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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)
 
                                         
    As of December 31, 2010  
                      Related
       
    Unpaid
          Related
    Allowance for
    Average
 
    Principal
    Total Recorded
    Allowance for
    Accrued
    Recorded
 
    Balance     Investment(1)     Loan Losses     Interest Receivable     Investment  
    (Dollars in millions)  
 
Individually impaired loans:
                                       
With related allowance recorded:
                                       
Single-family:
                                       
Primary(3)
  $ 99,838     $ 93,024     $ 23,565     $ 772     $ 81,258  
Government(4)
    240       248       38       7       141  
Alt-A
    30,932       28,253       9,592       368       25,361  
Other(5)
    14,429       13,689       4,479       137       12,094  
                                         
Total single-family
    145,439       135,214       37,674       1,284       118,854  
Multifamily
    2,372       2,371       556       23       1,496  
                                         
Total individually impaired loans with related allowance recorded
    147,811       137,585       38,230       1,307       120,350  
                                         
With no related allowance recorded:(6)
                                       
Single-family:
                                       
Primary(3)
    10,586       7,237                   7,860  
Government(4)
    19       13                   11  
Alt-A
    3,600       1,884                   2,091  
Other(5)
    879       512                   589  
                                         
Total single-family
    15,084       9,646                   10,551  
Multifamily
    789       811                   642  
                                         
Total individually impaired loans with no related allowance recorded
    15,873       10,457                   11,193  
                                         
Total individually impaired loans(7)
  $ 163,684     $ 148,042     $ 38,230     $ 1,307     $ 131,543  
                                         
 
 
(1) Recorded investment consists of the following: (a) unpaid principal balance; (b) unamortized premiums, discounts and other cost basis adjustments; and (c) accrued interest receivable.
 
(2) Total single-family interest income recognized of $1.5 billion for the three months ended June 30, 2011 consists of $1.1 billion of contractual interest and $383 million of effective yield adjustments. Total single-family interest income recognized of $2.9 billion for the six months ended June 30, 2011 consists of $2.1 billion of contractual interest and $735 million of effective yield adjustments.
 
(3) Consists of mortgage loans that are not included in other loan classes.
 
(4) Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
 
(5) Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
 
(6) The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.
 
(7) Includes single-family loans restructured in a TDR with a recorded investment of $149.8 billion and $140.1 billion as of June 30, 2011 and December 31, 2010, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $993 million and $939 million as of June 30, 2011 and December 31, 2010, respectively.

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