Fannie Mae 2013 Annual Report Download - page 102

97
Table 24 displays the composition of the Capital Markets group’s mortgage portfolio as of December 31, 2013 and 2012.
Table 24: Capital Markets Group’s Mortgage Portfolio Composition(1)
As of December 31,
2013 2012
(Dollars in millions)
Capital Markets group’s mortgage loans:
Single-family loans:
Government insured or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39,399 $ 40,886
Conventional:
Long-term, fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,945 240,791
Intermediate-term, fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,385 10,460
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,171 18,008
Total single-family conventional. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,501 269,259
Total single-family loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,900 310,145
Multifamily loans:
Government insured or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 312
Conventional:
Long-term, fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,687 3,245
Intermediate-term, fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,325 45,662
Adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,485 12,344
Total multifamily conventional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,497 61,251
Total multifamily loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,764 61,563
Total Capital Markets group’s mortgage loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,664 371,708
Capital Markets group’s mortgage-related securities:
Fannie Mae. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,841 183,964
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,124 11,274
Ginnie Mae. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 899 1,049
Alt-A private-label securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,153 17,079
Subprime private-label securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,322 15,093
CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,983 20,587
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,319 8,486
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,396 3,814
Total Capital Markets group’s mortgage-related securities(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,037 261,346
Total Capital Markets group’s mortgage portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 490,701 $ 633,054
__________
(1) Based on unpaid principal balance.
(2) The fair value of these mortgage-related securities was $179.5 billion and $269.9 billion as of December 31, 2013 and 2012,
respectively.
The Capital Markets group’s mortgage portfolio decreased 22% as of December 31, 2013 compared with as of December 31,
2012, primarily due to a decline in purchases, and an increase in sales activity. Sales activity increased in 2013 compared
with 2012, primarily due to our sales of mortgage-related assets to meet FHFA’s 2013 conservatorship scorecard objective to
sell 5% of the non-agency mortgage-related assets held in our retained mortgage portfolio as of December 31, 2012.
Purchases declined due to fewer purchases of delinquent loans from our MBS trusts in 2013 and a decrease in new loan
purchases as a result of increases in mortgage interest rates in the second half of the year.