UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2004
Federal National Mortgage Association
(Exact name of registrant as specified in its charter)
Fannie Mae
Federally chartered corporation
|
0-50231 | 52-0883107 | ||
(State or other jurisdiction
|
(Commission | (IRS Employer | ||
of incorporation)
|
File Number) | Identification Number) |
3900 Wisconsin Avenue, NW
|
20016 | |||
Washington, DC
|
(Zip Code) | |||
(Address of principal executive offices) |
||||
Registrant’s telephone number, including area code: 202-752-7000
Item 9. Regulation FD Disclosure.
On August 11, 2004, Fannie Mae (formally, the Federal National Mortgage Association), issued its quarterly business activity supplement for the second quarter of 2004, a copy of which is furnished as Exhibit 99.1 to this report, and which is incorporated herein by reference.
This information, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| FEDERAL NATIONAL MORTGAGE ASSOCIATION | ||||
| By /s/ Leanne G. Spencer | ||||
| Leanne G. Spencer | ||||
| Senior Vice President and Controller | ||||
Date: August 11, 2004
EXHIBIT INDEX
The following is a list of the Exhibits furnished herewith.
| Exhibit Number | Description of Exhibit | |
99.1 |
Quarterly business activity supplement for the second quarter of 2004, issued by Fannie Mae on August 11, 2004. |
Exhibit 99.1
Business Activity Supplement
Second Quarter 2004
Business Activity Supplement
Second Quarter 2004
Table of Contents
| Page |
||||
Portfolio Commitment Activity |
1 | |||
Mortgage
Purchases |
2 | |||
Fixed-rate Mortgages by Note Rate |
3 | |||
Mortgage Portfolio Liquidations and Sales |
4 | |||
Summary of Nonmortgage Investments |
5 | |||
Debt Summary Statistics |
6 | |||
Summary of Debt Issued |
7 | |||
Summary of Debt Redeemed |
8 | |||
Effective Long-Term Debt Maturing |
9 | |||
Callable Debt, Callable Swaps, Receive-Fixed Swaptions and Other Option-Embedded Instruments |
10 | |||
Mortgage-Backed Securities Issued |
11 | |||
Mortgage-Backed Securities Outstanding |
12 | |||
Single-Family REO Acquisitions and Preforeclosure Sales |
13 | |||
Single-Family REO Inventory |
14 | |||
Portfolio and Mortgage-Backed Securities Outstanding by State |
15 | |||
Conventional Single-Family Serious Delinquencies |
16 | |||
Multifamily Total Serious Delinquencies and REO Inventory |
17 | |||
This supplement contains statistical data which is unaudited. The unaudited data should be read in conjunction with audited financial statements, notes to the financial statements, and management’s discussion and analysis of financial conditions and results of operations, included in Fannie Mae’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003, filed with the Securities and Exchange Commission (SEC), and also with the unaudited financial statements, notes to the financial statements, and management’s discussion and analysis of financial conditions and results of operations, included in Fannie Mae’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, also filed with the SEC.
Portfolio Commitment Activity
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Mandatory Commitments to Purchase Loans 1/ |
||||||||||||||||||||||||||||||||
| Single-Family |
||||||||||||||||||||||||||||||||
| Conventional | Total | |||||||||||||||||||||||||||||||
| Conventional | Intermediate | Mandatory | Commitments | Retained | ||||||||||||||||||||||||||||
| FHA/VA |
Long-Term 3/ |
-Term 2/ |
ARM 3/ |
Multifamily |
Commitments |
to Sell |
Commitments |
|||||||||||||||||||||||||
1998 |
$ | 5,075 | $ | 156,623 | $ | 28,237 | $ | 2,017 | $ | 1,843 | $ | 193,795 | $ | 1,880 | $ | 191,915 | ||||||||||||||||
1999 |
24,065 | 142,529 | 12,609 | 6,129 | 2,616 | 187,948 | 5,900 | 182,048 | ||||||||||||||||||||||||
2000 |
4,754 | 123,504 | 10,980 | 19,006 | 5,445 | 163,689 | 11,786 | 151,903 | ||||||||||||||||||||||||
2001 |
4,313 | 261,240 | 28,361 | 3,636 | 6,534 | 304,084 | 7,586 | 296,498 | ||||||||||||||||||||||||
2002 |
6,958 | 315,419 | 65,618 | 5,048 | 7,284 | 400,327 | 12,268 | 388,059 | ||||||||||||||||||||||||
2003 |
||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 652 | $ | 96,645 | $ | 21,093 | $ | 1,963 | $ | 1,945 | $ | 122,298 | $ | 6,415 | $ | 115,883 | ||||||||||||||||
Qtr 2 |
1,038 | 138,853 | 49,816 | 4,474 | 3,466 | 197,647 | 6,921 | 190,726 | ||||||||||||||||||||||||
Qtr 3 |
1,313 | 121,990 | 24,731 | 5,964 | 4,733 | 158,731 | 9,740 | 148,991 | ||||||||||||||||||||||||
Qtr 4 |
1,474 | 30,942 | 4,125 | 3,916 | 2,950 | 43,407 | 9,934 | 33,473 | ||||||||||||||||||||||||
Total |
$ | 4,477 | $ | 388,430 | $ | 99,765 | $ | 16,317 | $ | 13,094 | $ | 522,083 | $ | 33,010 | $ | 489,073 | ||||||||||||||||
2004 |
||||||||||||||||||||||||||||||||
January |
$ | 184 | $ | 4,603 | $ | 1,456 | $ | 7,232 | $ | 338 | $ | 13,814 | $ | 2,118 | $ | 11,696 | ||||||||||||||||
February |
354 | 8,530 | 1,444 | 2,744 | 614 | 13,685 | 1,109 | 12,576 | ||||||||||||||||||||||||
March |
769 | 13,963 | 2,790 | 11,009 | 1,630 | 30,162 | 751 | 29,411 | ||||||||||||||||||||||||
Qtr 1 |
1,307 | 27,096 | 5,690 | 20,985 | 2,582 | 57,661 | 3,978 | 53,683 | ||||||||||||||||||||||||
April |
146 | 18,020 | 1,431 | 9,537 | 1,567 | 30,702 | 1,842 | 28,860 | ||||||||||||||||||||||||
May |
554 | 17,061 | 993 | 9,528 | 846 | 28,982 | 593 | 28,389 | ||||||||||||||||||||||||
June |
480 | 13,068 | 1,020 | 14,987 | 2,529 | 32,084 | 2,415 | 29,669 | ||||||||||||||||||||||||
Qtr 2 |
1,180 | 48,149 | 3,444 | 34,052 | 4,942 | 91,768 | 4,850 | 86,918 | ||||||||||||||||||||||||
YTD |
$ | 2,487 | $ | 75,245 | $ | 9,134 | $ | 55,037 | $ | 7,525 | $ | 149,429 | $ | 8,828 | $ | 140,601 | ||||||||||||||||
1/ Net of
pair-offs.
2/ Contractual maturities of 20 years or less for portfolio
loans and 15 years or less for MBS.
3/ Certain products were reclassified to be consistent with current
classifications.
-1-
Mortgage Purchases
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Single-Family |
||||||||||||||||||||||||||||||||
| Conventional | Average | |||||||||||||||||||||||||||||||
| Conventional | Intermediate | Total | Purchase | Fannie Mae | ||||||||||||||||||||||||||||
| FHA/VA |
Long-Term |
-Term 1/ |
ARM |
Multifamily |
Purchases |
Yield 2/ |
MBS 3/ |
|||||||||||||||||||||||||
1998 |
$ | 6,016 | $ | 147,615 | $ | 28,725 | $ | 3,507 | $ | 2,585 | $ | 188,448 | 6.61 | % | $ | 104,728 | ||||||||||||||||
1999 |
23,575 | 146,679 | 15,315 | 6,073 | 3,568 | 195,210 | 6.88 | % | 125,498 | |||||||||||||||||||||||
2000 |
6,940 | 113,444 | 11,607 | 17,683 | 4,557 | 154,231 | 7.62 | % | 104,904 | |||||||||||||||||||||||
2001 |
6,001 | 226,516 | 26,146 | 3,777 | 8,144 | 270,584 | 6.56 | % | 180,582 | |||||||||||||||||||||||
2002 |
9,493 | 280,815 | 62,102 | 10,739 | 7,492 | 370,641 | 5.92 | % | 245,039 | |||||||||||||||||||||||
2003 |
||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 928 | $ | 105,784 | $ | 19,570 | $ | 3,555 | $ | 2,168 | $ | 132,005 | 5.34 | % | $ | 88,640 | ||||||||||||||||
Qtr 2 |
1,493 | 102,204 | 17,904 | 3,896 | 2,463 | 127,960 | 5.09 | % | 70,483 | |||||||||||||||||||||||
Qtr 3 |
1,852 | 195,835 | 40,439 | 11,069 | 4,713 | 253,908 | 4.85 | % | 176,066 | |||||||||||||||||||||||
Qtr 4 |
2,166 | 29,236 | 9,519 | 14,220 | 3,838 | 58,979 | 4.74 | % | 13,224 | |||||||||||||||||||||||
Total |
$ | 6,439 | $ | 433,059 | $ | 87,432 | $ | 32,740 | $ | 13,182 | $ | 572,852 | 5.00 | % | $ | 348,413 | ||||||||||||||||
2004 |
||||||||||||||||||||||||||||||||
January |
$ | 331 | $ | 3,725 | $ | 1,396 | $ | 2,544 | $ | 577 | $ | 8,573 | 4.77 | % | $ | 268 | ||||||||||||||||
February |
515 | 4,205 | 1,264 | 5,850 | 337 | 12,171 | 3.68 | % | 181 | |||||||||||||||||||||||
March |
886 | 10,961 | 2,082 | 5,477 | 854 | 20,260 | 4.53 | % | 6,507 | |||||||||||||||||||||||
Qtr 1 |
1,732 | 18,891 | 4,742 | 13,871 | 1,768 | 41,004 | 4.33 | % | 6,956 | |||||||||||||||||||||||
April |
720 | 13,810 | 2,387 | 9,080 | 1,451 | 27,448 | 4.37 | % | 10,198 | |||||||||||||||||||||||
May |
427 | 14,280 | 2,766 | 7,988 | 1,225 | 26,686 | 4.55 | % | 10,670 | |||||||||||||||||||||||
June |
606 | 19,637 | 1,913 | 12,620 | 2,389 | 37,165 | 4.44 | % | 13,330 | |||||||||||||||||||||||
Qtr 2 |
1,753 | 47,727 | 7,066 | 29,688 | 5,065 | 91,299 | 4.45 | % | 34,198 | |||||||||||||||||||||||
YTD |
$ | 3,485 | $ | 66,618 | $ | 11,808 | $ | 43,559 | $ | 6,833 | $ | 132,303 | 4.41 | % | $ | 41,154 | ||||||||||||||||
1/ Contractual maturities of 20 years or less for portfolio loans and 15 years or less for MBS.
