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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)
 
                 
    As of  
    March 31, 2011(1)     December 31, 2010(1)  
    (Dollars in millions)  
 
Multifamily
               
Original LTV ratio:
               
Less than or equal to 70%
  $ 98,355     $ 96,844  
70.01% to 80%
    71,087       71,560  
Greater than 80%
    4,359       4,110  
                 
Total
  $ 173,801     $ 172,514  
                 
Original debt service coverage ratio:
               
Less than or equal to 1.10%
  $ 14,287     $ 15,034  
1.11% to 1.25%
    51,765       50,745  
Greater than 1.25%
    107,749       106,735  
                 
Total
  $ 173,801     $ 172,514  
                 
 
 
(1) Recorded investment consists of the following: (a) unpaid principal balance; (b) unamortized premiums, discounts and other cost basis adjustments; and (c) accrued interest receivable.
 
(2) Excludes $52.0 billion and $52.5 billion as of March 31, 2011 and December 31, 2010, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV.
 
(3) Consists of mortgage loans that are not included in other loan classes.
 
(4) Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
 
(5) The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

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