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Entity information $ in Millions	3 Months Ended
Entity information $ in Millions	Mar. 31, 2010 USD ($) shares
Entity Information
Entity registrant name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity central index key	0000310522
Entity current reporting status	Yes
Entity voluntary filers	No
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity well known seasoned issuer	Yes
Entity common stock shares outstanding \| shares	1,117,363,226
Entity public float \| $	$ 645

Document information	3 Months Ended
Document information	Mar. 31, 2010
Document Information
Document type	10-Q
Document period end date	Mar. 31, 2010
Amendment flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2010	Dec. 31, 2009
ASSETS
Cash and cash equivalents (includes cash of consolidated trust of $446 and $2,092, respectively)	$ 30,477	$ 6,812
Restricted cash (includes restricted cash of consolidated trusts of $42,731 and $0, respectively)	45,479	3,070
Federal funds sold and securities purchased under agreements to resell or similar arrangements	62,446	53,684
Investments in securities:
Trading, at fair value (includes securities of consolidated trusts of $32 and $5,599, respectively)	72,529	111,939
Available-for-sale, at fair value (includes securities of consolidated trusts of $624 and $10,513, respectively, and securities pledged as collateral that may be sold or repledged of $0 and $1,148, respectively)	108,667	237,728
Total investments in securities	181,196	349,667
Mortgage loans:
Loans held for sale, at lower of cost or fair value	980	18,462
Loans held for investment, at amortized cost
Loans held for investment, at amortized cost, of Fannie Mae	309,991	256,434
Loans held for investment, at amortized cost, of consolidated trusts (includes loans pledged as collateral that may be sold or repledged of $2,895 and $1,947, respectively)	2,679,336	129,590
Total loans held for investment	2,989,327	386,024
Allowance for loan losses	(60,569)	(9,925)
Total loans held for investment, net of allowance	2,928,758	376,099
Total mortgage loans	2,929,738	394,561
Advances to lenders	4,151	5,449
Accrued interest receivable
Accrued interest receivable of Fannie Mae	4,333	3,774
Accrued interest receivable of consolidated trusts	13,939	519
Allowance for accrued interest receivable	(7,611)	(536)
Total accrued interest receivable, net of allowance	10,661	3,757
Acquired property, net	12,369	9,142
Derivative assets, at fair value	435	1,474
Guaranty assets	473	8,356
Deferred tax assets, net	1,906	909
Partnership investments	1,853	2,372
Servicer and MBS trust receivable	679	18,329
Other assets	11,892	11,559
Total assets	3,293,755	869,141
Accrued interest payable
Accrued interest payable of Fannie Mae	5,006	4,951
Accrued interest payable of consolidated trusts	10,558	29
Federal funds purchased and securities sold under agreements to repurchase	180	0
Short-term debt
Short-term debt of Fannie Mae	207,822	200,437
Short-term debt of consolidated trusts	6,343	0
Long-term debt
Long-term debt of Fannie Mae (includes debt at fair value of $3,258 and $3,274, respectively)	576,307	567,950
Long-term debt of consolidated trusts (includes debt at fair value of $310 and $0, respectively)	2,472,192	6,167
Derivative liabilities, at fair value	957	1,029
Reserve for guaranty losses (includes $33 and $4,772, respectively, related to Fannie Mae MBS included in Investments in Securities)	233	54,430
Guaranty obligations	827	13,996
Partnership liabilities	2,020	2,541
Servicer and MBS trust payable	9,799	25,872
Other liabilities	9,882	7,020
Total liabilities	$ 3,302,126	$ 884,422
Commitments and contingencies (Note 17)	(nil) -	(nil) -
Fannie Mae stockholders' equity (deficit):
Senior preferred stock, 1,000,000 shares issued and outstanding	$ 76,200	$ 60,900
Preferred stock, 700,000,000 shares are authorized - 578,598,631 and 579,735,457 shares issued and outstanding, respectively	20,291	20,348
Common stock, no par value, no maximum authorization - 1,267,426,377 and 1,265,674,761 shares issued, respectively; 1,115,813,353 and 1,113,358,051 shares outstanding, respectively	665	664
Additional paid-in capital	604	2,083
Accumulated deficit	(95,061)	(90,237)
Accumulated other comprehensive loss	(3,754)	(1,732)
Treasury stock, at cost, 151,613,024 and 152,316,710 shares, respectively	(7,396)	(7,398)
Total Fannie Mae stockholders' deficit	(8,451)	(15,372)
Noncontrolling interest	80	91
Total deficit	(8,371)	(15,281)
Total liabilities and equity (deficit)	$ 3,293,755	$ 869,141

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Mar. 31, 2010	Mar. 31, 2010	Dec. 31, 2009	Dec. 31, 2009
ASSETS
Cash of consolidated trusts included in cash	$ 446		$ 2,092
Restricted cash of consolidated trusts included in restricted cash	42,731
Investments in securities:
Securities of consolidated trusts at fair value included in trading securities	32		5,599
Securities of consolidated trusts at fair value included in available-for-sale securities	624		10,513
Securities pledged as collateral that may be sold or repledged included in Available-for-sale Securities	0		1,148
Mortgage loans:
Loans pledged as collateral that may be sold or repledged included in loans held for investment of consolidated trusts	2,895		1,947
Liabilities:
Long-term debt of Fannie Mae at fair value included in long-term debt of Fannie Mae	3,258		3,274
Long-term debt of consolidated trusts at fair value included in long-term debt of consolidated trusts	310
Reserve for guaranty losses related to Fannie Mae MBS included in investments in securities	$ 33		$ 4,772
Fannie Mae stockholders' equity (deficit):
Senior preferred stock issued		1,000,000		1,000,000
Senior preferred stock outstanding		1,000,000		1,000,000
Preferred stock authorized		700,000,000		700,000,000
Preferred stock issued		578,598,631		579,735,457
Preferred stock outstanding		578,598,631		579,735,457
Common stock par or stated value per share		shares 0		shares 0
Common stock authorized	no maximum		no maximum
Common stock issued		1,267,426,377		1,265,674,761
Common stock outstanding		1,115,813,353		1,113,358,051
Treasury stock, shares		151,613,024		152,316,710

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2010	Mar. 31, 2009
Interest income:
Trading securities	$ 315	$ 990
Available-for-sale securities	1,473	3,721
Mortgage loans :
Mortgage loans of Fannie Mae	3,298	4,707
Mortgage loans of consolidated trusts	34,321	891
Other	39	127
Total interest income	39,446	10,436
Short-term debt:
Interest expense, short-term debt of Fannie Mae	116	1,107
Interest expense, short-term debt of consolidated trusts	2	0
Long-term debt:
Interest expense, long-term debt of Fannie Mae	5,081	5,992
Interest expense, long-term debt of consolidated trusts	31,458	89
Total interest expense	36,657	7,188
Net interest income	2,789	3,248
Provision for loan losses	(11,939)	(2,509)
Net interest income (loss) after provision for loan losses	(9,150)	739
Guaranty fee income (includes imputed interest of $29 and $150 for the three months ended March 31, 2010 and 2009, respectively)	54	1,752
Investment gains (losses), net	166	223
Other-than-temporary impairments	(186)	(5,653)
Noncredit portion of other-than-temporary impairments recognized in other comprehensive loss	(50)	0
Net other-than-temporary impairments	(236)	(5,653)
Fair value losses, net	(1,705)	(1,460)
Debt extinguishment gains (losses), net (includes debt extinguishment losses related to consolidated trusts of $69 for the three months ended March 31, 2010)	(124)	(79)
Losses from partnership investments	(58)	(357)
Fee and other income	179	192
Non-interest income (loss)	(1,724)	(5,382)
Administrative expenses:
Salaries and employee benefits	324	293
Professional services	194	143
Occupancy expenses	41	48
Other administrative expenses	46	39
Total administrative expenses	605	523
Provision (benefit) for guaranty losses	(36)	17,825
Foreclosed property expense (income)	(19)	538
Other expenses	172	279
Total expenses	722	19,165
Loss before federal income taxes	(11,596)	(23,808)
Benefit for federal income taxes	(67)	(623)
Net income (loss)	(11,529)	(23,185)
Less: Net loss (income) attributable to the noncontrolling interest	(1)	17
Net loss attributable to Fannie Mae	(11,530)	(23,168)
Preferred stock dividends	(1,527)	(29)
Net loss attributable to common stockholders	$ (13,057)	$ (23,197)
Diluted earnings (loss) per share:
Loss per share -Basic and Diluted	$ (2.29)	$ (4.09)
Weighted-average common shares outstanding - Basic and Diluted	5,692	5,666

Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2010	Mar. 31, 2009
Consolidated Statements of Operations
Imputed interest included in guaranty fee income	$ 29	$ 150
Debt extinguishment gains (losses) related to consolidated trusts included in Debt extinguishment gains (losses), net	$ 69

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2010	Mar. 31, 2009
Cash flows used in operating activities:
Net income (loss)	$ (11,529)	$ (23,185)
Reconciliation of net loss to net cash used in operating activities:
Amortization of debt of Fannie Mae cost basis adjustments	364	1,326
Amortization of debt of consolidated trusts cost basis adjustments	(68)	(2)
Provision for loan and guaranty losses	11,903	20,334
Valuation (gains) losses	(990)	5,403
Current and deferred federal income taxes	(67)	(1,713)
Derivatives fair value adjustments	891	(3)
Purchases of loans held for sale	(17)	(33,332)
Proceeds from repayments of loans held for sale	9	295
Net change in trading securities, excluding non-cash transfers	(31,679)	1,949
Net change in:
Other, net (operating)	(1,720)	(1,417)
Net cash used in operating activities	(32,903)	(30,345)
Cash flows provided by investing activities:
Purchases of tradings securities held for investment	(6,695)	0
Proceeds from maturities of trading securities held for investment	805	2,656
Proceeds from sales of trading securities held for investment	15,068	38
Purchases of available-for-sale securities	(107)	(22,697)
Proceeds from maturities of available-for-sale securities	4,120	9,731
Proceeds from sales of available-for-sale securities	6,154	53,972
Purchases of loans held for investment	(19,863)	(9,859)
Proceeds from repayments of loans held for investment of Fannie Mae	3,250	10,974
Proceeds from repayments of loans held for investment of consolidated trusts	130,226	3,020
Net changes in restricted cash	3,174	0
Advances to lenders (SCF)	(10,338)	(22,877)
Proceeds from disposition of acquired property	7,678	4,554
Reimbursements to servicers for loan advances	(11,748)	(4,434)
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	(9,135)	13,405
Other, net (investing)	(382)	(195)
Net cash provided by investing activities	112,207	38,288
Cash flows used in financing activities:
Proceeds from issuance of short-term debt of Fannie Mae	192,421	360,173
Proceeds from issuance of short-term debt of consolidated trusts	3,332	0
Payments to redeem short-term debt of Fannie Mae	(185,156)	(417,553)
Payments to redeem short-term debt of consolidated trusts	(9,513)	0
Proceeds from issuance of long-term debt of Fannie Mae	100,604	105,057
Proceeds from issuance of long-term debt of consolidated trusts	83,692	0
Payments to redeem long-term debt of Fannie Mae	(92,355)	(65,290)
Payments to redeem long-term debt of consolidated trusts	(162,617)	(127)
Proceeds from senior preferred stock purchase agreement with Treasury	15,300	15,200
Net change in federal funds purchased and securities sold under agreements to repurchase	180	(65)
Other, net (financing)	(1,527)	(25)
Net cash used in financing activities	(55,639)	(2,630)
Net (decrease) increase in cash and cash equivalents	23,665	5,313
Cash and cash equivalents at beginning of period	6,812	17,933
Cash and cash equivalents at end of period	30,477	23,246
Cash paid during the period for:
Interest	40,660	7,806
Income taxes	0	848
Non-cash activities (excluding transition-related impacts - see Note 2):
Mortgage loans acquired by assuming debt	130,042	13
Net transfers from mortgage loans held for investment of consolidated trusts to mortgage loans held for investment of Fannie Mae	55,074	0
Transfers from advances to lenders to investments in securities	0	13,131
Transfers from advances to lenders to loans held for investment of consolidated trusts	11,012	0
Net transfers from mortgage loans to acquired property	$ 2,233	$ 916

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2010	Mar. 31, 2009
Statement [Line Items]
Stockholders' equity, beginning balance	$ (15,281)	$ (15,157)
Cumulative effect from the adoption of the accounting standards on transfers of financial assets and consolidation	3,298
Stockholders' equity, beginning balance adjusted	(11,983)
Change in investment in noncontrolling interest	2	(3)
Comprehensive loss:
Net income (loss)	(11,529)	(23,185)
Net loss attributable to the noncontrolling interest	1	(17)
Net loss attributable to Fannie Mae	(11,530)	(23,168)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized losses on available-for-sale securities, net of tax	1,318	505
Reclassification adjustment for other-than-temporary impairments recognized in net loss, net of tax	155	3,674
Reclassification adjustment for gains (losses) included in net loss, net of tax	(103)	32
Unrealized gains on guaranty assets and guaranty fee buy ups		29
Prior service cost and actuarial gains (losses), net of amortization for defined benefit plans, net of tax	2	15
Total comprehensive income (loss)	(10,157)	(18,930)
Senior preferred stock dividends	(1,527)	(25)
Increase to senior preferred liquidation preference	15,300	15,200
Other, value	(6)	(14)
Stockholders' equity, ending balance	$ (8,371)	$ (18,929)
Senior preferred, stock
Statement [Line Items]
Stockholders' equity, shares issued, beginning balance	1	1
Other comprehensive income (loss), net of tax effect:
Stockholders' equity, shares issued, ending balance	1	1
Preferred, stock
Statement [Line Items]
Stockholders' equity, shares issued, beginning balance	580	597
Other comprehensive income (loss), net of tax effect:
Conversion of convertible preferred stock into common stock, shares	(1)	(12)
Stockholders' equity, shares issued, ending balance	579	585
Common, stock
Statement [Line Items]
Stockholders' equity, shares issued, beginning balance	1,113	1,085
Other comprehensive income (loss), net of tax effect:
Conversion of convertible preferred stock into common stock, shares	2	19
Other, shares	1	1
Stockholders' equity, shares issued, ending balance	1,116	1,105
Senior preferred, value
Statement [Line Items]
Stockholders' equity, beginning balance	$ 60,900	$ 1,000
Other comprehensive income (loss), net of tax effect:
Increase to senior preferred liquidation preference	15,300	15,200
Stockholders' equity, ending balance	76,200	16,200
Preferred, value
Statement [Line Items]
Stockholders' equity, beginning balance	20,348	21,222
Other comprehensive income (loss), net of tax effect:
Conversion of convertible preferred stock into common stock, value	(57)	(593)
Stockholders' equity, ending balance	20,291	20,629
Common, value
Statement [Line Items]
Stockholders' equity, beginning balance	664	650
Other comprehensive income (loss), net of tax effect:
Conversion of convertible preferred stock into common stock, value	1	10
Stockholders' equity, ending balance	665	660
Additional paid-in capital (Equity)
Statement [Line Items]
Stockholders' equity, beginning balance	2,083	3,621
Other comprehensive income (loss), net of tax effect:
Senior preferred stock dividends	(1,527)	(25)
Conversion of convertible preferred stock into common stock, value	56	583
Other, value	(8)	19
Stockholders' equity, ending balance	604	4,198
Retained earnings (accumulated deficit)
Statement [Line Items]
Stockholders' equity, beginning balance	(90,237)	(26,790)
Cumulative effect from the adoption of the accounting standards on transfers of financial assets and consolidation	6,706
Stockholders' equity, beginning balance adjusted	(83,531)
Comprehensive loss:
Net income (loss)	(11,530)	(23,168)
Other comprehensive income (loss), net of tax effect:
Other, value		1
Stockholders' equity, ending balance	(95,061)	(49,957)
Accumulated other comprehensive income (loss)
Statement [Line Items]
Stockholders' equity, beginning balance	(1,732)	(7,673)
Cumulative effect from the adoption of the accounting standards on transfers of financial assets and consolidation	(3,394)
Stockholders' equity, beginning balance adjusted	(5,126)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized losses on available-for-sale securities, net of tax	1,318	505
Reclassification adjustment for other-than-temporary impairments recognized in net loss, net of tax	155	3,674
Reclassification adjustment for gains (losses) included in net loss, net of tax	(103)	32
Unrealized gains on guaranty assets and guaranty fee buy ups		29
Prior service cost and actuarial gains (losses), net of amortization for defined benefit plans, net of tax	2	15
Stockholders' equity, ending balance	(3,754)	(3,418)
Treasury stock
Statement [Line Items]
Stockholders' equity, beginning balance	(7,398)	(7,344)
Other comprehensive income (loss), net of tax effect:
Other, value	2	(34)
Stockholders' equity, ending balance	(7,396)	(7,378)
Non controlling interest
Statement [Line Items]
Stockholders' equity, beginning balance	91	157
Cumulative effect from the adoption of the accounting standards on transfers of financial assets and consolidation	(14)
Stockholders' equity, beginning balance adjusted	77
Change in investment in noncontrolling interest	2	(3)
Comprehensive loss:
Net income (loss)	1	(17)
Other comprehensive income (loss), net of tax effect:
Stockholders' equity, ending balance	$ 80	$ 137

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Paranthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2010	Mar. 31, 2009
Consolidated Statement of Changes in Equity (Deficit)
(Tax on unrealized loss on available-for-sale securities)	$ 710	$ 271
(Tax on reclassification adjustment for other-than-temporary impairments recognized in net loss)	81	1,979
(Tax on reclassification adjustment for gains (losses) included in net loss)	$ 56	$ 17

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2010
Note to Consolidated Financial Statements
