XML 55 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Segment results [Table Text Block]
The following tables display our business segment financial results for the three months ended March 31, 2014 and 2013.
 
For the Three Months Ended March 31, 2014
 
 
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
$
(48
)
 
 
$
(22
)
 
 
$
1,830

 
 
$
2,698

 
 
 
$
280

(3) 
 
$
4,738

 
Benefit for credit losses
745

 
 
29

 
 
—

 
 
—

 
 
 
—

 
 
774

 
Net interest income after benefit for credit losses
697

 
 
7

 
 
1,830

 
 
2,698

 
 
 
280

 
 
5,512

 
Guaranty fee income (expense)(4)
2,870

 
 
311

 
 
(246
)
 
 
(1,427
)
(5) 
 
 
(1,463
)
(5) 
 
45

(5) 
Investment gains (losses), net
—

 
 
3

 
 
1,336

 
 
(58
)
 
 
 
(1,135
)
(6) 
 
146

 
Net other-than-temporary impairments
—

 
 
—

 
 
(51
)
 
 
—

 
 
 
—

 
 
(51
)
 
Fair value (losses) gains, net
(5
)
 
 
—

 
 
(1,337
)
 
 
48

 
 
 
104

(7) 
 
(1,190
)
 
Debt extinguishment (losses) gains, net
—

 
 
—

 
 
(7
)
 
 
7

 
 
 
—

 
 
—

 
Gains from partnership investments(8)
—

 
 
45

 
 
—

 
 
—

 
 
 
—

 
 
45

 
Fee and other income (expense)
144

 
 
24

 
 
4,133

 
 
(76
)
 
 
 
85

 
 
4,310

 
Administrative expenses
(450
)
 
 
(73
)
 
 
(149
)
 
 
—

 
 
 
—

 
 
(672
)
 
Foreclosed property income
257

 
 
5

 
 
—

 
 
—

 
 
 
—

 
 
262

 
TCCA fees(4)
(322
)
 
 
—

 
 
—

 
 
—

 
 
 
—

 
 
(322
)
 
Other expenses
(155
)
 
 
(1
)
 
 
(8
)
 
 
—

 
 
 
(12
)
 
 
(176
)
 
Income before federal income taxes
3,036

 
 
321

 
 
5,501

 
 
1,192

 
 
 
(2,141
)
 
 
7,909

 
(Provision) benefit for federal income taxes
(927
)
 
 
9

 
 
(1,666
)
 
 
—

 
 
 
—

 
 
(2,584
)
 
Net income attributable to Fannie Mae
$
2,109

 
 
$
330

 
 
$
3,835

 
 
$
1,192

 
 
 
$
(2,141
)
 
 
$
5,325

 

 
For the Three Months Ended March 31, 2013(9)
 
 
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)
$
520

 
 
$
(11
)
 
 
$
2,742

 
 
$
2,597

 
 
 
$
456

(3) 
 
$
6,304

 
Benefit for credit losses
781

 
 
176

 
 
—

 
 
—

 
 
 
—

 
 
957

 
Net interest income after benefit for credit losses
1,301

 
 
165

 
 
2,742

 
 
2,597

 
 
 
456

 
 
7,261

 
Guaranty fee income (expense)(4)
2,375

 
 
291

 
 
(299
)
 
 
(1,204
)
(5) 
 
 
(1,109
)
(5) 
 
54

(5) 
Investment gains (losses), net
2

 
 
7

 
 
1,349

 
 
(67
)
 
 
 
(1,173
)
(6) 
 
118

 
Net other-than-temporary impairments
—

 
 
—

 
 
(9
)
 
 
—

 
 
 
—

 
 
(9
)
 
Fair value (losses) gains, net
(2
)
 
 
—

 
 
875

 
 
(204
)
 
 
 
165

(7) 
 
834

 
Debt extinguishment (losses) gains, net
—

 
 
—

 
 
(40
)
 
 
17

 
 
 
—

 
 
(23
)
 
Gains from partnership investments(8)
—

 
 
59

 
 
—

 
 
—

 
 
 
—

 
 
59

 
Fee and other income (expense)
172

 
 
51

 
 
349

 
 
(84
)
 
 
 
26

 
 
514

 
Administrative expenses
(426
)
 
 
(70
)
 
 
(145
)
 
 
—

 
 
 
—

 
 
(641
)
 
Foreclosed property income
253

 
 
7

 
 
—

 
 
—

 
 
 
—

 
 
260

 
TCCA fees(4)
(186
)
 
 
—

 
 
—

 
 
—

 
 
 
—

 
 
(186
)
 
Other (expenses) income
(168
)
 
 
1

 
 
58

 
 
—

 
 
 
(18
)
 
 
(127
)
 
Income before federal income taxes
3,321

 
 
511

 
 
4,880

 
 
1,055

 
  
 
(1,653
)
 
  
8,114

   
Benefit for federal income taxes(10)
31,578

 
 
7,988

 
 
11,005

 
 
—

 
  
 
—

 
  
50,571

   
Net income attributable to Fannie Mae
$
34,899

 
 
$
8,499

 
 
$
15,885

 
 
$
1,055

 
 
 
$
(1,653
)
 
 
$
58,685

 
__________
(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 in the Capital Markets group’s retained mortgage portfolio that on a GAAP basis are eliminated.
(4) 
Includes the impact of the 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which must be remitted to Treasury. The resulting revenue is included in guaranty fee income and the expense is recognized as “TCCA fees.”
(5) 
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.
(6) 
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 in the Capital Markets group’s retained 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.
(7) 
Represents the removal of fair value adjustments on consolidated Fannie Mae MBS classified as trading that are in the Capital Markets group’s retained mortgage portfolio.
(8) 
Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income.
(9) 
Certain prior period amounts have been reclassified to conform with the current period presentation.
(10) 
Represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.