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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
 





FANNIE MAE
(In conservatorship)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(UNAUDITED)


  
As of December 31, 2014
 
30 - 59 Days
Delinquent
 
60 - 89 Days Delinquent
 
Seriously Delinquent(1)
 
Total Delinquent
 
Current
 
Total
 
Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest
 
Recorded Investment in Nonaccrual Loans 
  
(Dollars in millions)
Single-family:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Primary
 
$
29,130

 
 
 
$
8,396

 
 
 
$
38,248

 
 
 
$
75,774

 
 
$
2,580,446

 
$
2,656,220

 
 
$
55

 
 
$
46,556

Government(2)
 
63

 
 
 
26

 
 
 
305

 
 
 
394

 
 
44,927

 
45,321

 
 
305

 
 

Alt-A
 
4,094

 
 
 
1,414

 
 
 
11,603

 
 
 
17,111

 
 
95,650

 
112,761

 
 
8

 
 
13,007

Other
 
1,520

 
 
 
516

 
 
 
3,763

 
 
 
5,799

 
 
38,460

 
44,259

 
 
6

 
 
4,259

Total single-family
 
34,807

 
 
 
10,352

 
 
 
53,919

 
 
 
99,078

 
 
2,759,483

 
2,858,561

 
 
374

 
 
63,822

Multifamily(3)
 
60

 
 
 
 N/A

 
 
 
89

 
 
 
149

 
 
189,084

 
189,233

 
 

 
 
823

Total
 
$
34,867

 
 
 
$
10,352

 
 
 
$
54,008

 
 
 
$
99,227

 
 
$
2,948,567

 
$
3,047,794

 
 
$
374

 
 
$
64,645

__________
(1) 
Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.
(2) 
Primarily consists of reverse mortgages which, due to their nature, are not aged and are included in the current column.
(3) 
Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
Credit Quality Indicators
The following table displays the total recorded investment in our single-family HFI loans by class and credit quality indicator as of March 31, 2015 and December 31, 2014, excluding loans for which we have elected the fair value option.
  
As of
  
March 31, 2015(1)
 
December 31, 2014(1)
  
Primary
 
Alt-A
 
Other
 
Primary
 
Alt-A
 
Other
  
(Dollars in millions) 
Estimated mark-to-market loan-to-value ratio:(2)
  
 
 
 
 
  
 
 
  
 
 
 
 
  
 
Less than or equal to 80% 
$
2,126,305

 
$
58,557

 
 
$
21,584

 
 
$
2,156,165

 
$
60,851

 
 
$
22,558

 
Greater than 80%  and less than or equal to 90%
270,619

 
14,661

 
 
5,756

 
 
261,709

 
15,151

 
 
6,046

 
Greater than 90%  and less than or equal to 100%
154,066

 
12,135

 
 
5,023

 
 
140,778

 
12,490

 
 
5,236

 
Greater than 100% and less than or equal to 110%
43,305

 
8,503

 
 
3,692

 
 
43,014

 
8,998

 
 
3,900

 
Greater than 110%  and less than or equal to 120%
23,264

 
5,707

 
 
2,517

 
 
23,439

 
6,033

 
 
2,615

 
Greater than 120%  and less than or equal to 125%
7,445

 
2,000

 
 
848

 
 
7,529

 
2,114

 
 
904

 
Greater than 125% 
23,367

 
6,731

 
 
2,873

 
 
23,586

 
7,124

 
 
3,000

 
Total 
$
2,648,371

 
$
108,294

 
 
$
42,293

 
 
$
2,656,220

 
$
112,761

 
 
$
44,259

 
__________
(1) 
Excludes $44.6 billion and $45.3 billion as of March 31, 2015 and December 31, 2014, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market loan-to-value (“LTV”) ratio.
(2) 
The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

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