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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
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MD&A | Liquidity and Capital Management


Capital Management
Regulatory Capital
The deficit of our core capital over statutory minimum capital was $136.7 billion as of September 30, 2018 and $144.4 billion as of December 31, 2017. For information on our minimum capital requirements, see “Note 12, Regulatory Capital Requirements” and “Business—Legislation and Regulation—GSE Act and Other Regulation of Our Business—Capital” in our 2017 Form 10-K and “MD&A—Legislation and Regulation” in our Second Quarter 2018 Form 10-Q.
Capital Activity
The current dividend provisions of the senior preferred stock provide for quarterly dividends consisting of the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds a $3.0 billion capital reserve amount. Because we had a net worth of $7.5 billion as of June 30, 2018, we paid Treasury a third quarter 2018 dividend of $4.5 billion. We expect to pay Treasury a fourth quarter 2018 dividend of $4.0 billion by December 31, 2018 based on our net worth of $7.0 billion as of September 30, 2018.
See “BusinessConservatorship and Treasury AgreementsTreasury Agreements” and “BusinessLegislative and RegulationGSE Act and Other Regulation of Our BusinessConservatorship Capital Framework” in our 2017 Form 10-K for more information on the terms of our senior preferred stock, our senior preferred stock purchase agreement with Treasury and our conservatorship capital framework. See “Risk Factors” in our 2017 Form 10-K for a discussion of the risks associated with the limit on our capital reserves.
Off-Balance Sheet Arrangements
Our off-balance sheet arrangements result primarily from the following:
our guaranty of mortgage loan securitization and resecuritization transactions, and other guaranty commitments over which we do not have control;
liquidity support transactions; and
partnership interests.
Our off-balance sheet exposure to credit losses is primarily related to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees. This exposure was $21.5 billion as of September 30, 2018 and $25.1 billion as of December 31, 2017.
Our total outstanding liquidity commitments to advance funds for securities backed by multifamily housing revenue bonds totaled $8.7 billion as of September 30, 2018 and $9.2 billion as of December 31, 2017.

Fannie Mae Third Quarter 2018 Form 10-Q
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