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SEC Filings

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

FANNIE MAE
(In conservatorship)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
Collateral
 
Cash Collateral
 
The following table displays cash collateral accepted and pledged as of March 31, 2011 and December 31, 2010.
 
                 
    As of  
    March 31, 2011     December 31, 2010  
    (Dollars in millions)  
 
Cash collateral accepted(1)
  $ 3,056     $ 3,101  
                 
Cash collateral pledged
  $ 6,049     $ 5,884  
Cash collateral pledged related to derivatives activities
    2,849       3,453  
                 
Total cash collateral pledged
  $ 8,898     $ 9,337  
                 
 
 
(1) Includes restricted cash of $2.4 billion and $2.5 billion as of March 31, 2011 and December 31, 2010, respectively.
 
Non-Cash Collateral
 
The following table displays non-cash collateral pledged and accepted as of March 31, 2011 and December 31, 2010.
 
                 
    As of  
    March 31, 2011     December 31, 2010  
    (Dollars in millions)  
 
Non-cash collateral pledged where the secured party has the right to sell or repledge:
               
Held-for-investment loans of consolidated trusts
  $ 2,241     $ 2,522  
                 
Non-cash collateral accepted with the right to sell or repledge(1)
  $ 20,000     $ 7,500  
Non-cash collateral accepted without the right to sell or repledge
    11,249       6,744  
 
 
(1) None of this collateral was sold or repledged as of March 31, 2011 and December 31, 2010.
 
Additionally, we provide early funding to lenders on a collateralized basis and account for the advances as secured lending arrangements in “Other assets” in our condensed consolidated balance sheets. These amounts totaled $3.1 billion at March 31, 2011 and $7.2 billion at December 31, 2010.
 
Our liability to third-party holders of Fannie Mae MBS that arises as the result of a consolidation of a securitization trust is collateralized by the underlying loans and/or mortgage-related securities.
 
When securities sold under agreements to repurchase meet all of the conditions of a secured financing, we report the collateral of the transferred securities at fair value, excluding accrued interest. The fair value of these securities is classified in “Investments in securities” in our condensed consolidated balance sheets. We had no repurchase agreements outstanding as of March 31, 2011 and $49 million in repurchase agreements outstanding as of December 31, 2010.


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