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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 08/03/2017
Entire Document
 
 
MD&A | Consolidated Balance Sheet Analysis


December 31, 2016 to June 30, 2017 was primarily driven by sales of Fannie Mae MBS, which are accounted for as issuances of debt of consolidated trusts in our condensed consolidated balance sheets, since the MBS certificate ownership is transferred from us to a third party.
Stockholders’ Equity
Our net equity decreased as of June 30, 2017 compared with December 31, 2016 due to our payments of senior preferred stock dividends to Treasury during the first half of 2017, partially offset by our comprehensive income recognized during the first half of 2017.
Retained Mortgage Portfolio
Our retained mortgage portfolio consists of mortgage loans and mortgage-related securities that we own and includes Fannie Mae MBS and non-Fannie Mae mortgage-related securities. Assets held by consolidated MBS trusts that back mortgage-related securities owned by third parties are not included in our retained mortgage portfolio.
The amount of mortgage assets that we may own is restricted by our senior preferred stock purchase agreement with Treasury and FHFA’s additional cap, as described in “BusinessConservatorship and Treasury AgreementsTreasury Agreements” in our 2016 Form 10-K. We plan to reduce our retained mortgage portfolio to no more than the FHFA cap of $259.6 billion as of December 31, 2017, which also would be in compliance with the senior preferred stock purchase agreement cap of $288.4 billion. Table 11 displays the unpaid principal balance of our retained mortgage portfolio.
Table 11: Retained Mortgage Portfolio
 
As of
 
June 30, 2017
 
December 31, 2016
 
(Dollars in millions)
Single-family:
 
 
 
 
 
 
 
Mortgage loans(1)
 
$
163,411

 
 
 
$
181,219

 
Reverse mortgages
 
28,047

 
 
 
29,443

 
Mortgage-related securities:
 
 
 
 
 
 
 
Agency securities(2)
 
34,874

 
 
 
25,667

 
Fannie Mae-wrapped reverse mortgage securities
 
7,064

 
 
 
7,420

 
Other Fannie Mae-wrapped securities
 
3,613

 
 
 
3,773

 
Private-label and other securities
 
4,009

 
 
 
4,980

 
Total single-family mortgage-related securities(3)
 
49,560

 
 
 
41,840

 
Total single-family mortgage loans and mortgage-related securities
 
241,018

 
 
 
252,502

 
Multifamily:
 
 
 
 
 
 
 
Mortgage loans(4)
 
5,736

 
 
 
9,407

 
Mortgage-related securities:
 
 
 
 
 
 
 
Agency securities(2)
 
7,985

 
 
 
7,693

 
CMBS
 
276

 
 
 
1,567

 
Mortgage revenue bonds
 
783

 
 
 
1,185

 
Total multifamily mortgage-related securities(5)
 
9,044

 
 
 
10,445

 
Total multifamily mortgage loans and mortgage-related securities
 
14,780

 
 
 
19,852

 
Total retained mortgage portfolio
 
$
255,798

 
 
 
$
272,354

 
__________
(1) 
Includes single-family loans restructured in a TDR that were on accrual status of $103.5 billion and $119.4 billion as of June 30, 2017 and December 31, 2016, respectively, and single-family loans on nonaccrual status of $33.3 billion and $38.7 billion as of June 30, 2017 and December 31, 2016, respectively.
(2) 
Includes Fannie Mae, Freddie Mac and Ginnie Mae mortgage-related securities, excluding Fannie Mae-wrapped reverse mortgage securities and other Fannie Mae-wrapped securities.

Fannie Mae Second Quarter 2017 Form 10-Q
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