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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)


for over- or under-capitalization; (2) indirect administrative costs; and (3) a provision or benefit for federal income taxes. In addition, we allocate intracompany guaranty fee income as a charge from the Single-Family and Multifamily segments to Capital Markets for managing the credit risk on mortgage loans held by the Capital Markets group. We also include an eliminations/adjustments category to reconcile our business segment financial results and the activity related to our consolidated trusts to net income in our condensed consolidated statements of operations and comprehensive income.
The following tables display our business segment financial results for the three months ended March 31, 2015 and 2014.
 
For the Three Months Ended March 31, 2015
 
Business Segments
 
Other Activity/Reconciling Items
 
 
 
Single-Family
 
Multifamily
 
Capital Markets
 
Consolidated Trusts(1)
 
Eliminations/ Adjustments(2)
 
Total Results
 
 
(Dollars in millions)
Net interest income (loss)
$
9

 
 
$
(31
)
 
 
$
1,602

 
 
$
3,216

 
 
$
271

(3) 
 
$
5,067

 
Benefit for credit losses
478

 
 
55

 
 

 
 

 
 

 
 
533

 
Net interest income after benefit for credit losses
487

 
 
24

 
 
1,602

 
 
3,216

 
 
271

 
 
5,600

 
Guaranty fee income (expense)(4)
3,040

 
 
340

 
 
(227
)
 
 
(1,562
)
(5) 
 
(1,560
)
(5) 
 
31

(5) 
Investment gains (losses), net

 
 
9

 
 
1,509

 
 
(202
)
 
 
(974
)
(6) 
 
342

 
Fair value (losses) gains, net
(4
)
 
 

 
 
(1,970
)
 
 
(2
)
 
 
57

(7) 
 
(1,919
)
 
Debt extinguishment gains, net

 
 

 
 
2

 
 
6

 
 

 
 
8

 
(Losses) gains from partnership investments(8)
(5
)
 
 
212

 
 

 
 

 
 

 
 
207

 
Fee and other income (expense)
172

 
 
51

 
 
55

 
 
(79
)
 
 
78

 
 
277

 
Administrative expenses
(484
)
 
 
(88
)
 
 
(151
)
 
 

 
 

 
 
(723
)
 
Foreclosed property (expense) income
(485
)
 
 
12

 
 

 
 

 
 

 
 
(473
)
 
TCCA fees(4)
(382
)
 
 

 
 

 
 

 
 

 
 
(382
)
 
Other (expenses) income
(227
)
 
 
(7
)
 
 
(2
)
 
 

 
 
26

 
 
(210
)
 
Income before federal income taxes
2,112

 
 
553

 
 
818

 
 
1,377

 
 
(2,102
)
 
 
2,758

 
Provision for federal income taxes
(581
)
 
 
(70
)
 
 
(219
)
 
 

 
 

 
 
(870
)
 
Net income attributable to Fannie Mae
$
1,531

 
 
$
483

 
 
$
599

 
 
$
1,377

 
 
$
(2,102
)
 
 
$
1,888

 

99