Fannie Mae reported a $29 billion loss for Q3 2008, driven by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets due to deteriorating mortgage market conditions. Credit-related expenses increased to $9.2 billion due to higher loan charge-offs and additions to loss reserves. Net worth declined to $9.4 billion from $41.4 billion in Q2 2008 primarily due to the deferred tax asset valuation allowance. Fannie Mae was placed into conservatorship by FHFA in September 2008.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
The Tribune Company reported financial results for the fourth quarter and full year of 2003. Operating revenues increased 2.8% in the fourth quarter and 3.9% for the full year compared to the prior year. Net income increased 74.8% in the fourth quarter and 101.2% for the full year due largely to gains on investments and derivatives. Earnings per share increased 73.8% in the fourth quarter on a basic basis and 75.4% on a diluted basis.
allstate Quarterly Investor Information Earnings Press Release 2003 3rd finance7
Allstate reported strong financial results for the third quarter of 2003, with net income increasing 177% compared to the third quarter of 2002. Operating income also increased, driven by higher underwriting income in Property-Liability from increased premiums earned and favorable loss trends, partially offset by higher catastrophe losses. Premiums and deposits for Allstate Financial reached a record level. The company increased its guidance for full-year 2003 operating income per share.
The document provides financial results for Flagstar Bancorp for Q4 2008, including a net loss of $200.3 million compared to a net loss of $62.1 million in Q3 2008. It also discusses factors impacting results such as a $176.3 million provision for loan losses. Additionally, the document reviews historical trends in loan production, underwriting, locks, and closings which have declined significantly from 2007 levels.
- Weyco Group reported a 4% decrease in first quarter sales from $61.3 million to $58.9 million and a decline in net earnings from $5.1 million to $2.5 million. Diluted earnings per share fell from $0.43 to $0.22.
- Sales were down in the wholesale and retail divisions due to lower demand and 3 fewer retail stores. The acquisition of Florsheim Australia contributed to increased foreign sales.
- Operating earnings declined from $7.6 million to $3.3 million due to lower sales volumes and margins in a difficult retail environment. Florsheim Australia had an operating loss of $360,000 from acquisition costs.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
allstate Quarterly Investor Information 2002 3rd finance7
The Allstate Corporation reported higher net income and operating income in the third quarter of 2002 compared to the same period in 2001. Operating income increased to $548 million from $401 million due primarily to increased property-liability premiums earned, improved auto and homeowners loss frequencies, and lower catastrophe losses. However, these gains were partly offset by reserve strengthening for asbestos and environmental losses and decreased operating income at Allstate Financial. For the full year 2002, Allstate anticipates operating income per share will be between $2.80 to $3.00, excluding restructuring charges.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
The Tribune Company reported financial results for the fourth quarter and full year of 2003. Operating revenues increased 2.8% in the fourth quarter and 3.9% for the full year compared to the prior year. Net income increased 74.8% in the fourth quarter and 101.2% for the full year due largely to gains on investments and derivatives. Earnings per share increased 73.8% in the fourth quarter on a basic basis and 75.4% on a diluted basis.
allstate Quarterly Investor Information Earnings Press Release 2003 3rd finance7
Allstate reported strong financial results for the third quarter of 2003, with net income increasing 177% compared to the third quarter of 2002. Operating income also increased, driven by higher underwriting income in Property-Liability from increased premiums earned and favorable loss trends, partially offset by higher catastrophe losses. Premiums and deposits for Allstate Financial reached a record level. The company increased its guidance for full-year 2003 operating income per share.
The document provides financial results for Flagstar Bancorp for Q4 2008, including a net loss of $200.3 million compared to a net loss of $62.1 million in Q3 2008. It also discusses factors impacting results such as a $176.3 million provision for loan losses. Additionally, the document reviews historical trends in loan production, underwriting, locks, and closings which have declined significantly from 2007 levels.
- Weyco Group reported a 4% decrease in first quarter sales from $61.3 million to $58.9 million and a decline in net earnings from $5.1 million to $2.5 million. Diluted earnings per share fell from $0.43 to $0.22.
- Sales were down in the wholesale and retail divisions due to lower demand and 3 fewer retail stores. The acquisition of Florsheim Australia contributed to increased foreign sales.
- Operating earnings declined from $7.6 million to $3.3 million due to lower sales volumes and margins in a difficult retail environment. Florsheim Australia had an operating loss of $360,000 from acquisition costs.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
allstate Quarterly Investor Information 2002 3rd finance7
The Allstate Corporation reported higher net income and operating income in the third quarter of 2002 compared to the same period in 2001. Operating income increased to $548 million from $401 million due primarily to increased property-liability premiums earned, improved auto and homeowners loss frequencies, and lower catastrophe losses. However, these gains were partly offset by reserve strengthening for asbestos and environmental losses and decreased operating income at Allstate Financial. For the full year 2002, Allstate anticipates operating income per share will be between $2.80 to $3.00, excluding restructuring charges.
- Northern States Power Company filed a quarterly report with the SEC for the period ending September 30, 2005.
- For the quarter, the company reported operating revenues of $976.9 million and net income of $115.9 million.
- Key financial details included total operating expenses of $777.8 million, operating income of $199.2 million, and interest charges of $35.3 million.
The document provides a summary of Citigroup's earnings for the first quarter of 2008. Key points include:
- Net income declined significantly to a $5.1 billion loss compared to a $5 billion profit in Q1 2007.
- Major losses were driven by write-downs on subprime exposures, consumer credit losses, and losses on leveraged finance commitments.
- Revenues declined 48% year-over-year due to losses in fixed income markets and the consumer segment.
- Expenses increased 4% year-over-year due to repositioning charges despite cost cutting efforts.
Bank of America reported record earnings of $16.9 billion for 2005, up 19% from 2004. Revenue grew 9% to $57.6 billion driven by a 19% increase in noninterest income. Earnings were driven by strong consumer growth and commercial lending recovery, despite higher provision costs and fewer securities gains. For the fourth quarter of 2005, earnings were $3.8 billion, down 9% from the previous quarter due to an 8% decline in noninterest income and a 21% rise in provision for credit losses.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
allstate Quarterly Investor Information 2003 2nd finance7
Allstate reported strong financial results for the second quarter of 2003, with net income increasing 70.9% compared to the second quarter of 2002. Operating income increased 32.2% driven by an improvement in Property-Liability Underwriting income. However, catastrophe losses also increased significantly. Overall results were positively impacted by higher premiums, continued improvement in auto and homeowners claim frequencies, and lower prior year reserve strengthening, despite higher catastrophes. Allstate increased its full year 2003 operating income guidance.
- Public Service Company of Colorado (PSCo) filed a Form 10-Q with the SEC for the quarterly period ended September 30, 2005.
- PSCo is a wholly owned subsidiary of Xcel Energy Inc. and operates electric and natural gas utilities in Colorado.
- For the quarter, PSCo reported operating income of $99 million on revenues of $782 million. Net income was $46 million.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
allstate Quarterly Investor Information 2005 3rd Earnings Press Release finance7
- Allstate reported a net loss of $1.55 billion for Q3 2005 due to $3.06 billion in after-tax catastrophe losses from hurricanes Katrina, Rita, Dennis, and Ophelia. Excluding catastrophes, underlying performance remained strong.
- Consolidated revenues increased $500 million to $8.94 billion for Q3 2005. Property-Liability premiums grew 2.9% but the combined ratio was 149.6% due to catastrophes. Allstate Financial operating income rose 3.3% to $156 million.
- Allstate updated 2005 annual operating income guidance to $2.35-2.50 per share due to Q3 catastrophe losses
This document is Micron Technology's quarterly report filed with the SEC for the quarter ended June 2, 2005. It includes Micron's consolidated statements of operations, balance sheets, and cash flows for the quarter and year to date. For the quarter, Micron reported a net loss of $127.9 million compared to net income of $90.9 million in the same quarter last year. Net sales for the quarter decreased compared to the same quarter last year. For the first nine months of the fiscal year, Micron reported net income of $144.9 million compared to $63.7 million in the same period last year.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Minnesota) with the Securities and Exchange Commission for the quarterly period ended June 30, 2005. It includes NSP-Minnesota's consolidated financial statements and notes. The financial statements show that for the quarter, NSP-Minnesota had operating revenues of $854 million and net income of $29.7 million. For the six months ended June 30, 2005, operating revenues were $1.8 billion and net income was $71.4 million. As of June 30, 2005, NSP-Minnesota had total assets of $8.4 billion and total equity of $2.2 billion.
Torchmark Corporation reported financial results for the first quarter of 2009. Net income was $0.91 per share, down from $1.29 per share in the prior year quarter due to realized losses on investments. However, net operating income, which excludes some non-operating items, was $1.49 per share, up 4% from $1.43 per share in the prior year. Life insurance premiums increased 2% while health insurance premiums excluding Medicare Part D decreased 11%. The investment portfolio contained $9.6 billion in fixed maturities at amortized cost and $2.2 billion in net unrealized losses.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
This document provides a summary of Leggett & Platt's debt obligations, derivative financial instruments, foreign investments, and stock performance. It discloses that over 75% of Leggett's debt is fixed rate and carries an average interest rate of 4.99% in 2006. It also uses derivatives to hedge interest rate, foreign currency, and commodity risks. Leggett views its foreign subsidiaries as long-term investments and does not hedge them except through one net investment hedge. Finally, it shows Leggett's stock has outperformed its industry peers and the S&P 500 over the past 5 years.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
This document is a quarterly report filed by Southwestern Public Service Co. (SPS) with the Securities and Exchange Commission for the quarter ending September 30, 2005. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's consolidated financial statements and notes for the quarter, including income statements, cash flow statements, and balance sheets. It also includes information on significant accounting policies, regulatory matters, commitments and contingencies, and recent FERC and energy legislation updates that could impact SPS's operations or financial results.
