Sallie Mae 2009 Annual Report Download - page 104
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Securitization Activities
Securitization Program
The following table summarizes our securitization activity for the years ended December 31, 2009, 2008
and 2007. 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
%
2009 2008 2007
Years Ended December 31,
Securitizations sales:
FFELP Stafford/PLUS Loans . . . — $ — $— —% — $ — $— —% — $ — $ — —%
FFELP Consolidation Loans . . . — — — — — — — — — — — —
Private Education Loans ...... — — — — — — — — 1 2,001 367 18.4
Total securitizations sales ..... — — $— —% — — $— —% 1 2,001 $367 18.4%
Securitizations financings:
FFELP Stafford/PLUS Loans
(1)
. . — — 9 18,546 3 8,955
FFELP Consolidation
Loans
(1)(2)
............. 3 5,339 — — 5 14,476
Private Education Loans
(1)
..... 5 11,122 — — — —
Total securitizations financings . . 8 16,461 9 18,546 8 23,431
Total securitizations ......... 8 $16,461 9 $18,546 9 $25,432
(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 VIEs. Terms that prevent sale treatment include: (1) allowing the Com-
pany to hold certain rights that can affect the remarketing of certain bonds, (2) allowing the trust to enter into interest rate cap agree-
ments (which do not relate to the reissuance of third-party beneficial interests) after initial settlement of the securitization or
(3) allowing the Company to hold an unconditional call option related to a certain percentage of the securitized assets.
(2)
In addition to the transactions listed in the above table, the Company settled on a repackaging trust and issued new asset backed securi-
ties in the amount of $1.0 billion. The debt issued is collateralized by reset rate notes totaling $1.2 billion.
103