Fannie Mae 2005 Annual Report Download - page 105

Table 14: Mortgage Portfolio Composition
(1)
2005 2004 2003 2002 2001
As of December 31,
(Dollars in millions)
Mortgage loans:
Single-family:
(2)
Government insured or guaranteed . . . . . . . . . . . . . . . $ 15,036 $ 10,112 $ 7,284 $ 6,404 $ 6,381
Conventional:
Long-term, fixed-rate. . . . . . . . . . . . . . . . . . . . . . . 199,917 230,585 250,915 223,794 198,468
Intermediate-term, fixed-rate
(3)
. . . . . . . . . . . . . . . . 61,517 76,640 85,130 59,521 45,018
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,331 38,350 19,155 12,142 12,791
Total conventional single-family . . . . . . . . . . . . . . . . . 299,765 345,575 355,200 295,457 256,277
Total single-family. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,801 355,687 362,484 301,861 262,658
Multifamily:
(2)
Government insured or guaranteed . . . . . . . . . . . . . . . 1,148 1,074 1,204 1,898 2,116
Conventional:
Long-term, fixed-rate. . . . . . . . . . . . . . . . . . . . . . . 3,619 3,133 3,010 3,165 2,991
Intermediate-term, fixed-rate
(3)
. . . . . . . . . . . . . . . . 45,961 39,009 29,717 15,213 10,807
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151 1,254 1,218 1,107 962
Total conventional multifamily . . . . . . . . . . . . . . . . . . 50,731 43,396 33,945 19,485 14,760
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,879 44,470 35,149 21,383 16,876
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366,680 400,157 397,633 323,244 279,534
Unamortized premiums (discounts) and cost basis
adjustments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,254 1,647 1,768 1,358 (493)
Lower of cost or market adjustments on loans held for
sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (89) (83) (50) (16) (36)
Allowance for loan losses for loans held for investment . . (302) (349) (290) (216) (168)
Total mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . 367,543 401,372 399,061 324,370 278,837
Mortgage-related securities:
Fannie Mae single-class MBS . . . . . . . . . . . . . . . . . . . . 160,322 272,665 337,463 292,611 237,051
Non-Fannie Mae single-class mortgage securities. . . . . . . 27,162 35,656 33,367 38,731 50,982
Fannie Mae structured MBS . . . . . . . . . . . . . . . . . . . . . 74,129 71,739 68,459 87,772 90,147
Non-Fannie Mae structured mortgage securities . . . . . . . . 86,129 109,455 45,065 28,188 29,137
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . 18,802 22,076 20,359 19,650 18,391
Other mortgage-related securities . . . . . . . . . . . . . . . . . . 4,665 5,461 6,522 9,583 10,711
Total mortgage-related securities . . . . . . . . . . . . . . . . . . . . 371,209 517,052 511,235 476,535 436,419
Market value adjustments
(4)
. . . . . . . . . . . . . . . . . . . . . (789) 6,680 7,973 17,868 7,205
Other-than-temporary impairments . . . . . . . . . . . . . . . . . (553) (432) (412) (204) (22)
Unamortized premiums (discounts) and cost basis
adjustments, net
(5)
. . . . . . . . . . . . . . . . . . . . . . . . . . (909) 173 1,442 1,842 (1,060)
Total mortgage-related securities, net . . . . . . . . . . . . . . . . . 368,958 523,473 520,238 496,041 442,542
Mortgage portfolio, net . . . . . . . . . . . . . . . . . . . . . . . . . . $736,501 $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 $113.3 billion, $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, 2005, 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.
(5)
Includes the impact of other-than-temporary impairments of cost basis adjustments.
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