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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
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FANNIE MAE
(In conservatorship)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(UNAUDITED)


14. Netting Arrangements
We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The table below displays information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014.
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
Net Amount Presented in the Condensed Consolidated Balance Sheets
 
Amounts Not Offset in the Condensed Consolidated Balance Sheets
 
 
 
 
 
Gross Amount
 
Gross Amount Offset(1)
 
 
Financial Instruments(2)
 
Collateral(3)
 
Net Amount
 
 
(Dollars in millions)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC risk management derivatives
 
$
5,705

 
 
 
$
(5,705
)
 
 
 
$

 
 
 
$

 
 
 
$

 
 
 
$

 
Cleared risk management derivatives
 
1,174

 
 
 
79

 
 
 
1,253

 
 
 

 
 
 

 
 
 
1,253

 
Mortgage commitment derivatives
 
412

 
 
 

 
 
 
412

 
 
 
(227
)
 
 
 
(3
)
 
 
 
182

 
Total derivative assets
 
7,291

 
 
 
(5,626
)
 
 
 
1,665

(4 
) 
 
 
(227
)
 
 
 
(3
)
 
 
 
1,435

 
Securities purchased under agreements to resell or similar arrangements(5)
 
39,180

 
 
 

 
 
 
39,180

 
 
 

 
 
 
(39,180
)
 
 
 

 
Total assets
 
$
46,471

 
 
 
$
(5,626
)
 
 
 
$
40,845

 
 
 
$
(227
)
 
 
 
$
(39,183
)
 
 
 
$
1,435

 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC risk management derivatives
 
$
(8,658
)
 
 
 
$
8,424

 
 
 
$
(234
)
 
 
 
$

 
 
 
$

 
 
 
$
(234
)
 
Cleared risk management derivatives
 
(3,612
)
 
 
 
3,612

 
 
 

 
 
 

 
 
 

 
 
 

 
Mortgage commitment derivatives
 
(567
)
 
 
 

 
 
 
(567
)
 
 
 
227

 
 
 

 
 
 
(340
)
 
Total derivative liabilities
 
(12,837
)
 
 
 
12,036

 
 
 
(801
)
(4 
) 
 
 
227

 
 
 

 
 
 
(574
)
 
Securities sold under agreements to repurchase or similar arrangements
 
(87
)
 
 
 

 
 
 
(87
)
 
 
 

 
 
 
87

 
 
 

 
Total liabilities
 
$
(12,924
)
 
 
 
$
12,036

 
 
 
$
(888
)
 
 
 
$
227

 
 
 
$
87

 
 
 
$
(574
)
 

106