Consolidations and Transfers of Financial Assets (Tables)

9 Months Ended

Sep. 30, 2013

Consolidations and Transfers of Financial Assets [Abstract]

Unconsolidated Variable Interest Entities [Table Text Block]

The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated mortgage backed-trusts as of September 30, 2013 and December 31, 2012, as well as our maximum exposure to loss and the total assets of those unconsolidated mortgage backed-trusts.



	As of
	September 30, 2013				December 31, 2012
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:⁽¹⁾
Fannie Mae securities		$	6,081			$	6,248
Non-Fannie Mae securities		10,350				16,458
Total trading securities		16,431				22,706
Available-for-sale securities:⁽¹⁾
Fannie Mae securities		7,199				10,435
Non-Fannie Mae securities		29,454				46,569
Total available-for-sale securities		36,653				57,004
Other assets		115				145
Other liabilities		(1,408		)		(1,449		)
Net carrying amount		$	51,791			$	78,406
Maximum exposure to loss⁽¹⁾⁽²⁾		$	58,934			$	87,397
Total assets of unconsolidated mortgage-backed trusts⁽¹⁾		$	367,866			$	645,332

__________


⁽¹⁾	Contains securities recognized in our condensed consolidated balance sheets due to consolidation of certain multi-class resecuritization trusts.


⁽²⁾	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.

Key Characteristics of the Securities Retained in Unconsolidated Portfolio Securitization Trusts [Table Text Block]

The following table displays some key characteristics of the securities retained in unconsolidated portfolio securitization trusts as of September 30, 2013 and December 31, 2012.



	Fannie Mae Single-class MBS & Fannie Mae Megas			REMICS & SMBS⁽¹⁾
	(Dollars in millions)
As of September 30, 2013
Unpaid principal balance	$	366		$	7,388
Fair value	403			8,372
Weighted-average coupon	6.21		%	5.20		%
Weighted-average loan age	7.2		years	5.0		years
Weighted-average maturity	21.7		years	12.9		years

As of December 31, 2012
Unpaid principal balance	$	456		$	8,667
Fair value	504			9,818
Weighted-average coupon	6.20		%	5.53		%
Weighted-average loan age	6.4		years	4.6		years
Weighted-average maturity	22.5		years	15.0		years

__________


⁽¹⁾	Consists of Real Estate Mortgage Investment Conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

Managed Loans [Table Text Block]

The following table displays the unpaid principal balances of managed loans, including those managed loans that were delinquent as of September 30, 2013 and December 31, 2012.



	As of
	September 30, 2013						December 31, 2012
	Unpaid Principal Balance			Principal Amount of Delinquent Loans⁽¹⁾			Unpaid Principal Balance			Principal Amount of Delinquent Loans⁽¹⁾
		(Dollars in millions)
Loans held for investment:
Of Fannie Mae		$	327,061		$	80,067		$	370,354		$	102,504
Of consolidated trusts		2,701,035			11,673			2,607,880			17,829
Loans held for sale		994			141			459			135
Securitized loans		2,147			1			2,272			4
Total loans managed		$	3,031,237		$	91,882		$	2,980,965		$	120,472

__________


⁽¹⁾	Represents the unpaid principal balance of loans held for investment (“HFI”), loans held for sale (“HFS”) and securitized loans for which we are no longer accruing interest and loans 90 days or more delinquent which are continuing to accrue interest.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References+ Details