Fourth Quarter and Full Year 2016 Results 1

Resource Center: 1-800-732-6643

Contact: Pete Bakel

202-752-2034

Date: February 17, 2017

Fannie Mae Reports Net Income of $12.3 Billion and

Comprehensive Income of $11.7 Billion for 2016

Company Reports Net Income of $5.0 Billion and 

Comprehensive Income of $4.9 Billion for Fourth Quarter 2016

• Fannie Mae paid a total of $9.6 billion in dividends to Treasury in 2016. The company expects to pay 

Treasury $5.5 billion in dividends in March 2017. With the expected March 2017 dividend payment, Fannie 

Mae will have paid a total of $159.9 billion in dividends to Treasury. 

• Fannie Mae was the largest provider of liquidity to the mortgage market in 2016, providing approximately 

$637 billion in mortgage financing that enabled families to buy, refinance, or rent homes.

• Fannie Mae is focused on providing value to the housing finance system by:

delivering increased efficiency, simplicity, and certainty to customers;

implementing innovations that deliver greater value and reduced risk to lenders, such as the company’s 

Day 1 CertaintyTM initiative with verification tools to expand representation and warranty relief; and 

helping make predictable long-term fixed-rate mortgages, including the 30-year fixed-rate mortgage, 

available to families across the country.

• Fannie Mae continues to lay off risk to private capital in the mortgage market and reduce taxpayer risk 

through its credit risk transfer transactions. As of December 31, 2016, approximately 23 percent of the loans 

in the company’s single-family conventional guaranty book of business, measured by unpaid principal 

balance, were covered by a credit risk transfer transaction.

WASHINGTON, DC — Fannie Mae (FNMA/OTC) reported annual net income of $12.3 billion and annual 

comprehensive income of $11.7 billion in 2016. For the fourth quarter of 2016, Fannie Mae reported net income of 

$5.0 billion and comprehensive income of $4.9 billion. The company reported a positive net worth of $6.1 billion as 

of December 31, 2016. As a result, the company expects to pay Treasury a $5.5 billion dividend in March 2017.

“Our strong 2016 results reflect a multi-year drive to improve Fannie Mae’s business model, strengthen the housing 

finance system, and deliver innovation and certainty to customers,” said Timothy J. Mayopoulos, president and chief 

executive officer. “We delivered new technologies that reduce risk and cost for our Single-Family customers and 

help them make the mortgage process simpler, more certain, and easier for borrowers. Our Multifamily business 

achieved record volume in 2016, and we deepened our commitment to delivering solutions that support affordable 

and workforce housing. We look forward to another year of progress as we continue to improve our operations and 

deliver greater value to our partners, the industry, taxpayers, and the housing market.”
Fourth Quarter and Full Year 2016 Results 2

Full Year 2016 Results - Fannie Mae’s 2016 net income of $12.3 billion increased from $11.0 billion in 2015 due 

primarily to: 

• A shift to credit-related income in 2016 from credit-related expense in 2015 driven by a higher benefit for 

credit losses and lower foreclosed property expense.

• Lower fair value losses in 2016 compared to 2015. Fair value losses in 2016 were driven primarily by a 

decrease in the fair value of the company’s risk management derivatives in the first half of 2016 due to 

declines in longer-term interest rates during the period. These losses were partially offset by an increase in 

the fair value of the company’s risk management derivatives in the second half of 2016 due to an increase 

in longer-term interest rates during the period. 

Fourth Quarter 2016 Results - Fannie Mae’s fourth quarter 2016 net income of $5.0 billion increased from $3.2 

billion in the third quarter of 2016 due primarily to:

• A shift to fair value gains in the fourth quarter compared with fair value losses in the third quarter. Fair value 

gains in the fourth quarter of 2016 were due primarily to increases in longer-term interest rates positively 

impacting the value of the company’s risk management and mortgage commitment derivatives.

• The increase in net income was partially offset by a shift to a provision for credit losses in the fourth quarter 

compared with a benefit for credit losses in the third quarter. An increase in actual and projected interest 

rates in the fourth quarter increased the impairment on the company’s individually impaired loans primarily 

related to concessions provided on its modified loans, which was the driver of the provision for credit losses 

for the quarter.

SUMMARY OF FOURTH QUARTER AND FULL YEAR 2016 RESULTS

(Dollars in millions) 4Q16 3Q16 Variance 2016 2015 Variance

Net interest income $ 5,805 $ 5,435 $ 370 $ 21,295 $ 21,409 $ (114)

Fee and other income 414 175 239 966 1,348 (382)

Net revenues 6,219 5,610 609 22,261 22,757 (496)

Investment gains, net 322 467 (145) 1,256 1,336 (80)

Fair value gains (losses), net 3,890 (491) 4,381 (1,081) (1,767) 686

Administrative expenses (714) (661) (53) (2,741) (3,050) 309

Credit-related income (expense)

Benefit (provision) for credit losses (1,303) 673 (1,976) 2,155 795 1,360

Foreclosed property expense (137) (110) (27) (644) (1,629) 985

Total credit-related income (expense) (1,440) 563 (2,003) 1,511 (834) 2,345

Temporary Payroll Tax Cut Continuation Act of

2011 (“TCCA”) fees (487) (465) (22) (1,845) (1,621) (224)

Other expenses, net (210) (300) 90 (1,028) (613) (415)

Income before federal income taxes 7,580 4,723 2,857 18,333 16,208 2,125

Provision for federal income taxes (2,545) (1,527) (1,018) (6,020) (5,253) (767)

Net income 5,035 3,196 1,839 12,313 10,955 1,358

Less: Net income attributable to the

noncontrolling interest — — — — (1) 1

Net income attributable to Fannie Mae $ 5,035 $ 3,196 $ 1,839 $ 12,313 $ 10,954 $ 1,359

Total comprehensive income attributable to

Fannie Mae $ 4,871 $ 2,989 $ 1,882 $ 11,665 $ 10,628 $ 1,037

Dividends distributed or available for

distribution to senior preferred stockholder $ (5,471) $ (2,977) $ (2,494) $ (12,236) $ (11,216) $ (1,020)
Fourth Quarter and Full Year 2016 Results 3

Net revenues, which consist of net interest income and fee and other income, were $6.2 billion for the fourth

quarter of 2016, compared with $5.6 billion for the third quarter of 2016. For the year, net revenues were $22.3 

billion, compared with $22.8 billion in 2015. 

