Federally chartered corporation | 000-50231 | 52-0883107 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
3900 Wisconsin Avenue, NW | 20016 | |
Washington, DC | (Zip Code) | |
(Address of principal executive offices) |
-2-
FEDERAL NATIONAL MORTGAGE ASSOCIATION | ||
By /s/ David C. Hisey | ||
David C. Hisey | ||
Senior Vice President and Controller |
-3-
Exhibit Number | Description of Exhibit | |
99.1
|
Summary information on outstanding debt published by Fannie Mae on July 28, 2005. | |
99.2
|
Monthly summary release for June 2005 issued by Fannie Mae on July 28, 2005. |
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Debt Outstanding ($ in millions) | 12/31/2002 | 12/31/2003 | 12/31/2004 | 06/30/2005 | ||||||||||||
Discount Notes |
$ | 134,312 | $ | 137,528 | $ | 143,455 | $ | 81,972 | ||||||||
Benchmark Bills |
156,750 | 191,315 | 157,501 | 123,750 | ||||||||||||
FX Disount Notes |
| 1,540 | 7,630 | 5,684 | ||||||||||||
Other Short Term |
12,735 | 15,622 | 11,737 | 7,224 | ||||||||||||
Total Short Term |
$ | 303,797 | $ | 346,005 | $ | 320,323 | $ | 218,630 | ||||||||
Short term debt average maturity (in days) |
76 | 100 | 61 | 68 | ||||||||||||
Benchmark Notes & Bonds |
$ | 287,418 | $ | 282,602 | $ | 267,091 | $ | 268,881 | ||||||||
Callable Benchmark Notes |
33,750 | 44,250 | 31,250 | 26,500 | ||||||||||||
Subordinated Benchmark Notes |
8,500 | 12,500 | 12,500 | 12,500 | ||||||||||||
Final Maturity Amortizing Notes |
| | 750 | 1,958 | ||||||||||||
Other Callable & Noncallable Notes & Bonds |
211,063 | 270,800 | 312,724 | 310,678 | ||||||||||||
Total Long Term |
$ | 540,731 | $ | 610,152 | $ | 624,315 | $ | 620,517 | ||||||||
Long term debt average maturity (in months) |
58 | 54 | 47 | 47 | ||||||||||||
Total Debt Outstanding |
$ | 844,528 | $ | 956,157 | $ | 944,638 | $ | 839,147 | ||||||||
Total debt average maturity (in months) |
40 | 36 | 32 | 35 |
| Total business volume rose to $48.8 billion in June from $45.3 billion the previous month. |
| Fannie Maes book of business grew at an annual rate of 0.2 percent in June compared with a 2.2 percent decline in May. |
| Total lender-originated MBS issues rose to $40.0 billion from $34.3 billion in May. |
| Portfolio purchases were $9.0 billion and portfolio sales were $10.4 billion, which net of portfolio liquidations resulted in a negative 25.3 percent annualized growth rate of the mortgage portfolio. |
| Both the conventional single-family and multifamily delinquency rates remained stable in May at 0.57 percent and 0.10 percent, respectively. |
| The duration gap on Fannie Maes mortgage portfolio averaged zero months in June. |
| Fannie Mae estimates total single-family mortgage originations for 2005 will reach $2.8 trillion. |
Mortgage Portfolio, Gross 2/ | Outstanding MBS 3/ | Book of Business | ||||||||||||||||||||||
End Balance | Growth Rate 4/ | End Balance | Growth Rate 4/ | End Balance | Growth Rate 4/ | |||||||||||||||||||
