SECURITY NATIONAL FINANCIAL CORPORATION
5300 South 360 West, Suite 250
Salt Lake City, Utah 84123
Telephone (801) 264-1060
March 20, 2009
VIA EDGAR
U. S. Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E., Mail Stop 4561
Washington, D. C. 20549
| Attn: | Sharon M. Blume |
| | Assistant Chief Accountant |
| Re: | Security National Financial Corporation |
| | | Form 10-K for the Fiscal Year Ended December 31, 2007 |
| | | Form 10-Q for Fiscal Quarter Ended June 30, 2008 |
| | | File No. 0-9341 |
Dear Ms. Blume:
Security National Financial Corporation (the “Company”) hereby supplements its responses to its previous response letters dated February 20, 2009, January 15, 2009, November 6, 2008, and October 9, 2008. With this supplemental response is provided as additional information concerning the Company’s mortgage loan operations and the appropriate accounting that the Company follows in connection with such operations.
The Company has also included in this response the table that was part of its November 6, 2008 reply to the Securities Exchange Commission to assist in explaining the methodology that the Company follows in determining fair value of the mortgage loans repurchased. In the table the Company has changed the heading “Loan Principal Amount” to “Unpaid Principal Amount on Date of Repurchase.” In addition, the Company has added two columns showing the “Fair Value at Repurchase Date” and the “Unrecognized Gains and (Losses)” with respect to the mortgage loans.
The fair value at the repurchase date was based upon the following criteria:
| | · | For loans where there was a market, the Company used the market price on the repurchase date; |
| | · | For loans where there was no market but there was a similar product, the Company used the market value for the similar product on the repurchase date; and |
| | · | For loans where no market existed on the repurchase date, the Company determined the unpaid principal balance that best approximated the market value on the repurchase date, after considering the fair value of the underlying real estate collateral and the estimated future cash flows. |
The appraisal of the collateral of the original loans adds significance to the Company’s determination of fair value because if any of the loans become delinquent the Company has sufficient value to collect the unpaid principal balance or the carrying value of the loans.
In determining the fair value on the date of repurchase, the Company considered the total value of all of the mortgage loans because any sale of loans would be made as a pool. As shown on the table, the total fair value at the date of repurchase was $36,379,793, which is in excess of the cost of $36,290,743. The repurchased mortgage loans were recorded at the cost of the outstanding principal balance of the loans. The aggregate fair value of the repurchased loans was $89,050 greater than the outstanding principal balance of the loans. This excess of the fair value over the cost of the mortgage loans was not recognized.
The enclosed table is the quantitative lower of cost or market analysis, which has been reviewed by the Company’s independent registered public accounting firm.
In connection with the Company’s responses to the comments, the Company hereby acknowledges as follows:
| | · | The Company is responsible for the adequacy and accuracy of the disclosure in the filing; |
| | · | The staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and |
| | · | The Company may not assert staff comments as defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
If you have any questions, please do not hesitate to call me at (801) 264-1060 or (801) 287-8171.
