Fannie Mae 2009 Annual Report Download - page 303

The following table displays loans in our mortgage portfolio as of December 31, 2009 and 2008. The table
excludes loans underlying securities that are not consolidated, as those mortgage loans are not included in our
consolidated balance sheets.
2009 2008
As of December 31,
(Dollars in millions)
Single-family:
(1)
Government insured or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,399 $ 43,799
Conventional:
Long-term fixed rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,654 186,550
Intermediate-term fixed-rate
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,474 37,546
Adjustable-rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,602 44,157
Total conventional single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,730 268,253
Total single-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,129 312,052
Multifamily:
(1)
Government insured or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585 699
Conventional:
Long-term fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,727 5,636
Intermediate-term fixed-rate
(2)
91,760 90,837
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,342 20,269
Total conventional multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,829 116,742
Total multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,414 117,441
Unamortized premiums (discounts) and other cost basis adjustments, net
(3)
. . . . . . . . . . (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $394,025 $425,412
(1)
Includes unpaid principal balance totaling $147.0 billion and $65.8 billion as of December 31, 2009 and 2008,
respectively, of mortgage-related securities that were held in consolidated variable interest entities and mortgage-
related securities created from securitization transactions that did not meet the sales accounting criteria, which
effectively resulted in those mortgage-related securities being accounted for as loans.
(2)
Intermediate-term fixed-rate consists of mortgage loans with contractual maturities at purchase equal to or less than
15 years.
(3)
Includes a net premium of $806 million and $921 million as of December 31, 2009 and 2008, respectively, for hedged
mortgage loans that will be amortized through interest income over the life of the loans.
For the years ended December 31, 2009 and 2008, we redesignated loans with a carrying value of $1.2 billion
and $13.5 billion, respectively, from HFS to HFI. We redesignated $8.5 billion and $1.3 billion, respectively,
of HFI loans to HFS for the years ended December 31, 2009 and 2008.
Loans Acquired in a Transfer
Loans can be acquired either through purchase or upon consolidating MBS trusts that hold loans as underlying
collateral. When a loan underlying a Fannie Mae MBS trust is delinquent, in whole or in part, for four or
more consecutive monthly payment dates, we have the option to purchase the loan from the trust. Our
acquisition cost for these loans is the unpaid principal balance of that mortgage loan plus accrued interest.
F-45
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)