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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income:        
Trading securities $ 116 $ 143 $ 231 $ 270
Available-for-sale securities 294 414 670 854
Mortgage loans (includes $24,267 and $25,533, respectively, for the three months ended and $48,889 and $51,487, respectively, for the six months ended related to consolidated trusts) 26,682 28,165 53,726 56,753
Other 34 24 67 48
Total interest income 27,126 28,746 54,694 57,925
Interest expense:        
Short-term debt 33 21 62 41
Long-term debt (includes $19,528 and $21,692, respectively, for the three months ended and $40,043 and $43,768, respectively, for the six months ended related to consolidated trusts) 21,416 23,821 43,888 48,242
Total interest expense 21,449 23,842 43,950 48,283
Net interest income 5,677 4,904 10,744 9,642
(Provision) benefit for credit losses (1,033) 1,639 (500) 2,413
Net interest income after (provision) benefit for credit losses 4,644 6,543 10,244 12,055
Investment gains, net 514 483 856 578
Fair value gains (losses), net 2,606 (934) 687 (2,124)
Debt extinguishment gains, net 3 38 11 38
Fee and other income 556 383 864 4,738
Non-interest income (loss) 3,679 (30) 2,418 3,230
Administrative expenses:        
Salaries and employee benefits 331 319 682 644
Professional services 251 275 522 517
Occupancy expenses 43 47 86 97
Other administrative expenses 64 56 122 111
Total administrative expenses 689 697 1,412 1,369
Foreclosed property expense (income) 182 (214) 655 (476)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees 397 335 779 657
Other expenses, net 205 276 208 407
Total expenses 1,473 1,094 3,054 1,957
Income before federal income taxes 6,850 5,419 9,608 13,328
Provision for federal income taxes (2,210) (1,752) (3,080) (4,336)
Net income 4,640 3,667 6,528 8,992
Other comprehensive (loss) income:        
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes (280) 45 (371) 417
Other (1) 0 (2) 0
Total other comprehensive (loss) income (281) 45 (373) 417
Total comprehensive income 4,359 3,712 6,155 9,409
Less: Comprehensive income attributable to noncontrolling interest 0 (1) 0 (1)
Total comprehensive income attributable to Fannie Mae 4,359 3,711 6,155 9,408
Less: Net income attributable to noncontrolling interest 0 (1) 0 (1)
Net income attributable to Fannie Mae 4,640 3,666 6,528 8,991
Dividends distributed or available for distribution to senior preferred stockholder (Note 10) (4,359) (3,712) (6,155) (9,404)
Net income (loss) attributable to common stockholders (Note 10) $ 281 $ (46) $ 373 $ (413)
Earnings (loss) per share, Basic (in dollars per share) $ 0.05 $ (0.01) $ 0.06 $ (0.07)
Earnings (loss) per share, Diluted (in dollars per share) $ 0.05 $ (0.01) $ 0.06 $ (0.07)
Weighted-average common shares outstanding, Basic 5,762 5,762 5,762 5,762
Weighted-average common shares outstanding, Diluted 5,893 5,762 5,893 5,762