Fannie Mae 2006 Annual Report Download - page 274

for the year ended December 31, 2004. These amounts are recognized as “Investment losses, net” in the
consolidated statements of income.
The following table displays cash flows on our securitization trusts related to portfolio securitizations
accounted for as sales for the years ended December 31, 2006, 2005 and 2004.
2006 2005 2004
For the Year Ended December 31,
(Dollars in millions)
Proceeds from new securitizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,078 $55,031 $12,335
Guaranty fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 60 47
Principal and interest received on retained interests. . . . . . . . . . . . . . . . . . . . . 6,186 2,889 5,206
Payment for purchases of delinquent or foreclosed assets. . . . . . . . . . . . . . . . . (55) (37) (50)
“Managed loans” are defined as on-balance sheet mortgage loans as well as mortgage loans that have been
securitized in a portfolio securitization. The following table displays combined information on the unpaid
principal balances and principal amounts on nonaccrual loans related to managed loans as of December 31,
2006 and 2005.
Unpaid
Principal
Balance
Principal
Amount on
Nonaccrual
Loans
(1)
(Dollars in millions)
As of December 31, 2006
Loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $378,119 $5,986
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,926 1
Securitized loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,962 99
Total loans managed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $452,007 $6,086
As of December 31, 2005
Loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $361,567 $8,322
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,113 13
Securitized loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,704 118
Total loans managed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $416,384 $8,453
(1)
Loans for which interest is no longer being accrued. In general, we prospectively discontinue accruing interest when
payment of principal and interest becomes three or more months past due.
Net credit losses incurred during the years ended December 31, 2006, 2005 and 2004 related to loans held in
our portfolio and loans underlying Fannie Mae MBS issued from our portfolio were $262 million, $145 million
$204 million, respectively.
F-43
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)