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500 Dissenting Statement

Table 5. Nontraditional Mortgages and the Aff ordable Housing Goals
100
Year Low & Moderate Special Aff ordable Underserved
Income Base Goal Base Goal Base Goal
Actual* Goal Actual* Goal Actual* Goal
Credit Score <660 Originations
1996 38.08% 40 % 12.31% 12% 32.10% 21%
1997 38.04% 42% 12.35% 14% 33.03% 24%
1998 37.72% 42% 11.76% 14% 29.37% 24%
1999 40.36% 42% 14.04% 14% 30.87% 24%
2000 43.69% 42% 17.83% 14% 35.79% 24%
2001 45.98% 50% 17.90% 20% 34.91% 31%
2002 49.66% 50% 20.09% 20% 37.29% 31%
2003 49.18% 50% 19.38% 20% 34.12% 31%
2004 52.71% 50% 22.14% 20% 37.54% 31%
2005 54.39% 52% 24.21% 22% 44.38% 37%
2006 56.34% 53% 25.85% 23% 46.34% 38%
2007 55.47% 55% 24.76% 25% 46.45% 38%
2008 55.24% 56% 25.50% 27% 45.39% 39%

Alt-A Originations
1999 48.83% 42% 24.17% 14% 37.41% 24%
2000 40.61% 42% 18.74% 14% 41.03% 24%
2001 39.05% 50% 16.41% 20% 40.66% 31%
2002 42.77% 50% 18.13% 20% 40.08% 31%
2003 42.42% 50% 16.81% 20% 37.34% 31%
2004 44.13% 50% 18.56% 20% 40.08% 31%
2005 43.12% 52% 18.57% 22% 45.36% 37%
2006 40.43% 53% 18.09% 23% 46.40% 38%
2007 39.02% 55% 17.29% 25% 50.29% 38%
2008 42.37% 56% 18.52% 27% 42.10% 39%

PLS Backed by Subprime
2003 51.43% 50% 19.57% 20% 47.09% 31%
2004 ^
2005 50.95% 52% 19.86% 22% 61.13% 37%
2006 60.63% 53% 23.51% 23% 60.12% 38%
2007 52.96% 55% 19.21% 25% 54.55% 38%
2008 51.42% 56% 17.68% 27% 64.45% 39%
*% of unit fi nanced that qualifi ed for base goals.
^ Not included in housing goals scoring in 2004
Table 5 also shows that ordinary subprime loans, Alt-A loans and PMBS
backed by subprime loans were not always suffi cient to meet the AH goals. For

100 Fannie Mae, disk produced for FCIC, April 7, 2010. Th roughout this analysis, I have not discussed the
GSEs’ compliance with the “Underserved Base Goal,” which is included in this table. Th e Underserved
Base Goal applied mostly to minorities and involved a diff erent set of lending decisions than the LMI
goal and the Special Aff ordable Goal.