O documento discute a importância da educação para o desenvolvimento econômico e social de um país. A educação é essencial para aumentar os níveis de emprego e renda da população, bem como promover valores democráticos e reduzir desigualdades.
Sunil K.S is seeking a challenging career that utilizes his technical and analytical skills and allows him to expand his knowledge. He has a B.E. in Computer Science from Amruta Institute of Engg. & Management Sciences with 50% marks up to the 7th semester. His hobbies include gaming and traveling.
Rahul More is seeking a challenging career that utilizes his analytical skills and allows him to continue developing his skills and knowledge. He has a B.Tech in Mechanical Engineering from NIT Durgapur with an 8.23 CGPA and completed secondary and higher secondary education with over 85% marks. His skills include analytical and problem solving abilities, leadership qualities, knowledge of programming languages, design software, MS Office, and he is currently employed as an Operations Trainee at Emami Ltd. at 6 LPA CTC.
- Northern States Power Company filed a quarterly report with the SEC for the period ending September 30, 2005.
- For the quarter, the company reported operating revenues of $976.9 million and net income of $115.9 million.
- Key financial details included total operating expenses of $777.8 million, operating income of $199.2 million, and interest charges of $35.3 million.
The document provides a summary of Citigroup's earnings for the first quarter of 2008. Key points include:
- Net income declined significantly to a $5.1 billion loss compared to a $5 billion profit in Q1 2007.
- Major losses were driven by write-downs on subprime exposures, consumer credit losses, and losses on leveraged finance commitments.
- Revenues declined 48% year-over-year due to losses in fixed income markets and the consumer segment.
- Expenses increased 4% year-over-year due to repositioning charges despite cost cutting efforts.
Bank of America reported record earnings of $16.9 billion for 2005, up 19% from 2004. Revenue grew 9% to $57.6 billion driven by a 19% increase in noninterest income. Earnings were driven by strong consumer growth and commercial lending recovery, despite higher provision costs and fewer securities gains. For the fourth quarter of 2005, earnings were $3.8 billion, down 9% from the previous quarter due to an 8% decline in noninterest income and a 21% rise in provision for credit losses.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
allstate Quarterly Investor Information 2003 2nd finance7
Allstate reported strong financial results for the second quarter of 2003, with net income increasing 70.9% compared to the second quarter of 2002. Operating income increased 32.2% driven by an improvement in Property-Liability Underwriting income. However, catastrophe losses also increased significantly. Overall results were positively impacted by higher premiums, continued improvement in auto and homeowners claim frequencies, and lower prior year reserve strengthening, despite higher catastrophes. Allstate increased its full year 2003 operating income guidance.
- Public Service Company of Colorado (PSCo) filed a Form 10-Q with the SEC for the quarterly period ended September 30, 2005.
- PSCo is a wholly owned subsidiary of Xcel Energy Inc. and operates electric and natural gas utilities in Colorado.
- For the quarter, PSCo reported operating income of $99 million on revenues of $782 million. Net income was $46 million.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
allstate Quarterly Investor Information 2005 3rd Earnings Press Release finance7
- Allstate reported a net loss of $1.55 billion for Q3 2005 due to $3.06 billion in after-tax catastrophe losses from hurricanes Katrina, Rita, Dennis, and Ophelia. Excluding catastrophes, underlying performance remained strong.
- Consolidated revenues increased $500 million to $8.94 billion for Q3 2005. Property-Liability premiums grew 2.9% but the combined ratio was 149.6% due to catastrophes. Allstate Financial operating income rose 3.3% to $156 million.
- Allstate updated 2005 annual operating income guidance to $2.35-2.50 per share due to Q3 catastrophe losses
This document is Micron Technology's quarterly report filed with the SEC for the quarter ended June 2, 2005. It includes Micron's consolidated statements of operations, balance sheets, and cash flows for the quarter and year to date. For the quarter, Micron reported a net loss of $127.9 million compared to net income of $90.9 million in the same quarter last year. Net sales for the quarter decreased compared to the same quarter last year. For the first nine months of the fiscal year, Micron reported net income of $144.9 million compared to $63.7 million in the same period last year.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Minnesota) with the Securities and Exchange Commission for the quarterly period ended June 30, 2005. It includes NSP-Minnesota's consolidated financial statements and notes. The financial statements show that for the quarter, NSP-Minnesota had operating revenues of $854 million and net income of $29.7 million. For the six months ended June 30, 2005, operating revenues were $1.8 billion and net income was $71.4 million. As of June 30, 2005, NSP-Minnesota had total assets of $8.4 billion and total equity of $2.2 billion.
Torchmark Corporation reported financial results for the first quarter of 2009. Net income was $0.91 per share, down from $1.29 per share in the prior year quarter due to realized losses on investments. However, net operating income, which excludes some non-operating items, was $1.49 per share, up 4% from $1.43 per share in the prior year. Life insurance premiums increased 2% while health insurance premiums excluding Medicare Part D decreased 11%. The investment portfolio contained $9.6 billion in fixed maturities at amortized cost and $2.2 billion in net unrealized losses.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
This document provides a summary of Leggett & Platt's debt obligations, derivative financial instruments, foreign investments, and stock performance. It discloses that over 75% of Leggett's debt is fixed rate and carries an average interest rate of 4.99% in 2006. It also uses derivatives to hedge interest rate, foreign currency, and commodity risks. Leggett views its foreign subsidiaries as long-term investments and does not hedge them except through one net investment hedge. Finally, it shows Leggett's stock has outperformed its industry peers and the S&P 500 over the past 5 years.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
This document is a quarterly report filed by Southwestern Public Service Co. (SPS) with the Securities and Exchange Commission for the quarter ending September 30, 2005. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's consolidated financial statements and notes for the quarter, including income statements, cash flow statements, and balance sheets. It also includes information on significant accounting policies, regulatory matters, commitments and contingencies, and recent FERC and energy legislation updates that could impact SPS's operations or financial results.
O documento discute a importância da educação para o desenvolvimento econômico e social de um país. A educação é essencial para aumentar os níveis de emprego e renda da população, bem como promover valores democráticos e reduzir desigualdades.
Sunil K.S is seeking a challenging career that utilizes his technical and analytical skills and allows him to expand his knowledge. He has a B.E. in Computer Science from Amruta Institute of Engg. & Management Sciences with 50% marks up to the 7th semester. His hobbies include gaming and traveling.
Rahul More is seeking a challenging career that utilizes his analytical skills and allows him to continue developing his skills and knowledge. He has a B.Tech in Mechanical Engineering from NIT Durgapur with an 8.23 CGPA and completed secondary and higher secondary education with over 85% marks. His skills include analytical and problem solving abilities, leadership qualities, knowledge of programming languages, design software, MS Office, and he is currently employed as an Operations Trainee at Emami Ltd. at 6 LPA CTC.
El documento ofrece consejos para enfrentar la crisis económica, incluyendo mantener la calma, hablar con la familia, ahorrar y pagar deudas, capacitarse, cuidar el trabajo actual, reciclar y reprogramar la mente para enfocarse en soluciones en lugar de problemas. También enfatiza fortalecer la vida espiritual para encontrar abundancia interna más allá de lo material.
Adriana Flores-Ducksworth has extensive experience and education in Spanish language, Latin American culture and art. She holds a Bachelor of Arts in Spanish Language and Literature and a minor in Art from North Park University. She has worked in various roles requiring bilingual skills such as a bilingual crisis line worker and sales associate. She is passionate about sharing her knowledge of Latino culture and encouraging development in others.
La paz se define como un estado de equilibrio y estabilidad entre las partes de una unidad, o la ausencia de inquietud, violencia o guerra. En el plano colectivo, la paz es lo contrario de la guerra y en el plano individual es un estado interior exento de sentimientos negativos como la ira u odio. En el derecho internacional, el estado de paz es cuando los conflictos se resuelven de forma no violenta, generalmente a través de un tratado de paz. Existen diversas concepciones de la paz según autores como K
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Adriana Flores-Ducksworth has known Dr. Connie Voisine for approximately 10 years. During that time, Adriana showed excellent work qualities while working in childcare for Dr. Voisine and at her husband's nonprofit camp for underserved youth. Dr. Voisine trusts Adriana completely and knows she will make good decisions without supervision. Adriana is described as calm, professional, resourceful, ethical and a caring leader. Her Spanish skills would also be valuable in many situations. Dr. Voisine highly recommends hiring Adriana.
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allstate Quarterly Investor Information 2002 2nd finance7
The Allstate Corporation reported higher net income and operating income in the second quarter of 2002 compared to the same period in 2001. Net income increased to $344 million from $168 million, while operating income rose to $453 million from $230 million. The increases were driven by higher premiums earned, lower catastrophe losses, improved auto and homeowner loss trends, and increased income from Allstate Financial. However, reserves were strengthened for prior claims. For the full year 2002, operating income per share is estimated at $2.70 to $2.90, excluding restructuring charges.
The Tribune Company reported financial results for the second quarter and first half of 2005. For the second quarter, revenues decreased 2.3% but operating expenses fell 4.5%, leading to a 6.1% rise in operating profit. Net income increased 142.1% to $233 million due to gains from investments. Earnings per share rose 151.7% to $0.73. For the first half, revenues declined 1.8% while operating expenses fell 2.2%, keeping operating profit flat. Net income increased 73.3% to $376 million and earnings per share rose 81.5% to $1.18, helped by investment gains.
Services - GMAC Annual and Fourth Quarter Earnings finance8
GMAC reported full year net income of $2.1 billion in 2006, down from $2.3 billion in 2005. The residential mortgage market experienced a slowdown due to declining home prices and weakness in nonprime credit. Auto finance results were stable despite one-time costs. Insurance reported record earnings through robust underwriting. ResCap results were negatively impacted by $839 million due to homebuilder equity sales and nonprime mortgage market deterioration.
