XML 77 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
Segment results [Table Text Block]
The following tables display our business segment financial results for the three and nine months ended September 30, 2013 and 2012.
 
For the Three Months Ended September 30, 2013
 
Business Segments
 
Other Activity/Reconciling Items
 
 
 
 
Single-Family
 
Multifamily
 
Capital Markets
 
Consolidated Trusts(1)
 
Eliminations/ Adjustments(2)
 
Total Results
 
 
(Dollars in millions)
 
Net interest (loss) income
$
(152
)
 
 
$
(31
)
 
 
 
$
2,311

 
 
 
$
3,085

 
 
 
$
369

(3) 
 
$
5,582

 
Benefit for credit losses
2,471

 
 
138

 
 
 
—

 
 
 
—

 
 
 
—

 
 
2,609

 
Net interest income after benefit for credit losses
2,319

 
 
107

 
 
 
2,311

 
 
 
3,085

 
 
 
369

 
 
8,191

 
Guaranty fee income (expense)
2,719

 
 
311

 
 
 
(273
)
 
 
 
(1,345
)
(4) 
 
 
(1,361
)
(4) 

51

(4) 
Investment gains, net
1

 
 
3

 
 
 
1,590

 
 
 
77

 
 
 
(1,023
)
(5) 

648

 
Net other-than-temporary impairments
—

 
 
—

 
 
 
(27
)
 
 
 
—

 
 
 
—

 
 
(27
)
 
Fair value (losses) gains, net
(2
)
 
 
—

 
 
 
371

 
 
 
(120
)
 
 
 
86

(6) 

335

 
Debt extinguishment gains, net
—

 
 
—

 
 
 
54

 
 
 
38

 
 
 
—

 
 
92

 
Gains from partnership investments
—

 
 
121

 
 
 
—

 
 
 
—

 
 
 
7

 
 
128

(7) 
Fee and other income (expense)
151

 
 
26

 
 
 
525

 
 
 
(84
)
 
 
 
72

 
 
690

 
Administrative expenses
(436
)
 
 
(73
)
 
 
 
(137
)
 
 
 
—

 
 
 
—

 
 
(646
)
 
Foreclosed property income (expense)
1,171

 
 
(6
)
 
 
 
—

 
 
 
—

 
 
 
—

 
 
1,165

 
Other expenses
(427
)
 
 
(3
)
 
 
 
(19
)
 
 
 
—

 
 
 
(79
)
 
 
(528
)
 
Income before federal income taxes
5,496

 
 
486

 
 
 
4,395

 
 
 
1,651

 
 
 
(1,929
)
 
 
10,099

 
Provision for federal income taxes
(751
)
 
 
(8
)
 
 
 
(596
)
 
 
 
—

 
 
 
—

 
 
(1,355
)
 
Net income
4,745

 
 
478

 
 
 
3,799

 
 
 
1,651

 
 
 
(1,929
)
 
 
8,744

 
Less: Net income attributable to noncontrolling interest
—

 
 
—

 
 
 
—

 
 
 
—

 
 
 
(7
)
(8) 
 
(7
)
 
Net income attributable to Fannie Mae
$
4,745

 
 
$
478

 
 
 
$
3,799

 
 
 
$
1,651

 
 
 
$
(1,936
)
 
 
$
8,737

 
 
For the Nine Months Ended September 30, 2013
 
 
Business Segments
 
Other Activity/Reconciling Items
 
 
 
 
Single-Family
 
Multifamily
 
Capital Markets
 
Consolidated Trusts(1)
 
Eliminations/ Adjustments(2)
 
Total Results
 
 
(Dollars in millions)
 
Net interest income (loss)
$
318

 
 
$
(59
)
 
 
$
7,733

 
 
$
8,303

 
 
 
$
1,258

(3) 
 
$
17,553

 
Benefit for credit losses
8,605

 
 
344

 
 
—

 
 
—

 
 
 
—

 
 
8,949

 
Net interest income after benefit for credit losses
8,923

 
 
285

 
 
7,733

 
 
8,303

 
 
 
1,258

 
 
26,502

 
Guaranty fee income (expense)
7,638

 
 
902

 
 
(855
)
 
 
(3,832
)
(4) 
 
 
(3,697
)
(4) 
 
156

(4) 
Investment gains (losses), net
4

 
 
14

 
 
3,837

 
 
(79
)
 
 
 
(2,720
)
(5) 
 
1,056

 
Net other-than-temporary impairments
—

 
 
—

 
 
(42
)
 
 
—

 
 
 
—

 
 
(42
)
 
Fair value (losses) gains, net
(5
)
 
 
—

 
 
2,087

 
 
(538
)
 
 
 
454

(6) 
 
1,998

 
Debt extinguishment gains, net
—

 
 