Summary of Significant Accounting Policies	div style="font-size:12pt"p1.#160;#160;Summary of Significant Accounting Policiesbr /br /Organizationbr /br /We are a stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act (the #8220;Charter Act#8221; or our #8220;charter#8221;). We are a government-sponsored enterprise (#8220;GSE#8221;), and we are subject to government oversight and regulation. Our regulators include the Federal Housing Finance Agency (#8220;FHFA#8221;), the U.S.#160;Department of Housing and Urban Development (#8220;HUD#8221;), the U.S.#160;Securities and Exchange Commission (#8220;SEC#8221;), and the U.S.#160;Department of the Treasury (#8220;Treasury#8221;). Through July#160;29, 2008, we were regulated by the Office of Federal H ousing Enterprise Oversight (#8220;OFHEO#8221;), which was replaced on July#160;30, 2008 with FHFA upon the enactment of the Federal Housing Finance Regulatory Reform Act of 2008 (#8220;2008 Reform Act#8221;). The U.S.#160;government does not guarantee our securities or other obligations.br /br /Conservatorshipbr /br /On September#160;7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1)#160;placing us in conservatorship; (2)#160;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; and (3)#160;Treasury#8217;s agreement to establish a temporary secured lending credit facility that was available to us and the other GSEs regulated by FHFA under identical terms until December 31, 2009. br /br /Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the 2008 Reform Act, (together, the #8220;GSE Act#8221;), the conservator immediately succeeded to all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and succeeded to the title to the books, records and assets of any other legal custodian of Fannie Mae. FHFA, in its role as conservator, has overall management authority over our business. The conservator has since delegated specified authorities to our Board of Directors and has delegated to management the authority to conduct our day-to-day operations. The conservator retains the authority to withdraw its delegations at any time.br /br /As of May 9, 2010, the conservator has advised us that it has not disaffirmed or repudiated any contracts we entered into prior to its appointment as c onservator. The GSE Act requires FHFA to exercise its right to disaffirm or repudiate most contracts within a reasonable period of time after its appointment as conservator. br /br /The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. The GSE Act, however, provides that mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of the company. As of May 9, 2010, FHFA has not exercised this power.br /br /Neither the conservatorship nor the terms of our agreements with Treasury changes our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations.br / br /The conservatorship has no specified termination date and the future structure of our business following termination of the conservatorship is uncertain. We do not know when or how the conservatorship will be terminated or what changes to our business structure will be made during or following the termination of the conservatorship. We do not know whether we will exist in the same or a similar form or continue to conduct our business as we did before the conservatorship, or whether the conservatorship will end in receivership. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations (that is, we have a net worth deficit) or if we have not been paying our debts, in either case, for a period of 60#160;days. In addition, the Director of FHFA may place us in receivership at his discretion at any time for other reasons, including conditions that FHFA has already asserted existed at the time the Director of FHFA placed us into conservatorship. Placement into receivership would have a material adverse effect on holders of our common stock, preferred stock, debt securities and Fannie Mae MBS. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results.br /br /Impact of U.S. Government Supportbr /br /We are dependent upon the continued support of Treasury to eliminate our net worth deficit, which avoids our being placed into receivership. Based on consideration of all the relevant conditions and events affecting our operations, including our dependence on the U.S.#160;Government, we continue to operate as a going concern and in accordance with our delegation of authority from FHFA.br /br /Pursuant to the amended senior preferred stock purchase agreement, Treasury has committed to provide us with funding as needed to help us maintain a positive net worth thereby avoiding the mandatory receivership trigger described above. We have received a total of $75.2 billion to date under Treasury#8217;s funding commitment and the Acting Director of FHFA has submitted a request for an additional $8.4#160;billion from Treasury to eliminate our net worth deficit as of March 31, 2010. The aggregate liquidation preference of the senior preferred stock was $76.2 billion as of March 31, 2010 and will increase to $84.6 billion as a result of FHFA#8217;s request on our behalf for funds to eliminate our net worth deficit as of March 31, 2010.br /br /We fund our business primarily through the issuance of short-term and long-term debt securities in the domestic and international capital markets. Because debt issuance is our primary funding source, we are subject to #8220;roll-over,#8221; or refinancing, risk on our outstanding debt. Our roll-over risk increases when our outstanding short-term debt increases as a percentage of our total outstanding debt. Our ability to issue long-term debt has been strong in recent quarters primarily due to actions taken by the federal government, to support us and the financial markets. Many of these programs initiated by the federal government, however, have expired in the last five months. The Treasury credit facility and Treasury MBS purchase program terminated on December 31, 2009. The Federal Reserve#8217;s agency debt and MBS purchase programs expired on March 31, 2010. Despite the expiration of these programs, as of the date of this filing, demand for our long-term debt securities continues to be strong. br /br /We believe that continued federal government support of our business and the financial markets, as well as our status as a GSE, are essential to maintaining our access to debt funding. Changes or perceived changes in the government#8217;s support could increase our roll-over risk and materially adversely affect our ability to refinance our debt as it becomes due, which could have a material adverse impact on our liquidity, financial condition and results of operations. In addition, future changes or disruptions in the financial markets could significantly change the amount, mix and cost of funds we obtain, which also could increase our liquidity and roll-over risk and have a material adverse impact on our liquidity, financial condition and results of operations.br /br /In February 2010, the Obama Administration stated in its fiscal year 2011 budget proposal that it was continuing to monitor the situation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System and would continue to provide updates on considerations for longer-term reform of Fannie Mae and Freddie Mac as appropriate. These considerations may have a material impact on our ability to issue debt or refinance existing debt as it becomes due and hinder our ability to continue as a going concern. On April 14, 2010, the Obama Administration released seven broad questions for public comment on the future of the housing finance system, including Fannie Mae and Freddie Mac, and announced that it would hold a series of public forums across the country on housing finance reform. br /br /Basis of Presentation br /br /The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (#8220;GAAP#8221;) for interim financial information and with the SEC#8217;s instructions to Form#160;10-Q and Article#160;10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. Results for the three months ended March 31, 2010 may not necessarily be indicative of the results for the year ending December#160;31, 2010. The unaudited interim condensed consolidated financial statements as of March 31, 2010 and our consolidated financial statements as of December#160;31, 2009 should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form#160;10-K for the year ended December#160;31, 2009 (#8220;2009 Form 10-K#8221;), filed with the SEC on February#160;26, 2010. br /br /Related Partiesbr /br /As a result of our issuance to Treasury of the warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and the Treasury are deemed related parties. As of March 31, 2010, Treasury held an investment in our senior preferred stock with a liquidation preference of $76.2 billion. During 2009, Treasury engaged us to serve as program administrator for the Home Affordable Modificat ion Program.br /br /In addition, in 2009, we entered into a memorandum of understanding with Treasury, FHFA and Freddie Mac in which we agreed to provide assistance to state and local housing finance agencies (#8220;HFAs#8221;) through three separate assistance programs: a temporary credit and liquidity facilities (#8220;TCLF#8221;) program, a new issue bond (#8220;NIB#8221;) program and a multifamily credit enhancement program. br /br /Under the TCLF program, we have#160;$4.1 billion and $870 million outstanding, which includes principal and interest, of three-year standby credit and liquidity support#160;as of March 31, 2010 and December 31, 2009, respectively.#160; Treasury has purchased participating interests in these temporary credit and liquidity facilities.#160; Under the NIB program, we have $7.6 billion and $3.5 billion outstanding of partially guaranteed pass-through securities backed by#160;single-family and p;#160;multifamily housing bonds issued by HFAs#160;as of March 31, 2010 and December 31, 2009, respectively. Treasury bears the initial loss of principal under the TCLF program and the NIB program up to 35% of the total principal on a combined program-wide basis. We are not participating in the multifamily credit enhancement program.br /br /FHFA#8217;s control of both us and Freddie Mac has caused us and Freddie Mac to be related parties. No transactions outside of normal business activities have occurred between us and Freddie Mac. As of March 31, 2010 and December 31, 2009, we held Freddie Mac mortgage-related securities with a fair value of $28.4 billion and $42.6 billion, respectively, and accrued interest receivable of $151 million and $230 million, respectively. We recognized interest income on Freddie Mac mortgage-related securities held by us of $335 million and $407 million for the three months ended March 31, 2010 and 2009, respectively. br /br /Use of Es timatesbr /br /Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments and other assets and liabilities, the allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates. br /br /Principles of Consolidationbr /br /Our condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. Al l significant intercompany balances and transactions have been eliminated.br /br /The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a variable interest entity (#8220;VIE#8221;). br /br /VIE Assessmentbr /br /A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity's economic performance, or the obligation to absorb the entity#8217;s expected losses or the right to receive the entity#8217;s expected residual returns, or both, or (3) where the voting rights of some investors are not proport ional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. br /br /In order to determine if an entity is considered a VIE, we first perform a qualitative analysis, which requires certain subjective decisions regarding our assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties, and the purpose of the arrangement. If we cannot conclude after a qualitative analysis whether an entity is a VIE, we perform a quantitative analysis. br /br /We have interests in various entities that are considered VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio secur itization transactions, limited partnership investments in low-income housing tax credit (#8220;LIHTC#8221;) and other housing partnerships, as well as mortgage and asset-backed trusts that were not created by us. br /br /In June 2009, the FASB revised the accounting standard on the consolidation of VIEs (the #8220;new accounting standard#8221;), which was effective for consolidated financial statements issued for reporting periods beginning after November 15, 2009. We adopted the new accounting standard prospectively for all existing VIEs effective January 1, 2010. br /br /Prior to the adoption of the new accounting standard on January 1, 2010, we were exempt from evaluating certain securitization entities for consolidation if the entities met the criteria of a qualifying special purpose entity (#8220;QSPE#8221;), and if we did not have the unilateral ability to cause the entity to liquidate or change the entity's QSPE status. The QSPE requir ements significantly limited the activities in which a QSPE could engage and the types of assets and liabilities it could hold. To the extent any entity failed to meet those criteria, we were required to consolidate its assets and liabilities if we were determined to be the primary beneficiary of the entity. The new accounting standard removed the concept of a QSPE and replaced the previous primarily quantitative consolidation model with a qualitative model for determining the primary beneficiary of a VIE. br /br /Primary Beneficiary Determinationbr /br /Upon the adoption of the new accounting standard on January 1, 2010, if an entity is a VIE, we consider whether our variable interest causes us to be the primary beneficiary. Under the new accounting standard, an enterprise is deemed to be the primary beneficiary of a VIE when the enterprise has both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) e xposure to benefits and/or losses that could potentially be significant to the entity. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities, and noncontrolling interests of the VIE in its consolidated financial statements. The assessment of the party that has the power to direct the activities of the VIE may require significant management judgment when (1) more than one party has power or (2) more than one party is involved in the design of the VIE but no party has the power to direct the ongoing activities that could be significant. br /br /We are required to continually assess whether we are the primary beneficiary and therefore may consolidate a VIE through the duration of our involvement. Examples of certain events that may change whether or not we consolidate the VIE include a change in the design of the entity or a change in our ownership such that we no longer hold substantially all of the certificates issued by a multi-class resecuri tization trust. br /br /Prior to January 1, 2010, we determined whether our variable interest caused us to be considered the primary beneficiary through a combination of qualitative and quantitative analyses. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models, which in certain cases included Monte Carlo simulations, to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE's capital structure. We were the primary beneficiary and were required to consolidate the entity if we absorbed the majority of expected losses or expected residual returns, or both. br /br /Measurement of Consolidated Assets and Liabilitiesbr /br /In accordance with the new accounting standard, on the transition date, January 1, 2010, we initially measured the assets and liabilities of the newly consolidated securitization trusts at their unpaid principal balances and established a corresponding valuation allowance and accrued interest as it was not practicable to determine the carrying amount of such assets and liabilities. The securitization assets and liabilities that did not qualify for the use of this practical expedient were initially measured at fair value. As such, we recognized in our condensed consolidated balance sheet the mortgage loans underlying our consolidated trusts as #8220;Mortgage loans held for investment of consolidated trusts.#8221; We also recognized securities issued by these trusts that are held by third parties in our condensed consolidated balance sheet as either #8220;Short-term debt of consolidated trusts p;#8221; or #8220;Long-term debt of consolidated trusts.#8221;br /br /Except for securitization trusts consolidated on the transition date, when we transfer assets into a VIE that we consolidate at the time of transfer, we recognize the assets and liabilities of the VIE at the amounts that they would have been recognized if they had not been transferred, and no gain or loss is recognized on the transfer. For all other VIEs that we consolidate, we recognize the assets and liabilities of the VIE in our condensed consolidated financial statements at fair value, and we recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests, and (2) the net amount of the fair value of the assets and liabilities consolidated. However, for the securitization trusts established under our lender swap program, no gain or loss is recognized if the trust is consolidated at formation as there is no difference in the respective fair value of (1) and (2) above. br /br /If we cease to be deemed the primary beneficiary of a VIE then we deconsolidate the VIE. We use fair value to measure the initial cost basis for the retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as #8220;Investment gains, net#8221; in our condensed consolidated statements of operations. We also record gains or losses that are associated with the consolidation of a VIE as #8220;Investment gains, net#8221; in our condensed consolidated statements of operations.br /br /Purchase/Sale of Fannie Mae Securitiesbr /br /We actively purchase and may subsequently sell guaranteed MBS that have been issued through our lender swap and portfolio securitization transaction programs. The accounting for the purchase and sale of our guaranteed MBS issued by the trusts differs based on the characteristics of the securitization trusts and whether the trusts are consolidated. br /br /Single-Class Securitization Trustsbr /br /Our single-class securitization trusts are trusts we create to issue single-class Fannie Mae MBS that evidence an undivided interest in the mortgage loans held in the trust. With single-class Fannie Mae MBS, the investors receive principal and interest payments in proportion to their percentage ownership of the MBS issuance. We guarantee to each single-class securitization trust that we will supplement amounts received by the single-class securitization trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. This guaranty exposes us to credit losses on the loans underlying Fannie Mae MBS. br /br /We create single-class securitization trusts through our lender swap and portfolio securitization transaction programs. A lender swap transaction occurs when a mortgage lender delivers a pool of single-family mortgage loans to us, which we immediately deposit into an MBS trust. The MBS securities are then issued to the seller in exchange for the mortgage loans. A portfolio securitization transaction occurs when we purchase mortgage loans from third-party sellers for cash and later deposit these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash. We consolidate most of the single-class securitization trusts that are issued under these programs because our role as guarantor and master servicer provides us with the power to direct matters that impact the credit risk to which we are exposed. br /br /The purchase of an MBS security from a third party that was issued from a consolidated trust is accounted for as the extinguishment of debt in our condensed consolidated financial statements. A gain or loss on the extinguishment of such debt is rec orded to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated debt reported in our condensed consolidated balance sheet (including unamortized premiums, discounts or the other cost basis adjustments), at the time of purchase. The sale of an MBS security from Fannie Mae#8217;s portfolio to a third party that was issued from a consolidated trust is accounted for as the issuance of debt in our condensed consolidated financial statements. Related premiums, discounts and other cost basis adjustments are amortized into income over time.br /br /If a single-class securitization trust is not consolidated, we account for the purchase and subsequent sale of such securities as the transfer of an investment security in accordance with the new accounting standard for the transfers of financial assets.br /br /Single-Class Resecuritization Trustsbr /br /Single-class resecuritization trusts are created by depositing F annie Mae MBS into a new securitization trust for the purpose of aggregating multiple MBS into a single larger security. The cash flows from the new security represent an aggregation of the cash flows from the underlying MBS. We guarantee to each single-class resecuritization trust that we will supplement amounts received by the trust as required to permit timely payments of principal and interest on the related Fannie Mae securities.