- KeyCorp reported a net loss of $488 million or $1.09 per share for Q1 2009, compared to net income of $218 million or $0.54 per share for Q1 2008. The loss was primarily due to an increase in loan loss provisions and an impairment charge for intangible assets.
- The loan loss provision increased to $875 million for Q1 2009, exceeding net charge-offs by $383 million. The allowance for loan losses increased to $2.186 billion or 2.97% of total loans.
- A non-cash impairment charge of $187 million was recorded for the National Banking reporting unit due to continued weakness in financial markets. This did not
- Viacom reported financial results for Q4 and full year 2008, with revenues of $4.2 billion for Q4 and $14.6 billion for the full year.
- Operating income declined 51% in Q4 and 14% for the full year due to $454 million in restructuring charges.
- Adjusted results exclude these restructuring charges and provide a better view of underlying performance, with adjusted operating income declining 6% in Q4 and 1% for the full year.
- The company generated $1.4 billion in free cash flow in Q4 and $1.7 billion for the full year, helped by working capital changes.
The Tribune Company reported financial results for the first quarter of 2006, with operating revenues down 1.3% from the same period in 2005. Operating profit declined 11.6% due to higher operating expenses and non-operating losses. Net income decreased 28.1% while earnings per share fell 25%. Publishing operating profit dropped 12.2% on lower revenues, and Broadcasting/Entertainment operating profit rose 3% despite declines in some segments.
allstate Quarterly Investor Information 2002 4th finance7
Allstate reported their fourth quarter and full year 2002 results. Some key highlights:
- Q4 2002 net income was $447 million, up 69% from Q4 2001. Full year 2002 net income was $1.13 billion, down slightly from 2001.
- Q4 2002 operating income was $618 million, up 100% from Q4 2001. Full year 2002 operating income was $2.08 billion, up from $1.49 billion in 2001.
- Results were driven by increased premiums earned, improved loss frequencies, and increased investment income, partly offset by higher claims severities and catastrophe losses.
- For 2003, Allstate expects operating income per share of $3.20-$3
U.S. Bancorp reported record net income for the second quarter of 2005 of $1.121 billion, an 8.1% increase from the second quarter of 2004. Key factors contributing to increased earnings included strong growth in fee-based revenue across most categories, lower credit costs, and reduced tax expenses. However, net interest income declined slightly due to margin compression from tighter credit spreads and changes in asset/liability management. Overall, the results demonstrated continued strong performance and returns, with loan growth, improving credit quality, and investments positioned to further enhance the business.
Burlington Northern Santa Fe Corporation reported record quarterly earnings of $1.09 per diluted share for Q3 2005. Freight revenues increased 18% to a record $3.22 billion compared to Q3 2004. Operating income reached a quarterly record of $778 million. The operating ratio continued to decrease to 75.8%. Revenue growth was seen across all business groups, especially in consumer products and agricultural products.
pulte homes BCF65EEF-0BFE-4C58-8C84-345ECA968DBA_phm_Q42008WebcastSlidesfinance42
- Pulte maintained its strategic focus on strengthening its balance sheet in 4Q 2008 as market conditions deteriorated, increasing cash by $500M to $1.655B despite a $42M reduction in overhead costs and lowering lots under control by 23% to 121,000 units.
- 4Q 2008 revenue fell 43% to $1.7B and pre-tax loss was $479.7M compared to a $453.8M loss in 4Q 2007, with a net loss per share of $1.33 versus $3.46 in the prior year.
- Inventory and land-related impairment charges were $380M in 4Q 2008, with backlog falling to 2,174
pulte homes BCF65EEF-0BFE-4C58-8C84-345ECA968DBA_phm_Q42008WebcastSlidesfinance42
- Pulte maintained its strategic focus on strengthening its balance sheet in 4Q 2008 as market conditions deteriorated, increasing cash by $500M to $1.655B despite a $42M reduction in overhead costs and lowering lots under control by 23% to 121,000 units.
- 4Q 2008 revenue fell 43% to $1.7B and pre-tax loss was $479.7M compared to a $453.8M loss in 4Q 2007, with a net loss per share of $1.33 versus $3.46 in the prior year.
- $380M of inventory and land-related impairment charges were incurred in 4Q 2008, with backlog falling to 2
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
Ameriprise Financial reported third quarter earnings for the first time as a public company following its spin off from American Express. Net income before discontinued operations was $123 million, down 35% year-over-year. Adjusted earnings, which exclude certain items, increased 11% to $179 million. Revenues grew 9% to $1.9 billion due to increases in management fees and distribution fees. Expenses increased due to separation costs related to the spin off from American Express.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- For the first half of 2008, Tribune reported a net loss of $2.7 billion compared to net income of $13 million in the first half of 2007, again largely due to the $3.8 billion intangible asset write-down.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- The company also sold its Newsday Media Group business and recorded a $693 million loss on the disposition in Q2 2008.
allstate Quarterly Investor Information 2002 1stfinance7
The Allstate Corporation reported financial results for the first quarter of 2002, with net income of $426 million, down from $500 million in the same period the previous year. Operating income was $488 million compared to $552 million in 2001. While revenues grew slightly by 2.3%, increased loss costs and decreased investment income contributed to the decline in profits. The company remains on track to meet its full-year earnings guidance despite challenges from higher claims in areas like Texas and ongoing cost pressures.
Bank of America reported first quarter 2007 results with key highlights as follows:
- Earnings of $5.3 billion and diluted EPS of $1.16, up 8% from first quarter 2006.
- Total revenue grew 3% to $18.4 billion compared to first quarter 2006, driven by a 10% increase in noninterest income, though net interest income declined 5%.
- Credit quality remained sound though provision expenses increased 23% compared to first quarter 2006 as credit costs trend toward more normal levels.
- Global Wealth and Investment Management saw client assets reach new highs of $547 billion and added over 500 premier banking sales associates over the past year.
The audited financial statements are for Spider Resources Inc. for the years ending December 31, 2009 and 2008. The auditors issued an unqualified opinion stating the financial statements fairly represent the financial position of the company.
Net losses for 2009 and 2008 were $748,277 and $716,861 respectively, with a cumulative deficit from inception of $16,949,367. Cash decreased from $3,205,855 in 2008 to $2,716,778 in 2009.
This document provides a summary of Fannie Mae's 2007 10-K investor report. It includes tables showing Fannie Mae's consolidated financial results for 2007 compared to 2006. Net interest income, guaranty fee income, and other revenue were down in 2007 from the prior year due to the severe housing crisis. Fannie Mae reported a net loss in 2007 driven by credit-related expenses from losses on mortgages and mortgage-backed securities. While facing significant challenges from the troubled housing market, Fannie Mae met its obligations under a consent agreement with regulators and remained focused on protecting its capital position.
Intel Corporation projected a 21% increase in total spending from 2005 to 2006 under GAAP. This included a forecasted 10% increase from share-based compensation and a 2% increase from spending at IMFT. Excluding these factors, Intel forecasted a 9% increase in total spending from 2005 to 2006, which included research and development expenses and marketing, general, and administrative expenses.
Intel reported a GAAP gross margin of 59.7% or $5,948 million for Q3 2005. Excluding a $140 million legal settlement charge related to an agreement with MicroUnity to resolve a patent case, Intel's gross margin was 61.1% or $6,088 million. The legal settlement charge impacted gross margin by 1.4% for the quarter.
- Intel reported first-quarter revenue of $8.9 billion, operating income of $1.7 billion, and earnings per share of 23 cents. Excluding share-based compensation, operating income was $2.1 billion and EPS was 27 cents.
- Revenue declined 5% year-over-year and 12% sequentially due to moderating PC growth rates leading to slower chip-level inventory reductions and affecting revenue.
- The outlook for the second quarter expects revenue between $8.0-8.6 billion and gross margin of 49%, plus or minus a couple points.
Intel reported third quarter revenue of $8.7 billion, a 12% decrease from the previous year. Operating income was $1.4 billion and earnings per share were 22 cents. Record shipments of mobile and server microprocessors drove results. Looking forward, Intel expects fourth quarter revenue between $9.1-9.7 billion and gross margin around 50%, and provided additional financial forecasts. Key risks include intense competition, transition to new manufacturing processes, and demand variability.
This document from Intel Corporation provides reconciliations of GAAP financial metrics to non-GAAP metrics that exclude the impact of share-based compensation. It shows adjustments made to spending, operating income, net income, earnings per share, common shares, and gross margin percentage for three months and a full year. These adjustments increase the non-GAAP numbers to exclude over $1 billion in share-based compensation expenses.
Intel reported fourth quarter revenue of $9.7 billion, operating income of $1.5 billion, and earnings per share of $0.26. For the full year 2006, Intel achieved revenue of $35.4 billion, operating income of $5.7 billion, net income of $5 billion and earnings per share of $0.86. Key highlights included record microprocessor and flash unit sales, and record mobile and server microprocessor revenue. For the first quarter of 2007, Intel expects revenue between $8.7-9.3 billion and earnings per share of approximately $0.30.
This document summarizes Intel's first-quarter 2007 financial results. Key points include:
- Revenue of $8.9 billion, operating income of $1.7 billion, net income of $1.6 billion, and EPS of 27 cents.
- Guidance for Q2 2007 includes expected revenue between $8.2-8.8 billion and gross margin of 48% plus/minus a couple points.
- Guidance for full year 2007 includes expected gross margin of 51% plus/minus a few points and R&D spending of $5.6 billion.
intel Second Quarter 2007 Earnings Releasefinance6
- Intel reported second-quarter revenue of $8.7 billion, up 8% year-over-year, with operating income of $1.35 billion and net income of $1.3 billion.
