Fannie Mae 2007 Annual Report Download - page 191

FANNIE MAE
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
2007 2006
As of December 31,
ASSETS
Cash and cash equivalents (includes cash equivalents pledged as collateral that may be sold or repledged
of $215 as of December 31, 2006) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,941 $ 3,239
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561 733
Federal funds sold and securities purchased under agreements to resell . . . . . . . . . . . . . . . . . . . . . . . . 49,041 12,681
Investments in securities:
Trading, at fair value (includes Fannie Mae MBS of $40,458 and $11,070 as of December 31, 2007
and 2006, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,956 11,514
Available-for-sale, at fair value (includes Fannie Mae MBS of $138,943 and $185,608 as of
December 31, 2007 and 2006, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,557 378,598
Total investments in securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,513 390,112
Mortgage loans:
Loans held for sale, at lower of cost or market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,008 4,868
Loans held for investment, at amortized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,214 379,027
Allowance for loan losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (698) (340)
Total loans held for investment, net of allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,516 378,687
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,524 383,555
Advances to lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,377 6,163
Accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,812 3,672
Acquired property, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,602 2,141
Derivative assets at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,797 4,931
Guaranty assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,666 7,692
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,967 8,505
Partnership investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 10,571
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,746 9,941
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $882,547 $843,936
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,512 $ 7,847
Federal funds purchased and securities sold under agreements to repurchase . . . . . . . . . . . . . . . . . . . 869 700
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,160 165,810
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 562,139 601,236
Derivative liabilities at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,417 1,184
Reserve for guaranty losses (includes $211 and $46 as of December 31, 2007 and 2006, respectively,
related to Fannie Mae MBS included in Investments in securities) . . . . . . . . . . . . . . . . . . . . . . . . 2,693 519
Guaranty obligations (includes $661 and $390 as of December 31, 2007 and 2006, respectively, related
to Fannie Mae MBS included in Investments in securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,393 11,145
Partnership liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,824 3,695
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,422 10,158
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 838,429 802,294
Minority interests in consolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 136
Commitments and contingencies (see Note 20). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Stockholders’ Equity:
Preferred stock, 700,000,000 and 200,000,000 shares authorized as of December 31, 2007 and 2006,
respectively; 466,375,000 and 132,175,000 shares issued and outstanding as of December 31, 2007
and 2006, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,913 9,108
Common stock, no par value, no maximum authorization—1,129,090,420 shares issued as of
December 31, 2007 and 2006; 974,104,578 shares and 972,110,681 shares outstanding as of
December 31, 2007 and 2006, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593 593
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,831 1,942
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,548 37,955
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,362) (445)
Treasury stock, at cost, 154,985,842 shares and 156,979,739 shares as of December 31, 2007 and 2006,
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,512) (7,647)
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,011 41,506
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $882,547 $843,936
See Notes to Consolidated Financial Statements.
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