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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 08/05/2011
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(1) Based on unpaid principal balance.
 
(2) The fair value of these mortgage-related securities was $332.2 billion and $365.8 billion as of June 30, 2011 and December 31, 2010, respectively.
 
The Capital Markets group’s mortgage portfolio decreased from December 31, 2010 to June 30, 2011 primarily due to liquidations and sales, partially offset by purchases of delinquent loans from MBS trusts. The total unpaid principal balance of nonperforming loans in the Capital Markets group’s mortgage portfolio was $230.8 billion as of June 30, 2011. This population includes loans that have been modified and have been classified as TDRs as well as unmodified delinquent loans that are on nonaccrual status in our condensed consolidated financial statements. We expect our mortgage portfolio to continue to decrease due to the restrictions on the amount of mortgage assets we may own under the terms of our senior preferred stock purchase agreement with Treasury.
 
 
CONSOLIDATED BALANCE SHEET ANALYSIS
 
The section below provides a discussion of our condensed consolidated balance sheets as of the dates indicated. You should read this section together with our condensed consolidated financial statements, including the accompanying notes.
 
Table 21 presents a summary of our condensed consolidated balance sheets as of June 30, 2011 and December 31, 2010.
 
Table 21:  Summary of Condensed Consolidated Balance Sheets
 
                         
    As of        
    June 30,
    December 31,
       
    2011     2010     Variance  
    (Dollars in millions)  
 
Assets
                       
Cash and cash equivalents and federal funds sold and securities purchased under agreements to resell or similar arrangements
  $ 33,774     $ 29,048     $ 4,726  
Restricted cash
    37,579       63,678       (26,099 )
Investments in securities(1)
    148,523       151,248       (2,725 )
Mortgage loans
                       
Of Fannie Mae
    386,722       407,482       (20,760 )
Of consolidated trusts
    2,610,613       2,577,794       32,819  
Allowance for loan losses
    (69,506 )     (61,556 )     (7,950 )
                         
Mortgage loans, net of allowance for loan losses
    2,927,829       2,923,720       4,109  
Other assets(2)
    48,407       54,278       (5,871 )
                         
Total assets
  $ 3,196,112     $ 3,221,972     $ (25,860 )
                         
Liabilities and equity (deficit)
                       
Debt
                       
Of Fannie Mae
  $ 724,799     $ 780,044     $ (55,245 )
Of consolidated trusts
    2,450,046       2,416,956       33,090  
Other liabilities(3)
    26,354       27,489       (1,135 )
                         
Total liabilities
    3,201,199       3,224,489       (23,290 )
                         
Senior preferred stock
    99,700       88,600       11,100  
Other equity (deficit)(4)
    (104,787 )     (91,117 )     (13,670 )
                         
Total stockholders’ equity (deficit)
    (5,087 )     (2,517 )     (2,570 )
                         
Total liabilities and stockholders’ deficit
  $ 3,196,112     $ 3,221,972     $ (25,860 )
                         


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