This table displays the balances of the NGNs and legacy assets at different points in time. The balances change due to principal payments and losses on the legacy assets. The legacy assets are complex, the dollar amounts very large, and the economic situation challenging. For example, approximately 1.6 million individual mortgages (among other assets) supported the legacy assets at NGN issuance.
Historical NGN Balances and Activity (in Millions of Dollars)
Historical NGN Balances and Activity (in Millions of Dollars)
| NGN Balances ($ Millions) |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
| Beginning NGN Balance |
28,116 |
24,653 |
21,160 |
17,508 |
15,213 |
11,164 |
7,922 |
5,449 |
4,382 |
3,209 |
432 |
| Principal Paydowns |
3,463 |
3,493 |
3,652 |
2,295 |
4,049 |
3,242 |
2,007 |
1,067 |
1,173 |
397 |
368 |
| Guaranty Payments |
0 |
0 |
0 |
0 |
0 |
0 |
466 |
0 |
0 |
2,380 |
64 |
| Ending NGN Balance |
24,653 |
21,160 |
17,508 |
15,213 |
11,164 |
7,922 |
5,449 |
4,382 |
3,209 |
432 |
0 |
Historical Legacy Asset Balances and Activity (in Millions of Dollars)
Historical Legacy Asset Balances and Activity (in Millions of Dollars)
| Legacy Assets ($ Millions) |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
| Beginning Legacy Asset Balance |
39,974 |
34,299 |
28,201 |
23,915 |
21,047 |
17,275 |
13,532 |
9,561 |
7,854 |
6,480 |
4,530 |
| Current Period Principal Payments |
3,928 |
3,889 |
3,147 |
2,500 |
3,590 |
3,943 |
1,898 |
1,200 |
1,029 |
665 |
384 |
| Current Period Realized Losses |
1,748 |
2,209 |
1,138 |
368 |
182 |
31 |
83 |
(14) |
27 |
17 |
(15) |
| Current Period Asset Sales |
0 |
0 |
0 |
0 |
0 |
0 |
1,991 |
521 |
318 |
1,267 |
2,146 |
| Ending Legacy Asset Balance |
34,299 |
28,201 |
23,915 |
21,047 |
17,275 |
13,301 |
9,561 |
7,854 |
6,480 |
4,530 |
2,015 |
| Securitized Legacy Asset Balance |
34,299 |
28,201 |
23,915 |
21,047 |
16,169 |
11,192 |
7,546 |
6,486 |
5,387 |
844 |
0 |
| Post-Securitized Legacy Asset Balance |
0 |
0 |
0 |
0 |
1,106 |
2,109 |
1,784 |
1,137 |
867 |
3,460 |
1,789 |
| Un-Securitized Legacy Asset Balance |
231 |
231 |
231 |
231 |
231 |
231 |
231 |
231 |
226 |
226 |
226 |
| Cumulative Realized Losses |
3,404 |
5,613 |
6,139 |
6,507 |
6,689 |
6,504 |
7,415 |
7,400 |
7,428 |
7,445 |
7,430 |
| Current Period Implied Writedowns |
345 |
349 |
250 |
23 |
97 |
39 |
21 |
(29) |
(16) |
(6) |
(4) |
| Cumulative Implied Writedowns |
926 |
1,275 |
1,525 |
1,547 |
1,645 |
1,684 |
1,705 |
1,676 |
1,660 |
1,654 |
1,650 |
| Cumulative Implied Writedowns in Securitized Assets |
926 |
1,275 |
1,525 |
1,547 |
1,430 |
1,280 |
961 |
924 |
899 |
345 |
0 |
| Ending Legacy Asset Balance (Including Post-Securitized and Cumulative Implied Writedowns) |
33,604 |
27,157 |
22,621 |
19,731 |
15,861 |
11,848 |
7,856 |
6,178 |
4,820 |
2,877 |
366 |
| Funds Held by Trustee |
505 |
1,019 |
626 |
930 |
583 |
814 |
444 |
557 |
549 |
312 |
0 |
| Ending Overcollateralization (%) |
37.4% |
32.1% |
31.5% |
34.3% |
37.3% |
35.4% |
29.0% |
39.6% |
57.0% |
87.7% |
N/A |
| Ending Net Realizable Value |
24,548 |
21,252 |
19,779 |
18,020 |
14,551 |
10,647 |
7,372 |
5,799 |
4,713 |
2,871 |
865 |
| Ending Market Value |
19,256 |
19,064 |
18,043 |
16,672 |
13,309 |
9,687 |
7,214 |
5,654 |
4,675 |
2,928 |
901 |
- Includes NGNs issued in 2011
- Excludes legacy assets that were never securitized, but includes legacy assets from matured NGN trusts.
- Overcollateralization = (Ending Securitized Legacy Asset Balance - Cumulative Implied Writedowns in Securitized Assets - Ending NGN Balance + Funds Held by Trustee) / Ending NGN Balance.
- Numbers are rounded for presentation purposes. This may lead to totals that appear not to be the sum of their displayed components.
- Each column represents an entire calendar year.
- The next update will occur by November 2022.