The company has two primary sources of net interest income: (1) the guaranty fees it receives for managing the 

credit risk on loans underlying Fannie Mae mortgage-backed securities held by third parties; and (2) the difference 

between interest income earned on the assets in its retained mortgage portfolio and the interest expense 

associated with the debt that funds those assets. 

Net interest income was $5.8 billion for the fourth quarter of 2016, compared with $5.4 billion for the third quarter of 

2016. The increase in net interest income for the fourth quarter of 2016 was due to higher guaranty fee income 

driven primarily by amortization income, partially offset by lower net interest income from the company’s retained 

mortgage portfolio. For the year, net interest income was $21.3 billion for 2016, compared with $21.4 billion for 

2015. The decrease in annual net interest income was due primarily to lower net interest income from the 

company’s retained mortgage portfolio, almost entirely offset by an increase in guaranty fee income.

In recent years, an increasing portion of Fannie Mae’s net interest income has been derived from guaranty fees 

rather than from the company’s retained mortgage portfolio assets. This is a result of both the guaranty fee 

increases implemented in 2012 and the reduction of the retained mortgage portfolio. More than two-thirds of the 

company’s 2016 net interest income was derived from its guaranty business. The company expects that guaranty 

fees will continue to account for an increasing portion of its net interest income.

Fee and other income was $414 million for the fourth quarter of 2016, compared with $175 million for the third 

quarter of 2016. The increase in fee and other income for the fourth quarter of 2016 was due primarily to a 

settlement agreement in the fourth quarter of 2016 that resolved certain of the company’s claims relating to privatelabel mortgage-related securities guaranteed by Fannie Mae. For the year, fee and other income was $1.0 billion for 

2016, compared with $1.3 billion for 2015. Fee and other income decreased in 2016 compared with 2015 due 

primarily due to lower multifamily fees in 2016 driven by a decrease in yield maintenance income. In addition, the 

company recognized lower technology fees in 2016 as a result of eliminating fees charged to its customers for using 

its Desktop Underwriter® and Desktop Originator® systems beginning in June 2015.

Net fair value gains were $3.9 billion in the fourth quarter of 2016, compared with losses of $491 million in the third 

quarter of 2016. Net fair value gains in the fourth quarter of 2016 were due primarily to increases in longer-term 

interest rates positively impacting the value of the company’s risk management derivatives. Net fair value gains in 

the fourth quarter of 2016 also were driven by gains on commitments to sell mortgage-related securities driven by a 

decrease in prices as interest rates increased during the commitment periods in the quarter. For the year, net fair 

value losses were $1.1 billion, compared with $1.8 billion in 2015. The company recognized fair value losses for 

2016 primarily as a result of a decrease in the fair value of its risk management derivatives in the first half of 2016 

due to declines in longer-term interest rates during the period. These losses were partially offset by an increase in 

the fair value of the company’s risk management derivatives in the second half of 2016 due to an increase in longerterm interest rates during the period. The estimated fair value of the company’s derivatives and securities may 
Fourth Quarter and Full Year 2016 Results 4

fluctuate substantially from period to period because of changes in interest rates, the yield curve, mortgage and 

credit spreads, implied volatility, and activity related to these financial instruments.

Credit-related expense (income) consists of a provision or benefit for credit losses and foreclosed property 

expense or income. Credit-related expense was $1.4 billion in the fourth quarter of 2016, compared with creditrelated income of $563 million in the third quarter of 2016. The shift to credit-related expense in the fourth quarter of 

2016 from credit-related income in the third quarter of 2016 was due primarily to a provision for credit losses driven 

primarily by an increase in actual and projected interest rates during the quarter. The increase in actual and 

projected interest rates in the fourth quarter increased the impairment on the company’s individually impaired loans 

primarily related to concessions provided on its modified loans, which was the driver of the provision for credit 

losses for the quarter. For the year, credit-related income was $1.5 billion, compared with credit-related expense of 

$834 million in 2015. The shift to credit-related income in 2016 compared with credit-related expense in 2015 was 

driven primarily by a higher benefit for credit losses due primarily to a smaller impact resulting from the 

redesignation of loans from held-for-investment to held-for-sale in 2016 compared with 2015. Also contributing to 

the shift to credit-related income in 2016 was a decrease in foreclosed property expense primarily due to a decline 

in the number of single-family foreclosed properties. 
Fourth Quarter and Full Year 2016 Results 5

VARIABILITY OF FINANCIAL RESULTS 

Fannie Mae expects to remain profitable on an annual basis for the foreseeable future; however, certain factors, 

such as changes in interest rates or home prices, could result in significant volatility in the company’s financial 

results from quarter to quarter or year to year. Fannie Mae’s future financial results also will be affected by a number 

of other factors, including: the company’s guaranty fee rates; the volume of single-family mortgage originations in 

the future; the size, composition, and quality of its retained mortgage portfolio and guaranty book of business; and 

economic and housing market conditions. Although Fannie Mae expects to remain profitable on an annual basis for 

the foreseeable future, due to the company’s limited and declining capital reserves (which decrease to zero in 2018) 

and the potential for significant volatility in its financial results, it could experience a net worth deficit in a future 

quarter. If the company experiences a net worth deficit in a future quarter, it will be required to draw additional funds 

from Treasury under its senior preferred stock purchase agreement in order to avoid being placed into receivership.

The company’s expectations for its future financial results do not take into account the impact on its business of 

potential future legislative or regulatory changes, which could have a material impact on the company’s financial 

results, particularly the enactment of housing finance reform legislation, corporate income tax reform legislation, and 

changes in accounting standards. For example, the current Administration proposes reducing the U.S. corporate 

income tax rate. Under applicable accounting standards, a significant reduction in the U.S. corporate income tax 

rate would require the company to record a substantial reduction in the value of its deferred tax assets in the quarter 

in which the legislation is enacted. Thus, if legislation significantly lowering the U.S. corporate income tax rate is 

enacted, the company expects to incur a significant net loss and net worth deficit for the quarter in which the 

legislation is enacted and could potentially incur a net loss for that year. If the company experiences a net worth 

deficit in a future quarter, it will be required to draw additional funds from Treasury under the senior preferred stock 

purchase agreement in order to avoid being placed into receivership. For additional information on factors that affect 

the company’s financial results, please refer to the company’s annual report on Form 10-K for the year ended 

December 31, 2016 (the “2016 Form 10-K”).

