Table 12: Multifamily Business Results
For the Three Months Ended March 31,
(Dollars in millions)
Guaranty fee income
Fee and other income
Gains from partnership investments(1)
Income before federal income taxes
(Provision) benefit for federal income taxes
Net income attributable to Fannie Mae
Other key performance data:
Securitization Activity/New Business
Multifamily new business volume(4)
Multifamily units financed from new business volume
Multifamily Fannie Mae MBS issuances(5)
Multifamily Fannie Mae structured securities issuances (issued by Capital Markets group)
Multifamily Fannie Mae MBS outstanding, at end of period(6)
Credit Guaranty Activity
Average multifamily guaranty book of business(7)
Multifamily effective guaranty fee rate (in basis points)(8)
Multifamily credit loss ratio (in basis points)(9)
Multifamily serious delinquency rate, at end of period
Percentage of multifamily guaranty book of business with credit enhancement, at end of period
Fannie Mae percentage of total multifamily mortgage debt outstanding, at end of period(10)
Average Fannie Mae multifamily mortgage loans and Fannie Mae MBS in Capital Markets group’s portfolio(11)
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)
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.
Consists of the benefit for credit losses and foreclosed property (expense) income.
Consists of net interest income (loss), investment gains (losses), net, administrative expenses and other (expenses) income.
Reflects unpaid principal balance of multifamily Fannie Mae MBS issued (excluding portfolio securitizations) and multifamily loans purchased during the period.
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.
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.