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SEC Filings

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


Table 15 displays the composition of the unpaid principal balance of the Capital Markets group’s mortgage portfolio and our assessment of the liquidity of these assets. Our assessment is based on the liquidity within the markets in which the assets are traded, the issuers of the assets and the nature of the collateral underlying the assets. Our unsecuritized mortgage loans, PLS and other non-agency securities are considered less liquid. Fannie Mae securities that are collateralized by non-agency mortgage-related securities are also considered to be less liquid.
Table 15: Capital Markets Group’s Mortgage Portfolio Composition
 
As of
 
March 31, 2015
 
December 31, 2014
 
 
More Liquid
 
Less Liquid
 
Total
 
More Liquid
 
Less Liquid
 
Total
 
(Dollars in millions)
Mortgage loans:
 
 
 
 
 
 
 
 
 
 
 
 
Single-family loans:
 
 
 
 
 
 
 
 
 
 
 
 
Government insured or guaranteed
 
$

 
$
35,855

 
$
35,855

 
$

 
$
36,442

 
$
36,442

Conventional
 

 
224,697

 
224,697

 

 
225,800

 
225,800

Total single-family loans
 

 
260,552

 
260,552

 

 
262,242

 
262,242

Multifamily loans:
 
 
 
 
 
 
 
 
 
 
 
 
Government insured or guaranteed
 

 
240

 
240

 

 
243

 
243

Conventional
 

 
20,610

 
20,610

 

 
23,125

 
23,125

Total multifamily loans
 

 
20,850

 
20,850

 

 
23,368

 
23,368

Total mortgage loans
 

 
281,402

 
281,402

 

 
285,610

 
285,610

Mortgage-related securities:
 
 
 
 
 
 
 
 
 
 
 
 
Fannie Mae
 
86,804

 
12,195

 
98,999

 
80,377

 
12,442

 
92,819

Freddie Mac
 
6,445

 

 
6,445

 
6,368

 

 
6,368

Ginnie Mae
 
596

 

 
596

 
572

 

 
572

Alt-A private-label securities
 

 
6,105

 
6,105

 

 
7,745

 
7,745

Subprime private-label securities
 

 
7,494

 
7,494

 

 
8,913

 
8,913

CMBS
 

 
3,646

 
3,646

 

 
3,686

 
3,686

Mortgage revenue bonds
 

 
4,025

 
4,025

 

 
4,556

 
4,556

Other mortgage-related securities
 

 
2,972

 
2,972

 

 
3,044

 
3,044

Total mortgage-related securities(1)
 
$
93,845

 
$
36,437

 
$
130,282

 
$
87,317

 
$
40,386

 
$
127,703

Total Capital Markets group’s mortgage portfolio
 
$
93,845

 
$
317,839

 
$
411,684

 
$
87,317

 
$
325,996

 
$
413,313

__________
(1) 
The fair value of these mortgage-related securities was $137.4 billion as of March 31, 2015 and $133.5 billion as of December 31, 2014.
The Capital Markets group’s mortgage portfolio decreased as of March 31, 2015 compared with December 31, 2014, as we reduce the size of our retained mortgage portfolio to comply with the requirement of our senior preferred stock purchase agreement with Treasury and FHFA’s request to further cap our portfolio.

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