| | Very truly yours, |
| | |
| | /s/ Stephen M. Sill |
| | |
| | Stephen M. Sill |
| | Vice President, Treasurer and |
| | Chief Financial Officer |
| | | | | | Unpaid | | | | | | | | Date | |
| | | | | | Principal | | | | | | | | Transferred | |
| | | Date | | | Amount | | | Fair Value at | | | Unrecognized | | to Mortgage | |
| | | Originally | Date | | on Date of | | | Repurchase | | | Gains | | Loans Held | |
| Loan No. | | Sold | Repurchased | | Repurchase | | | Date | | | (Losses) | | for Investment | Comment |
| | 0000359018 | | 1/3/2007 | 5/25/2007 | | $ | 80,618 | | | $ | 80,215 | | | $ | (403 | ) | 5/25/2007 | |
| | 0000353101 | | 1/8/2007 | 4/5/2007 | | | 336,179 | | | | 337,019 | | | | 840 | | 4/5/2007 | |
| | 0000359820 | | 1/8/2007 | 7/5/2007 | | | 97,266 | | | | 97,266 | | | | - | | 7/5/2007 | |
| | 0000358565 | | 1/10/2007 | 4/6/2007 | | | 98,024 | | | | 98,514 | | | | 490 | | 4/6/2007 | |
| | 0000361386 | | 1/24/2007 | 4/19/2007 | | | 272,520 | | | | 276,949 | | | | 4,428 | | 4/19/2007 | |
| | 0000361909 | | 1/26/2007 | 4/18/2007 | | | 118,526 | | | | 118,378 | | | | (148 | ) | 4/18/2007 | |
| | 0000362032 | | 1/26/2007 | 5/25/2007 | | | 221,139 | | | | 216,440 | | | | (4,699 | ) | 5/25/2007 | |
| | 0000360538 | | 2/1/2007 | 7/5/2007 | | | 151,384 | | | | 148,924 | | | | (2,460 | ) | 7/5/2007 | |
| | 0000364462 | | 2/14/2007 | 4/19/2007 | | | 176,512 | | | | 176,070 | | | | (441 | ) | 4/19/2007 | |
| | 0000364111 | | 2/16/2007 | 4/19/2007 | | | 140,230 | | | | 140,581 | | | | 351 | | 4/19/2007 | |
| | 0000365108 | | 2/22/2007 | 7/5/2007 | | | 228,779 | | | | 228,493 | | | | (286 | ) | 7/5/2007 | |
| | 0000363101 | | 2/28/2007 | 5/16/2007 | | | 343,754 | | | | 340,316 | | | | (3,438 | ) | 5/16/2007 | |
| | 0000363543 | | 3/1/2007 | 5/16/2007 | | | 229,188 | | | | 232,625 | | | | 3,438 | | 5/16/2007 | |
| | 0000363163 | | 3/2/2007 | 5/25/2007 | | | 283,182 | | | | 287,430 | | | | 4,248 | | 5/25/2007 | |
| | 0000367001 | | 3/6/2007 | 7/5/2007 | | | 413,528 | | | | 411,978 | | | | (1,551 | ) | 7/5/2007 | |
| | 0000366253 | | 3/13/2007 | 7/18/2007 | | | 165,249 | | | | 160,498 | | | | (4,751 | ) | 7/18/2007 | |
| | 0000367878 | | 3/19/2007 | 7/23/2007 | | | 94,479 | | | | 93,298 | | | | (1,181 | ) | 7/23/2007 | |
| | 0000368126 | | 3/22/2007 | 6/8/2007 | | | 76,734 | | | | 77,309 | | | | 576 | | 6/8/2007 | |
| | 0000368489 | | 3/22/2007 | 7/5/2007 | | | 93,720 | | | | 92,782 | | | | (937 | ) | 7/5/2007 | |
| | 0000369548 | | 3/22/2007 | 7/18/2007 | | | 223,105 | | | | 219,480 | | | | (3,625 | ) | 7/18/2007 | |
| | 0000369672 | | 4/2/2007 | 7/18/2007 | | | 407,882 | | | | 404,823 | | | | (3,059 | ) | 7/18/2007 | |
| | 0000371240 | | 4/5/2007 | 4/5/2007 | | | 212,093 | | | | 214,479 | | | | 2,386 | | 4/5/2007 | |
