Fannie Mae 2010 Annual Report Download - page 2

TABLE OF CONTENTS
PARTI......................................................................... 1
Item 1. Business ............................................................... 1
Overview ............................................................... 1
Residential Mortgage Market ................................................ 2
Executive Summary ....................................................... 5
Mortgage Securitizations ................................................... 21
Business Segments ........................................................ 23
Conservatorship and Treasury Agreements ...................................... 32
Legislation and GSE Reform ................................................ 37
Our Charter and Regulation of Our Activities .................................... 39
Making Home Affordable Program ............................................ 47
Our Customers . . . ........................................................ 48
Competition ............................................................. 48
Employees .............................................................. 49
Where You Can Find Additional Information .................................... 49
Forward-Looking Statements ................................................ 50
Item 1A. Risk Factors............................................................. 53
Item 1B. Unresolved Staff Comments ................................................. 68
Item 2. Properties............................................................... 68
Item 3. Legal Proceedings ........................................................ 69
Item 4. [Removed and Reserved] ................................................... 70
PARTII. ....................................................................... 70
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities ....................................................... 70
Item 6. Selected Financial Data .................................................... 73
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . 76
Critical Accounting Policies and Estimates ...................................... 76
Consolidated Results of Operations ............................................ 82
Business Segment Results................................................... 104
Consolidated Balance Sheet Analysis .......................................... 121
Supplemental Non-GAAP Information — Fair Value Balance Sheets ................... 126
Liquidity and Capital Management ............................................ 131
Off-Balance Sheet Arrangements ............................................. 145
Risk Management ........................................................ 146
Glossary of Terms Used in This Report......................................... 190
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.......................... 192
Item 8. Financial Statements and Supplementary Data .................................... 192
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . 192
Item 9A. Controls and Procedures .................................................... 193
Item 9B. Other Information ........................................................ 199
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