- For the third quarter, Intel expects revenue between $9.0-9.6 billion with a gross margin of 52% plus or minus a couple points.
- For 2007, Intel expects gross margin of 51% plus or minus a few points and capital spending of $4.9 billion plus or minus $200 million.
Intel has updated its third-quarter revenue and gross margin expectations. Revenue is now expected to be between $9.4 billion and $9.8 billion, compared to the previous range of $9.0 billion to $9.6 billion. Gross margin is expected to be in the upper half of the previous range of 52 percent plus or minus a couple points. All other expectations remain unchanged and Intel will report third-quarter financial results on October 16. The document outlines various risk factors that could affect Intel's actual results.
- Intel reported record third-quarter revenue of $10.1 billion, up 15% year-over-year. Operating income was $2.2 billion, up 64% year-over-year.
- Revenue growth was driven by record microprocessor, chipset, and flash unit shipments. Net income was $1.9 billion, up 43% year-over-year.
- For Q4 2007, Intel expects revenue between $10.5-11.1 billion and gross margin of 57% plus or minus a couple points.
Intel reported record quarterly revenue of $10.7 billion for Q4 2007, up 10.5% year-over-year. Net income was $2.3 billion, up 51% from Q4 2006. For the full year 2007, operating income grew 45% to $8.2 billion on revenue of $38.3 billion, an 8% increase. Looking ahead, Intel expects Q1 2008 revenue to be between $9.4-10 billion and gross margin of 56% plus or minus a couple points.
- Intel lowered its first-quarter gross margin forecast from 56% to 54% due to lower than expected prices for NAND flash memory chips.
- All other expectations for the first quarter remain unchanged from the previous business outlook published in Intel's fourth quarter earnings release.
- Intel will observe a "Quiet Period" from March 7 until its first-quarter earnings release where it will not update its business outlook.
- Intel reported record first quarter revenue of $9.7 billion, up 9% year-over-year, driven by strong demand for their microprocessors and chipsets.
- Net income was $1.4 billion, though this was down 12% year-over-year due to restructuring charges and a higher tax rate.
- For the second quarter, Intel expects revenue between $9.0-9.6 billion and gross margin of 56% plus or minus a couple points.
- Intel reported record first quarter revenue of $9.7 billion, up 9% year-over-year, driven by strong demand for their microprocessors and chipsets.
- Net income was $1.4 billion, though this was down 12% year-over-year due to restructuring charges.
- For the second quarter, Intel expects revenue between $9.0-9.6 billion and gross margin of 56% plus or minus a couple points.
intel Second Quarter 2008 Earnings Releasefinance6
Intel reported record second quarter revenue of $9.5 billion, up 9% year-over-year. Net income was $1.6 billion, a 25% increase from the previous year. Operating income grew 67% to $2.3 billion. Looking ahead, Intel expects third quarter revenue between $10-10.6 billion and gross margin around 58%.
- Intel reported record third quarter revenue of $10.2 billion, up 8% from the previous quarter. Operating income was $3.1 billion, up 37% from the previous quarter.
- Revenue growth was driven by higher microprocessor unit sales and prices. Gross margin increased to 59% due to lower unit costs and higher revenue.
- For Q4 2008, Intel expects revenue between $10.1-10.9 billion and gross margin around 59%. It also expects restructuring charges of $250 million and a net loss from investments of $50 million.
Intel announced that its fourth-quarter business will be below previous expectations, with revenue expected to be $9 billion, lower than the $10.1-10.9 billion expectation. Gross margin is also expected to be lower at 55% due to lower revenue and other charges from weaker demand. Spending is projected to be $2.8 billion compared to $2.9 billion expected previously. Risk factors that could further impact results include continued uncertainty in global economic conditions, competition, manufacturing costs and yields, and impairment charges.
This document summarizes Intel's fourth-quarter and annual financial results for 2008. Some key points:
- Fourth-quarter revenue was $8.2 billion, down 19% sequentially and 23% year-over-year.
- Annual revenue was $37.6 billion, down 2% year-over-year but up slightly adjusted for divestitures.
- Gross margin declined to 53% in Q4, down from 59% in Q3, due to higher factory underutilization and inventory write-offs.
- For 2009, Intel expects revenue to be around $7 billion in Q1 with gross margins in the low 40s, and spending of $10.4-10.6 billion
In 2007, Intel continued focusing on extending its product leadership and leveraging its manufacturing capabilities. Key highlights include:
- Revenue increased 8% to $38.3 billion and net income grew 38% to $7 billion.
- Intel launched 45nm processors designed for energy efficiency and transitioned its portfolio to the Intel Core microarchitecture.
- Demand remained strong across business segments for Intel's energy-efficient processors.
- The company renewed focus on its core strengths of Intel architecture and manufacturing leadership.
The document introduces Intel's new Core i7 processor. It claims the Core i7 is the fastest processor on the planet, up to 40% faster than the previous Core 2 Extreme processor. It is now available worldwide with broad support from OEMs and the industry. The Core i7 crosses a performance threshold and opens the door to new types of applications and usages.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
fannie mae News Release
1. news release
Media Hotline: 1-888-326-6694
Resource Center: 1-800-732-6643
Contact: Janis Smith
202-752-6673
Number: 4522a
Date: November 10, 2008
Fannie Mae Reports Third Quarter 2008 Results
Net loss of $29.0 Billion Driven by Deteriorating Mortgage-Market Conditions
and Income Tax Provision
WASHINGTON, DC – Fannie Mae (FNM/NYSE) reported a loss of $29.0 billion, or ($13.00) per
diluted share, in the third quarter of 2008, compared with a second quarter 2008 loss of $2.3 billion,
or ($2.54) per diluted share. Third-quarter results were driven primarily by a $21.4 billion non-cash
charge to establish a valuation allowance against deferred tax assets, as well as $9.2 billion in credit-
related expenses arising from the ongoing deterioration in mortgage credit conditions and declining
home prices. The company on September 6, 2008, began operating under the conservatorship of the
Federal Housing Finance Agency (FHFA).
SUMMARY OF THIRD-QUARTER FINANCIAL RESULTS
Q3 2007 (1)
Q3 2008 Q2 2008 Variance Variance
(dollars in millions)
Net interest income $ 2,355 $ 2,057 $ 298 $ 1,058 $ 1,297
Guaranty fee income 1,475 1,608 (133) 1,232 243
Trust management income 65 75 (10) 146 (81)
Fee and other income 164 225 (61) 217 (53)
Net revenues 4,059 3,965 94 2,653 1,406
Fair value gains (losses), net (3,947) 517 (4,464) (2,082) (1,865)
Investment losses, net (1,624) (883) (741) (159) (1,465)
Losses from partnership investments (587) (195) (392) (147) (440)
(2)
Losses on certain guaranty contracts - - - (294) 294
Credit-related expenses (9,241) (5,349) (3,892) (1,200) (8,041)
Administrative expenses (401) (512) 111 (660) 259
Other non-interest expenses (147) (286) 139 (95) (52)
Net losses and expenses (15,947) (6,708) (9,239) (4,637) (11,310)
Loss before federal income taxes
and extraordinary losses (11,888) (2,743) (9,145) (1,984) (9,904)
Provision (benefit) for federal income taxes 17,011 (476) 17,487 (582) 17,593
Extraordinary gains (losses), net of tax effect (95) (33) (62) 3 (98)
Net loss $ (28,994) $ (2,300) $ (26,694) $ (1,399) $ (27,595)
Diluted loss per common share $ (13.00) $ (2.54) $ (10.46) $ (1.56) $ (11.44)
(1)
Certain amounts have been reclassified to conform to the current presentation.
(2)
Amounts reflect a change in valuation methodology in conjunction with the adoption of SFAS 157 on January 1, 2008.
(more)
2. Fannie Mae Third Quarter Results
Page Two
Net revenue rose 2.4 percent to $4.1 billion in the third quarter from $4.0 billion in the second quarter:
• Net interest income was $2.4 billion, up 14.5 percent from $2.1 billion in the second quarter,
driven by the reduction in short-term borrowing rates, which reduced the average cost of our debt.
• Guaranty fee income was $1.5 billion, down 8.3 percent from $1.6 billion in the second quarter,
driven primarily by fair value losses on certain guaranty assets.
The valuation allowance against deferred tax assets, which we established by taking a non-cash charge,
totaled $21.4 billion. The allowance was the driver of the $17.0 billion third-quarter provision for federal
income taxes. The valuation allowance against deferred tax assets is discussed below under “Net Worth.”
Credit-related expenses, which are the total provision for credit losses plus foreclosed property
expense, were $9.2 billion in the third quarter, compared with $5.3 billion in the second quarter. The
increase was driven by higher charge-offs in our mortgage credit book of business, as well as a $6.7
billion addition to the combined loss reserves to cover our current estimate of losses in our book of
business that will be recorded as charge-offs in future periods.
Combined loss reserves stood at $15.6 billion on September 30, up from $8.9 billion at the end of the
second quarter. The combined loss reserves on September 30 were 53 basis points of our guaranty book
of business compared with 31 basis points on June 30. We have substantially increased our combined
loss reserves to cover losses we believe will be recorded over time in charge-offs.
Net fair-value losses were $3.9 billion in the third quarter, compared with $517 million of fair-value
gains in the second quarter. The primary drivers were $2.9 billion in trading securities losses arising from
a significant widening of credit spreads, and $3.3 billion in derivatives losses driven by interest rate
declines, partially offset by gains on hedged mortgage assets.
