Dissolved Securities

During any month, Fannie Mae may dissolve Fannie Mae Mortgage-Backed Securities under certain limited circumstances.

Consistent with our policy, Fannie Mae dissolves these securities either with the agreement of all investors owning the Fannie Mae MBS or pursuant to the terms of the related trust indenture (e.g., repurchases due to breaches of one or more mortgage loan representations and warranties). A dissolution with the consent of all investors may be granted upon Fannie Mae's review of the particular facts and circumstances.

Although treated like a prepayment in full of the underlying mortgage pools for purposes of dissolving the Fannie Mae MBS certificates, the actual mortgage loans may remain outstanding. Hence, the data in the dissolved securities may not be indicative of actual borrower prepayment activity.

Starting with the December 2010 file, Fannie Mae will begin disclosing dissolutions of structured transactions. If any structured transactions (Megas, REMICs or SMBS) are dissolved, the underlying MBS pool (or mortgage loans in the case of a Whole Loan REMIC) may remain outstanding.

The following dissolved securities are available by month and are presented in a spreadsheet format (.XLS):