July 2004 |
$ | 892,724 | 2.1 | % | $ | 1,363,317 | 2.9 | % | $ | 2,256,041 | 2.6 | % | ||||||||||||
August 2004 |
895,428 | 3.7 | % | 1,368,918 | 5.0 | % | 2,264,345 | 4.5 | % | |||||||||||||||
September 2004 |
904,543 | 12.9 | % | 1,377,680 | 8.0 | % | 2,282,223 | 9.9 | % | |||||||||||||||
October 2004 |
913,246 | 12.2 | % | 1,386,272 | 7.7 | % | 2,299,518 | 9.5 | % | |||||||||||||||
November 2004 |
912,608 | (0.8 | %) | 1,393,205 | 6.2 | % | 2,305,813 | 3.3 | % | |||||||||||||||
December 2004 |
904,555 | (10.1 | %) | 1,402,761 | 8.5 | % | 2,307,316 | 0.8 | % | |||||||||||||||
Full year 2004 |
$ | 904,555 | 0.7 | % | $ | 1,402,761 | 7.9 | % | $ | 2,307,316 | 4.9 | % | ||||||||||||
January 2005 |
$ | 890,834 | (16.8 | %) | $ | 1,416,038 | 12.0 | % | $ | 2,306,871 | (0.2 | %) | ||||||||||||
February 2005 |
875,245 | (19.1 | %) | 1,430,825 | 13.3 | % | 2,306,070 | (0.4 | %) | |||||||||||||||
March 2005 |
864,648 | (13.6 | %) | 1,441,003 | 8.9 | % | 2,305,652 | (0.2 | %) | |||||||||||||||
April 2005 |
851,936 | (16.3 | %) | 1,445,353 | 3.7 | % | 2,297,288 | (4.3 | %) | |||||||||||||||
May 2005 |
828,079 | (28.9 | %) | 1,464,884 | 17.5 | % | 2,292,963 | (2.2 | %) | |||||||||||||||
June 2005 |
808,225 | (25.3 | %) | 1,485,149 | 17.9 | % | 2,293,374 | 0.2 | % | |||||||||||||||
YTD 2005 |
$ | 808,225 | (20.2 | %) | $ | 1,485,149 | 12.1 | % | $ | 2,293,374 | (1.2 | %) |
MBS | ||||||||||||||||||||
Fannie Mae | MBS Issues | |||||||||||||||||||
Lender-originated | MBS | Acquired | Portfolio | Business | ||||||||||||||||
Issues 5/ | Purchases 6/ | by Others | Purchases | Volume | ||||||||||||||||
July 2004 |
$ | 39,636 | $ | 5,676 | $ | 33,960 | $ | 21,618 | $ | 55,578 | ||||||||||
August 2004 |
34,961 | 4,676 | 30,285 | 21,787 | 52,072 | |||||||||||||||
September 2004 |
40,870 | 5,074 | 35,796 | 27,661 | 63,457 | |||||||||||||||
October 2004 |
38,289 | 3,665 | 34,623 | 27,142 | 61,766 | |||||||||||||||
November 2004 |
36,259 | 2,717 | 33,542 | 19,121 | 52,662 | |||||||||||||||
December 2004 |
39,375 | 1,642 | 37,732 | 13,016 | 50,748 | |||||||||||||||
Full year 2004 |
$ | 527,146 | $ | 64,604 | $ | 462,542 | $ | 262,647 | $ | 725,189 | ||||||||||
January 2005 |
$ | 37,457 | $ | 451 | $ | 37,006 | $ | 11,095 | $ | 48,101 | ||||||||||
February 2005 |
31,259 | 538 | 30,721 | 9,446 | 40,167 | |||||||||||||||
March 2005 |
31,493 | 326 | 31,166 | 11,206 | 42,372 | |||||||||||||||
April 2005 |
36,838 | 429 | 36,409 | 8,865 | 45,274 | |||||||||||||||
May 2005 |
34,343 | 219 | 34,124 | 11,198 | 45,322 | |||||||||||||||
June 2005 |
40,039 | 210 | 39,829 | 8,964 | 48,793 | |||||||||||||||
YTD 2005 |
$ | 211,429 | $ | 2,173 | $ | 209,256 | $ | 60,774 | $ | 270,029 | ||||||||||
The single-family and multifamily MBS issues will no longer be shown separately on a monthly basis. |
Mortgage | ||||||||||||||||
Retained | Portfolio | |||||||||||||||
Commitments 7/ | Purchases 8/ | Purchase Yield 9/ | Sales | |||||||||||||
