Print Page  |  Close Window

SEC Filings

Entire Document
Table of Contents

Table 19:  Capital Markets Group’s Mortgage Portfolio Composition(1)
    As of  
    March 31,
    December 31,
    2011     2010  
    (Dollars in millions)  
Capital Markets group’s mortgage loans:
Single-family loans
Government insured or guaranteed
  $ 51,348     $ 51,783  
Long-term, fixed-rate
    239,723       237,096  
Intermediate-term, fixed-rate
    10,721       11,446  
    29,496       31,526  
Total single-family conventional
    279,940       280,068  
Total single-family loans
    331,288       331,851  
Multifamily loans
Government insured or guaranteed
    413       431  
Long-term, fixed-rate
    4,180       4,413  
Intermediate-term, fixed-rate
    67,375       71,010  
    18,600       19,369  
Total multifamily conventional
    90,155       94,792  
Total multifamily loans
    90,568       95,223  
Total Capital Markets group’s mortgage loans
    421,856       427,074  
Capital Markets group’s mortgage-related securities:
Fannie Mae
    238,330       260,429  
Freddie Mac
    15,659       17,332  
Ginnie Mae
    1,170       1,425  
Alt-A private-label securities
    21,590       22,283  
Subprime private-label securities
    17,653       18,038  
    24,844       25,052  
Mortgage revenue bonds
    12,008       12,525  
Other mortgage-related securities
    4,508       4,613  
Total Capital Markets group’s mortgage-related securities(2)
    335,762       361,697  
Total Capital Markets group’s mortgage portfolio
  $ 757,618     $ 788,771  
(1) Based on unpaid principal balance.
(2) The fair value of these mortgage-related securities was $339.8 billion and $365.8 billion as of March 31, 2011 and December 31, 2010, respectively.
The Capital Markets group’s mortgage portfolio decreased from December 31, 2010 to March 31, 2011 primarily due to sales and liquidations, partially offset by purchases of delinquent loans from MBS trusts. We expect our mortgage portfolio to continue to decrease due to the restrictions on the amount of mortgage assets we may own under the terms of our senior preferred stock purchase agreement with Treasury.
We purchased approximately 113,000 delinquent loans with an unpaid principal balance of approximately $20 billion from our single-family MBS trusts in the first quarter of 2011. The total unpaid principal balance of nonperforming loans in the Capital Markets group’s mortgage portfolio was $231.3 billion as of March 31, 2011. This population includes loans that have been modified and have been classified as TDRs as well as unmodified delinquent loans that are on nonaccrual status in our condensed consolidated financial statements.
We expect to continue to purchase loans from MBS trusts as they become four or more consecutive monthly payments delinquent subject to market conditions, economic benefit, servicer capacity, and other factors