Fannie Mae-No Politics (FNMA)

[Patswil]

IV. Severely Adverse Scenario Results Detail
x Both Enterprises reported comprehensive income in the severely adverse scenario.
Key drivers were portfolio growth and strong house price appreciation in 2020 and a
less severe house price decline in the 2021 planning horizon.
x The provision for credit losses was the largest expense at both Enterprises.
x The second largest expense at both Enterprises was the global market shock impact,
including the counterparty default scenario component.

https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/Final_2021-Public-Disclosures_FHFA_SA.pdf