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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
 

Item 1.  Financial Statements
FANNIE MAE
(In conservatorship)
Condensed Consolidated Balance Sheets — (Unaudited)
(Dollars in millions, except share amounts)
 
As of
 
March 31,
 
December 31,
 
2015
 
2014
ASSETS
Cash and cash equivalents
 
$
23,860

 
 
 
$
22,023

 
Restricted cash (includes $36,921 and $27,515, respectively, related to consolidated trusts)
 
41,439

 
 
 
32,542

 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
 
20,230

 
 
 
30,950

 
Investments in securities:
 
 
 
 
 
 
 
Trading, at fair value
 
31,286

 
 
 
31,504

 
Available-for-sale, at fair value (includes $468 and $596, respectively, related to consolidated trusts)
 
27,732

 
 
 
30,654

 
Total investments in securities
 
59,018

 
 
 
62,158

 
Mortgage loans:
 
 
 
 
 
 
 
Loans held for sale, at lower of cost or fair value
 
613

 
 
 
331

 
Loans held for investment, at amortized cost:
 
 
 
 
 
 
 
Of Fannie Mae
 
265,700

 
 
 
272,360

 
Of consolidated trusts (includes $15,570 and $15,629, respectively, at fair value)
 
2,778,623

 
 
 
2,782,344

 
Total loans held for investment
 
3,044,323

 
 
 
3,054,704

 
Allowance for loan losses
 
(31,820
)
 
 
 
(35,541
)
 
Total loans held for investment, net of allowance
 
3,012,503

 
 
 
3,019,163

 
Total mortgage loans
 
3,013,116

 
 
 
3,019,494

 
Accrued interest receivable, net (includes $7,259 and $7,169, respectively, related to consolidated trusts)
 
7,990

 
 
 
8,193

 
Acquired property, net
 
9,518

 
 
 
10,618

 
Deferred tax assets, net
 
41,983

 
 
 
42,206

 
Other assets
 
20,959

 
 
 
19,992

 
Total assets
 
$
3,238,113

 
 
 
$
3,248,176

 
LIABILITIES AND EQUITY
Liabilities:
 
 
 
 
 
 
 
Accrued interest payable (includes $8,223 and $8,282, respectively, related to consolidated trusts)
 
$
10,324

 
 
 
$
10,232

 
Federal funds purchased and securities sold under agreements to repurchase
 
87

 
 
 
50

 
Debt:
 
 
 
 
 
 
 
Of Fannie Mae (includes $7,920 and $6,403, respectively, at fair value)
 
448,740

 
 
 
460,443

 
Of consolidated trusts (includes $21,373 and $19,483, respectively, at fair value)
 
2,763,891

 
 
 
2,761,712

 
Other liabilities (includes $437 and $503, respectively, related to consolidated trusts)
 
11,475

 
 
 
12,019

 
Total liabilities
 
3,234,517

 
 
 
3,244,456

 
Commitments and contingencies (Note 16)
 

 
 
 

 
Fannie Mae stockholders’ equity:
 
 
 
 
 
 
 
Senior preferred stock, 1,000,000 shares issued and outstanding
 
117,149

 
 
 
117,149

 
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding
 
19,130

 
 
 
19,130

 
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,082,750 shares outstanding
 
687

 
 
 
687

 
Accumulated deficit
 
(127,651
)
 
 
 
(127,618
)
 
Accumulated other comprehensive income
 
1,641

 
 
 
1,733

 
Treasury stock, at cost, 150,679,953 shares
 
(7,401
)
 
 
 
(7,401
)
 
Total Fannie Mae stockholders’ equity
 
3,555

 
 
 
3,680

 
Noncontrolling interest
 
41

 
 
 
40

 
Total equity (See Note 1: Impact of U.S. Government Support for information on our dividend obligation to Treasury)
 
3,596

 
 
 
3,720

 
Total liabilities and equity
 
$
3,238,113

 
 
 
$
3,248,176

 


See Notes to Condensed Consolidated Financial Statements

69