Fannie Mae 2009 Annual Report Download - page 310

Available-for-Sale Securities
We measure AFS securities at fair value with unrealized gains and losses recorded as a component of AOCI,
net of tax, in our consolidated balance sheets. We record realized gains and losses from the sale of AFS
securities in “Investment gains (losses), net” in our consolidated statements of operations.
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the
years ended December 31, 2009, 2008 and 2007.
2009 2008 2007
For the Year Ended December 31,
(Dollars in millions)
Gross realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,521 $ 4,022 $ 1,929
Gross realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,080 3,635 1,226
Total proceeds
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,664 130,991 71,960
(1)
Excluding proceeds from the initial sale of securities from new portfolio securitizations as defined in “Note 6,
Portfolio Securitizations.”
The following tables display the amortized cost, gross unrealized gains and losses and fair value by major
security type for AFS securities we held as of December 31, 2009 and 2008.
Total
Amortized
Cost
(1)
Gross
Unrealized
Gains
Gross
Unrealized
Losses -
OTTI
(2)
Gross
Unrealized
Losses -
Other
(3)
Total
Fair
Value
As of December 31, 2009
(Dollars in millions)
Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . $148,074 $6,413 $ (23) $ (45) $154,419
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . 26,281 1,192 — (4) 27,469
Ginnie Mae . . . . . . . . . . . . . . . . . . . . . . . . . 1,253 102 — (2) 1,353
Alt-A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,836 41 (2,738) (989) 14,150
Subprime. . . . . . . . . . . . . . . . . . . . . . . . . . . 13,232 33 (1,774) (745) 10,746
CMBS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,797 — — (2,604) 13,193
Mortgage revenue bonds . . . . . . . . . . . . . . . . 13,679 71 (44) (860) 12,846
Other mortgage-related securities . . . . . . . . . . 4,225 29 (235) (467) 3,552
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $240,377 $7,881 $(4,814) $(5,716) $237,728
Total
Amortized
Cost
(1)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Fair
Value
As of December 31, 2008
(4)
(Dollars in millions)
Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $171,945 $4,564 $ (265) $176,244
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,855 758 (43) 31,570
Ginnie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,493 78 (1) 1,570
Alt-A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,576 7 (4,307) 15,276
Subprime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,740 11 (4,433) 14,318
CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,036 — (4,550) 11,486
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . 14,636 29 (2,177) 12,488
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . 4,425 35 (924) 3,536
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $277,706 $5,482 $(16,700) $266,488
F-52
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)