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 19: Activity in Debt of Fannie Mae
 
For the Three Months
Ended March 31,
 
2015
 
2014
 
(Dollars in millions)
Issued during the period:
 
 
 
Short-term:
 
 
 
Amount
$
52,111

 
$
32,438

Weighted-average interest rate
0.12
%
 
0.05
%
Long-term:(1)
 
 
 
Amount:
$
16,723

 
$
8,060

Weighted-average interest rate
1.63
%
 
1.63
%
Total issued:
 
 
 
Amount
$
68,834

 
$
40,498

Weighted-average interest rate
0.49
%
 
0.37
%
Paid off during the period:(2)
 
 
 
Short-term:
 
 
 
Amount
$
57,726

 
$
39,272

Weighted-average interest rate
0.07
%
 
0.08
%
Long-term:
 
 
 
Amount
$
23,163

 
$
49,117

Weighted-average interest rate
0.81
%
 
1.85
%
Total paid off:
 
 
 
Amount
$
80,889

 
$
88,389

Weighted-average interest rate
0.28
%
 
1.06
%
__________
(1) 
Includes credit risk-sharing securities issued under our CAS series. For additional information on our credit risk sharing transactions, see “Risk Management—Credit Risk Management—Single-Family Mortgage Credit Risk Management—Single-Family Acquisition and Servicing Policies and Underwriting and Servicing Standards—Risk-Sharing Transactions.”
(2) 
Consists of all payments on debt, including regularly scheduled principal payments, payments at maturity, payments resulting from calls and payments for any other repurchases. Repurchases of debt and early retirements of zero-coupon debt are reported at original face value, which does not equal the amount of actual cash payment.
Outstanding Debt
Total outstanding debt of Fannie Mae includes short-term and long-term debt, excluding debt of consolidated trusts. Short-term debt of Fannie Mae consists of borrowings with an original contractual maturity of one year or less and, therefore, does not include the current portion of long-term debt. Long-term debt of Fannie Mae consists of borrowings with an original contractual maturity of greater than one year.
Pursuant to the terms of the senior preferred stock purchase agreement, we are prohibited from issuing debt without the prior consent of Treasury if it would result in our aggregate indebtedness exceeding our outstanding debt limit, which is 120% of the amount of mortgage assets we were allowed to own under the senior preferred stock purchase agreement on December 31 of the immediately preceding calendar year. Our debt limit under the senior preferred stock purchase agreement was reduced to $563.6 billion in 2015. As of March 31, 2015, our aggregate indebtedness totaled $452.3 billion, which was $111.3 billion below our debt limit. The calculation of our indebtedness for purposes of complying with our debt limit reflects the unpaid principal balance and excludes debt basis adjustments and debt of consolidated trusts. Because of our debt limit, we may be restricted in the amount of debt we issue to fund our operations.

36