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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)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
involvement with unconsolidated VIEs as of June 30, 2011 and December 31, 2010, as well as our maximum exposure to loss and the total assets of those unconsolidated VIEs.
 
                         
    As of June 30, 2011  
                Limited
 
    Mortgage-Backed
    Asset-Backed
    Partnership
 
    Trusts     Trusts     Investments  
    (Dollars in millions)  
 
Assets and liabilities recorded in our condensed consolidated balance sheets:
                       
Assets:
                       
Available-for-sale securities(1)
  $ 77,612     $     $  
Trading securities(1)
    23,739       3,242        
Other assets
    274             125  
Other liabilities
    1,318             152  
                         
Net carrying amount
  $ 100,307     $ 3,242     $ (27 )
                         
Maximum exposure to loss(1)
  $ 106,010     $ 3,242     $ 363  
                         
Total assets of unconsolidated VIEs(1)
  $ 651,368     $ 328,570     $ 13,237  
                         
 
                         
    As of December 31, 2010(2)  
                Limited
 
    Mortgage-Backed
    Asset-Backed
    Partnership
 
    Trusts     Trusts     Investments  
    (Dollars in millions)  
 
Assets and liabilities recorded in our condensed consolidated balance sheets:
                       
Assets:
                       
Available-for-sale securities(1)
  $ 84,770     $     $  
Trading securities(1)
    24,021       5,321        
Other assets
    257             94  
Other liabilities
    773             170  
                         
Net carrying amount
  $ 108,275     $ 5,321     $ (76 )
                         
Maximum exposure to loss(1)
  $ 111,004     $ 5,321     $ 319  
                         
Total assets of unconsolidated VIEs(1)
  $ 740,387     $ 363,721     $ 13,102  
                         
 
 
(1) Contains securities exposed through consolidation which may also represent an interest in other unconsolidated VIEs.
 
(2) Certain prior period amounts have been reclassified to conform to the current period presentation.
 
Our maximum exposure to loss generally represents the greater of our recorded investment in the entity or the unpaid principal balance of the assets covered by our guaranty. However, our securities issued by Fannie Mae multi-class resecuritization trusts that are not consolidated do not give rise to any additional exposure to loss as we already consolidate the underlying collateral.
 
Transfers of Financial Assets
 
We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own portfolio in a portfolio securitization transaction. For the three months ended June 30, 2011 and 2010, the unpaid principal balance of portfolio securitizations was


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