#160; However, there is no additional credit risk assumed by us because the underlying assets are MBS for which we have already provided a guaranty. Additionally, our involvement with these trusts does not provide any incremental rights or power that would enable Fannie Mae to direct any activities of the trusts. As a result, we are not the primary beneficiaries of, and therefore do not consolidate our single-class resecuritization trusts.br /br /As our single-class resecuritization securities pass through all of the cash flows of the underlying MBS dire ctly to the holders of the securities, they are deemed to be substantially the same as the underlying MBS. Therefore, we account for purchases of our single-class resecuritization securities as an extinguishment of the underlying MBS debt and the sale of these securities as an issuance of the underlying MBS debt. br /br /Multi-Class Resecuritization Trustsbr /br /Multi-class resecuritization trusts are trusts we create to issue multi-class Fannie Mae securities, including Real Estate Mortgage Investment Conduits (#8220;REMICs#8221;) and strip securities, in which the cash flows of the underlying mortgage assets are divided, creating several classes of securities, each of which represents a beneficial ownership interest in a separate portion of cash flows. We guarantee to each multi-class resecuritization trust that we will supplement amounts received by the trusts as required to permit timely payments of principal and interest, as applicable, on the related Fannie Mae securities. However, there is no credit risk assumed by us because the underlying assets are Fannie Mae MBS for which we have already provided a guaranty. Although we may be exposed to prepayment risk via our ownership of the securities issued by these trusts, we do not have the ability via our involvement with a multi-class resecuritization trust to impact the economic risk to which we are exposed. Therefore, we do not consolidate such a multi-class resecuritization trust until we hold a substantial portion of the outstanding beneficial interests that have been issued by the trust and are therefore considered the primary beneficiary of the trust. br /br /We account for the purchase of the securities issued by consolidated multi-class resecuritization trusts as an extinguishment of the debt issued by these trusts and the subsequent sale of such securities as the issuance of multi-class debt. If a multi-class resecuritization trust is not consolidated, we account for the purchase and sub sequent sale of such securities as the transfer of an investment security rather than the issuance or extinguishment of debt in accordance with the new accounting standard for the transfers of financial assets. Additionally, the cash flows from the underlying mortgage assets have been divided between the debt securities issued by the multi-class resecuritization trust; therefore, the debt issued by a multi-class resecuritization trust is not substantially the same as the consolidated MBS debt.br /br /When we do not consolidate a multi-class resecuritization trust, we recognize both our investment in the trust and the mortgage loans of the Fannie Mae MBS trusts that we consolidate that underlie the multi-class resecuritization trust. Additionally, we recognize the unsecured corporate debt issued to third parties to fund the purchase of our investments in the multi-class resecuritization trusts as well as the debt issued to third parties of the MBS trusts we consolidate that underlie the multi - -class resecuritization trusts.br /br /This results in the recognition of interest income from investments in multi-class resecuritization trusts and interest expense from the unsecured debt issued to third parties to fund the purchase of the investments in multi-class resecuritization trusts, as well as interest income from the mortgage loans and interest expense from the debt issued to third parties from the MBS trusts we consolidate that underlie the multi-class resecuritization trusts. br /br /See #8220;Note 2, Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities,#8221; for additional information regarding the impact upon adoption. br /br /Portfolio Securitizations br /#160;br /We evaluate a transfer of financial assets from a portfolio securitization transaction to an entity that is not consolidated to determine whether the transfer qualifies as a sale. Transfers of financial assets for which we surrender control of the transferred assets are recorded as sales. br /#160;br /When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets obtained and liabilities incurred at fair value. Prior to the adoption of the new accounting standard on the transfers of financial assets, we allocated the previous carrying amount of the transferred assets between the assets sold and the retained interests, if any, in proportion to their relative fair values at the date of transfer. We record a gain or loss as a component of #8220;Investment gains, net#8221; in our condensed consolidated statements of operations, which now represents the difference between the carrying basis of the assets transferred and the fair value of the proceeds from the sale. Prior to the adoption of the new accounting standard on the transfers of financial assets, the gain or loss represented the difference betw een the allocated carrying amount of the assets sold and the proceeds from the sale, net of any transaction costs and liabilities incurred, which may have included a recourse obligation for our financial guaranty. Retained interests are primarily in the form of Fannie Mae MBS, REMIC certificates, guaranty assets and master servicing assets (#8220;MSAs#8221;). If a portfolio securitization does not meet the criteria for sale treatment, the transferred assets remain in our condensed consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with such a transfer. br /br /Cash and Cash Equivalents and Statements of Cash Flows br /#160;br /Short-term investments that have a maturity at the date of acquisition of three months or less and are readily convertible to known amounts of cash are generally considered cash equivalents. We may pledge as collateral certain short-term investments classified as cash equivalents. lt;br /#160;br /In the presentation of our condensed consolidated statements of cash flows, we present cash flows from mortgage loans held for sale as operating activities. We present cash flows from federal funds sold and securities purchased under agreements to resell or similar arrangements as investing activities and cash flows from federal funds purchased and securities sold under agreements to repurchase as financing activities. We classify cash flows related to dollar roll transactions that do not meet the requirements to be accounted for as secured borrowings as purchases and sales of securities in investing activities. We classify cash flows from trading securities based on their nature and purpose. We classify cash flows from trading securities that we intend to hold for investment (the majority of our mortgage-related trading securities) as investing activities and cash flows from trading securities that we do not intend to hold for investment (primarily our non-mortgage-related s ecurities) as operating activities. br /br /Prior to the adoption of the new accounting standards on the transfers of financial assets and the consolidation of VIEs, we reflected the creation of Fannie Mae MBS through either the securitization of loans held for sale or advances to lenders as a non-cash activity in our condensed consolidated statements of cash flows in the line items #8220;Securitization-related transfers from mortgage loans held for sale to investments in securities#8221; or #8220;Transfers from advances to lenders to investments in securities,#8221; respectively. Cash inflows from the sale of a Fannie Mae MBS created through the securitization of loans held for sale were reflected in the condensed consolidated statements of cash flows based on the balance sheet classification of the associated Fannie Mae MBS as either #8220;Net decrease in trading securities, excluding non-cash transfers,#8221; or #8220;Proceeds from sales of available-for- sale securities.#8221; Subsequent to the adoption of these new accounting standards, we continue to apply this presentation to unconsolidated trusts. For consolidated trusts, we classify cash flows related to mortgage loans held by our consolidated trusts as either investing activities (for principal repayments) or operating activities (for interest received from borrowers included as a component of our net loss). Cash flows related to debt securities issued by consolidated trusts are classified as either financing activities (for repayments of principal to certificateholders) or operating activities (for interest payments to certificateholders included as a component of our net loss). We distinguish between the payments and proceeds related to the debt of Fannie Mae and the debt of consolidated trusts, as applicable. br /#160;br /Restricted Cashbr /br /We and our servicers advance payments on delinquent loans to consolidated Fannie Mae MBS trusts. We recognize the cash advanced as #8220;Restricted cash#8221; in our condensed consolidated balance sheets to the extent such amounts are due to, but have not yet been remitted to, the MBS certificateholders. In addition, when we or our servicers collect and hold cash that is due to certain Fannie Mae MBS trusts in advance of our requirement to remit these amounts to the trusts, we recognize the collected cash amounts as #8220;Restricted cash.#8221;br /br /We also recognize #8220;Restricted cash#8221; as a result of restrictions related to certain consolidated partnership funds as well as for certain collateral arrangements.br /br /Mortgage Loans br /br /Loans Held for Investment br /br /When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as held for investment (#8220;HFI#8221;). When we consolidate a trust, we recognize t he loans underlying the trust in our condensed consolidated balance sheet. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgages acquired when we have the intent to securitize via trusts that are consolidated will generally be classified as HFI in our condensed consolidated balance sheets both prior to and subsequent to their securitization. This is consistent with our intent and ability to hold the loans for the foreseeable future or until maturity. br /#160;br /We report HFI loans at their outstanding unpaid principal balance adjusted for any deferred and unamortized cost basis adjustments, including purchase premiums, discounts and other cost basis adjustments. We recognize interest income on HFI loans on an accrual basis using the interest method, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reas onably assured. When the collection of principal or interest payments in full is not reasonably assured, we discontinue the accrual of interest income. br /br /Historically, mortgage loans held both by us and by consolidated trusts were reported collectively as #8220;Mortgage loans held for investment.#8221; We now report loans held by consolidated trusts as #8220;Mortgage loans held for investment of consolidated trusts#8221; and those held directly by us as #8220;Mortgage loans held for investment of Fannie Mae#8221;#160;in our condensed consolidated balance sheets. br /br /Loans Held for Sale br /br /When we acquire mortgage loans that we intend to sell or securitize via trusts that are not consolidated, we classify the loans as held for sale (#8220;HFS#8221;). Prior to the adoption of the new accounting standards, we initially classified loans as HFS if they were product types that we actively securitized fro m our portfolio because we had the intent, at acquisition, to securitize the loans (either during the month in which the acquisition occurred or during the following month) via a trust that we did not consolidate and for which we sold all or a portion of the resulting securities. At month-end, we reclassified the loans acquired during the month from HFS to HFI, if we had not securitized or were not in the process of securitizing them because we had the intent to hold the loans for the foreseeable future or until maturity. br /#160;#160;br /We report HFS loans at the lower of cost or fair value (#8220;LOCOM#8221;). Any excess of an HFS loan#8217;s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as #8220;Investment gains, net#8221; in our condensed consolidated statements of operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collec tion of contractual principal or interest payments in full is not reasonably assured. When the collection of principal or interest payments in full is not reasonably assured, we discontinue the accrual of interest income. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any LOCOM adjustment on HFS loans on a pool basis by aggregating those loans based on similar risks and characteristics, such as product types and interest rates. br /#160;br /In the event that we reclassify HFS loans to HFI, we record the loans at LOCOM on the date of reclassification. We recognize any LOCOM adjustment recognized upon reclassification as a basis adjustment to the HFI loan. br /#160;br /Nonaccrual Loans br /#160;br /We discontinue accruing interest on single-family and multifamily loans when we believe collectibility of principal or interest is not reasonably assured, unless the loan is well secured and in the process of collection based upon an individual loan assessment. When a loan is placed on nonaccrual status, interest previously accrued but not collected becomes part of our recorded investment in the loan and is collectively reviewed for impairment. If cash is received while a loan is on nonaccrual status, it is applied first towards the recovery of accrued interest and related scheduled principal repayments. Once these amounts are recovered, we recognize interest income on a cash basis. If we have doubt regarding the ultimate collectibility of the remaining recorded investment in a nonaccrual loan, we apply any payment received to reduce principal to the extent necessary to eliminate such doubt. We return a loan to accrual status when we determine that the collectibility of principal and interest is reasonably assured. br /#160;br /Restructured Loans br /#160;br /A modification to the c ontractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (#8220;TDR#8221;). A concession has been granted to a borrower when we determine that the effective yield based on the restructured loan term is less than the effective yield prior to the modification. We measure impairment of a loan restructured in a TDR individually based on the excess of the recorded investment in the loan over the present value of the expected future cash inflows discounted at the loan#8217;s original effective interest rate. Costs incurred that affect a TDR are expensed as incurred. br /#160;br /A loan modification for reasons other than a borrower experiencing financial difficulties or that results in terms at least as favorable to us as the terms for comparable loans to other customers with similar credit risks who are not refinancing or restructuring a loan is not considered a TDR. We furthe r evaluate such a loan modification to determine whether the modification is considered #8220;more than minor.#8221; If the modification is considered more than minor and the modified loan is not subject to the accounting requirements for acquired credit-impaired loans, we treat the modification as an extinguishment of the previously recorded loan and the recognition of a new loan. We recognize any unamortized basis adjustments on the previously recorded loan immediately in #8220;Interest income#8221; in our condensed consolidated statements of operations. We account for a minor modification as a continuation of the previously recorded loan. br /#160;br /Loans Purchased or Eligible to be Purchased from Trusts br /#160;br /For our single-class securitization trusts that include a Fannie Mae guaranty, we have the option to purchase a loan from the trust after four or more consecutive monthly payments due under the loan are delinquent in whole, or in part. With respect to single-family mortgage loans in trusts with issue dates on or after January 1, 2009, we also have the option to purchase a loan from the trust after the loan has been delinquent for at least one monthly payment, if the delinquency has not been fully cured on or before the next payment date (that is, 30 days delinquent), and it is determined that it is appropriate to execute loss mitigation activity that is not permissible while the loan is held in a trust. Fannie Mae, as guarantor or as issuer, may also purchase mortgage loans when other pre-defined contingencies have been met, such as when there is a material breach of a seller#8217;s representation and warranty. Under long-term standby commitments, we purchase loans from lenders when the loans subject to these commitments meet certain delinquency criteria. Our acquisition cost for these loans is the unpaid principal balance of the loans plus accrued interest. br /br /Effective January 1, 2010, when we purchase m ortgage loans from consolidated trusts, we reclassify the loans from #8220;Mortgage loans held for investment of consolidated trusts#8221; to #8220;Mortgage loans held for investment by Fannie Mae#8221; and, upon settlement, we record an extinguishment of the corresponding portion of the debt of the consolidated trusts. br /br /For unconsolidated trusts, loans that are credit impaired at the time of acquisition are recorded at the lower of their acquisition cost or fair value. A loan is considered credit impaired at acquisition when there is evidence of credit deterioration subsequent to the loan#8217;s origination and it is probable, at acquisition, that we will be unable to collect all contractually required payments receivable (ignoring insignificant delays in contractual payments). We record each acquired loan that does not meet these criteria at its acquisition cost. br /br /For unconsolidated trusts where we are considered the transferor, w e recognize the loan in our condensed consolidated balance sheets at fair value and record a corresponding liability to the unconsolidated trust when the contingency on our option to purchase the loan from the trust has been met and we regain effective control over the transferred loan. br /br /We base our estimate of the fair value of delinquent loans purchased from unconsolidated trusts upon an assessment of what a market participant would pay for the loan at the date of acquisition. We utilize indicative market prices from large, experienced dealers to estimate the initial fair value of delinquent loans purchased from unconsolidated trusts. We consider acquired credit-impaired loans to be individually impaired at acquisition. However, no valuation allowance is established or carried over at acquisition. We record the excess of the loan#8217;s acquisition cost over its fair value as a charge-off against our #8220;Reserve for guaranty losses#8221; at acquisition. We recognize any subsequent decreases in estimated future cash flows to be collected subsequent to acquisition as impairment losses through our #8220;Allowance for loan losses.