2/ Yields are shown on a tax equivalent basis.
3/ Included in total purchases.
-2-
Fixed-Rate Mortgages by Note Rate 1/
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| 5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | 8.00% | 8.50% | 9.00% | ||||||||||||||||||||||||||||||||||||
| End of | under | to | to | to | to | to | to | to | to | and | ||||||||||||||||||||||||||||||||||
| Period |
5.00% |
5.49% |
5.99% |
6.49% |
6.99% |
7.49% |
7.99% |
8.49% |
8.99% |
over |
Total |
|||||||||||||||||||||||||||||||||
1998 |
NM | NM | $ | 2,987 | $ | 28,523 | $ | 176,133 | $ | 280,774 | $ | 215,161 | $ | 105,341 | $ | 57,302 | $ | 47,050 | $ | 913,271 | ||||||||||||||||||||||||
1999 |
NM | NM | 6,057 | 49,285 | 266,401 | 323,154 | 224,092 | 94,037 | 45,030 | 34,825 | 1,042,881 | |||||||||||||||||||||||||||||||||
2000 |
NM | NM | 5,519 | 44,869 | 244,457 | 301,640 | 255,849 | 157,543 | 71,812 | 39,774 | 1,121,463 | |||||||||||||||||||||||||||||||||
2001 |
NM | NM | 19,055 | 86,842 | 393,701 | 414,763 | 250,472 | 114,772 | 54,280 | 35,205 | 1,369,090 | |||||||||||||||||||||||||||||||||
2002 |
NM | NM | 145,641 | 260,437 | 519,799 | 356,215 | 177,752 | 72,165 | 37,762 | 24,546 | 1,594,317 | |||||||||||||||||||||||||||||||||
2003 |
||||||||||||||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 8,180 | $ | 68,308 | $ | 220,066 | $ | 346,974 | $ | 474,724 | $ | 297,078 | $ | 152,277 | $ | 62,592 | $ | 33,680 | $ | 22,140 | $ | 1,686,019 | ||||||||||||||||||||||
Qtr 2 |
38,834 | 139,580 | 366,784 | 371,678 | 402,875 | 238,145 | 128,244 | 53,774 | 29,844 | 20,029 | 1,789,787 | |||||||||||||||||||||||||||||||||
Qtr 3 |
115,841 | 260,420 | 434,927 | 329,429 | 317,796 | 185,905 | 106,860 | 45,544 | 25,865 | 17,696 | 1,840,283 | |||||||||||||||||||||||||||||||||
Qtr 4 |
133,736 | 293,680 | 481,770 | 346,638 | 293,647 | 160,547 | 93,568 | 39,637 | 22,725 | 15,568 | 1,881,516 | |||||||||||||||||||||||||||||||||
2004 |
||||||||||||||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 139,321 | $ | 305,081 | $ | 519,026 | $ | 349,863 | $ | 275,619 | $ | 146,863 | $ | 85,817 | $ | 35,938 | $ | 20,579 | $ | 14,018 | $ | 1,892,125 | ||||||||||||||||||||||
Qtr 2 |
158,677 | 328,256 | 549,047 | 331,811 | 247,186 | 129,382 | 76,427 | 31,985 | 18,326 | 12,426 | 1,883,523 | |||||||||||||||||||||||||||||||||
NM = Not meaningful
| 1/ | Includes loans underlying mortgages in portfolio or backing net MBS outstanding. Excludes housing revenue bonds and certain other portfolio investments. |
-3-
Mortgage Portfolio Liquidations and Sales
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Liquidations |
Sales |
Total Liquidations and Sales |
||||||||||||||||||||||||||||||||||
| Amortization | Total | Estimated | % of Avg. | Estimated | Estimated | |||||||||||||||||||||||||||||||
| Foreclosure |
& Prepayments |
Amount |
Net Yield |
Portfolio 1/ |
Amount |
Net Yield |
Amount |
Net Yield |
||||||||||||||||||||||||||||
1998 |
$ | 1,950 | $ | 86,917 | $ | 88,867 | 7.66 | % | 25.02 | % | $ | 1,793 | 6.91 | % | $ | 90,660 | 7.65 | % | ||||||||||||||||||
1999 |
1,959 | 77,791 | 79,750 | 7.39 | % | 16.93 | % | 6,148 | 6.98 | % | 85,898 | 7.36 | % | |||||||||||||||||||||||
2000 |
1,040 | 56,193 | 57,233 | 7.18 | % | 10.25 | % | 10,982 | 6.98 | % | 68,215 | 7.15 | % | |||||||||||||||||||||||
2001 |
1,219 | 163,193 | 164,412 | 7.23 | % | 24.73 | % | 8,981 | 6.49 | % | 173,393 | 7.19 | % | |||||||||||||||||||||||
2002 |
2,478 | 274,941 | 277,419 | 6.83 | % | 37.35 | % | 9,582 | 6.27 | % | 287,001 | 6.82 | % | |||||||||||||||||||||||
2003 |
||||||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 806 | $ | 104,802 | $ | 105,608 | 6.61 | % | 52.25 | % | $ | 1,271 | 5.68 | % | $ | 106,879 | 6.60 | % | ||||||||||||||||||
Qtr 2 |
896 | 125,050 | 125,946 | 6.45 | % | 61.78 | % | 5,425 | 5.48 | % | 131,371 | 6.41 | % | |||||||||||||||||||||||
Qtr 3 |
1,003 | 146,772 | 147,775 | 6.20 | % | 68.96 | % | 1,477 | 2.69 | % | 149,252 | 6.17 | % | |||||||||||||||||||||||
Qtr 4 |
1,024 | 71,134 | 72,158 | 6.16 | % | 31.76 | % | 5,554 | 5.07 | % | 77,712 | 6.09 | % | |||||||||||||||||||||||
Total |
$ | 3,729 | $ | 447,758 | $ | 451,487 | 6.36 | % | 53.29 | % | $ | 13,727 | 5.03 | % | $ | 465,214 | 6.32 | % | ||||||||||||||||||
2004 |
||||||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 1,072 | $ | 53,064 | $ | 54,136 | 5.92 | % | 24.41 | % | $ | 4,374 | 4.95 | % | $ | 58,510 | 5.85 | % | ||||||||||||||||||
Qtr 2 |
1,068 | 75,718 | 76,786 | 5.73 | % | 34.79 | % | 4,163 | 5.35 | % | 80,949 | 5.71 | % | |||||||||||||||||||||||
YTD |
$ | 2,140 | $ | 128,782 | $ | 130,922 | 5.81 | % | 29.57 | % | $ | 8,537 | 5.15 | % | $ | 139,459 | 5.77 | % | ||||||||||||||||||
1/ Annualized
-4-
Summary of Nonmortgage Investments
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Weighted | ||||||||||||||||||||||||
| Gross | Gross | Average | ||||||||||||||||||||||
| Amortized | Unrealized | Unrealized | Fair | Maturity | % Rated A | |||||||||||||||||||
| June 30, 2004 | Cost |
Gains |
Losses |
Value |
in Months |
or Better |
||||||||||||||||||
Available-for-sale: |
||||||||||||||||||||||||
Asset-backed securities |
$ | 26,244 | $ | 24 | $ | (37 | ) | $ | 26,231 | 24.0 | 99.1 | % | ||||||||||||
Floating rate notes 1/ |
8,967 | 9 | — | 8,976 | 20.2 | 98.1 | ||||||||||||||||||
Taxable auction notes |
4,108 | — | — | 4,108 | .5 | 100.0 | ||||||||||||||||||
Corporate bonds |
2,117 | 9 | (29 | ) | 2,096 | 32.1 | 88.7 | |||||||||||||||||
Municipal bonds |
688 | — | — | 688 | 2.8 | 100.0 | ||||||||||||||||||
Auction rate preferred stock |
582 | 5 | — | 587 | .7 | 93.0 | ||||||||||||||||||
Commercial paper |
150 | — | — | 150 | .3 | 100.0 | ||||||||||||||||||
Other |
520 | — | — | 520 | 18.2 | 100.0 | ||||||||||||||||||
Total |
43,376 | 47 | (66 | ) | 43,357 | 20.6 | 98.4 | % | ||||||||||||||||
Held-to-maturity: |
||||||||||||||||||||||||
Eurodollar time deposits |
$ | 2,399 | $ | — | $ | — | $ | 2,399 | .3 | 100.0 | ||||||||||||||
Federal funds |
1,903 | — | — | 1,903 | .7 | 100.0 | ||||||||||||||||||
Repurchase agreements 2/ |
68 | — | — | 68 | .6 | 100.0 | ||||||||||||||||||
Other |
1,147 | — | — | 1,147 | 1.3 | 100.0 | ||||||||||||||||||
Total |
5,516 | — | — | 5,516 | .7 | 100.0 | % | |||||||||||||||||
