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SEC Filings

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

FANNIE MAE
(In conservatorship)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
Managed Loans
 
We define “managed loans” as on-balance sheet mortgage loans as well as mortgage loans that we have securitized in unconsolidated portfolio securitization trusts. The following table displays the unpaid principal balances of managed loans, including those managed loans that are delinquent as of June 30, 2011 and December 31, 2010.
 
                 
    Unpaid Principal
    Principal Amount of
 
    Balance     Delinquent Loans(1)  
    (Dollars in millions)  
 
As of June 30, 2011
               
Loans held for investment
               
Of Fannie Mae
  $ 402,742     $ 129,773  
Of consolidated trusts
    2,598,027       26,028  
Loans held for sale
    483       59  
Securitized loans
    2,168       63  
                 
Total loans managed
  $ 3,003,420     $ 155,923  
                 
As of December 31, 2010
               
Loans held for investment
               
Of Fannie Mae
  $ 423,686     $ 141,342  
Of consolidated trusts
    2,565,347       34,080  
Loans held for sale
    964       127  
Securitized loans
    2,147       78  
                 
Total loans managed
  $ 2,992,144     $ 175,627  
                 
 
 
(1) Represents the unpaid principal balance of loans held for investment and loans held for sale for which we are no longer accruing interest and loans 90 days or more delinquent which are continuing to accrue interest.
 
Qualifying Sales of Portfolio Securitizations
 
We recognize assets obtained and liabilities incurred in a portfolio securitization at fair value. Proceeds from the initial sale of securities from portfolio securitizations were $513 million and $126 million for the three months ended June 30, 2011 and 2010, respectively. Proceeds from the initial sale of securities from portfolio securitizations were $621 million and $375 million for the six months ended June 30, 2011 and 2010, respectively. For the three and six months ended June 30, 2010, proceeds from the initial sale of securities were reduced by $338 million and $1.6 billion, respectively, from the amount previously disclosed, primarily related to deconsolidated REMICs that should have been presented as proceeds from issuance of long-term debt of consolidated trusts.


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