Fannie Mae 2004 Annual Report Download - page 130

Table 22 shows the balance of our mortgage portfolio, which reflects the net impact of our purchases, sales
and liquidations, and the composition of our mortgage portfolio by product type as of December 31, 2004,
2003, 2002 and 2001.
Table 22: Mortgage Portfolio Composition
(1)
2004 2003 2002 2001
As of December 31,
(Restated) (Restated) (Restated)
(Dollars in millions)
Mortgage loans:
Single-family:
(2)
Government insured or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,112 $ 7,284 $ 6,404 $ 6,381
Conventional:
Long-term, fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,585 250,915 223,794 198,468
Intermediate-term, fixed-rate
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . 76,640 85,130 59,521 45,018
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,350 19,155 12,142 12,791
Total conventional single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,575 355,200 295,457 256,277
Total single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,687 362,484 301,861 262,658
Multifamily:
(2)
Government insured or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . 1,074 1,204 1,898 2,116
Conventional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,396 33,945 19,485 14,760
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,470 35,149 21,383 16,876
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,157 397,633 323,244 279,534
Unamortized premiums (discounts) and deferred price adjustments,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,647 1,768 1,358 (493)
Lower of cost or market adjustments on loans held for sale . . . . . . (83) (50) (16) (36)
Allowance for loan losses for loans held for investment. . . . . . . . . (349) (290) (216) (168)
Total mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401,372 399,061 324,370 278,837
Mortgage-related securities:
Fannie Mae single-class MBS. . . . . . . . . . . . . . . . . . . . . . . . . . . 272,665 337,463 292,611 237,051
Non-Fannie Mae single-class mortgage securities . . . . . . . . . . . . . 35,656 33,367 38,731 50,982
Fannie Mae structured MBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,739 68,459 87,772 90,147
Non-Fannie Mae structured mortgage securities . . . . . . . . . . . . . . 109,455 45,065 28,188 29,137
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,076 20,359 19,650 18,391
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . 5,461 6,522 9,583 10,711
Total mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,052 511,235 476,535 436,419
Market value adjustments
(4)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,680 7,973 17,868 7,205
Other-than-temporary impairments . . . . . . . . . . . . . . . . . . . . . . . (432) (412) (204) (22)
Unamortized premiums (discounts) and deferred price adjustments,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 1,442 1,842 (1,060)
Total mortgage-related securities, net . . . . . . . . . . . . . . . . . . . . . . . . . 523,473 520,238 496,041 442,542
Mortgage portfolio, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $924,845 $919,299 $820,411 $721,379
(1)
Mortgage loans and mortgage-related securities are reported at unpaid principal balance.
(2)
Mortgage loans include $152.7 billion, $162.5 billion, $135.8 billion and $113.4 billion of mortgage-related securities
that were consolidated in the consolidated balance sheets as loans as of December 31, 2004, 2003, 2002 and 2001,
respectively.
(3)
Intermediate-term, fixed-rate consists of mortgage loans with contractual maturities at purchase equal to or less than
15 years.
(4)
Includes unrealized gains and losses on mortgage-related securities and securities commitments classified as trading
and available for sale.
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