#8221; br /br /We place credit-impaired loans that we acquire from unconsolidated trusts on nonaccrual status at acquisition in accordance with our nonaccrual policy. If we subsequently determine that the collectibility of principal and interest is reasonably assured, we return the loan to accrual status. We determine the initial accrual status of acquired loans that are not credit impaired in accordance with our nonaccrual policy. Accordingly, we place loans purchased from trusts under other contingent call options on accrual status at acquisition if they are current or if there has been only an insignificant delay in payment and there are no other facts and circumstances that would lead us to conclude that the collection of principal and interest is not reasonably assured. br /br /When an acquired loan i s returned to accrual status, the portion of the expected cash flows, which incorporates changes in the timing and amount that are associated with credit and prepayment events, that exceeds the recorded investment in the loan is accreted into interest income over the expected remaining life of the loan. We prospectively recognize increases in future cash flows expected to be collected as interest income over the remaining expected life of the loan through a yield adjustment. If we subsequently refinance or restructure an acquired credit-impaired loan, other than through a TDR, the loan is not accounted for as a new loan but continues to be accounted for under the accounting standard for credit-impaired loans. br /br /Allowance for Loan Losses and Reserve for Guaranty Lossesbr /br /The allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in HFI loans. This population includes both HFI loans h eld by Fannie Mae and by consolidated Fannie Mae MBS trusts. The reserve for guaranty losses is a liability account in our condensed consolidated balance sheets that reflects an estimate of incurred credit losses related to our guaranty to each unconsolidated Fannie Mae MBS trust that we will supplement amounts received by the Fannie Mae MBS trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. As a result, the guaranty reserve considers not only the principal and interest due on the loan at the current balance sheet date, but also any additional interest payments due to the trust from the current balance sheet date until the point of loan acquisition or foreclosure. We recognize incurred losses by recording a charge to the #8220;Provision for loan losses#8221; or the #8220;Provision (benefit) for guaranty losses#8221; in our condensed consolidated statements of operations. br /br /Credit losses related to groups of similar single-family and multifamily HFI loans that are not individually impaired are recognized when (1) available information as of each balance sheet date indicates that it is probable a loss has occurred and (2) the amount of the loss can be reasonably estimated in accordance with the accounting standard for contingencies. Single-family and multifamily loans that we evaluate for individual impairment are measured in accordance with the accounting standard on measuring individual impairment of a loan. When making an assessment as to whether a loan is individually impaired, we also consider whether a delay in payment is insignificant. Determination of whether a delay in payment or shortfall in amount is insignificant requires management#8217;s judgment as to the facts and circumstances surrounding the loan. We record charge-offs as a reduction to the allowance for loan losses or reserve for guaranty losses when losses are confirmed through the receipt of assets, such as cash in a preforeclosure sale or the u nderlying collateral in full satisfaction of the mortgage loan upon foreclosure.br /br /Single-Family Loans br /#160;br /We aggregate single-family loans (except for those that are deemed to be individually impaired), based on similar risk characteristics for purposes of estimating incurred credit losses and establish a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate given multiple factors which include but are not limited to: origination year; loan product type; mark-to-market loan-to-value (#8220;LTV#8221;) ratio; and delinquency status. Once loans are aggregated, there typically is not a single, distinct event that would result in an individual loan or pool of loans being impaired. Accordingly, to determine an estimate of incurred credit losses, we base our allowance and reserve methodology on historical events and trends, such as loss severity, default rates, and recoveries from mortgage insuranc e contracts and other credit enhancements that are either contractually attached to a loan or that were entered into contemporaneous with and in contemplation of a guaranty or loan purchase transaction. Our allowance calculation also incorporates a loss confirmation period (the anticipated time lag between a credit loss event and the confirmation of the credit loss resulting from that event) to ensure our allowance estimate captures credit losses that have been incurred as of the balance sheet date but have not been confirmed. In addition, management performs a review of the observable data used in its estimate to ensure it is representative of prevailing economic conditions and other events existing as of the balance sheet date. br /br /The excess of a loan#8217;s unpaid principal balance, accrued interest, and any applicable cost basis adjustments (#8220;our total exposure#8221;) over the fair value of the assets received in full satisfaction of the loan is treated as a charg e-off loss that is deducted from the allowance for loan losses or reserve for guaranty losses. Any excess of the fair value of the assets received in full satisfaction over our total exposure at charge-off is applied first to recover any forgone, yet contractually past due interest (for mortgage loans recognized in our condensed consolidated balance sheets), and then to #8220;Foreclosed property expense#8221; in our condensed consolidated statements of operations. We also apply estimated proceeds from primary mortgage insurance or other credit enhancements that are either contractually attached to a loan or that were entered into contemporaneous with and in contemplation of a guaranty or loan purchase transaction as a recovery of our total exposure, up to the amount of loss recognized as a charge-off. We record proceeds from credit enhancements in excess of our total exposure in #8220;Foreclosed property expense#8221; in our condensed consolidated statements of operations when received. lt;br /#160;br /Individually Impaired Single-Family Loans br /#160;br /We consider a loan to be impaired when, based on current information, it is probable that we will not receive all amounts due, including interest, in accordance with the contractual terms of the loan agreement. When making our assessment as to whether a loan is impaired, we also take into account more than insignificant delays in#160;payment. Determination of whether a delay in payment or shortfall in amount is insignificant requires management#8217;s judgment as to the facts and circumstances surrounding the loan.br /#160;br /Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. Our measurement of impairment on an individually impaired loan follows the method that is most consistent with our expectations of recovery of our recorded investment in the loan. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan#8217;s original effective interest rate, as our expectation is that the loan will continue to perform under the restructured terms. If we determine that the only source to recover our recorded investment in an individually impaired loan is through probable foreclosure of the underlying collateral, we measure impairment based on the fair value of the collateral, reduced by estimated disposal costs on a discounted basis and adjusted for estimated proceeds from mortgage, flood, or hazard insurance or similar sources. Impairment recognized on individually impaired loans is part of our allowance for loan losses. br /br /We use internal models to project cash flows used to assess impairment of individually impaired loans, including acquired credit-impaired loans. We generally update the market and loan characteristic inputs we use in these models monthly, using month-end data. Market inputs include information such as interest rates, volatility and spreads, while loan characteristic inputs include information such as mark-to-market LTV ratios and delinquency status. The loan characteristic inputs are key factors that affect the predicted rate of default for loans evaluated for impairment through our internal cash flow models. We evaluate the reasonableness of our models by comparing the results with actual performance and our assessment of current market conditions. In addition, we review our models at least annually for reasonableness and predictive ability in accordance with our corporate model review policy. Accordingly, we believe the projected cash flows generated by our models that we use to assess impairment appropriately reflect the expected future performance of the loans. br /br /Multifamily Loans br /br /We identify multifamily loans for evaluation for impairment through a credit risk classification process and individually assign them a risk rating. Based on this evaluation, we determine wheth er or not a loan is individually impaired. If we deem a multifamily loan to be individually impaired, we measure impairment on that loan based on the fair value of the underlying collateral less estimated costs to sell the property on a discounted basis, as we consider such loans to be collateral dependent. If we determine that an individual loan that was specifically evaluated for impairment is not individually impaired, we include the loan as part of a pool of loans with similar characteristics that are evaluated collectively for incurred losses. br /#160;br /We stratify multifamily loans into different risk rating categories based on the credit risk inherent in each individual loan. We categorize credit risk based on relevant observable data about a borrower#8217;s ability to pay, including reviews of current borrower financial information, operating statements on the underlying collateral, historical payment experience, collateral values when appropriate, and other related credi t documentation. Multifamily loans that are categorized into pools based on their relative credit risk ratings are assigned certain default and severity factors representative of the credit risk inherent in each risk category. We apply these factors against our recorded investment in the loans, including recorded accrued interest associated with such loans, to determine an appropriate allowance. As part of our allowance process for multifamily loans, we also consider other factors based on observable data such as historical charge-off experience, loan size and trends in delinquency. In addition, we consider any loss sharing arrangements with our lenders. br /#160;br /Amortization of Cost Basis Adjustmentsbr /br /We amortize cost basis adjustments, including premiums and discounts on mortgage loans and securities, as a yield adjustment using the interest method over the contractual or estimated life of the loan or security. We amortize these cost basis adjustments into i nterest income for mortgage securities and loans we classify as HFI. We do not amortize cost basis adjustments for loans that we classify as HFS but include them in the calculation of the gain or loss on the sale of those loans. br /#160;br /We have elected to use the contractual payment terms to determine the amortization of cost basis adjustments on mortgage loans and mortgage securities initially recognized on or after January 1, 2010 in our condensed consolidated balance sheets. br /br /For substantially all mortgage loans and mortgage securities initially recorded on or before December#160;31,#160;2009, we use prepayment estimates in determining the periodic amortization of cost basis adjustments under the interest method using a constant effective yield. For those mortgage loans and mortgage securities for which we did not estimate prepayments, we used the contractual payment terms of the loan or security to apply the interest method. When we anticipate prepayments for the application of the interest method to mortgage loans initially recognized before January 1, 2010, we aggregate individual mortgage loans based upon coupon rate, product type and origination year and consider Fannie Mae MBS to be aggregations of similar loans for the purpose of estimating prepayments. We also recalculate the constant effective yield each reporting period to reflect the actual payments and prepayments we have received to date and our new estimate of future prepayments. We then adjust our net investment in the mortgage loans and mortgage securities to the amount the investment would have been had we applied the recalculated constant effective yield since their acquisition, with a corresponding charge or credit to interest income. br /br /We cease amortization of cost basis adjustments during periods in which we are not recognizing interest income on a loan because the collection of the principal and interest payments is not reasonably assured (that is, when the loan is placed on nonaccrual status).#160; br /br /Collateral br /br /We enter into various transactions where we pledge and accept collateral, the most common of which are our derivative transactions. Required collateral levels vary depending on the credit rating and type of counterparty. We also pledge and receive collateral under our repurchase and reverse repurchase agreements. In order to reduce potential exposure to repurchase counterparties, a third-party custodian typically maintains the collateral and any margin. We monitor the fair value of the collateral received from our counterparties, and we may require additional collateral from those counterparties, as we deem appropriate. Collateral received under early funding agreements with lenders, whereby we advance funds to lenders prior to the settlement of a security commitment, must meet our standard underwriting guidelines for the purchase or guarantee of mortgage loans.br /br /Cash Collater albr /br /We pledged $6.0 billion and $5.4 billion in cash collateral as of March 31, 2010 and December 31, 2009, respectively, related to our derivative activities. For derivative positions with the same counterparty under master netting arrangements where we pledge cash collateral, we remove it from #8220;Cash and cash equivalents#8221; and net the right to receive it against #8220;Derivative liabilities at fair value#8221; in our condensed consolidated balance sheets as a part of our counterparty netting calculation. Additionally, we pledged $5.7 billion and $5.4 billion in cash collateral as of March 31, 2010 and December 31, 2009, respectively, related to operating activities and recorded this amount as #8220;Other assets#8221; or #8220;Federal funds sold and securities purchased under agreements to resell or similar arrangements#8221; in our condensed consolidated balance sheets. br /br /We record cash collateral accepted from a counterparty that we have the right to use as #8220;Cash and cash equivalents#8221; and cash collateral accepted from a counterparty that we do not have the right to use as #8220;Restricted cash#8221; in our condensed consolidated balance sheets. We net our obligation to return cash collateral pledged to us against #8220;Derivative assets at fair value#8221; in our condensed consolidated balance sheets as part of our counterparty netting calculation. We accepted cash collateral of $2.9 billion and $4.1#160;billion as of March 31, 2010 and December 31, 2009, respectively, of which $2.7 billion and $3.0#160;billion, respectively, was restricted.br /br /Non-Cash Collateralbr /br /We classify securities pledged to counterparties as either #8220;Investments in securities#8221; or #8220;Cash and cash equivalents#8221; in our condensed consolidated balance sheets. Securities pledged to counterparties that have been consolida ted with the underlying assets recognized as loans are included as #8220;Mortgage loans#8221; in our condensed consolidated balance sheets. We pledged $1.1 billion of available-for-sale (#8220;AFS#8221;) securities that the counterparty had the right to resell or repledge as of December 31, 2009. We did not pledge any AFS securities as of March 31, 2010. We pledged $2.9 billion and $1.9 billion in HFI loans that the counterparty had the right to sell or repledge as of March 31, 2010 and December 31, 2009, respectively.br /br /The fair value of non-cash collateral accepted that we were permitted to sell or repledge was $5.3 billion and $67 million as of March 31, 2010 and December#160;31, 2009, respectively, none of which was sold or repledged. The fair value of non-cash collateral accepted that we were not permitted to sell or repledge was $47.1 billion and $6.3 billion as of March 31, 2010 and December 31, 2009, respectively. br /br /We provide early funding to lenders on a collateralized basis and account for the advances as secured lending arrangements. We recognize the amounts funded to lenders in #8220;Advances to lenders#8221; in our condensed consolidated balance sheets. br /br /Our liability to third-party holders of Fannie Mae MBS that arises as the result of a consolidation of a securitization trust is collateralized by the underlying loans and/or mortgage-related securities.br /br /When securities sold under agreements to repurchase meet all of the conditions of a secured financing, we report the collateral of the transferred securities at fair value, excluding accrued interest. The fair value of these securities is classified in #8220;Investments in securities#8221; in our condensed consolidated balance sheets. We had no such repurchase agreements outstanding as of March 31, 2010 or December#160;31, 2009.br /br /Debt br /#160;br /Our condensed cons olidated balance sheets contain debt of Fannie Mae as well as debt of consolidated trusts. We classify our outstanding debt as either short-term or long-term based on the initial contractual maturity. Prior to January 1, 2010, we reported debt issued both by us and by consolidated trusts collectively as either #8220;Short-term debt#8221; or #8220;Long-term debt#8221; in our condensed consolidated balance sheets. Effective January 1, 2010, the debt of consolidated trusts is reported as either #8220;Short-term debt of consolidated trusts#8221; or #8220;Long-term debt of consolidated trusts,#8221; and represents the amount of Fannie Mae MBS issued from such trusts and held by third-party certificateholders. Debt issued by us is reported as either #8220;Short-term debt of Fannie Mae#8221; or #8220;Long-term debt of Fannie Mae,#8221; and represents debt that we issue to third parties to fund our general business activities. The debt of consolidated t rusts is prepayable without penalty at any time. We report deferred items, including premiums, discounts and other cost basis adjustments, as adjustments to the related debt balances in our condensed consolidated balance sheets. We remeasure the carrying amount, accrued interest and basis adjustments of debt denominated in a foreign currency into U.S.#160;dollars using foreign exchange spot rates as of the balance sheet dates and report any associated gains or losses as a component of #8220;Fair value losses, net#8221; in our condensed consolidated statements of operations. br /br /We classify interest expense as either short-term or long-term based on the contractual maturity of the related debt. We recognize the amortization of premiums, discounts and other cost basis adjustments through interest expense using the effective interest method usually over the contractual term of the debt. Amortization of premiums, discounts and other cost basis adjustments begins at the time o f debt issuance. We remeasure interest expense for debt denominated in a foreign currency into U.S.