EXHIBIT 99.2
FANNIE MAE
MONTHLY SUMMARY
APRIL 2005
HIGHLIGHTS FOR APRIL INCLUDE:
• | Total business volume rose to $45.3 billion in April from $42.4 billion the previous month. |
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• | Total lender-originated MBS issues rose to $36.8 billion, as outstanding MBS liquidations rose to $33.7 billion, resulting in a 3.7 percent annualized growth rate in April. |
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• | The mortgage portfolio declined at a 16.3 percent annualized rate in April, compared with a 13.6 percent decline in March. |
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• | The conventional single-family delinquency rate fell five basis points to 0.59 percent in March. The multifamily delinquency rate fell one basis point to 0.09 percent. |
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• | The duration gap on Fannie Mae’s mortgage portfolio averaged negative one month in April. |
MORTGAGE MARKET HIGHLIGHTS:
• | Fannie Mae estimates total single-family mortgage originations for 2005 will be about $2.4 trillion compared with last year’s volume of $2.7 trillion. |
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BUSINESS BALANCES AND GROWTH ($ in Millions) 1/
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| | 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/ | |
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 | % |
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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 | %) |
YTD 2005 | | $ | 851,936 | | | | (16.5 | %) | | $ | 1,445,353 | | | | 9.4 | % | | $ | 2,297,288 | | | | (1.3 | %) |
BUSINESS VOLUMES ($ in Millions) 1/
| | | | | | | | | | | | | | | | | | | | |
| | MBS | | | | | | | |
| | Total | | | Fannie Mae | | | MBS Issues | | | | | | | |
| | Lender-originated | | | MBS | | | Acquired | | | Portfolio | | | Business | |
| | Issues 5/ | | | Purchases 6/ | | | by Others | | | Purchases | | | Volume | |
May 2004 | | $ | 58,559 | | | $ | 10,670 | | | $ | 47,889 | | | $ | 26,686 | | | $ | 74,575 | |
June 2004 | | | 53,692 | | | | 13,330 | | | | 40,362 | | | | 37,164 | | | | 77,526 | |
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 | |
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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 | |
YTD 2005 | | $ | 137,046 | | | $ | 1,744 | | | $ | 135,302 | | | $ | 40,611 | | | $ | 175,914 | |
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The single-family and multifamily MBS issues will no longer be shown separately on a monthly basis. |
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MORTGAGE PORTFOLIO COMMITMENTS, PURCHASES, AND SALES ($ in Millions) 1/
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Mortgage | |
| | Retained | | | | | | | Net | | | Portfolio | |
| | Commitments | | | Purchases 7/ | | | Purchase Yield 8/ | | | Sales | |
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 | |
April 2005 | | | 5,654 | | | | 8,865 | | | | 5.04 | % | | | 1,680 | |
YTD 2005 | | $ | 20,137 | | | $ | 40,611 | | | | 4.72 | % | | $ | 22,384 | |
1/ | | Represents unpaid principal balance. |
2/ | | Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $445 billion of Fannie Mae MBS as of April 30, 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 $1,688 million in April 2005. |
6/ | | Included in total portfolio purchases. |
7/ | | Fannie Mae is not providing a breakdown of mortgage portfolio purchases between single family and multifamily because the company is currently examining its processes for classifying mortgage purchases. Upon completion of this review, we will re-release the breakdown between single-family and multifamily and expect that certain previously reported purchases will be reclassified. |
8/ | | Yields shown on a taxable-equivalent basis. |
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| | Numbers may not foot due to rounding. |
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LIQUIDATIONS ($ 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/ | |
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 | % | | | | | | | | | | | | | | | | |
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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 | % | | | | | | | | | | | | | | | | |
YTD 2005 | | $ | 70,972 | | | | 24.27 | % | | $ | 112,867 | | | | 23.72 | % | | | | | | | | | | | | | | | | |
AVERAGE INVESTMENT BALANCES ($ in Millions)
| | | | | | | | | | | | |
| | Net | | | Liquid | | | Total Net | |
| | Mortgages | | | Investments | | | Investments | |
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 | |
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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 | |
YTD 2005 | | $ | 871,350 | | | $ | 61,223 | | | $ | 932,573 | |
INTEREST RATE RISK DISCLOSURE
| | |
| | Effective |
| | Duration Gap 7/ |
| | (in months) |
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 |
April 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. |
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| | Numbers may not foot due to rounding. |
This information is subject to change as a result of the pending re-audit and restatement of Fannie Mae’s previously published financial statements. 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, March 18, 2005 and May 11, 2005.
For more information about Fannie Mae, please visit www.fanniemae.com or contact us at (202) 752-7115.