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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Fannie Mae Releases 2005 10-K And Reports Net Income Of $6.3 Billion |
NEW YORK May 2, 2007--Fannie Mae today released its 2005 10-K, marking further progress on returning to a status of a current filer of financial statements. This filing does not affect Standard & Poor's Ratings Services' current ratings on Fannie Mae (Senior unsecured debt: AAA/Stable/A-1+; Risk to the Government: AA-/Negative/A-1+; Subordinated debt: AA-/Negative/A-1+; Preferred stock: AA-/Negative/A-1+).
Fannie Mae reported net income of $6.3 billion in 2005, 29% higher than in the previous year. Although the rise of short-term interest rates and the flattened yield curve lowered Fannie Mae's net interest income by 36% from the prior year, the fair value losses on derivatives were 67% lower in 2005, which elevated earnings. Operating expenses rose at a much more modest 7.7% in 2005, and Fannie Mae's revenue growth outpaced expense growth.
Fannie Mae continues to remediate reported weaknesses in internal controls. Only one new material weakness in internal controls was discovered in 2005 and reported in the 2005 10-K. This relates to documentation lapses in the multifamily lender loan loss-sharing agreements. Also, as of the 2005 10-K filing date, Fannie Mae remediated 18 out of the 24 material weaknesses in internal controls that were reported in its 2004 10-K. While this signifies significant progress, remediation efforts continue on the remaining outstanding items.
The risk-to-the-government, subordinated debt, and preferred stock ratings on Fannie Mae continue to have a negative outlook due to Fannie Mae's status as a noncurrent filer of its financial statements; its outstanding operating agreement with its primary regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), and the May 23, 2006, OFHEO consent order. Some of the key features of the May 2006 consent order that affect Fannie Mae's operating activities include maintaining a 30% surplus capital position over its statutory minimum capital requirements and limiting net mortgage portfolio asset growth to $727.75 billion. The consent order also addresses resolution of the critical accounting and internal control weaknesses cited in OFHEO's special examination report. Fannie Mae continues to make progress on meeting all of the requirements under the consent order. It filed its updated business plan with OFHEO on Feb. 28, 2007, and continues to exceed the 30% surplus capital requirement.
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| Stuff to look at |
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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