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) — FY2024 Earnings Presentation
30 slides from Federal National Mortgage Association's earnings presentation, Feb 14, 2025
Slide 1: Financial Supplement Q4 and Full Year 2024
© 2025 Fannie Mae DRAFT Financial Supplement Q4 and Full Year 2024 February 14, 2025 EXHIBIT 99.2
Slide 2: 2© ▪ Some of the terms and other information in this presentation are defined
2024 Financial Supplement 2© 2025 Fannie Mae DRAFT ▪ Some of the terms and other information in this presentation are defined and discussed more fully in Fannie Mae's Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"). This presentation should be reviewed together with the 2024 Form 1
Slide 3: Table of Contents
2024 Financial Supplement 3© 2025 Fannie Mae DRAFT Table of Contents Overview 5 - 12 Single-Family Business 14 - 19 Multifamily Business 21 - 24 Endnotes 26 - 30
Slide 4: Overview
© 2025 Fannie Mae DRAFT Overview
Slide 5: Corporate Highlights
2024 Financial Supplement 5© 2025 Fannie Mae DRAFTCorporate Highlights (Dollars in millions) 2024 2023 Variance Q4 2024 Q3 2024 Variance Net interest income $28,748 $28,773 $(25) $7,182 $7,275 $(93) Fee and other income 321 275 46 115 66 49 Net revenues 29,069 29,048 21 7,297 7,341 (44) Benefit (pro
Slide 6: Selected Financial Data
2024 Financial Supplement 6© 2025 Fannie Mae DRAFTSelected Financial Data Selected Financial Data (Dollars in millions) As of December 31, 2024 2023 2022 2021 2020 Cash and cash equivalents $ 38,853 $ 35,817 $ 57,987 $ 42,448 $ 38,337 Securities purchased under agreements to resell 15,975 30,700 14,
Slide 7: Key Market Economic Indicators
2024 Financial Supplement 7© 2025 Fannie Mae DRAFT State Growth Rate: 0.00% to 2.49% 2.50% to 4.99% 5.00% to 7.49% >7.50% 30-year FRM rate(5) 30-year Fannie Mae MBS par coupon rate 10-year Treasury Rate R at e (a s of p er io d en d) 6.7% 3.9% 3.5% 3.8% 4.1% (1.0)% 5.7% 1.3% 3.2% 2.5% 2020 2021 2022
Slide 8: Guaranty Book of Business Highlights
2024 Financial Supplement 8© 2025 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) $3,585 $3,896 $4,076 $4,107 $4,117 $384 $413 $441 $470 $500 $3,201 $3,483 $3,635 $3,637 $3,617 2020 2021 2022 2023 2024 $0 $1,000 $2,000 $3,000 $4,000 Guaranty Book of Business Highlights Outstanding Guaranty Book o
Slide 9: Interest Income and Liquidity Management
2024 Financial Supplement 9© 2025 Fannie Mae DRAFTInterest Income and Liquidity Management Components of Net Interest Income Retained Mortgage Portfolio(14) Outstanding Debt of Fannie Mae(15) Corporate Liquidity Portfolio (D ol la rs in b illi on s) $24.9 $29.6 $29.4 $28.8 $28.7 $11.2 $14.2 $16.1 $1
Slide 10: Regulatory Capital Rule and Illustrative Return on Required CET1
2024 Financial Supplement 10© 2025 Fannie Mae DRAFTRegulatory Capital Rule and Illustrative Return on Required CET1 Total Risk-Based Regulatory Capital Ratio(17) Leverage Capital Ratio(17) Illustrative Return on Average Required CET1 13.9% 14.6% 10.4% 11.1% 1.5% 1.5% 2.0% 2.0% CET1 Additional Tier 1
Slide 11: Common Equity Tier 1 (CET1) Capital Requirement
2024 Financial Supplement 11© 2025 Fannie Mae DRAFTCommon Equity Tier 1 (CET1) Capital Requirement CET1 Capital Requirement (Including Buffers)(21) Fannie Mae CET1 Capital Overview • Our CET1 capital requirement (including buffers) is 10.4% of our risk-weighted assets, equivalent to $142 billion. •
Slide 12: Net Worth and Regulatory Capital Deficit
2024 Financial Supplement 12© 2025 Fannie Mae DRAFTNet Worth and Regulatory Capital Deficit Growth in Net Worth(22) Progress Towards Regulatory Capital Requirements (D ol la rs in b illi on s) $105 $109 $(74) $(37) +$37B (D ol la rs in b illi on s) $13.5 $81.2 $94.7 Net Worth 1/1/2020 Cumulative Net
Slide 13: Single-Family Business
© 2025 Fannie Mae DRAFT Single-Family Business
Slide 14: Single-Family Highlights
2024 Financial Supplement 14© 2025 Fannie Mae DRAFT Fannie Mae 27% Freddie Mac 28% Ginnie Mae 37% Private-label securities 8% U P B (D ol la rs in b illi on s) $3,638 $3,631 $3,625 $3,626 $3,622 47.2 47.4 47.6 47.7 47.9 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $0 $1,000 $2,000 $3,000 $4,000 0 10 20 3
Slide 15: Credit Characteristics of Single-Family Conventional Loan Acquisitions
2024 Financial Supplement 15© 2025 Fannie Mae DRAFT S ha re o f A cq ui si tio ns 30% 33% 62% 86% 83% 51% 43% 13% 4% 8% 19% 24% 25% 10% 9% 2020 2021 2022 2023 2024 0% 25% 50% 75% 100% W ei gh te d- Av er ag e FI C O C re di t S co re FIC O C redit S core < 680 760 756 747 755 758 4.0% 6.0% 8.0% 6.0%