| | 0000371402 | | 4/5/2007 | 4/5/2007 | | | 139,194 | | | | 141,977 | | | | 2,784 | | 4/5/2007 | |
| | 0000370997 | | 4/17/2007 | 7/25/2007 | | | 114,759 | | | | 116,337 | | | | 1,578 | | 7/25/2007 | |
| | 0000372876 | | 4/20/2007 | 8/3/2007 | | | 260,916 | | | | 249,501 | | | | (11,415 | ) | 8/3/2007 | |
| | 0000371498 | | 4/26/2007 | 7/25/2007 | | | 426,805 | | | | 424,671 | | | | (2,134 | ) | 7/25/2007 | |
| | 0000373738 | | 5/3/2007 | 7/25/2007 | | | 260,564 | | | | 259,261 | | | | (1,303 | ) | 7/25/2007 | |
| | 0000373805 | | 5/3/2007 | 8/3/2007 | | | 324,505 | | | | 322,477 | | | | (2,028 | ) | 8/3/2007 | |
| | 0000373859 | | 5/3/2007 | 7/25/2007 | | | 262,122 | | | | 256,224 | | | | (5,898 | ) | 7/25/2007 | |
| | 0000372868 | | 5/4/2007 | 8/15/2007 | | | 161,550 | | | | 160,338 | | | | (1,212 | ) | 8/15/2007 | |
| | 0000377442 | | 5/10/2007 | 5/10/2007 | | | 292,355 | | | | 292,355 | | | | - | | 5/10/2007 | |
| | 0000376305 | | 5/21/2007 | 8/15/2007 | | | 245,272 | | | | 247,418 | | | | 2,146 | | 8/15/2007 | |
| | 0000378002 | | 5/22/2007 | 7/23/2007 | | | 298,889 | | | | 293,285 | | | | (5,604 | ) | 7/23/2007 | |
| | 0000374865 | | 5/23/2007 | 5/23/2007 | | | 528,019 | | | | 542,539 | | | | 14,521 | | 5/23/2007 | |
| | 0000373779 | | 5/25/2007 | 7/23/2007 | | | 404,022 | | | | 406,042 | | | | 2,020 | | 7/23/2007 | |
| | 0000379701 | | 5/30/2007 | 8/17/2007 | | | 395,096 | | | | 387,194 | | | | (7,902 | ) | 8/17/2007 | |
| | 0000376921 | | 5/31/2007 | 5/29/2007 | | | 359,532 | | | | 359,981 | | | | 449 | | 5/29/2007 | |
| | 0000379859 | | 5/31/2007 | 7/23/2007 | | | 96,415 | | | | 95,451 | | | | (964 | ) | 7/23/2007 | |
| | 0000377932 | | 6/1/2007 | 8/16/2007 | | | 174,760 | | | | 166,241 | | | | (8,520 | ) | 8/16/2007 | |
| | 0000378701 | | 6/5/2007 | 7/24/2007 | | | 874,890 | | | | 882,545 | | | | 7,655 | | 7/24/2007 | |
| | 0000377762 | | 6/6/2007 | 8/15/2007 | | | 320,170 | | | | 312,966 | | | | (7,204 | ) | 8/15/2007 | |
| | 0000378301 | | 6/6/2007 | 8/17/2007 | | | 545,500 | | | | 545,500 | | | | - | | 8/17/2007 | |
| | 0000379200 | | 6/6/2007 | 8/17/2007 | | | 175,922 | | | | 172,184 | | | | (3,738 | ) | 8/17/2007 | |
| | 0000378219 | | 6/8/2007 | 6/8/2007 | | | 700,898 | | | | 711,412 | | | | 10,513 | | 6/8/2007 | |
| | 0000380975 | | 6/11/2007 | 7/23/2007 | | | 232,393 | | | | 230,360 | | | | (2,033 | ) | 7/23/2007 | |
| | 0000378523 | | 6/15/2007 | 8/16/2007 | | | 234,502 | | | | 230,691 | | | | (3,811 | ) | 8/16/2007 | |
| | 0000378492 | | 6/19/2007 | 8/15/2007 | | | 434,552 | | | | 429,120 | | | | (5,432 | ) | 8/15/2007 | |
| | 0000380891 | | 6/28/2007 | 8/24/2007 | | | 210,581 | | | | 212,950 | | | | 2,369 | | 8/24/2007 | |
| | 0000383783 | | 6/28/2007 | 9/5/2007 | | | 276,201 | | | | 276,201 | | | | - | | 9/5/2007 | |
| | | | | | Unpaid | | | | | | | | Date | |
