Print Page  |  Close Window

SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
Entire Document
 


Table 12: Multifamily Business Results
 
For the Three Months Ended March 31,
 
2015
 
2014
 
Variance
 
(Dollars in millions)
Guaranty fee income
$
340

 
$
311

 
$
29

 
Fee and other income
51

 
24

 
27

 
Gains from partnership investments(1)
212

 
45

 
167

 
Credit-related income(2)
67

 
34

 
33

 
Other expenses(3)
(117
)
 
(93
)
 
(24
)
 
Income before federal income taxes
553

 
321

 
232

 
(Provision) benefit for federal income taxes
(70
)
 
9

 
(79
)
 
Net income attributable to Fannie Mae
$
483

 
$
330

 
$
153

 
Other key performance data:
 
 
 
 
 
 
Securitization Activity/New Business
 
 
 
 
 
 
Multifamily new business volume(4)
$
10,364

 
$
3,520

 
 
 
Multifamily units financed from new business volume
134,000

 
72,000

 
 
 
Multifamily Fannie Mae MBS issuances(5)
$
11,418

 
$
4,879

 
 
 
Multifamily Fannie Mae structured securities issuances (issued by Capital Markets group)
$
3,434

 
$
3,262

 
 
 
Multifamily Fannie Mae MBS outstanding, at end of period(6)
$
173,507

 
$
150,693

 
 
 
Credit Guaranty Activity
 
 
 
 
 
 
Average multifamily guaranty book of business(7)
$
205,003

 
$
199,829

 
 
 
Multifamily effective guaranty fee rate (in basis points)(8)
66.3

 
62.3

 
 
 
Multifamily credit loss ratio (in basis points)(9)
0.6

 
1.2

 
 
 
Multifamily serious delinquency rate, at end of period
0.09

%
0.10

%
 
 
Percentage of multifamily guaranty book of business with credit enhancement, at end of period
93

%
91

%
 
 
Fannie Mae percentage of total multifamily mortgage debt outstanding, at end of period(10)
19

%
20

%
 
 
Portfolio Data
 
 
 
 
 
 
Average Fannie Mae multifamily mortgage loans and Fannie Mae MBS in Capital Markets group’s portfolio(11)
$
39,801

 
$
56,655

 
 
 
Additional net interest income and yield maintenance income earned on Fannie Mae multifamily mortgage loans and MBS (included in Capital Markets group’s results)(12)
$
170

 
$
167

 
 
 
__________
(1) 
Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income. Gains from partnership investments are reported using the equity method of accounting. As a result, net income attributable to noncontrolling interest from partnership investments is not included in income for the Multifamily segment.
(2) 
Consists of the benefit for credit losses and foreclosed property (expense) income.
(3) 
Consists of net interest income (loss), investment gains (losses), net, administrative expenses and other (expenses) income.
(4) 
Reflects unpaid principal balance of multifamily Fannie Mae MBS issued (excluding portfolio securitizations) and multifamily loans purchased during the period.
(5) 
Reflects unpaid principal balance of multifamily Fannie Mae MBS issued during the period. Includes (a) issuances of new MBS and (b) Fannie Mae portfolio securitization transactions of $1.1 billion and $1.4 billion for the three months ended March 31, 2015 and 2014, respectively.
(6) 
Includes $16.4 billion and $20.5 billion of Fannie Mae multifamily MBS held in the retained mortgage portfolio, the vast majority of which have been consolidated to loans in our condensed consolidated balance sheets, as of March 31, 2015 and 2014, respectively.

27