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 2010 Earnings Presentation
18 slides from Federal National Mortgage Association's earnings presentation, May 10, 2010
Slide 1: 2010 First Quarter Credit Supplement
Fannie Mae 2010 First Quarter Credit Supplement May 10, 2010
Slide 2: Forward-looking statements and basis of presentation
These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, the “2010 Q1 Form 10-Q.” Some of the terms used in these materials are defined and discussed more fully in the 20
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 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. Fannie Mae Home Price Index S&P/Case-Shiller Index 9.8% 7.7% 10.6% 10.7% 14.6% 14.7% -0.3% -8.5% — 18.3% -2.5% Growth rates are from period-end to period-end. * Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed d
Slide 5: Home Price Declines Peak-to-Current (by State) as of 2010 Q1
Home Price Declines Peak-to-Current (by State) as of 2010 Q1 — Top %: State/Region Home Price Decline Rate % from applicable peak in that state through March 31, 2010 -Bottom %: % of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of March 31, 2010 Note
Slide 6: Acquisition Profile by Key Product Features
Fannie Mae Acquisition Profile by Key Product Features Credit Characteristics of Single-Family Business Volume (1) Acquisition Year 2010 Q1 2009 2008 2007 2006 Unpaid Principal Balance (billions) $116.0 $684.7 $557.2 $643.8 $515.8 Weighted Average Origination Note Rate 4.89% 4.93% 6.00% 6.51% 6.45%
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 Categories Not Mutually Exclusive (1) Loans with Loans with Negative Loans with Loans with Sub-total of Interest Original FICO 620 and Overall As of March 31, 2010 Amortiz
Slide 8: Single-Family Cumulative Default Rates
Fannie Mae Single-Family Cumulative Default Rates Cumulative Default Rates of Single-Family Conventional Guaranty Book of Business by Origination Year Time Since Beginning of Origination Year Note: Defaults include loan liquidations other than through voluntary pay-off or repurchase by lenders and i
Slide 9: Credit Profile by State
Fannie Mae Credit Profile by State Credit Characteristics of Single-Family Conventional Guaranty Book of Business by State Select Overall As of March 31, 2010 AZ CA FL NV Midwest Book (5) States Unpaid Principal Balance (billions) (1) $2,797.6 $74.8 $492.3 $192.7 $34.2 $302.0 Share of Single-Family
Slide 10: Single-Family Serious Delinquency Rates by State and Region
Fannie Mae Single-Family Serious Delinquency Rates by State and Region (1) State March 31, 2010 December 31, 2009 September 30, 2009 June 30, 2009 March 31, 2009 Arizona 8.76% 8.80% 7.87% 6.54% 5.00% California 5.72% 5.73% 5.06% 4.23% 3.33% Florida 13.27% 12.82% 11.31% 9.71% 8.07% Nevada 13.95% 13.0
Slide 11: Home Price Growth/Decline and Fannie Mae REO in Selected States
Home Price Growth/Decline and Fannie Mae Real Estate Owned (REO) in Selected States REO Acquisitions (Number of Properties) 5-Year REO REO Annualized 1-Year HP Inventory Inventory HP Growth Growth State as of as of April 2005 April 2009 to 2010 Q1 2009 2008 2007 March 31, March 31, to March March 20
Slide 12: 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 Origination Year (2) (1) 2004 and As of March 31, 2010 Alt-A 2008 2007 2006 2005 Earlier Unpaid principal balance (billions) (3) $238.3 $6.
Slide 13: Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities
Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities Fannie Mae Alt-A Versus Private-Label Security Conforming Alt-A Cumulative Default Rates For Fannie Mae Alt-A And Private-Label Alt-A Fannie Mae Alt-A Private-Label Alt-A For 2005, 2006 and 2007 Cohorts (2)(3) Outstanding
Slide 14: 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 Administratio
Slide 15: Home Affordable Modification Program (HAMP)
Home Affordable Modification Program (HAMP) Fannie Mae Loans Under HAMP As of March 31, 2010 reporting period Active HAMP Trials Permanent HAMP Modification Total 296,295 79,658 Modification Structure Rate Reduction 100% 100% Term Extension 45% 43% Forbearance 22% 22% Median Monthly Principal and In
Slide 16: Modifications of Single-Family Delinquent Loans
Fannie Mae Modifications of Single-Family Delinquent Loans Change in Monthly Principal and Interest Payment Re-performance Rates of Modified of Modified Single Family Loans (1)(2) Single Family Loans (1)(3) % Current and Performing Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 3 Months post modification 5
Slide 17: Multifamily Credit Profile by Loan Attributes
Fannie Mae Multifamily Credit Profile by Loan Attributes % of Multifamily Unpaid Principal % Seriously % of 2010 Q1 Guaranty Book of Balance (Billions) Delinquent (3) Credit Losses As of March 31, 2010 (5) Business Total Multifamily Guaranty Book of Business (1) (2) $183.5 100% 0.79% 100% Originatin
Slide 18: Multifamily Credit Profile by Acquisition Year
Fannie Mae Multifamily Credit Profile by Acquisition Year Multifamily SDQ Rate by Acquisition Year Cumulative Defaults by Acquisition Year Unpaid Principal Balance % of Multifamily Guaranty % Seriously % of 2010 As of March 31, 2010 (5) (Billions) Book of Business Delinquent (3) Credit Losses Total