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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
Entire Document
 
 
Notes to Condensed Consolidated Financial Statements | Fair Value


Fair Value of Financial Instruments
The following table displays the carrying value and estimated fair value of our financial instruments. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes all non-financial instruments; therefore, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities.
 
As of September 30, 2018
 
Carrying
Value
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Netting Adjustment
 
Estimated
Fair Value
 
(Dollars in millions)
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents and restricted cash
$
51,031

 
$
32,982

 
$
18,049

 
$

 
$

 
$
51,031

Federal funds sold and securities purchased under agreements to resell or similar arrangements
26,598

 

 
26,598

 

 

 
26,598

Trading securities
43,901

 
37,328

 
6,496

 
77

 

 
43,901

Available-for-sale securities
3,537

 

 
2,501

 
1,036

 

 
3,537

Mortgage loans held for sale
10,572

 

 
1,660

 
9,527

 

 
11,187

Mortgage loans held for investment, net of allowance for loan losses
3,222,562

 

 
2,935,066

 
210,018

 

 
3,145,084

Advances to lenders
4,022

 

 
4,020

 
2

 

 
4,022

Derivative assets at fair value
353

 

 
3,010

 
118

 
(2,775
)
 
353

Guaranty assets and buy-ups
149

 

 

 
368

 

 
368

Total financial assets
$
3,362,725

 
$
70,310

 
$
2,997,400

 
$
221,146

 
$
(2,775
)
 
$
3,286,081

Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase
$
749

 
$

 
$
749

 
$

 
$

 
$
749

Short-term debt:
 
 
 
 
 
 
 
 
 
 
 
Of Fannie Mae
28,248

 

 
28,251

 

 

 
28,251

Of consolidated trusts
274

 

 

 
273

 

 
273

Long-term debt:
 
 
 
 
 
 
 
 
 
 
 
Of Fannie Mae
218,434

 

 
221,671

 
771

 

 
222,442

Of consolidated trusts
3,127,414

 

 
2,989,699

 
39,447

 

 
3,029,146

Derivative liabilities at fair value
276

 

 
2,904

 
20

 
(2,648
)
 
276

Guaranty obligations
162

 

 

 
117

 

 
117

Total financial liabilities
$
3,375,557

 
$

 
$
3,243,274

 
$
40,628

 
$
(2,648
)
 
$
3,281,254



Fannie Mae (In conservatorship) Third Quarter 2018 Form 10-Q
99