Fannie Mae 2004 Annual Report Download - page 145

closely to assess the sensitivity of our credit losses to economic changes. Table 28 presents our conventional
single-family business volumes (which refers to both conventional single-family mortgage loans we purchase
for our mortgage portfolio and conventional single-family mortgage loans we securitize into Fannie Mae
MBS) for 2004, 2003 and 2002 based on these risk characteristics. We typically obtain the data for these
statistics from the sellers or servicers of the mortgage loans. We receive representations and warranties as to
the accuracy of the information from those providing it. Except for quality assurance efforts, we do not
independently verify the reported information. As noted above, we generally collect loan-level statistics only
on conventional single-family mortgage loans held in our portfolio and backing Fannie MBS (whether held in
our portfolio or held by third parties).
Table 27: Risk Characteristics of Conventional Single-Family Mortgage Credit Book
2004 2003 2002
Percent of Book of Business
(1)
As of December 31,
Original loan-to-value ratio:
⬍=60.00 ............................................. 26% 26% 20%
60.01% to 70.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 17 15
70.01% to 80.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 39 42
80.01% to 90.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 13
90.01% to 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 10
Greater than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
Weighted average . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70% 70% 73%
Estimated mark-to-market loan-to-value ratio:
(2)
⬍=60.00 ............................................. 53% 43% 43%
60.01% to 70.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 22 20
70.01% to 80.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 24 25
80.01% to 90.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 8 9
90.01% to 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3
Greater than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
Weighted average . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57% 60% 61%
Average loan amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125,812 $122,901 $111,169
Product type:
(3)
Fixed-rate:
Long-term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64% 64% 70%
Intermediate-term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 27 23
Interest-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 91 93
Adjustable-rate:
Interest-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 —
Negative-amortizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 2
Other ARMs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7 5
Total adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 9 7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
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