SUMMARY OF FOURTH QUARTER AND FULL YEAR 2016 BUSINESS SEGMENT RESULTS

Fannie Mae’s two reportable business segments—Single-Family and Multifamily—engage in complementary 

business activities in pursuing Fannie Mae’s vision to be America’s most valued housing partner and to provide 

liquidity, access to credit, and affordability in all U.S. housing markets at all times, while effectively managing and 

reducing risk to Fannie Mae’s business, taxpayers, and the housing finance system. In support of this vision, Fannie 

Mae is focused on: advancing a sustainable and reliable business model that reduces risk to the housing finance 

system and taxpayers; providing reliable, large-scale access to affordable mortgage credit for qualified borrowers 

and helping struggling homeowners; and serving customer needs by building a company that is efficient, innovative, 

and continuously improving. 

Previously, Fannie Mae had a third reportable business segment—Capital Markets. In the fourth quarter of 2016, 

the company realigned the composition of its reportable business segments to incorporate the activities of the 

Capital Markets group into the Single-Family or Multifamily segments. All prior year segment information in this 

release has been revised to conform to the company’s new segment reporting presentation. 
Fourth Quarter and Full Year 2016 Results 6

(Dollars in millions) 4Q16 3Q16 Variance 2016 2015 Variance

Single-Family Segment:

Net interest income $ 5,178 $ 4,858 $ 320 $ 19,010 $19,301 $ (291)

Fee and other income 299 77 222 521 636 (115)

Net revenues 5,477 4,935 542 19,531 19,937 (406)

Credit-related income (expense) (1,456) 531 (1,987) 1,439 (1,035) 2,474

Investment gains, net 209 399 (190) 944 970 (26)

Fair value gains (losses), net 3,988 (499) 4,487 (1,040) (1,505) 465

Administrative expenses (630) (583) (47) (2,418) (2,711) 293

TCCA fees (487) (465) (22) (1,845) (1,621) (224)

Other expenses (239) (276) 37 (1,012) (831) (181)

Income before federal income taxes 6,862 4,042 2,820 15,599 13,204 2,395

Provision for federal income taxes (2,375) (1,385) (990) (5,417) (4,593) (824)

Net income $ 4,487 $ 2,657 $ 1,830 $ 10,182 $ 8,611 $ 1,571

Multifamily Segment:

Net interest income $ 627 $ 577 $ 50 $ 2,285 $ 2,108 $ 177

Fee and other income 115 98 17 445 712 (267)

Net revenues 742 675 67 2,730 2,820 (90)

Credit-related income 16 32 (16) 72 201 (129)

Fair value (losses) gains, net (98) 8 (106) (41) (262) 221

Gains from partnership investments 46 4 42 91 283 (192)

Administrative expenses (84) (78) (6) (323) (339) 16

Other income 96 40 56 205 301 (96)

Income before federal income taxes 718 681 37 2,734 3,004 (270)

Provision for federal income taxes (170) (142) (28) (603) (660) 57

Less: Net income attributable to noncontrolling interest — — — — (1) 1

Net income $ 548 $ 539 $ 9 $ 2,131 $ 2,343 $ (212)

Single-Family Business

• Single-Family net income was $4.5 billion in the fourth quarter of 2016, compared with $2.7 billion in the 

third quarter of 2016. The increase in net income in the fourth quarter was driven primarily by a shift to fair 

value gains, partially offset by a shift to credit-related expense. For the year, the Single-Family business had 

net income of $10.2 billion, compared with $8.6 billion in 2015. The increase in annual net income was 

driven primarily by a shift to credit-related income in 2016.

• Single-Family fair value gains were $4.0 billion in the fourth quarter of 2016, compared with $499 million in 

fair value losses in the third quarter of 2016. Net fair value gains in the fourth quarter of 2016 were due 

primarily to increases in longer-term interest rates positively impacting the value of the company’s risk 

management derivatives. Net fair value gains in the fourth quarter of 2016 also were driven by gains on 

commitments to sell mortgage-related securities driven by a decrease in prices as interest rates increased 

during the commitment periods in the quarter. In 2016, the Single-Family business had fair value losses of 

$1.0 billion, compared with $1.5 billion in 2015. The Single-Family business recognized fair value losses for 

2016 primarily as a result of a decrease in the fair value of its risk management derivatives in the first half of 

2016 due to declines in longer-term interest rates during the period. These losses were partially offset by an 

increase in the fair value of the company’s risk management derivatives in the second half of 2016 due to 

an increase in longer-term interest rates during the period.
Fourth Quarter and Full Year 2016 Results 7

• Single-Family credit-related expense was $1.5 billion in the fourth quarter of 2016, compared with creditrelated income of $531 million in the third quarter of 2016. The shift to credit-related expense in the fourth 

quarter of 2016 from credit-related income in the third quarter of 2016 was due primarily to a provision for 

credit losses driven primarily by an increase in actual and projected interest rates during the quarter. The 

increase in actual and projected interest rates in the fourth quarter increased the impairment on the 

company’s individually impaired loans primarily related to concessions provided on its modified loans, which 

was the driver of the provision for credit losses for the quarter. For the year, Single-Family credit-related 

income was $1.4 billion, compared with credit-related expense of $1.0 billion in 2015. The shift to creditrelated income in 2016 compared with credit-related expense in 2015 was driven primarily by a higher 

benefit for credit losses due primarily to a smaller impact resulting from the redesignation of loans from 

held-for-investment to held-for-sale in 2016 compared with 2015. Also contributing to the shift to creditrelated income in 2016 was a decrease in foreclosed property expense primarily due to a decline in the 

number of single-family foreclosed properties.

Multifamily Business

• Multifamily net income was $548 million in the fourth quarter of 2016, compared with $539 million in the 

third quarter of 2016. The increase in Multifamily net income for the fourth quarter of 2016 was driven 

primarily by higher net interest income, other income, and gains from partnership investments, partially 

offset by a shift to fair value losses from fair value gains. For the year, Multifamily net income was $2.1 

billion, compared with $2.3 billion in 2015. The decrease in multifamily net income for 2016 was driven 

primarily by lower fee and other income, gains from partnership investments and credit-related income, 

partially offset by higher net interest income and lower fair value losses. 

