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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 08/05/2011
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Table of Contents

 
Table 17:  Multifamily Business Results
 
                                                 
    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2011     2010     Variance     2011     2010     Variance  
    (Dollars in millions)  
 
Statement of operations data:
                                               
Guaranty fee income(1)
  $ 216     $ 195     $ 21     $ 425     $ 389     $ 36  
Fee and other income
    57       28       29       115       63       52  
Gains (losses) from partnership investments(2)
    34       (22 )     56       22       (80 )     102  
Credit-related income (expense)(3)
    (126 )     20       (146 )     (62 )     62       (124 )
Other expenses(4)
    (38 )     (100 )     62       (105 )     (201 )     96  
                                                 
Income before federal income taxes
    143       121       22       395       233       162  
Provision for federal income taxes
    (56 )     (2 )     (54 )     (61 )     (15 )     (46 )
                                                 
Net income attributable to Fannie Mae
  $ 87     $ 119     $ (32 )   $ 334     $ 218     $ 116  
                                                 
Other key performance data:
                                               
Multifamily effective guaranty fee rate (in basis points)(5)
    45.2       41.9               44.6       41.9          
Credit loss performance ratio (in basis points)(6)
    25.5       26.2               21.4       22.3          
Average multifamily guaranty book of business(7)
  $ 191,039     $ 186,105             $ 190,493     $ 185,841          
Multifamily new business volumes(8)
    5,439       2,709               10,463       6,871          
Multifamily units financed from new business volumes(9)
    96,000       54,000               179,000       115,000          
Fannie Mae multifamily MBS issuances(10)
  $ 8,129     $ 2,727             $ 16,710     $ 6,801          
Fannie Mae multifamily structured securities issuances (issued by Capital Markets group)(11)
    1,622       772               3,022       2,593          
Additional net interest income earned on Fannie Mae multifamily mortgage loans and MBS (included in Capital Markets Group’s results)(12)
    222       197               452       402          
Average Fannie Mae multifamily mortgage loans and MBS in Capital Markets Group’s portfolio(13)
    112,208       116,521               113,272       117,115          
 
                 
    As of  
    June 30,
    December 31,
 
    2011     2010  
    (Dollars in millions)  
 
Multifamily serious delinquency rate
    0.46 %     0.71 %
Percentage of guaranty book of business with credit enhancement
    90       89  
Fannie Mae percentage of total multifamily mortgage debt outstanding(14)
    20.7       20.5  
Fannie Mae multifamily MBS outstanding(15)
  $ 89,098     $ 77,251  
 
 
(1) Guaranty fee income is included in fee and other income in our condensed consolidated statements of operations and comprehensive loss.
 
(2) Gains (losses) from partnership investments is included in other expenses in our condensed consolidated statements of operations and comprehensive loss.
 
(3) Consists of the benefit (provision) for loan losses, benefit for guaranty losses and foreclosed property expense.
 
(4) Consists of net interest income or expense, investment gains (losses), 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.


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