Total
Nonmortgage Investments |
$ | 48,892 | $ | 47 | $ | (66 | ) | $ | 48,873 | 18.3 | 98.6 | % | ||||||||||||
December 31, 2003 |
||||||||||||||||||||||||
Available-for-sale: |
||||||||||||||||||||||||
Asset-backed securities |
$ | 26,878 | $ | 44 | $ | (22 | ) | $ | 26,900 | 22.5 | 99.5 | % | ||||||||||||
Floating rate notes 1/ |
10,242 | 12 | (1 | ) | 10,253 | 15.9 | 93.1 | |||||||||||||||||
Federal funds |
5,975 | — | — | 5,975 | .3 | 100.0 | ||||||||||||||||||
Taxable auction notes |
4,078 | — | — | 4,078 | .4 | 100.0 | ||||||||||||||||||
Auction rate preferred stock |
889 | 5 | — | 894 | .9 | 94.0 | ||||||||||||||||||
Corporate bonds |
1,115 | 28 | — | 1,143 | 19.1 | 72.7 | ||||||||||||||||||
Municipal bonds |
1,108 | — | — | 1,108 | 5.8 | 100.0 | ||||||||||||||||||
Commercial paper |
1,269 | — | — | 1,269 | .3 | 100.0 | ||||||||||||||||||
Other |
1,051 | — | — | 1,050 | .9 | 100.0 | ||||||||||||||||||
Total |
52,605 | 89 | (23 | ) | 52,671 | 15.2 | 97.7 | |||||||||||||||||
Held-to-maturity: |
||||||||||||||||||||||||
Repurchase agreements 2/ |
$ | 111 | $ | — | $ | — | $ | 111 | — | 100.0 | % | |||||||||||||
Federal funds |
6,600 | — | — | 6,600 | .4 | 100.0 | ||||||||||||||||||
Other |
111 | — | — | 111 | 2.3 | 100.0 | ||||||||||||||||||
Total |
6,822 | — | — | 6,822 | .4 | 100.0 | ||||||||||||||||||
Total Nonmortgage Investments |
$ | 59,427 | $ | 89 | $ | (23 | ) | $ | 59,493 | 13.5 | 98.0 | % | ||||||||||||
| 1/ | 100 percent of floating rate notes repriced at intervals of 90 days or less. | |||
| 2/ | Repurchase agreements consist primarily of overnight investments that mature daily. | |||
-5-
Debt Summary Statistics
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Quarter Ended |
||||||||||||||||||||
| Debt Outstanding |
6/30/2004 |
3/31/2003 |
12/31/2003 |
9/30/2003 |
6/30/2003 |
|||||||||||||||
Effective short-term debt, redemption value 1/ |
$ | 252,071 | $ | 312,564 | $ | 258,145 | $ | 274,362 | $ | 294,432 | ||||||||||
Cost |
1.33 | % | 1.22 | % | 1.25 | % | 1.22 | % | 1.28 | % | ||||||||||
Effective long-term debt, redemption value 1/ |
685,107 | 624,672 | 698,012 | 693,719 | 579,676 | |||||||||||||||
Cost |
4.92 | % | 5.11 | % | 5.26 | % | 5.33 | % | 5.57 | % | ||||||||||
Foreign debt adjustment and other basis adjustments |
4,464 | 10,083 | 7,584 | 9,747 | 12,064 | |||||||||||||||
Total redemption value 2/ |
$ | 941,642 | $ | 947,319 | $ | 963,741 | $ | 977,828 | $ | 886,172 | ||||||||||
Cost |
3.95 | % | 3.82 | % | 4.18 | % | 4.16 | % | 4.13 | % | ||||||||||
| Other Funding Activities and Statistics |
||||||||||||||||||||
Option embedded debt instruments outstanding |
$ | 647,741 | $ | 631,747 | $ | 646,052 | $ | 656,245 | $ | 618,414 | ||||||||||
Option embedded debt instruments as a % of net mortgage portfolio outstanding |
72.7 | % | 71.3 | % | 71.6 | % | 71.2 | % | 75.4 | % | ||||||||||
| Long Term Debt: |
||||||||||||||||||||
Debt called during period 3/ |
$ | 43,842 | $ | 81,483 | $ | 40,691 | $ | 41,175 | $ | 61,649 | ||||||||||
Debt repurchased during period |
1,527 | 55 | 2,462 | 6,807 | 6,952 | |||||||||||||||
Debt matured during period |
19,664 | 22,308 | 13,952 | 11,370 | 24,503 | |||||||||||||||
Total Long Term Debt Redeemed During Period |
$ | 65,033 | $ | 103,846 | $ | 57,105 | $ | 59,352 | $ | 93,104 | ||||||||||
| Short Term Debt: |
||||||||||||||||||||
Debt called during period 3/ |
$ | — | $ | 1,500 | $ | — | $ | 100 | $ | 1,250 | ||||||||||
Debt matured/paydown during period |
388,440 | 444,007 | 549,502 | 500,720 | 585,509 | |||||||||||||||
Total Short Term Debt Redeemed During Period |
$ | 388,440 | $ | 445,507 | $ | 549,502 | $ | 500,820 | $ | 586,759 | ||||||||||
Total Debt Redeemed During Period |
$ | 453,473 | $ | 549,353 | $ | 606,607 | $ | 560,172 | $ | 679,863 | ||||||||||
Swaps retired before maturity during period |
$ | 86,770 | $ | 97,200 | $ | 38,110 | $ | 15,595 | $ | 3,524 | ||||||||||
Swaps matured during period |
30,635 | 49,252 | 30,382 | 61,753 | 30,244 | |||||||||||||||
Total Swaps Redeemed During Period 4/ |
$ | 117,405 | $ | 146,452 | $ | 68,492 | $ | 77,348 | $ | 33,768 | ||||||||||
| 1/ | Data reflects the classification of debt obligations based on the repricing frequency of their coupon rates and on debt conversion via interest rate swaps. | |||
| 2/ | Effective term to repricing is 56 months at June 30, 2004. | |||
| 3/ | Includes debt that was called as a result of an associated swap being called. This debt was previously classified as non-callable. | |||
| 4/ | Includes “other risk management ” derivatives that served as economic hedges but did not meet the criteria for hedge accounting under FAS 133. | |||
-6-
Summary of Debt Issued
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| SHORT-TERM DEBT 1/ |
LONG-TERM DEBT 2/ |
|||||||||||||||||||||||
| AVG. | AVG. | |||||||||||||||||||||||
| REDEMPTION | TERM | ISSUE | REDEMPTION | TERM | ISSUE | |||||||||||||||||||
| VALUE |
(DAYS) |
COST 3/ |
VALUE |
(MONTHS) |
COST 3/ |
|||||||||||||||||||
2000 |
$ | 1,143,131 | 63 | 6.27 | % | $ | 110,215 | 89 | 6.92 | % | ||||||||||||||
2001 |
$ | 1,756,691 | 60 | 3.69 | % | $ | 249,352 | 55 | 4.83 | % | ||||||||||||||
2002 |
$ | 1,635,919 | 58 | 1.67 | % | $ | 238,467 | 56 | 3.78 | % | ||||||||||||||
2003 |
||||||||||||||||||||||||
Qtr 1 |
$ | 574,164 | 49 | 1.22 | % | $ | 76,709 | 50 | 2.82 | % | ||||||||||||||
Qtr 2 |
608,339 | 38 | 1.09 | % | 78,390 | 55 | 2.70 | % | ||||||||||||||||
Qtr 3 |
536,736 | 50 | 0.95 | % | 117,302 | 42 | 2.35 | % | ||||||||||||||||
Qtr 4 |
519,169 | 45 | 1.01 | % | 75,401 | 41 | 2.70 | % | ||||||||||||||||
TOTAL |
$ | 2,238,408 | 45 | 1.07 | % | $ | 347,802 | 46 | 2.61 | % | ||||||||||||||
2004 |
||||||||||||||||||||||||
January |
$ | 128,449 | 50 | 0.99 | % | $ | 26,913 | 32 | 2.28 | % | ||||||||||||||
February |
131,643 | 61 | 0.97 | % | 33,691 | 37 | 2.22 | % | ||||||||||||||||
March |
177,591 | 43 | 1.00 | % | 32,033 | 51 | 2.45 | % | ||||||||||||||||
Qtr 1 |
437,683 | 50 | 0.99 | % | 92,637 | 40 | 2.32 | % | ||||||||||||||||
April |
$ | 148,352 | 46 | 1.02 | % | $ | 45,042 | 34 | 2.27 | % | ||||||||||||||
May |
99,622 | 56 | 1.09 | % | 22,340 | 45 | 3.46 | % | ||||||||||||||||
June |
