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SEC Filings

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

 
Table 16:  Multifamily Business Results
 
                         
    For the Three Months Ended March 31,  
    2011     2010     Variance  
    (Dollars in millions)  
 
Statement of operations data:
                       
Guaranty fee income(1)
  $ 209     $ 194     $ 15  
Fee and other income
    58       35       23  
Losses from partnership investments(2)
    (12 )     (58 )     46  
Credit-related income(3)
    64       42       22  
Other expenses(4)
    (67 )     (101 )     34  
                         
Income before federal income taxes
    252       112       140  
Provision for federal income taxes
    (5 )     (13 )     8  
                         
Net income attributable to Fannie Mae
  $ 247     $ 99     $ 148  
                         
Other key performance data:
                       
Multifamily effective guaranty fee rate (in basis points)(5)
    44.0       41.8          
Credit loss performance ratio (in basis points)(6)
    17.3       18.3          
Average multifamily guaranty book of business(7)
  $ 190,012     $ 185,703          
Multifamily new business volumes(8)
    5,024       4,162          
Multifamily units financed from new business volumes(9)
    83,000       61,000          
Fannie Mae multifamily MBS issuances(10)
    8,581       4,073          
Fannie Mae multifamily structured securities issuances (issued by Capital Markets group)(11)
    1,400       1,821          
Additional net interest income earned on Fannie Mae multifamily mortgage loans and MBS (included in Capital Markets Group’s results)(12)
    230       205          
Average Fannie Mae multifamily mortgage loans and MBS in Capital Markets Group’s portfolio(13)
    114,375       117,709          
 
                 
    As of  
    March 31,
    December 31,
 
    2011     2010  
    (Dollars in millions)  
 
Multifamily serious delinquency rate
    0.64 %     0.71 %
Percentage of guaranty book of business with credit enhancement
    90       89  
Fannie Mae percentage of total multifamily mortgage debt outstanding(14)
    20.5       20.1  
Fannie Mae multifamily MBS outstanding(15)
  $ 83,145     $ 77,251  
 
 
(1) Guaranty fee income is included in fee and other income in our condensed consolidated statements of operations and comprehensive loss.
 
(2) Losses from partnership investments is included in other expenses in our condensed consolidated statements of operations and comprehensive loss.
 
(3) Consists of the benefit for loan losses, benefit for guaranty losses and foreclosed property expense.
 
(4) Consists of net interest income or expense, investment gains, other income or expenses, and administrative expenses.
 
(5) Calculated based on annualized Multifamily segment guaranty fee income divided by the average multifamily guaranty book of business, expressed in basis points.
 
(6) Calculated based on the annualized credit losses divided by the average multifamily guaranty book of business, expressed in basis points.
 
(7) Consists of multifamily mortgage loans held in our mortgage portfolio, multifamily mortgage loans held by consolidated trusts, multifamily Fannie Mae MBS issued from unconsolidated trusts held by either third parties or within our retained portfolio, and other credit enhancements that we provide on multifamily mortgage assets. Excludes non-Fannie Mae mortgage-related securities held in our investment portfolio for which we do not provide a guaranty.


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