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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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Table of Contents

FANNIE MAE
(In conservatorship)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
When securities sold under agreements to repurchase meet all of the conditions of a secured financing, we report the collateral of the transferred securities at fair value, excluding accrued interest. The fair value of these securities is classified in “Investments in securities” in our condensed consolidated balance sheets. We had no repurchase agreements outstanding as of June 30, 2011 and $49 million in repurchase agreements outstanding as of December 31, 2010.
 
Fair Value Gains (Losses), Net
 
The following table displays the composition of “Fair value gains (losses), net” for the three and six months ended June 30, 2011 and 2010.
 
                                 
    For the Three
    For the Six
 
    Months Ended
    Months Ended
 
    June 30,     June 30,  
    2011     2010     2011     2010  
    (Dollars in millions)  
 
Derivatives fair value losses, net
  $ (1,677 )   $ (397 )   $ (1,538 )   $ (3,159 )
Trading securities gains, net
    135       640       360       1,698  
Other, net
    (92 )     60       (167 )     59  
                                 
Fair value gains (losses), net
  $ (1,634 )   $ 303     $ (1,345 )   $ (1,402 )
                                 
 
Reclassifications
 
To conform to our current period presentation, we have reclassified and condensed certain amounts reported in our condensed consolidated financial statements. The following table displays the line items that were reclassified and condensed in our condensed consolidated balance sheet as of December 31, 2010.
 
                 
    As of December 31, 2010
    Before
  After
    Reclassification   Reclassification
    (Dollars in millions)
 
Reclassified lines to:
               
Assets:
               
Servicer and MBS trust receivable
  $ 951     $    
Other assets
    25,875       26,826  
Liabilities:
               
Short-term debt:
               
Of Fannie Mae
    151,884          
Of consolidated trusts
    5,359          
Long-term debt:
               
Of Fannie Mae
    628,160          
Of consolidated trusts
    2,411,597          
Debt:
               
Of Fannie Mae
            780,044  
Of consolidated trusts
            2,416,956  
Reserve for guaranty losses
    323          
Servicer and MBS trust payable
    2,950          
Other liabilities
    10,400       13,673  


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