#160;dollars using the monthly weighted-average spot rate since the interest expense is incurred over the reporting period. The difference in rates arising from the month-end spot exchange rate used to calculate the interest accruals and the weighted-average exchange rate used to record the interest expense is a foreign currency transaction gain or loss for the period and is recognized as either #8220;Short-term debt interest expense#8221; or #8220;Long-term debt interest expense#8221; in our condensed consolidated statements of operations. br /#160;br /When we purchase a Fannie Mae MBS issued from a consolidated single-class securitization trust, we extinguish the related debt of the consolidated trust as the MBS debt is no longer owed to a third party. We record debt extinguishment gains or losses related to debt of consolidated trusts to the extent that the purc hase price of the MBS does not equal the carrying value of the related consolidated MBS debt reported on our balance sheets (including unamortized premiums, discounts and other cost basis adjustments) at the time of purchase. br /br /Servicer and MBS Trust Receivable and Payablebr /br /When a servicer advances payments to a consolidated MBS trust for delinquent loans, we record restricted cash and a corresponding liability to reimburse the servicer. When a delinquency advance is made to an unconsolidated trust, we record a receivable from the MBS trust, net of a valuation allowance, and a corresponding liability to reimburse the servicer. Servicers are reimbursed for amounts that they do not collect from the borrower at the earlier of the exercise of our default call option or foreclosure.br /br /For unconsolidated MBS trusts where we are considered the transferor, when the contingency on our option to purchase loans from the trust has been met and we regain e ffective control over the transferred loan, we recognize the loan in our condensed consolidated balance sheets at fair value and record a corresponding liability to the unconsolidated MBS trust.br /#160;br /Fair Value Losses, Netbr /br /Fair value losses, net, consists of fair value gains and losses on derivatives, trading securities, debt carried at fair value and foreign currency debt. The following table displays the composition of #8220;Fair value losses, net#8221; for the three months ended March 31, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="434" align="left"#160;/tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd width="136" align="center" height="17" colspan="5"bFor the /b /td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="434" align="left"#160;/tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd width="136" align="center" height="17" colspan="5"bThree Months/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="434" align="left"#160;/tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd width="136" align="center" height="17" colspan="5"bEnded/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="434" align="left"#160;/tdtd height="14" width="35" align="left"#160;/tdtd h eight="14" width="8" align="left"#160;/tdtd width="136" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bMarch 31,/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="434" align="left"b#160;/b/tdtd height="14" width="35" align="left"b#160;/b/tdtd height="14" width="8" align="left"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2010#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="19"bu#160;/u/b/tdtd width="58" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2009#160; /b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="434" align="left"#160;/tdtd height="14" width="35" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd width="127" align="center" height="14" colspan="4"b(Dollars in millions)/b/td/trtrtd width="453" align="left" height="17" colspan="2"Derivatives fair value losses, net/tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="50" align="right"#160;(2,762)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" w idth="49" align="right"#160;(1,706)/td/trtrtd width="453" align="left" height="17" colspan="2"Trading securities gains, net /tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;1,058#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="49" align="right"#160;167#160;/td/trtrtd width="453" align="left" height="17" colspan="2"Debt foreign exchange gains, net /tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="5 0" align="right"#160;23#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="49" align="right"#160;55#160;/td/trtrtd width="453" align="left" height="17" colspan="2"Debt fair value gains (losses), net /tdtd height="17" width="35" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;(24)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="49"#160 ;24#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="434" align="left"Fair value losses, net /tdtd height="18" width="35" align="left"#160;/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;(1,705)/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49"#160;(1,460)/td/tr/tablepReclassificationsbr /br / t;To conform to our current period presentation, we have reclassified amounts reported in our condensed consolidated financial statements. In our condensed consolidated balance sheet as of December 31, 2009, we reclassified $536 million from #8220;Allowance for loan losses#8221; to #8220;Allowance for accrued interest receivable.#8221; In our condensed consolidated statement of operations for the three months ended March 31, 2009, we reclassified $17.8 billion and $2.5 billion from #8220;Provision for credit losses,#8221; which is no longer presented, to #8220;Provision for guaranty losses#8221; and #8220;Provision for loan losses,#8221; respectively, and $5.7 billion from #8220;Investment gains, net#8221; to #8220;Net other-than-temporary impairments.#8221; In our condensed consolidated statement of changes in equity (deficit) for the three months ended March 31, 2009, we reclassified $3.7 billion, net of tax of $2.0 billion, from ;#8220;Changes in net unrealized losses on available-for-sale securities#8221; to #8220;Reclassification adjustment for other-than-temporary impairments recognized in net loss.#8221;/p/div

Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities	3 Months Ended
	Mar. 31, 2010
Note to Consolidated Financial Statements
Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities	div style="font-size:12pt"p2. Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entitiesbr /br /Effective January 1, 2010, we prospectively adopted the new accounting standards on the transfer of financial assets and the consolidation of VIEs (#8220;the new accounting standards#8221;) for all VIEs existing as of January 1, 2010 (#8220;transition date#8221;). The new accounting standards removed the scope exception for QSPEs and replaced the previous consolidation model with a qualitative model for determining the primary beneficiary of a VIE. Upon adoption of the new accounting standards, we consolidated the substantial majority of our single-class securitization trusts, which had significant impacts on our co ndensed consolidated financial statements. The key financial statement impacts are summarized below. br /br /The mortgage loans and debt reported in our condensed consolidated balance sheet increased significantly at the transition date because we recognized the underlying assets and liabilities of the newly consolidated trusts. We recorded the trusts#8217; mortgage loans and the debt held by third parties at their unpaid principal balance at the transition date. Prospectively, we recognized the interest income on the trusts#8217; mortgage loans and interest expense on the trusts#8217; debt, resulting in an increase in the interest income and interest expense reported in our condensed consolidated statements of operations compared to prior periods.br /br /Another significant impact was the elimination of our guaranty accounting for the newly consolidated trusts. We derecognized the previously recorded guaranty-related assets and liabilities associated with t he newly consolidated trusts from our condensed consolidated balance sheets. We also eliminated our reserve for guaranty losses and recognized an allowance for loan losses for such trusts. In our condensed consolidated statements of operations, we no longer recognize guaranty fee income for the newly consolidated trusts, as the revenue is now recorded as a component of loan interest income. br /br /When we recognized the newly consolidated trusts#8217; assets and liabilities at the transition date, we also derecognized our investments in these trusts, resulting in a decrease in our investments in MBS that are classified as trading and AFS securities. Instead of being recorded as an asset, our investments in Fannie Mae MBS reduce the debt reported in our condensed consolidated balance sheets. Accordingly, the purchase and subsequent sale of MBS issued by consolidated trusts are accounted for in our condensed consolidated financial statements as the extinguishment and issuance of t he debt of consolidated trusts, respectively. Furthermore, under the new accounting standards, a transfer of mortgage loans from our portfolio to a trust will generally not qualify for sale treatment. br /br /The new accounting standards do not change the economic risk to our business, specifically our exposure to liquidity, credit, and interest rate risks. We continue to securitize mortgage loans originated by lenders in the primary mortgage market into Fannie Mae MBS.br /br /Refer to the #8220;Principles of Consolidation#8221; section in #8220;Note 1, Summary of Significant Accounting Policies#8221; for additional information.br /br /Summary of Transition Adjustmentsbr /br /The cumulative impact of our adoption of the new accounting standards was a decrease to our total deficit of $3.3 billion at the transition date. This amount includes:br /br //pulliA net decrease in our accumu lated deficit of $6.7 billion, primarily driven by the reversal of the guaranty assets and guaranty obligations related to the newly consolidated trusts; andbr //liliA net increase in our accumulated other comprehensive loss of $3.4 billion primarily driven by the reversal of net unrealized gains related to our investments in Fannie Mae MBS classified as AFS.br //li/ulpbr /Our transition adjustment is a result of the following changes to our accounting:br /br //pulliNet recognition of assets and liabilities of newly consolidated entities. At the transition date, trust assets and liabilities required to be consolidated were recognized in our condensed consolidated balance sheet at their unpaid principal balance plus any accrued interest. An allowance for loan losses was established for the newly consolidated mortgage loans. The reserve for guaranty losses previously established for such loans was eliminat ed. Our investments in Fannie Mae MBS issued by the newly consolidated trusts were eliminated along with the related accrued interest receivable and unrealized gains or losses at the transition date.br //liliAccounting for portfolio securitizations. At the transition date, we reclassified the majority of our HFS loans to HFI. Under the new accounting standards, the transfer of mortgage loans to a trust and the sale of the related securities in a portfolio securitization transaction will generally not qualify for sale treatment. As such, mortgage loans acquired with the intent to securitize will generally be classified as held for investment in our condensed consolidated balance sheets both prior to and subsequent to their securitization.br //liliElimination of accounting for guarantees. At the transition date, a significant portion of our guaranty-related assets and liabilities were derecognized from our condensed consolidated balance sheet. Upon consolid ation of a trust, our guaranty activities represent intercompany activities that must be eliminated for purposes of our condensed consolidated financial statements.br //li/ulpWe also describe in this note the ongoing impacts of the new accounting standards on our condensed consolidated statements of operations, as well as the changes we have made to our segment reporting as a result of our adoption of the new accounting standards. The substantial majority of the transition impact related to non-cash activity, which has not been included in our condensed consolidated statement of cash flows.br /#160;br //ppBalance Sheet Impactbr //ppIn accordance with the new accounting standards, effective on the transition date, we report the assets and liabilities of the consolidated trusts separately from the assets and liabilities of Fannie Mae in our condensed consolidated balance sheets. As such, we have reclassified prior per iod amounts to conform to our current period presentation. The following table presents the impact to our condensed consolidated balance sheet at the transition date./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="16" width="3" align="left"#160;/tdtd height="16" width="3" align="left"#160;/tdtd height="16" width="3" align="left"#160;/tdtd height="16" width="3" align="left"#160;/tdtd height="16" width="3" align="left"#160;/tdtd height="16" width="3" align="left"#160;/tdtd height="16" width="3" align="left"#160;/tdtd height="16" width="285" align="left"#160;/tdtd height="16" width="12" align="left"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="89" align="left"#160;/tdtd height="16" width="6" align="left "#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="89" align="left"#160;/tdtd height="16" width="6" align="left"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="89" align="left"#160;/td/trtrtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="285" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left" mp;#160;/tdtd height="12" width="89" align="left"#160;/tdtd height="12" width="6" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="89" align="left"#160;/tdtd height="12" width="6" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="89" align="left"#160;/td/trtrtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="285" align="left"#160 ;/tdtd height="15" width="12" align="left"#160;/tdtd width="98" align="center" height="15" colspan="2"bAs of /b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="15" colspan="2"b#160;/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="15" colspan="2"bAs of/b/td/trtrtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/td td height="15" width="285" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd width="98" align="center" height="15" colspan="2"bDecember 31,/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="15" colspan="2"bTransition/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="15" colspan="2"bJanuary 1,/b/td/trtrtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="3" align="left"#160; t;/tdtd height="15" width="3" align="left"#160;/tdtd height="15" width="285" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd width="98" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"b2009/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="98" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bImpact/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="98" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"b2010/b/td/trtrtd height="13" width="3" align="left"#160;/tdtd height="13" width="3" align="left"#160;/tdtd height="13" width="3" align="left"#160;/tdtd hei ght="13" width="3" align="left"#160;/tdtd height="13" width="3" align="left"#160;/tdtd height="13" width="3" align="left"#160;/tdtd height="13" width="3" align="left"#160;/tdtd height="13" width="285" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd width="297" align="center" height="13" colspan="16"b(Dollars in millions)/b/td/trtrtd width="318" align="left" height="17" colspan="9"bASSETS/b/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="center"b#160;/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd height="17" width="9" align="center"b#160;/b/tdtd heig ht="17" width="89" align="center"b#160;/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd height="17" width="9" align="center"b#160;/b/tdtd height="17" width="89" align="center"b#160;/b/td/trtrtd width="318" align="left" height="17" colspan="9"Cash and cash equivalents/tdtd height="17" width="9" align="right"$/tdtd height="17" width="89" align="right"#160;6,812#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="89" align="right"#160;(19)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="89" align="right"#160;6,793#160;/td/trtr ;td width="318" align="left" height="17" colspan="9"Restricted cash/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;3,070#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;45,583#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;48,653#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Federal funds sold and securities purchased under agreements to /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"resell or similar arrangements/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;53,684#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(316)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" widt h="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;53,368#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Investments in securities:/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Trading, at fair value /td ;td height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;111,939#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(66,251)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;45,688#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Available-for-sale, at fair value /tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width=" 89"#160;237,728#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(122,328)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;115,400#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="309" align="left" height="17" colspan="6"Total investments in securities/tdtd height="17" style="border-top: 1px solid #000000;border-b ottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;349,667#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;(188,579)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;161,088#160;/td/trtrtd width="318" align="left" height="17" colspan="9" t;Mortgage loans:/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Loans held for sale, at lower of cost or fair value /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;18,462#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(18,115)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;347#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Loans held for investment, at amortized cost:/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td ;td height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="309" align="left" height="17" colspan="6"Of Fannie Mae/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;256,434#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right" #160;3,753#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;260,187#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="309" align="left" height="17" colspan="6"Of consolidated trusts /tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;129,590#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;2,595,321#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;2,724,911#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="306" align="left" height="17" colspan="5"Total loans held for investment/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;386,024#160;/tdtd height="17" wi dth="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;2,599,074#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;2,985,098#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="303" align="left" height="17" colspan="4"Allowance for loan losses/td td height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(9,925)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(43,576)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(53,501)/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/td ;td height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="300" align="left" height="17" colspan="3"Total loans held for investment, net of allowance/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;376,099#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;2,555,498#160;/tdtd height="17" width="6" align="left" mp;#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;2,931,597#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="297" align="left" height="17" colspan="2"Total mortgage loans/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="bor der-top: 1px solid #000000;" align="right" width="89"#160;394,561#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;2,537,383#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;2,931,944#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Advances