| | | | | | Principal | | | | | | | | Transferred | |
| | | Date | | | Amount | | | Fair Value at | | | Unrecognized | | to Mortgage | |
| | | Originally | Date | | on Date of | | | Repurchase | | | Gains | | Loans Held | |
| Loan No. | | Sold | Repurchased | | Repurchase | | | Date | | | (Losses) | | for Investment | Comment |
| | 0000383111 | | 6/29/2007 | 10/15/2007 | | $ | 450,297 | | | $ | 450,297 | | | $ | - | | 10/15/2007 | |
| | 0000384760 | | 7/5/2007 | 9/7/2007 | | | 59,556 | | | | 59,556 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000383321 | | 7/6/2007 | 9/7/2007 | | | 87,273 | | | | 87,273 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000384014 | | 7/6/2007 | 9/7/2007 | | | 121,398 | | | | 121,398 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000384048 | | 7/6/2007 | 10/2/2007 | | | 67,345 | | | | 67,850 | | | | 505 | | 10/2/2007 | |
| | 0000384301 | | 7/12/2007 | 11/2/2007 | | | 89,339 | | | | 91,684 | | | | 2,345 | | 11/2/2007 | |
| | 0000386724 | | 7/13/2007 | 10/23/2007 | | | 367,577 | | | | 368,496 | | | | 919 | | 10/23/2007 | |
| | 0000384842 | | 7/18/2007 | 9/7/2007 | | | 91,326 | | | | 91,326 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000383794 | | 7/20/2007 | 9/7/2007 | | | 12,711 | | | | 12,711 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000384918 | | 7/20/2007 | 9/7/2007 | | | 69,096 | | | | 69,096 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000380779 | | 7/23/2007 | 11/2/2007 | | | 32,612 | | | | 33,753 | | | | 1,141 | | 11/2/2007 | |
| | 0000383208 | | 7/23/2007 | 10/2/2007 | | | 288,808 | | | | 288,808 | | | | - | | 10/2/2007 | |
| | 0000384902 | | 7/23/2007 | 8/8/2007 | | | 275,615 | | | | 271,481 | | | | (4,134 | ) | 8/8/2007 | |
| | 0000387455 | | 7/23/2007 | 9/7/2007 | | | 148,091 | | | | 148,091 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000386316 | | 7/27/2007 | 1/10/2008 | | | 76,040 | | | | 76,040 | | | | - | | 1/10/2008 | |
| | 0000387760 | | 7/27/2007 | 9/7/2007 | | | 52,415 | | | | 52,415 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000386848 | | 7/30/2007 | 9/7/2007 | | | 23,552 | | | | 23,552 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000387513 | | 7/30/2007 | 11/8/2007 | | | 321,637 | | | | 329,276 | | | | 7,639 | | 11/8/2007 | |
| | 0000388152 | | 7/30/2007 | 9/7/2007 | | | 45,805 | | | | 45,805 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000383602 | | 7/31/2007 | 11/8/2007 | | | 518,174 | | | | 518,174 | | | | - | | 11/8/2007 | |
