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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)
 
5.   Investments in Securities
 
Trading Securities
 
Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive loss. The following table displays our investments in trading securities and the cumulative amount of net losses recognized from holding these securities as of June 30, 2011 and December 31, 2010.
 
                 
    As of  
    June 30,
    December 31,
 
    2011     2010  
    (Dollars in millions)  
 
Mortgage-related securities:
               
Fannie Mae
  $ 7,343     $ 7,398  
Freddie Mac
    1,392       1,326  
Ginnie Mae
    301       590  
Alt-A private-label securities
    1,568       1,683  
Subprime private-label securities
    1,459       1,581  
CMBS
    10,976       10,764  
Mortgage revenue bonds
    616       609  
Other mortgage-related securities
    154       152  
                 
Total
    23,809       24,103  
                 
Non-mortgage-related securities:
               
U.S. Treasury securities
    34,856       27,432  
Asset-backed securities
    3,242       5,321  
                 
Total
    38,098       32,753  
                 
Total trading securities
  $ 61,907     $ 56,856  
                 
Losses in trading securities held in our portfolio, net
  $ 1,758     $ 2,149  
                 
 
The following table displays information about our net trading gains and losses 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)  
 
Net trading gains:
                               
Mortgage-related securities
  $ 131     $ 612     $ 360     $ 1,618  
Non-mortgage-related securities
    4       28             80  
                                 
Total
  $ 135     $ 640     $ 360     $ 1,698  
                                 
Net trading gains recorded in the period related to securities still held at period end:
                               
Mortgage-related securities
  $ 131     $ 567     $ 354     $ 1,499  
Non-mortgage-related securities
    7       24       8       70  
                                 
Total
  $ 138     $ 591     $ 362     $ 1,569  
                                 


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