• Multifamily new business volume increased in 2016 compared with 2015 driven by continued growth in the 

overall multifamily market. FHFA’s 2016 conservatorship scorecard included an objective to maintain the 

dollar volume of new multifamily business at or below $36.5 billion excluding certain targeted business 

segments. The Multifamily business met this objective with approximately 66 percent of Fannie Mae’s 2016 

multifamily new business volume of $55.3 billion counting towards FHFA’s 2016 multifamily volume cap.

BUILDING A SUSTAINABLE HOUSING FINANCE SYSTEM

In addition to continuing to provide liquidity and support to the mortgage market, Fannie Mae has invested 

significant resources toward helping to maintain a safer and sustainable housing finance system for today and build 

a safer and sustainable housing finance system for the future. The company is pursuing the strategic goals 

identified by its conservator, FHFA. These strategic goals are: maintain, in a safe and sound manner, credit 

availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid, efficient, 

competitive, and resilient national housing finance markets; reduce taxpayer risk through increasing the role of 

private capital in the mortgage market; and build a new single-family infrastructure for use by Fannie Mae and 

Freddie Mac and adaptable for use by other participants in the secondary market in the future.

ABOUT FANNIE MAE’S CONSERVATORSHIP AND AGREEMENTS WITH TREASURY

Fannie Mae has operated under the conservatorship of FHFA since September 6, 2008. Treasury has made a 

commitment under a senior preferred stock purchase agreement to provide funding to Fannie Mae under certain 

circumstances if the company has a net worth deficit. Pursuant to this agreement and the senior preferred stock the 

company issued to Treasury in 2008, the Director of FHFA has directed Fannie Mae to pay dividends to Treasury on 

a quarterly basis since entering into conservatorship in 2008. The chart below shows the funds the company has 

drawn from Treasury pursuant to the senior preferred stock purchase agreement, as well as the dividend payments 

the company has made to Treasury on the senior preferred stock, since entering into conservatorship.
Fourth Quarter and Full Year 2016 Results 8

(1) Under the terms of the senior preferred stock purchase agreement, dividend payments the company makes to Treasury 

do not offset the company’s prior draws of funds from Treasury, and the company is not permitted to pay down draws it 

has made under the agreement except in limited circumstances. Accordingly, the current aggregate liquidation 

preference of the senior preferred stock is $117.1 billion, due to the initial $1.0 billion liquidation preference of the senior 

preferred stock (for which the company did not receive cash proceeds) and the $116.1 billion the company has drawn 

from Treasury. Amounts may not sum due to rounding.

(2) Treasury draws are shown in the period for which requested, not when the funds were received by the company. Fannie 

Mae has not requested a draw for any period since 2012.

Fannie Mae expects to pay Treasury a dividend of $5.5 billion for the first quarter of 2017 by March 31, 2017, 

calculated based on the company’s net worth of $6.1 billion as of December 31, 2016, less the current capital 

reserve amount of $600 million.

In August 2012, the terms governing the company’s dividend obligations on the senior preferred stock were 

amended. The amended senior preferred stock purchase agreement does not allow the company to build a capital 

reserve. Beginning in 2013, the required senior preferred stock dividends each quarter equal the amount, if any, by 

which the company’s net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable 

capital reserve amount. The capital reserve amount is $600 million for each quarter of 2017 and will decrease to 

zero in 2018. 

The amount of remaining funding available to Fannie Mae under the senior preferred stock purchase agreement 

with Treasury is currently $117.6 billion. If the company were to draw additional funds from Treasury under the 

agreement in a future period, the amount of remaining funding under the agreement would be reduced by the 

amount of the company’s draw. Dividend payments Fannie Mae makes to Treasury do not restore or increase the 

amount of funding available to the company under the agreement.

Fannie Mae is not permitted to redeem the senior preferred stock prior to the termination of Treasury’s funding 

commitment under the senior preferred stock purchase agreement. The limited circumstances under which 

Treasury’s funding commitment will terminate are described in “Business—Conservatorship and Treasury 

Agreements” in the company’s 2016 Form 10-K.
Fourth Quarter and Full Year 2016 Results 9

CREDIT RISK TRANSFER TRANSACTIONS

In late 2013, Fannie Mae began entering into credit risk transfer transactions with the goal of transferring, to the 

extent economically sensible, a portion of the existing mortgage credit risk on some of the recently acquired loans in 

its single-family book of business in order to reduce the economic risk to the company and taxpayers of future 

borrower defaults. Fannie Mae’s primary method of achieving this goal has been through the issuance of its 

Connecticut Avenue SecuritiesTM (CAS) and its Credit Insurance Risk TransferTM (CIRT

TM) transactions. In these 

transactions, the company transfers to investors a portion of the mortgage credit risk associated with losses on a 

reference pool of mortgage loans and in exchange pays investors a premium that effectively reduces the guaranty 

fee income the company retains on the loans.

As of December 31, 2016, $647.5 billion in outstanding unpaid principal balance of the company’s single-family 

loans, or approximately 23 percent of the loans in its single-family conventional guaranty book of business 

measured by unpaid principal balance, were included in a reference pool for a credit risk transfer transaction. 

During 2016, the company transferred a portion of the mortgage credit risk on single-family mortgages with unpaid 

principal balance of over $330 billion at the time of the transactions.

These transactions increase the role of private capital in the mortgage market and reduce the risk to Fannie Mae’s 

business, taxpayers, and the housing finance system. Over time, the company expects that a larger portion of its 

single-family conventional guaranty book of business will be covered by credit risk transfer transactions. 

The chart below shows as of the dates specified the total outstanding unpaid principal balance of Fannie Mae’s 

single-family loans, as well as the percentage of the company’s total single-family conventional guaranty book of 

business measured by unpaid principal balance, that were included in a reference pool for a credit risk transfer 

transaction.

