Fannie Mae 2010 Annual Report Download - page 293

Fair Value Losses, Net
The following table displays the composition of “Fair value losses, net” for the years ended December 31,
2010, 2009 and 2008.
2010 2009 2008
For the Year Ended December 31,
(Dollars in millions)
Derivatives fair value losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(3,000) $(6,350) $(15,416)
Trading securities gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,692 3,744 (7,040)
Hedged mortgage asset gains, net
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 2,154
Debt foreign exchange gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . (77) (173) 230
Debt fair value gain (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (32) (57)
Mortgage loans fair value losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (131) — —
Fair value losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (511) $(2,811) $(20,129)
(1)
Represents adjustments to the carrying value of mortgage assets designated for hedge accounting that are attributable
to changes in interest rates.
Reclassifications
To conform to our current period presentation, we have reclassified amounts reported in our consolidated
financial statements.
In our consolidated balance sheet as of December 31, 2009, we reclassified $536 million from “Allowance for
loan losses” to “Allowance for accrued interest receivable.” Also, the following table displays the balance
sheet line items that were reclassified to “Other assets” and “Other liabilities.”
Before
Reclassification
After
Reclassification
As of December 31, 2009
(Dollars in millions)
Reclassified lines to:
Other assets:
Advances to lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,449 $
Derivative assets, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,474
Guaranty assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,356
Deferred tax assets, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909
Partnership investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,372
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,559 30,119
Total other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,119 $30,119
Other liabilities:
Derivatives liabilities, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,029 $
Guaranty obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,996
Partnership liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,541
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,020 24,586
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,586 $24,586
In our consolidated statements of operations, we reclassified $63.1 billion and $9.6 billion for 2009 from
“Provision for credit losses,” which is no longer presented, to “Provision for guaranty losses” and “Provision
F-35
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)