114,305 | 53 | 1.27 | % | 23,637 | 35 | 3.19 | % | ||||||||||||||||
Qtr 2 |
362,279 | 51 | 1.12 | % | 91,019 | 37 | 2.80 | % | ||||||||||||||||
YTD |
$ | 799,960 | 51 | 1.05 | % | $ | 183,657 | 39 | 2.56 | % | ||||||||||||||
| 1/ | The impact of interest rate swaps is excluded. | |||
| 2/ | Long-term debt may be fixed or variable rate, and the impact of interest rate swaps is excluded. | |||
| 3/ | Cost for 2003 includes the amortization of discounts, premiums, issuance costs, and other deferred price adjustments. Cost prior to the second quarter of 2003 also includes the effect of debt swaps. | |||
-7-
Summary of Debt Redeemed
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| SHORT-TERM DEBT 1/ |
LONG-TERM DEBT 2/ |
|||||||||||||||
| REDEMPTION | ISSUE | REDEMPTION | ISSUE | |||||||||||||
| VALUE |
COST 3/ |
VALUE |
COST 3/ |
|||||||||||||
2000 |
$ | 1,106,956 | 6.15 | % | $ | 50,335 | 6.33 | % | ||||||||
2001 |
$ | 1,691,240 | 4.22 | % | $ | 196,610 | 6.03 | % | ||||||||
2002 |
$ | 1,620,644 | 1.84 | % | $ | 175,809 | 4.85 | % | ||||||||
2003 |
||||||||||||||||
Qtr 1 |
$ | 559,120 | 1.32 | % | $ | 69,255 | 3.86 | % | ||||||||
Qtr 2 |
586,759 | 1.20 | % | 93,104 | 3.80 | % | ||||||||||
Qtr 3 |
500,820 | 0.98 | % | 59,352 | 3.55 | % | ||||||||||
Qtr 4 |
549,502 | 0.99 | % | 57,105 | 3.35 | % | ||||||||||
Total |
$ | 2,196,201 | 1.13 | % | $ | 278,816 | 3.67 | % | ||||||||
2004 |
||||||||||||||||
January |
$ | 160,085 | 1.00 | % | $ | 18,133 | 2.39 | % | ||||||||
February |
125,186 | 1.01 | % | 38,159 | 3.41 | % | ||||||||||
March |
160,236 | 1.00 | % | 47,554 | 2.84 | % | ||||||||||
Qtr 1 |
445,507 | 1.01 | % | 103,846 | 2.97 | % | ||||||||||
April |
$ | 160,211 | 1.01 | % | $ | 33,901 | 2.32 | % | ||||||||
May |
99,639 | 1.00 | % | 19,410 | 3.97 | % | ||||||||||
June |
128,590 | 1.02 | % | 11,722 | 3.46 | % | ||||||||||
Qtr 2 |
388,440 | 1.01 | % | 65,033 | 3.02 | % | ||||||||||
YTD |
$ | 833,947 | 1.01 | % | $ | 168,879 | 2.99 | % | ||||||||
| 1/ | The impact of interest rate swaps is excluded. | |||
| 2/ | Long-term debt may be fixed or variable, and excludes the impact of interest rate swaps. | |||
| 3/ | Cost for 2003 includes the amortization of discounts, premiums, issuance costs, and other deferred price adjustments. Cost prior to the second quarter of 2003 also includes the effect of debt swaps. | |||
-8-
Effective Long-Term Debt Maturing
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Total Debt by Quarter | Assuming Callable Debt | |||||||||||||||
| of Contractual Maturity |
Redeemed at Initial Call Date |
|||||||||||||||
| Amount | Accounting | Amount | Accounting | |||||||||||||
| Outstanding 1/ |
Cost 2/ |
Outstanding 1/ |
Cost 2/ |
|||||||||||||
Currently Callable |
$ | — | 0.00 | % | $ | 56,104 | 4.13 | % | ||||||||
2004 |
||||||||||||||||
Qtr 3 |
18,822 | 6.27 | % | 82,346 | 4.67 | % | ||||||||||
Qtr 4 |
8,612 | 5.00 | % | 39,006 | 4.52 | % | ||||||||||
Total |
27,434 | 5.87 | % | 121,352 | 4.62 | % | ||||||||||
2005 |
||||||||||||||||
Qtr 1 |
26,280 | 3.42 | % | 51,297 | 4.48 | % | ||||||||||
Qtr 2 |
16,427 | 2.93 | % | 45,566 | 3.99 | % | ||||||||||
Qtr 3 |
14,926 | 5.30 | % | 27,305 | 5.74 | % | ||||||||||
Qtr 4 |
17,721 | 4.20 | % | 25,337 | 4.77 | % | ||||||||||
Total |
75,354 | 3.83 | % | 149,505 | 4.61 | % | ||||||||||
2006 |
98,066 | 3.42 | % | 110,550 | 4.59 | % | ||||||||||
2007 |
70,511 | 4.36 | % | 65,788 | 5.53 | % | ||||||||||
2008 and beyond |
413,742 | 5.18 | % | 181,808 | 4.84 | % | ||||||||||
Effective L/T Debt before
Pay-Fixed Swaption Effect |
685,107 | 4.72 | % | 685,107 | 4.72 | % | ||||||||||
Pay-Fixed Swaption Effect |
— | 0.20 | % | — | 0.20 | % | ||||||||||
Total Effective L/T Debt |
$ | 685,107 | 4.92 | % | $ | 685,107 | 4.92 | % | ||||||||
| 1/ | Amount outstanding includes long-term debt, effective fixed-rate debt and notional amount of long-term interest rate swaps. Also includes debt linked to swaptions which makes it effectively callable debt. Effective variable-rate debt is excluded from the data. | |||
| 2/ | Accounting cost represents the monthly equivalent yield that discounts the amount due at maturity to the net proceeds over the expected life of the debt. Includes the effect of pay-fixed and receive-fixed swaps. | |||
-9-
Callable Debt, Callable Swaps, Receive-Fixed Swaptions
and Other Option-Embedded Instruments
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Year of | Amount | Accounting | ||||||||||
| Call Date |
Maturity |
Outstanding |
Cost 2/ |
|||||||||
Callable debt, callable swaps and receive-fixed swaptions 1/: |
||||||||||||
Currently
callable — Effectively Fixed-Rate Debt |
2004-2033 | $ | 56,104 | 4.13 | % | |||||||
Currently
callable — Effectively Variable-Rate Debt |
2005-2018 | 2,250 | 1.35 | % | ||||||||
2004 |
2004-2033 | 97,306 | 4.38 | % | ||||||||
2005 |
2005-2033 | 100,003 | 4.60 | % | ||||||||
2006 |
2006-2031 | 49,068 | 5.63 | % | ||||||||
2007 |
2007-2032 | 28,853 | 6.00 | % | ||||||||
2008 |
2008-2033 | 13,256 | 5.53 | % | ||||||||
2009 and later |
2012-2030 | 14,096 | 6.87 | % | ||||||||
Total |
360,936 | 4.82 | % | |||||||||
Pay-fixed swaptions |
156,855 | |||||||||||
Caps |
129,950 | |||||||||||
Total option-embedded financial instruments |
$ | 647,741 | ||||||||||
| 1/ | Excludes $22 billion of callable debt which was swapped to variable-rate debt and classified as effectively non-callable debt. | |||
| 2/ | Accounting cost represents the monthly equivalent yield that discounts the amount due at maturity to the net proceeds over the expected life of the debt. Includes the effect of pay-fixed and receive-fixed swaps. | |||
-10-
Mortgage-Backed Securities Issued
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Lender-originated MBS |
||||||||||||||||||||||||||||||||||||
| Single - Family |
MBS Purchased | MBS Issues | ||||||||||||||||||||||||||||||||||
| Long - | Inter- | Conventional | by Fannie Mae’s | Acquired by | Fannie Mae | REMICs | ||||||||||||||||||||||||||||||
| Term 1/ |
mediate /2 |
ARMS |
Multifamily |
Total |
Portfolio |
Other Investors |
Originated |
Issued |
||||||||||||||||||||||||||||
1998 |
$ | 235,700 | $ | 65,125 | $ | 14,008 | $ | 10,618 | $ | 325,451 | $ | 104,728 | $ | 220,723 | $ | 696 | $ | 76,332 | ||||||||||||||||||
1999 |
