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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)
 
The following table represents the line items that we reclassified and condensed in our condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2010.
 
                 
    For the Three Months Ended
 
    March 31, 2010  
    Before
    After
 
    Reclassification     Reclassification  
    (Dollars in millions)  
 
Reclassified lines to:
               
Interest expense:
               
Short-term debt:
               
Of Fannie Mae
  $ 116     $    
Of consolidated trusts
    2          
Long-term debt:
               
Of Fannie Mae
    5,081          
Of consolidated trusts
    31,458          
Short-term debt (includes $2 related to consolidated trusts)
            118  
Long-term debt (includes $31,458 related to consolidated trusts)
            36,539  
Guaranty fee income
    54          
Fee and other income
    179       233  
Losses from partnership investments
    58          
Other expenses
    172       230  
 
In our condensed consolidated statements of cash flows for the three months ended March 31, 2010, we reclassified the following amounts within “Cash flows used in financing activities” to conform to our current period presentation: $192.4 billion from “Proceeds from issuance of short-term debt of Fannie Mae” and $100.6 billion from “Proceeds from issuance of long-term debt of Fannie Mae” to “Proceeds from issuance of debt of Fannie Mae,” $185.2 billion from “Payments to redeem short-term debt of Fannie Mae” and $92.4 billion from “Payments to redeem long-term debt of Fannie Mae” to “Payments to redeem debt of Fannie Mae,” $3.3 billion from “Proceeds from issuance of short-term debt of consolidated trusts” and $83.7 billion from “Proceeds from issuance of long-term debt of consolidated trusts” to “Proceeds from issuance of debt of consolidated trusts” and $9.5 billion from “Payments to redeem short-term debt of consolidated trusts” and $162.6 billion from “Payments to redeem long-term debt of consolidated trusts” to “Payments to redeem debt of consolidated trusts.”
 
New Accounting Pronouncements
 
In April 2011, the Financial Accounting Standards Board (“FASB”) issued a new standard that clarifies when a loan restructuring is considered a troubled debt restructuring (“TDR”). Specifically, the new standard amends existing guidance to clarify how to determine when a borrower is experiencing financial difficulty, when a concession is granted by a creditor, and when a delay in payment is considered insignificant.
 
The new standard is effective for the first interim or annual period beginning on or after June 15, 2011 and should be applied retrospectively to the beginning of the annual period of adoption. We will adopt this new guidance effective for the period ending September 30, 2011 and are currently assessing the impact that the new standard may have on our condensed consolidated financial statements.


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