Fannie Mae 2009 Annual Report Download - page 300

The following table displays the carrying amount and classification of assets and liabilities of consolidated
VIEs as of December 31, 2009 and 2008.
2009 2008
As of December 31,
(Dollars in millions)
Assets:
MBS trusts:
Loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $49,939 $59,126
Available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,337 2,208
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,173 1,429
Trading securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,100 993
Total MBS trusts
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,549 63,756
Limited partnerships:
Partnership investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 5,697
Cash, cash equivalents and restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 146
Total limited partnership investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451 5,843
Total assets of consolidated VIEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $61,000 $69,599
Liabilities:
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,218 $ 5,094
Partnership liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 2,585
Total liabilities of consolidated VIEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,603 $ 7,679
(1)
The assets of consolidated MBS trusts are restricted solely for the purpose of servicing the related MBS.
As of December 31, 2009, we consolidated $5.8 billion in assets related to MBS trusts that were not
consolidated as of December 31, 2008. We did not consolidated these assets as of December 31, 2008 because
we did not have the unilateral ability to liquidate the trusts. We consolidated these assets as of December 31,
2009 because we purchased additional MBS during the period such that we owned 100% of the trusts as of
that date.
As of December 31, 2008, we consolidated $5.9 billion in assets related to MBS trusts that were no longer
consolidated as of December 31, 2009 because we sold all or a portion of our ownership interests in the
related MBS trusts such that we no longer had the unilateral ability to liquidate these trusts. For the year
ended December 31, 2009, we recognized a gain of $171 million upon deconsolidation of VIEs. The portion
of this gain related to the remeasurement of retained investment in the trust to its fair value was $37 million
for the year ended December 31, 2009.
Non-consolidated VIEs
We also have investments in VIEs that we do not consolidate because we are not deemed to be the primary
beneficiary. These non-consolidated VIEs include securitization trusts and certain LIHTC partnerships, as well
as other equity investments. We also are the sponsor of various securitization trusts where we may or may not
have a significant variable interest in the entity, including trusts that meet the definition of a QSPE.
F-42
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)