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 2009 Earnings Presentation
17 slides from Federal National Mortgage Association's earnings presentation, Nov 5, 2009
Slide 1: Fannie Mae 2009 Third Quarter Credit Supplement
Exhibit 99.2 Fannie Mae 2009 Third Quarter Credit Supplement November 5, 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 September 30, 2009, the “2009 Q3 Form 10-Q.” Some of the terms used in these materials are defined and discussed more fully in th
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 Q3 4 Fannie Mae Credit Profile by Key Product Features 5 Fannie Mae Credit Profile by Vintage and Key Product Features 6 Fannie Mae 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 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% — 18.4% Growth rates are from period-end to period-end. 2009 rate represents forecast. · We expect 2009 home price declines to be up to 6% based upon the Fannie
Slide 5: Home Price Declines Peak-to-Current (by State) as of 2009 Q3
Home Price Declines Peak-to-Current (by State) as of 2009 Q3 United States -15.6% Mountain AK -2.2% - -24.7% West North Central 0.2% 9.0% -5.0% East North Central New England WA 5.2% -13.8% -13.2% - -15.7% NH 3.4% 12.7% -17.8% 5.8% MT 0.5% VT ME -3.0% ND -3.0% -7.1% 0.3% -0.3% OR 0.2% 0.4% 0.1% - -1
Slide 6: 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 FICO < 620 Sub-total of Interest-Only Original LTV Alt-A Subprime Overall As of
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 Guaranty Book of Business by Vintage Overall 2004 and As of September 30, 2009 Book Earlier Unpaid Principal Balance (billions) (1) $2,795.9 $ 499.6 $ 378.9 $ 446.2 $ 308.1 $ 304.7 $ 85
Slide 8: Single-Family Cumulative Default Rate
Fannie Mae Single-Family Cumulative Default Rate Cumulative Default Rate of Single-Family Conventional Guaranty Book of Business by Vintage Overall Originations from 2000 through 2009 Q3 2.80% 2.60% 2006 2.40% 2.20% 2000 2.00% 2001 Rate 2007 1.80% 2002 Default 2005 2003 1.60% 2004 1.40% 2000 2004 20
Slide 9: Single-Family Serious Delinquency Rates by State and Region
Fannie Mae Single-Family Serious Delinquency Rates by State and Region (1) State September 30, 2008 December 31, 2008 March 31, 2009 June 30, 2009 September 30, 2009 Arizona 2.14% 3.41% 5.00% 6.54% 7.87% California 1.44% 2.30% 3.33% 4.23% 5.06% Florida 4.37% 6.14% 8.07% 9.71% 11.31% Nevada 3.08% 4.7
Slide 10: 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 5-Year REO Acquisitions (Number of Properties) 1-Year HP REO REO Annualized HP Growth Inventory Inventory Growth October 2008 State as of as of October 2004 to 2007 2008 2009 Q1(1) 2009 Q2(1) 2009 Q3(1) September Sep
Slide 11: 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 Vintage (1) 2004 and As of September 30, 2009 Alt-A 2008 2007 2006 2005 Earlier Unpaid principal balance (billions) (2) $ 258.8 $ 6.6 $ 67.8 $ 73.2 $ 49.0 $
Slide 12: 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) 12% Outstand
Slide 13: Workouts by Type
Fannie Mae Workouts by Type 50,000 45,000 40,000 35,000 30,000 of Loans 25,000 Number 20,000 15,000 10,000 5,000 0 2008 Q3 2008 Q4 2009 Q1 2009Q2 2009Q3 Modifications Repayment Plans Completed Forbearances Completed Deeds-in-Lieu Preforeclosure Sales HomeSaver AdvanceTM • Modifications involve chang
Slide 14: Home Affordable Modification Program (HAMP)
Home Affordable Modification Program (HAMP) Details first announced in March 2009. Applies to loans owned or guaranteed by Fannie Mae or Freddie Mac, and non-agency loans meeting the HAMP eligibility requirements. Aimed at helping borrowers either currently delinquent or at imminent risk of default.
Slide 15: 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)(3) 100% 90% % Current and 80% Performing Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 70% 3 Months post
Slide 16: Multifamily Loan Attributes
Fannie Mae Multifamily Credit Profile by Loan Attributes Unpaid Principal Balance Share of Multifamily Guaranty Book As of September 30, 2009 (Billions) of Business % Seriously Delinquent (3) Total Multifamily Guaranty Book of Business (1) (2) $180.26 100% 0.62% Originating loan-to-value ratio: Less
Slide 17: Multifamily Acquisition Year
Fannie Mae Multifamily Credit Profile by Acquisition Year MF Serious Delinquency Rates (SDQ) by Acquisition Year Cumulative Default Rates by Acquisition Year 0.40% 0.35% 1.40% Rate 0.30% 1.20% 2007 Default 0.25% 2005 1.00% 2006 Rate 0.20% 2007 0.80% Cumulative 0.15% SDQ 0.60% 2008 0.10% 0.40% 2006 2