| | 0000383603 | | 7/31/2007 | 9/7/2007 | | | 63,680 | | | | 63,680 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000386048 | | 7/31/2007 | 9/7/2007 | | | 133,116 | | | | 133,116 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000386780 | | 7/31/2007 | 9/7/2007 | | | 110,480 | | | | 110,480 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000388419 | | 7/31/2007 | 9/7/2007 | | | 172,853 | | | | 172,853 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000388472 | | 7/31/2007 | 9/7/2007 | | | 33,492 | | | | 33,492 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000388498 | | 7/31/2007 | 11/6/2007 | | | 377,907 | | | | 383,575 | | | | 5,669 | | 11/6/2007 | |
| | 0000388621 | | 7/31/2007 | 9/7/2007 | | | 101,723 | | | | 101,723 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000386108 | | 8/2/2007 | 9/12/2007 | | | 183,349 | | | | 187,016 | | | | 3,667 | | 9/12/2007 | |
| | 0000386202 | | 8/2/2007 | 9/12/2007 | | | 291,258 | | | | 294,171 | | | | 2,913 | | 9/12/2007 | |
| | 0000387432 | | 8/2/2007 | 10/9/2007 | | | 149,738 | | | | 152,920 | | | | 3,182 | | 10/9/2007 | |
| | 0000387770 | | 8/2/2007 | 9/24/2007 | | | 142,583 | | | | 146,148 | | | | 3,565 | | 9/24/2007 | |
| | 0000387785 | | 8/2/2007 | 10/15/2007 | | | 59,554 | | | | 59,554 | | | | - | | 10/15/2007 | |
| | 0000383933 | | 8/3/2007 | 11/8/2007 | | | 141,977 | | | | 144,284 | | | | 2,307 | | 11/8/2007 | |
| | 0000385514 | | 8/3/2007 | 11/2/2007 | | | 107,018 | | | | 107,018 | | | | - | | 11/2/2007 | |
| | 0000385541 | | 8/3/2007 | 9/7/2007 | | | 82,294 | | | | 82,294 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000386886 | | 8/3/2007 | 11/6/2007 | | | 190,418 | | | | 190,418 | | | | - | | 11/6/2007 | |
| | 0000388616 | | 8/3/2007 | 11/6/2007 | | | 146,115 | | | | 146,115 | | | | - | | 11/6/2007 | |
| | 0000388687 | | 8/3/2007 | 9/7/2007 | | | 47,523 | | | | 47,523 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000389017 | | 8/3/2007 | 9/7/2007 | | | 24,313 | | | | 24,313 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000384348 | | 8/6/2007 | 11/6/2007 | | | 163,561 | | | | 163,561 | | | | - | | 11/6/2007 | |
| | 0000380328 | | 8/8/2007 | 11/8/2007 | | | 730,330 | | | | 730,330 | | | | - | | 11/8/2007 | |
| | 0000383148 | | 8/8/2007 | 9/7/2007 | | | 124,616 | | | | 124,616 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000387151 | | 8/8/2007 | 11/6/2007 | | | 186,961 | | | | 186,961 | | | | - | | 11/6/2007 | |
| | 0000389674 | | 8/8/2007 | 9/7/2007 | | | 45,424 | | | | 45,424 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000383141 | | 8/10/2007 | 11/6/2007 | | | 498,008 | | | | 500,498 | | | | 2,490 | | 11/6/2007 | |
| | 0000388263 | | 8/10/2007 | 11/6/2007 | | | 184,244 | | | | 184,244 | | | | - | | 11/6/2007 | |
| | 0000388413 | | 8/10/2007 | 9/7/2007 | | | 51,402 | | | | 51,402 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000389295 | | 8/10/2007 | 11/6/2007 | | | 211,963 | | | | 211,963 | | | | - | | 11/6/2007 | |
