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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)
 
3.   Mortgage Loans
 
The following table displays our mortgage loans as of June 30, 2011 and December 31, 2010.
 
                                                 
    As of  
    June 30, 2011     December 31, 2010  
    Of
    Of
          Of
    Of
       
    Fannie
    Consolidated
          Fannie
    Consolidated
       
    Mae     Trusts     Total     Mae     Trusts     Total  
    (Dollars in millions)  
 
Single-family
  $ 317,690     $ 2,510,772     $ 2,828,462     $ 328,824     $ 2,490,623     $ 2,819,447  
Multifamily
    85,461       87,329       172,790       95,157       75,393       170,550  
                                                 
Total unpaid principal balance of mortgage loans
    403,151       2,598,101       3,001,252       423,981       2,566,016       2,989,997  
Cost basis and fair value adjustments, net
    (16,428 )     12,511       (3,917 )     (16,498 )     11,777       (4,721 )
Allowance for loan losses for loans held for investment
    (55,966 )     (13,540 )     (69,506 )     (48,530 )     (13,026 )     (61,556 )
                                                 
Total mortgage loans
  $ 330,757     $ 2,597,072     $ 2,927,829     $ 358,953     $ 2,564,767     $ 2,923,720  
                                                 
 
During the three months ended June 30, 2011, we did not redesignate any loans from held for investment (“HFI”) to held for sale (“HFS”). During the six months ended June 30, 2011, we redesignated loans with a carrying value of $561 million from HFI to HFS.
 
The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans, excluding loans for which we have elected the fair value option, by portfolio segment and class as of June 30, 2011 and December 31, 2010. For purposes of this table, each loan in our portfolio is included in only one segment and class category.
 
                                                                 
    As of June 30, 2011(1)  
                                        Recorded
       
                                        Investment in
       
                                        Loans Over
       
                                        90 Days
    Recorded
 
                                        Delinquent
    Investment
 
                                        and
    in
 
    30 - 59 Days
    60 - 89 Days
    Seriously
    Total
                Accruing
    Nonaccrual
 
    Delinquent     Delinquent     Delinquent(2)     Delinquent     Current     Total     Interest     Loans  
    (Dollars in millions)  
 
Single-family:
                                                               
Primary(3)
  $ 43,387     $ 15,120     $ 85,242     $ 143,749     $ 2,348,882     $ 2,492,631     $ 115     $ 100,192  
Government(4)
    107       47       303       457       51,490       51,947       303        
Alt-A
    7,660       3,372       32,183       43,215       147,541       190,756       19       35,531  
Other(5)
    3,641       1,543       12,972       18,156       78,726       96,882       99       14,317  
                                                                 
Total single-family
    54,795       20,082       130,700       205,577       2,626,639       2,832,216       536       150,040  
Multifamily(6)
    228       NA       849       1,077       173,721       174,798             801  
                                                                 
Total
  $ 55,023     $ 20,082     $ 131,549     $ 206,654     $ 2,800,360     $ 3,007,014     $ 536     $ 150,841  
                                                                 
 


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