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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)
 
 
The following tables display realized and unrealized gains and losses included in our condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2011 and 2010, for our Level 3 assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis.
 
                                         
    For the Three Months Ended June 30, 2011
            Net
       
        Fair Value
  Other-than-
       
    Interest
  Gains
  Temporary
       
    Income   (Losses), net   Impairments   Other   Total
    (Dollars in millions)
 
Total realized and unrealized gains (losses) included in net loss
  $ 135     $ 8     $ (6 )   $ 4     $ 141  
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011
  $ (1 )   $ (7 )   $     $     $ (8 )
                                         
 
                                         
    For the Six Months Ended June 30, 2011
            Net
       
        Fair Value
  Other-than-
       
    Interest
  Gains
  Temporary
       
    Income   (Losses), net   Impairments   Other   Total
    (Dollars in millions)
 
Total realized and unrealized gains (losses) included in net loss
  $ 270     $ (16 )   $ (23 )   $ 7     $ 238  
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011
  $ (1 )   $ (33 )   $     $     $ (34 )
 
                                         
    For the Three Months Ended June 30, 2010
            Net
       
        Fair Value
  Other-than-
       
    Interest
  Gains
  Temporary-
       
    Income   (Losses), net   Impairments   Other   Total
    (Dollars in millions)
 
Total realized and unrealized gains (losses) included in net loss
  $ 101     $ 192     $ (7 )   $ 9     $ 295  
Net unrealized gains related to Level 3 assets and liabilities still held as of June 30, 2010
  $     $ 182     $     $ 2     $ 184  
                                         
 
                                         
    For the Six Months Ended June 30, 2010
            Net
       
        Fair Value
  Other-than-
       
    Interest
  Gains
  Temporary-
       
    Income   (Losses), net   Impairments   Other   Total
    (Dollars in millions)
 
Total realized and unrealized gains (losses) included in net loss
  $ 212     $ 325     $ (219 )   $ 14     $ 332  
Net unrealized gains related to Level 3 assets and liabilities still held as of June 30, 2010
  $     $ 221     $     $ 4     $ 225  
 
We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation techniques we use for assets and liabilities measured at fair value on a recurring basis, as well as our basis for classifying these assets and liabilities as Level 1, Level 2 or Level 3. These valuation techniques are also used to estimate the fair value of financial instruments not carried at fair value but disclosed as part of the fair value of financial instruments.


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