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)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
Available-for-Sale Securities
 
We measure AFS securities at fair value with unrealized gains and losses recorded as a component of “Other comprehensive income,” net of tax, and we record realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive loss.
 
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities 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)
 
Gross realized gains
  $ 73     $ 83     $ 133     $ 348  
Gross realized losses
    47       59       53       179  
Total proceeds(1)
    839       1,395       1,229       5,574  
 
 
(1) Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and Transfers of Financial Assets.” For the three and six months ended June 30, 2010, proceeds were reduced by $455 million and $874 million, respectively, from what was previously disclosed, primarily related to deconsolidated REMICs that should have been presented as proceeds from issuance of long-term debt of consolidated trusts.
 
The following tables display the amortized cost, gross unrealized gains and losses and fair value by major security type for AFS securities we held as of June 30, 2011 and December 31, 2010.
 
                                         
    As of June 30, 2011  
                Gross
    Gross
       
    Total
    Gross
    Unrealized
    Unrealized
    Total
 
    Amortized
    Unrealized
    Losses -
    Losses -
    Fair
 
    Cost(1)     Gains     OTTI(2)     Other(3)     Value  
    (Dollars in millions)  
 
Fannie Mae
  $ 18,717     $ 1,379     $ (28 )   $ (3 )   $ 20,065  
Freddie Mac
    13,564       971                   14,535  
Ginnie Mae
    838       128                   966  
Alt-A private-label securities
    14,913       173       (1,783 )     (201 )     13,102  
Subprime private-label securities
    10,905       9       (1,563 )     (442 )     8,909  
CMBS(4)
    14,802       144             (101 )     14,845  
Mortgage revenue bonds
    10,931       78       (55 )     (481 )     10,473  
Other mortgage-related securities
    3,887       118       (18 )     (266 )     3,721  
                                         
Total
  $ 88,557     $ 3,000     $ (3,447 )   $ (1,494 )   $ 86,616  
                                         
 


117