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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
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Table 25 displays the credit risk transferred to third parties and retained by Fannie Mae pursuant to our CAS transactions since 2013.
Table 25: Credit Risk Transferred Pursuant to CAS Issuances
 
At Issuance
 
As of March 31, 2015
 
 
Retained by Fannie Mae
 
Transferred to Third Parties
 
 
 
 
First Loss Position
 
Mezzanine Loss Position
 
Senior Loss Position
 
Mezzanine Loss Position
 
Total Reference Pool
 
Total Outstanding Reference Pool(1)
 
 
(Dollars in millions)
2015 CAS issuances:
 
 
 
 
 
 
 
 
 
 
 
 
CAS 2015 C01
$
257

 
$
78

 
$
48,389

 
$
1,469

 
$
50,193

 
$
49,252

 
Prior CAS issuances:
 
 
 
 
 
 
 
 
 
 
 
 
2014 issuances
$
845

 
$
355

 
$
215,175

 
$
5,849

 
$
222,224

 
$
209,495

 
2013 issuances
80

 
47

 
25,954

 
675

 
26,756

 
23,876

 
Total prior CAS issuances
$
925

 
$
402

 
$
241,129

 
$
6,524

 
$
248,980

 
$
233,371

 
Total CAS issuances
$
1,182

 
$
480

 
$
289,518

 
$
7,993

 
$
299,173

 
$
282,623

 
Total outstanding reference pool as a percentage of single-family conventional guaranty book of business
 
10.16

%
__________
(1) 
Includes $7.5 billion outstanding for the mezzanine loss tranche transferred to third parties as of March 31, 2015.
Single-Family Portfolio Diversification and Monitoring
Diversification within our single-family mortgage credit book of business by product type, loan characteristics and geography is an important factor that influences credit quality and performance and may reduce our credit risk. We monitor various loan attributes, in conjunction with housing market and economic conditions, to determine if our pricing, eligibility and underwriting criteria accurately reflect the risk associated with loans we acquire or guarantee. For additional information on key loan attributes, see “MD&A—Risk Management—Credit Risk Management—Single-Family Mortgage Credit Risk Management—Single-Family Portfolio Diversification and Monitoring” in our 2014 Form 10-K.
Table 26 displays our single-family conventional business volumes and our single-family conventional guaranty book of business, based on certain key risk characteristics that we use to evaluate the risk profile and credit quality of our single-family loans.

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