
FY 1997 .....................................................................................................
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 .....................................................................................................
FY 2006 .....................................................................................................
NIS — Guaranteed Loans
FY 1994 .....................................................................................................
FY 1995 .....................................................................................................
FY 1996 .....................................................................................................

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)

5.08
3.66

4.95
6.21

¥5.08
¥3.66

4.95
6.21

93
142

93
142

90
137

34,279
5,320

15.51
20.85
8.48
13.51
5.04
7.50
24.67
6.97

29.53
14.60
4.47
17.62
9.25
9.32
81.92
2.27

¥5.56
¥7.69
¥2.88
¥1.07
0.80
(4)
(4)
¥7.88

19.58
1.44
¥1.13
5.18
3.41
1.82
57.25
3.18

¥1,339
¥4,235
¥4,866
¥5,790
¥2,925
¥740
¥1
¥702

14,718
¥10,865
¥9,219
7,889
3,820
624
7,673
¥1,046

9,433
¥2,101
¥3,053
7,030
3,458
¥581
5,858
¥748

53,000
94,000
153,750
138,000
76,450
39,000
10,000
21,500

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

¥0.06
0.58
¥0.04
¥0.10
¥0.03
¥0.57
¥0.17
1.23
3.23

(4)
(4)
(4)
(4)
(4)
(4)
1.13
¥0.12
0.58

¥0.06
0.58
¥0.04
¥0.10
¥0.03
¥0.57
¥1.30
1.35
2.65

3,068
3,643
2,958
8,169
8,077
7,950
8,360
8,326
3,806

2,374
21,649
2,886
1,990
3,620
¥7,839
¥1,942
24,822
25,266

¥1,768
8,806
¥1,071
¥2,689
¥1,298
¥9,065
¥21,701
21,226
24,076

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

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

1.78

0.58

1.20

15,515

23,206

21,599

1,250,000

¥10.35
(4)
¥10.87
¥237
¥49,395
¥27,765
1.09
(4)
¥0.83
¥12,514
¥9,441
¥1,238
¥9.42
(4)
¥11.86
¥8,778
¥106,771
¥74,178
3.25
(4)
1.34
¥15,074
¥26,948
17,718
¥4.63
0.57
¥8.92
¥14,003
¥71,032
¥48,449
¥1.00
0.18
¥1.50
7,548
¥20,553
¥13,007
15.89
¥0.71
31.98
¥1,528
8,490
9,709
¥11.32
¥0.09
0.95
¥327
¥70,615
¥56,600
9.96
¥0.22
17.82
24,045
24,045
20,892
¥3.35
0.03
¥4.22
¥18,600
¥18,600
¥15,282
¥14.75
0.01
¥8.33
¥44,723
¥44,723
¥39,176
(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................
(5) .......................... .......................... .......................... .......................... ..........................

272,702
308,878
647,388
1,009,806
741,176
652,136
60,000
516,364
226,100
371,228
494,661
978,233
997,946
221,068

0.52
1.92
2.45
1.91
3.72
0.32
¥15.38
¥12.18
¥7.64
0.84
¥6.43
¥4.88
¥2.41
¥2.96
4.81
4.19
9.60

0.98
15.67
¥14.38

57

(4)
(4)
(4)

¥3.83
¥48,737
11.48
¥118,754
¥23.98 ..........................

¥27,842
32,470
¥5,167

¥15,084
24,796
¥3,597

393,842
215,994
15,000

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

Original
Subsidy Rate

4.93

Percentage
point change
due to technical
assumptions

(4)

¥16.61

¥1,708

¥24,589

¥19,268

116,000

2.49
0.53
1.87
0.22
0.58
0.04
2.38
0.23
0.99 ..........................
0.60
0.30
0.84
¥0.91
1.14
¥0.50
1.51
¥0.07
1.27
0.05
¥0.16
0.14
0.64 ..........................
0.36
¥0.17
¥0.01
¥0.06
¥0.08 ..........................

