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 2010 Earnings Presentation
20 slides from Federal National Mortgage Association's earnings presentation, Nov 5, 2010
Slide 1: Fannie Mae 2010 Second Quarter Credit Supplement
August 5, 2010 Fannie Mae 2010 Second 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, 2010, the "2010 Q3 Form 10-Q." Some of the terms used in these materials are defined and discussed more fully in the 2010 Q3 Form
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 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 Prod
Slide 4: Home Price Growth/Decline Rates in the U.S.
Home Price Growth/Decline Rates in the U.S. We expect peak-to-trough declines in home prices to be in the 19% to 25% range (comparable to a decline of 32% to 40% range using the S&P/Case-Shiller index method). Note: Our estimates differ from the S&P/Case-Shiller index in two principal ways: (1) our
Slide 5: Home Price Declines Peak-to-Current (by State) as of 2010 Q3
0.8% HI - -21.1% United States -18.1% Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through September 30, 2010 Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of September 30, 2010 Note: R
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 purchase for our mo
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 (1) 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 multi
Slide 8: Credit Profile by Origination Year and Key Product Features
Fannie Mae Credit Profile by Origination Year and Key Product Features (1) 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 detailed loan-level information for over 99% of its s
Slide 9: 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 10: Credit Profile by State
Fannie Mae Credit Profile by State Credit Characteristics of Single-Family Conventional Guaranty Book of Business by State (1) 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 d
Slide 11: Single-Family Serious Delinquency Rates by State and Region
Fannie Mae Single-Family Serious Delinquency Rates by State and Region (1) (1) Calculated based on the number of loans in Fannie Mae's single-family conventional guaranty book of business within each specified category. (2) Select Midwest states are Illinois, Indiana, Michigan and Ohio. (3) For info
Slide 12: 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 (1) Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of September 2010, supplemented by preliminary data available for purchase transactions
Slide 13: 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 (1) "Alt-A mortgage loan" generally refers to a mortgage loan that can be underwritten with reduced or alternative documentation than that
Slide 14: Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities
Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities Includes first liens and any subordinate liens present at origination. The Cumulative Default Rate is based upon the number of months between the loan origination month/year and default month/year. (3) Due to low amount of
Slide 15: 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 Administration'
Slide 16: 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 17: 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) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into fixed rate mortgages and were current at the time of mod
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, such as Treasury securities. Consists of the portion of our multifamily guaranty book of business for which we have access to detail
Slide 19: Multifamily Credit Profile by Acquisition Year
Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral, such as Treasury securities. Consists of the portion of our multifamily guaranty book of business for which we have access to detailed loan level information, which constitutes over 99% of
Slide 20: Multifamily Credit Profile by Region and State
Fannie Mae Multifamily Credit Profile by Region and State Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral, such as Treasury securities. Consists of the portion of our multifamily guaranty book of business for which we have access to detai