Net investment losses were $1.6 billion in the quarter, compared with losses of $883 million in the
second quarter. The third-quarter loss was driven by other-than-temporary impairments of $1.8 billion
recorded primarily on private-label securities backed by Alt-A and subprime mortgages, and reflected a
reduction in expected cash flows for a portion of our private-label securities portfolio. Net investment
losses also included $293 million of gains on the sale of available-for-sale securities.
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3. Fannie Mae Third Quarter Results
Page Three
Nonperforming loans were $63.6 billion, or 2.2 percent of our total guaranty book of business, on
September 30, compared with $46.1 billion, or 1.6 percent, as of June 30. Our total nonperforming
assets, which consist of nonperforming loans together with our inventory of foreclosed properties, were
$71.0 billion, or 2.4 percent of our total guaranty book of business and foreclosed properties, compared
with nonperforming assets of $52.0 billion, or 1.8 percent, on June 30.
Single-family foreclosure rate, reflecting the number of single-family properties acquired through
foreclosure as a percentage of the total number of loans in our conventional single-family mortgage
credit book of business, was 0.40 percent for the nine months ended September 30 and was 0.16 percent
for the third quarter of 2008, compared with 0.13 percent for the second quarter. Our inventory of
single-family foreclosed properties was 67,519 on September 30, compared with 54,173 as of June 30,
and 33,729 as of December 31, 2007.
Loss per share increased from ($2.54) in the second quarter to ($13.00) in the third quarter. The per-share
figure takes into account the dilutive effect of the common stock warrant issued to the U.S. Treasury.
Weighted-average common shares outstanding in the third quarter on a basic and fully diluted basis were
approximately 2,262,000,000.
Further information about our credit performance, the characteristics of our mortgage credit book of
business, the drivers of our credit losses, and other measures is contained in the “2008 Q3 10-Q Credit
Supplement” on Fannie Mae’s Web site, www.fanniemae.com. We provide a complete discussion of
market conditions, our financial condition, credit performance, the fair-value balance sheet and other
matters in our quarterly report on Form 10-Q for the period ended September 30, 2008.
NET WORTH
Our net worth, which equals our assets less our liabilities, was $9.4 billion on September 30, compared
with $41.4 billion on June 30. Net worth is substantially the same as stockholders’ equity except that net
worth also includes minority interests that third parties own in our consolidated subsidiaries. Our
stockholders’ equity on September 30 was $9.3 billion.
Deferred Tax Assets: The primary driver of our decrease in capital was a $21.4 billion non-cash charge
to establish a valuation allowance against the company’s deferred tax assets, as noted above. Deferred
tax assets arise when we expect future tax benefits to result from tax credits, and from differences
between our financial statement carrying amounts and our tax bases for our assets and liabilities.
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4. Fannie Mae Third Quarter Results
Page Four
The valuation allowance was the result of management’s conclusion that, as of September 30, 2008, it
was more likely than not that the company would not generate taxable income in future periods sufficient
to realize the full value of these assets. Our conclusion was based on our consideration of the relative
weight of the available evidence, including the rapid deterioration of market conditions, the uncertainty
of future market conditions on our results of operations and significant uncertainty surrounding our
future business model as a result of the placement of the company into conservatorship by the Director of
FHFA. This charge reduced our net deferred tax assets to $4.6 billion as of September 30, 2008, from
$20.6 billion as of June 30, 2008. The remaining deferred tax assets could be subject to an additional
valuation allowance in the future.
Regulatory Capital Requirements: FHFA announced on October 9, 2008, that our existing statutory and
FHFA-directed regulatory capital requirements will not be binding during the conservatorship. Under a
senior preferred stock purchase agreement with Treasury, Treasury has agreed to provide up to $100 billion
cash, in exchange for increases to the liquidation preference of its senior preferred stock, necessary to ensure
that our net worth, or our total assets minus our total liabilities, remains positive. Further information related
to the conservatorship and our agreements with Treasury are discussed below under “Conservatorship.”
If current trends in the housing and financial markets continue or worsen, and we have a significant net loss in
the fourth quarter of 2008, we may have a negative net worth as of December 31, 2008. If this were to occur,
we would be required to obtain funding from Treasury pursuant to its commitment under the senior preferred
stock purchase agreement in order to avoid a mandatory trigger of receivership under current statute.
FAIR VALUE UPDATE
Fannie Mae also reported a significant decrease in the non-GAAP estimated fair value of its net assets,
from a positive $35.8 billion on December 31, 2007, to a negative ($46.4 billion) on September 30, 2008.
The main drivers were:
• A decrease due to the non-cash charge of $21.4 billion recorded during the third quarter of 2008
in our condensed consolidated results of operations to establish a partial deferred tax asset
valuation allowance and an additional decrease of approximately $19.5 billion related to the
deferred taxes associated with the fair value adjustments on our assets and liabilities, excluding
our available-for-sale mortgage securities.
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5. Fannie Mae Third Quarter Results
Page Five
• A decrease of approximately $36.6 billion, net of related tax, in the fair value of our net guaranty
assets, reflecting the significant increase in the fair value of our guaranty obligations attributable
to an increase in expected credit losses as well as an increase in risk premium due to our current
guaranty fee pricing.
• A decrease in the fair value of the net portfolio for our Capital Markets business, largely
attributable to the significant widening of mortgage-to-debt option-adjusted spreads during the
first nine months of 2008.
THIRD-QUARTER BUSINESS SEGMENT REVIEW
Fannie Mae conducts its activities through three complementary business segments: Single-Family
Credit Guaranty, Housing and Community Development, and Capital Markets. Our Single-Family
Credit Guaranty business works with our lender customers to securitize single-family mortgage loans
into Fannie Mae mortgage-backed securities (MBS) and to facilitate the purchase of single-family
mortgage loans for our mortgage portfolio. Housing and Community Development (HCD) works with
our lender customers to securitize multifamily mortgage loans into Fannie Mae MBS and to facilitate the
purchase of multifamily mortgage loans for our mortgage portfolio. Our HCD business also makes debt
and equity investments to increase the supply of affordable housing. Our Capital Markets group
manages our investment activity in mortgage loans, mortgage-related securities and other investments,
our debt financing activity, and our liquidity and capital positions.
Each business unit experienced an increase in its book of business in the third quarter as our new
business acquisitions continued to outpace liquidations. Our mortgage credit book of business increased
to $3.1 trillion on September 30, from $3.0 trillion on June 30 and from $2.9 trillion as of December 31,
2007. New business acquisitions — Fannie Mae MBS acquired by others and our mortgage portfolio
purchases — declined in the third quarter to $126.9 billion from $199.1 billion in the second quarter. The
decline in new business acquisitions reflected changes in our pricing and eligibility standards, which
reduced our acquisition of higher-risk loans; changes in the eligibility standards of mortgage insurance
companies, which further reduced our acquisition of loans with higher loan-to-value ratios; and lower
levels of mortgage origination activity.
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6. Fannie Mae Third Quarter Results
Page Six
Single-Family Guaranty book of business grew by 1.3 percent during the third quarter to $2.8 trillion.
Single-family guaranty fee income in the third quarter was $1.7 billion, down from $1.8 billion in the
second quarter. Fannie Mae’s market share of new single-family mortgage-related securities issued
decreased to an estimated 42 percent for the third quarter, compared with 45 percent for the second
quarter. Single-family lost $14.2 billion in the quarter, driven in part by a 73 percent increase in credit-
related expenses from the previous quarter to $9.2 billion, as noted above, and by a provision for federal
income taxes driven by the deferred tax asset valuation allowance. Pre-tax, the segment lost $7.7 billion.
Housing and Community Development’s multifamily guaranty book of business grew by 4.2 percent in
the third quarter to $169.8 billion, compared with $163.0 billion as of June 30. The segment’s guaranty fee
income in the third quarter was $161 million, up from $134 million in the second quarter. Multifamily
credit-related expenses were $26 million in the third quarter, compared with $10 million in the second
quarter. The segment lost $2.6 billion in the quarter, driven largely by the provision for federal income
taxes related to the deferred tax asset valuation allowance. Pre-tax, the segment lost $574 million.
Capital Markets’ net interest income in the third quarter was $2.3 billion, up from $2.0 billion in the second
quarter. The mortgage investment portfolio balance rose to $744.7 billion as of September 30, compared with
$737.5 billion as of June 30. The increase resulted from purchases of $45.4 billion, liquidations of $21.2
billion, and sales of $13.0 billion. Lower short-term interest rates were the primary driver of an increase in
net interest yield on average interest-earning assets during the quarter, which in turn drove a significant
increase in net interest income. The increase in net interest income was offset by investment and fair-value
losses, and an $8.4 billion provision for federal income taxes related to the deferred tax asset valuation
allowance. Capital Markets lost $12.2 billion in the quarter. Pre-tax, the segment lost $3.6 billion.
CONSERVATORSHIP
On September 7, 2008, Henry M. Paulson, Jr., Secretary of Treasury, and James B. Lockhart III, Director
of FHFA, announced several actions taken by Treasury and FHFA regarding Fannie Mae. Mr. Lockhart
stated that they took these actions “to help restore confidence in Fannie Mae and Freddie Mac, enhance
their capacity to fulfill their mission, and mitigate the systemic risk that has contributed directly to the
instability in the current market.” These actions included the following:
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7. Fannie Mae Third Quarter Results
Page Seven
• Placing us in conservatorship;
• Eliminating our common and preferred dividends;
• The execution of a senior preferred stock purchase agreement by our conservator, on our behalf,
and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant
to purchase common stock. The agreement provided for up to $100 billion from Treasury to help
ensure we maintain a positive net worth; and
• An agreement to establish a temporary secured lending credit facility that is available to us.
We provide a complete discussion of the conservatorship and our agreements with Treasury in the “Executive
Summary” portion of our quarterly report on Form 10-Q for the period ended September 30, 2008.
