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Table 37: Derivative Impact on Interest Rate Risk (50 Basis Points)(1) 
As of
March 31, 2015
December 31, 2014
(Dollars in billions)
Before Derivatives
After Derivatives
Effect of Derivatives


Measured on the last day of each period presented.
Liquidity Risk Management
See “MD&A—Liquidity and Capital Management—Liquidity Management” in our 2014 Form 10-K and in this report for a discussion of how we manage liquidity risk.
Operational Risk Management
See “MD&A—Risk Management—Operational Risk Management” in our 2014 Form 10-K for information on operational risks that we face and our framework for managing operational risk.
We identify and discuss the expected impact on our condensed consolidated financial statements of recently issued accounting guidance in “Note 1, Summary of Significant Accounting Policies.”
This report includes statements that constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). In addition, our senior management may from time to time make forward-looking statements orally to analysts, investors, the news media and others. Forward-looking statements often include words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “forecast,” “project,” “would,” “should,” “could,” “likely,” “may,” “will” or similar words.
Among the forward-looking statements in this report are statements relating to:
Our expectation that we will remain profitable on an annual basis for the foreseeable future;
Our expectation that our earnings in 2015 and future years will be substantially lower than our earnings for 2014, primarily due to our expectation of substantially lower income from resolution agreements, continued declines in net interest income from our retained mortgage portfolio assets and lower credit-related income;
Our expectation that certain factors, such as changes in interest rates or home prices, could result in significant volatility in our financial results from quarter to quarter or year to year;
Our expectation that our future financial results also will be affected by a number of other factors, including: our guaranty fee rates; the volume of single-family mortgage originations in the future; the size, composition and quality of our retained mortgage portfolio and guaranty book of business; and economic and housing market conditions;
Our expectation of volatility from period to period in our financial results from a number of factors, particularly changes in market conditions that result in periodic fluctuations in the estimated fair value of the financial instruments that we mark to market through our earnings;
Our expectation that we will continue engaging in economically sensible ways to expand our offerings of credit risk transfer transactions in the future;
Our expectation that we will pay Treasury a senior preferred stock dividend of $1.8 billion by June 30, 2015 for the second quarter of 2015;