Fannie Mae 2008 Annual Report Download - page 281

FANNIE MAE
(In conservatorship)
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
2008 2007
As of December 31,
ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,933 $ 3,941
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529 561
Federal funds sold and securities purchased under agreements to resell . . . . . . . . . . . . . . . . . . . . . . . . 57,418 49,041
Investments in securities:
Trading, at fair value (includes Fannie Mae MBS of $58,006 and $40,458 as of December 31, 2008
and 2007, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,806 63,956
Available-for-sale, at fair value (includes Fannie Mae MBS of $176,244 and $138,943 as of
December 31, 2008 and 2007, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,488 293,557
Total investments in securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,294 357,513
Mortgage loans:
Loans held for sale, at lower of cost or fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,270 7,008
Loans held for investment, at amortized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,065 397,214
Allowance for loan losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,923) (698)
Total loans held for investment, net of allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412,142 396,516
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,412 403,524
Advances to lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,766 12,377
Accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,816 3,812
Acquired property, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,918 3,602
Derivative assets at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 869 885
Guaranty assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,043 9,666
Deferred tax assets, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,926 12,967
Partnership investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,314 11,000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,166 10,500
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $912,404 $879,389
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities:
Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,947 $ 7,512
Federal funds purchased and securities sold under agreements to repurchase . . . . . . . . . . . . . . . . . . . 77 869
Short-term debt (includes debt at fair value of $4,500 as of December 31, 2008) . . . . . . . . . . . . . . . . 330,991 234,160
Long-term debt (includes debt at fair value of $21,565 as of December 31, 2008) . . . . . . . . . . . . . . . 539,402 562,139
Derivative liabilities at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,715 2,217
Reserve for guaranty losses (includes $1,946 and $211 as of December 31, 2008 and 2007,
respectively, related to Fannie Mae MBS included in Investments in securities). . . . . . . . . . . . . . . . 21,830 2,693
Guaranty obligations (includes $755 and $661 as of December 31, 2008 and 2007, respectively, related
to Fannie Mae MBS included in Investments in securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,147 15,393
Partnership liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,243 3,824
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,209 6,464
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 927,561 835,271
Minority interests in consolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 107
Commitments and contingencies (Note 21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Stockholders’ Equity (Deficit):
Senior preferred stock, 1,000,000 shares issued and outstanding as of December 31, 2008 . . . . . . . . . . 1,000 —
Preferred stock, 700,000,000 shares are authorized—597,071,401 and 466,375,000 shares issued and
outstanding as of December 31, 2008 and 2007, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,222 16,913
Common stock, no par value, no maximum authorization—1,238,880,988 and 1,129,090,420 shares
issued as of December 31, 2008 and 2007, respectively; 1,085,424,213 shares and
974,104,578 shares outstanding as of December 31, 2008 and 2007, respectively . . . . . . . . . . . . . . 650 593
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,621 1,831
Retained earnings (accumulated deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,790) 33,548
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,673) (1,362)
Treasury stock, at cost, 153,456,775 shares and 154,985,842 shares as of December 31, 2008 and 2007,
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,344) (7,512)
Total stockholders’ equity (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,314) 44,011
Total liabilities and stockholders’ equity (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $912,404 $879,389
See Notes to Consolidated Financial Statements
F-3