to lenders /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;5,449#160;/tdtd height="17" width="6" align="left"#160;/tdtd h eight="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;5,449#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Accrued interest receivable:/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/td/trtr gt;td height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of Fannie Mae/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;3,774#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(659)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;3,115#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of consolidated trusts t;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;519#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;16,329#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;16,848#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="309" align="left" height="17" colspan="6"Allowance for accrued interest receivable/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/td gt;td height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(536)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(6,989)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(7,525)/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="306" align="left" height ="17" colspan="5"Total accrued interest receivable, net of allowance/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;3,757#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;8,681#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="89"#160;12,438#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Acquired property, net /tdtd heigh t="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;9,142#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;9,142#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Derivative assets, at fair value/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,474#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160 ;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,474#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Guaranty assets /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;8,356#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(8,014)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;342#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Deferred tax assets, net /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;909#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,731#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,640#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Partnership investments /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,372#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right" #160;(456)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,916#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Servicer and MBS trust receivable /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;18,329#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(17,143)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,186#160;/td/trtrtd width="318" align="left" height="17" colspan="9" Other assets/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;11,559#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(1,757)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;9,802#160;/td/trtrtd height="18" width="3" align="left"#160;/tdtd width="315" align="left" height="18" colspan="8"Total assets /tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;869,141#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;2,377,094#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;3,246,235#160;/td/trtrt d height="31" width="3" align="left"#160;/tdtd height="31" width="3" align="left"#160;/tdtd height="31" width="3" align="left"#160;/tdtd height="31" width="3" align="left"#160;/tdtd height="31" width="3" align="left"#160;/tdtd height="31" width="3" align="left"#160;/tdtd height="31" width="3" align="left"#160;/tdtd height="31" width="285" align="left"#160;/tdtd height="31" width="12" align="left"#160;/tdtd height="31" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="31" style="border-top: 3px double #000000;" align="right" width="89"#160;/tdtd height="31" width="6" align="left"#160;/tdtd height="31" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="31" style="border-top: 3px d ouble #000000;" align="right" width="89"#160;/tdtd height="31" width="6" align="left"#160;/tdtd height="31" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="31" style="border-top: 3px double #000000;" align="right" width="89"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="285" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="9" align="left"#160; /tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td/trtrtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="285" align="left"#160;/td td height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="89" align="left"#160;/tdtd height="12" width="6" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="89" align="left"#160;/tdtd height="12" width="6" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="89" align="left"#160;/td/trtrtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd h eight="12" width="3" align="left"#160;/tdtd height="12" width="285" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="98" align="center" height="12" colspan="2"bAs of /b/tdtd height="12" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="12" colspan="2"b#160;/b/tdtd height="12" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="12" colspan="2"bAs of/b/td/trtrtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height= "12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="285" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="98" align="center" height="12" colspan="2"bDecember 31,/b/tdtd height="12" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="12" colspan="2"bTransition/b/tdtd height="12" width="6" align="center"b#160;/b/tdtd width="98" align="center" height="12" colspan="2"bJanuary 1,/b/td/trtrtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd he ight="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="3" align="left"#160;/tdtd height="12" width="285" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="98" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b2009/b/tdtd height="12" width="6" align="center"b#160;/b/tdtd width="98" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bImpact/b/tdtd height="12" width="6" align="center"b#160;/b/tdtd width="98" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b2010/b/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="285" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd width="297" align="center" height="17" colspan="16"b(Dollars in millions)/b/td/trtrtd width="416" align="left" height="17" colspan="11"bLIABILITIES AND EQUITY (DEFICIT)/b/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td ;td height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Liabilities:/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Accrued interest payable:/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="left"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of Fannie Mae/tdtd height="17" width="9" align="right"$/tdtd height="17" width="89" align="right"#160;4,951#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="right"$/td td height="17" width="89" align="right"#160;8#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="89" align="right"#160;4,959#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of consolidated trusts/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;29#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;10,564#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/ tdtd height="17" width="89" align="right"#160;10,593#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Federal funds purchased and securities sold under /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="321" align="left" height= "17" colspan="8"agreements to repurchase /tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Short-term debt:/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="8 9" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of Fannie Mae /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;200,437#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right" ;#160;200,437#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of consolidated trusts /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;6,425#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;6,425#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Long-term debt:/td td height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of Fannie Mae /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;567,950#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" al ign="left"#160;/tdtd height="17" width="89" align="right"#160;(205)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;567,745#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Of consolidated trusts /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;6,167#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,442,280#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,448,447#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Derivative liabilities, at fair value/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,029#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;1,029#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Reserve for guaranty losses/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;54,430#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(54,103)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;327#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Guaranty obligations/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;13,996#160;/tdtd height="17" width="6" align="left"#160;/ tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(13,321)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;675#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Partnership liabilities /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,541#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(456)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/t dtd height="17" width="89" align="right"#160;2,085#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Servicer and MBS trust payable /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;25,872#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(16,600)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;9,272#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd width="315" align="left" height="17" colspan="8"Other liabilities/td td height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;7,020#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(796)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;6,224#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colsp an="7"Total liabilities /tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;884,422#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;2,373,796#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89" p;#160;3,258,218#160;/td/trtrtd width="318" align="left" height="17" colspan="9"Fannie Mae's stockholders#8217; equity (deficit):/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Senior preferred stock/tdtd height="17" width="9" align="left"#160;/td td height="17" width="89" align="right"#160;60,900#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;60,900#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Preferred stock/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;20,348#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"b #160;/b/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;20,348#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Common stock/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;664#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="le ft"#160;/tdtd height="17" width="89" align="right"#160;664#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Additional paid-in capital /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,083#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,083#160;/td/trtrtd height="17" width="3" align="left"#160;/td t;td height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Accumulated deficit /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(90,237)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;6,706#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(83,531)/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Accumulated other comprehensive loss /tdtd height="17" width="9" align="left" ;#160;/tdtd height="17" width="89" align="right"#160;(1,732)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(3,394)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="89" align="right"#160;(5,126)/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Treasury stock/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(7,398)/tdtd height="17" width="6" align="left" #160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(7,398)/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd width="312" align="left" height="17" colspan="7"Total Fannie Mae stockholders#8217; deficit /tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px so lid #000000;" align="right" width="89"#160;(15,372)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;3,312#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;(12,060)/td/trtrtd width="318" align="left" height="17" colspan="9"Noncontrolling interest /tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160 ;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;91#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;(14)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;77#160;/td/trtrtd height="17" width="3" align="left"#160;/tdtd height="17" width="3" align="left"#160;/td t;td width="312" align="left" height="17" colspan="7"Total equity (deficit)/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;(15,281)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="89"#160;3,298#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #00 0000;" align="right" width="89"#160;(11,983)/td/trtrtd width="318" align="left" height="18" colspan="9"Total liabilities and equity (deficit) /tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;869,141#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;2,377,094#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9" t;$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;3,246,235#160;/td/tr/tablepIn the following sections, we describe the impacts to our condensed consolidated balance sheet at the transition date in the context of the three categories of transition adjustments noted above. br /br /Net Recognition of the Assets and Liabilities of Newly Consolidated Entitiesbr /br /At the transition date, the majority of the net increase to both total assets and total liabilities resulted from the recognition of the assets and liabilities of newly consolidated trusts. This includes the impact of derecognizing our investments in Fannie Mae MBS issued from newly consolidated trusts. We describe the impacts to our condensed consolidated balance sheet resulting from the recognition of the assets and liabilities of newly consolidated trusts below.br /br / ;Investments in Securitiesbr /br /At the transition date, we derecognized $66.3 billion and $122.3 billion in investments in securities classified as trading and AFS, respectively. The net transition impact to our investments in securities was driven both by the derecognition of investments in Fannie Mae MBS issued by the newly consolidated trusts and the recognition of mortgage-related securities held by the newly consolidated trusts. We derecognized from our condensed consolidated balance sheet investments in the Fannie Mae MBS issued by the newly consolidated trusts as these investments represent debt securities that are both debt of the consolidated trusts and investments in our portfolio and therefore represent intercompany activity. Such investments act to reduce the debt held by third parties in our condensed consolidated balance sheets. We also derecognized the accrued interest receivable and net unrealized gains related to securities that we derecognized at transition. br / ;br /Additionally, we recognized mortgage-related securities at transition in situations where trusts that were previously consolidated in our condensed consolidated balance sheets deconsolidated under the new accounting standards. Upon deconsolidation of these trusts, we derecognized the collateral of the trusts (that is, mortgage loans) and recognized our investment in securities issued from the trusts in our condensed consolidated balance sheet. br /br /The table below presents the impact at the transition date to our investments in securities.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="7" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="236" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd hei ght="17" width="122" align="left"b#160;/b/tdtd height="17" width="6" align="left"b#160;/b/tdtd width="121" align="center" height="17" colspan="2"b#160;/b/tdtd height="17" width="6" align="left"b#160;/b/tdtd height="17" width="11" align="left"b#160;/b/tdtd height="17" width="110" align="left"b#160;/b/td/trtrtd height="32" width="7" align="left"#160;/tdtd height="32" width="7" align="left"#160;/tdtd height="32" width="236" align="left"#160;/tdtd height="32" width="6" align="left"#160;/tdtd width="133" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="32"bAs of December 31, 2009/b/tdtd height="32" width="6" align="center"b p;#160;/b/tdtd width="121" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="32"bTransition Impact/b/tdtd height="32" width="6" align="center"b#160;/b/tdtd width="121" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="32"bAs of January 1, 2010/b/td/trtrtd height="17" width="7" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="236" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd width="387" align="center" height="17" colspan="8"b(Dollars in millions)/b/td/trtrtd width="250" align="left" height="17" colspan="3"Mortgage-related securities:/tdtd height="17" width="6" align="left"#160;/tdtd height="17" w idth="11" align="left"#160;/tdtd height="17" width="122" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="left"#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"Fannie Mae/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="122" align="right"#160;229,169#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdt d height="17" width="110" align="right"#160;(189,360)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="110" align="right"#160;39,809#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"Freddie Mac/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="122" align="right"#160;42,551#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd he ight="17" width="110" align="right"#160;42,551#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"Ginnie Mae/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="122" align="right"#160;1,354#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;(21)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;1,333#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan=" 2"Alt-A private-label securities/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="122" align="right"#160;15,505#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;533#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;16,038#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"Subprime private-label securities/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/td t;td height="17" width="122" align="right"#160;12,526#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;(118)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;12,408#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"CMBS/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="122" align="right"#160;22,528#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/td ;td height="17" width="110" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;22,528#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"Mortgage revenue bonds/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="122" align="right"#160;13,446#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="110" align="right"#160;21#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left" #160;/tdtd height="17" width="110" align="right"#160;13,467#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd width="243" align="left" height="17" colspan="2"Other mortgage-related securities/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="122"#160;3,706#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="110"#160;366#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align ="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="110"#160;4,072#160;/td/trtrtd height="17" width="7" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="236" align="left"Total mortgage-related securities/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="122"#160;340,785#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="110"#160;(188,579)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="110"#160;152,206#160;/td/trtrtd width="250" align="left" height="17" colspan="3"Total non-mortgage-related securities/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="122"#160;8,882#160;/tdtd height="17" width="6" align="left"#160;/td gt;td height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="110"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="110"#160;8,882#160;/td/trtrtd width="250" align="left" height="18" colspan="3"Total investments in securities/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="18" style="border-top: 1px solid # 000000;border-bottom: 3px double #000000;" align="right" width="122"#160;349,667#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="110"#160;(188,579)/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="110"#160;161,088#160;/td/tr/tablepMortgage Loansbr /br /At the transition date, the recognition of loans held by the newly consolidated trusts resulted in an increase in #8220;Mortgage loa ns held for investment of consolidated trusts.