Sallie Mae 2008 Annual Report Download - page 98
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Securitization Activities
Securitization Program
The following table summarizes our securitization activity for the years ended December 31, 2008, 2007
and 2006. Those securitizations listed as sales are off-balance sheet transactions and those listed as financings
remain on-balance sheet.
No. of
Transactions
Loan
Amount
Securitized
Pre-Tax
Gain
Gain
%
No. of
Transactions
Loan
Amount
Securitized
Pre-Tax
Gain
Gain
%
No. of
Transactions
Loan
Amount
Securitized
Pre-Tax
Gain
Gain
%
2008 2007 2006
Years Ended December 31,
Securitizations sales:
FFELP Stafford/PLUS loans . . . — $ — $— —% — $ — $ — —% 2 $ 5,004 $ 17 .3%
FFELP Consolidation Loans . . . — — — — — — — — 4 9,503 55 .6
Private Education Loans ...... — — — — 1 2,001 367 18.4 3 5,088 830 16.3
Total securitizations sales ..... — — $— —% 1 2,001 $367 18.4% 9 19,595 $902 4.6%
Securitizations financings:
FFELP Stafford/PLUS loans
(1)
. . 9 18,546 3 8,955 — —
FFELP Consolidation Loans
(1)
. . — — 5 14,476 4 12,506
Total securitizations financings . . 9 18,546 8 23,431 4 12,506
Total securitizations ......... 9 $18,546 9 $25,432 13 $32,101
(1)
In certain securitizations there are terms within the deal structure that result in such securitizations not qualifying for sale treatment
and accordingly, they are accounted for on-balance sheet as variable interest entities (“VIEs”). Terms that prevent sale treatment
include: (1) allowing the Company to hold certain rights that can affect the remarketing of certain bonds, (2) allowing the trust to enter
into interest rate cap agreements after initial settlement of the securitization, which do not relate to the reissuance of third-party benefi-
cial interests or (3) allowing the Company to hold an unconditional call option related to a certain percentage of the securitized assets.
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