—

 
 
17

 
 
79

 
 
 
—

 
 
96

 
Gains from partnership investments
—

 
 
284

 
 
—

 
 
—

 
 
 
18

 
 
302

(7) 
Fee and other income (expense)
502

 
 
115

 
 
1,129

 
 
(254
)
 
 
 
146

 
 
1,638

 
Administrative expenses
(1,281
)
 
 
(210
)
 
 
(422
)
 
 
—

 
 
 
—

 
 
(1,913
)
 
Foreclosed property income
1,752

 
 
5

 
 
—

 
 
—

 
 
 
—

 
 
1,757

 
Other (expenses) income
(1,168
)
 
 
(2
)
 
 
31

 
 
—

 
 
 
(118
)
 
 
(1,257
)
 
Income before federal income taxes
16,365

 
 
1,393

 
 
13,515

 
 
3,679

 
 
 
(4,659
)
 
 
30,293

 
Benefit for federal income taxes(9)
29,777

 
 
7,970

 
 
9,484

 
 
—

 
 
 
—

 
 
47,231

 
Net income
46,142

 
 
9,363

 
 
22,999

 
 
3,679

 
 
 
(4,659
)
 
 
77,524

 
Less: Net income attributable to noncontrolling interest
—

 
 
—

 
 
—

 
 
—

 
 
 
(18
)
(8) 
 
(18
)
 
Net income attributable to Fannie Mae
$
46,142

 
 
$
9,363

 
 
$
22,999

 
 
$
3,679

 
 
 
$
(4,677
)
 
 
$
77,506

 

 
For the Three Months Ended September 30, 2012
 
Business Segments
 
Other Activity/Reconciling Items
 
 
 
 
Single-Family
 
Multifamily
 
Capital Markets
 
Consolidated Trusts(1)
 
Eliminations/ Adjustments(2)
 
Total Results
 
 
(Dollars in millions)
 
Net interest (loss) income
$
(192
)
 
 
$
(1
)
 
 
$
3,247

 
 
$
1,778

 
 
 
$
485

(3) 
 
$
5,317

 
(Provision) benefit for credit losses
(2,176
)
 
 
97

 
 
—

 
 
—

 
 
 
—

 
 
(2,079
)
 
Net interest (loss) income after (provision) benefit for credit losses
(2,368
)
 
 
96

 
 
3,247

 
 
1,778

 
 
 
485

 
 
3,238

 
Guaranty fee income (expense)
2,014

 
 
265

 
 
(319
)
 
 
(1,219
)
(4) 
 
 
(685
)
(4) 
 
56

(4) 
Investment gains (losses), net
5

 
 
11

 
 
2,201

 
 
(64
)
 
 
 
(2,019
)
(5) 
 
134

 
Net other-than-temporary impairments
—

 
 
—

 
 
(38
)
 
 
—

 
 
 
—

 
 
(38
)
 
Fair value losses, net
(1
)
 
 
—

 
 
(961
)
 
 
(58
)
 
 
 
—

(6) 
 
(1,020
)
 
Debt extinguishment losses, net
—

 
 
—

 
 
(46
)
 
 
(8
)
 
 
 
—

 
 
(54
)
 
Gains from partnership investments
—

 
 
43

 
 
—

 
 
—

 
 
 
(8
)
 
 
35

(7) 
Fee and other income (expense)
181

 
 
55

 
 
185

 
 
(94
)
 
 
 
(5
)
 
 
322

 
Administrative expenses
(397
)
 
 
(70
)
 
 
(121
)
 
 
—

 
 
 
—

 
 
(588
)
 
Foreclosed property income
46

 
 
2

 
 
—

 
 
—

 
 
 
—

 
 
48

 
Other expenses
(290
)
 
 
(7
)
 
 
(6
)
 
 
—

 
 
 
(17
)
 
 
(320
)
 
(Loss) income before federal income taxes
(810
)
 
 
395

 
 
4,142

 
 
335

 
  
 
(2,249
)
 
  
1,813

   
(Provision) benefit for federal income taxes
(12
)
 
 
32

 
 
(20
)
 
 
—

 
  
 
—

 
  
—

   
Net (loss) income
(822
)
 
 
427

 
 
4,122

 
 
335

 
 
 
(2,249
)
 
 
1,813

 
Less: Net loss attributable to noncontrolling interest
—

 
 
—

 
 
—

 
 
—

 
 
 
8

(8) 
 
8

 
Net (loss) income attributable to Fannie Mae
$
(822
)
 
 
$
427

 
 
$
4,122

 
 
$
335

 
 
 
$
(2,241
)
 
 
$
1,821

 
 
For the Nine Months Ended September 30, 2012
 
 
Business Segments
 
Other Activity/Reconciling Items
 
 
 
