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Table 7. Fannie Mae Nonmortgage Investments End of Period Federal Funds and Eurodollars ($) Asset-Backed Securities ($) Nonmortgage Investments ($ in Millions) a Repurchase Agreements b ($) Commercial Paper and Corporate Debt c ($) Other d ($) 4Q15 0 0 27,350 0 29,485 56,835 3Q15 0 0 26,600 0 26,961 53,561 2Q15 0 0 22,010 0 23,790 45,800 1Q15 0 0 20,230 0 19,367 39,597 Annual Data 2015 0 0 27,350 0 29,485 56,835 2014 0 0 30,950 0 19,466 50,416 2013 0 0 38,975 0 16,306 55,281 2012 0 0 32,500 0 17,950 50,450 2011 0 2,111 46,000 0 47,737 95,848 2010 5,000 5,321 6,750 0 27,432 44,503 2009 44,900 8,515 4,000 364 3 57,782 2008 45,910 10,598 8,000 6,037 1,005 71,550 2007 43,510 15,511 5,250 13,515 9,089 86,875 2006 9,410 18,914 0 27,604 1,055 56,983 2005 8,900 19,190 0 16,979 947 46,016 2004 3,860 25,644 70 16,435 1,829 47,839 2003 12,575 26,862 111 17,700 2,270 59,518 2002 150 22,312 181 14,659 2,074 39,376 2001 16,089 20,937 808 23,805 4,343 65,982 2000 7,539 17,512 87 8,893 18,316 52,347 1999 4,837 19,207 122 1,723 11,410 37,299 1998 7,926 20,993 7,556 5,155 16,885 58,515 1997 19,212 16,639 6,715 11,745 10,285 64,596 1996 21,734 14,635 4,667 6,191 9,379 56,606 1995 19,775 9,905 10,175 8,629 8,789 57,273 1994 17,593 3,796 9,006 7,719 8,221 46,335 1993 4,496 3,557 4,684 0 8,659 21,396 1992 6,587 4,124 3,189 0 5,674 19,574 1991 2,954 2,416 2,195 0 2,271 9,836 1990 5,329 1,780 951 0 1,808 9,868 1989 5,158 1,107 0 0 2,073 8,338 1988 4,125 481 0 0 683 5,289 1987 2,559 25 0 0 884 3,468 1986 1,530 0 0 0 245 1,775 1985 1,391 0 0 0 75 1,466 1984 1,575 0 0 0 265 1,840 1983 9 0 0 0 227 236 1982 1,799 0 0 0 631 2,430 1981 Not Available Before 1982 Not Available Before 1982 Not Available Before 1982 Not Available Before 1982 Not Available Before 1982 1,047 1980 1,556 1979 843 1978 834 1977 318 1976 245 1975 239 1974 466 1973 227 1972 268 1971 349 Total ($) Source: Fannie Mae a Data reflect unpaid principal balance net of unamortized purchase premiums, discounts and cost-basis adjustments, fair-value adjustments, and impairments on available-for-sale and trading securities. b Since 2005, advances to lenders have not been included in the data. Amounts for years before 2005 may include or consist of advances to lenders. Includes tri-party repurchase agreements. c Includes commercial paper, floating-rate notes, taxable auction notes, corporate bonds, and auction-rate preferred stock. Starting with 2006, medium-term notes previously reported in “Other” are included in commercial paper. d Includes Treasury and agency securities, Yankee Bonds, and domestic certificates of deposit. 92 FEDERAL HOUSING FINANCE AGENCY
Table 8. Fannie Mae Mortgage Asset Quality End of Period Single-Family Serious Delinquency Rate a (%) Multifamily Serious Delinquency Rate b (%) A P P E N D I X : H I S T O R I C A L D A T A T A B L E S Mortgage Asset Quality Credit Losses as a Proportion of the Guarantee Book of Business c, d (%) REO as a Proportion of the Guarantee Book of Business d (%) Credit-Enhanced Outstanding as a Proportion of the Guarantee Book of Business e (%) 4Q15 1.55 0.07 0.35 0.22 23.1 3Q15 1.59 0.05 0.15 0.25 22.6 2Q15 1.66 0.05 0.28 0.28 21.6 1Q15 1.78 0.09 0.71 0.31 21.2 Annual Data 2015 1.55 0.07 0.35 0.22 23.1 2014 1.89 0.05 0.20 0.35 20.9 2013 2.38 0.10 0.15 0.38 19.6 2012 3.29 0.24 0.48 0.35 18.8 2011 3.91 0.59 0.61 0.37 18.4 2010 4.48 0.71 0.77 0.53 19.1 2009 5.38 0.63 0.45 0.30 21.2 2008 2.42 0.30 0.23 0.23 23.9 2007 0.98 0.08 0.05 0.13 23.7 2006 0.65 0.08 0.02 0.09 22.3 2005 0.79 0.32 0.01 0.08 21.8 2004 0.63 0.11 0.01 0.07 20.5 2003 0.60 