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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
 





FANNIE MAE
(In conservatorship)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(UNAUDITED)


 
For the Three Months Ended March 31,
 
2015
 
2014
 
Of Fannie Mae
 
Of Consolidated Trusts
 
Total
 
Of Fannie Mae
 
Of Consolidated Trusts
 
Total
 
(Dollars in millions)
Single-family allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
32,956

 
 
$
2,221

 
 
$
35,177

 
$
40,202

 
 
$
3,105

 
 
$
43,307

Provision (benefit) for loan losses(1)
205

 
 
(147
)
 
 
58

 
(882
)
 
 
38

 
 
(844
)
Charge-offs(2)(5)
(5,328
)
 
 
(19
)
 
 
(5,347
)
 
(1,447
)
 
 
(101
)
 
 
(1,548
)
Recoveries
614

 
 
8

 
 
622

 
320

 
 
71

 
 
391

Transfers(3)
359

 
 
(359
)
 
 

 
420

 
 
(420
)
 
 

Other(4)
953

 
 
51

 
 
1,004

 
133

 
 
9

 
 
142

Ending balance
$
29,759

 
 
$
1,755

 
 
$
31,514

 
$
38,746

 
 
$
2,702

 
 
$
41,448

Multifamily allowance for loan losses:
 
 
 
 
 
 
 
 

 
 

 
 

Beginning balance
$
161

 
 
$
203

 
 
$
364

 
$
319

 
 
$
220

 
 
$
539

Benefit for loan losses(1)
(37
)
 
 
(13
)
 
 
(50
)
 
(12
)
 
 
(16
)
 
 
(28
)
Charge-offs(2)(5)
(15
)
 
 

 
 
(15
)
 
(51
)
 
 

 
 
(51
)
Other(4)
5

 
 
2

 
 
7

 
2

 
 
1

 
 
3

Ending balance
$
114

 
 
$
192

 
 
$
306

 
$
258

 
 
$
205

 
 
$
463

Total allowance for loan losses:
 
 
 
 
 
 
 
 

 
 

 
 

Beginning balance
$
33,117

 
 
$
2,424

 
 
$
35,541

 
$
40,521

 
 
$
3,325

 
 
$
43,846

Provision (benefit) for loan losses(1)
168

 
 
(160
)
 
 
8

 
(894
)
 
 
22

 
 
(872
)
Charge-offs(2)(5)
(5,343
)
 
 
(19
)
 
 
(5,362
)
 
(1,498
)
 
 
(101
)
 
 
(1,599
)
Recoveries
614

 
 
8

 
 
622

 
320

 
 
71

 
 
391

Transfers(3)
359

 
 
(359
)
 
 

 
420

 
 
(420
)
 
 

Other(4)
958

 
 
53

 
 
1,011

 
135

 
 
10

 
 
145

Ending balance
$
29,873

 
 
$
1,947

 
 
$
31,820

 
$
39,004

 
 
$
2,907

 
 
$
41,911

__________
(1) 
Provision (benefit) for loan losses is included in “Benefit for credit losses” in our condensed consolidated statements of operations and comprehensive income.
(2) 
While we purchase the substantial majority of loans that are four or more months delinquent from our MBS trusts, we do not exercise this option to purchase loans during a forbearance period. Charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.
(3) 
Includes transfers from trusts for delinquent loan purchases.
(4) 
Amounts represent changes in other loss reserves which are offset by amounts reflected in benefit for credit losses, charge-offs and recoveries.
(5) 
Includes for the three months ended March 31, 2015 charge-offs of (1) $1.8 billion in HFI loans and $724 million in preforeclosure property taxes and insurance receivable in connection with our adoption of the Advisory Bulletin and (2) $1.1 billion in accrued interest receivable that were charged-off in connection with the our adoption of a change in accounting principle related to the treatment of interest previously accrued, but not collected, at the date that loans are placed on nonaccrual status.

86