Print Page  |  Close Window

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)
 
 
7.   Acquired Property, Net
 
Acquired property, net consists of held-for-sale foreclosed property received in full satisfaction of a loan net of a valuation allowance for declines in the fair value of foreclosed properties after initial acquisition. We classify as held for sale those properties that we intend to sell and are actively marketed for sale. The following table displays the activity in acquired property and the related valuation allowance for the three months ended March 31, 2011 and 2010.
 
                                                 
    For the Three Months Ended
    For the Three Months Ended
 
    March 31, 2011     March 31, 2010  
    Acquired
    Valuation
    Acquired
    Acquired
    Valuation
    Acquired
 
    Property     Allowance(1)     Property, Net     Property     Allowance(1)     Property, Net  
    (Dollars in millions)  
 
Beginning balance, January 1
  $ 18,054     $ (1,881 )   $ 16,173     $ 9,716     $ (574 )   $ 9,142  
Additions
    4,889       (129 )     4,760       6,762       (52 )     6,710  
Disposals
    (6,015 )     730       (5,285 )     (3,425 )     206       (3,219 )
Write-downs, net of recoveries
          (384 )     (384 )           (264 )     (264 )
                                                 
Ending balance, March 31
  $ 16,928     $ (1,664 )   $ 15,264     $ 13,053     $ (684 )   $ 12,369  
                                                 
 
 
(1) Reflects activities in the valuation allowance for acquired properties held primarily by our single-family segment.
 
8.   Short-Term Borrowings and Long-Term Debt
 
Short-Term Borrowings
 
The following table displays our outstanding short-term borrowings (borrowing with an original contractual maturity of one year or less) and weighted-average interest rates of these borrowings as of March 31, 2011 and December 31, 2010.
 
                                 
    As of  
    March 31, 2011     December 31, 2010  
          Weighted-
          Weighted-
 
          Average
          Average
 
          Interest
          Interest
 
    Outstanding     Rate(1)     Outstanding     Rate(1)  
    (Dollars in millions)  
 
Federal funds purchased and securities sold under agreements to repurchase
  $ 25       0.01 %   $ 52       2.20 %
                                 
Fixed-rate short-term debt:
                               
Discount notes
  $ 146,751       0.26 %   $ 151,500       0.32 %
Foreign exchange discount notes
    341       2.51       384       2.43  
                                 
Total short-term debt of Fannie Mae
    147,092       0.27       151,884       0.32  
Debt of consolidated trusts
    5,156       0.22       5,359       0.23  
                                 
Total short-term debt
  $ 152,248       0.27 %   $ 157,243       0.32 %
                                 
 
 
(1) Includes the effects of discounts, premiums, and other cost basis adjustments.


116