EX-99.2 3 w08268exv99w2.htm EX-99.2 exv99w2
 

EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY

March 2005

HIGHLIGHTS FOR MARCH INCLUDE:

•   Total business volume rose to $42.4 billion in March from $40.2 billion the previous month.

•   The mortgage portfolio declined at a 13.6 percent annualized rate in March, compared with a 19.1 percent decline in February. Outstanding MBS grew at an 8.9 percent annualized rate in March compared with 13.3 percent in February.

•   March liquidations rose to $17.0 billion, substantially higher than March commitments of $10.6 billion.

•   The conventional single-family delinquency rate fell one basis point to 0.64 percent in February. The multifamily delinquency rate remained stable at 0.10 percent.

•   The duration gap on Fannie Mae’s mortgage portfolio averaged one month in March.


 

(FANNIE MAE LOGO)


BUSINESS BALANCES AND GROWTH ($ in Millions) 1/

                                                 
    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/
April 2004
  $ 880,481       (0.6 %)   $ 1,353,399       6.9 %   $ 2,233,880     3.9 %
May 2004
    878,386       (2.8 %)     1,354,160       0.7 %     2,232,546       (0.7 %)
June 2004
    891,210       19.0 %     1,360,045       5.3 %     2,251,255       10.5 %
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 %)
YTD 2005
  $ 864,648       (16.5 %)   $ 1,441,003       11.4 %   $ 2,305,652       (0.3 %)


BUSINESS VOLUMES ($ in Millions) 1/

                                                         
    MBS
       
                    Total   Fannie Mae   MBS Issues        
    Single-family   Multifamily   Lender-originated   MBS   Acquired   Portfolio   Business
    Issues
  Issues
  Issues 5/
  Purchases 6/
  by Others
  Purchases
  Volume
April 2004
  $ 56,117     $ 424     $ 56,541     $ 10,198     $ 46,344     $ 27,448     $ 73,792  
May 2004
    57,629       931       58,559       10,670       47,889       26,686       74,575  
June 2004
    52,981       711       53,692       13,330       40,362       37,164       77,526  
July 2004
    38,719       916       39,636       5,676       33,960       21,618       55,578  
August 2004
    34,685       276       34,961       4,676       30,285       21,787       52,072  
September 2004
    40,647       224       40,870       5,074       35,796       27,661       63,457  
October 2004
    37,594       694       38,289       3,665       34,623       27,142       61,766  
November 2004
    35,739       520       36,259       2,717       33,542       19,121       52,662  
December 2004
    38,941       434       39,375       1,642       37,732       13,016       50,748  
Full year 2004
  $ 520,292     $ 6,854     $ 527,146     $ 64,604     $ 462,542     $ 262,647     $ 725,189  
 
                                                       
January 2005
  $ 35,440     $ 2,016     $ 37,457     $ 451     $ 37,006     $ 11,095     $ 48,101  
February 2005
    29,768       1,491       31,259       538       30,721       9,446       40,167  
March 2005
  31,144     349     31,493     326     31,166     11,206     42,372  
YTD 2005
  $ 96,352     $ 3,856     $ 100,208     $ 1,315     $ 98,893     $ 31,747     $ 130,640  


MORTGAGE PORTFOLIO COMMITMENTS, PURCHASES, AND SALES ($ in Millions) 1/

                                 
Mortgage
    Retained           Net Purchase   Portfolio  
    Commitments
  Purchases 7/
  Yield 8/
  Sales
 
April 2004
  $ 28,860     $ 27,448       4.37 %   $ 1,583  
May 2004
    28,389       26,686       4.55 %     885  
June 2004
    29,668       37,164       4.44 %     1,695  
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  
YTD 2005
  $ 14,483     $ 31,747       4.63 %   $ 20,704  

1/    Represents unpaid principal balance.
2/     Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $455 billion of Fannie Mae MBS as of March 31, 2005.
3/     MBS held by investors other than Fannie Mae’s portfolio.
4/     Growth rates are compounded.
5/     Excludes MBS issued from Fannie Mae’s portfolio, which was $1,221 million in March 2005.
6/     Included in total portfolio purchases.
7/     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.
8/     Yields shown on a taxable-equivalent basis.
 
    Numbers may not foot due to rounding.

1


 

                                                                 
 
   
LIQUIDATIONS ($ in Millions) 1/
  DELINQUENCY RATES
    Mortgage Portfolio   Outstanding MBS   Single-family Conventional 2/    
    Liquidations   Liquidations  
 
   
 
  Non-Credit   Credit           Multifamily
    Amount
  Annual Rate
  Amount
  Annual Rate
  Enhancement 3/
  Enhancement 4/
  Total 5/
  Total 6/
April 2004
  $ 26,086       35.54 %   40,419       35.94 %     0.29 %     1.58 %     0.56 %     0.16 %
May 2004
    27,917       38.09 %     48,013       42.56 %     0.29 %     1.61 %     0.57 %     0.14 %
June 2004
    22,783       30.90 %     36,063       31.89 %     0.29 %     1.62 %     0.57 %     0.14 %
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 %                                
YTD 2005
  $ 51,073       23.11 %   $ 79,127       22.25 %                                

 


AVERAGE INVESTMENT BALANCES ($ in Millions)

                         
    Net   Liquid   Total Net
    Mortgages
  Investments
  Investments
April 2004
  $ 870,446     $ 75,787     $ 946,232  
May 2004
    866,855       82,711       949,567  
June 2004
    873,386       71,698       945,084  
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  
YTD 2005
  $ 877,857     $ 62,208     $ 940,065  


INTEREST RATE RISK DISCLOSURE 

         
    Effective
    Duration Gap 7/
    (in months)
April 2004
    3  
May 2004
    3  
June 2004
    2  
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  

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 foot due to rounding.

2


 

This information is subject to change as a result of the pending re-audit and restatement of Fannie Mae’s financial statements for 2001 through June 2004. More information regarding the re-audit and restatement may be found in Form 8-Ks Fannie Mae filed with the Securities and Exchange Commission on December 22, 2004 and March 18, 2005.

For more information about Fannie Mae, please visit www.fanniemae.com or contact us at (202) 752-7115.