Fannie Mae 2007 Annual Report Download - page 111

Table 23: Mortgage Portfolio Composition
(1)
2007 2006 2005 2004 2003
As of December 31,
(Dollars in millions)
Mortgage loans:
(2)
Single-family:
Government insured or guaranteed . . . . . . . . . . . . . . . $ 28,202 $ 20,106 $ 15,036 $ 10,112 $ 7,284
Conventional:
Long-term, fixed-rate. . . . . . . . . . . . . . . . . . . . . . . 193,607 202,339 199,917 230,585 250,915
Intermediate-term, fixed-rate
(3)
. . . . . . . . . . . . . . . . 46,744 53,438 61,517 76,640 85,130
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,278 46,820 38,331 38,350 19,155
Total conventional single-family . . . . . . . . . . . . . . . . . 283,629 302,597 299,765 345,575 355,200
Total single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,831 322,703 314,801 355,687 362,484
Multifamily:
Government insured or guaranteed . . . . . . . . . . . . . . . 815 968 1,148 1,074 1,204
Conventional:
Long-term, fixed-rate. . . . . . . . . . . . . . . . . . . . . . . 5,615 5,098 3,619 3,133 3,010
Intermediate-term, fixed-rate
(3)
. . . . . . . . . . . . . . . . 73,609 50,847 45,961 39,009 29,717
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,707 3,429 1,151 1,254 1,218
Total conventional multifamily . . . . . . . . . . . . . . . . . . 90,931 59,374 50,731 43,396 33,945
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,746 60,342 51,879 44,470 35,149
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,577 383,045 366,680 400,157 397,633
Unamortized premiums and other cost basis adjustments,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 726 943 1,254 1,647 1,768
Lower of cost or market adjustments on loans held for
sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81) (93) (89) (83) (50)
Allowance for loan losses for loans held for investment . . (698) (340) (302) (349) (290)
Total mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . 403,524 383,555 367,543 401,372 399,061
Mortgage-related securities:
Fannie Mae single-class MBS . . . . . . . . . . . . . . . . . . . . 102,258 124,383 160,322 272,665 337,463
Fannie Mae structured MBS . . . . . . . . . . . . . . . . . . . . . 77,905 75,261 74,129 71,739 68,459
Non-Fannie Mae single-class mortgage securities. . . . . . . 28,129 27,980 27,162 35,656 33,367
Non-Fannie Mae structured mortgage securities
(4)
. . . . . . 96,373 97,399 86,129 109,455 45,065
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . 16,315 16,924 18,802 22,076 20,359
Other mortgage-related securities . . . . . . . . . . . . . . . . . . 3,346 3,940 4,665 5,461 6,522
Total mortgage-related securities . . . . . . . . . . . . . . . . . . . . 324,326 345,887 371,209 517,052 511,235
Market value adjustments
(5)
. . . . . . . . . . . . . . . . . . . . . (3,249) (1,261) (789) 6,680 7,973
Other-than-temporary impairments . . . . . . . . . . . . . . . . . (603) (1,004) (553) (432) (412)
Unamortized premiums (discounts) and other cost basis
adjustments, net
(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . (1,076) (1,083) (909) 173 1,442
Total mortgage-related securities, net . . . . . . . . . . . . . . . . . 319,398 342,539 368,958 523,473 520,238
Mortgage portfolio, net
(7)
. . . . . . . . . . . . . . . . . . . . . . . . . $722,922 $726,094 $736,501 $924,845 $919,299
(1)
Mortgage loans and mortgage-related securities are reported at unpaid principal balance.
(2)
Mortgage loans include unpaid principal balance totaling $81.8 billion, $105.5 billion, $113.3 billion, $152.7 billion,
and $162.5 billion as of December 31, 2007, 2006, 2005, 2004 and 2003, related to mortgage-related securities that
were consolidated under Financial Accounting Standards Board Interpretation (“FIN”) No. 46R (revised December
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