Fannie Mae 2009 Annual Report Download - page 117

Table 22: Mortgage Portfolio Composition
(1)
2009 2008
As of December 31,
(Dollars in millions)
Mortgage loans:
(2)
Single-family:
Government insured or guaranteed
(3)(4)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,399 $ 43,799
Conventional:
Long-term, fixed-rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,654 186,550
Intermediate-term, fixed-rate
(5)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,474 37,546
Adjustable-rate
(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,602 44,157
Total conventional single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,730 268,253
Total single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,129 312,052
Multifamily:
Government insured or guaranteed
(3)
......................................... 585 699
Conventional:
Long-term, fixed-rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,727 5,636
Intermediate-term, fixed-rate
(5)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,760 90,837
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,342 20,269
Total conventional multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,829 116,742
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,414 117,441
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,543 429,493
Unamortized premiums and other cost basis adjustments, net . . . . . . . . . . . . . . . . . . . . . . . . . (11,168) (894)
Lower of cost or market adjustments on loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . (889) (264)
Allowance for loan losses for loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,461) (2,923)
Total mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,025 425,412
Mortgage-related securities:
Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,245 228,949
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,390 33,383
GinnieMae............................................................ 1,277 1,518
Alt-A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,505 27,858
Subprime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,527 24,551
CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,703 25,825
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,453 15,447
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,609 5,172
Total mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,709 362,703
Market value adjustments
(7)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,275) (15,996)
Other-than-temporary impairments, net of accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,835) (7,349)
Unamortized discounts and other cost basis adjustments, net
(8)
........................ 1,186 296
Total mortgage-related securities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,785 339,654
Mortgage portfolio, net
(9)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $734,810 $765,066
(1)
Mortgage loans and mortgage-related securities are reported at unpaid principal balance. Certain prior period amounts
have been reclassified to conform with the current period presentation.
(2)
Mortgage loans include unpaid principal balances totaling $147.0 billion and $65.8 billion as of December 31, 2009
and 2008, respectively, related to mortgage-related securities that were held in consolidated variable interest entities
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