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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/06/2011
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Table of Contents

 
Table 26:  Supplemental Non-GAAP Consolidated Fair Value Balance Sheets
 
                                                 
    As of March 31, 2011     As of December 31, 2010  
    GAAP
                GAAP
             
    Carrying
    Fair Value
    Estimated
    Carrying
    Fair Value
    Estimated
 
    Value     Adjustment(1)     Fair Value     Value     Adjustment(1)     Fair Value  
    (Dollars in millions)  
 
Assets:
                                               
Cash and cash equivalents
  $ 56,561     $     $ 56,561     $ 80,975     $     $ 80,975  
Federal funds sold and securities purchased under agreements to resell or similar arrangements
    26,250             26,250       11,751             11,751  
Trading securities
    57,035             57,035       56,856             56,856  
Available-for-sale securities
    89,613             89,613       94,392             94,392  
Mortgage loans:
                                               
Mortgage loans held for sale
    1,414       44       1,458       915             915  
Mortgage loans held for investment, net of allowance for loan losses:
                                               
Of Fannie Mae
    348,644       (35,472 )     313,172       358,698       (39,331 )     319,367  
Of consolidated trusts
    2,599,999       18,737 (2)     2,618,736 (3)     2,564,107       46,038 (2)     2,610,145 (3)
                                                 
Total mortgage loans
    2,950,057       (16,691 )     2,933,366 (4)     2,923,720       6,707       2,930,427 (4)
Advances to lenders
    3,091       (151 )     2,940 (5)(6)     7,215       (225 )     6,990 (5)(6)
Derivative assets at fair value
    279             279 (5)(6)     1,137             1,137 (5)(6)
Guaranty assets and buy-ups, net
    459       440       899 (5)(6)     458       356       814 (5)(6)
                                                 
Total financial assets
    3,183,345       (16,402 )     3,166,943 (7)     3,176,504       6,838       3,183,342 (7)
Credit enhancements
    471       3,406       3,877 (5)(6)     479       3,286       3,765 (5)(6)
Other assets
    43,226       (240 )     42,986 (5)(6)     44,989       (261 )     44,728 (5)(6)
                                                 
Total assets
  $ 3,227,042     $ (13,236 )   $ 3,213,806     $ 3,221,972     $ 9,863     $ 3,231,835  
                                                 
Liabilities:
                                               
Federal funds purchased and securities sold under agreements to repurchase
  $ 25     $     $ 25     $ 52     $ (1 )   $ 51  
Short-term debt:
                                               
Of Fannie Mae
    147,092       41       147,133       151,884       90       151,974  
Of consolidated trusts
    5,156             5,156       5,359             5,359  
Long-term debt:
                                               
Of Fannie Mae
    614,095 (8)     19,055       633,150       628,160 (8)     21,524       649,684  
Of consolidated trusts
    2,442,433 (8)     88,041 (2)     2,530,474       2,411,597 (8)     103,332 (2)     2,514,929  
Derivative liabilities at fair value
    941             941 (9)(10)     1,715             1,715 (9)(10)
Guaranty obligations
    760       2,667       3,427 (9)(10)     769       3,085       3,854 (9)(10)
                                                 
Total financial liabilities
    3,210,502       109,804       3,320,306 (7)     3,199,536       128,030       3,327,566 (7)
Other liabilities
    24,958       (398 )     24,560 (9)(10)     24,953       (472 )     24,481 (9)(10)
                                                 
Total liabilities
    3,235,460       109,406       3,344,866       3,224,489       127,558       3,352,047  
Equity (deficit):
                                               
Fannie Mae stockholders’ equity (deficit):
                                               
Senior preferred(11)
    91,200             91,200       88,600             88,600  
Preferred
    20,204       (18,987 )     1,217       20,204       (19,829 )     375  
Common
    (119,903 )     (103,655 )     (223,558 )     (111,403 )     (97,866 )     (209,269 )
                                                 
Total Fannie Mae stockholders’ deficit/non-GAAP fair value of net assets
  $ (8,499 )   $ (122,642 )   $ (131,141 )   $ (2,599 )   $ (117,695 )   $ (120,294 )
Noncontrolling interests
    81             81       82             82  
                                                 
Total deficit
    (8,418 )     (122,642 )     (131,060 )     (2,517 )     (117,695 )     (120,212 )
                                                 
Total liabilities and equity (deficit)
  $ 3,227,042     $ (13,236 )   $ 3,213,806     $ 3,221,972     $ 9,863     $ 3,231,835  
                                                 
 
 
Explanation and Reconciliation of Non-GAAP Measures to GAAP Measures
 
(1) Each of the amounts listed as a “fair value adjustment” represents the difference between the carrying value included in our GAAP condensed consolidated balance sheets and our best judgment of the estimated fair value of the listed item.
 
(2) Fair value exceeds carrying value of consolidated loans and consolidated debt as a significant portion of these were consolidated at unpaid principal balance as of January 1, 2010, upon adoption of accounting standards on transfers of financial assets and consolidation of VIEs. Also impacting the difference between fair value and carrying value of the consolidated loans is the credit component included in consolidated loans, which has no corresponding impact on the consolidated debt.


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