Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Federal National Mortgage Association Fannie MAE (Fnma, Fnmag, Fnmah, Fnmai, Fnmaj, Fnmak, Fnmal, Fnmam, Fnman, Fnmao, Fnmas, Fnmat, Fnmfm, Fnmfn) — FY2010 Earnings Presentation
21 slides from Federal National Mortgage Association's earnings presentation, Feb 25, 2011
Slide 1: Fannie Mae 2010 Credit Supplement
February 24, 2011 Fannie Mae 2010 Credit Supplement
Slide 2: This presentation includes information about Fannie Mae, including information contained in Fannie Mae's Annual
This presentation includes information about Fannie Mae, including information contained in Fannie Mae's Annual Report on Form 10-K for the year ended December 31, 2010, the "2010 Form 10-K." Some of the terms used in these materials are defined and discussed more fully in the 2010 Form 10-K. These
Slide 3: Table of Contents
Table of Contents Slide Home Price Growth/Decline Rates in the U.S. 3 Home Price Declines Peak-to-Current (by State) as of 2010 Q4 4 Fannie Mae Acquisition Profile by Key Product Features 5 Fannie Mae Credit Profile by Key Product Features 6 Fannie Mae Credit Profile by Origination Year and Key Prod
Slide 4: Home Price Growth/Decline Rates in the U.S.
Home Price Growth/Decline Rates in the U.S. Note: Our estimates differ from the S&P/Case-Shiller index in two principal ways: (1) our estimates weight expectations for each individual property by number of properties, whereas we believe the S&P/Case-Shiller index weights expectations of home price d
Slide 5: Home Price Declines Peak-to-Current (by State) as of 2010 Q4
Home Price Declines Peak-to-Current (by State) as of 2010 Q4* Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through December 31, 2010 Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of Dec
Slide 6: Acquisition Profile by Key Product Features
Fannie Mae Acquisition Profile by Key Product Features Credit Characteristics of Single-Family Business Volume (1) Percentage calculated based on unpaid principal balance of loans at time of acquisition. Single-family business volume refers to both single-family mortgage loans we purchased for our m
Slide 7: Credit Profile by Key Product Features
Fannie Mae Credit Profile by Key Product Features Credit Characteristics of Single-Family Conventional Guaranty Book of Business (1) Loans with multiple product features are included in all applicable categories. The subtotal is calculated by counting a loan only once even if it is included in multi
Slide 8: Credit Profile by Origination Year and Key Product Features
Fannie Mae Credit Profile by Origination Year and Key Product Features (1) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan-level information. Fannie Mae had access to detailed loan-level information for over 99% of its s
Slide 9: Single-Family Cumulative Default Rates
Note: Defaults include loan liquidations other than through voluntary pay-off or repurchase by lenders and include loan foreclosures, preforeclosure sales, sales to third parties and deeds in lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the
Slide 10: Credit Profile by State
Fannie Mae Credit Profile by State Credit Characteristics of Single-Family Conventional Guaranty Book of Business by State (1) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan-level information. Fannie Mae had access to d
Slide 11: Single-Family Serious Delinquency Rates by State and Region
Fannie Mae Single-Family Serious Delinquency Rates by State and Region (1) (1) Calculated based on the number of loans in Fannie Mae's single-family conventional guaranty book of business within each specified category. (2) Select Midwest states are Illinois, Indiana, Michigan and Ohio. (3) For info
Slide 12: Home Price Growth/Decline and REO in Selected States
Home Price Growth/Decline and Fannie Mae Real Estate Owned (REO) in Selected States (1) Based on Fannie Mae Home Price Index. Estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of January 2011. Including subsequently available data ma
Slide 13: Alt-A Credit Profile by Key Product Features
Fannie Mae Alt-A Credit Profile by Key Product Features Credit Characteristics of Alt-A Single-Family Conventional Guaranty Book of Business by Origination Year (1) "Alt-A mortgage loan" generally refers to a mortgage loan that can be underwritten with reduced or alternative documentation than that
Slide 14: Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities
Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities Includes first liens and any subordinate liens present at origination. The Cumulative Default Rate is based upon the number of months between the loan origination month/year and default month/year. (3) Due to low amount of
Slide 15: Workouts by Type
Fannie Mae Workouts by Type Modifications involve changes to the original mortgage loan terms, which may include a change to the product type, interest rate, amortization term, maturity date and/or unpaid principal balance. Modifications include completed modifications made under the Administration'
Slide 16: Home Affordable Modification Program (HAMP)
Provides immediate payment relief to borrowers who are delinquent or in imminent risk of payment default. We require servicers to first evaluate all Fannie Mae problem loans for HAMP eligibility. If a borrower is not eligible for HAMP, our servicers are required to exhaust all other workout alternat
Slide 17: Modifications of Single-Family Delinquent Loans
Fannie Mae Modifications of Single-Family Delinquent Loans Change in Monthly Principal and Interest Payment of Modified Single-Family Loans(1)(2) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into fixed rate mortgages and were current at the time of mod
Slide 18: Multifamily Credit Profile by Loan Attributes
Fannie Mae Multifamily Credit Profile by Loan Attributes Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral. We classify multifamily loans as seriously delinquent when payment is 60 days or more past due. Weighted Average Original loan-to-va
Slide 19: Multifamily Credit Profile by Acquisition Year
Fannie Mae Multifamily Credit Profile by Acquisition Year Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral. We classify multifamily loans as seriously delinquent when payment is 60 days or more past due. Cumulative Defaults by Acquisition
Slide 20: Multifamily Credit Profile by Region and State
Fannie Mae Multifamily Credit Profile by Region and State Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral. We classify multifamily loans as seriously delinquent when payment is 60 days or more past due. For information on which states are
Slide 21: Multifamily Credit Profile by State
Fannie Mae Multifamily Credit Profile by State UPB as of 12/31/2010 Example: UPB in New York is greater than $10B and 2010 Credit Losses were $4M Numbers: Represent 2010 Credit Losses for each state. States with no numbers had less than $1 million in credit losses in 2010 Shading: Represent Unpaid P