Fannie Mae 2011 Annual Report Download - page 121

Table 21: Multifamily Business Results
For the Year Ended December 31,
2011 2010 2009
(Dollars in millions)
Statement of operations data:
Guaranty fee income(1) ..................................................... $ 884 $ 791 $ 675
Fee and other income ...................................................... 218 146 100
Gains (losses) from partnership investments(2) ................................... 81 (70) (6,735)
Credit-related expenses(3) ................................................... (280) (194) (2,216)
Other expenses(4) .......................................................... (259) (443) (594)
Income (loss) before federal income taxes ...................................... 644 230 (8,770)
Provision for federal income taxes ............................................ (61) (14) (311)
Net income (loss) ......................................................... 583 216 (9,081)
Less: Net loss attributable to the noncontrolling interests(2) .........................——53
Net income (loss) attributable to Fannie Mae ................................... $ 583 $ 216 $ (9,028)
Other key performance data:
Multifamily effective guaranty fee rate (in basis points)(5) ......................... 46.0 42.3 37.6
Credit loss performance ratio (in basis points)(6) ................................. 20.4 26.6 12.3
Average Multifamily guaranty book of business(7) ............................... $191,984 $186,867 $179,315
Multifamily new business volumes(8) .......................................... $ 24,356 $ 17,919 $ 20,183
Multifamily units financed from new business volumes(9) .......................... 423,000 306,000 372,000
Fannie Mae Multifamily MBS issuances(10) ..................................... $ 34,066 $ 26,499 $ 16,435
Fannie Mae Multifamily structured securities issuances (issued by Capital Markets
group)(11) .............................................................. $ 6,435 $ 4,808 $ 1,648
Additional net interest income earned on Fannie Mae Multifamily mortgage loans and
MBS (included in Capital Markets Group’s results)(12) .......................... $ 873 $ 865 $ 785
Average Fannie Mae Multifamily mortgage loans and MBS in Capital Markets Group’s
portfolio(13) ............................................................ $110,748 $115,839 $117,417
As of December 31,
2011 2010 2009
(Dollars in millions)
Multifamily serious delinquency rate .......................................... 0.59% 0.71% 0.63%
Percentage of guaranty book of business with credit enhancement ................... 90% 89% 89%
Fannie Mae percentage of total multifamily mortgage debt outstanding(14) ............. 21.0% 20.6% 19.8%
Fannie Mae Multifamily MBS outstanding(15) ................................... $101,574 $77,251 $59,852
(1) Guaranty fee income is included in fee and other income in our consolidated statements of operations and comprehensive
loss.
(2) Gains (losses) from partnership investments are included in other expenses in our consolidated statements of operations
and comprehensive loss. In 2011 and 2010, gains (losses) from partnership investments are reported using the equity
method of accounting. As a result, net income (loss) attributable to noncontrolling interest from partnership investments
is not included in income (loss) for the Multifamily segment. In 2009, gains (losses) from partnership investments are
reported using either the equity method or consolidation, in accordance with GAAP, with net income (loss) attributable to
noncontrolling interests included in partnership gains (losses).
(3) Consists of the benefit (provision) for loan losses, benefit (provision) for guaranty losses and foreclosed property
expense.
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