Fannie Mae 2010 Annual Report Download - page 140

Outstanding Debt
Table 32 provides information as of December 31, 2010 and 2009 on our outstanding short-term and long-
term debt based on its original contractual terms. Our total outstanding debt of Fannie Mae, which consists of
federal funds purchased and securities sold under agreements to repurchase and short-term and long-term debt,
excluding debt of consolidated trusts, increased to $780.1 billion as of December 31, 2010, from
$768.4 billion as of December 31, 2009.
As of December 31, 2010, our outstanding short-term debt, based on its original contractual maturity,
decreased as a percentage of our total outstanding debt to 19% from 26% as of December 31, 2009. For
information on our outstanding debt maturing within one year, including the current portion of our long-term
debt, as a percentage of our total debt, see “Maturity Profile of Outstanding Debt of Fannie Mae.” In addition,
the weighted-average interest rate on our long-term debt, based on its original contractual maturity, decreased
to 2.77% as of December 31, 2010 from 3.71% as of December 31, 2009.
Pursuant to the terms of the senior preferred stock purchase agreement, we are prohibited from issuing debt
without the prior consent of Treasury if it would result in our aggregate indebtedness exceeding 120% of the
amount of mortgage assets we are allowed to own on December 31 of the immediately preceding calendar
year. Our debt cap under the senior preferred stock purchase agreement was $1,080 billion in 2010 and is
$972 billion in 2011. As of December 31, 2010, our aggregate indebtedness totaled $793.9 billion, which was
$286.1 billion below our debt limit. The calculation of our indebtedness for purposes of complying with our
debt cap reflects the unpaid principal balance and excludes debt basis adjustments and debt of consolidated
trusts. Because of our debt limit, we may be restricted in the amount of debt we issue to fund our operations.
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