###
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the
U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to
enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they
may lend to home buyers. In 2008, we mark our 70th year of service to America's housing market. Our job is to
help those who house America.
8. ANNEX I
FANNIE MAE
(In conservatorship)
Condensed Consolidated Balance Sheets
(Dollars in millions, except share amounts)
(Unaudited)
As of
September 30, December 31,
2008 2007
ASSETS
Cash and cash equivalents................................................................................................................................ $ 36,301 $ 3,941
Restricted cash.................................................................................................................................................. 188 561
Federal funds sold and securities purchased under agreements to resell ........................................................ 33,420 49,041
Investments in securities:
Trading, at fair value (includes Fannie Mae MBS of $59,047 and $40,458 as of September 30, 2008
and December 31, 2007, respectively) ......................................................................................................... 98,671 63,956
Available-for-sale, at fair value (includes Fannie Mae MBS of $162,856 and $138,943 as of
262,054 293,557
September 30, 2008 and December 31, 2007, respectively)........................................................................
Total investments in securities ..................................................................................................................... 360,725 357,513
Mortgage loans:
Loans held for sale, at lower of cost or market............................................................................................... 7,908 7,008
Loans held for investment, at amortized cost ................................................................................................. 399,637 397,214
Allowance for loan losses .............................................................................................................................. (1,803) (698)
Total loans held for investment, net of allowance........................................................................................ 397,834 396,516
Total mortgage loans ................................................................................................................................... 405,742 403,524
Advances to lenders ......................................................................................................................................... 9,605 12,377
Accrued interest receivable .............................................................................................................................. 3,711 3,812
Acquired property, net ..................................................................................................................................... 7,493 3,602
Derivative assets at fair value .......................................................................................................................... 1,099 885
Guaranty assets................................................................................................................................................. 10,240 9,666
Deferred tax assets ........................................................................................................................................... 4,600 12,967
Partnership investments ................................................................................................................................... 9,825 11,000
Other assets....................................................................................................................................................... 13,666 10,500
Total assets ...................................................................................................................................................... $ 896,615 $ 879,389
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accrued interest payable................................................................................................................................. $ 6,264 $ 7,512
Federal funds purchased and securities sold under agreements to repurchase .............................................. 1,357 869
Short-term debt (includes debt at fair value of $4,495 as of September 30, 2008) ....................................... 280,382 234,160
Long-term debt (includes debt at fair value of $21,711 as of September 30, 2008)...................................... 550,928 562,139
Derivative liabilities at fair value.................................................................................................................... 1,305 2,217
Reserve for guaranty losses (includes $1,275 and $211 as of September 30, 2008 and December 31,
13,802 2,693
2007, respectively, related to Fannie Mae MBS included in Investments in securities).............................
Guaranty obligations (includes $1,006 and $661 as of September 30, 2008 and December 31, 2007,
respectively, related to Fannie Mae MBS included in Investments in securities)....................................... 16,816 15,393
Partnership liabilities....................................................................................................................................... 3,442 3,824
Other liabilities................................................................................................................................................ 12,884 6,464
Total liabilities ............................................................................................................................................... 887,180 835,271
Minority interests in consolidated subsidiaries................................................................................................ 159 107
Commitments and contingencies (Note 19)..................................................................................................... — —
Stockholders’ Equity:
Senior preferred stock, 1,000,000 shares issued and outstanding as of September 30, 2008 ........................ 1,000 —
Preferred stock, 700,000,000 shares are authorized— 607,125,000 and 466,375,000 shares issued and
outstanding as of September 30, 2008 and December 31, 2007, respectively ............................................ 21,725 16,913
Common stock, no par value, no maximum authorization— 1,223,390,420 and 1,129,090,420 shares
issued as of September 30, 2008 and December 31, 2007, respectively; 1,069,859,674 shares and
974,104,578 shares outstanding as of September 30, 2008 and December 31, 2007, respectively ............ 642 593
Additional paid-in capital ............................................................................................................................... 3,153 1,831
Retained earnings (accumulated deficit)......................................................................................................... (1,563) 33,548
Accumulated other comprehensive loss ......................................................................................................... (8,369) (1,362)
Treasury stock, at cost, 153,530,746 shares and 154,985,842 shares as of September 30, 2008 and
December 31, 2007, respectively ................................................................................................................. (7,312) (7,512)
Total stockholders’ equity............................................................................................................................... 9,276 44,011
Total liabilities and stockholders’ equity......................................................................................................... $ 896,615 $ 879,389
See Notes to Condensed Consolidated Financial Statements.
9. FANNIE MAE
(In conservatorship)
Condensed Consolidated Statements of Operations
(Dollars and shares in millions, except per share amounts)
(Unaudited)
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Interest income:
Trading securities .............................................................................................................. $ 1,416 $ 649 $ 4,529 $ 1,227
3,295 4,929 9,467 15,142
Available-for-sale securities .............................................................................................
5,742 5,572 17,173 16,582
Mortgage loans..................................................................................................................
310 322 1,000 793
Other..................................................................................................................................
10,763 11,472 32,169 33,744
Total interest income........................................................................................................
Interest expense:
1,680 2,401 5,928 6,811
Short-term debt..................................................................................................................
6,728 8,013 20,139 23,488
Long-term debt..................................................................................................................
8,408 10,414 26,067 30,299
Total interest expense ......................................................................................................
2,355 1,058 6,102 3,445
Net interest income.............................................................................................................
Guaranty fee income (includes imputed interest of $481 and $380 for the three
months ended September 30, 2008 and 2007, respectively and $1,035 and $963 for
1,475 1,232 4,835 3,450
the nine months ended September 30, 2008 and 2007, respectively).............................
— (294) — (1,038)
Losses on certain guaranty contracts .................................................................................
65 146 247 460
Trust management income .................................................................................................
(1,624) (159) (2,618) 43
Investment gains (losses), net ............................................................................................
(3,947) (2,082) (7,807) (1,224)
Fair value losses, net ..........................................................................................................
23 31 (158) 72
Debt extinguishment gains (losses), net.............................................................................
(587) (147) (923) (527)
Losses from partnership investments.................................................................................
164 217 616 751
Fee and other income .........................................................................................................
(4,431) (1,056) (5,808) 1,987
Non-interest income (loss) ................................................................................................
Administrative expenses:
167 362 757 1,067
Salaries and employee benefits.........................................................................................
139 192 389 654
Professional services .........................................................................................................
52 64 161 180
Occupancy expenses .........................................................................................................
43 42 118 117
Other administrative expenses ..........................................................................................
401 660 1,425 2,018
Total administrative expenses..........................................................................................
(25) (4) (22) (3)
Minority interest in losses of consolidated subsidiaries ....................................................
8,763 1,087 16,921 1,770
Provision for credit losses ..................................................................................................
478 113 912 269
Foreclosed property expense..............................................................................................
195 130 802 334
Other expenses ...................................................................................................................
9,812 1,986 20,038 4,388
Total expenses..................................................................................................................
(11,888) (1,984) (19,744) 1,044
Income (loss) before federal income taxes and extraordinary losses ................................
17,011 (582) 13,607 (468)
Provision (benefit) for federal income taxes......................................................................
(28,899) (1,402) (33,351) 1,512
Income (loss) before extraordinary losses .........................................................................
(95) 3 (129) (3)
Extraordinary gains (losses), net of tax effect ...................................................................
Net income (loss) ............................................................................................................... $ (28,994) $ (1,399) $ (33,480) $ 1,509
(419) (119) (1,044) (372)
Preferred stock dividends and issuance costs at redemption.............................................
Net income (loss) available to common stockholders ....................................................... $ (29,413) $ (1,518) $ (34,524) $ 1,137
Basic earnings (loss) per share:
$ (12.96) $ (1.56) $ (24.15) $ 1.17
Earnings (loss) before extraordinary losses......................................................................
(0.04) — (0.09) —
Extraordinary losses, net of tax effect ..............................................................................
$ (13.00) $ (1.56) $ (24.24) $ 1.17
Basic earnings (loss) per share..........................................................................................
Diluted earnings (loss) per share:
$ (12.96) $ (1.56) $ (24.15) $ 1.17
Earnings (loss) before extraordinary losses......................................................................
(0.04) — (0.09) —
Extraordinary losses, net of tax effect ..............................................................................
$ (13.00) $ (1.56) $ (24.24) $ 1.17
Diluted earnings (loss) per share ......................................................................................
$ 0.05 $ 0.50 $ 0.75 $ 1.40
Cash dividends per common share ....................................................................................
Weighted-average common shares outstanding:
2,262 974 1,424 973
Basic ..................................................................................................................................
2,262 974 1,424 975
Diluted...............................................................................................................................
See Notes to Condensed Consolidated Financial Statements.
