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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)
 
Allowance for Loan Losses
 
The following table displays changes in both single-family and multifamily allowance for loan losses for the three months ended March 31, 2011 and total allowance for loan losses for the three months ended March 31, 2011 and 2010.
 
                                                 
    For the Three Months Ended March 31,  
    2011     2010  
    Of
    Of
          Of
    Of
       
    Fannie
    Consolidated
          Fannie
    Consolidated
       
    Mae     Trusts     Total     Mae     Trusts     Total  
    (Dollars in millions)  
 
Single-family allowance for loan losses:
                                               
Beginning balance
  $ 47,377     $ 12,603     $ 59,980                          
Provision for loan losses
    7,243       3,369       10,612                          
Charge-offs(1)
    (5,623 )     (448 )     (6,071 )                        
Recoveries
    530       952       1,482                          
Transfers(2)
    3,162       (3,162 )                              
Net reclassifications(3)
    (18 )     99       81                          
                                                 
Ending balance
  $ 52,671     $ 13,413     $ 66,084                          
                                                 
Multifamily allowance for loan losses:
                                               
Beginning balance
  $ 1,153     $ 423     $ 1,576                          
Provision (benefit) for loan losses
    (84 )     59       (25 )                        
Charge-offs(1)
    (82 )           (82 )                        
Transfers(2)
    45       (45 )                              
Net reclassifications(3)
    5       (1 )     4                          
                                                 
Ending balance
  $ 1,037     $ 436     $ 1,473                          
                                                 
Total allowance for loan losses:
                                               
Beginning balance
  $ 48,530     $ 13,026     $ 61,556     $ 8,078     $ 1,847     $ 9,925  
Adoption of new accounting standards
                            43,576       43,576  
Total provision for loan losses
    7,159       3,428       10,587       6,271       5,668       11,939  
Charge-offs(1)
    (5,705 )     (448 )     (6,153 )     (1,705 )     (3,455 )     (5,160 )
Recoveries
    530       952       1,482       97       277       374  
Transfers(2)
    3,207       (3,207 )           13,855       (13,855 )      
Net reclassifications(3)
    (13 )     98       85       (921 )     836       (85 )
                                                 
Ending balance(4)(5)
  $ 53,708     $ 13,849     $ 67,557     $ 25,675     $ 34,894     $ 60,569  
                                                 
 
 
(1) Total charge-offs include accrued interest of $386 million and $579 million for the three months ended March 31, 2011 and 2010, respectively. Single-family charge-offs include accrued interest of $377 million for the three months ended March 31, 2011. Multifamily charge-offs include accrued interest of $9 million for the three months ended March 31, 2011.
 
(2) Includes transfers from trusts for delinquent loan purchases.


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