Fannie Mae 2014 Annual Report Download - page 266

FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-51
For the Year Ended December 31, 2013
Business Segments Other Activity/Reconciling Items
Single-
Family Multifamily Capital Markets Consolidated Trusts(1) Eliminations/ Adjustments(2) Total Results
(Dollars in millions)
Net interest income (loss) . . . . . . . . . . $ 205 $ (74) $ 9,764 $ 10,939 $ 1,570 (3) $ 22,404
Benefit for credit losses. . . . . . . . . . . . 8,469 480 — — — 8,949
Net interest income after benefit for
credit losses . . . . . . . . . . . . . . . . . . . 8,674 406 9,764 10,939 1,570 31,353
Guaranty fee income (expense)(4) . . . . 10,468 1,217 (1,115)(5,233)(5) (5,132)(5) 205 (5)
Investment gains (losses), net . . . . . . . 3 21 4,847 (122)(3,622)(6) 1,127
Fair value (losses) gains, net . . . . . . . . (10) — 3,148 (722) 543 (7) 2,959
Debt extinguishment gains, net . . . . . . — — 27 104 — 131
Gains from partnership investments(8).— 498 — — 19 517
Fee and other income (expense) . . . . . 630 182 3,010 (321) 224 3,725
Administrative expenses . . . . . . . . . . . (1,706) (280) (559) — — (2,545)
Foreclosed property income . . . . . . . . 2,736 103 — — — 2,839
TCCA fees(4) . . . . . . . . . . . . . . . . . . . . (1,001) — — — — (1,001)
Other (expenses) income. . . . . . . . . . . (628) (2) 20 — (133)(743)
Income before federal income taxes . . 19,166 2,145 19,142 4,645 (6,531) 38,567
Benefit for federal income taxes(9). . . . 29,110 7,924 8,381 — — 45,415
Net income. . . . . . . . . . . . . . . . . . . 48,276 10,069 27,523 4,645 (6,531) 83,982
Less: Net income attributable to
noncontrolling interest . . . . . . . . — — — — (19)(10) (19)
Net income attributable to Fannie
Mae. . . . . . . . . . . . . . . . . . . . . . . $ 48,276 $10,069 $ 27,523 $ 4,645 $(6,550) $ 83,963