Fannie Mae 2010 Annual Report Download - page 360

Single-
Family Multifamily
Capital
Markets Total
For the Year Ended December 31, 2008
(Dollars in millions)
Net interest income (expense)
(1)
............................. $ 461 $ (343) $ 8,664 $ 8,782
Guaranty fee income (expense)
(2)
............................. 8,390 633 (1,402) 7,621
Investment losses, net . ................................... (72) — (174) (246)
Net other-than-temporary impairments ......................... — — (6,974) (6,974)
Fair value losses, net . . ................................... — — (20,129) (20,129)
Debt extinguishment losses, net .............................. — — (222) (222)
Losses from partnership investments . . ......................... — (1,554) — (1,554)
Fee and other income
(3)
.................................. 583 186 264 1,033
Administrative expenses ................................... (1,127) (404) (448) (1,979)
Provision for credit losses.................................. (27,881) (70) — (27,951)
Foreclosed property expense . . .............................. (1,844) (14) — (1,858)
Other expenses . ........................................ (823) (133) (137) (1,093)
Loss before federal income taxes and extraordinary losses. . . .......... (22,313) (1,699) (20,558) (44,570)
Provision for federal income taxes . . . ......................... (4,788) (511) (8,450) (13,749)
Loss before extraordinary losses ............................. (27,101) (2,210) (29,008) (58,319)
Extraordinary losses, net of tax effect . ......................... — — (409) (409)
Net loss ............................................ (27,101) (2,210) (29,417) (58,728)
Less: Net loss attributable to the noncontrolling interest . . .......... — 21 — 21
Net loss attributable to Fannie Mae . ......................... $(27,101) $(2,189) $(29,417) $(58,707)
(1)
Includes cost of capital charge.
(2)
The charge to Capital Markets represents an intercompany guaranty fee expense allocated to Capital Markets from
Single-Family and Multifamily for absorbing the credit risk on mortgage loans held in our portfolio.
(3)
Certain prior period amounts have been reclassified to conform to the current period presentation.
The following table displays total assets by segment as of December 31, 2010 and 2009.
2010 2009
As of December 31,
(Dollars in millions)
Single-Family
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,843 $ 19,991
Multifamily
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,881 5,698
Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 873,052 843,452
Consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,673,937 —
Eliminations/adjustments
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (344,741) —
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,221,972 $869,141
(1)
Beginning in 2010, the allowance for loan losses, allowance for accrued interest receivable and fair value losses
previously recognized on acquired credit impaired loans are not treated as assets for Single-Family and Multifamily
segment reporting purposes because these allowances and losses relate to loan assets that are held by the Capital
Markets segment and consolidated trusts.
We operate our business solely in the United States and its territories, and accordingly, we generate no revenue
from and have no assets in geographic locations other than the United States and its territories.
F-102
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)