Fannie Mae 2010 Annual Report Download - page 263

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FANNIE MAE
(In conservatorship)
Consolidated Statements of Cash Flows
(Dollars in millions)
2010 2009 2008
For the Year Ended December 31,
Cash flows (used in) provided by operating activities:
Net loss . ........................................................ $ (14,018) $ (72,022) $ (58,728)
Reconciliation of net loss to net cash (used in) provided by operating activities:
Amortization of cost basis adjustments .................................... 126 2,568 8,189
Provisions for loan and guaranty losses.................................... 24,896 72,626 27,951
Valuation (gains) losses .............................................. (1,289) 3,425 12,725
Losses from partnership investments . .................................... 74 6,735 1,554
Current and deferred federal income taxes . . . ............................... 258 (1,919) 12,904
Extraordinary losses, net of tax effect . .................................... — 409
Purchases of loans held for sale ........................................ (81) (109,684) (56,768)
Proceeds from repayments of loans held for sale . . . .......................... 88 2,413 617
Net change in trading securities, excluding non-cash transfers ..................... (23,612) 11,976 72,689
Other, net ....................................................... (13,837) (2,027) (5,689)
Net cash (used in) provided by operating activities .............................. (27,395) (85,909) 15,853
Cash flows provided by (used in) investing activities:
Purchases of trading securities held for investment . . .......................... (8,547) (48,659) (7,635)
Proceeds from maturities of trading securities held for investment . . ................ 2,638 12,918 9,530
Proceeds from sales of trading securities held for investment. ..................... 21,556 39,261 2,823
Purchases of available-for-sale securities ................................... (413) (165,103) (147,337)
Proceeds from maturities of available-for-sale securities ......................... 17,102 48,096 33,369
Proceeds from sales of available-for-sale securities . . .......................... 7,867 306,598 146,630
Purchases of loans held for investment .................................... (86,724) (52,148) (63,097)
Proceeds from repayments of loans held for investment of Fannie Mae ............... 20,715 30,958 39,098
Proceeds from repayments of loans held for investment of consolidated trusts........... 574,740 26,184 10,230
Net change in restricted cash . ......................................... (15,025) —
Advances to lenders . . .............................................. (74,130) (79,163) (81,483)
Proceeds from disposition of acquired property and preforeclosure sales . . . ........... 39,682 22,667 10,905
Contributions to partnership investments ................................... (351) (688) (1,507)
Proceeds from partnership investments .................................... 129 87 1,042
Net change in federal funds sold and securities purchased under agreements to resell or
similar agreements . .............................................. 41,471 4,230 (9,793)
Other, net ....................................................... (531) (27,503) (15,282)
Net cash provided by (used in) investing activities .............................. 540,179 117,735 (72,507)
Cash flows (used in) provided by financing activities:
Proceeds from issuance of short-term debt of Fannie Mae . . ..................... 699,346 1,641,119 1,913,685
Payments to redeem short-term debt of Fannie Mae . .......................... (748,550) (1,773,977) (1,824,511)
Proceeds from issuance of long-term debt of Fannie Mae . . . ..................... 456,602 289,806 243,180
Payments to redeem long-term debt of Fannie Mae . . .......................... (397,813) (256,728) (266,758)
Proceeds from issuance of short-term debt of consolidated trusts . . . ................ 12,613 — —
Payments to redeem short-term debt of consolidated trusts . . ..................... (37,210) —
Proceeds from issuance of long-term debt of consolidated trusts . . . ................ 263,962 58 377
Payments to redeem long-term debt of consolidated trusts . . ..................... (771,292) (601) (467)
Payments of cash dividends on senior preferred stock to Treasury . . ................ (7,706) (2,470) (31)
Payments of cash dividends on common and preferred stock . ..................... (1,774)
Proceeds from issuance of common and preferred stock ......................... — 7,211
Proceeds from senior preferred stock purchase agreement with Treasury . . . ........... 27,700 59,900
Net change in federal funds purchased and securities sold under agreements to repurchase . . 49 (54) (266)
Net cash (used in) provided by financing activities .............................. (502,299) (42,947) 70,646
Net increase (decrease) in cash and cash equivalents ........................... 10,485 (11,121) 13,992
Cash and cash equivalents at beginning of period ............................... 6,812 17,933 3,941
Cash and cash equivalents at end of period ................................... $ 17,297 $ 6,812 $ 17,933
Cash paid during the period for:
Interest . . ........................................................ $140,651 $ 26,344 $ 35,959
Income taxes . . . ................................................... — 876 845
Non-cash activities (excluding transition-related impacts — see Note 2):
Mortgage loans acquired by assuming debt ................................... $484,699 $ — $ 167
Net transfers from mortgage loans held for investment of consolidated trusts to mortgage loans
held for investment of Fannie Mae . . .................................... 121,852 — —
Transfers from advances to lenders to investments in securities . ..................... 77,191 83,534
Transfers from advances to lenders to loans held for investment of consolidated trusts . ...... 68,385 — —
Net transfers from mortgage loans to acquired property . .......................... 66,081 5,707 4,272
See Notes to Consolidated Financial Statements
F-5