Fannie Mae 2008 Annual Report Download - page 343

Percentage of
Multifamily
Mortgage Credit
Book of Business
Percentage
Seriously
Delinquent
(1)(2)
Originating loan-to-value ratio:
Less than or equal to 80% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95% 0.27%
Greater than 80%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.92
Operating debt service coverage ratio:
Less than or equal to 1.10% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 —
Greater than 1.10% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 0.33
Origination loan size distribution:
Less than or equal to $750,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.55
Greater than $750,000 and less than or equal to $3 million . . . . . . . . . . . . 13 0.52
Greater than $3 million and less than or equal to $5 million . . . . . . . . . . . 10 0.39
Greater than $5 million and less than or equal to $25 million . . . . . . . . . . 41 0.43
Greater than $25 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 —
Maturity dates:
Maturing in 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.10
Maturing in 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.32
Maturing in 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.37
Maturing in 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.16
Other attributes:
ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 0.35
Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 0.29
(1)
Includes multifamily loans that are two months or more past due.
(2)
Percentage based on unpaid principal balance.
(3)
Includes portion of our multifamily mortgage credit book for which we have more detailed loan level information,
which constitutes approximately 82% of our total multifamily mortgage credit book of business as of December 31,
2008.
Guaranty Obligations
The following table displays changes in our “Guaranty obligations” in our consolidated balance sheets for the
years ended December 31, 2008, 2007 and 2006.
2008 2007 2006
For the Year Ended December 31,
(Dollars in millions)
Beginning balance, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,393 $11,145 $10,016
Additions to guaranty obligations
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,279 8,460 4,707
Amortization of guaranty obligation into guaranty fee income . . . . . . . . . . . . . (9,585) (3,560) (3,217)
Impact of consolidation activity
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (940) (652) (361)
Ending balance, December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,147 $15,393 $11,145
(1)
Represents the fair value of the contractual obligation and deferred profit at issuance of new guarantees.
(2)
Upon consolidation of MBS trusts, we derecognize our guaranty obligations to the respective trusts.
F-65
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)