Print Page  |  Close Window

SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 08/05/2011
Entire Document
 
Table of Contents

FANNIE MAE
(In conservatorship)

Condensed Consolidated Statements of Operations and Comprehensive Loss —(Unaudited)
(Dollars and shares in millions, except per share amounts)
 
                                 
    For the Three
    For the Six
 
    Months Ended
    Months Ended
 
    June 30,     June 30,  
    2011     2010     2011     2010  
 
Interest income:
                               
Trading securities
  $ 264     $ 330     $ 548     $ 645  
Available-for-sale securities
    1,152       1,389       2,365       2,862  
Mortgage loans (includes $31,613 and $33,682, respectively, for the three months ended and $63,478 and $68,003, respectively, for the six months ended related to consolidated trusts)
    35,333       37,632       70,923       75,251  
Other
    25       41       53       80  
                                 
Total interest income
    36,774       39,392       73,889       78,838  
                                 
Interest expense:
                               
Short-term debt (includes $2 and $3, respectively, for the three months ended and $5 for the six months ended, for both periods, related to consolidated trusts)
    81       167       188       285  
Long-term debt (includes $27,919 and $30,043, respectively, for the three months ended and $55,771 and $61,501, respectively, for the six months ended related to consolidated trusts)
    31,721       35,018       63,769       71,557  
                                 
Total interest expense
    31,802       35,185       63,957       71,842  
                                 
Net interest income
    4,972       4,207       9,932       6,996  
Provision for loan losses
    (5,802 )     (4,295 )     (16,389 )     (16,234 )
                                 
Net interest loss after provision for loan losses
    (830 )     (88 )     (6,457 )     (9,238 )
                                 
Investment gains, net
    171       23       246       189  
Other-than-temporary impairments
    (28 )     (48 )     (85 )     (234 )
Noncredit portion of other-than-temporary impairments recognized in other comprehensive income
    (28 )     (89 )     (15 )     (139 )
                                 
Net other-than-temporary impairments
    (56 )     (137 )     (100 )     (373 )
Fair value gains (losses), net
    (1,634 )     303       (1,345 )     (1,402 )
Debt extinguishment losses, net
    (43 )     (159 )     (30 )     (283 )
Fee and other income
    265       294       502       527  
                                 
Non-interest income (loss)
    (1,297 )     324       (727 )     (1,342 )
                                 
Administrative expenses:
                               
Salaries and employee benefits
    310       324       630       648  
Professional services
    169       260       358       454  
Occupancy expenses
    43       40       85       81  
Other administrative expenses
    47       46       101       92  
                                 
Total administrative expenses
    569       670       1,174       1,275  
Provision for guaranty losses
    735       69       702       33  
Foreclosed property expense (income)
    (478 )     487       10       468  
Other expenses
    32       224       384       454  
                                 
Total expenses
    858       1,450       2,270       2,230  
                                 
Loss before federal income taxes
    (2,985 )     (1,214 )     (9,454 )     (12,810 )
Provision (benefit) for federal income taxes
    (93 )     9       (91 )     (58 )
                                 
Net loss
    (2,892 )     (1,223 )     (9,363 )     (12,752 )
Other comprehensive (loss) income:
                               
Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes
    (1 )     1,667       178       3,037  
Other
    3       3       5       5  
                                 
Total other comprehensive income
    2       1,670       183       3,042  
                                 
Total comprehensive (loss) income
    (2,890 )     447       (9,180 )     (9,710 )
Less: Comprehensive (income) loss attributable to the noncontrolling interest
    (1 )     5       (1 )     4  
                                 
Total comprehensive (loss) income attributable to Fannie Mae
  $ (2,891 )   $ 452     $ (9,181 )   $ (9,706 )
                                 
Net loss
  $ (2,892 )   $ (1,223 )   $ (9,363 )   $ (12,752 )
Less: Net (income) loss attributable to the noncontrolling interest
    (1 )     5       (1 )     4  
                                 
Net loss attributable to Fannie Mae
    (2,893 )     (1,218 )     (9,364 )     (12,748 )
Preferred stock dividends
    (2,282 )     (1,907 )     (4,498 )     (3,434 )
                                 
Net loss attributable to common stockholders
  $ (5,175 )   $ (3,125 )   $ (13,862 )   $ (16,182 )
                                 
Loss per share—Basic and Diluted
  $ (0.90 )   $ (0.55 )   $ (2.43 )   $ (2.84 )
Weighted-average common shares outstanding—Basic and Diluted
    5,730       5,694       5,714       5,693  
 
See Notes to Condensed Consolidated Financial Statements


94