Fannie Mae 2012 Annual Report Download - page 71

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Item 6. Selected Financial Data
The selected consolidated financial data displayed below are summarized from our results of operations for the five-year
period ended December 31, 2012, as well as selected consolidated balance sheet data as of the end of each year within this
five-year period. Certain prior period amounts have been reclassified to conform to the current period presentation. This data
should be reviewed in conjunction with the audited consolidated financial statements and related notes and with the MD&A
included in this annual report on Form 10-K.
In 2009, the FASB concurrently revised the accounting guidance related to the consolidation of variable interest entities (the
“consolidation accounting guidance”) and the accounting guidance related to transfers of financial assets. The revisions to the
accounting guidance for these topics replaced the previous accounting model with a qualitative model for determining the
primary beneficiary of a variable interest entity (“VIE”) and also increased the population of entities that are subject to
assessment under the consolidation accounting guidance by removing the scope exception for qualifying special purpose
entities. On January 1, 2010, we prospectively adopted the revised guidance for these topics, which had a significant impact
on the presentation and comparability of our consolidated financial statements. Upon adoption of the consolidation
accounting guidance, we consolidated the substantial majority of our single-class securitization trusts and eliminated
previously recorded deferred revenue from our guaranty arrangements. While some line items in our consolidated financial
statements were not impacted, others were impacted significantly, which reduces the comparability of our results for years
prior to 2010.
For the Year Ended December 31,
2012 2011 2010 2009 2008
(Dollars in millions)
Statement of operations data:
Net revenues(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,988 $ 20,444 $ 17,493 $ 22,494 $ 17,436
Net other-than-temporary impairments. . . . . . . . . . . . . . . . . (713)(308)(722)(9,861)(6,974)
Investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . 487 506 346 1,458 (246)
Fair value losses, net(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,977)(6,621)(511)(2,811)(20,129)
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,367)(2,370)(2,597)(2,207)(1,979)
Credit-related income (expenses)(3) . . . . . . . . . . . . . . . . . . . . 1,106 (27,498)(26,614)(73,536)(29,809)
Other expenses, net(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (124)(151)(642)(7,060)(1,776)
Benefit (provision) for federal income taxes. . . . . . . . . . . . . — 90 82 985 (13,749)
Net income (loss) attributable to Fannie Mae . . . . . . . . . . . . 17,224 (16,855)(14,014)(71,969)(58,707)
New business acquisition data:
Fannie Mae MBS issues acquired by third parties(5) . . . . . . . $ 630,077 $ 478,870 $ 497,975 $ 496,067 $ 434,711
Mortgage portfolio purchases(6). . . . . . . . . . . . . . . . . . . . . . . 288,337 173,978 357,573 327,578 196,645
New business acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,414 $ 652,848 $ 855,548 $ 823,645 $ 631,356