223,753 | 56,296 | 11,803 | 8,496 | 300,348 | 125,498 | 174,850 | 341 | 50,613 | |||||||||||||||||||||||||||
2000 |
155,859 | 21,127 | 25,729 | 7,596 | 210,311 | 104,904 | 105,407 | 1,351 | 33,594 | |||||||||||||||||||||||||||
2001 |
393,576 | 93,503 | 24,442 | 13,801 | 525,322 | 180,583 | 344,739 | 3,101 | 123,506 | |||||||||||||||||||||||||||
2002 |
478,837 | 168,148 | 63,976 | 12,338 | 723,299 | 245,039 | 478,260 | 16,296 | 143,966 | |||||||||||||||||||||||||||
2003 |
||||||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 184,970 | $ | 78,593 | $ | 26,436 | $ | 2,573 | $ | 292,573 | $ | 88,640 | $ | 203,934 | $ | 6,026 | $ | 73,396 | ||||||||||||||||||
Qtr 2 |
218,162 | 95,911 | 35,807 | 3,105 | 352,985 | 70,483 | 282,502 | 2,802 | 71,588 | |||||||||||||||||||||||||||
Qtr 3 |
222,312 | 88,985 | 32,218 | 6,408 | 349,924 | 176,066 | 173,859 | 6,810 | 59,794 | |||||||||||||||||||||||||||
Qtr 4 |
122,462 | 42,694 | 27,045 | 10,931 | 203,132 | 13,224 | 189,910 | 5,323 | 25,599 | |||||||||||||||||||||||||||
Total |
$ | 747,906 | $ | 306,183 | $ | 121,505 | $ | 23,017 | $ | 1,198,615 | $ | 348,413 | $ | 850,204 | $ | 20,962 | $ | 230,377 | ||||||||||||||||||
2004 |
||||||||||||||||||||||||||||||||||||
January |
$ | 28,779 | $ | 7,981 | $ | 7,529 | $ | 505 | $ | 44,795 | $ | 268 | $ | 44,527 | $ | 1,691 | 4,467 | |||||||||||||||||||
February |
27,684 | 6,075 | 4,846 | 200 | 38,804 | 181 | 38,624 | 1,354 | 2,805 | |||||||||||||||||||||||||||
March |
27,549 | 7,467 | 9,330 | 1,019 | 45,365 | 6,507 | 38,858 | 1,400 | 13,337 | |||||||||||||||||||||||||||
Qtr 1 |
84,011 | 21,523 | 21,705 | 1,724 | 128,964 | 6,956 | 122,008 | 4,446 | 20,609 | |||||||||||||||||||||||||||
April |
34,637 | 11,350 | 10,131 | 424 | 56,541 | 10,198 | 46,344 | 2,092 | 16,447 | |||||||||||||||||||||||||||
May |
32,134 | 12,080 | 13,415 | 931 | 58,559 | 10,670 | 47,889 | 1,511 | 9,885 | |||||||||||||||||||||||||||
June |
32,456 | 9,940 | 10,586 | 711 | 53,692 | 13,330 | 40,362 | 792 | 8,358 | |||||||||||||||||||||||||||
Qtr 2 |
99,226 | 33,369 | 34,132 | 2,066 | 168,793 | 34,198 | 134,595 | 4,396 | 34,690 | |||||||||||||||||||||||||||
YTD |
$ | 183,237 | $ | 54,892 | $ | 55,837 | $ | 3,790 | $ | 297,757 | $ | 41,154 | $ | 256,603 | $ | 8,843 | $ | 55,299 | ||||||||||||||||||
| 1/ | Long-term Mortgage-Backed Securities have contractual maturities greater than 15 years. | |||
| 2/ | Intermediate-term Mortgage-Backed Securities have contractual maturities equal to or less than 15 years. | |||
-11-
Mortgage-Backed Securities Outstanding
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| MBS |
||||||||||||||||||||||||||||||||
| Single-family |
MBS in | |||||||||||||||||||||||||||||||
| Long - | Inter- | Conventional | Fannie Mae's | Outstanding | ||||||||||||||||||||||||||||
| Term 1/ |
mediate 2/ |
ARMS |
Multifamily |
Total |
Portfolio 3/ |
MBS 3/ |
REMICs |
|||||||||||||||||||||||||
1998 |
$ | 557,983 | $ | 187,221 | $ | 59,001 | $ | 30,313 | $ | 834,518 | $ | 197,375 | $ | 637,143 | $ | 311,426 | ||||||||||||||||
1999 |
670,555 | 200,488 | 53,898 | 35,942 | 960,883 | 281,738 | 679,145 | 293,563 | ||||||||||||||||||||||||
2000 |
758,869 | 189,362 | 68,167 | 41,352 | 1,057,750 | 351,028 | 706,722 | 291,798 | ||||||||||||||||||||||||
2001 |
938,139 | 232,092 | 67,894 | 52,226 | 1,290,351 | 431,386 | 858,965 | 346,143 | ||||||||||||||||||||||||
2002 |
1,054,165 | 321,290 | 103,155 | 59,677 | 1,538,287 | 508,831 | 1,029,456 | 346,703 | ||||||||||||||||||||||||
2003 |
||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 1,087,299 | $ | 371,642 | $ | 117,554 | $ | 60,979 | $ | 1,637,474 | $ | 529,954 | $ | 1,107,520 | $ | 369,032 | ||||||||||||||||
Qtr 2 |
1,128,843 | 418,913 | 139,506 | 62,633 | 1,749,896 | 512,435 | 1,237,461 | 382,441 | ||||||||||||||||||||||||
Qtr 3 |
1,136,259 | 444,794 | 152,801 | 67,675 | 1,801,528 | 590,450 | 1,211,079 | 371,763 | ||||||||||||||||||||||||
Qtr 4 |
1,157,328 | 456,898 | 166,659 | 76,161 | 1,857,045 | 556,880 | 1,300,166 | 360,800 | ||||||||||||||||||||||||
2004 |
||||||||||||||||||||||||||||||||
Qtr 1 |
$ | 1,169,638 | $ | 455,311 | $ | 177,352 | $ | 75,729 | $ | 1,878,030 | $ | 532,137 | $ | 1,345,892 | $ | 357,367 | ||||||||||||||||
Qtr 2 |
1,157,304 | 453,441 | 192,839 | 75,425 | 1,879,009 | 518,964 | 1,360,045 | 352,694 | ||||||||||||||||||||||||
| 1/ | Long-term Mortgage-Backed Securities have contractual maturities greater than 15 years. | |||
| 2/ | Intermediate-term Mortgage-Backed Securities have contractual maturities equal to or less than 15 years. | |||
| 3/ | Based on unpaid principal balances effective March 31, 2002. | |||
-12-
SINGLE-FAMILY REO ACQUISITIONS AND PREFORECLOSURE SALES
June 2004
| PROPERTY STATE |
2Q 2004 |
1Q 2004 |
4Q 2003 |
3Q 2003 |
2Q 2003 |
1Q 2003 |
4Q 2002 |
3Q 2002 |
2Q 2002 |
1Q 2002 |
4Q 2001 |
3Q 2001 |
2Q 2001 |
|||||||||||||||||||||||||||||||||||||||
Texas |
664 | 649 | 649 | 543 | 467 | 425 | 364 | 312 | 322 | 264 | 234 | 173 | 190 | |||||||||||||||||||||||||||||||||||||||
Michigan |
658 | 702 | 683 | 539 | 531 | 507 | 419 | 352 | 292 | 240 | 171 | 159 | 155 | |||||||||||||||||||||||||||||||||||||||
Georgia |
623 | 645 | 579 | 518 | 462 | 344 | 310 | 218 | 244 | 184 | 161 | 130 | 126 | |||||||||||||||||||||||||||||||||||||||
Ohio |
572 | 616 | 518 | 428 | 415 | 366 | 301 | 277 | 234 | 186 | 201 | 184 | 187 | |||||||||||||||||||||||||||||||||||||||
North Carolina |
549 | 500 | 479 | 442 | 454 | 308 | 233 | 216 | 188 | 151 | 126 | 72 | 107 | |||||||||||||||||||||||||||||||||||||||
Indiana |
433 | 422 | 399 | 378 | 282 | 238 | 244 | 219 | 165 | 184 | 134 | 92 | 101 | |||||||||||||||||||||||||||||||||||||||
Colorado |
372 | 281 | 215 | 276 | 192 | 155 | 142 | 126 | 87 | 70 | 43 | 39 | 59 | |||||||||||||||||||||||||||||||||||||||
South Carolina |
338 | 268 | 227 | 217 | 177 | 149 | 144 | 127 | 109 | 101 | 87 | 52 | 58 | |||||||||||||||||||||||||||||||||||||||
Pennsylvania |
335 | 282 | 255 | 247 | 215 | 218 | 237 | 240 | 242 | 197 | 211 | 238 | 196 | |||||||||||||||||||||||||||||||||||||||
Tennessee |
298 | 284 | 274 | 200 | 219 | 225 | 174 | 158 | 125 | 117 | 76 | 69 | 63 | |||||||||||||||||||||||||||||||||||||||
Missouri |
