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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)
 
housing market and economic conditions, to structure our pricing and our eligibility and underwriting criteria to accurately reflect the current risk of loans with these higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.
 
The following tables display the current delinquency status and certain higher risk characteristics of our single-family conventional and total multifamily guaranty book of business as of March 31, 2011 and December 31, 2010.
 
                                                 
    As of March 31, 2011(1)   As of December 31, 2010(1)
    30 Days
  60 Days
  Seriously
  30 Days
  60 Days
  Seriously
    Delinquent   Delinquent   Delinquent(2)   Delinquent   Delinquent   Delinquent(2)
 
Percentage of single-family conventional guaranty book of business(3)
    1.83 %     0.73 %     5.05 %     2.19 %     0.89 %     5.37 %
Percentage of single-family conventional
loans(4)
    1.93       0.70       4.27       2.32       0.87       4.48  
 
                                 
    As of March 31, 2011(1)     As of December 31, 2010(1)  
    Percentage of
          Percentage of
       
    Single-Family
          Single-Family
       
    Conventional
    Percentage
    Conventional
    Percentage
 
    Guaranty Book
    Seriously
    Guaranty Book
    Seriously
 
    of Business(3)     Delinquent(2)(4)     of Business(3)     Delinquent(2)(4)  
 
Estimated mark-to-market loan-to-value ratio:
                               
Less than 100%
    82 %     2.36 %     84 %     2.62 %
100.01% to 110%
    6       9.79       5       11.60  
110.01% to 120%
    3       13.08       3       14.74  
120.01% to 125%
    1       14.69       1       16.86  
Greater than 125%
    8       22.45       7       24.71  
Geographical distribution:
                               
Arizona
    2       5.16       2       6.23  
California
    19       3.35       18       3.89  
Florida
    7       12.40       7       12.31  
Nevada
    1       9.40       1       10.66  
Select Midwest states(5)
    10       4.62       11       4.80  
All other states
    61       3.34       61       3.46  
Product distribution (not mutually exclusive):(6)
                               
Alt-A
    7       13.45       8       13.87  
Subprime
    *       27.47       *       28.20  
Negatively amortizing adjustable rate
    *       8.57       *       9.02  
Interest only
    5       17.10       6       17.85  
Investor property
    6       4.67       6       4.79  
Condo/Coop
    9       5.15       9       5.37  
Original loan-to-value ratio >90%(7)
    9       9.40       10       10.04  
FICO credit score <620(7)
    3       14.05       4       14.63  
Original loan-to-value ratio >90% and FICO credit score <620(7)
    1       20.20       1       21.41  


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