#8221; Loans held by consolidated trusts are generally classified as HFI in our condensed consolidated balance sheets. Prior to the transition date, we reported mortgage loans held both by us in our mortgage portfolio and those held by consolidated trusts collectively as #8220;Mortgage loans held for investment#8221; in our condensed consolidated balance sheets. Effective at the transition date, we report loans held by us as #8220;Mortgage loans held for investment of Fannie Mae#8221; and loans held by consolidated trusts as #8220;Mortgage loans held for investment of consolidated trusts.#8221; Prior period amounts have been reclassified to conform to our current period presentation.br /br /The recognition of the mortgage loans held by newly consolidated trusts also resulted in an increase in #8220;Accrued interest receivable of consolidated trusts.#8221; This increase was offset in part by an incr ease to #8220;Allowance for accrued interest receivable,#8221; which represents estimated incurred losses on our accrued interest. Prior to the transition date, incurred losses on interest of unconsolidated trusts were reported as a portion of our #8220;Reserve for guaranty losses.#8221; Prior to the transition date, we reported the accrued interest receivable relating to loans held by consolidated trusts as a component of #8220;Accrued interest receivable.#8221; Prior period amounts have been reclassified to conform to our current period presentation. br /br /The table below presents the impact to the unpaid principal balance of our mortgage loans at the transition date.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="6" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="182" align="left"#160; t;/tdtd height="17" width="6" align="left"#160;/tdtd width="155" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"bAs of December 31, 2009/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="157" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"bTransition Impact/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="153" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"bAs of January 1, 2010/b/td/trtrtd height="17" width="6" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="182" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd width="63" align="ce nter" colspan="2" style="border-top: 1px solid #000000;" height="17"bOf Fannie/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="86" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bOf Consolidated/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="67" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bOf Fannie/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bOf Consolidated/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-t op: 1px solid #000000;" height="17"bOf Fannie/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bOf Consolidated/b/td/trtrtd height="17" width="6" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="182" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bMae/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bTrusts/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="67" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bMae/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bTrusts/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bMae/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bTrusts/b/td/trtrtd height="17" width="6" align="left"#160;/tdtd height="17" width="6" align="left"#160;/td td height="17" width="182" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd width="477" align="center" height="17" colspan="17"b(Dollars in millions)/b/td/trtrtd width="194" align="left" height="17" colspan="3"Single-family:/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd he ight="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/td/trtrtd width="194" align="left" height="17" colspan="3"Government insured or guaranteed/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="52" align="right"#160;51,454#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="75" align="right "#160;945#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="56" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="73" align="right"#160;1#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="52" align="right"#160;51,454#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="73" align="right"#160;946#160;/td/trtrtd width="194" align="left" height="17" colspan="3"Conventional:/tdtd height="17" width="6" align="left"#160;/t dtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17 " width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/td/trtrtd height="17" width="6" align="left"#160;/tdtd width="188" align="left" height="17" colspan="2"Long-term fixed-rate/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="right"#160;90,245#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;89,409#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="right"#160;(5,272)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" w idth="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;2,029,932#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="right"#160;84,973#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;2,119,341#160;/td/trtrtd height="17" width="6" align="left"#160;/tdtd width="188" align="left" height="17" colspan="2"Intermediate-term fixed-rate/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="right"#160;8,069#160;/tdtd height="17" width="6" align="left" #160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;21,405#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="right"#160;(178)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;318,329#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="right"#160;7,891#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;339,734#160;/td t;/trtrtd height="17" width="6" align="left"#160;/tdtd width="188" align="left" height="17" colspan="2"Adjustable-rate/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;16,889#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;17,713#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="rig ht" width="56"#160;(2)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;190,706#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;16,887#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;208,419#160;/td/trtrtd width="194" align="left" height="17" colspan="3" Total conventional single-family/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;115,203#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="75"#160;128,527#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px soli d #000000;border-bottom: 1px solid #000000;" align="right" width="56"#160;(5,452)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="73"#160;2,538,967#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;109,751#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160; t;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="73"#160;2,667,494#160;/td/trtrtd height="18" width="6" align="left"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" width="182" align="left"Total single-family/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;166,657#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;129,472#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;(5,452)/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;2,538,968#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-t op: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;161,205#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;2,668,440#160;/td/trtrtd height="8" width="6" align="left"#160;/tdtd height="8" width="6" align="left"#160;/tdtd height="8" width="182" align="left"#160;/tdtd height="8" width="6" align="left"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="right" width="11"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="52"#160;/tdtd height="8" width="6" align="left" amp;#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="75"#160;/tdtd height="8" width="6" align="left"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="56"#160;/tdtd height="8" width="6" align="left"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="73"#160;/tdtd height="8" width="6" align="left"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="l eft" width="52"#160;/tdtd height="8" width="6" align="left"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="8" style="border-top: 3px double #000000;" align="left" width="73"#160;/td/trtrtd width="194" align="left" height="17" colspan="3"Multifamily:/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="left"#160;/td t;td height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/td/trtrtd width="194" align="left" height="17" colspan="3"Government insured or guaranteed/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="52" align="right"#160;585#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="75" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="56" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="73" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="52" align="right"#160;585#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"$/tdtd height="17" width="73" align="right"#160;-#160;/td/trtrtd width="194" align="left" height="17" colspan="3"Conventional: /tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="left"#160;/tdtd height=" 17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="left"#160;/td/trtrtd height="17" width="6" align="left"#160;/tdtd width="188" align="left" height="17" colspan="2"Long-term fixed-rate/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="right"#160;4,937#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;790#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;3,752#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="right"#160;4,937#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;4,542#160;/td/trtrtd height="17" width="6" align="left"#160;/tdtd width="188" align="left" height="17" colspan="2"Intermediate-term fixed-rate/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="52" align="right"#160;81,456#160; lt;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;10,304#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="56" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="73" align="right"#160;35,672#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="52" align="right"#160;81,456#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17 " width="73" align="right"#160;45,976#160;/td/trtrtd height="17" width="6" align="left"#160;/tdtd width="188" align="left" height="17" colspan="2"Adjustable-rate/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;21,535#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;807#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd he ight="17" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;5,603#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;21,535#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;6,410#160;/td/tr ;trtd width="194" align="left" height="17" colspan="3"Total conventional multifamily/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;107,928#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="75"#160;11,901#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11" ;#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="73"#160;45,027#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;107,928#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bot tom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="73"#160;56,928#160;/td/trtrtd height="18" width="6" align="left"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" width="182" align="left"Total multifamily/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;108,513#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd heigh t="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;11,901#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;-#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;45,027#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" w idth="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;108,513#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;56,928#160;/td/tr/tablepAllowance for Loan Losses and Reserve for Guaranty Lossesbr /br /We maintain an allowance for loan losses related to HFI loans reported in our condensed consolidated balance sheets and a reserve for guaranty losses related to loans held by unconsolidated trusts. Upon recognition of the mortgage loans held by newly consolidated trusts at the transition date, we increased our #8220;Allowance for loan losses#8221; and decre ased our #8220;Reserve for guaranty losses.#8221; The overall decrease in the combined reserves represents a difference in the methodology used to estimate incurred losses for our allowance for loan losses versus our reserve for guaranty losses. Our guaranty reserve considers all contractually past due interest income including payments expected to be missed between the balance sheet date and the point of loan acquisition or foreclosure, however, for our loan loss allowance, we consider only our net recorded investment in the loan at the balance sheet date, which only includes interest income accrued while the loan was on accrual status. We recognize the portion of the allowance related to principal as our #8220;Allowance for loan losses#8221; and the portion of the allowance related to accrued interest as our #8220;Allowance for accrued interest receivable.#8221; We continue to record a reserve for guaranty losses related to loans in unconsolidated trusts and loans that we h ave guaranteed under long-term standby commitments, which require us to purchase loans from lenders if the loans meet certain delinquency criteria. See #8220;Note 5, Allowance for Loan Losses and Reserve for Guaranty Losses#8221; for additional information.br /br /Short-Term Debt and Long-Term Debtbr /br /At the transition date, we recognized an increase of $6.4 billion in #8220;Short-term debt of consolidated trusts#8221; and $2.4 trillion in #8220;Long-term debt of consolidated trusts.#8221; The debt of consolidated trusts represents the amount of Fannie Mae debt securities issued by such trusts and held by third-party certificateholders. We recognized an increase of $10.6 billion in #8220;Accrued interest payable of consolidated trusts,#8221; which represents the interest expense accrued as of the transition date on the long-term debt of the newly consolidated trusts.br /br /Prior to the transition date, we reported debt issued both by us and by consolidated trusts collectively as either #8220;Short-term debt#8221; or #8220;Long-term debt.#8221; Effective at the transition date, we report debt issued by us as either #8220;Short-term debt of Fannie Mae#8221; or #8220;Long-term debt of Fannie Mae.#8221; We report the debt of consolidated trusts as either #8220;Short-term debt of consolidated trustsamp;quot; or #8220;Long-term debt of consolidated trusts.#8221; Prior period amounts have been reclassified to conform to our current period presentation.br /br /Servicer and MBS Trust Receivable and Payablebr /br /At the transition date we recognized a net decrease of $17.1 billion in #8220;Servicer and MBS trust receivable.