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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income:        
Trading securities $ 99 $ 151 $ 330 $ 421
Available-for-sale securities 261 395 931 1,249
Mortgage loans (includes $24,537 and $25,217, respectively, for the three months ended and $73,426 and $76,704, respectively, for the nine months ended related to consolidated trusts) 26,980 27,779 80,706 84,532
Other 37 29 104 77
Total interest income 27,377 28,354 82,071 86,279
Interest expense:        
Short-term debt 37 26 99 67
Long-term debt (includes $19,891 and $21,094, respectively, for the three months ended and $59,934 and $64,862, respectively, for the nine months ended related to consolidated trusts) 21,752 23,144 65,640 71,386
Total interest expense 21,789 23,170 65,739 71,453
Net interest income 5,588 5,184 16,332 14,826
Benefit for credit losses 1,550 1,085 1,050 3,498
Net interest income after benefit for credit losses 7,138 6,269 17,382 18,324
Non-interest income (loss)        
Investment gains, net 299 171 1,155 749
Fair value losses, net (2,589) (207) (1,902) (2,331)
Debt extinguishment gains (losses), net (11) 11 0 49
Fee and other income 259 826 1,123 5,564
Non-interest income (loss) (2,042) 801 376 4,031
Administrative expenses:        
Salaries and employee benefits 317 337 999 981
Professional services 219 263 741 780
Occupancy expenses 43 47 129 144
Other administrative expenses 373 59 495 170
Total administrative expenses 952 706 2,364 2,075
Foreclosed property expense (income) 497 249 1,152 (227)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees 413 351 1,192 1,008
Other expenses, net 204 72 412 479
Total expenses 2,066 1,378 5,120 3,335
Income before federal income taxes 3,030 5,692 12,638 19,020
Provision for federal income taxes (1,070) (1,787) (4,150) (6,123)
Net income 1,960 3,905 8,488 12,897
Other comprehensive income (loss):        
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes (177) 63 (548) 480
Other 430 32 428 32
Total other comprehensive income (loss) 253 95 (120) 512
Total comprehensive income 2,213 4,000 8,368 13,409
Less: Comprehensive income attributable to noncontrolling interest 0 0 0 (1)
Total comprehensive income attributable to Fannie Mae 2,213 4,000 8,368 13,408
Less: Net income attributable to noncontrolling interest 0 0 0 (1)
Net income attributable to Fannie Mae 1,960 3,905 8,488 12,896
Dividends distributed or available for distribution to senior preferred stockholder (Note 10) (2,202) (3,999) (8,357) (13,403)
Net income (loss) attributable to common stockholders (Note 10) $ (242) $ (94) $ 131 $ (507)
Earnings (loss) per share, Basic (in dollars per share) $ (0.04) $ (0.02) $ 0.02 $ (0.09)
Earnings (loss) per share, Diluted (in dollars per share) $ (0.04) $ (0.02) $ 0.02 $ (0.09)
Weighted-average common shares outstanding, Basic 5,762 5,762 5,762 5,762
Weighted-average common shares outstanding, Diluted 5,762 5,762 5,893 5,762