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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)


The following table displays information about our net trading gains and losses.
 
For the Three
 
Months Ended
 
March 31,
 
2015
 
2014
 
(Dollars in millions)
Net trading gains
$
36

 
$
145

Net trading gains recognized in the period related to securities still held at period end
29

 
135

Available-for-Sale Securities
We measure available-for-sale (AFS) securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities.
 
For the Three
 
Months Ended
 
March 31,
 
2015
 
2014
 
(Dollars in millions)

Gross realized gains
$
400

 
$
3

Gross realized losses
7

 
2

Total proceeds(1)
2,112

 
35

__________
(1) 
Excludes proceeds from the initial sale of securities from new portfolio securitizations.

The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities.
 
As of March 31, 2015
 
Total Amortized Cost(1)
 
Gross Unrealized Gains
 
Gross Unrealized Losses - OTTI(2)
 
Gross Unrealized Losses - Other(3)
 
Total Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
5,086

 
 
 
$
336

 
 
 
$

 
 
 
$
(15
)
 
 
$
5,407

Freddie Mac
 
4,842

 
 
 
415

 
 
 

 
 
 

 
 
5,257

Ginnie Mae
 
398

 
 
 
60

 
 
 

 
 
 

 
 
458

Alt-A private-label securities
 
3,649

 
 
 
819

 
 
 
(4
)
 
 
 

 
 
4,464

Subprime private-label securities
 
3,572

 
 
 
1,045

 
 
 

 
 
 
(9
)
 
 
4,608

CMBS
 
1,318

 
 
 
52

 
 
 

 
 
 

 
 
1,370

Mortgage revenue bonds
 
3,344

 
 
 
226

 
 
 
(8
)
 
 
 
(2
)
 
 
3,560

Other mortgage-related securities
 
2,421

 
 
 
187

 
 
 

 
 
 

 
 
2,608

Total
 
$
24,630

 
 
 
$
3,140

 
 
 
$
(12
)
 
 
 
$
(26
)
 
 
$
27,732



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