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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 December 31, 2010     For the Three Months Ended March 31, 2010  
                      Related
                   
                      Allowance for
                Interest
 
    Unpaid
    Total
    Related
    Accrued
    Average
    Total Interest
    Income
 
    Principal
    Recorded
    Allowance for
    Interest
    Recorded
    Income
    Recognized on
 
    Balance     Investment(1)     Loan Losses     Receivable     Investment     Recognized(2)     a Cash Basis  
    (Dollars in millions)  
 
Individually impaired loans:
                                                       
With related allowance recorded:
                                                       
Single-family:
                                                       
Primary(3)
  $ 99,838     $ 93,024     $ 23,565     $ 772     $ 81,258     $ 1,198     $ 210  
Government(4)
    240       248       38       7       141       1        
Alt-A
    30,932       28,253       9,592       368       25,361       408       58  
Other(5)
    14,429       13,689       4,479       137       12,094       173       35  
                                                         
Total single-family
    145,439       135,214       37,674       1,284       118,854       1,780       303  
Multifamily
    2,372       2,371       556       23       1,496       56       1  
                                                         
Total individually impaired loans with related allowance recorded
    147,811       137,585       38,230       1,307       120,350       1,836       304  
                                                         
With no related allowance recorded:(6)
                                                       
Single-family:
                                                       
Primary(3)
    10,586       7,237                   7,860       209       18  
Government(4)
    19       13                   11       2        
Alt-A
    3,600       1,884                   2,091       88       9  
Other(5)
    879       512                   589       24       2  
                                                         
Total single-family
    15,084       9,646                   10,551       323       29  
Multifamily
    789       811                   642       18        
                                                         
Total individually impaired loans with no related allowance recorded
    15,873       10,457                   11,193       341       29  
                                                         
Total individually impaired loans(7)
  $ 163,684     $ 148,042     $ 38,230     $ 1,307     $ 131,543     $ 2,177     $ 333  
                                                         
 
 
(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) Total single-family interest income recognized of $1.4 billion consists of $1.1 billion of contractual interest and $352 million of effective yield adjustments for the three months ended March 31, 2011. Total single-family interest income recognized of $2.1 billion consists of $1.8 billion of contractual interest and $275 million of effective yield adjustments for the three months ended March 31, 2010.
 
(3) Consists of mortgage loans that are not included in other loan classes.
 
(4) Consists 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.
 
(5) Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
 
(6) The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.
 
(7) Includes single-family loans restructured in a TDR with a recorded investment of $145.4 billion and $140.1 billion as of March 31, 2011 and December 31, 2010, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $916 million and $939 million as of March 31, 2011 and December 31, 2010, respectively.

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