Sallie Mae 2008 Annual Report Download - page 172

8. Student Loan Securitization (Continued)
The following table summarizes cash flows received from or paid to the off-balance sheet securitization
trusts during the years ended December 31, 2008, 2007 and 2006:
(Dollars in millions) 2008 2007 2006
Years Ended December 31,
Net proceeds from new securitizations completed during the period . . $ — $ 1,977 $19,521
Cash distributions from trusts related to Residual Interests ......... 909 782 598
Servicing fees received
(1)
.................................. 246 286 327
Purchases of previously transferred financial assets for representation
and warranty violations ................................. (37) (33) (45)
Reimbursements of borrower benefits
(2)
....................... (29) (22) (24)
Purchases of delinquent Private Education Loans from securitization
trusts using delinquent loan call option ...................... (172) (162) (72)
Purchases of loans using clean-up call option ................... (697) (1,500) (1,122)
(1)
The Company receives annual servicing fees of 90 basis points, 50 basis points and 70 basis points of the outstanding securitized
loan balance related to its FFELP Stafford, FFELP Consolidation Loan and Private Education Loan securitizations, respectively.
(2)
Under the terms of the securitizations, the transaction documents require that the Company reimburse the trusts for any borrower
benefits afforded the borrowers of the underlying securitized loans.
F-52
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)