July 2004 |
$ | 19,504 | $ | 21,618 | 4.44 | % | $ | 681 | ||||||||
August 2004 |
24,683 | 21,787 | 4.14 | % | 1,932 | |||||||||||
September 2004 |
30,783 | 27,661 | 3.61 | % | 1,195 | |||||||||||
October 2004 |
19,356 | 27,142 | 3.59 | % | 941 | |||||||||||
November 2004 |
11,887 | 19,121 | 4.16 | % | 1,511 | |||||||||||
December 2004 |
9,330 | 13,016 | 4.71 | % | 1,653 | |||||||||||
Full year 2004 |
$ | 256,144 | $ | 262,647 | 4.22 | % | $ | 16,449 | ||||||||
January 2005 |
$ | 797 | $ | 11,095 | 4.40 | % | $ | 6,360 | ||||||||
February 2005 |
3,099 | 9,446 | 4.73 | % | 9,539 | |||||||||||
March 2005 |
10,587 | 11,206 | 4.79 | % | 4,806 | |||||||||||
April 2005 |
5,654 | 8,865 | 5.04 | % | 1,680 | |||||||||||
May 2005 |
(8,131 | ) | 11,198 | 4.99 | % | 17,812 | ||||||||||
June 2005 |
(2,339 | ) | 8,964 | 5.33 | % | 10,350 | ||||||||||
YTD 2005 |
$ | 9,666 | $ | 60,774 | 4.86 | % | $ | 50,546 |
1/ | Represents unpaid principal balance. | |
2/ | Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $415 billion of Fannie Mae MBS as of June 30, 2005. | |
3/ | MBS held by investors other than Fannie Maes portfolio. | |
4/ | Growth rates are compounded. | |
5/ | Excludes MBS issued from Fannie Maes portfolio, which was $1,980 million in June 2005. | |
6/ | Included in total portfolio purchases. | |
7/ | Represents commitments to purchase, net of commitments to sell, entered into during the month, including any modifications to original amounts. | |
8/ | Fannie Mae is not providing a breakdown of mortgage portfolio purchases between single-family and multifamily because the company is currently examining its processes for classifying mortgage purchases. Upon completion of this review, we will re-release the breakdown between single-family and multifamily and expect that certain previously reported purchases will be reclassified. | |
9/ | Represents the weighted-average yield on monthly purchases. Yields are presented on a taxable-equivalent basis to consistently reflect income from taxable and tax-exempt investments. | |
Numbers may not add due to rounding. |
LIQUIDATIONS ($ in Millions) 1/ | DELINQUENCY RATES | |||||||||||||||||||||||||||||||
Mortgage Portfolio | Outstanding MBS | Single-family Conventional 2/ | Multifamily | |||||||||||||||||||||||||||||
Liquidations | Liquidations | Non-Credit | Credit | |||||||||||||||||||||||||||||
Amount | Annual Rate | Amount | Annual Rate | Enhancement 3/ | Enhancement 4/ | Total 5/ | Total 6/ | |||||||||||||||||||||||||
July 2004 |
$ | 19,467 | 26.19 | % | $ | 31,363 | 27.64 | % | 0.29 | % | 1.65 | % | 0.57 | % | 0.13 | % | ||||||||||||||||
August 2004 |
17,179 | 23.06 | % | 26,442 | 23.23 | % | 0.30 | % | 1.67 | % | 0.58 | % | 0.13 | % | ||||||||||||||||||
September 2004 |
17,361 | 23.15 | % | 27,168 | 23.74 | % | 0.30 | % | 1.72 | % | 0.59 | % | 0.12 | % | ||||||||||||||||||
October 2004 |
17,529 | 23.14 | % | 26,970 | 23.42 | % | 0.32 | % | 1.77 | % | 0.62 | % | 0.12 | % | ||||||||||||||||||
