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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)
 
3.   Mortgage Loans
 
The following table displays our mortgage loans as of March 31, 2011 and December 31, 2010.
 
                                                 
    As of  
    March 31, 2011     December 31, 2010  
    Of
    Of
          Of
    Of
       
    Fannie
    Consolidated
          Fannie
    Consolidated
       
    Mae     Trusts     Total     Mae     Trusts     Total  
    (Dollars in millions)  
 
Single-family
  $ 328,656     $ 2,523,197     $ 2,851,853     $ 328,824     $ 2,490,623     $ 2,819,447  
Multifamily
    90,517       81,361       171,878       95,157       75,393       170,550  
                                                 
Total unpaid principal balance of mortgage loans
    419,173       2,604,558       3,023,731       423,981       2,566,016       2,989,997  
Cost basis and fair value adjustments, net
    (16,462 )     10,345       (6,117 )     (16,498 )     11,777       (4,721 )
Allowance for loan losses for loans held for investment
    (53,708 )     (13,849 )     (67,557 )     (48,530 )     (13,026 )     (61,556 )
                                                 
Total mortgage loans
  $ 349,003     $ 2,601,054     $ 2,950,057     $ 358,953     $ 2,564,767     $ 2,923,720  
                                                 
 
During the three months ended March 31, 2011, we redesignated loans with a carrying value of $561 million from held for investment (“HFI”) to held for sale (“HFS”).
 
The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans, excluding loans for which we have elected the fair value option, by portfolio segment and class as of March 31, 2011 and December 31, 2010. For purposes of this table, each loan in our portfolio is included in only one segment and class category.
 
                                                                 
    As of March 31, 2011(1)  
                                        Recorded
       
                                        Investment in
       
                                        Loans Over
       
                                        90 Days
    Recorded
 
                                        Delinquent
    Investment
 
                                        and
    in
 
    30 - 59 Days
    60 - 89 Days
    Seriously
    Total
                Accruing
    Nonaccrual
 
    Delinquent     Delinquent     Delinquent(2)     Delinquent     Current     Total     Interest     Loans  
    (Dollars in millions)  
 
Single-family:
                                                               
Primary(3)
  $ 39,980     $ 14,949     $ 89,650     $ 144,579     $ 2,356,321     $ 2,500,900     $ 128     $ 104,375  
Government(4)
    96       48       320       464       51,486       51,950       320        
Alt-A
    7,670       3,598       34,761       46,029       153,035       199,064       16       38,335  
Other(5)
    3,514       1,624       14,241       19,379       81,837       101,216       105       15,670  
                                                                 
Total single-family
    51,260       20,219       138,972       210,451       2,642,679       2,853,130       569       158,380  
Multifamily(6)
    322       NA       1,094       1,416       172,385       173,801             1,047  
                                                                 
Total
  $ 51,582     $ 20,219     $ 140,066     $ 211,867     $ 2,815,064     $ 3,026,931     $ 569     $ 159,427  
                                                                 
 


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