CREDIT QUALITY

While continuing to make it possible for families to buy, refinance, or rent homes, Fannie Mae has maintained 

responsible credit standards. Since 2009, Fannie Mae has seen the effect of the actions it took, beginning in 2008, 

to significantly strengthen its underwriting and eligibility standards to promote sustainable homeownership and 

stability in the housing market. Fannie Mae actively monitors the credit risk profile and credit performance of the 

company’s single-family loan acquisitions, in conjunction with housing market and economic conditions, to 

determine if its pricing, eligibility, and underwriting criteria accurately reflect the risks associated with loans the 

company acquires or guarantees. Single-family conventional loans acquired by Fannie Mae in 2016 had a weighted 

average borrower FICO credit score at origination of 750 and a weighted average original loan-to-value ratio of 74

percent.
Fourth Quarter and Full Year 2016 Results 10

As of December 31, 2016, 88 percent of the company’s single-family conventional guaranty book of business 

consisted of loans acquired since 2009. 

(1) Calculated as of the end of each period based on the number of single-family conventional loans that are 90 days or 

more past due and loans that have been referred to foreclosure but not yet foreclosed upon, divided by the number of 

loans in our single-family conventional guaranty book of business. 

(2) Fannie Mae has acquired HARP loans and other Refi Plus loans under its Refi PlusTM initiative since 2009. The Refi 

Plus initiative offers refinancing flexibility to eligible borrowers who are current on their loans and whose loans are 

owned or guaranteed by Fannie Mae and meet certain additional criteria. HARP loans, which have loan-to-value (“LTV”) 

ratios at origination greater than 80 percent, refers to loans the company has acquired pursuant to the Home Affordable 

Refinance Program® (“HARP®”). Other Refi Plus loans, which have LTV ratios at origination of 80 percent or less, 

refers to loans the company has acquired under its Refi Plus initiative other than HARP loans. Loans the company 

acquires under Refi Plus and HARP are refinancings of loans that were originated prior to June 2009.

The single-family serious delinquency rate for Fannie Mae’s book of business has declined for 27 consecutive 

quarters since the first quarter of 2010, and was 1.20 percent as of December 31, 2016, compared with 5.47 

percent as of March 31, 2010.

Fannie Mae expect its single-family serious delinquency rate to continue to decline; however, as the single-family 

serious delinquency rate has already declined significantly over the past several years, the company expects more 

modest declines in this rate in the future. The company’s single-family serious delinquency rate and the period of 

time that loans remain seriously delinquent continue to be negatively affected by the length of time required to 

complete a foreclosure in some states. Other factors that affect the company’s single-family serious delinquency 

rate include the pace of loan modifications, the timing and volume of nonperforming loan sales we make, servicer 

performance, and changes in home prices, unemployment levels and other macroeconomic conditions. 
Fourth Quarter and Full Year 2016 Results 11

Total Loss Reserves, which reflect the company’s estimate of the probable losses the company has incurred in its 

guaranty book of business, including concessions it granted borrowers upon modification of their loans, decreased 

to $23.9 billion as of December 31, 2016 from $28.8 billion as of December 31, 2015. The decrease in the 

company’s total loss reserves during 2016 was driven primarily by liquidations of mortgage loans and charge-offs, 

which relieved the allowance on these loans, as well as an increase in home prices. The company’s loss reserves 

have declined substantially from their peak and are expected to decline further in 2017; however, we expect a 

smaller decline in our loss reserves in 2017 as compared with the decline in 2016. 

PROVIDING LIQUIDITY AND SUPPORT TO THE MARKET

Liquidity

Fannie Mae provided approximately $637 billion in liquidity to the mortgage market in 2016, including approximately 

$193 billion in liquidity in the fourth quarter of 2016, through its purchases and guarantees of loans, which resulted 

in:

• Approximately 1,122,000 home purchases in 2016, including approximately 300,000 in the fourth quarter of 

2016

• Approximately 1,401,000 mortgage refinancings in 2016, including approximately 459,000 in the fourth

quarter of 2016

• Approximately 724,000 units of multifamily housing in 2016, including approximately 182,000 in the fourth

quarter of 2016
Fourth Quarter and Full Year 2016 Results 12

The company was the largest issuer of single-family mortgage-related securities in the secondary market in the 

fourth quarter and full year of 2016, with an estimated market share of new single-family mortgage-related securities 

issuances of 41 percent in the fourth quarter and 39 percent for all of 2016, compared with 37 percent for all of 

2015.

Fannie Mae also remained a continuous source of liquidity in the multifamily market in 2016. As of September 30, 

2016 (the latest date for which information is available), the company owned or guaranteed approximately 19

percent of the outstanding debt on multifamily properties.
Fourth Quarter and Full Year 2016 Results 13

Refinancing Initiatives

Through the company’s Refi Plus initiative, which offers refinancing flexibility to eligible Fannie Mae borrowers and 

includes HARP, the company acquired approximately 31,000 loans in the fourth quarter of 2016 and approximately 

141,000 loans for the full year of 2016. Refinancings delivered to Fannie Mae through Refi Plus in the fourth quarter 

of 2016 reduced borrowers’ monthly mortgage payments by an average of $221. The company expects the volume 

of refinancings under HARP to continue to remain a small percentage of its acquisitions between now and the 

program’s expiration, due to the small population of borrowers with loans that have high LTV ratios who are willing 

to refinance and would benefit from refinancing. Both HARP and the company’s Refi Plus initiative are scheduled to 

end on September 30, 2017.

Home Retention Solutions and Foreclosure Alternatives

To reduce the credit losses Fannie Mae ultimately incurs on its book of business, the company has been focusing 

its efforts on several strategies, including reducing defaults by offering home retention solutions, such as loan 

modifications. 

For the Year Ended December 31,

2016 2015 2014

Unpaid

Principal

Balance

Number

of Loans

Unpaid

Principal

Balance

Number

of Loans

Unpaid

Principal

Balance

Number

of Loans

(Dollars in millions)

Home retention solutions:

Modifications $13,474 80,304 $15,723 94,212 $20,686 122,823

Repayment plans and forbearances completed 904 6,423 835 5,996 986 7,309

Total home retention solutions 14,378 86,727 16,558 100,208 21,672 130,132

Foreclosure alternatives:

Short sales 2,275 11,009 3,033 14,716 4,795 23,188

Deeds-in-lieu of foreclosure 865 5,752 1,145 7,361 1,786 11,292

Total foreclosure alternatives 3,140 16,761 4,178 22,077 6,581 34,480

Total loan workouts $17,518 103,488 $20,736 122,285 $28,253 164,612

Loan workouts as a percentage of single-family guaranty book of

business 0.62% 0.60% 0.73% 0.71% 0.99% 0.94%

Fannie Mae views foreclosure as a last resort. For homeowners and communities in need, the company offers 

alternatives to foreclosure. In dealing with homeowners in distress, the company first seeks home retention 

solutions, which enable borrowers to stay in their homes, before turning to foreclosure alternatives.
Fourth Quarter and Full Year 2016 Results 14

• Fannie Mae provided approximately 23,000 loan workouts during the fourth quarter of 2016 and 

approximately 103,500 for the full year of 2016 enabling borrowers to avoid foreclosure.