November 2004 |
18,295 | 24.05 | % | 28,104 | 24.27 | % | 0.33 | % | 1.84 | % | 0.64 | % | 0.10 | % | ||||||||||||||||||
December 2004 |
19,449 | 25.69 | % | 29,779 | 25.56 | % | 0.33 | % | 1.84 | % | 0.63 | % | 0.10 | % | ||||||||||||||||||
Full year 2004 |
$ | 240,201 | 26.87 | % | $ | 374,688 | 27.58 | % | ||||||||||||||||||||||||
January 2005 |
$ | 18,480 | 24.70 | % | $ | 30,063 | 25.60 | % | 0.35 | % | 1.88 | % | 0.65 | % | 0.10 | % | ||||||||||||||||
February 2005 |
15,545 | 21.13 | % | 24,107 | 20.32 | % | 0.34 | % | 1.84 | % | 0.64 | % | 0.10 | % | ||||||||||||||||||
March 2005 |
17,049 | 23.52 | % | 24,956 | 20.86 | % | 0.31 | % | 1.72 | % | 0.59 | % | 0.09 | % | ||||||||||||||||||
April 2005 |
19,899 | 27.82 | % | 33,740 | 28.05 | % | 0.30 | % | 1.68 | % | 0.57 | % | 0.10 | % | ||||||||||||||||||
May 2005 |
17,301 | 24.72 | % | 27,844 | 22.96 | % | 0.30 | % | 1.68 | % | 0.57 | % | 0.10 | % | ||||||||||||||||||
June 2005 |
18,502 | 27.14 | % | 29,243 | 23.79 | % | ||||||||||||||||||||||||||
YTD 2005 |
$ | 106,776 | 24.82 | % | $ | 169,954 | 23.59 | % |
Net | Liquid | Total Net | ||||||||||
Mortgages | Investments | Investments | ||||||||||
July 2004 |
$ | 883,135 | $ | 63,078 | $ | 946,213 | ||||||
August 2004 |
887,471 | 64,853 | 952,324 | |||||||||
September 2004 |
895,590 | 69,256 | 964,846 | |||||||||
October 2004 |
903,065 | 61,445 | 964,510 | |||||||||
November 2004 |
907,233 | 62,836 | 970,069 | |||||||||
December 2004 |
904,200 | 58,877 | 963,077 | |||||||||
Full year 2004 |
$ | 886,699 | $ | 67,510 | $ | 954,208 | ||||||
January 2005 |
$ | 891,533 | $ | 66,667 | $ | 958,200 | ||||||
February 2005 |
878,378 | 54,626 | 933,003 | |||||||||
March 2005 |
863,662 | 65,330 | 928,992 | |||||||||
April 2005 |
851,828 | 58,269 | 910,097 | |||||||||
May 2005 |
836,441 | 55,479 | 891,920 | |||||||||
June 2005 |
813,466 | 59,072 | 872,538 | |||||||||
YTD 2005 |
$ | 855,885 | $ | 59,907 | $ | 915,792 |
Effective | ||||
Duration Gap 7/ | ||||
(in months) | ||||
July 2004 |
0 | |||
August 2004 |
-2 | |||
September 2004 |
-2 | |||
October 2004 |
0 | |||
November 2004 |
-1 | |||
December 2004 |
-1 | |||
January 2005 |
-1 | |||
February 2005 |
0 | |||
March 2005 |
1 | |||
April 2005 |
-1 | |||
May 2005 |
-1 | |||
June 2005 |
0 |
1/ | Represents unpaid principal balance. | |
2/ | Includes conventional loans three or more months delinquent or in foreclosure process as a percent of the number of loans. | |
3/ | Loans without primary mortgage insurance or any credit enhancements. | |
4/ | Loans with primary mortgage insurance and/or other credit enhancements. | |
5/ | Total of single-family non-credit enhanced and credit enhanced loans. | |
6/ | Includes loans and securities 60 days or more past due and is calculated based on mortgage credit book of business. | |
7/ | The duration gap is a weighted average for the month. | |
Numbers may not add due to rounding. |