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) — Q1 2011 Earnings Presentation
20 slides from Federal National Mortgage Association's earnings presentation, May 6, 2011
Slide 1: Fannie Mae 2011 First-Quarter Credit Supplement
May 6, 2011 Fannie Mae 2011 First-Quarter Credit Supplement
Slide 2: This presentation includes information about Fannie Mae, including information contained in Fannie Mae's Quarterly
This presentation includes information about Fannie Mae, including information contained in Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, the "2011 Q1 Form 10-Q." Some of the terms used in these materials are defined and discussed more fully in the 2011 Q1 Form 10-
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 2011 Q1 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 the S&P/Case-Shiller index weights expectations of home price declines bas
Slide 5: Home Price Change Peak-to-Current as of 2011 Q1
Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through March 31, 2011 Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of March 31, 2011 Note: Regional home price decline percentages are a h
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 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 multiple
Slide 8: Credit Profile by Origination Year and Key Product Features
Fannie Mae Credit Profile by Origination Year and Key Product Features Credit Characteristics of Single-Family Conventional Guaranty Book of Business by Origination Year Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan-le
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 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 detai
Slide 11: Single-Family Serious Delinquency Rates by State and Region
Fannie Mae Single-Family Serious Delinquency Rates by State and Region (1) Calculated based on the number of loans in Fannie Mae's single-family conventional guaranty book of business within each specified category. Select Midwest states are Illinois, Indiana, Michigan and Ohio. For information on w
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 Based on Fannie Mae Home Price Index. Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of March 2011, supplemented by preliminary data avail
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 "Alt-A mortgage loan" generally refers to a mortgage loan that can be underwritten with reduced or alternative documentation than that requ
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 Data as of February 2011 are not necessarily indicative of the ultimate performance of the loans and performance is likely to change, perhaps materially, in future periods. Note: Private-label securities data source: CoreL
Slide 15: Completed Workouts by Type
Fannie Mae Completed 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 Admin
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) Re-performance Rates of Modified Single-Family Loans(1) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into
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 State
Example: UPB in New York is greater than $10B and 2011 Q1 Credit Losses were $1M Portfolio UPB(1) Concentration by State as of 03/31/2011 Fannie Mae Multifamily Credit Profile by State Numbers: Represent 2011 Q1 credit losses for each state which total $82M as of March 31, 2011. States with no numbe