Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Federal National Mortgage Association Fannie MAE — FY2008 Earnings Presentation
15 slides from Federal National Mortgage Association's earnings presentation, Feb 27, 2009
Slide 1: Fannie Mae 2008 Credit Supplement
February 26, 2009 Fannie Mae 2008 Credit Supplement
Slide 2: Basis of presentation and forward-looking statements
These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae's Annual Report on Form 10-K for the year ended December 31, 2008, the "2008 Form 10-K." Some of the terms used in these materials are defined and discussed more fully in the 2008 For
Slide 3: Table of Contents
FR FannieMae Table of Contents Slide Home Price Growth/Decline Rates in the U.S, 3 Home Price Declines Peak-to-Current (by State) a8 of 2008 4 4 Fannie Mae Credit Profile by Key Product Features 5 Fannie Mae Credit Profile by Vintage and Key Product Features 6 Single-Family Cumulative Default Rate 7
Slide 4: Home Price Growth/Decline Rates in the U.S.
Home Price Growth/Decline Rates in the U.S. We expect 2009 home price declines to be in the 7% to 12% range, based upon the Fannie Mae Home Price Index. This 7% to 12% range is comparable to a 12% to 18% range using the S&P/Case-Shiller index method. We expect peak-to-trough declines in home prices
Slide 5: Home Price Declines Peak-to-Current (by State) as of 2008 Q4
Note: Regional home price growth percentages are a housing stock unit-weighted average of home price growth percentages of states within each region. Source: Fannie Mae. Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of De
Slide 6: Fannie Mae Credit Profile by Key Product Features
Fannie Mae Credit Profile by Key Product Features Note: Categories are not mutually exclusive; numbers are not additive across columns. FICO scores reflected in the table are those provided by the Sellers of the mortgage loans at time of delivery. Credit Characteristics of Single-Family Conventional
Slide 7: Fannie Mae Credit Profile by Vintage and Key Product Features
Fannie Mae Credit Profile by Vintage and Key Product Features Credit Characteristics of Single-Family Conventional Mortgage Credit Book of Business by Vintage * Excludes non-Fannie Mae securities held in portfolio and Alt-A and subprime wraps, for which Fannie Mae does not have loan-level informatio
Slide 8: Single-Family Cumulative Default Rate
Data as of December 31, 2008 is not necessarily indicative of the ultimate performance and are likely to change, perhaps materially, in future periods. Note: Cumulative default rates include loans that have been liquidated other than through voluntary pay-off or repurchase by lenders and include loa
Slide 9: Fannie Mae Credit Profile by State
Fannie Mae Credit Profile by State Credit Characteristics of Single-Family Conventional Mortgage Credit Book of Business by State * Excludes non-Fannie Mae securities held in portfolio and Alt-A and subprime wraps, for which Fannie Mae does not have loan-level information. Fannie Mae has access to d
Slide 10: Single-Family Serious Delinquency Rates by State and Region
Single-Family Serious Delinquency Rates by State and Region
Slide 11: Home Price Growth/Decline and Fannie Mae Single-Family REO in Selected States
Home Price Growth/Decline and Fannie Mae Single-Family Real Estate Owned (REO) in Selected States On a national basis, REO net sales prices compared with unpaid principal balances of mortgage loans have decreased as follows, driving increases in loss severities: 93% in 2005 89% in 2006 78% in 2007 7
Slide 12: Fannie Mae Alt-A Credit Profile by Key Product Features
Fannie Mae Alt-A Credit Profile by Key Product Features Credit Characteristics of Alt-A Loans in Single-Family Mortgage Credit Book of Business by Vintage * Excludes non-Fannie Mae securities held in portfolio and Alt-A and subprime wraps, for which Fannie Mae does not have loan-level information. F
Slide 13: Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities
Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities Private-label securities data source are from First American CoreLogic, LoanPerformance data, which estimates it captures 97 percent of Alt-A private- label securities. The private-label securities data include some loans
Slide 14: Workouts by Type
Workouts by Type Modifications: involve changes to the original mortgage terms, that may include a change to the product type, interest rate, amortization term, maturity date and/or unpaid principal balance. Includes modifications of conventional and government (FHA/VA) loans. HomeSaver AdvanceTM: a
Slide 15: Loan Modifications by Type
PR Fanni Loan Modifications by Type Modification Types (Percent of Modified Loans) 100% 20% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2008 a1 2008 02 2008 03 2008 04 Term Extension 1m Term Extension and Rate Reduction 1 Capitaization of Missed Payments Gi Rate Reduction ARMto Fixed Rate Change 44
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