• Fannie Mae completed approximately 17,000 loan modifications during the fourth quarter of 2016 and 

approximately 80,000 for the full year of 2016.

FORECLOSURES AND REAL ESTATE OWNED (REO) PROPERTIES

When there is no viable home retention solution or foreclosure alternative that can be applied, the company seeks 

to move to foreclosure expeditiously in an effort to minimize prolonged delinquencies that can hurt local home 

values and destabilize communities.

For the Year Ended December 31,

2016 2015 2014

Single-family foreclosed properties (number of properties):

Beginning of period inventory of single-family foreclosed properties (REO) 57,253 87,063 103,229

Total properties acquired through foreclosure 53,509 78,636 116,637

Dispositions of REO (72,669) (108,446) (132,803)

End of period inventory of single-family foreclosed properties (REO) 38,093 57,253 87,063

Carrying value of single-family foreclosed properties (dollars in millions) $ 4,372 $ 6,608 $ 9,745

Single-family foreclosure rate 0.31 % 0.45 % 0.67 %

• Fannie Mae acquired 10,736 single-family REO properties, primarily through foreclosure, in the fourth

quarter of 2016, compared with 12,402 in the third quarter of 2016. 

• As of December 31, 2016, the company’s inventory of single-family REO properties was 38,093, compared 

with 41,973 as of September 30, 2016. The carrying value of the company’s single-family REO was $4.4 

billion as of December 31, 2016.

• The company’s single-family foreclosure rate was 0.31 percent for the full year of 2016. This reflects the 

total number of single-family properties acquired through foreclosure or deeds-in-lieu of foreclosure as a 

percentage of the total number of loans in Fannie Mae’s single-family guaranty book of business.

Fannie Mae’s financial statements for the full year of 2016 are available in the accompanying Annex; however, 

investors and interested parties should read the company’s 2016 Form 10-K, which was filed today with the 

Securities and Exchange Commission and is available on Fannie Mae’s website, www.fanniemae.com. The 

company provides further discussion of its financial results and condition, credit performance, and other matters in 

its 2016 Form 10-K. Additional information about the company’s credit performance, the characteristics of its 

guaranty book of business, its foreclosure-prevention efforts, and other measures is contained in the “2016 Credit 

Supplement” at www.fanniemae.com.

# # #

In this release, the company has presented a number of estimates, forecasts, expectations, and other forward-looking statements, including 

statements regarding: its future dividend payments to Treasury; the impact of and future plans with respect to the company’s credit risk transfer 

transactions; the sources of its future net interest income; the company’s future profitability; the factors that will affect the company’s future 

financial results; the company’s future serious delinquency rates and the factors that will affect the company’s future single-family serious 

delinquency rates; the future volume of its HARP refinancings; the future fair value of the company’s financial instruments; the company’s future 

loss reserves; and the impact of the company’s actions to reduce credit losses. These estimates, forecasts, expectations, and statements are 

forward-looking statements based on the company’s current assumptions regarding numerous factors. Actual results, and future projections, 

could be materially different from what is set forth in the forward-looking statements as a result of: home price changes; interest rate changes; 

unemployment rates; other macroeconomic and housing market variables; the company’s future serious delinquency rates; the company’s future 

guaranty fee pricing and the impact of that pricing on the company’s guaranty fee revenues and competitive environment; government policy; 

credit availability; changes in borrower behavior; the volume of loans it modifies; the effectiveness of its loss mitigation strategies; significant 

changes in modification and foreclosure activity; the volume and pace of future nonperforming loan sales and their impact on the company’s 

results and serious delinquency rates; the effectiveness of its management of its real estate owned inventory and pursuit of contractual 

remedies; changes in the fair value of its assets and liabilities; future legislative or regulatory requirements or changes that have a significant 
Fourth Quarter and Full Year 2016 Results 15

impact on the company’s business, such as the enactment of housing finance reform legislation or corporate income tax reform legislation; 

actions by FHFA, Treasury, the Department of Housing and Urban Development or other regulators that affect the company’s business; the size, 

composition and quality of the company’s guaranty book of business and retained mortgage portfolio; the company’s market share; the life of the 

loans in the company’s guaranty book of business; future updates to the company’s models relating to loss reserves, including the assumptions 

used by these models; changes in generally accepted accounting principles; changes to the company’s accounting policies; whether the 

company’s counterparties meet their obligations in full; effects from activities the company takes to support the mortgage market and help 

borrowers; the company’s future objectives and activities in support of those objectives, including actions the company may take to reach 

additional underserved creditworthy borrowers; actions the company may be required to take by FHFA, in its role as its conservator or as its 

regulator, such as changes in the type of business the company does or the implementation of a single security for Fannie Mae and Freddie 

Mac; limitations on our business imposed by FHFA, in its role as the company’s conservator or as its regulator; the conservatorship and its effect 

on the company’s business; the investment by Treasury and its effect on the company’s business; the uncertainty of the company’s future; 

challenges the company faces in retaining and hiring qualified executives and other employees; the deteriorated credit performance of many 

loans in the company’s guaranty book of business; a decrease in the company’s credit ratings; defaults by one or more institutional 

counterparties; resolution or settlement agreements the company may enter into with its counterparties; operational control weaknesses; 

changes in the fiscal and monetary policies of the Federal Reserve, including any change in the Federal Reserve’s policy toward the 

reinvestment of principal payments of mortgage-backed securities or any future sales of such securities; changes in the structure and regulation 

of the financial services industry; the company’s ability to access the debt markets; disruptions in the housing, credit, and stock markets; 

government investigations and litigation; the company’s reliance on and the performance of the company’s servicers; conditions in the 

foreclosure environment; global political risks; natural disasters, environmental disasters, terrorist attacks, pandemics, or other major disruptive 

events; information security breaches or threats; and many other factors, including those discussed in the “Risk Factors” and “Forward-Looking 

Statements” sections of and elsewhere in the company’s 2016 Form 10-K and elsewhere in this release.

