Fannie Mae 2014 Annual Report Download - page 249

FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-34
Available-for-Sale Securities
We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other
comprehensive income” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains
(losses), net” in our consolidated statements of operations and comprehensive income.
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities, excluding proceeds
from the initial sale of securities from new portfolio securitizations, for the years ended December 31, 2014, 2013 and 2012.
For the Year Ended December 31,
2014 2013 2012
(Dollars in millions)
Gross realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 569 $ 1,632 $ 40
Gross realized losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5)(979)(16)
Total proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,265 15,157 634
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, 2014 and 2013.
As of December 31, 2014
Total
Amortized
Cost(1)
Gross
Unrealized
Gains
Gross
Unrealized
Losses -
OTTI(2)
Gross
Unrealized
Losses -
Other(3)
Total
Fair
Value
(Dollars in millions)
Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,330 $ 328 $ — $ (19) $ 5,639
Freddie Mac. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,100 428 — — 5,528
Ginnie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416 60 — — 476
Alt-A private-label securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,638 1,055 (15) — 5,678
Subprime private-label securities . . . . . . . . . . . . . . . . . . . . . . . . 4,103 1,161 (9)(15) 5,240
CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341 56 — — 1,397
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,859 177 (8)(5) 4,023
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . 2,626 183 (23)(113) 2,673
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27,413 $ 3,448 $ (55) $ (152) $ 30,654
As of December 31, 2013
Total
Amortized
Cost(1)
Gross
Unrealized
Gains
Gross
Unrealized
Losses -
OTTI(2)
Gross
Unrealized
Losses -
Other(3)
Total
Fair
Value
(Dollars in millions)
Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,227 $ 390 $ — $ (44) $ 6,573
Freddie Mac. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,365 477 — — 6,842
Ginnie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512 76 — — 588
Alt-A private-label securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,240 1,151 (40)(2) 7,349
Subprime private-label securities . . . . . . . . . . . . . . . . . . . . . . . . 6,232 991 (102)(53) 7,068
CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526 80 — — 1,606
Mortgage revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,645 35 (228)(196) 5,256
Other mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . 2,943 164 (15)(203) 2,889
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $35,690 $ 3,364 $ (385) $ (498) $ 38,171
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