Fannie Mae 2007 Annual Report Download - page 19

TABLE OF CONTENTS
PARTI......................................................................... 1
Item 1. Business ............................................................... 1
Overview ............................................................... 1
Residential Mortgage Market Overview......................................... 1
Our Customers . . . ........................................................ 3
Business Segments ........................................................ 4
Competition ............................................................. 12
Our Charter and Regulation of Our Activities .................................... 12
Executive Officers ........................................................ 20
Employees .............................................................. 21
Where You Can Find Additional Information .................................... 22
Forward-Looking Statements ................................................ 22
Item 1A. Risk Factors ............................................................. 24
Company Risks . . ........................................................ 24
Risks Relating to Our Industry ............................................... 33
Item 1B. Unresolved Staff Comments ................................................. 35
Item 2. Properties............................................................... 35
Item 3. Legal Proceedings ........................................................ 35
Item 4. Submission of Matters to a Vote of Security Holders ............................... 40
PARTII........................................................................ 42
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities ....................................................... 42
Item 6. Selected Financial Data .................................................... 45
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . 48
Executive Summary ....................................................... 48
Critical Accounting Policies and Estimates ...................................... 51
Consolidated Results of Operations ........................................... 60
Business Segment Results................................................... 82
Consolidated Balance Sheet Analysis .......................................... 87
Supplemental Non-GAAP Information—Fair Value Balance Sheets .................... 100
Liquidity and Capital Management ............................................ 108
Off-Balance Sheet Arrangements and Variable Interest Entities ....................... 116
Risk Management ........................................................ 119
Impact of Future Adoption of New Accounting Pronouncements ...................... 150
Glossary of Terms Used in This Report......................................... 151
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.......................... 156
Item 8. Financial Statements and Supplementary Data .................................... 156
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . 156
Item 9A. Controls and Procedures .................................................... 156
Item 9B. Other Information ........................................................ 160
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