0.29 0.01 0.06 22.6 2002 0.57 0.08 0.01 0.05 26.8 2001 0.55 0.27 0.01 0.04 34.2 2000 0.45 0.07 0.01 0.05 40.4 1999 0.47 0.11 0.01 0.06 20.9 1998 0.56 0.23 0.03 0.08 17.5 1997 0.62 0.37 0.04 0.10 12.8 1996 0.58 0.68 0.05 0.11 10.5 1995 0.56 0.81 0.05 0.08 10.6 1994 0.47 1.21 0.06 0.10 10.2 1993 0.48 2.34 0.04 0.10 10.6 1992 0.53 2.65 0.04 0.09 15.6 1991 0.64 3.62 0.04 0.07 22.0 1990 0.58 1.70 0.06 0.09 25.9 1989 0.69 3.20 0.07 0.14 Not Available Before 1990 1988 0.88 6.60 0.11 0.15 1987 1.12 Not Available Before 1988 0.11 0.18 1986 1.38 0.12 0.22 1985 1.48 0.13 0.32 1984 1.65 0.09 0.33 1983 1.49 0.05 0.35 1982 1.41 0.01 0.20 1981 0.96 0.01 0.13 1980 0.90 0.01 0.09 1979 0.56 0.02 0.11 1978 0.55 0.02 0.18 1977 0.46 0.02 0.26 1976 1.58 0.03 0.27 1975 0.56 0.03 0.51 1974 0.51 0.02 0.52 1973 Not Available Before 1974 0.00 0.61 1972 0.02 0.98 1971 0.01 0.59 Source: Fannie Mae a Single-family loans are seriously delinquent when the loans are 90 days or more past due or in the foreclosure process. Rate is calculated using the number of conventional single-family loans owned and backing Fannie Mae mortgage-backed securities (MBS). Includes loans referred to foreclosure proceedings but not yet foreclosed. Prior to 1988, data included all seriously delinquent loans for which Fannie Mae had primary risk of loss. Beginning in 1998, data include all seriously delinquent conventional loans owned or backing Fannie Mae MBS with and without primary mortgage insurance or credit enhancement. Data prior to 1992 include loans and securities in relief or bankruptcy, even if the loans were less than 90 days delinquent, calculated based on number of loans. b Before 1998, data include multifamily loans for which Fannie Mae had primary risk of loss. Beginning in 1998, data include all multifamily loans and securities 60 days or more past due. Beginning in 2002, rate is calculated using the unpaid principal balance of multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities as the denominator. For the period 1998 to 2001, the denominator also includes other credit enhancements Fannie Mae provides on multifamily mortgage assets and multifamily non-Fannie Mae mortgage-related securities held for investment. c Credit losses are charge-offs, net of recoveries and foreclosed property expense (income). Average balances used to calculate ratios subsequent to 1994. Quarterly data are annualized. Beginning in 2005, credit losses exclude the impact of fair-value losses of credit impaired loans acquired from MBS trusts. Beginning in 2008, credit losses also exclude the effect of HomeSaver Advance program fair-value losses. d Guaranty book of business refers to the sum of the unpaid principal balance of mortgage loans held as investments, Fannie Mae MBS held as investments, Fannie Mae MBS held by third parties, and other credit enhancements Fannie Mae provides on mortgage assets. It excludes non-Fannie Mae mortgage-related securities held for investment that Fannie Mae does not guarantee. Before 2005, the ratio was based on the mortgage credit book of business, which consists of the guaranty book of business plus non-Fannie Mae mortgage-related securities held as investments not guaranteed by Fannie Mae. e Beginning in 2000, the credit-enhanced category was expanded to include loans with primary mortgage insurance. Amounts for periods before 2000 reflect the proportion of assets held for investment with additional recourse from a third party to accept some or all of the expected losses on defaulted mortgages. REPORT TO <strong>CONGRESS</strong> • 2015 93
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