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FNM » Topics » Table 24: Delinquency Status of Loans Underlying Alt-A and Subprime Private-Label SecuritiesThis excerpt taken from the FNM 10-K filed Feb 26, 2009. Table
24: Delinquency Status of Loans Underlying Alt-A and
Subprime Private-Label Securities
Other-than-temporary
Impairment Assessment on Alt-A and Subprime Private-Label
Securities
Our other-than-temporary impairment assessment as of
December 31, 2008, which included an evaluation of the
individual performance of the securities and the potential for
continued adverse developments, indicated a continued increase
in the level of uncertainty as to whether we would collect all
principal and interest amounts due in accordance with the
contractual terms. As a result, we determined that we did not
have sufficient persuasive evidence to conclude that the
impairment of certain available-for-sale securities was
temporary. For these securities, we recognized
other-than-temporary impairment totaling $4.6 billion in
the fourth quarter of 2008, of which $3.4 billion related
to Alt-A securities with an unpaid principal balance of
$10.1 billion as of December 31, 2008, and
$967 million related to subprime securities with an unpaid
principal balance of $4.0 billion as of December 31,
2008. Table 25 presents the other-than-temporary impairment
losses recorded on our investments in Alt-A and subprime
private-label securities in 2008, including the fourth quarter
of 2008, 2007 and the cumulative other-than-temporary impairment
losses that we have recognized on these investments as of
December 31, 2008.
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