| | 0000389373 | | 8/10/2007 | 9/7/2007 | | | 50,438 | | | | 50,438 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000390584 | | 8/10/2007 | 9/7/2007 | | | 20,728 | | | | 20,728 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000387861 | | 8/13/2007 | 9/7/2007 | | | 64,435 | | | | 64,435 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000390568 | | 8/15/2007 | 11/6/2007 | | | 180,303 | | | | 181,204 | | | | 902 | | 11/6/2007 | |
| | 0000387977 | | 8/16/2007 | 11/6/2007 | | | 448,085 | | | | 448,085 | | | | - | | 11/6/2007 | |
| | 0000391441 | | 8/17/2007 | 9/7/2007 | | | 35,183 | | | | 35,183 | | | | - | | 9/7/2007 | Second mortgage |
| | | | | | Unpaid | | | | | | | | Date | |
| | | | | | Principal | | | | | | | | Transferred | |
| | | Date | | | Amount | | | Fair Value at | | | Unrecognized | | to Mortgage | |
| | | Originally | Date | | on Date of | | | Repurchase | | | Gains | | Loans Held | |
| Loan No. | | Sold | Repurchased | | Repurchase | | | Date | | | (Losses) | | for Investment | Comment |
| | 0000389620 | | 8/20/2007 | 9/7/2007 | | $ | 48,660 | | | $ | 48,660 | | | $ | - | | 9/7/2007 | Second mortgage |
| | 0000392712 | | 8/22/2007 | 9/7/2007 | | | 90,105 | | | | 90,105 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000389032 | | 8/23/2007 | 3/22/2008 | | | 388,488 | | | | 393,344 | | | | 4,856 | | 3/22/2008 | |
| | 0000389795 | | 8/23/2007 | 9/7/2007 | | | 116,754 | | | | 116,754 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000391266 | | 8/23/2007 | 2/6/2008 | | | 285,985 | | | | 289,560 | | | | 3,575 | | 2/6/2008 | |
| | 0000389080 | | 8/27/2007 | 9/7/2007 | | | 58,159 | | | | 58,159 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000390829 | | 8/27/2007 | 9/7/2007 | | | 61,284 | | | | 61,284 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000388125 | | 8/28/2007 | 10/18/2007 | | | 163,487 | | | | 167,370 | | | | 3,883 | | 10/18/2007 | |
| | 0000391848 | | 8/28/2007 | 1/10/2008 | | | 279,006 | | | | 280,052 | | | | 1,046 | | 1/10/2008 | |
| | 0000388411 | | 8/30/2007 | 11/6/2007 | | | 105,766 | | | | 108,014 | | | | 2,248 | | 11/6/2007 | |
| | 0000386777 | | 8/31/2007 | 3/22/2008 | | | 284,456 | | | | 292,990 | | | | 8,534 | | 3/22/2008 | |
| | 0000390339 | | 8/31/2007 | 9/7/2007 | | | 50,432 | | | | 50,432 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000390635 | | 8/31/2007 | 11/6/2007 | | | 488,577 | | | | 488,577 | | | | - | | 11/6/2007 | |
| | 0000391526 | | 8/31/2007 | 11/6/2007 | | | 170,101 | | | | 168,825 | | | | (1,276 | ) | 11/6/2007 | |
| | 0000391531 | | 8/31/2007 | 9/7/2007 | | | 20,993 | | | | 20,993 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000392283 | | 8/31/2007 | 11/6/2007 | | | 291,486 | | | | 292,579 | | | | 1,093 | | 11/6/2007 | |
| | 0000392717 | | 8/31/2007 | 11/6/2007 | | | 76,395 | | | | 76,968 | | | | 573 | | 11/6/2007 | |
| | 0000393295 | | 8/31/2007 | 2/6/2008 | | | 213,907 | | | | 214,441 | | | | 535 | | 2/6/2008 | |
