Balance Change Report

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
Beginning NGN Balance 28,116 24,653 21,160 17,508 15,213 11,164 7,922 5,449​ 4,382
Principal Paydowns 3,463 3,493 3,652 2,295 4,049 3,242 2,007 1,067 704
Guaranty Payments 0 0 0 0 0 0 466 0​ 0
Ending NGN Balance 24,653 21,160 17,508 15,213 11,164 7,922 5,449 4,382 3,679

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
Beginning Legacy Asset Balance 39,974 34,299 28,201 23,915 21,047 17,275 13,532 9,561​ 7,854
Current Period Principal Payments 3,928 3,889 3,147 2,500 3,590 3,943 1,898 1,200 473
Current Period Realized Losses 1,748 2,209 1,138 368 182 31 83 (14)​ 10
​Current Period Asset Sales 0​ 0​ 0​ 0​ 0​ 0​ 1,991 521 0
Ending Legacy Asset Balance 34,299 28,201 23,915 21,047 17,275 13,301 9,561 7,854 7,371
Securitized Legacy Asset Balance 34,299 28,201 23,915 21,047 16,169 11,192 7,546 6,486 6,047
Post-Securitized Legacy Asset Balance 0 0 0 0 1,106 2,109 1,784 1,137​ 1,093
​Un-Securitized Legacy Asset Balance ​231 231​ 231 231​ 231​ 231​ 231​ 231​ 231
Cumulative Realized Losses 3,404 5,613 6,139 6,507 6,689 6,504 7,415 7,400 7,410
Current Period Implied Writedowns 345 349 250 23 97 39 21 (29)​ 19
Cumulative Implied Writedowns 926 1,275 1,525 1,547 1,645 1,684 1,705 1,676​ 1,695
Cumulative ​Implied Writedowns in Securitized Assets 926​ 1,275​ 1,525​ 1,547​ 1,430​ 1,280​ 961 924 939
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 5,676
Funds Held by Trustee 505 1,019 626 930 583 814 444 557 311
Ending Overcollateralization (%) 37.4% 32.1% 31.5% 34.3% 37.3% 35.4% 29.0% 39.6%​​ 47.3%
Ending Net Realizable Value 24,548 21,252 19,779 18,020 14,551 10,647 7,372 5,799 5,444
Ending Market Value 19,256 19,064 18,043 16,672 13,309 9,687 7,214 5,654 5,377
  • 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.