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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
 
 
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.
Summary of Condensed Consolidated Balance Sheets
 
As of
 
 
 
September 30, 2018
 
December 31, 2017
 
Variance
 
(Dollars in millions)
Assets 
 
 
 
 
 
Cash and cash equivalents and federal funds sold and securities purchased under agreements to resell or similar arrangements
$
54,387

 
$
51,580

 
$
2,807

Restricted cash
23,242

 
28,150

 
(4,908
)
Investments in securities(1)
47,438

 
39,522

 
7,916

Mortgage loans:
 
 
 
 
 
Of Fannie Mae
137,227

 
167,793

 
(30,566
)
Of consolidated trusts
3,111,570

 
3,029,816

 
81,754

Allowance for loan losses
(15,663
)
 
(19,084
)
 
3,421

Mortgage loans, net of allowance for loan losses
3,233,134

 
3,178,525

 
54,609

Deferred tax assets, net
14,368

 
17,350

 
(2,982
)
Other assets
28,536

 
30,402

 
(1,866
)
Total assets
$
3,401,105

 
$
3,345,529

 
$
55,576

Liabilities and equity (deficit)
 
 
 
 
 
Debt:
 
 
 
 
 
Of Fannie Mae
$
246,682

 
$
276,752

 
$
(30,070
)
Of consolidated trusts
3,127,688

 
3,053,302

 
74,386

Other liabilities
19,760

 
19,161

 
599

Total liabilities
3,394,130

 
3,349,215

 
44,915

Fannie Mae stockholders’ equity (deficit):
 
 
 
 
 
Senior preferred stock
120,836

 
117,149

 
3,687

Other net deficit
(113,861
)
 
(120,835
)
 
6,974

Total equity (deficit)
6,975

 
(3,686
)
 
10,661

Total liabilities and equity (deficit)
$
3,401,105

 
$
3,345,529

 
$
55,576

__________
(1) 
Includes $37.4 billion as of September 30, 2018 and $29.2 billion as of December 31, 2017 of non-mortgage-related securities.
Mortgage Loans, Net of Allowance for Loan Losses
The mortgage loans reported in our condensed consolidated balance sheet are classified as either HFS or HFI and include loans owned by Fannie Mae and loans held in consolidated trusts.
Mortgage loans, net of allowance for loan losses increased as of September 30, 2018 compared with December 31, 2017 primarily driven by:
an increase in mortgage loans due to acquisitions outpacing liquidations and sales; and
a decrease in our allowance for loan losses primarily driven by the redesignation of single-family loans from HFI to HFS.
For additional information on our mortgage loans, see “Note 3, Mortgage Loans,” and for additional information on changes in our allowance for loan losses, see “Note 4, Allowance for Loan Losses.”

Fannie Mae Third Quarter 2018 Form 10-Q
15