Slide 16: Single-Family Guaranty Book Credit Characteristics
2024 Financial Supplement 16© 2025 Fannie Mae DRAFT S er io us D el in qu en cy R at e (% ) 2.87% 1.25% 0.65% 0.55% 0.56% 2020 2021 2022 2023 2024 0% 1% 2% 3% Certain Credit Characteristics of Single-Family Conventional Guaranty Book of Business by Origination Year and Loan Features(8)(31) As of Dec
Slide 17: Single-Family Credit Risk Transfer
2024 Financial Supplement 17© 2025 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) $86 $82 $67 $63 $213 $121 $66 $206 $290 $58 $142 $322 $187 $120 $45 $73 $57 $338 $445 $182 $205 $535 $308 $186 2018 2019 2020 2021 2022 2023 2024 $0 $200 $400 $600 Single-Family Credit Risk Transfer U P B (D ol la
Slide 18: Single-Family Problem Loan Statistics
2024 Financial Supplement 18© 2025 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) N um ber of Loan W orkouts $5.3 $8.4 $16.6 $7.3 $9.5 $56.0 $62.1 $18.4 $11.2 $11.4 299.2K 342.7K 167.3K 85.0K 91.8K 2020 2021 2022 2023 2024 $0 $20 $40 $60 $80 $100 0K 50K 100K 150K 200K 250K 300K R E O E nd in g I
Slide 19: Single-Family Cumulative Default Rates
2024 Financial Supplement 19© 2025 Fannie Mae DRAFT Time Since Beginning of Origination Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr 15 Yr 16 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% Single-Family Cumulative
Slide 20: Multifamily Business
© 2025 Fannie Mae DRAFT Multifamily Business
Slide 21: Multifamily Highlights
2024 Financial Supplement 21© 2025 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) $470.4 $476.9 $480.1 $485.6 $499.7 76.1 75.8 75.5 75.1 74.4 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $0 $150 $300 $450 0 25 50 75 U P B (D ol la rs in b illi on s) $11.2 $10.1 $9.3 $13.2 $22.5 Q4 2023 Q1 2024 Q2 202
Slide 22: Credit Characteristics of Multifamily Loan Acquisitions
2024 Financial Supplement 22© 2025 Fannie Mae DRAFT S ha re o f A cq ui si tio ns 93% 89% 78% 99% 100% 7% 11% 22% 2020 2021 2022 2023 2024 0% 20% 40% 60% 80% 100% Credit Characteristics of Multifamily Loan Acquisitions Certain Credit Characteristics of Multifamily Loans by Acquisition Period Categor
Slide 23: Multifamily Guaranty Book Credit Characteristics
2024 Financial Supplement 23© 2025 Fannie Mae DRAFT Certain Credit Characteristics of Multifamily Guaranty Book of Business by Acquisition Year, Asset Class, or Targeted Affordable Segment(9) As of December 31, 2024 Acquisition Year Asset Class or Targeted Affordable Segment Categories are not mutua
Slide 24: Multifamily Problem Loan Statistics
2024 Financial Supplement 24© 2025 Fannie Mae DRAFT S er io us D el in qu en cy R at e P ercent C riticized 0.63% 0.71% 0.59% 0.24% 0.10% 0.05% 0.07% 0.05% 0.11% 0.06% 0.04% 0.98% 0.42% 0.24% 0.46% 0.57% 30% 27% 23% 12% 5% 4% 3% 2% 2% 3% 2% 3% 5% 6% 7% 7% 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 25: Endnotes
© 2025 Fannie Mae DRAFT Endnotes
Slide 26: Endnotes
2024 Financial Supplement 26© 2025 Fannie Mae DRAFT Endnotes (1) Consists of (1) salaries and employee benefits, and (2) professional services, technology and occupancy expenses. (2) Single-family credit enhancement expense consists of costs associated with the company's freestanding credit enhancem
Slide 27: Endnotes
2024 Financial Supplement 27© 2025 Fannie Mae DRAFT Endnotes (14) Retained mortgage portfolio refers to the mortgage-related assets the company owns (excluding the portion of assets that back mortgage-related securities owned by third parties). We classify our retained mortgage portfolio into three
Slide 28: Endnotes
2024 Financial Supplement 28© 2025 Fannie Mae DRAFT Endnotes (27) Represents, on an annualized basis, the sum of the base guaranty fees charged during the period for the company's single-family conventional guaranty arrangements plus the recognition of any upfront cash payments relating to these gua
Slide 29: Endnotes
2024 Financial Supplement 29© 2025 Fannie Mae DRAFT Endnotes (40) This chart does not include loans in an active forbearance arrangement, trial modifications, and repayment plans that have been initiated but not completed. There were approximately 19,300 loans in a trial modification period that was
Slide 30: Endnotes
2024 Financial Supplement 30© 2025 Fannie Mae DRAFT Endnotes (53) Consists of the company's allowance for loan losses, allowance for accrued interest receivable and reserve for guaranty losses. (54) Calculated based on single-family conventional guaranty book of business. (55) Our multifamily credit