Fannie Mae 2008 Annual Report Download - page 148

Table 32: Supplemental Non-GAAP Consolidated Fair Value Balance Sheets
GAAP
Carrying
Value
Fair Value
Adjustment
(1)
Estimated
Fair Value
GAAP
Carrying
Value
Fair Value
Adjustment
(1)
Estimated
Fair Value
As of December 31, 2008 As of December 31, 2007
(Dollars in millions)
Assets:
Cash and cash equivalents . . . . . . . . . . $ 18,462 $ — $ 18,462
(2)
$ 4,502 $ — $ 4,502
(2)
Federal funds sold and securities
purchased under agreements to
resell . . . . . . . . . . . . . . . . . . . . . . . 57,418 2 57,420
(2)
49,041 — 49,041
(2)
Trading securities . . . . . . . . . . . . . . 90,806 — 90,806
(2)
63,956 — 63,956
(2)
Available-for-sale securities . . . . . . . 266,488 — 266,488
(2)
293,557 — 293,557
(2)
Mortgage loans:
Mortgage loans held for sale. . . . . . . 13,270 351 13,621
(3)
7,008 75 7,083
(3)
Mortgage loans held for investment,
net of allowance for loan losses . . . 412,142 3,069 415,211
(3)
396,516 70 396,586
(3)
Guaranty assets of mortgage loans
held in portfolio. . . . . . . . . . . . . . — 2,255 2,255
(3)(4)
— 3,983 3,983
(3)(4)
Guaranty obligations of mortgage
loans held in portfolio . . . . . . . . . — (11,396) (11,396)
(3)(4)
— (4,747) (4,747)
(3)(4)
Total mortgage loans . . . . . . . . . . 425,412 (5,721) 419,691
(2)(3)
403,524 (619) 402,905
(2)(3)
Advances to lenders . . . . . . . . . . . . . . 5,766 (354) 5,412
(2)
12,377 (328) 12,049
(2)
Derivative assets at fair value . . . . . . . . 869 — 869
(2)
885 — 885
(2)
Guaranty assets and buy-ups, net . . . . . 7,688 1,336 9,024
(2)(4)
10,610 3,648 14,258
(2)(4)
Total financial assets . . . . . . . . . . 872,909 (4,737) 868,172
(2)
838,452 2,701 841,153
(2)
Master servicing assets and credit
enhancements . . . . . . . . . . . . . . . . . 1,232 7,035 8,267
(4)(5)
1,783 2,844 4,627
(4)(5)
Other assets . . . . . . . . . . . . . . . . . . 38,263 (2) 38,261
(5)(6)
39,154 5,418 44,572
(5)(6)
Total assets . . . . . . . . . . . . . . . . . $912,404 $ 2,296 $ 914,700 $879,389 $10,963 $890,352
Liabilities:
Federal funds purchased and securities
sold under agreements to
repurchase . . . . . . . . . . . . . . . . . . . $ 77 $ — $ 77
(2)
$ 869 $ — $ 869
(2)
Short-term debt . . . . . . . . . . . . . . . . . 330,991
(8)
1,299 332,290
(2)
234,160 208 234,368
(2)
Long-term debt. . . . . . . . . . . . . . . . . . 539,402
(8)
34,879 574,281
(2)
562,139 18,194 580,333
(2)
Derivative liabilities at fair value . . . . . 2,715 — 2,715
(2)
2,217 — 2,217
(2)
Guaranty obligations . . . . . . . . . . . . . . 12,147 78,728 90,875
(2)
15,393 5,156 20,549
(2)
Total financial liabilities . . . . . . . . 885,332 114,906 1,000,238
(2)
814,778 23,558 838,336
(2)
Other liabilities. . . . . . . . . . . . . . . . . . 42,229 (22,774) 19,455
(8)
20,493 (4,383) 16,110
(8)
Total liabilities . . . . . . . . . . . . . . 927,561 92,132 1,019,693 835,271 19,175 854,446
Minority interests in consolidated
subsidiaries . . . . . . . . . . . . . . . . . . . 157 — 157 107 — 107
Stockholders’ Equity (Deficit):
Senior preferred . . . . . . . . . . . . . . . . . 1,000 — 1,000 — — —
Preferred . . . . . . . . . . . . . . . . . . . . . . 21,222 (20,674) 548 16,913 (1,565) 15,348
Common . . . . . . . . . . . . . . . . . . . . . . (37,536) (69,162) (106,698) 27,098 (6,647) 20,451
Total stockholders’ equity
(deficit)/non-GAAP fair value
of net assets .............. $ (15,314) $ (89,836) $ (105,150) $ 44,011 $ (8,212) $ 35,799
Total liabilities and stockholders’
equity . . . . . . . . . . . . . . . . . . . $912,404 $ 2,296 $ 914,700 $879,389 $10,963 $890,352
Explanation and Reconciliation of Non-GAAP Measures to GAAP Measures
(1)
Each of the amounts listed as a “fair value adjustment” represents the difference between the carrying value included
in our GAAP consolidated balance sheets and our best judgment of the estimated fair value of the listed item.
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