Fannie Mae 2011 Annual Report Download - page 244

FANNIE MAE
(In conservatorship)
Consolidated Statements of Cash Flows
(Dollars in millions)
For the Year Ended December 31,
2011 2010 2009
Cash flows used in operating activities:
Net loss ..................................................................... $ (16,855) $ (14,018) $ (72,022)
Reconciliation of net loss to net cash used in operating activities:
Amortization of cost basis adjustments ........................................... (369) 126 2,568
Provisions for loan and guaranty losses .......................................... 26,718 24,896 72,626
Valuation (gains) losses ....................................................... (408) (1,289) 3,425
(Gains) losses from partnership investments ....................................... (82) 74 6,735
Current and deferred federal income taxes ........................................ 1,044 258 (1,919)
Purchases of loans held for sale ................................................ (737) (81) (109,684)
Proceeds from repayments of loans held for sale ................................... 68 88 2,413
Net change in trading securities, excluding non-cash transfers ........................ (17,048) (23,612) 11,976
Payments to servicers for foreclosed property expense and servicer incentive fees ......... (5,394) (5,658) (2,570)
Other, net .................................................................. (2,175) (8,179) 543
Net cash used in operating activities ............................................... (15,238) (27,395) (85,909)
Cash flows provided by investing activities:
Purchases of trading securities held for investment ................................. (2,951) (8,547) (48,659)
Proceeds from maturities of trading securities held for investment ..................... 2,591 2,638 12,918
Proceeds from sales of trading securities held for investment ......................... 1,526 21,556 39,261
Purchases of available-for-sale securities ......................................... (192) (413) (165,103)
Proceeds from maturities of available-for-sale securities ............................. 13,552 17,102 48,096
Proceeds from sales of available-for-sale securities ................................. 3,192 7,867 306,598
Purchases of loans held for investment ........................................... (78,099) (86,724) (52,148)
Proceeds from repayments of loans held for investment of Fannie Mae ................. 25,190 20,715 30,958
Proceeds from repayments of loans held for investment of consolidated trusts ............ 544,145 574,740 26,184
Net change in restricted cash ................................................... 12,881 (15,025) —
Advances to lenders .......................................................... (70,914) (74,130) (79,163)
Proceeds from disposition of acquired property and short sales ........................ 47,248 39,682 22,667
Contributions to partnership investments ......................................... (178) (351) (688)
Proceeds from partnership investments ........................................... 283 129 87
Net change in federal funds sold and securities purchased under agreements to resell or
similar agreements ......................................................... (34,249) 41,471 4,230
Other, net .................................................................. 363 (531) (27,503)
Net cash provided by investing activities ........................................... 464,388 540,179 117,735
Cash flows used in financing activities:
Proceeds from the issuance of debt of Fannie Mae .................................. 766,598 1,155,993 1,930,907
Payments to redeem debt of Fannie Mae ......................................... (815,838) (1,146,363) (2,030,705)
Proceeds from issuance of debt of consolidated trusts ............................... 233,516 276,575 58
Payments to redeem debt of consolidated trusts .................................... (647,695) (808,502) (601)
Payments of cash dividends on senior preferred stock to Treasury ..................... (9,613) (7,706) (2,470)
Proceeds from senior preferred stock purchase agreement with Treasury ................ 23,978 27,700 59,900
Net change in federal funds purchased and securities sold under agreements to
repurchase ............................................................... — 49 (54)
Other, net .................................................................. 146 (45) 18
Net cash used in financing activities ............................................... (448,908) (502,299) (42,947)
Net increase (decrease) in cash and cash equivalents ............................... 242 10,485 (11,121)
Cash and cash equivalents at beginning of period .................................... 17,297 6,812 17,933
Cash and cash equivalents at end of period .......................................... $ 17,539 $ 17,297 $ 6,812
Cash paid during the period for:
Interest ...................................................................... $128,806 $ 140,651 $ 26,344
Income taxes ................................................................. — — 876
Non-cash activities (excluding impact of the transition to the consolidation accounting
guidance):
Net mortgage loans acquired by assuming debt ...................................... $448,437 $ 484,699 $ —
Net transfers from (to) mortgage loans held for investment of Fannie Mae to (from) mortgage
loans held for investment of consolidated trusts .................................... 33,859 (121,852) —
Transfers from advances to lenders to investments in securities ......................... — — 77,191
Transfers from advances to lenders to loans held for investment of consolidated trusts ....... 69,223 68,385 —
Net transfers from mortgage loans to acquired property ................................
56,517 66,081 5,707
See Notes to Consolidated Financial Statements
F-5