¥2.89
¥3.56
¥1.61
¥0.59
¥0.07
¥1.63
¥0.39
0.25
0.42
0.06
¥1.37
¥0.40
¥0.25
0.05
¥0.08

¥3,045
¥3,146
¥3,402
¥4,194
¥4,278
¥2,657
¥953
4,361
15,510
31,861
9,041
¥18,326
¥56,553
¥18,018
¥7,265

¥155,546
¥229,234
¥175,550
799
6,308
¥96,778
¥95,874
¥12,399
52,351
16,669
¥117,503
¥37,067
¥51,120
¥848
¥7,265

¥126,908
¥200,086
¥113,707
¥9,162
¥6,732
¥105,556
¥99,968
¥21,866
29,609
8,597
¥108,385
¥33,033
¥47,535
¥260
¥6,971

5,225,979
5,924,899
7,192,434
7,142,254
6,611,630
7,887,322
7,648,894
8,624,163
8,958,110
8,525,608
8,898,273
8,296,066
11,729,569
12,932,252
9,062,264

¥11.68

Current
reestimate
amount 2
($ thousands)

Net lifetime
reestimate
amount, excluding interest
($ thousands)

Percentage
point change
due to interest
rates

Current
Reestimated
Rate

Net lifetime
reestimate
amount 3
($ thousands)

Total
disbursements
to date
($ thousands)

Small Business Administration
General Business Loan Programs:
7(a) General Business 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 .....................................................................................................
FY 2006 .....................................................................................................
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 .....................................................................................................

4.85
5.21
2.15
2.74
1.06
1.93
2.14
1.39
1.16
1.16
1.07
1.04
0.78
..........................
..........................
4.86
3.15
3.47
3.36
2.08
1.83
1.87
1.73
1.51

1.00
9.23
0.90
6.00
9.31
6.21
21.24
¥2.48
1.30

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥3.86
6.08
¥2.57
2.64
7.23
4.38
19.37
¥4.21
¥0.21

*
¥53
¥73
236
56
¥264
194
¥8
¥2

¥91
2,377
¥1,207
1,130
3,741
826
595
¥48
¥*

¥47
1,267
¥696
712
2,524
590
472
¥42
¥*

1,220
21,115
27,309
27,296
35,028
13,508
2,470
1,002
150

1.67
1.04

0.74
0.46

(4)
(4)

¥0.93
¥0.58

580
¥6,609

¥16,925
¥8,630

¥14,840
¥7,811

1,637,035
1,378,541

27.30
28.88
29.92
27.85
28.93

¥2.17
29.13
30.11
29.13
30.04

(4)
(4)
(4)
(4)
(4)

¥29.47
0.25
0.19
1.28
1.11

¥387
¥784
¥*
¥*
¥*

¥10,086
64
55
647
15

¥3,612
49
25
299
8

12,290
11,030
13,240
23,320
700

5.95
5.58
1.60

5.93
1.24
1.50

(4)
(4)
(4)

¥0.02
¥4.34
¥0.10

¥1
¥250
¥13

¥17
¥3,349
¥75

¥7
¥1,481
¥35

28,070
34,301
36,626

58

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 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 .....................................................................................................
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................
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 .....................................................................................................

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)

1.50

0.39

(4)

¥1.11

25

¥827

¥410

36,985

0.49
0.54
0.51
0.57
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

3.28
1.66
5.83
3.78
2.05
¥2.13
¥1.46
¥0.90
¥0.52
¥0.78
¥2.33
¥2.95
¥2.92
¥2.36
¥1.90

..........................
..........................
1.68
2.40
¥0.01
¥0.07
¥1.35
0.30
0.05
0.06
0.06
0.06
..........................
..........................
..........................

2.79
1.12
3.64
0.81
2.06
¥2.06
¥0.11
¥1.20
¥0.57
¥0.84
¥2.39
¥3.01
¥2.92
¥2.36
¥1.90

54
¥1,941
¥807
195
¥4,977
¥3,824
¥5,751
¥8,690
¥6,715
¥2,609
¥10,162
¥15,011
¥24,934
¥49,936
¥30,319

9,819
¥6,772
82,239
37,537
29,454
¥24,225
¥17,360
¥13,787
¥11,245
¥19,019
¥53,847
¥83,428
¥95,054
¥79,680
¥30,319

15,773
7,901
64,145
38,082
39,522
¥25,771
¥21,590
¥13,521
¥8,178
¥15,263
¥47,178
¥78,602
¥89,570
¥76,165
¥29,088

562,596
723,343
1,135,379
1,314,744
2,076,042
1,203,911
1,464,717
1,596,437
1,492,097
1,910,784
2,056,876
2,650,043
3,132,714
3,322,741
1,594,035

