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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)
 
Available-for-Sale Securities
 
We measure AFS securities at fair value with unrealized gains and losses recorded as a component of “Other comprehensive income,” net of tax, and we record realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive loss.
 
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the three months ended March 31, 2011 and 2010.
 
                 
    For the Three
 
    Months Ended
 
    March 31,  
    2011     2010  
    (Dollars in millions)  
 
Gross realized gains
  $ 60     $ 265  
Gross realized losses
    6       120  
Total proceeds(1)
    390       4,179  
 
 
(1) Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and Transfers of Financial Assets.” For the three months ended March 31, 2010, proceeds were reduced by $419 million from what was previously disclosed, primarily related to deconsolidated REMICs that should have been presented as proceeds from issuance of long-term debt of consolidated trusts.
 
The following tables display the amortized cost, gross unrealized gains and losses and fair value by major security type for AFS securities we held as of March 31, 2011 and December 31, 2010.
 
                                         
    As of March 31, 2011  
                Gross
    Gross
       
    Total
    Gross
    Unrealized
    Unrealized
    Total
 
    Amortized
    Unrealized
    Losses -
    Losses -
    Fair
 
    Cost(1)     Gains     OTTI(2)     Other(3)     Value  
    (Dollars in millions)  
 
Fannie Mae
  $ 19,426     $ 1,267     $ (7 )   $ (43 )   $ 20,643  
Freddie Mac
    14,435       921                   15,356  
Ginnie Mae
    873       131                   1,004  
Alt-A private-label securities
    15,337       187       (1,634 )     (198 )     13,692  
Subprime private-label securities
    11,109       42       (1,102 )     (389 )     9,660  
CMBS(4)
    15,097       66             (239 )     14,924  
Mortgage revenue bonds
    11,273       49       (78 )     (702 )     10,542  
Other mortgage-related securities
    3,997       122       (31 )     (296 )     3,792  
                                         
Total
  $ 91,547     $ 2,785     $ (2,852 )   $ (1,867 )   $ 89,613  
                                         
 


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