| | 0000393413 | | 8/31/2007 | 10/23/2007 | | | 61,416 | | | | 63,182 | | | | 1,766 | | 10/23/2007 | |
| | 0000392734 | | 9/6/2007 | 9/7/2007 | | | 16,450 | | | | 16,450 | | | | - | | 9/7/2007 | Second mortgage |
| | 0000393755 | | 9/14/2007 | 11/6/2007 | | | 307,655 | | | | 308,808 | | | | 1,154 | | 11/6/2007 | |
| | 0000397794 | | 9/28/2007 | 11/6/2007 | | | 490,469 | | | | 503,344 | | | | 12,875 | | 11/6/2007 | |
| | 0000394599 | | 10/3/2007 | 2/6/2008 | | | 34,484 | | | | 34,484 | | | | - | | 2/6/2008 | |
| | 0000398973 | | 10/12/2007 | 1/30/2008 | | | 193,848 | | | | 196,998 | | | | 3,150 | | 1/30/2008 | |
| | 0000397237 | | 10/18/2007 | 10/26/2007 | | | 229,819 | | | | 234,416 | | | | 4,596 | | 10/26/2007 | |
| | 0000397546 | | 10/18/2007 | 2/6/2008 | | | 290,205 | | | | 292,744 | | | | 2,539 | | 2/6/2008 | |
| | 0000397836 | | 10/29/2007 | 1/17/2008 | | | 249,140 | | | | 250,697 | | | | 1,557 | | 1/17/2008 | |
| | 0000401347 | | 11/1/2007 | 2/6/2008 | | | 285,493 | | | | 290,132 | | | | 4,639 | | 2/6/2008 | |
| | 0000399618 | | 11/2/2007 | 3/3/2008 | | | 380,195 | | | | 381,145 | | | | 950 | | 3/3/2008 | |
| | 0000400563 | | 11/2/2007 | 3/3/2008 | | | 178,995 | | | | 180,562 | | | | 1,566 | | 3/3/2008 | |
| | 0000401874 | | 11/2/2007 | 3/3/2008 | | | 333,152 | | | | 333,984 | | | | 833 | | 3/3/2008 | |
| | 0000398717 | | 11/7/2007 | 3/3/2008 | | | 144,115 | | | | 145,376 | | | | 1,261 | | 3/3/2008 | |
| | 0000401129 | | 11/7/2007 | 1/17/2008 | | | 185,702 | | | | 187,327 | | | | 1,625 | | 1/17/2008 | |
| | 0000402579 | | 11/8/2007 | 3/3/2008 | | | 76,192 | | | | 76,859 | | | | 667 | | 3/3/2008 | |
| | 0000401965 | | 11/15/2007 | 1/17/2008 | | | 115,918 | | | | 116,353 | | | | 435 | | 1/17/2008 | |
| | 0000401640 | | 11/19/2007 | 1/17/2008 | | | 211,187 | | | | 210,131 | | | | (1,056 | ) | 1/17/2008 | |
| | 0000402731 | | 11/19/2007 | 3/22/2008 | | | 312,154 | | | | 308,642 | | | | (3,512 | ) | 3/22/2008 | |
| | 0000403623 | | 11/19/2007 | 3/22/2008 | | | 93,729 | | | | 95,135 | | | | 1,406 | | 3/22/2008 | |
| | 0000403657 | | 11/19/2007 | 3/22/2008 | | | 126,225 | | | | 127,961 | | | | 1,736 | | 3/22/2008 | |
| | 0000392356 | | 11/28/2007 | 2/6/2008 | | | 64,205 | | | | 64,285 | | | | 80 | | 2/6/2008 | |
| | 0000398830 | | 12/3/2007 | 4/5/2008 | | | 265,824 | | | | 265,824 | | | | - | | 4/5/2008 | |
| | 0000403313 | | 12/3/2007 | 3/22/2008 | | | 231,169 | | | | 230,880 | | | | (289 | ) | 3/22/2008 | |
| | 0000403460 | | 12/3/2007 | 3/22/2008 | | | 269,530 | | | | 275,931 | | | | 6,401 | | 3/22/2008 | |
| | 0000403834 | | 12/3/2007 | 2/15/2008 | | | 177,994 | | | | 178,439 | | | | 445 | | 2/15/2008 | |
| | 0000404076 | | 12/3/2007 | 3/22/2008 | | | 272,738 | | | | 277,511 | | | | 4,773 | | 3/22/2008 | |
