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)
| NGN Balances ($ Millions) | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|
NGN Balances ($ Millions) Beginning NGN Balance |
2011 28,116 |
2012 24,653 |
2013 21,160 |
2014 17,508 |
2015 15,213 |
2016 11,164 |
2017 7,922 |
2018 5,449 |
2019 4,382 |
2020 3,209 |
2021 432 |
NGN Balances ($ Millions) Principal Paydowns |
2011 3,463 |
2012 3,493 |
2013 3,652 |
2014 2,295 |
2015 4,049 |
2016 3,242 |
2017 2,007 |
2018 1,067 |
2019 1,173 |
2020 397 |
2021 368 |
NGN Balances ($ Millions) Guaranty Payments |
2011 0 |
2012 0 |
2013 0 |
2014 0 |
2015 0 |
2016 0 |
2017 466 |
2018 0 |
2019 0 |
2020 2,380 |
2021 64 |
NGN Balances ($ Millions) Ending NGN Balance |
2011 24,653 |
2012 21,160 |
2013 17,508 |
2014 15,213 |
2015 11,164 |
2016 7,922 |
2017 5,449 |
2018 4,382 |
2019 3,209 |
2020 432 |
2021 0 |
Historical Legacy Asset Balances and Activity (in Millions of Dollars)
| Legacy Assets ($ Millions) | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Legacy Assets ($ Millions) Beginning Legacy Asset Balance |
2011 39,974 |
2012 34,299 |
2013 28,201 |
2014 23,915 |
2015 21,047 |
2016 17,275 |
2017 13,532 |
2018 9,561 |
2019 7,854 |
2020 6,480 |
2021 4,530 |
Legacy Assets ($ Millions) Current Period Principal Payments |
2011 3,928 |
2012 3,889 |
2013 3,147 |
2014 2,500 |
2015 3,590 |
2016 3,943 |
2017 1,898 |
2018 1,200 |
2019 1,029 |
2020 665 |
2021 384 |
Legacy Assets ($ Millions) Current Period Realized Losses |
2011 1,748 |
2012 2,209 |
2013 1,138 |
2014 368 |
2015 182 |
2016 31 |
2017 83 |
2018 (14) |
2019 27 |
2020 17 |
2021 (15) |
Legacy Assets ($ Millions) Current Period Asset Sales |
2011 0 |
2012 0 |
2013 0 |
2014 0 |
2015 0 |
2016 0 |
2017 1,991 |
2018 521 |
2019 318 |
2020 1,267 |
2021 2,146 |
Legacy Assets ($ Millions) Ending Legacy Asset Balance |
2011 34,299 |
2012 28,201 |
2013 23,915 |
2014 21,047 |
2015 17,275 |
2016 13,301 |
2017 9,561 |
2018 7,854 |
2019 6,480 |
2020 4,530 |
2021 2,015 |
Legacy Assets ($ Millions) Securitized Legacy Asset Balance |
2011 34,299 |
2012 28,201 |
2013 23,915 |
2014 21,047 |
2015 16,169 |
2016 11,192 |
2017 7,546 |
2018 6,486 |
2019 5,387 |
2020 844 |
2021 0 |
Legacy Assets ($ Millions) Post-Securitized Legacy Asset Balance |
2011 0 |
2012 0 |
2013 0 |
2014 0 |
2015 1,106 |
2016 2,109 |
2017 1,784 |
2018 1,137 |
2019 867 |
2020 3,460 |
2021 1,789 |
Legacy Assets ($ Millions) Un-Securitized Legacy Asset Balance |
2011 231 |
2012 231 |
2013 231 |
2014 231 |
2015 231 |
2016 231 |
2017 231 |
2018 231 |
2019 226 |
2020 226 |
2021 226 |
Legacy Assets ($ Millions) Cumulative Realized Losses |
2011 3,404 |
2012 5,613 |
2013 6,139 |
2014 6,507 |
2015 6,689 |
2016 6,504 |
2017 7,415 |
2018 7,400 |
2019 7,428 |
2020 7,445 |
2021 7,430 |
Legacy Assets ($ Millions) Current Period Implied Writedowns |
2011 345 |
2012 349 |
2013 250 |
2014 23 |
2015 97 |
2016 39 |
2017 21 |
2018 (29) |
2019 (16) |
2020 (6) |
2021 (4) |
Legacy Assets ($ Millions) Cumulative Implied Writedowns |
2011 926 |
2012 1,275 |
2013 1,525 |
2014 1,547 |
2015 1,645 |
2016 1,684 |
2017 1,705 |
2018 1,676 |
2019 1,660 |
2020 1,654 |
2021 1,650 |
Legacy Assets ($ Millions) Cumulative Implied Writedowns in Securitized Assets |
2011 926 |
2012 1,275 |
2013 1,525 |
2014 1,547 |
2015 1,430 |
2016 1,280 |
2017 961 |
2018 924 |
2019 899 |
2020 345 |
2021 0 |
Legacy Assets ($ Millions) Ending Legacy Asset Balance (Including Post-Securitized and Cumulative Implied Writedowns) |
2011 33,604 |
2012 27,157 |
2013 22,621 |
2014 19,731 |
2015 15,861 |
2016 11,848 |
2017 7,856 |
2018 6,178 |
2019 4,820 |
2020 2,877 |
2021 366 |
Legacy Assets ($ Millions) Funds Held by Trustee |
2011 505 |
2012 1,019 |
2013 626 |
2014 930 |
2015 583 |
2016 814 |
2017 444 |
2018 557 |
2019 549 |
2020 312 |
2021 0 |
Legacy Assets ($ Millions) Ending Overcollateralization (%) |
2011 37.4% |
2012 32.1% |
2013 31.5% |
2014 34.3% |
2015 37.3% |
2016 35.4% |
2017 29.0% |
2018 39.6% |
2019 57.0% |
2020 87.7% |
2021 N/A |
Legacy Assets ($ Millions) Ending Net Realizable Value |
2011 24,548 |
2012 21,252 |
2013 19,779 |
2014 18,020 |
2015 14,551 |
2016 10,647 |
2017 7,372 |
2018 5,799 |
2019 4,713 |
2020 2,871 |
2021 865 |
Legacy Assets ($ Millions) Ending Market Value |
2011 19,256 |
2012 19,064 |
2013 18,043 |
2014 16,672 |
2015 13,309 |
2016 9,687 |
2017 7,214 |
2018 5,654 |
2019 4,675 |
2020 2,928 |
2021 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.