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) — Q3 2011 Earnings Presentation
21 slides from Federal National Mortgage Association's earnings presentation, Nov 8, 2011
Slide 1: Fannie Mae 2011 Third-Quarter Credit Supplement
November 8, 2011 Fannie Mae 2011 Third-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 September 30, 2011, the "2011 Q3 Form 10-Q." Some of the terms used in these materials are defined and discussed more fully in the 2011 Q3 Form
Slide 3: Table of Contents
Table of Contents Slide Home Price Growth/Decline Rates in the U.S. 3 Home Price Change Peak-to-Current as of 2011 Q3 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 Product Features
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 by number of properties, whereas the S&P/Case-Shiller index weights expectations based on property value, causing home price declines on
Slide 5: Home Price Change Peak-to-Current as of 2011 Q3
Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state/region through September 30, 2011. Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of September 30, 2011. Note: Regional home price decline pe
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: 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 10: 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 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
Slide 12: Single-Family Completed Workouts by Type
Fannie Mae Single-Family 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 u
Slide 13: 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 14: Single-Family Loan Modifications by Monthly Payment Change and Type
Fannie Mae Single-Family Loan Modifications by Monthly Payment Change and Type 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 curren
Slide 15: Performance of Fannie Mae Modified Loans
Performance of Fannie Mae Modified Loans Re-performance Rates of Modified Single-Family Loans(1) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into fixed rate mortgages and were current at the time of modification. Modifications include permanent modifi
Slide 16: Fannie Mae 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 17: Single-Family Real Estate Owned (REO) in Selected States
Select Midwest states are Illinois, Indiana, Michigan, and Ohio. Fannie Mae Single-Family Real Estate Owned (REO) in Selected States
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
Fannie Mae Multifamily Credit Profile 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 included in each re
Slide 21: Multifamily 2011 YTD Credit Losses by State
Fannie Mae Multifamily 2011 YTD Credit Losses by State ($ Millions) Numbers: Represent 2011 YTD credit losses for each state which total $298M(2) as of September 30, 2011. States with no numbers had less than $1 million in credit losses in YTD 2011. Shading: Represent Unpaid Principal Balance (UPB)