Fannie Mae 2008 Annual Report Download - page 176

Conventional
(3)
Government
(4)
Conventional
(3)
Government
(4)
Conventional
(3)
Government
(4)
Single-Family
(1)
Multifamily
(2)
Total
As of December 31, 2006
(Dollars in millions)
Mortgage portfolio:
(5)
Mortgage loans
(6)
. . . . . . $ 302,597 $20,106 $ 59,374 $ 968 $ 361,971 $21,074
Fannie Mae MBS
(6)
. . . . . 198,335 709 277 323 198,612 1,032
Agency mortgage-related
securities
(6)(7)
. . . . . . . . 29,987 1,995 — 56 29,987 2,051
Mortgage revenue bonds. . 3,394 3,284 7,897 2,349 11,291 5,633
Other mortgage-related
securities
(8)
. . . . . . . . . 85,339 2,084 9,681 177 95,020 2,261
Total mortgage portfolio . . . 619,652 28,178 77,229 3,873 696,881 32,051
Fannie Mae MBS held by
third parties
(9)
. . . . . . . . . 1,714,815 19,069 42,184 1,482 1,756,999 20,551
Other credit guarantees
(10)
. . 3,049 — 16,602 96 19,651 96
Mortgage credit book
of business. . . . . . . . $2,337,516 $47,247 $136,015 $5,451 $2,473,531 $52,698
Guaranty book of
business. . . . . . . . . . $2,218,796 $39,884 $118,437 $2,869 $2,337,233 $42,753
(1)
The amounts reported above reflect our total single-family mortgage credit book of business. Of these amounts, the
portion of our single-family mortgage credit book of business for which we have access to detailed loan-level
information represented approximately 96%, 95% and 95% of our total conventional single-family mortgage credit
book of business as of December 31, 2008, 2007, and 2006, respectively. Unless otherwise noted, the credit statistics
we provide in the discussion that follows relate only to this specific portion of our conventional single-family
mortgage credit book of business. The remaining portion of our conventional single-family mortgage credit book of
business consists of Freddie Mac securities, Ginnie Mae securities, private-label mortgage-related securities, Fannie
Mae MBS backed by private-label mortgage-related securities, housing-related municipal revenue bonds, other single-
family government related loans and securities, and credit enhancements that we provide on single-family mortgage
assets. See “Consolidated Balance Sheet Analysis—Trading and Available-For-Sale Investment Securities—
Investments in Private-Label Mortgage-Related Securities” for additional information on our private-label mortgage
securities.
(2)
The amounts reported above reflect our total multifamily mortgage credit book of business. Of these amounts, the
portion of our multifamily mortgage credit book of business for which we have access to detailed loan-level
information represented approximately 82%, 80% and 84% of our total multifamily mortgage credit book of business
as of December 31, 2008, 2007 and 2006, respectively. Unless otherwise noted, the credit statistics we provide in the
discussion that follows relate only to this specific portion of our multifamily mortgage credit book of business.
(3)
Refers to mortgage loans and mortgage-related securities that are not guaranteed or insured by the U.S. government or
any of its agencies.
(4)
Refers to mortgage loans and mortgage-related securities guaranteed or insured by the U.S. government or one of its
agencies.
(5)
Mortgage portfolio data is reported based on unpaid principal balance.
(6)
Includes unpaid principal balance totaling $65.8 billion, $81.8 billion and $105.5 billion as of December 31, 2008,
2007 and 2006, respectively, related to mortgage-related securities that were consolidated under FIN 46 and mortgage-
related securities created from securitization transactions that did not meet the sales criteria under SFAS 140, which
effectively resulted in these mortgage-related securities being accounted for as loans.
(7)
Includes mortgage-related securities issued by Freddie Mac and Ginnie Mae. As of December 31, 2008, we held
mortgage-related securities issued by Freddie Mac with both a carrying value and fair value of $33.9 billion, which
exceeded 10% of our stockholders’ equity as of December 31, 2008.
(8)
Includes mortgage-related securities issued by entities other than Fannie Mae, Freddie Mac or Ginnie Mae.
(9)
Includes Fannie Mae MBS held by third-party investors. The principal balance of resecuritized Fannie Mae MBS is
included only once in the reported amount.
(10)
Includes single-family and multifamily credit enhancements that we have provided and that are not otherwise reflected
in the table.
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