0.57
1.01
0.72
1.29

¥1.02
¥167.29
¥155.13
¥2.85

(4)
(4)
(4)
(4)

¥1.59
¥168.30
¥155.85
¥4.14

¥5
¥7
¥3
4

¥244
¥4,976
¥12,378
¥104

¥132
¥2,906
¥8,226
¥72

8,463
1,727
5,278
1,725

11.95
8.21
8.15
7.97
8.32
7.95

5.36
1.01
4.50
6.46
1.67
0.49

(4)
(4)
(4)
(4)
(4)
(4)

¥6.59
¥7.20
¥3.65
¥1.51
¥6.65
¥7.46

¥8
¥13
¥10
¥2
¥5
¥9

¥189
¥296
¥206
¥39
¥111
¥186

¥104
¥178
¥133
¥27
¥76
¥149

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

21.21
14.69
¥1.16
¥16.16
¥25.93
¥18.52
4.99
5.89
¥0.42
¥2.35
2.31
1.26
¥0.88
¥0.32

0.19
0.07
¥0.46
0.41
¥0.02
¥0.01
¥2.89
¥2.36
(4)
(4)
..........................
..........................
..........................
..........................

6.73
¥0.78
¥16.95
¥31.22
¥41.37
¥21.70
5.94
6.87
¥0.42
¥2.35
2.31
1.26
¥0.88
¥0.32

¥1,296
¥3,510
6,483
2,446
¥1,491
¥15,378
¥55,149
¥1,950
¥12,140
¥7,649
¥9,317
¥2,369
¥8,778
¥2,251

10,718
2,328
¥29,324
¥58,154
¥75,715
¥50,385
10,810
15,232
25
¥9,729
9,892
4,356
¥3,762
¥732

4,115
¥497
¥17,772
¥32,180
¥44,372
¥29,292
14,146
12,905
¥418
¥9,060
8,800
4,201
¥3,331
¥675

60,060
63,350
100,000
104,430
108,570
138,725
382,035
292,750
296,155
391,360
371,840
349,930
404,140
229,280

59

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 2006 .....................................................................................................
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 .....................................................................................................
SBIC New Market Venture Capital
FY 2002 .....................................................................................................
FY 2003 .....................................................................................................
Secondary Market Guarantee
FY 2004 .....................................................................................................
FY 2005 .....................................................................................................
FY 2006 .....................................................................................................

Percentage
point change
due to technical
assumptions

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

¥0.24 ..........................

¥0.24

¥162

¥162

¥155

67,625

9.00
8.90
9.00
3.29
2.20
2.19
1.80
1.31
..........................
..........................
..........................

¥3.78
¥0.41
26.71
0.18
11.47
¥0.02
34.91
¥0.10
10.38
¥0.93
49.67
¥1.03
43.19
0.26
22.58
¥0.24
13.62
¥0.22
22.05 ..........................
22.71 ..........................

¥12.37
17.63
2.49
31.72
9.11
48.51
41.13
21.51
13.84
22.05
22.71

¥411
6,926
1,464
30,395
¥35,041
¥27,895
¥48,457
¥100,268
¥106,172
51,558
192,050

¥21,856
87,035
21,386
114,930
67,029
543,057
519,834
362,868
146,516
206,715
312,056

¥20,007
37,929
5,030
72,061
57,243
442,139
458,090
305,820
137,166
192,444
293,897

149,660
219,940
231,230
232,830
677,825
930,450
1,089,560
1,677,425
1,084,340
905,980
1,345,580

14.47
15.46

18.24
1.16
18.01 ..........................

2.61
2.55

136
264

380
588

338
541

9,560
22,070

(7)
..........................
..........................

0.58 ..........................
0.28 ..........................
¥0.33 ..........................