10. FANNIE MAE
(In conservatorship)
Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
(Unaudited)
For the
Nine Months Ended
September 30,
2008 2007
Cash flows provided by operating activities:
Net income (loss) ............................................................................................................................. $ (33,480) $ 1,509
Amortization of debt cost basis adjustments.................................................................................... 6,497 7,372
Provision for credit losses................................................................................................................ 16,921 1,770
Valuation losses ............................................................................................................................... 7,303 96
Derivatives fair value adjustments................................................................................................... (1,952) 1,884
Current and deferred federal income taxes ...................................................................................... 12,762 (1,407)
Purchases of loans held for sale ....................................................................................................... (38,351) (23,326)
Proceeds from repayments of loans held for sale............................................................................. 443 455
Net change in trading securities ....................................................................................................... 71,193 27,206
Other, net ......................................................................................................................................... (1,206) 1,387
Net cash provided by operating activities .......................................................................................... 40,130 16,946
Cash flows (used in) provided by investing activities:
Purchases of trading securities held for investment ......................................................................... (7,625) —
Proceeds from maturities of trading securities held for investment ................................................. 7,318 —
Proceeds from sales of trading securities held for investment ......................................................... 2,824 —
Purchases of available-for-sale securities ........................................................................................ (102,761) (110,472)
Proceeds from maturities of available-for-sale securities................................................................. 25,799 112,299
Proceeds from sales of available-for-sale securities......................................................................... 102,044 49,108
Purchases of loans held for investment............................................................................................ (48,874) (48,448)
Proceeds from repayments of loans held for investment.................................................................. 37,169 45,202
Advances to lenders ......................................................................................................................... (69,541) (50,067)
Net proceeds from disposition of acquired property ........................................................................ (3,376) 1,049
Net change in federal funds sold and securities purchased under agreements to resell.................... 15,135 2,767
Other, net ......................................................................................................................................... (107) (692)
Net cash (used in) provided by investing activities............................................................................ (41,995) 746
Cash flows provided by (used in) financing activities:
Proceeds from issuance of short-term debt ...................................................................................... 1,439,170 1,284,191
Payments to redeem short-term debt................................................................................................ (1,398,756) (1,306,772)
Proceeds from issuance of long-term debt ....................................................................................... 218,052 149,577
Payments to redeem long-term debt................................................................................................. (230,081) (143,149)
Proceeds from issuance of common and preferred stock ................................................................. 7,211 1,019
Net change in federal funds purchased and securities sold under agreements to repurchase ........... 403 1,525
Other, net ......................................................................................................................................... (1,774) (2,842)
Net cash provided by (used in) financing activities ........................................................................... 34,225 (16,451)
32,360 1,241
Net increase in cash and cash equivalents......................................................................................
Cash and cash equivalents at beginning of period ............................................................................. 3,941 3,239
Cash and cash equivalents at end of period........................................................................................ $ 36,301 $ 4,480
Cash paid during the period for:
Interest ............................................................................................................................................... $ 27,464 $ 29,269
Income taxes ...................................................................................................................................... 845 1,888
Non-cash activities:
Securitization-related transfers from mortgage loans held for sale to investments in securities ........ $ 32,609 $ 20,479
Net transfers of loans held for sale to loans held for investment........................................................ 5,819 2,180
Net deconsolidation transfers from mortgage loans held for sale to investments in securities .......... (850) (82)
Net transfers from available-for-sale securities to mortgage loans held for sale................................ 1,073 12
Transfers from advances to lenders to investments in securities (including transfers to trading
securities of $40,660 and $42,331 for the nine months ended September 30, 2008 and 2007,
respectively) .................................................................................................................................... 68,909 43,520
Net consolidation-related transfers from investments in securities to mortgage loans held for
investment ....................................................................................................................................... (16,210) 7,471
Transfers to trading securities from the effect of adopting SFAS 159 ............................................... 56,217 —
See Notes to Condensed Consolidated Financial Statements.
11. FANNIE MAE
(In conservatorship)
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Dollars and shares in millions, except per share amounts)
(Unaudited)
Retained Accumulated
Shares Outstanding Additional Earnings Other Total
Senior Senior Preferred Common Paid-In (Accumulated Comprehensive Treasury Stockholders’
Preferred Preferred Common Preferred Stock Stock Capital Deficit) Income (Loss) Stock Equity
— 132 972 $— $ 9,108 $ 593 $ 1,942 $ 37,955 $ (445) $ (7,647) $ 41,506
Balance as of December 31, 2006 .....
Cumulative effect from the
adoption of FIN 48, net of tax.......... — — — — — — — 4 — — 4
Balance as of January 1, 2007,
— 132 972 — 9,108 593 1,942 37,959 (445) (7,647) 41,510
adjusted .............................................
Comprehensive income:
Net income .......................................... — — — — — — — 1,509 — — 1,509
Other comprehensive income, net
of tax effect:
Unrealized losses on available-for-
sale securities (net of tax of $634) ... — — — — — — — — (1,177) — (1,177)
Reclassification adjustment for
gains included in net income (net
of tax of $154).................................. — — — — — — — — (286) — (286)
Unrealized gains on guaranty assets
and guaranty fee buy-ups (net of
tax of $40) ........................................ — — — — — — — — 74 — 74
Net cash flow hedging losses (net
of tax of $2) ........................................ — — — — — — — — (3) — (3)
Prior service cost and actuarial
gains, net of amortization for
defined benefit plans (net of tax
— — — — — — — — 46 — 46
of $25) ..............................................
Total comprehensive income.............. 163
Common stock dividends ($1.40
per share) ............................................ — — — — — — — (1,369) — — (1,369)
Preferred stock dividends ................... — — — — — — — (362) — — (362)
Preferred stock issued ......................... — 40 — — 1,000 — (10) — — — 990
Preferred stock redeemed ................... — (22) — — (1,100) — — — — — (1,100)
Treasury stock issued for stock
options and benefit plans ................. — — 2 — — — (44) — — 134 90
— 150 974 — $ 9,008 $ 593 $ 1,888 $ 37,737 $ (1,791) $ (7,513) $ 39,922
Balance as of September 30, 2007 ....
— 466 974 $ — $ 16,913 $ 593 $ 1,831 $ 33,548 $ (1,362) $ (7,512) $ 44,011
Balance as of December 31, 2007 .....
Cumulative effect from the
adoption of SFAS 157 and SFAS
159, net of tax .................................. — — — — — — — 148 (93) — 55
Balance as of January 1, 2008,
— 466 974 — 16,913 593 1,831 33,696 (1,455) (7,512) 44,066
adjusted .............................................
Comprehensive loss:
Net loss ............................................... — — — — — — — (33,480) — — (33,480)
Other comprehensive loss, net of
tax effect:
Unrealized losses on available-for-
sale securities (net of tax of
$3,629) ............................................. — — — — — — — — (6,740) — (6,740)
Reclassification adjustment for
gains included in net loss (net of
tax of $35) ........................................ — — — — — — — — (65) — (65)
Unrealized losses on guaranty
assets and guaranty fee buy-ups ...... — — — — — — — — (113) — (113)
Net cash flow hedging losses ............ — — — — — — — — (5) — (5)
Prior service cost and actuarial
gains, net of amortization for
defined benefit plans ........................ — — — — — — — — 9 — 9
Total comprehensive loss ................... (40,394)
Common stock dividends ($0.75
per share) .......................................... — — — — — — — (741) — — (741)
Preferred stock dividends declared..... — — — — — — — (1,038) — — (1,038)
Senior preferred stock issued.............. 1 — — 1,000 — — — — — — 1,000
Preferred stock issued......................... — 141 — — 4,812 — (127) — — — 4,685
Common stock issued......................... — — 94 — — 49 2,477 — — — 2,526
Common stock warrant issued ........... — — — — — — 3,518 — — — 3,518
Treasury commitment......................... — — — — — — (4,518) — — — (4,518)
Treasury stock issued for stock
options and benefit plans ................. — — 2 — — — (28) — — 200 172
1 607 1,070 $ 1,000 $ 21,725 $ 642 $ 3,153 $ (1,563) $ (8,369) $ (7,312) $ 9,276
Balance as of September 30, 2008 ....
See Notes to Condensed Consolidated Financial Statements.
12. Supplemental Non-GAAP Consolidated Fair Value Balance Sheets
As of September 30, 2008 As of December 31, 2007
GAAP GAAP
Carrying Fair Value Estimated Carrying Fair Value Estimated
Adjustment (1) Adjustment (1) Fair Value(2)
Value Fair Value Value
(Dollars in millions)
Assets:
36,489 (3) 4,502(3)
Cash and cash equivalents ............................. $ 36,489 $ — $ $ 4,502 $ — $
Federal funds sold and securities purchased
33,389(3) 49,041(3)
under agreements to resell ......................... 33,420 (31) 49,041 —
98,671(3) 63,956(3)
Trading securities........................................... 98,671 — 63,956 —
262,054(3) 293,557(3)
Available-for-sale securities .......................... 262,054 — 293,557 —
Mortgage loans:
8,024(4) 7,083(4)
Mortgage loans held for sale...................... 7,908 116 7,008 75
Mortgage loans held for investment, net
393,683(4) 396,586(4)
of allowance for loan losses .................. 397,834 (4,151) 396,516 70
Guaranty assets of mortgage loans held
3,487(4)(5) 3,983(4)(5)
in portfolio............................................. — 3,487 — 3,983
Guaranty obligations of mortgage loans
(10,001) (4)(5) (4,747)(4)(5)
— —
held in portfolio..................................... (10,001) (4,747)
395,193 (3)(4) 402,905(3)(4)
Total mortgage loans ................................. 405,742 (10,549) 403,524 (619)
9,421 (3) 12,049(3)
Advances to lenders ....................................... 9,605 (184) 12,377 (328)
1,099 (3) 885(3)
Derivative assets at fair value ........................ 1,099 — 885 —
15,161 (3)(5) 14,258(3)(5)
Guaranty assets and buy-ups, net................... 11,318 3,843 10,610 3,648
851,477(3) 841,153(3)
Total financial assets ................................. 858,398 (6,921) 838,452 2,701
Master servicing assets and credit
7,539(5)(6) 4,627(5)(6)
enhancements ............................................ 1,582 5,957 1,783 2,844
36,717(6)(7) 44,572(6)(7)
Other assets................................................ 36,635 82 39,154 5,418
Total assets ................................................ $ 896,615 $ (882) $ 895,733 $ 879,389 $ 10,963 $ 890,352
Liabilities:
Federal funds purchased and securities sold
1,377 (3) 869(3)
under agreements to repurchase................. $ 1,357 $ 20 $ $ 869 $ — $
280,382(8) 280,413 (3) 234,368(3)
Short-term debt .............................................. 31 234,160 208
550,928(8) 562,629 (3) 580,333(3)
Long-term debt .............................................. 11,701 562,139 18,194
1,305 (3) 2,217(3)
Derivative liabilities at fair value................... 1,305 — 2,217 —
74,913(3) 20,549(3)
Guaranty obligations...................................... 16,816 58,097 15,393 5,156
920,637 (3) 838,336(3)
Total financial liabilities ............................ 850,788 69,849 814,778 23,558
21,359 (9) 16,110(9)
Other liabilities .............................................. 36,392 (15,033) 20,493 (4,383)
Total liabilities........................................... 887,180 54,816 941,996 835,271 19,175 854,446
Minority interests in consolidated
subsidiaries ................................................ 159 — 159 107 — 107
Stockholders’ Equity (Deficit):
1,000(10)
Senior preferred ............................................. 1,000 — — — —
1,470(11) 15,348(11)
Preferred ........................................................ 21,725 (20,255) 16,913 (1,565)
(48,892)(12) 20,451(12)
Common ........................................................ (13,449) (35,443) 27,098 (6,647)
Total stockholders’ equity (deficit)/non-
GAAP fair value of net assets ............. $ 9,276 $ (55,698) $ (46,422) $ 44,011 $ (8,212) $ 35,799
Total liabilities and stockholders’ equity... $ 896,615 $ (882) $ 895,733 $ 879,389 $ 10,963 $ 890,352
__________
See Explanation and Reconciliation of Non-GAAP Measures to GAAP Measures
13. Explanation and Reconciliation of Non-GAAP Measures to GAAP Measures
(1)
Each of the amounts listed as a “fair value adjustment” represents the difference between the carrying value included in our GAAP condensed consolidated balance
sheets and our best judgment of the estimated fair value of the listed item.
