Fannie Mae 2006 Annual Report Download - page 268
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5. Investments in Securities
Our securities portfolio contains mortgage-related and non-mortgage-related securities. The following table
displays our investments in securities, which are presented at fair value as of December 31, 2006 and 2005.
2006 2005
As of December 31,
(Dollars in millions)
Mortgage-related securities:
Fannie Mae single-class MBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $121,994 $158,349
Non-Fannie Mae structured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,300 86,006
Fannie Mae structured MBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,684 74,102
Non-Fannie Mae single-class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,590 26,859
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,221 19,179
Other
(1)
........................................................ 3,750 4,463
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342,539 368,958
Non-mortgage-related securities:
Asset-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,914 19,190
Corporate debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,594 11,840
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,010 5,139
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055 947
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,573 37,116
Total investments in securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $390,112 $406,074
(1)
Includes commitments related to mortgage-related securities that are accounted for as securities.
Trading Securities
Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Investment
losses, net” in the consolidated statements of income. The following table displays our investments in trading
securities and the amount of losses recognized from holding these securities as of December 31, 2006 and
2005.
2006 2005
As of December 31,
(Dollars in millions)
Fannie Mae single-class MBS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,070 $14,607
Non-Fannie Mae single-class mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . 444 503
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,514 $15,110
Losses in trading securities held in our portfolio, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 274 $ 282
F-37
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)