Fannie Mae 2009 Annual Report Download - page 355

Single-Family HCD
Capital
Markets Total
For the Year Ended December 31, 2008
(Dollars in millions)
Net interest income (expense)
(1)
. . . . . . . . . . . . . . . . . . . . . $ 461 $ (343) $ 8,664 $ 8,782
Guaranty fee income (expense)
(2)
. . . . . . . . . . . . . . . . . . . . . 8,390 633 (1,402) 7,621
Trust management income . . . . . . . . . . . . . . . . . . . . . . . . . 256 5 — 261
Investment losses, net
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . (72) — (174) (246)
Net other-than-temporary impairments
(3)
. . . . . . . . . . . . . . . . — — (6,974) (6,974)
Fair value losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (20,129) (20,129)
Debt extinguishment losses, net . . . . . . . . . . . . . . . . . . . . . . — — (222) (222)
Losses from partnership investments . . . . . . . . . . . . . . . . . . — (1,554) — (1,554)
Fee and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 181 264 772
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,127) (404) (448) (1,979)
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . (27,881) (70) — (27,951)
Foreclosed property expense
(3)
. . . . . . . . . . . . . . . . . . . . . . (1,844) (14) — (1,858)
Other expenses
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (823) (133) (137) (1,093)
Loss before federal income taxes and extraordinary losses . . . (22,313) (1,699) (20,558) (44,570)
Provision for federal income taxes . . . . . . . . . . . . . . . . . . . . 4,788 511 8,450 13,749
Loss before extraordinary losses . . . . . . . . . . . . . . . . . . . . . (27,101) (2,210) (29,008) (58,319)
Extraordinary losses, net of tax effect. . . . . . . . . . . . . . . . . . — — (409) (409)
Net loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,101) (2,210) (29,417) (58,728)
Less: Net loss attributable to the noncontrolling interest
(3)
.. — 21—21
Net loss attributable to Fannie Mae . . . . . . . . . . . . . . . . . $(27,101) $(2,189) $(29,417) $(58,707)
(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.
(3)
Certain prior period amounts have been reclassified to conform to the current period presentation.
F-97
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)