0.58
0.28
¥0.33

32,328
16,696
¥11,996

234,191
12,376
¥11,996

222,724
11,127
¥11,440

38,008,032
4,224,301
3,633,474

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

¥2.19
¥5.71
¥5.48
¥10.16
¥9.52
¥8.50
¥6.56
¥6.69
¥7.41
¥7.86
¥8.16
¥0.08
¥0.46

¥262,185
¥139,089
10,922
2,830
¥388,677
¥9,786
¥62,283
14,899
¥29,234
39,946
¥121,562
¥70,537
¥2,191

¥963,711
¥739,845
¥749,800
¥752,163
¥928,411
¥905,919
¥934,786
¥1,037,888
¥1,103,675
¥917,386
¥1,025,599
¥237,768
¥3,020

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
167

8,102,397
10,187,672
9,448,361
5,489,964
6,449,940
8,422,038
6,937,365
11,416,184
9,722,226
10,660,682
12,511,067
18,854,408
702,278

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)

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

4.54
3.13
3.92
6.83
6.57
6.52
7.79
5.95
6.77
6.99
5.87
¥0.55
1.26

2.35
¥2.58
¥1.56
¥3.34
¥2.96
¥1.98
1.23
¥0.73
¥0.64
¥0.87
¥2.29
¥0.63
0.80

* Nonzero amount rounds to zero, based on units for this column.
1 Reestimates for some programs did not appear in the 2008 Appendix because they were $500,000 or less. Information on all cohorts is provided in the electronic version of the Federal Credit Supplement at
www.budget.gov/budget/
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.

60

5
6
7

Reestimates have not yet been calculated.
Includes the SLS loan program, for which loans were last originated in 1994.
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.

61

Table 9.—DIRECT LOAN PROGRAM DISBURSEMENT RATES IN THE 2008 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
3

2
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 ...................................................................................................
Rural Community Advancement Program:
Community Facility Loans .................................................................................................................
Water and Waste Disposal Loans ....................................................................................................
Rural Utilities Service:
Broadband Treasury Loans ...................................................................................................................
Rural Electrification and Telephone Program:
Electrification:
Electric Hardship Loans ................................................................................................................
FFB 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 504 Housing Repair .............................................................................................................
Section 524 Site Development .........................................................................................................
Section 514 Farm Labor Housing .........................................................................................................
Rural Business — Cooperative Service:
Intermediary Relending Program ...........................................................................................................
Rural Economic Development Loans ....................................................................................................

88
6
6 ................ ................ ................
70
16
14 ................ ................ ................
91
6
3 ................ ................ ................
76
24 ................ ................ ................ ................
79
18
3 ................ ................ ................
41
59 ................ ................ ................ ................
100 ................ ................ ................ ................ ................
11
4

31
22

30
29

14
20

10

55

25

10 ................ ................ ................ ................ ................ ................

10
16

31
20

22
15

16
11

10
16

7
12

4 ................ ................ ................
10 ................ ................ ................

1
6
2

19
15
17

16
11
15

13
11
13

13
11
11

13
11
11

9
10
10

9
9
10

5
8
5

2
8
6

100 ................ ................ ................ ................ ................
92
8 ................ ................ ................ ................
88
12
* ................ ................ ................
12
64
23 ................ ................ ................
28
37
19
16 ................ ................

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

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

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

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

6
22

28
59

24
12

16
4

35

51

5

7

5
11

3
5

2 ................
2
2

10
16 ................ ................ ................ ................
3 ................ ................ ................ ................ ................

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

1

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

Family Housing:
Military Housing Improvement Fund ..................................................................................................... ................ ................ ................ ................ ................

100 ................ ................ ................ ................

Department of Defense

63

Table 9.—DIRECT LOAN PROGRAM DISBURSEMENT RATES IN THE 2008 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 Education
Federal Student Aid:
Ford Direct Loan Program:
Weighted Average of Total Obligations ............................................................................................
Subsidized Stafford ............................................................................................................................
Unsubsidized Stafford ........................................................................................................................
PLUS ..................................................................................................................................................
Consolidated ......................................................................................................................................

73
66
65
61
100

27
34
35
39
*

78
89

22
2

Department of Homeland Security
Federal Emergency Management Agency:
State Share Loans .................................................................................................................................
Community Disaster Loans ....................................................................................................................

* ................ ................ ................ ................ ................ ................ ................
8 ................ ................ ................ ................ ................ ................ ................

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

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

57

34

5

2

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

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

100 ................ ................ ................ ................ ................ ................ ................

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 ................ ................ ................ ................
87
13 ................ ................ ................
100 ................ ................ ................ ................

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

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

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

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

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

21

76

3 ................ ................ ................ ................ ................ ................ ................

67

33 ................ ................ ................ ................ ................ ................ ................ ................

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

64

Table 9.—DIRECT LOAN PROGRAM DISBURSEMENT RATES IN THE 2008 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:
Section 7(m) Microloans ........................................................................................................................