Fannie Mae provides website addresses in its news releases solely for readers’ information. Other content or information appearing on these 

websites is not part of this release. 

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with 

lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home 

buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
Fourth Quarter and Full Year 2016 Results 16

ANNEX

FANNIE MAE

(In conservatorship)

Consolidated Balance Sheets

(Dollars in millions, except share amounts)

As of December 31,

2016 2015

ASSETS

Cash and cash equivalents $ 25,224 $ 14,674

Restricted cash (includes $31,536 and $25,865, respectively, related to consolidated trusts) 36,953 30,879

Federal funds sold and securities purchased under agreements to resell or similar arrangements 30,415 27,350

Investments in securities:

Trading, at fair value (includes $1,277 and $135, respectively, pledged as collateral) 40,562 39,908

Available-for-sale, at fair value (includes $107 and $285, respectively, related to consolidated trusts) 8,363 20,230

Total investments in securities 48,925 60,138

Mortgage loans:

Loans held for sale, at lower of cost or fair value 2,899 5,361

Loans held for investment, at amortized cost:

Of Fannie Mae 204,318 233,054

Of consolidated trusts 2,896,001 2,809,180

Total loans held for investment (includes $12,057 and $14,075, respectively, at fair value) 3,100,319 3,042,234

Allowance for loan losses (23,465) (27,951)

Total loans held for investment, net of allowance 3,076,854 3,014,283

Total mortgage loans 3,079,753 3,019,644

Deferred tax assets, net 33,530 37,187

Accrued interest receivable, net (includes $7,064 and $6,974, respectively, related to consolidated trusts) 7,737 7,726

Acquired property, net 4,489 6,766

Other assets 20,942 17,553

Total assets $ 3,287,968 $ 3,221,917

LIABILITIES AND EQUITY

Liabilities:

Accrued interest payable (includes $8,285 and $8,194, respectively, related to consolidated trusts) $ 9,431 $ 9,794

Debt:

Of Fannie Mae (includes $9,582 and $11,133, respectively, at fair value) 327,097 386,135

Of consolidated trusts (includes $36,524 and $23,609, respectively, at fair value) 2,935,219 2,811,536

Other liabilities (includes $390 and $448, respectively, related to consolidated trusts) 10,150 10,393

Total liabilities 3,281,897 3,217,858

Commitments and contingencies — —

Fannie Mae stockholders’ equity:

Senior preferred stock, 1,000,000 shares issued and outstanding 117,149 117,149

Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding 19,130 19,130

Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and

1,158,082,750 shares outstanding 687 687

Accumulated deficit (124,253) (126,942)

Accumulated other comprehensive income 759 1,407

Treasury stock, at cost, 150,679,953 shares (7,401) (7,401)

Total Fannie Mae stockholders’ equity 6,071 4,030

Noncontrolling interest — 29

Total equity 6,071 4,059

Total liabilities and equity $ 3,287,968 $ 3,221,917

See Notes to Consolidated Financial Statements in 2016 Form 10-K
Fourth Quarter and Full Year 2016 Results 17

FANNIE MAE

(In conservatorship)

Consolidated Statements of Operations and Comprehensive Income

(Dollars and shares in millions, except per share amounts)

For the Year Ended December 31,

2016 2015 2014

Interest income:

Trading securities $ 516 $ 444 $ 553

Available-for-sale securities 620 1,156 1,622

Mortgage loans (includes $95,266, $97,971 and $101,835, respectively, related to consolidated

trusts) 104,642 107,699 112,120

Other 243 143 110

Total interest income 106,021 109,442 114,405

Interest expense:

Short-term debt 206 146 94

Long-term debt (includes $77,575, $80,326 and $85,835, respectively, related to consolidated

trusts) 84,520 87,887 94,343

Total interest expense 84,726 88,033 94,437

Net interest income 21,295 21,409 19,968

Benefit for credit losses 2,155 795 3,964

Net interest income after benefit for credit losses 23,450 22,204 23,932

Investment gains, net 1,256 1,336 936

Fair value losses, net (1,081) (1,767) (4,833)

Fee and other income 966 1,348 5,887

Non-interest income 1,141 917 1,990

Administrative expenses:

Salaries and employee benefits 1,336 1,319 1,321

Professional services 955 984 1,076

Occupancy expenses 186 182 203

Other administrative expenses 264 565 177

Total administrative expenses 2,741 3,050 2,777

Foreclosed property expense 644 1,629 142

Temporary Payroll Cut Continuation Act of 2011 (“TCCA”) fees 1,845 1,621 1,375

Other expenses, net 1,028 613 478

Total expenses 6,258 6,913 4,772

Income before federal income taxes 18,333 16,208 21,150

Provision for federal income taxes (6,020) (5,253) (6,941)

Net income 12,313 10,955 14,209

Other comprehensive income (loss):

Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and

taxes (642) (763) 494

Other (6) 437 36

Total other comprehensive income (loss) (648) (326) 530

Total comprehensive income 11,665 10,629 14,739

Less: Comprehensive income attributable to noncontrolling interest — (1) (1)

Total comprehensive income attributable to Fannie Mae $ 11,665 $ 10,628 $ 14,738

Net income $ 12,313 $ 10,955 $ 14,209

Less: Net income attributable to noncontrolling interest — (1) (1)

Net income attributable to Fannie Mae $ 12,313 $ 10,954 $ 14,208

Dividends distributed or available for distribution to senior preferred stockholder (12,236) (11,216) (15,323)

Net loss attributable to common stockholders $ 77 $ (262) $ (1,115)

Earnings (loss) per share:

Basic $ 0.01 $ (0.05) $ (0.19)

Diluted 0.01 (0.05) (0.19)

Weighted-average common shares outstanding:

Basic 5,762 5,762 5,762

Diluted 5,893 5,762 5,762

See Notes to Consolidated Financial Statements in 2016 Form 10-K
Fourth Quarter and Full Year 2016 Results 18

FANNIE MAE

(In conservatorship)

 Consolidated Statements of Cash Flows

(Dollars in millions)

For the Year Ended December 31,

2016 2015 2014

Cash flows used in operating activities:

Net income $ 12,313 $ 10,955 $ 14,209

Reconciliation of net income to net cash used in operating activities:

Amortization of cost basis adjustments (6,821) (6,298) (4,265)

Benefit for credit losses (2,155) (795) (3,964)

Valuation gains (472) (510) (2,159)

Current and deferred federal income taxes 4,309 4,083 4,126

Net change in trading securities (3,005) (10,153) (2,666)

Net gains related to the disposition of acquired property and preforeclosure sales, including credit

enhancements (3,124) (3,055) (4,510)

Other, net (1,778) (900) (2,109)

Net cash used in operating activities (733) (6,673) (1,338)

Cash flows provided by investing activities:

Proceeds from maturities and paydowns of trading securities held for investment 1,840 768 1,358

Proceeds from sales of trading securities held for investment 1,618 1,104 1,668

Proceeds from maturities and paydowns of available-for-sale securities 2,927 4,394 5,853

Proceeds from sales of available-for-sale securities 11,378 8,249 3,265

Purchases of loans held for investment (233,935) (187,194) (132,650)

Proceeds from repayments of loans acquired as held for investment of Fannie Mae 25,294 25,776 24,840

Proceeds from sales of loans acquired as held for investment of Fannie Mae 5,222 3,196 1,879

Proceeds from repayments and sales of loans acquired as held for investment of consolidated

trusts 543,690 484,230 388,348

Net change in restricted cash (6,074) 1,663 (3,547)

Advances to lenders (140,147) (118,746) (100,045)

Proceeds from disposition of acquired property and preforeclosure sales 16,115 20,757 25,476

Net change in federal funds sold and securities purchased under agreements to resell or similar

arrangements (3,065) 3,600 8,025

Other, net 116 527 197

Net cash provided by investing activities 224,979 248,324 224,667

Cash flows used in financing activities:

Proceeds from issuance of debt of Fannie Mae 982,272 443,371 380,282

Payments to redeem debt of Fannie Mae (1,043,108) (518,575) (450,140)

Proceeds from issuance of debt of consolidated trusts 437,392 347,614 275,353

Payments to redeem debt of consolidated trusts (580,642) (511,158) (405,505)

Payments of cash dividends on senior preferred stock to Treasury (9,624) (10,278) (20,594)

Other, net 14 26 70

Net cash used in financing activities (213,696) (249,000) (220,534)

Net increase (decrease) in cash and cash equivalents 10,550 (7,349) 2,795

Cash and cash equivalents at beginning of period 14,674 22,023 19,228

Cash and cash equivalents at end of period $ 25,224 $ 14,674 $ 22,023

Cash paid during the period for:

Interest $ 104,318 $ 104,928 $ 108,667

Income taxes 1,711 1,170 2,815

Non-cash activities:

Net mortgage loans acquired by assuming debt $ 275,710 $ 220,168 $ 190,151

Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts 223,705 175,104 113,611

Transfers from advances to lenders to loans held for investment of consolidated trusts 130,886 114,851 93,909

Net transfers from mortgage loans to acquired property 13,768 17,534 24,742

Transfers of mortgage loans from held for investment to held for sale 3,878 8,601 2,194

See Notes to Consolidated Financial Statements in 2016 Form 10-K
Fourth Quarter and Full Year 2016 Results 19

FANNIE MAE

(In conservatorship)

Consolidated Statements of Changes in Equity

(Dollars and shares in millions)

Fannie Mae Stockholders’ Equity

Shares Outstanding

Senior

Preferred

Stock

Preferred

Stock

Common

Stock

Accumulated

Deficit

Accumulated 

Other

Comprehensive

Income

Treasury

Stock

Non

Controlling

Interest

Total

Equity

Senior

Preferred Preferred Common

Balance as of December 31, 2013 1 556 1,158 $117,149 $ 19,130 $ 687 $ (121,227) $ 1,203 $ (7,401) $ 50 $ 9,591

Change in investment in

noncontrolling interest — — — — — — — — — (11) (11)

Comprehensive income:

Net income — — — — — — 14,208 — — 1 14,209

Other comprehensive income, net of

tax effect:

Changes in net unrealized gains 

on available-for-sale securities 

(net of tax of $389) — — — — — — — 722 — — 722

Reclassification adjustment for 

gains included in net income 

(net of tax of $123) — — — — — — — (228) — — (228)

Prior service cost and actuarial 

gains, net of amortization for 

defined benefit plans (net of 

tax of $20) — — — — — — — 36 — — 36

Total comprehensive income 14,739

Senior preferred stock dividends — — — — — — (20,594) — — — (20,594)

Other — — — — — — (5) — — — (5)

Balance as of December 31, 2014 1 556 1,158 117,149 19,130 687 (127,618) 1,733 (7,401) 40 3,720

Change in investment in

noncontrolling interest — — — — — — — — — (12) (12)

Comprehensive income:

Net income — — — — — — 10,954 — — 1 10,955

Other comprehensive income, net of

tax effect:

Changes in net unrealized gains 

on available-for-sale securities 

(net of tax of $151) — — — — — — — (280) — — (280)

Reclassification adjustment for 

gains included in net income 

(net of tax of $253) — — — — — — — (483) — — (483)

Prior service cost and actuarial 

gains, net of amortization for 

defined benefit plans, net of 

tax — — — — — — — 437 — — 437

Total comprehensive income 10,629

Senior preferred stock dividends — — — — — — (10,278) — — — (10,278)

Other — — — — — — — — — — —

Balance as of December 31, 2015 1 556 1,158 117,149 19,130 687 (126,942) 1,407 (7,401) 29 4,059

Change in investment in

noncontrolling interest — — — — — — — — — (29) (29)

Comprehensive income:

Net income — — — — — — 12,313 — — — 12,313

Other comprehensive income, net of

tax effect:

Changes in net unrealized gains 

on available-for-sale securities 

(net of tax of $30) — — — — — — — (55) — — (55)

Reclassification adjustment for 

gains included in net income 

(net of tax of $316) — — — — — — — (587) — — (587)

Other, net of tax — — — — — — — (6) — — (6)

Total comprehensive income 11,665

Senior preferred stock dividends — — — — — — (9,624) — — — (9,624)

Balance as of December 31, 2016 1 556 1,158 $117,149 $ 19,130 $ 687 $ (124,253) $ 759 $ (7,401) $ — $ 6,071

See Notes to Consolidated Financial Statements in 2016 Form 10-K