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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 08/03/2017
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MD&A | Consolidated Balance Sheet Analysis


Consolidated Balance Sheet Analysis
This section provides a discussion of our condensed consolidated balance sheets and should be read together with our condensed consolidated financial statements, including the accompanying notes.
Table 9: Summary of Condensed Consolidated Balance Sheets
 
As of
 
 
 
June 30,
 
December 31,
 
 
 
2017
 
2016
 
Variance
 
(Dollars in millions)
Assets 
 
 
 
 
 
Cash and cash equivalents and federal funds sold and securities purchased under agreements to resell or similar arrangements
$
46,124

 
$
55,639

 
$
(9,515
)
Restricted cash
30,999

 
36,953

 
(5,954
)
Investments in securities(1)
45,682

 
48,925

 
(3,243
)
Mortgage loans:
 
 
 
 
 
Of Fannie Mae
185,635

 
207,190

 
(21,555
)
Of consolidated trusts
2,960,179

 
2,896,028

 
64,151

Allowance for loan losses
(20,399
)
 
(23,465
)
 
3,066

Mortgage loans, net of allowance for loan losses
3,125,415

 
3,079,753

 
45,662

Deferred tax assets, net
31,402

 
33,530

 
(2,128
)
Other assets
29,608

 
33,168

 
(3,560
)
Total assets
$
3,309,230

 
$
3,287,968

 
$
21,262

Liabilities and equity
 
 
 
 
 
Debt:
 
 
 
 
 
Of Fannie Mae
$
303,120

 
$
327,097

 
$
(23,977
)
Of consolidated trusts
2,984,547

 
2,935,219

 
49,328

Other liabilities
17,846

 
19,581

 
(1,735
)
Total liabilities
3,305,513

 
3,281,897

 
23,616

Equity
3,717

 
6,071

 
(2,354
)
Total liabilities and equity
$
3,309,230

 
$
3,287,968

 
$
21,262

__________
(1) 
Includes $32.4 billion as of June 30, 2017 and $32.3 billion as of December 31, 2016 of U.S. Treasury securities that are included in our other investments portfolio.
Cash and Other Investments Portfolio
Our cash and other investments portfolio consists of cash and cash equivalents, securities purchased under agreements to resell or similar arrangements, and investments in U.S. Treasury securities. See “Liquidity and Capital ManagementLiquidity ManagementCash and Other Investments Portfolio” for additional information on our cash and other investments portfolio.
Restricted Cash
Restricted cash primarily includes unscheduled borrower payments received by servicers of loans backing consolidated trusts due to be remitted to the MBS certificateholders in the subsequent month. Our restricted cash decreased as of June 30, 2017 compared with the balance as of December 31, 2016 primarily as a result of a decrease in prepayments received on mortgage loans in June 2017 compared with prepayments received in December 2016.

Fannie Mae Second Quarter 2017 Form 10-Q
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