26

47

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

68

28

10

50

17

6

3

1

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

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

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

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

15 ................ ................ ................ ................ ................ ................

Table 10.—LOAN GUARANTEE PROGRAM DISBURSEMENT RATES IN THE 2008 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 ................ ................ ................ ................ ................ ................ ................ ................

83
83
83

15
15
15

2 ................ ................ ................ ................ ................ ................ ................
2 ................ ................ ................ ................ ................ ................ ................
2 ................ ................ ................ ................ ................ ................ ................

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

49
11
6

40
32
27

11 ................ ................ ................ ................ ................ ................ ................
31
13
8
2
2
1 ................ ................
41
14
8
4 ................ ................ ................ ................

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

75
79
4

25 ................ ................ ................ ................ ................ ................ ................ ................
21 ................ ................ ................ ................ ................ ................ ................ ................
15
18
20
14
14
8
4
3 ................

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

45

38

13

2

77
65
65
61
100

23
35
35
39
*

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

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

40

49

11 ................ ................ ................ ................ ................ ................ ................

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

11
4 ................ ................ ................ ................ ................ ................
25 ................ ................ ................ ................ ................ ................ ................
11
4 ................ ................ ................ ................ ................ ................

Housing Programs:
FHA General and Special Risk Insurance Fund:
Multifamily Development ....................................................................................................................
Section 221(d)(3) Cooperatives ........................................................................................................
Tax Credit New Construction ............................................................................................................

75
75
75

25 ................ ................ ................ ................ ................ ................ ................ ................
25 ................ ................ ................ ................ ................ ................ ................ ................
25 ................ ................ ................ ................ ................ ................ ................ ................

2 ................ ................ ................ ................ ................

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

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

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

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

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

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

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

Department of Energy
Energy Programs:
Title 17 Innovative Technology Loan Guarantees ................................................................................
Department of Housing and Urban Development

67

Table 10.—LOAN GUARANTEE PROGRAM DISBURSEMENT RATES IN THE 2008 BUDGET 1—Continued
Percentage of total disbursements made in year:
Agency, Bureau, Program and Risk Category
One

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 ............................................................................................
Title I Property Improvement ............................................................................................................
Title I Manufactured Housing ............................................................................................................
FHA Mutual Mortgage Insurance Fund:
Mutual Mortgage Insurance Program ...............................................................................................
Government National Mortgage Association:
Guarantees of Mortgage-Backed Securities .........................................................................................

75
75
75
75
75
75
75
75
75
100
100
100
100

Two

Three

Four

Five

Six

Seven

Eight

Nine

Ten and
Later

25
25
25
25
25
25
25
25
25
................
................
................
................

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

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

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

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

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

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

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

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

100 ................ ................ ................ ................ ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................

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

50
50

33
33

17 ................ ................ ................ ................ ................ ................ ................
17 ................ ................ ................ ................ ................ ................ ................

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

100 ................ ................ ................ ................ ................ ................ ................ ................ ................

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

20 ................

Federal Railroad Administration:
Railroad Rehabilitation and Improvement Financing Guaranteed Loans ............................................

57

34

20 ................
5

2

20 ................

20 ................

20 ................

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

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

100 ................ ................ ................ ................ ................ ................ ................ ................ ................

International Assistance Programs
Agency for International Development:
Development Credit Authority (DCA):
DCA ....................................................................................................................................................
DCA Line of Credit ............................................................................................................................
Loan Guarantees to Israel .....................................................................................................................
Overseas Private Investment Corporation:
OPIC Loan Guarantees .........................................................................................................................
OPIC Investment Funds ........................................................................................................................

56
14
14
17 ................ ................ ................ ................ ................ ................
16
26
26
32 ................ ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................
50
16

68

50 ................ ................ ................ ................ ................ ................ ................ ................
16
16
16
16
16
3
3 ................ ................

Table 10.—LOAN GUARANTEE PROGRAM DISBURSEMENT RATES IN THE 2008 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 ...............................................................................................................

65
32
2
*
*
*
*
*
*
*
27
52
17
3
1
*
*
*
* ................
24
38
19
12
7 ................ ................ ................ ................ ................
100 ................ ................ ................ ................ ................ ................ ................ ................ ................

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

100 ................ ................ ................ ................ ................ ................ ................ ................ ................
25
75 ................ ................ ................ ................ ................ ................ ................ ................

* 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.

69