265 | 229 | 223 | 191 | 195 | 191 | 137 | 130 | 134 | 109 | 104 | 68 | 69 | |||||||||||||||||||||||||||||||||||||||
Illinois |
244 | 278 | 221 | 215 | 192 | 202 | 250 | 213 | 173 | 197 | 166 | 149 | 127 | |||||||||||||||||||||||||||||||||||||||
Florida |
237 | 231 | 227 | 253 | 289 | 270 | 279 | 322 | 297 | 291 | 308 | 326 | 366 | |||||||||||||||||||||||||||||||||||||||
Alabama |
198 | 201 | 167 | 154 | 185 | 164 | 126 | 110 | 119 | 107 | 95 | 75 | 68 | |||||||||||||||||||||||||||||||||||||||
Utah |
179 | 199 | 193 | 173 | 220 | 183 | 178 | 162 | 145 | 137 | 125 | 74 | 64 | |||||||||||||||||||||||||||||||||||||||
Kentucky |
176 | 169 | 133 | 118 | 101 | 95 | 58 | 33 | 45 | 33 | 28 | 43 | 20 | |||||||||||||||||||||||||||||||||||||||
Washington |
164 | 244 | 179 | 184 | 195 | 208 | 202 | 197 | 199 | 154 | 168 | 132 | 122 | |||||||||||||||||||||||||||||||||||||||
New York |
149 | 138 | 140 | 130 | 123 | 108 | 151 | 130 | 115 | 134 | 146 | 103 | 150 | |||||||||||||||||||||||||||||||||||||||
Minnesota |
147 | 174 | 128 | 101 | 129 | 84 | 73 | 62 | 55 | 62 | 43 | 40 | 51 | |||||||||||||||||||||||||||||||||||||||
Mississippi |
140 | 111 | 90 | 100 | 96 | 80 | 48 | 52 | 46 | 39 | 38 | 35 | 25 | |||||||||||||||||||||||||||||||||||||||
OTHER STATES |
1,405 | 1,490 | 1,440 | 1,475 | 1,430 | 1,398 | 1,345 | 1,404 | 1,352 | 1,380 | 1,227 | 1,182 | 1,262 | |||||||||||||||||||||||||||||||||||||||
TOTAL REOs ACQUIRED |
8,146 | 8,113 | 7,419 | 6,882 | 6,569 | 5,918 | 5,415 | 5,060 | 4,688 | 4,337 | 3,892 | 3,435 | 3,566 | |||||||||||||||||||||||||||||||||||||||
PREFORECLOSURE SALES |
589 | 531 | 457 | 439 | 444 | 356 | 373 | 370 | 386 | 281 | 259 | 354 | 304 | |||||||||||||||||||||||||||||||||||||||
-13-
SINGLE-FAMILY REO
INVENTORY
June 2004
| PROPERTY STATE |
2Q 2004 |
1Q 2004 |
4Q 2003 |
3Q 2003 |
2Q 2003 |
1Q 2003 |
4Q 2002 |
3Q 2002 |
2Q 2002 |
1Q 2002 |
4Q 2001 |
3Q 2001 |
2Q 2001 |
|||||||||||||||||||||||||||||||||||||||
Michigan |
2,236 | 2,147 | 1,948 | 1,676 | 1,564 | 1,351 | 1,084 | 878 | 701 | 598 | 501 | 427 | 366 | |||||||||||||||||||||||||||||||||||||||
Ohio |
1,566 | 1,458 | 1,199 | 981 | 917 | 826 | 666 | 560 | 465 | 409 | 423 | 386 | 354 | |||||||||||||||||||||||||||||||||||||||
North Carolina |
1,039 | 986 | 903 | 802 | 766 | 595 | 477 | 430 | 341 | 264 | 210 | 171 | 179 | |||||||||||||||||||||||||||||||||||||||
Georgia |
1,001 | 991 | 910 | 758 | 714 | 554 | 477 | 374 | 364 | 314 | 269 | 233 | 233 | |||||||||||||||||||||||||||||||||||||||
Texas |
944 | 993 | 905 | 759 | 687 | 663 | 616 | 561 | 509 | 442 | 385 | 322 | 360 | |||||||||||||||||||||||||||||||||||||||
Colorado |
686 | 589 | 519 | 456 | 341 | 311 | 252 | 203 | 142 | 107 | 77 | 97 | 104 | |||||||||||||||||||||||||||||||||||||||
South Carolina |
621 | 516 | 445 | 373 | 346 | 301 | 278 | 246 | 212 | 173 | 138 | 104 | 103 | |||||||||||||||||||||||||||||||||||||||
Indiana |
573 | 525 | 523 | 513 | 426 | 379 | 338 | 322 | 254 | 252 | 182 | 141 | 141 | |||||||||||||||||||||||||||||||||||||||
Pennsylvania |
555 | 490 | 446 | 406 | 392 | 432 | 440 | 438 | 398 | 374 | 380 | 383 | 344 | |||||||||||||||||||||||||||||||||||||||
Tennessee |
530 | 499 | 424 | 325 | 326 | 355 | 293 | 271 | 220 | 184 | 145 | 137 | 126 | |||||||||||||||||||||||||||||||||||||||
Kentucky |
503 | 442 | 341 | 278 | 237 | 173 | 102 | 70 | 78 | 61 | 57 | 55 | 33 | |||||||||||||||||||||||||||||||||||||||
Missouri |
448 | 398 | 344 | 296 | 292 | 280 | 247 | 247 | 207 | 201 | 157 | 113 | 106 | |||||||||||||||||||||||||||||||||||||||
Minnesota |
401 | 385 | 314 | 266 | 250 | 197 | 163 | 144 | 135 | 131 | 113 | 123 | 121 | |||||||||||||||||||||||||||||||||||||||
Illinois |
380 | 381 | 319 | 311 | 320 | 363 | 379 | 310 | 255 | 261 | 254 | 237 | 223 | |||||||||||||||||||||||||||||||||||||||
Alabama |
332 | 310 | 304 | 301 | 309 | 278 | 219 | 210 | 217 | 205 | 178 | 135 | 114 | |||||||||||||||||||||||||||||||||||||||
Washington |
330 | 372 | 309 | 330 | 323 | 326 | 317 | 295 | 264 | 245 | 240 | 199 | 197 | |||||||||||||||||||||||||||||||||||||||
Florida |
320 | 324 | 328 | 360 | 398 | 398 | 410 | 413 | 377 | 408 | 415 | 442 | 446 | |||||||||||||||||||||||||||||||||||||||
New York |
272 | 282 | 255 | 233 | 230 | 221 | 244 | 236 | 228 | 264 | 290 | 280 | 315 | |||||||||||||||||||||||||||||||||||||||
Kansas |
233 | 202 | 156 | 141 | 135 | 118 | 100 | 98 | 110 | 72 | 63 | 54 | 45 | |||||||||||||||||||||||||||||||||||||||
Arizona |
230 | 266 | 240 | 227 | 220 | 195 | 192 | 186 | 145 | 145 | 116 | 102 | 108 | |||||||||||||||||||||||||||||||||||||||
OTHER STATES |
2,704 | 2,739 | 2,617 | 2,574 | 2,651 | 2,727 | 2,681 | 2,637 | 2,417 | 2,524 | 2,480 | 2,374 | 2,440 | |||||||||||||||||||||||||||||||||||||||
TOTAL REO INVENTORY |
15,904 | 15,295 | 13,749 | 12,366 | 11,844 | 11,043 | 9,975 | 9,129 | 8,039 | 7,634 | 7,073 | 6,515 | 6,458 | |||||||||||||||||||||||||||||||||||||||
-14-
Portfolio and Mortgage-Backed Securities Outstanding by State
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Portfolio |
Mortgage-Backed Securities |
Total 4/ |
||||||||||||||||||||||
| Number | Number | Number | ||||||||||||||||||||||
| of Units 1/ |
Amount 2/ |
of Units 1/ |
Amount 2/ |
of Units |
Amount |
|||||||||||||||||||
Alabama |
37,527 | $ | 2,318 | 202,304 | $ | 18,262 | 239,831 | $ | 20,580 | |||||||||||||||
Alaska |
18,573 | 1,399 | 18,051 | 2,185 | 36,624 | 3,584 | ||||||||||||||||||
Arizona |
56,252 | 3,904 | 441,004 | 46,237 | 497,256 | 50,141 | ||||||||||||||||||
Arkansas |
31,923 | 2,317 | 98,780 | 8,349 | 130,703 | 10,666 | ||||||||||||||||||
California |
372,062 | 28,134 | 2,868,081 | 380,354 | 3,240,143 | 408,488 | ||||||||||||||||||
Colorado |
52,116 | 3,742 | 425,673 | 55,226 | 477,789 | 58,968 | ||||||||||||||||||
Connecticut |
45,685 | 3,732 | 204,415 | 25,521 | 250,100 | 29,253 | ||||||||||||||||||
Delaware |
10,460 | 870 | 53,051 | 5,988 | 63,511 | 6,858 | ||||||||||||||||||
Dist. of Columbia |
30,212 | 1,084 | 47,435 | 4,615 | 77,647 | 5,699 | ||||||||||||||||||
Florida |
195,100 | 14,131 | 1,179,732 | 116,161 | 1,374,832 | 130,292 | ||||||||||||||||||
Georgia |
93,020 | 7,006 | 537,612 | 57,930 | 630,632 | 64,936 | ||||||||||||||||||
Guam |
500 | 50 | 936 | 83 | 1,436 | 133 | ||||||||||||||||||
Hawaii |
21,777 | 2,687 | 80,052 | 14,387 | 101,829 | 17,074 | ||||||||||||||||||