| | 0000404161 | | 12/3/2007 | 3/22/2008 | | | 414,833 | | | | 418,981 | | | | 4,148 | | 3/22/2008 | |
| | 0000405156 | | 12/3/2007 | 3/22/2008 | | | 300,564 | | | | 303,570 | | | | 3,006 | | 3/22/2008 | |
| | 0000405179 | | 12/3/2007 | 3/22/2008 | | | 63,509 | | | | 63,747 | | | | 238 | | 3/22/2008 | |
| | 0000406217 | | 12/3/2007 | 3/22/2008 | | | 367,155 | | | | 364,401 | | | | (2,754 | ) | 3/22/2008 | |
| | | | | | Unpaid | | | | | | | | Date | |
| | | | | | Principal | | | | | | | | Transferred | |
| | | Date | | | Amount | | | Fair Value at | | | Unrecognized | | to Mortgage | |
| | | Originally | Date | | on Date of | | | Repurchase | | | Gains | | Loans Held | |
| Loan No. | | Sold | Repurchased | | Repurchase | | | Date | | | (Losses) | | for Investment | Comment |
| | 0000399498 | | 12/5/2007 | 4/5/2008 | | $ | 133,408 | | | $ | 135,909 | | | $ | 2,501 | | 4/5/2008 | |
| | 0000402910 | | 12/7/2007 | 3/22/2008 | | | 84,303 | | | | 83,986 | | | | (316 | ) | 3/22/2008 | |
| | 0000404475 | | 12/7/2007 | 3/22/2008 | | | 104,584 | | | | 104,584 | | | | - | | 3/22/2008 | |
| | 0000405718 | | 12/10/2007 | 4/2/2008 | | | 403,441 | | | | 400,415 | | | | (3,026 | ) | 4/2/2008 | |
| | 0000401355 | | 12/13/2007 | 4/2/2008 | | | 198,604 | | | | 198,604 | | | | - | | 4/2/2008 | |
| | 0000403433 | | 12/21/2007 | 3/6/2008 | | | 60,372 | | | | 61,353 | | | | 981 | | 3/6/2008 | |
| | 0000404292 | | 12/21/2007 | 4/14/2008 | | | 561,902 | | | | 561,902 | | | | - | | 4/14/2008 | |
| | 0000406046 | | 12/31/2007 | 4/2/2008 | | | 355,669 | | | | 356,113 | | | | 445 | | 4/2/2008 | |
| | 0000407797 | | 12/31/2007 | 4/14/2008 | | | 419,647 | | | | 431,711 | | | | 12,065 | | 4/14/2008 | |
| | 0000408472 | | 12/31/2007 | 4/14/2008 | | | 271,094 | | | | 268,044 | | | | (3,050 | ) | 4/14/2008 | |
| | 0000405587 | | 1/3/2008 | 5/2/2008 | | | 88,655 | | | | 90,539 | | | | 1,884 | | 5/2/2008 | |
| | 0000407451 | | 1/3/2008 | 3/6/2008 | | | 101,156 | | | | 101,283 | | | | 126 | | 3/6/2008 | |
| | 0000409219 | | 1/10/2008 | 5/7/2008 | | | 256,620 | | | | 254,695 | | | | (1,925 | ) | 5/7/2008 | |
| | 0000405832 | | 1/17/2008 | 5/2/2008 | | | 286,063 | | | | 286,063 | | | | - | | 5/2/2008 | |
| | 0000409945 | | 1/17/2008 | 5/2/2008 | | | 153,398 | | | | 154,165 | | | | 767 | | 5/2/2008 | |
| | 0000410311 | | 1/17/2008 | 5/2/2008 | | | 101,733 | | | | 100,716 | | | | (1,017 | ) | 5/2/2008 | |
| | 0000410513 | | 1/17/2008 | 5/7/2008 | | | 295,687 | | | | 298,274 | | | | 2,587 | | 5/7/2008 | |
| | 0000411123 | | 1/17/2008 | 5/7/2008 | | | 359,280 | | | | 359,280 | | | | - | | 5/7/2008 | |
| | 0000408350 | | 1/25/2008 | 5/2/2008 | | | 148,812 | | | | 148,812 | | | | - | | 5/2/2008 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | 36,290,743 | | | $ | 36,379,793 | | | $ | 89,050 | | | |