 
Single-Family
 
Multifamily
 
Capital Markets
 
Consolidated Trusts(1)
 
Eliminations/ Adjustments(2)
 
Total Results
 
 
(Dollars in millions)
 
Net interest (loss) income
$
(786
)
 
 
$
(14
)
 
 
$
10,231

 
 
$
5,078

 
 
 
$
1,433

(3) 
 
$
15,942

 
(Provision) benefit for credit losses
(1,273
)
 
 
235

 
 
—

 
 
—

 
 
 
—

 
 
(1,038
)
 
Net interest (loss) income after (provision) benefit for credit losses
(2,059
)
 
 
221

 
 
10,231

 
 
5,078

 
 
 
1,433

 
 
14,904

 
Guaranty fee income (expense)
5,895

 
 
760

 
 
(977
)
 
 
(3,584
)
(4) 
 
 
(1,918
)
(4) 
 
176

(4) 
Investment gains, net
8

 
 
23

 
 
4,666

 
 
50

 
 
 
(4,366
)
(5) 
 
381

 
Net other-than-temporary impairments
—

 
 
—

 
 
(699
)
 
 
(2
)
 
 
 
—

 
 
(701
)
 
Fair value losses, net
(5
)
 
 
—

 
 
(3,252
)
 
 
(66
)
 
 
 
137

(6) 
 
(3,186
)
 
Debt extinguishment (losses) gains, net
—

 
 
—

 
 
(218
)
 
 
37

 
 
 
—

 
 
(181
)
 
Gains from partnership investments
—

 
 
72

 
 
—

 
 
—

 
 
 
(4
)
 
 
68

(7) 
Fee and other income (expense)
588

 
 
151

 
 
551

 
 
(302
)
 
 
 
(16
)
 
 
972

 
Administrative expenses
(1,159
)
 
 
(194
)
 
 
(366
)
 
 
—

 
 
 
—

 
 
(1,719
)
 
Foreclosed property (expense) income
(227
)
 
 
6

 
 
—

 
 
—

 
 
 
—

 
 
(221
)
 
Other expenses
(765
)
 
 
(7
)
 
 
(17
)
 
 
—

 
 
 
(54
)
 
 
(843
)
 
Income before federal income taxes
2,276

 
 
1,032

 
 
9,919

 
 
1,211

 
  
 
(4,788
)
 
  
9,650

   
(Provision) benefit for federal income taxes
(12
)
 
 
32

 
 
(20
)
 
 
—

 
  
 
—

 
  
—

   
Net income
2,264

 
 
1,064

 
 
9,899

 
 
1,211

 
 
 
(4,788
)
 
 
9,650

 
Less: Net loss attributable to noncontrolling interest
—

 
 
—

 
 
—

 
 
—

 
 
 
4

(8) 
 
4

 
Net income attributable to Fannie Mae
$
2,264

 
 
$
1,064

 
 
$
9,899

 
 
$
1,211

 
 
 
$
(4,784
)
 
 
$
9,654

 
__________
(1) 
Represents activity related to the assets and liabilities of consolidated trusts in our condensed consolidated balance sheets.
(2) 
Represents the elimination of intercompany transactions occurring between the three business segments and our consolidated trusts, as well as other adjustments to reconcile to our consolidated results.
(3) 
Represents the amortization expense of cost basis adjustments on securities that are retained in the Capital Markets group’s mortgage portfolio that on a GAAP basis are eliminated.
(4) 
Represents the guaranty fees paid from consolidated trusts to the Single-Family and Multifamily segments. The adjustment to guaranty fee income in the Eliminations/Adjustments column represents the elimination of the amortization of deferred cash fees related to consolidated trusts that were re-established for segment reporting. Total guaranty fee income related to unconsolidated Fannie Mae MBS trusts and other credit enhancement arrangements is included in fee and other income in our condensed consolidated statements of operations and comprehensive income.
(5) 
Primarily represents the removal of realized gains and losses on sales of Fannie Mae MBS classified as available-for-sale securities that are issued by consolidated trusts and retained in the Capital Markets group’s mortgage portfolio. The adjustment also includes the removal of securitization gains (losses) recognized in the Capital Markets segment relating to portfolio securitization transactions that do not qualify for sale accounting under GAAP.
(6) 
Represents the removal of fair value adjustments on consolidated Fannie Mae MBS classified as trading that are retained in the Capital Markets group’s mortgage portfolio.
(7) 
Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income.
(8) 
Represents the adjustment from equity method accounting to consolidation accounting for partnership investments that are consolidated in our condensed consolidated balance sheets.
(9) 
Primarily represents the release of the valuation allowance for our deferred tax assets that primarily are directly attributable to each segment based on the nature of the item.