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 2009 Earnings Presentation
14 slides from Federal National Mortgage Association's earnings presentation, May 8, 2009
Slide 1: Fannie Mae 2009 First Quarter Credit Supplement
Exhibit 99.2 Fannie Mae 2009 First Quarter Credit Supplement May 8, 2009
Slide 2: These materials present tables and other information about Fannie Mae, including information contained in
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, 2009, the “2009 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 2009 Q1 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 Fannie Mae
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 15% 11.4% 10.5% 10% 8.1% 7.4% 6.7% 5.7% 5% 2.7% 0% -5% -3.7% Forecast -10% -9.8% -7% to -12% -15% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 S&P/Case-Shiller Index 9.8% 7.7% 10.6% 10.7% 14.6% 14.7% -0.3% -8.7% - -18.2% Gr
Slide 5: Home Price Declines Peak-to-Current (by State) as of 2009 Q1
Home Price Declines Peak-to-Current (by State) as of 2009 Q1 Percentage of Fannie Mae’s Single-Family Conventional Mortgage Credit Book of Business United States -16.5% Mountain - -24.7% West North Central East North Central AK 9.2% -8.8% -15.8% New England - -4.1% 13.0% 0.2% WA 5.3% -15.4% - -15.3%
Slide 6: Credit Profile by Key Product Features
Fannie Mae Credit Profile by Key Product Features Credit Characteristics of Single-Family Conventional Mortgage Credit Book of Business Loans with Loans with FICO < 620 Negative- Interest- Loans Loans with Original and Original Jumbo Overall Amortizing Only with FICO FICO 620 LTV Ratio LTV Ratio > A
Slide 7: 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 Vintages Overall 2004 and As of March 31, 2009 2009 Q1 2008 2007 2006 2005 Book Earlier Unpaid Principal Balance (billions) * $2,760.7 $127.8
Slide 8: Single-Family Cumulative Default Rate
Single-Family Cumulative Default Rate Originations from 2000 through 2008 2.00% 2006 1.80% 1.60% 2000 Rate 1.40% 2000 2005 2001 1.20% 2002 2007 2001 Default 2004 2003 1.00% 2002 2004 0.80% 2005 Cumulative 0.60% 2003 2006 2007 0.40% 2008 0.20% 2008 0.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 9: Credit Profile by State
Fannie Mae Credit Profile by State Credit Characteristics of Single-Family Conventional Mortgage Credit Book of Business by State Overall As of March 31, 2009 AZ CA FL MI NV OH Book Unpaid Principal Balance (billions) * $2,760.7 $78.2 $448.7 $200.4 $79.4 $35.9 $73.8 Share of Single-Family Convention
Slide 10: Single-Family Serious Delinquency Rates by State and Region
Single-Family Serious Delinquency Rates by State and Region Serious Delinquency Rates by State March 31, 2008 June 30, 2008 September 30, 2008 December 31, 2008 March 31, 2009 Arizona 1.12% 1.51% 2.14% 3.41% 5.00% California 0.76% 1.05% 1.44% 2.30% 3.33% Florida 2.32% 3.21% 4.37% 6.14% 8.07% Michiga
Slide 11: Home Price Growth/Decline and REO in Selected States
Home Price Growth/Decline and Fannie Mae Real Estate Owned (REO) in Selected States REO Acquisitions (Number of Properties) REO REO 5-Year 1-Year HP Inventory Inventory Annualized Growth State as of as of HP Growth April 2008 to 2007 2008 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009Q1 March 31, March 31, Ma
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 Mortgage Credit Book of Business by Vintage Vintage As of March 31, 2009 Alt-A (1) 2008 2007 2006 2005 2004 and Earlier Unpaid principal balance (billions) * $283.5 $6.8 $73.3 $80.0 $53.4 $70.0 Shar
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 For 2005, 2006 and 2007 Cohorts Fannie Mae Alt-A Private-Label Alt-A Outstanding Alt-A l
Slide 14: Multifamily Credit Profile
Fannie Mae Multifamily Credit Profile Multifamily Guaranty Book of Business As of March 31, 2009 Unpaid Principal Balance Share of Multifamily % Seriously Delinquent (3) (billions) Guaranty Book of Business Multifamily Guaranty Book of Business (1) (2) $172.57 100% 0.34% By Acquisition Year: 2009 $1