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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
Entire Document
 


Table 7: Total Loss Reserves
 
As of
 
March 31,
2015
 
December 31, 2014
 
 
(Dollars in millions)
 
Allowance for loan losses
 
$
31,820

 
 
 
$
35,541

 
Reserve for guaranty losses
 
678

 
 
 
1,246

 
Combined loss reserves
 
32,498

 
 
 
36,787

 
Other(1)
 
375

 
 
 
1,386

 
Total loss reserves
 
32,873

 
 
 
38,173

 
Fair value losses previously recognized on acquired credit-impaired loans(2)
 
9,440

 
 
 
9,864

 
Total loss reserves and fair value losses previously recognized on acquired credit-impaired loans
 
$
42,313

 
 
 
$
48,037

 
__________
(1) 
Includes allowances for accrued interest receivable and preforeclosure property taxes and insurance receivable. Effective January 1, 2015, we charged off accrued interest receivable associated with loans on nonaccrual status and eliminated the related allowance in connection with the our change in accounting policy related to the treatment of interest previously accrued, but not collected, at the date that loans are placed on nonaccrual status. See “Note 1, Summary of Significant Accounting Policies” for more information on this policy change.
(2) 
Represents the fair value losses on loans purchased out of unconsolidated MBS trusts reflected in our condensed consolidated balance sheets.
Table 8 displays changes in our combined loss reserves.
Table 8: Changes in Combined Loss Reserves
 
For the Three Months Ended March 31,
 
2015
 
2014
 
(Dollars in millions)
Changes in combined loss reserves:
 
 
 
Beginning balance
$
36,787

 
$
45,295

Benefit for credit losses
(533
)
 
(774
)
Charge-offs(1)
(5,389
)
 
(1,627
)
Recoveries
622

 
392

Other(2)
1,011

 
145

Ending balance
$
32,498

 
$
43,431



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