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Yesterday's RM column mentioned that Phil will be taking suggestions for companies to be included in a coming run through the RM criteria. I'd like to nominate Fannie Mae.

I've been looking over the 10-K of FNM, and I have a hard time translating the items on the income statement and the balance sheet into the usual RM criteria. What counts as revenue? Interest income (before or after interest expenses?), guaranty fees, etc.? Is the mortgage portfolio treated as cash or as accounts receivable or as neither? How are debentures treated?

The different terminology and special circumstances of financial institutions often makes their statements inaccessible to some. I have the feeling that this is an important sector, and I'd like to learn to understand it. Even if Fannie Mae isn't used, running some financial institution through the RM criteria would really help me, and probably many others out in Fooldom. (Schwab, Citibank, & Merrill Lynch all might be possibilities for such an illustration.)

-TH
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