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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

FANNIE MAE
(In conservatorship)

Condensed Consolidated Statements of Operations and Comprehensive Loss—(Unaudited)
(Dollars and shares in millions, except per share amounts)
 
                 
    For the Three
 
    Months Ended
 
    March 31,  
    2011     2010  
 
Interest income:
               
Trading securities
  $ 284     $ 315  
Available-for-sale securities
    1,213       1,473  
Mortgage loans (includes $31,865 and $34,321, respectively, related to consolidated trusts)
    35,590       37,619  
Other
    28       39  
                 
Total interest income
    37,115       39,446  
                 
Interest expense:
               
Short-term debt (includes $3 and $2, respectively, related to consolidated trusts)
    107       118  
Long-term debt (includes $27,852 and $31,458, respectively, related to consolidated trusts)
    32,048       36,539  
                 
Total interest expense
    32,155       36,657  
                 
Net interest income
    4,960       2,789  
                 
Provision for loan losses
    (10,587 )     (11,939 )
                 
Net interest loss after provision for loan losses
    (5,627 )     (9,150 )
                 
Investment gains, net
    75       166  
Other-than-temporary impairments
    (57 )     (186 )
Noncredit portion of other-than-temporary impairments recognized in other comprehensive income
    13       (50 )
                 
Net other-than-temporary impairments
    (44 )     (236 )
Fair value gains (losses), net
    289       (1,705 )
Debt extinguishment gains (losses), net
    13       (124 )
Fee and other income
    237       233  
                 
Non-interest income (loss)
    570       (1,666 )
                 
Administrative expenses:
               
Salaries and employee benefits
    320       324  
Professional services
    189       194  
Occupancy expenses
    42       41  
Other administrative expenses
    54       46  
                 
Total administrative expenses
    605       605  
Benefit for guaranty losses
    (33 )     (36 )
Foreclosed property expense (income)
    488       (19 )
Other expenses
    352       230  
                 
Total expenses
    1,412       780  
                 
Loss before federal income taxes
    (6,469 )     (11,596 )
Provision (benefit) for federal income taxes
    2       (67 )
                 
Net loss
    (6,471 )     (11,529 )
Other comprehensive income:
               
Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes
    179       1,370  
Other
    2       2  
                 
Total other comprehensive income
    181       1,372  
                 
Total comprehensive loss
    (6,290 )     (10,157 )
                 
Less: Comprehensive income attributable to the noncontrolling interest
          (1 )
                 
Total comprehensive loss attributable to Fannie Mae
  $ (6,290 )   $ (10,158 )
                 
Net loss
  $ (6,471 )   $ (11,529 )
Less: Net income attributable to the noncontrolling interest
          (1 )
                 
Net loss attributable to Fannie Mae
    (6,471 )     (11,530 )
Preferred stock dividends
    (2,216 )     (1,527 )
                 
Net loss attributable to common stockholders
  $ (8,687 )   $ (13,057 )
                 
Loss per share—Basic and Diluted
  $ (1.52 )   $ (2.29 )
Weighted-average common shares outstanding—Basic and Diluted
    5,698       5,692  
 
See Notes to Condensed Consolidated Financial Statements


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