Idaho |
10,197 | 712 | 82,385 | 8,090 | 92,582 | 8,802 | ||||||||||||||||||
Illinois |
160,370 | 12,791 | 674,593 | 79,255 | 834,963 | 92,046 | ||||||||||||||||||
Indiana |
68,151 | 4,489 | 321,731 | 26,901 | 389,882 | 31,390 | ||||||||||||||||||
Iowa |
49,124 | 3,356 | 99,769 | 8,500 | 148,893 | 11,856 | ||||||||||||||||||
Kansas |
23,229 | 1,589 | 119,152 | 10,746 | 142,381 | 12,335 | ||||||||||||||||||
Kentucky |
24,359 | 1,437 | 141,580 | 12,795 | 165,939 | 14,232 | ||||||||||||||||||
Louisiana |
61,254 | 4,155 | 213,074 | 17,488 | 274,328 | 21,643 | ||||||||||||||||||
Maine |
18,725 | 1,328 | 54,518 | 5,563 | 73,243 | 6,891 | ||||||||||||||||||
Maryland |
110,702 | 6,087 | 426,187 | 49,311 | 536,889 | 55,398 | ||||||||||||||||||
Massachusetts |
111,084 | 7,756 | 454,808 | 61,922 | 565,892 | 69,678 | ||||||||||||||||||
Michigan |
122,003 | 8,534 | 660,123 | 67,646 | 782,126 | 76,180 | ||||||||||||||||||
Minnesota |
68,380 | 5,261 | 306,951 | 35,545 | 375,331 | 40,806 | ||||||||||||||||||
Mississippi |
27,962 | 1,952 | 99,371 | 8,013 | 127,333 | 9,965 | ||||||||||||||||||
Missouri |
70,013 | 4,378 | 310,883 | 28,985 | 380,896 | 33,363 | ||||||||||||||||||
Montana |
12,953 | 1,054 | 44,005 | 4,448 | 56,958 | 5,502 | ||||||||||||||||||
Nebraska |
29,973 | 2,208 | 71,508 | 5,939 | 101,481 | 8,147 | ||||||||||||||||||
Nevada |
32,274 | 1,965 | 205,499 | 23,385 | 237,773 | 25,350 | ||||||||||||||||||
New Hampshire |
21,774 | 1,678 | 87,704 | 10,529 | 109,478 | 12,207 | ||||||||||||||||||
New Jersey |
101,143 | 10,215 | 521,787 | 66,023 | 622,930 | 76,238 | ||||||||||||||||||
New Mexico |
24,809 | 1,847 | 94,606 | 9,316 | 119,415 | 11,163 | ||||||||||||||||||
New York |
256,791 | 17,139 | 897,740 | 91,420 | 1,154,531 | 108,559 | ||||||||||||||||||
North Carolina |
65,165 | 5,122 | 439,457 | 45,619 | 504,622 | 50,741 | ||||||||||||||||||
North Dakota |
6,067 | 345 | 19,107 | 1,427 | 25,174 | 1,772 | ||||||||||||||||||
Ohio |
163,270 | 11,559 | 575,494 | 50,412 | 738,764 | 61,971 | ||||||||||||||||||
Oklahoma |
44,174 | 2,850 | 145,209 | 10,843 | 189,383 | 13,693 | ||||||||||||||||||
Oregon |
41,396 | 3,219 | 280,391 | 30,850 | 321,787 | 34,069 | ||||||||||||||||||
Pennsylvania |
125,831 | 9,100 | 524,890 | 48,878 | 650,721 | 57,978 | ||||||||||||||||||
Puerto Rico |
28,605 | 2,380 | 67,690 | 5,583 | 96,295 | 7,963 | ||||||||||||||||||
Rhode Island |
16,505 | 1,194 | 70,431 | 7,659 | 86,936 | 8,853 | ||||||||||||||||||
South Carolina |
36,150 | 2,928 | 196,760 | 19,171 | 232,910 | 22,099 | ||||||||||||||||||
South Dakota |
12,751 | 860 | 24,769 | 2,107 | 37,520 | 2,967 | ||||||||||||||||||
Tennessee |
44,904 | 2,946 | 284,443 | 26,946 | 329,347 | 29,892 | ||||||||||||||||||
Texas |
255,096 | 15,858 | 1,038,623 | 87,153 | 1,293,719 | 103,011 | ||||||||||||||||||
Utah |
27,291 | 1,935 | 160,397 | 18,115 | 187,688 | 20,050 | ||||||||||||||||||
Vermont |
10,490 | 665 | 28,300 | 2,980 | 38,790 | 3,645 | ||||||||||||||||||
Virgin Islands |
1,323 | 99 | 1,664 | 162 | 2,987 | 261 | ||||||||||||||||||
Virginia |
111,081 | 8,212 | 446,540 | 57,621 | 557,621 | 65,833 | ||||||||||||||||||
Washington |
74,288 | 6,514 | 520,333 | 62,949 | 594,621 | 69,463 | ||||||||||||||||||
West Virginia |
16,319 | 1,025 | 35,578 | 3,069 | 51,897 | 4,094 | ||||||||||||||||||
Wisconsin |
128,319 | 10,580 | 221,830 | 23,483 | 350,149 | 34,063 | ||||||||||||||||||
Wyoming |
10,395 | 773 | 21,152 | 2,047 | 31,547 | 2,820 | ||||||||||||||||||
Total 3/ |
3,589,897 | $ | 259,469 | 17,148,158 | $ | 1,874,192 | 20,738,055 | $ | 2,133,661 | |||||||||||||||
| 1/ | Represents individual units financed by conventional and government single-family and multifamily mortgages. | |||
| 2/ | Amount represents gross unpaid principal balances. | |||
| 3/ | Fannie Mae MBS in portfolio totaling $518,964 million are included in MBS, but excluded from portfolio statistics. | |||
| 4/ | Excludes $117.6 billion of non-Fannie Mae securities for which information is not readily available. | |||
-15-
Conventional Single-Family
Serious Delinquencies
June 2004
Numbers may not foot due to rounding
| Credit Enhanced |
Non-Credit Enhanced |
Total |
||||||||||||||||||||||||||||||||||
| Serious Delinquencies 1/ |
Serious Delinquencies 1/ |
Serious Delinquencies 1/ |
||||||||||||||||||||||||||||||||||
| Total # | Total # | Total # | ||||||||||||||||||||||||||||||||||
| of Loans | Total # | % | of Loans | Total # | % | of Loans | Total # | % | ||||||||||||||||||||||||||||
| Outstanding |
of Loans |
Delinquent |
Outstanding |
of Loans |
Delinquent |
Outstanding |
of Loans |
Delinquent |
||||||||||||||||||||||||||||
Northeast |
||||||||||||||||||||||||||||||||||||
2nd Qtr 2003 |
527,747 | 8,614 | 1.63 | % | 2,099,048 | 7,003 | 0.33 | % | 2,626,795 | 15,617 | 0.59 | % | ||||||||||||||||||||||||
3rd Qtr 2003 |
493,477 | 8,860 | 1.80 | % | 2,146,255 | 7,269 | 0.34 | % | 2,639,732 | 16,129 | 0.61 | % | ||||||||||||||||||||||||
4th Qtr 2003 |
488,650 | 9,099 | 1.86 | % | 2,235,793 | 7,566 | 0.34 | % | 2,724,443 | 16,665 | 0.61 | % | ||||||||||||||||||||||||
1st Qtr 2004 |
479,358 | 8,917 | 1.86 | % | 2,244,488 | 7,609 | 0.34 | % | 2,723,846 | 16,526 | 0.61 | % | ||||||||||||||||||||||||
2nd Qtr 2004 |
460,279 | 8,713 | 1.89 | % | 2,244,382 | 7,324 | 0.33 | % | 2,704,661 | 16,037 | 0.59 | % | ||||||||||||||||||||||||
Southeast |
||||||||||||||||||||||||||||||||||||
2nd Qtr 2003 |
1,015,977 | 14,316 | 1.41 | % | 2,478,564 | 7,485 | 0.30 | % | 3,494,541 | 21,801 | 0.62 | % | ||||||||||||||||||||||||
3rd Qtr 2003 |
992,095 | 15,368 | 1.55 | % | 2,606,248 | 7,973 | 0.31 | % | 3,598,343 | 23,341 | 0.65 | % | ||||||||||||||||||||||||
4th Qtr 2003 |
997,233 | 16,329 | 1.64 | % | 2,719,885 | 8,597 | 0.32 | % | 3,717,118 | 24,926 | 0.67 | % | ||||||||||||||||||||||||
1st Qtr 2004 |
985,251 | 15,619 | 1.59 | % | 2,745,464 | 8,356 | 0.30 | % | 3,730,715 | 23,975 | 0.64 | % | ||||||||||||||||||||||||
2nd Qtr 2004 |
962,178 | 15,154 | 1.57 | % | 2,784,476 | 8,278 | 0.30 | % | 3,746,654 | 23,432 | 0.63 | % | ||||||||||||||||||||||||
Midwest |
||||||||||||||||||||||||||||||||||||
2nd Qtr 2003 |
685,332 | 12,593 | 1.84 | % | 2,250,348 | 8,268 | 0.37 | % | 2,935,680 | 20,861 | 0.71 | % | ||||||||||||||||||||||||