(2)
Certain prior period amounts have been reclassified to conform to the current period presentation.
(3)
We determined the estimated fair value of these financial instruments in accordance with the fair value guidelines outlined in SFAS 157, as described in “Notes to
Condensed Consolidated Financial Statements—Note 18, Fair Value of Financial Instruments.” In Note 18, we also disclose the carrying value and estimated fair
value of our total financial assets and total financial liabilities as well as discuss the methodologies and assumptions we use in estimating the fair value of our
financial instruments.
(4)
For business segment reporting purposes, we allocate intra-company guaranty fee income to our Single-Family and HCD businesses for managing the credit risk
on mortgage loans held in portfolio by our Capital Markets group and charge a corresponding fee to our Capital Markets group. In computing this intra-company
allocation, we disaggregate the total mortgage loans reported in our GAAP condensed consolidated balance sheets, which consists of “Mortgage loans held for
sale” and “Mortgage loans held for investment, net of allowance for loan losses” into components that separately reflect the value associated with credit risk, which
is managed by our guaranty businesses, and the interest rate risk, which is managed by our capital markets business. We report the estimated fair value of the
credit risk components separately in our supplemental non-GAAP consolidated fair value balance sheets as “Guaranty assets of mortgage loans held in portfolio”
and “Guaranty obligations of mortgage loans held in portfolio.” We report the estimated fair value of the interest rate risk components in our supplemental non-
GAAP consolidated fair value balance sheets as “Mortgage loans held for sale” and “Mortgage loans held for investment, net of allowance for loan losses.” Taken
together, these four components represent the estimated fair value of the total mortgage loans reported in our GAAP condensed consolidated balance sheets. We
believe this presentation provides transparency into the components of the fair value of the mortgage loans associated with the activities of our guaranty businesses
and the components of the activities of our capital markets business, which is consistent with the way we manage risks and allocate revenues and expenses for
segment reporting purposes. While the carrying values and estimated fair values of the individual line items may differ from the amounts presented in Note 18 of
the condensed consolidated financial statements, the combined amounts together equal the carrying value and estimated fair value amounts of total mortgage loans
in Note 18.
(5)
In our GAAP condensed consolidated balance sheets, we report the guaranty assets associated with our outstanding Fannie Mae MBS and other guarantees as a
separate line item and include buy-ups, master servicing assets and credit enhancements associated with our guaranty assets in “Other assets.” The GAAP carrying
value of our guaranty assets reflects only those guaranty arrangements entered into subsequent to our adoption of FIN No. 45, Guarantor’s Accounting and
Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others (an interpretation of FASB Statements No. 5, 57, and 107 and
rescission of FIN No. 34) (“FIN 45”), on January 1, 2003. On a GAAP basis, our guaranty assets totaled $10.2 billion and $9.7 billion as of September 30, 2008
and December 31, 2007, respectively. The associated buy-ups totaled $1.1 billion and $944 million as of September 30, 2008 and December 31, 2007,
respectively. In our non-GAAP supplemental consolidated fair value balance sheets, we also disclose the estimated guaranty assets and obligations related to
mortgage loans held in our portfolio. The aggregate estimated fair value of the guaranty asset-related components totaled $16.2 billion and $18.1 billion as of
September 30, 2008 and December 31, 2007, respectively. These components represent the sum of the following line items in this table: (i) Guaranty assets of
mortgage loans held in portfolio; (ii) Guaranty obligations of mortgage loans held in portfolio, (iii) Guaranty assets and buy-ups; and (iv) Master servicing assets
and credit enhancements. See “Critical Accounting Policies and Estimates—Fair Value of Financial Instruments—Change in Measuring the Fair Value of
Guaranty Obligations.”
(6)
The line items “Master servicing assets and credit enhancements” and “Other assets” together consist of the assets presented on the following five line items in our
GAAP condensed consolidated balance sheets: (i) Accrued interest receivable; (ii) Acquired property, net; (iii) Deferred tax assets, net of a valuation allowance;
(iv) Partnership investments; and (v) Other assets. The carrying value of these items in our GAAP condensed consolidated balance sheets together totaled $39.3
billion and $41.9 billion as of September 30, 2008 and December 31, 2007, respectively. We deduct the carrying value of the buy-ups associated with our guaranty
obligation, which totaled $1.1 billion and $944 million as of September 30, 2008 and December 31, 2007, respectively, from “Other assets” reported in our GAAP
condensed consolidated balance sheets because buy-ups are a financial instrument that we combine with guaranty assets in our disclosure in Note 18. We have
estimated the fair value of master servicing assets and credit enhancements based on our fair value methodologies discussed in Note 18.
(7)
With the exception of partnership investments and deferred tax assets, the GAAP carrying values of other assets generally approximate fair value. While we have
included partnership investments at their carrying value in each of the non-GAAP supplemental consolidated fair value balance sheets, the fair values of these
items are generally different from their GAAP carrying values, potentially materially. Our LIHTC partnership investments had a carrying value of $6.7 billion and
$8.1 billion and an estimated fair value of $7.2 billion and $9.3 billion as of September 30, 2008 and December 31, 2007, respectively. We assume that certain
other assets, consisting primarily of prepaid expenses, have no fair value. Our GAAP-basis deferred tax assets are described in “Notes to Condensed Consolidated
Financial Statements—Note 11, Income Taxes.” In addition to the GAAP-basis deferred income tax amounts, net of a valuation allowance, included in “Other
assets,” we previously included in our non-GAAP supplemental consolidated fair value balance sheets the estimated income tax effect related to the fair value
adjustments made to derive the fair value of our net assets. Because our adjusted deferred income taxes are a net asset in each year, the amounts are included in
our non-GAAP fair value balance sheets as a component of other assets. As discussed in Note 11, we established a deferred tax asset valuation allowance of $21.4
billion in the third quarter of 2008. Therefore, in calculating the fair value of our net assets as of September 30, 2008, we eliminated the tax effect of deferred tax
benefits we would have otherwise recorded had we not concluded that it was necessary to establish a valuation allowance. Any remaining deferred tax assets relate
to amounts not subject to the deferred tax asset valuation allowance.
(8)
Includes certain short-term debt and long-term debt instruments reported in our GAAP condensed consolidated balance sheet at fair value as of September 30,
2008 of $4.5 billion and $21.7 billion, respectively.
(9)
The line item “Other liabilities” consists of the liabilities presented on the following four line items in our GAAP condensed consolidated balance sheets: (i)
Accrued interest payable; (ii) Reserve for guaranty losses; (iii) Partnership liabilities; and (iv) Other liabilities. The carrying value of these items in our GAAP
condensed consolidated balance sheets together totaled $36.4 billion and $20.5 billion as of September 30, 2008 and December 31, 2007, respectively. The GAAP
carrying values of these other liabilities generally approximate fair value. We assume that certain other liabilities, such as deferred revenues, have no fair value.
Although we report the “Reserve for guaranty losses” as a separate line item on our condensed consolidated balance sheets, it is incorporated into and reported as
part of the fair value of our guaranty obligations in our non-GAAP supplemental condensed consolidated fair value balance sheets.
(10)
“Senior preferred stockholders’ equity” is reflected in our non-GAAP supplemental condensed consolidated fair value balance sheets at its aggregate liquidation
preference, which is the estimated fair value.
(11)
“Preferred stockholders’ equity” is reflected in our non-GAAP supplemental condensed consolidated fair value balance sheets at the estimated fair value.
(12)
“Common stockholders’ equity (deficit) ” consists of the stockholders’ equity components presented on the following five line items in our GAAP condensed
consolidated balance sheets: (i) Common stock; (ii) Additional paid-in capital; (iii) Retained earnings; (iv) Accumulated other comprehensive loss; and (v)
Treasury stock, at cost. “Common stockholders’ equity (deficit)” represents the residual of the excess (deficit) of the estimated fair value of total assets over the
estimated fair value of total liabilities, after taking into consideration senior preferred and preferred stockholders’ equity and minority interest in consolidated
subsidiaries.