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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/06/2011
Entire Document
 
Table of Contents

FANNIE MAE
(In conservatorship)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
For the three months ended March 31, 2011 and 2010, the principal and interest received on retained interests was $750 million and $836 million, respectively.
 
Managed Loans
 
We define “managed loans” as on-balance sheet mortgage loans as well as mortgage loans that we have securitized in unconsolidated portfolio securitization trusts. The following table displays the unpaid principal balances of managed loans, including those managed loans that are delinquent as of March 31, 2011 and December 31, 2010.
 
                 
    Unpaid Principal
    Principal Amount of
 
    Balance     Delinquent Loans(1)  
    (Dollars in millions)  
 
As of March 31, 2011
               
Loans held for investment
               
Of Fannie Mae
  $ 418,770     $ 136,489  
Of consolidated trusts
    2,603,491       27,972  
Loans held for sale
    1,470       116  
Securitized loans
    2,108       24  
                 
Total loans managed
  $ 3,025,839     $ 164,601  
                 
As of December 31, 2010
               
Loans held for investment
               
Of Fannie Mae
  $ 423,686     $ 141,342  
Of consolidated trusts
    2,565,347       34,080  
Loans held for sale
    964       127  
Securitized loans
    2,147       78  
                 
Total loans managed
  $ 2,992,144     $ 175,627  
                 
 
 
(1) Represents the unpaid principal balance of loans held for investment and loans held for sale for which we are no longer accruing interest and loans 90 days or more delinquent which are continuing to accrue interest.
 
Qualifying Sales of Portfolio Securitizations
 
We recognize assets obtained and liabilities incurred in a portfolio securitization at fair value. Proceeds from the initial sale of securities from portfolio securitizations were $108 million and $249 million for the three months ended March 31, 2011 and 2010, respectively. For the three months ended March 31, 2010, proceeds from the initial sale of securities were reduced by $1.3 billion from the amount previously disclosed, primarily related to deconsolidated REMICs that should have been presented as proceeds from issuance of long-term debt of consolidated trusts.


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