3rd Qtr 2003 |
659,238 | 13,620 | 2.07 | % | 2,311,163 | 8,912 | 0.39 | % | 2,970,401 | 22,532 | 0.76 | % | ||||||||||||||||||||||||
4th Qtr 2003 |
665,204 | 14,461 | 2.17 | % | 2,398,677 | 9,524 | 0.40 | % | 3,063,881 | 23,985 | 0.78 | % | ||||||||||||||||||||||||
1st Qtr 2004 |
652,138 | 14,130 | 2.17 | % | 2,403,459 | 9,676 | 0.40 | % | 3,055,597 | 23,806 | 0.78 | % | ||||||||||||||||||||||||
2nd Qtr 2004 |
636,802 | 14,010 | 2.20 | % | 2,416,571 | 9,817 | 0.41 | % | 3,053,373 | 23,827 | 0.78 | % | ||||||||||||||||||||||||
Southwest |
||||||||||||||||||||||||||||||||||||
2nd Qtr 2003 |
742,479 | 9,639 | 1.30 | % | 1,814,996 | 5,198 | 0.29 | % | 2,557,475 | 14,837 | 0.58 | % | ||||||||||||||||||||||||
3rd Qtr 2003 |
726,185 | 10,412 | 1.43 | % | 1,905,760 | 5,451 | 0.29 | % | 2,631,945 | 15,863 | 0.60 | % | ||||||||||||||||||||||||
4th Qtr 2003 |
732,288 | 11,248 | 1.54 | % | 1,975,459 | 5,992 | 0.30 | % | 2,707,747 | 17,240 | 0.64 | % | ||||||||||||||||||||||||
1st Qtr 2004 |
723,827 | 10,722 | 1.48 | % | 1,986,203 | 6,076 | 0.31 | % | 2,710,030 | 16,798 | 0.62 | % | ||||||||||||||||||||||||
2nd Qtr 2004 |
710,279 | 10,519 | 1.48 | % | 2,007,698 | 5,884 | 0.29 | % | 2,717,977 | 16,403 | 0.60 | % | ||||||||||||||||||||||||
West |
||||||||||||||||||||||||||||||||||||
2nd Qtr 2003 |
598,039 | 5,511 | 0.92 | % | 2,618,767 | 4,568 | 0.17 | % | 3,216,806 | 10,079 | 0.31 | % | ||||||||||||||||||||||||
3rd Qtr 2003 |
557,868 | 5,393 | 0.97 | % | 2,740,929 | 4,752 | 0.17 | % | 3,298,797 | 10,145 | 0.31 | % | ||||||||||||||||||||||||
4th Qtr 2003 |
532,738 | 5,275 | 0.99 | % | 2,841,875 | 4,668 | 0.16 | % | 3,374,613 | 9,943 | 0.29 | % | ||||||||||||||||||||||||
1st Qtr 2004 |
504,054 | 4,824 | 0.96 | % | 2,831,101 | 4,439 | 0.16 | % | 3,335,155 | 9,263 | 0.28 | % | ||||||||||||||||||||||||
2nd Qtr 2004 |
476,346 | 4,165 | 0.87 | % | 2,836,388 | 3,952 | 0.14 | % | 3,312,734 | 8,117 | 0.25 | % | ||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||||||
2nd Qtr 2003 |
3,569,574 | 50,673 | 1.42 | % | 11,261,723 | 32,522 | 0.29 | % | 14,831,297 | 83,195 | 0.56 | % | ||||||||||||||||||||||||
3rd Qtr 2003 |
3,428,863 | 53,653 | 1.56 | % | 11,710,355 | 34,357 | 0.29 | % | 15,139,218 | 88,010 | 0.58 | % | ||||||||||||||||||||||||
4th Qtr 2003 |
3,416,113 | 56,412 | 1.65 | % | 12,171,689 | 36,347 | 0.30 | % | 15,587,802 | 92,759 | 0.60 | % | ||||||||||||||||||||||||
1st Qtr 2004 |
3,344,628 | 54,212 | 1.62 | % | 12,210,715 | 36,156 | 0.30 | % | 15,555,343 | 90,368 | 0.58 | % | ||||||||||||||||||||||||
2nd Qtr 2004 |
3,245,884 | 52,561 | 1.62 | % | 12,289,515 | 35,255 | 0.29 | % | 15,535,399 | 87,816 | 0.57 | % | ||||||||||||||||||||||||
| 1/ | Serious delinquencies include all conventional loans that are three or more months delinquent or in foreclosure and excludes loans with full or substantial recourse to lenders or loans covered by significant supplemental pool mortgage insurance. |
-16-
Multifamily Total Serious Delinquencies and REO Inventory
June 2004
(Dollars in millions)
Numbers may not foot due to rounding
| Loans Serviced |
Serious Delinquencies 1/ |
REO Inventory |
||||||||||||||||||||||||||
| # of | # of | % | # of | |||||||||||||||||||||||||
| Loans |
UPB |
Loans |
UPB |
Delinquent |
Properties |
UPB |
||||||||||||||||||||||
Northeast |
||||||||||||||||||||||||||||
2nd Qtr 2003 |
4,446 | $ | 18,406.5 | 2 | $ | 3.2 | 0.02 | % | — | $ | — | |||||||||||||||||
3rd Qtr 2003 |
4,826 | 20,075.0 | 1 | 2.0 | 0.01 | % | 1 | 1.2 | ||||||||||||||||||||
4th Qtr 2003 |
5,534 | 21,869.3 | 3 | 3.3 | 0.02 | % | 1 | 1.2 | ||||||||||||||||||||
1st Qtr 2004 |
5,593 | 20,966.3 | 1 | 2.0 | 0.01 | % | 1 | 1.2 | ||||||||||||||||||||
2nd Qtr 2004 |
5,716 | 22,219.2 | 1 | 0.3 | 0.00 | % | 2 | 3.0 | ||||||||||||||||||||
Southeast |
||||||||||||||||||||||||||||
2nd Qtr 2003 |
3,351 | $ | 21,699.5 | 5 | $ | 7.9 | 0.04 | % | 2 | $ | 12.8 | |||||||||||||||||
3rd Qtr 2003 |
3,511 | 22,834.3 | 6 | 11.7 | 0.05 | % | 2 | 12.8 | ||||||||||||||||||||
4th Qtr 2003 |
3,692 | 25,268.2 | 18 | 140.5 | 0.56 | % | 1 | 8.8 | ||||||||||||||||||||
1st Qtr 2004 |
3,807 | 27,812.0 | 7 | 35.8 | 0.13 | % | 4 | 42.1 | ||||||||||||||||||||
2nd Qtr 2004 |
3,942 | 29,020.4 | 15 | 58.0 | 0.20 | % | 2 | 29.2 | ||||||||||||||||||||
Midwest |
||||||||||||||||||||||||||||
2nd Qtr 2003 |
2,921 | $ | 9,582.1 | 7 | $ | 13.9 | 0.15 | % | — | $ | — | |||||||||||||||||
3rd Qtr 2003 |
3,047 | 10,029.8 | 12 | 14.6 | 0.15 | % | 2 | 29.9 | ||||||||||||||||||||
4th Qtr 2003 |
3,460 | 10,400.2 | 11 | 23.7 | 0.23 | % | 2 | 29.9 | ||||||||||||||||||||
1st Qtr 2004 |
3,442 | 10,314.4 | 12 | 51.3 | 0.50 | % | 2 | 29.9 | ||||||||||||||||||||
2nd Qtr 2004 |
3,450 | 10,432.3 | 12 | 54.3 | 0.52 | % | 3 | 35.9 | ||||||||||||||||||||
Southwest
|
||||||||||||||||||||||||||||
2nd Qtr 2003 |
3,308 | $ | 13,559.3 | 11 | $ | 61.7 | 0.46 | % | 3 | $ | 7.7 | |||||||||||||||||
3rd Qtr 2003 |
3,410 | 14,127.2 | 13 | 69.6 | 0.49 | % | 7 | 18.8 | ||||||||||||||||||||
4th Qtr 2003 |
3,596 | 14,446.3 | 24 | 126.6 | 0.88 | % | 15 | 52.2 | ||||||||||||||||||||
1st Qtr 2004 |
3,597 | 14,341.0 | 7 | 78.4 | 0.55 | % | 22 | 92.3 | ||||||||||||||||||||
2nd Qtr 2004 |
3,573 | 14,421.9 | 8 | 43.2 | 0.30 | % | 23 | 103.0 | ||||||||||||||||||||
West |
||||||||||||||||||||||||||||
2nd Qtr 2003 |
16,655 | $ | 33,282.6 | 10 | $ | 38.2 | 0.11 | % | — | $ | — | |||||||||||||||||
3rd Qtr 2003 |
19,426 | 38,018.5 | 15 | 27.5 | 0.07 | % | 1 | 7.3 | ||||||||||||||||||||
4th Qtr 2003 |
25,442 | 45,213.7 | 8 | 21.6 | 0.05 | % | 1 | 7.3 | ||||||||||||||||||||
1st Qtr 2004 |
25,714 | 44,793.0 | 15 | 27.9 | 0.06 | % | 1 | 7.3 | ||||||||||||||||||||
2nd Qtr 2004 |
25,164 | 45,610.9 | 11 | 19.7 | 0.04 | % | 1 | 7.3 | ||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
2nd Qtr 2003 |
30,681 | $ | 96,530.0 | 35 | $ | 124.9 | 0.13 | % | 5 | $ | 20.5 | |||||||||||||||||
3rd Qtr 2003 |
34,220 | 105,084.8 | 47 | 125.4 | 0.12 | % | 13 | 70.0 | ||||||||||||||||||||
4th Qtr 2003 |
41,724 | 117,197.7 | 64 | 315.7 | 0.27 | % | 20 | 99.4 | ||||||||||||||||||||
1st Qtr 2004 |
42,153 | 118,226.7 | 42 | 195.3 | 0.17 | % | 30 | 172.8 | ||||||||||||||||||||
2nd Qtr 2004 |
41,845 | 121,704.7 | 47 | 175.6 | 0.14 | % | 31 | 178.4 | ||||||||||||||||||||
-17-