Fannie Mae 2009 Annual Report Download - page 354

The following table displays our segment results for the years ended December 31, 2009, 2008 and 2007.
Single-Family HCD
Capital
Markets Total
For the Year Ended December 31, 2009
(Dollars in millions)
Net interest income (expense)
(1)
. . . . . . . . . . . . . . . . . . . . . . $ 428 $ (193) $14,275 $ 14,510
Guaranty fee income (expense)
(2)
. . . . . . . . . . . . . . . . . . . . . 8,002 675 (1,466) 7,211
Trust management income . . . . . . . . . . . . . . . . . . . . . . . . . . 39 1 — 40
Investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . (2) — 1,460 1,458
Net other-than-temporary impairments . . . . . . . . . . . . . . . . . . — — (9,861) (9,861)
Fair value losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (2,811) (2,811)
Debt extinguishment losses, net . . . . . . . . . . . . . . . . . . . . . . — — (325) (325)
Losses from partnership investments . . . . . . . . . . . . . . . . . . . — (6,735) — (6,735)
Fee and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 99 319 733
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,419) (363) (425) (2,207)
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . (70,463) (2,163) — (72,626)
Foreclosed property expense. . . . . . . . . . . . . . . . . . . . . . . . . (857) (53) — (910)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,216) (38) (230) (1,484)
Income (loss) before federal income taxes . . . . . . . . . . . . . . . (65,173) (8,770) 936 (73,007)
Provision (benefit) for federal income taxes . . . . . . . . . . . . . . (1,375) 311 79 (985)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63,798) (9,081) 857 (72,022)
Less: Net loss attributable to noncontrolling interest . . . . . . — 53 — 53
Net income (loss) attributable to Fannie Mae . . . . . . . . . . . $(63,798) $(9,028) $ 857 $(71,969)
(1)
Includes cost of capital charge.
(2)
The charge to Capital Markets represents an intercompany guaranty fee expense allocated to Capital Markets from
Single-Family and HCD for absorbing the credit risk on mortgage loans held in our portfolio.
F-96
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)