Fannie Mae 2008 Annual Report Download - page 46

FORWARD-LOOKING STATEMENTS
This report includes statements that constitute forward-looking statements within the meaning of Section 21E
of the Exchange Act. In addition, our senior management may from time to time make forward-looking
statements orally to analysts, investors, the news media and others. Forward-looking statements often include
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “forecast,” “project,”
“would,” “should,” “could,” “may,” or similar words.
Among the forward-looking statements in this report are statements relating to:
• Our expectation that the current crisis in the U.S. and global financial markets will continue, which will
continue to adversely affect our financial results throughout 2009;
• Our expectation that the unemployment rate will continue to increase;
• Our expectation of the continued deterioration of the U.S. housing market, continued home price declines
and rising delinquency, default and severity rates;
• Our expectation that mortgage debt outstanding will shrink by approximately 0.2% in 2009;
• Our expectation that the level of foreclosures and single-family delinquency rates will continue to increase
in 2009;
• Our expectation that home prices will decline 7% to 12% on a national basis in 2009, and that there will
be a peak-to-trough decline in home prices of 20% to 30%;
• Our expectation that there will be significant regional variation in national home price decline
percentages, with steeper declines in certain areas such as Florida, California, Nevada and Arizona;
• Our expectation that economic conditions and falling home prices will continue to negatively affect our
credit performance in 2009, which will cause our credit losses to increase;
• Our expectation that our credit loss ratio in 2009 will exceed our credit loss ratio in 2008;
• Our expectation of a significant increase in our SOP 03-3 fair value losses as we increase the number of
loans we repurchase from MBS trusts in order to modify them;
• Our expectation of significant continued increases in our combined loss reserves through 2009;
• Our expectation of continued pressure on our access to the debt markets throughout 2009 at economically
attractive rates, which we believe will become increasingly great as we approach the expiration of the
Treasury credit facility at the end of 2009;
• Our expectation that the “roll over,” or refinancing, risk on our unsecured debt is likely to increase
substantially as we approach year-end 2009 and the expiration of the Treasury credit facility;
• Our expectation that we will continue to experience adverse financial effects because of our strategy of
concentrating our efforts on keeping people in their homes and preventing foreclosures, including our
efforts under HASP, while remaining active in the secondary mortgage market;
• Our expectation that future activities that our regulators, other U.S. government agencies or Congress may
request or require us to take to support the mortgage market and help borrowers may contribute to further
deterioration in our results of operations and financial condition;
• Our expectation that the Federal Reserve will continue to purchase our long-term debt and MBS in the
secondary market;
• Our expectations with respect to our role in HASP, the elements of the HASP programs, the timing of our
implementation of HASP programs, and the impact of these programs on our business, results of
operations, financial condition and net worth;
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