Fannie Mae 2013 Annual Report Download - page 261

FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-37
5. Investments in Securities
Trading Securities
Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net”
in our consolidated statements of operations and comprehensive income (loss). The following table displays our investments
in trading securities as of December 31, 2013 and 2012.
As of December 31,
2013 2012
(Dollars in millions)
Mortgage-related securities:
Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,870 $ 6,248
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,839 2,793
Ginnie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 437
Alt-A private-label securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,516 1,330
Subprime private-label securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448 1,319
CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,718 9,826
Mortgage revenue bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 675
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 117
Total mortgage-related securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,462 22,745
U.S. Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,306 17,950
Total trading securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,768 $ 40,695
The following table displays information about our net trading gains for the years ended December 31, 2013, 2012 and 2011.
For the Year Ended
December 31,
2013 2012 2011
(Dollars in millions)
Net trading gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 260 $ 1,004 $ 266
Net trading gains recorded in the period related to securities still held at period end . . . . . . . . 297 1,037 267
Available-for-Sale Securities
We measure AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other
comprehensive income” and we recognized realized gains and losses from the sale of AFS securities in “Investment gains,
net” in our consolidated statements of operations and comprehensive income (loss).
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the years ended
December 31, 2013, 2012 and 2011.
For the Year Ended
December 31,
2013 2012 2011
(Dollars in millions)
Gross realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,632 $ 40 $ 182
Gross realized losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 979 16 90
Total proceeds (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,157 634 2,152
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s
(1) Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and
Transfers of Financial Assets.”
The following tables display the amortized cost, gross unrealized gains and losses and fair value by major security type for
AFS securities we held as of December 31, 2013 and 2012.