Fannie Mae 2014 Annual Report Download - page 101

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Table 22 displays a summary of our consolidated balance sheets.
Table 22: Summary of Consolidated Balance Sheets
As of December 31,
2014 2013 Variance
(Dollars in millions)
Assets
Cash and cash equivalents and federal funds sold and securities purchased
under agreements to resell or similar arrangements . . . . . . . . . . . . . . . . . . . . . $ 52,973 $ 58,203 $ (5,230)
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,542 28,995 3,547
Investments in securities(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,158 68,939 (6,781)
Mortgage loans:
Of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,666 300,508 (27,842)
Of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,782,369 2,769,578 12,791
Allowance for loan losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,541)(43,846) 8,305
Mortgage loans, net of allowance for loan losses. . . . . . . . . . . . . . . . . . . . . . . 3,019,494 3,026,240 (6,746)
Deferred tax assets, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,206 47,560 (5,354)
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,803 40,171 (1,368)
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,248,176 $ 3,270,108 $ (21,932)
Liabilities and equity
Debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 460,443 $ 529,434 $ (68,991)
Of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,761,712 2,705,089 56,623
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,301 25,994 (3,693)
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,244,456 3,260,517 (16,061)
Senior preferred stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,149 117,149 —
Other(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (113,429)(107,558)(5,871)
Total equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,720 9,591 (5,871)
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,248,176 $ 3,270,108 $ (21,932)
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(1) Includes $19.5 billion as of December 31, 2014 and $16.3 billion as of December 31, 2013 of U.S. Treasury securities that are included
in our other investments portfolio, which we present in “Table 30: Cash and Other Investments Portfolio.”
(2) Consists of preferred stock, common stock, accumulated deficit, accumulated other comprehensive income, treasury stock and
noncontrolling interest.
Cash and Other Investments Portfolio
Our cash and other investments portfolio consists of cash and cash equivalents, securities purchased under agreements to
resell or similar arrangements, and investments in U.S. Treasury securities. See “Liquidity and Capital Management—
Liquidity Management—Cash and Other Investments Portfolio” for additional information on our cash and other investments
portfolio.
Restricted Cash
Restricted cash primarily includes unscheduled borrower payments received by the servicer or consolidated trusts due to be
remitted to the MBS certificateholders in the subsequent month. Our restricted cash increased as of December 31, 2014
compared with the balance as of December 31, 2013, resulting from an increase in unscheduled payments received due to
higher payoff volumes in December 2014 compared with December 2013.
Investments in Securities
Our investments in securities are classified in our consolidated balance sheets as either trading or available-for-sale and are
measured at fair value. Table 23 displays the fair value of our investments in mortgage-related securities, including trading
and available-for-sale securities, as of the dates indicated. We classify private-label securities as Alt-A, subprime or CMBS if
the securities were labeled as such when issued. We have also invested in subprime private-label mortgage-related securities
that we have resecuritized to include our guaranty (which we refer to as “wraps”).