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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 | Investments in Securities


The following table displays information about our net trading gains (losses).
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
 
2018
 
2017
 
2018
 
2017
 
(Dollars in millions)
Net trading gains (losses)
$
(40
)
 
$
59

 
$
79

 
$
145

Net trading gains (losses) recognized in the period related to securities still held at period end
(27
)
 
51

 
20

 
125


Available-for-Sale Securities
We record available-for-sale (“AFS”) securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” 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 and proceeds on sales of AFS securities.
 
For the Three Months
 
For the Nine Months
 
Ended September 30,
 
Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars in millions)
Gross realized gains
$
12

 
$
30

 
$
375

 
$
260

Total proceeds (excludes initial sale of securities from new portfolio securitizations)
21

 
187

 
662

 
1,081


The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities.
 
As of September 30, 2018
 
Total Amortized Cost(1)
 
Gross Unrealized Gains
 
Gross Unrealized Losses(2)
 
Total Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
1,808

 
 
 
$
58

 
 
 
$
(38
)
 
 
$
1,828

Other agency
 
256

 
 
 
16

 
 
 

 
 
272

Alt-A and subprime private-label securities
 
337

 
 
 
280

 
 
 

 
 
617

Mortgage revenue bonds
 
454

 
 
 
15

 
 
 
(5
)
 
 
464

Other mortgage-related securities
 
339

 
 
 
17

 
 
 

 
 
356

Total
 
$
3,194

 
 
 
$
386

 
 
 
$
(43
)
 
 
$
3,537

 
As of December 31, 2017
 
Total Amortized Cost(1)
 
Gross Unrealized Gains
 
Gross Unrealized Losses(2)
 
Total Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
2,044

 
 
 
$
102

 
 
 
$
(27
)
 
 
$
2,119

Other agency
 
332

 
 
 
25

 
 
 

 
 
357

Alt-A and subprime private-label securities
 
662

 
 
 
652

 
 
 

 
 
1,314

CMBS
 
15

 
 
 

 
 
 

 
 
15

Mortgage revenue bonds
 
655

 
 
 
20

 
 
 
(4
)
 
 
671

Other mortgage-related securities
 
350

 
 
 
17

 
 
 

 
 
367

Total
 
$
4,058

 
 
 
$
816

 
 
 
$
(31
)
 
 
$
4,843


Fannie Mae (In conservatorship) Third Quarter 2018 Form 10-Q
72