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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)
 
7.   Acquired Property, Net
 
Acquired property, net consists of held for sale foreclosed property received in full satisfaction of a loan net of a valuation allowance for declines in the fair value of foreclosed properties after initial acquisition. We classify as held for sale those properties that we intend to sell and are actively marketed for sale. The following table displays the activity in acquired property and the related valuation allowance for the three and six months ended June 30, 2011 and 2010.
 
                                                 
    For the Three Months Ended     For the Six Months Ended  
    June 30, 2011     June 30, 2011  
    Acquired
    Valuation
    Acquired
    Acquired
    Valuation
    Acquired
 
    Property     Allowance(1)     Property, Net     Property     Allowance(1)     Property, Net  
    (Dollars in millions)  
 
Balance as of beginning of period
  $ 16,928     $ (1,664 )   $ 15,264     $ 18,054     $ (1,881 )   $ 16,173  
Additions
    4,998       (149 )     4,849       9,887       (278 )     9,609  
Disposals
    (7,011 )     788       (6,223 )     (13,026 )     1,518       (11,508 )
Write-downs, net of recoveries
          (298 )     (298 )           (682 )     (682 )
                                                 
Balance as of end of period
  $ 14,915     $ (1,323 )   $ 13,592     $ 14,915     $ (1,323 )   $ 13,592  
                                                 
 
                                                 
    For the Three Months Ended     For the Six Months Ended  
    June 30, 2010     June 30, 2010  
    Acquired
    Valuation
    Acquired
    Acquired
    Valuation
    Acquired
 
    Property     Allowance(1)     Property, Net     Property     Allowance(1)     Property, Net  
    (Dollars in millions)  
 
Balance as of beginning of period
  $ 13,053     $ (684 )   $ 12,369     $ 9,716     $ (574 )   $ 9,142  
Additions
    6,828       (238 )     6,590       13,590       (290 )     13,300  
Disposals
    (4,740 )     319       (4,421 )     (8,165 )     525       (7,640 )
Write-downs, net of recoveries
          (517 )     (517 )           (781 )     (781 )
                                                 
Balance as of end of period
  $ 15,141     $ (1,120 )   $ 14,021     $ 15,141     $ (1,120 )   $ 14,021  
                                                 
 
 
(1) Reflects activities in the valuation allowance for acquired properties held primarily by our single-family segment.


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