#8221; Prior to our adoption of the new accounting standards, we recorded a receivable from unconsolidated trusts, net of a valuation allowance, when a delinquency advance was made to the trust. This re ceivable now represents intercompany activity that we eliminate for the purpose of our condensed consolidated financial statements.br /br /We also recognized a decrease of $16.6 billion in #8220;Servicer and MBS trust payable,#8221; which consisted of two components. First, we have the option to purchase loans and foreclosed properties from the trust when certain contingencies have been met. At December 31, 2009, we recorded a payable to the trust for loans and foreclosed properties that had been purchased during the month of December. Second, prior to the consolidation of certain out of portfolio trusts, we recognized a loan in our condensed consolidated balance sheets at fair value and recorded a corresponding liability to the unconsolidated trust when the contingency on our option to purchase loans from the trust had been met. These payables now represent intercompany activity that we eliminate for the purpose of our condensed consolidated financial statements.br / t;br /Restricted Cashbr /br /At the transition date, #8220;Restricted cash#8221; increased by $45.6 billion to record cash payments received by the servicer or consolidated trusts due to be remitted to the MBS certificateholders that have been determined to be restricted for use.br /br /Federal Funds Sold and Securities Purchased Under Agreements to Resell or Similar Arrangementsbr /br /At the transition date, we recognized a decrease of $316 million in #8220;Federal funds sold and securities purchased under agreements to resell or similar arrangements#8221; relating to dollar roll transactions that utilized Fannie Mae MBS. As a result of the dollar roll transactions, we held investments in Fannie Mae MBS in our condensed consolidated balance sheet as of December 31, 2009 that were issued from trusts that subsequently consolidated at the transition date. Similar to our treatment of Fannie Mae MBS classified as trading or AFS, we elimin ated our secured financing receivable related to these dollar roll transactions and recharacterized the transfer of the Fannie Mae MBS as debt extinguishment in our condensed consolidated financial statements. br /br /Accounting for Portfolio Securitizationsbr /br /At the transition date, we reclassified the majority of our HFS mortgage loans to HFI due to the change in our accounting for portfolio securitizations. Prior to our adoption of the new accounting standards, we classified mortgage loans acquired with the intent to securitize as HFS in our condensed consolidated balance sheets as the majority of the transfers of mortgage loans under portfolio securitization transactions qualified as sales under the previous accounting standards. Under the new accounting standards, the transfer of mortgage loans through portfolio securitization transactions will generally not result in the derecognition of mortgage loans, thus we have classified the loans as HFI.br /br /Certain mortgage loans continue to be classified as HFS in our condensed consolidated balance sheets, consistent with our intent to securitize and transfer the mortgage loans to an MBS trust that we will not consolidate.br /br /Elimination of Accounting for Guaranteesbr /br /At the transition date, we made adjustments relating to our accounting for guarantees and master servicing. We describe the impact of the new accounting standards on our accounting for guarantees and master servicing below.br /br /Guaranty Accountingbr /br /We continue to guarantee to our MBS trusts that we will supplement amounts received by the trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS, regardless of their consolidation status. However, for consolidated trusts, our guarantee to the trust represents an intercompany activity that must be eliminated for purposes of our condensed consolidated financial statements . Thus, upon consolidation of the trusts, we eliminated the related guaranty asset, guaranty obligation, buy-up, buy-down and risk-based price adjustments from our condensed consolidated balance sheet. We continue to record guaranty assets and guaranty obligations in our condensed consolidated balance sheets relating to unconsolidated trusts. br /br /Master Servicingbr /br /The transition adjustment to our #8220;Other assets#8221; and #8220;Other liabilities#8221; includes the derecognition of the portion of our master servicing asset and master servicing liability relating to newly consolidated trusts, which represents intercompany activity. br /br /Impact on Statements of Operationsbr /br /Our adoption of the new accounting standards affects how certain income and expense items are reported in our condensed consolidated statements of operations on an ongoing basis. We explain the key impacts below. br /br /Interest Income on Mortgage Loansbr /br /The interest income earned on mortgage loans held by the newly consolidated trusts is recorded in our condensed consolidated statements of operations as loan interest income. This interest income was not recorded in our condensed consolidated statements of operations prior to the transition date as the trusts were not consolidated. br /br /Prior to our adoption of the new accounting standards, we reported interest income on mortgage loans held both by us and by consolidated trusts collectively as #8220;Interest income on mortgage loans.#8221; Effective at the transition date, we report interest income on loans held by us as #8220;Interest income on mortgage loans of Fannie Mae#8221; and interest income on loans held by consolidated trusts as #8220;Interest income on mortgage loans of consolidated trusts.#8221; Prior period amounts have been reclassified to conform to our current period prese ntation. #8220;Interest income on mortgage loans of Fannie Mae#8221; is not impacted by our adoption of the new accounting standards. br /br /Interest Expense on Short-Term and Long-Term Debtbr /br /The interest expense incurred on debt of newly consolidated trusts is recorded in our condensed consolidated statements of operations as interest expense on short-term and long-term debt. This interest expense was not recorded in our condensed consolidated statements of operations prior to the transition date as the trusts were not consolidated. br /br /Prior to our adoption of the new accounting standards, we reported interest expense on debt issued both by us and by consolidated trusts as either #8220;Interest expense on short-term debt#8221; or #8220;Interest expense on long-term debt.#8221; Effective at the transition date, we report interest expense as either #8220;Interest expense on debt of Fannie Mae#8221; or #8220;Interest expense on debt of consolidated trusts.#8221; Prior period amounts have been reclassified to conform to our current period presentation. #8220;Interest expense on debt of Fannie Mae#8221; is not impacted by our adoption of the new accounting standards. br /br /Provision for Loan Losses and Provision for Guaranty Lossesbr /br /Since the majority of our MBS trusts were consolidated at the transition date, the provision for loan losses recorded in periods after the transition date reflects the increase in the mortgage loans reported in our condensed consolidated balance sheets. The provision for guaranty losses recorded in periods after the transition date reflects the subsequent decrease in unconsolidated trusts. The portion of the reserve for guaranty losses relating to loans in previously unconsolidated MBS trusts that were consolidated at the transition date was derecognized and we recognized an allowance for loan losses as the loans are now reflected in our condensed consolidated balance sheet. br /br /Guaranty Fee Incomebr /br /We do not recognize the guaranty fee income earned from consolidated trusts. Guaranty fees from consolidated trusts are reported as a component of interest income on mortgage loans. As our guaranty-related assets and liabilities pertaining to consolidated trusts were also eliminated, we no longer record amortization income or fair value adjustments related to these trusts. The guaranty fee income that continues to be recognized in our condensed consolidated statements of operations relates to guarantees to unconsolidated trusts and other credit enhancements that we have provided. br /br /Debt Extinguishment Gains (Losses)br /br /Upon purchase of Fannie Mae MBS debt securities issued from a consolidated trust for our mortgage portfolio, we extinguish the related debt issued by the consolidated trust as we now own the debt securities instead of a third p arty. We record debt extinguishment gains or losses related to debt of consolidated trusts to the extent that the purchase price of the debt security does not equal the carrying value of the related consolidated debt reported in our condensed consolidated balance sheet at the time of purchase. br /br /Trust Management Incomebr /br /As master servicer, issuer, and trustee for Fannie Mae MBS, we earn a fee that reflects interest earned on cash flows from the date of remittance of mortgage and other payments to us by the servicers until the date of distribution of these payments to the MBS certificateholders. Previously, we reported this compensation as #8220;Trust management income#8221; in our condensed consolidated statements of operations. Upon adoption of the new accounting standards, we report the trust management income earned by consolidated trusts as a component of net interest income in our condensed consolidated statements of operations. Trust manageme nt income earned by us relating to unconsolidated trusts is now reported as a component of #8220;Fee and other income.#8221; Prior period amounts have been reclassified to conform to our current period presentation.br /br /Impact on Segment Reportingbr /br /As a result of our adoption of the new accounting standards, we changed the presentation of segment financial information that is currently evaluated by management. With this change, the sum of the results for our three segments does not equal our condensed consolidated results of operations as we separate the activity related to our consolidated trusts from the results generated by our three segments.br /br /Our three reportable segments continue to be: Single-Family, HCD, and Capital Markets. We use these three segments to generate revenue and manage business risk, and each segment is measured based on the type of business activities it performs. br /#160;br /We have not res tated prior period results nor have we presented current year results under the old presentation as we determined that it was impracticable to do so; therefore, our segment results reported in the current period are not comparable with prior periods. br /br /We present our segment results in#160;#8220;Note 13, Segment Reporting.#8221;br //p/div

Consolidations and Transfers of Financial Assets	3 Months Ended
Consolidations and Transfers of Financial Assets	Mar. 31, 2010
Note to Consolidated Financial Statements
Consolidations and Transfers of Financial Assets	div style="font-size:12pt"p3. Consolidations and Transfers of Financial Assetsbr /br /We have interests in various entities that are considered to be VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, mortgage and asset-backed trusts that were not created by us, as well as housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing. These interests also include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. Our adoption of the new accounting standards on the transfers of financial assets and consolidation of VIEs resulted in the majority of our single-class securitization trusts being consolidated by us.br /br /Consolidated VIEsbr /#160;br /The following table displays the assets and liabilities of consolidated VIEs in our condensed consolidated balance sheets as of March 31, 2010 and December 31, 2009. The difference between total assets of consolidated VIEs and total liabilities of consolidated VIEs is primarily due to our investment in the debt securities of consolidated VIEs. In general, the investors in the obligations of consolidated VIEs have recourse only to the assets of those VIEs and do not have recourse to us, except where we provide a guaranty to the VIE.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="374" align="left"#160;sup/sup ;/tdtd width="264" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="14"bAs of/bsupb/b/sup/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="374" align="left"#160;sup/sup/tdtd width="105" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bMarch 31,/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="105" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bDecember 31,/bsupb/b/sup/td/trtrt d height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="374" align="left"#160;sup/sup/tdtd width="105" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2010#160;/bsupb#160;(1)/b/sup/tdtd height="14" width="19" align="center"b#160;/b/tdtd width="105" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2009#160;/bsupb#160;(1)/b/sup/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" wid th="374" align="left"#160;supb/b/sup/tdtd width="264" align="center" height="14" colspan="6"b(Dollars in millions)/bsupb/b/sup/td/trtrtd width="431" align="left" height="14" colspan="4"bAssets:/bsupb/b/sup/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="96" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="19" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="96" align="center"b#160;/bsupb/b/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width ="412" align="left" height="17" colspan="3"Cash and cash equivalentssup/sup/tdtd height="17" width="9" align="left"$/tdtd height="17" width="96" align="right"#160;446#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="96" align="right"#160;2,092#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Restricted cashsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;42,731#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width ="96" align="right"#160;-#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Trading securitiessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;32#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;5,599#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Available-for-sale securitiessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right "#160;624#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;10,513#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Loans held for salesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;799#160;sup/sup/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;11,646#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/td t;td width="412" align="left" height="17" colspan="3"Loans held for investmentsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;2,679,336#160;sup/sup/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;129,590#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Accrued interest receivablesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;13,939#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" wi dth="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;519#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Servicer and MBS trust receivablesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;512#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;466#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Other assetssup#160;(2)/sup/tdtd height="17" style="b order-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;38#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;451#160;sup/sup/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="412" align="left" height="18" colspan="3"Total assets of consolidated VIEs sup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width ="96"#160;2,738,457#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;160,876#160;sup/sup/td/trtrtd width="431" align="left" height="18" colspan="4"bLiabilities:/bsupb/b/sup/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="96"#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/td gt;td height="18" style="border-top: 3px double #000000;" align="right" width="96"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Accrued interest payablesup/sup/tdtd height="17" width="9" align="left"$/tdtd height="17" width="96" align="right"#160;10,558#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" width="9" align="left"$/tdtd height="17" width="96" align="right"#160;29#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Short-term debtsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd heig ht="17" width="96" align="right"#160;6,343#160;sup/sup/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;-#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Long-term debtsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;2,472,192#160;sup/sup/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;6,167#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160; /tdtd width="412" align="left" height="17" colspan="3"Servicer and MBS trust payablesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;6,657#160;sup/sup/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="96" align="right"#160;850#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="412" align="left" height="17" colspan="3"Other liabilitiessup#160;(3)/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;46#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;385#160;sup/sup/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="412" align="left" height="18" colspan="3"Total liabilities of consolidated VIEssup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;2,495,796#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="le ft" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;7,431#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="731" align="left" height="15" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="641" align="left"#160;/td/trtrtd height="17" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="17" width="641" align="left"Includes VIEs created through lender swaps, private label wraps and portfolio securitization transactions./td/trtrtd height="5" width="26" align="left"#160;sup/sup/tdtd height="5" width="641" align="left"#160; ;/td/trtrtd height="30" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="30" width="641" align="left"Includes partnership investments of $430 million and cash, cash equivalents and restricted cash of $21 million in limited partnerships as of December 31, 2009./td/trtrtd height="5" width="26" align="left"#160;sup/sup/tdtd height="5" width="641" align="left"#160;/td/trtrtd height="17" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="17" width="641" align="left"Includes partnership liabilities of $385 million as of December 31, 2009./td/trtrtd height="10" width="26" align="left"#160;sup/sup/tdtd height="10" width="641" align="left"#160;/td/tr/tablepThe adoption of the new accou nting standards resulted in significant changes in the consolidation status of VIEs. Refer to #8220;Note 2, Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities#8221; for additional information regarding the impact of transition.br /#160;#160;#160;#160;#160;#160;#160;#160;br /In addition to the VIEs consolidated as a result of adopting the new accounting standards, we consolidated VIEs as of March 31, 2010 that were not consolidated as of December 31, 2009. These VIEs are Fannie Mae multi-class resecuritization trusts and were consolidated because we now hold in our portfolio a substantial portion of the certificates. As a result of consolidating these multi-class resecuritization trusts, which have combined total assets of $80 million, we derecognized our investment in these trusts and recognized the assets and liabilities of the consolidated trusts at their fair value . br /br /As of December 31, 2009, we consolidated VIEs that were no longer consolidated as of March 31, 2010, excluding the impact of adopting the new accounting standards. These VIEs were Fannie Mae multi-class resecuritization trusts and were deconsolidated because we no longer hold in our portfolio a substantial portion of the certificates. As a result of deconsolidating these multi-class resecuritization trusts, which had combined total assets of $1.1 billion, we derecognized the assets and liabilities of the trusts and recognized at fair value our retained interests as securities in our condensed consolidated balance sheets.br /br /For the three months ended March 31, 2010, we recognized a loss of $18 million upon deconsolidation of VIEs. The portion of this net loss related to the remeasurement of our retained investments in the VIEs to their fair value was a gain of $89 million for the three months ended March 31, 2010.br /br /Unconsolidated VIEs br /br /We also have investments in VIEs that we do not consolidate because we are not deemed to be the primary beneficiary. These unconsolidated VIEs include securitization trusts, as well as other equity investments. The following table displays the total assets as of March 31, 2010 and December 31, 2009 of unconsolidated VIEs with which we are involved.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="13" width="19" align="left"#160;/tdtd height="13" width="436" align="left"#160;#160;#160;#160;#160;#160;/tdtd width="185" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"bAs of/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="436" align="left"#160;/tdtd width="83" align="center" colspan="2" style="border-top: 1px solid #0 00000;" height="14"bMarch 31,/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bDecember 31,/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="436" align="left"#160;/tdtd width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2010#160;/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2009#160;/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="436" align="left"#160;/tdt d width="185" align="center" height="14" colspan="5"b(Dollars in millions)/b/td/trtrtd width="455" align="left" height="17" colspan="2"Mortgage-backed trusts/tdtd height="17" width="9" align="left"$/tdtd height="17" width="74" align="right"#160;930,824#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="74" align="right"3,044,516#160;/td/trtrtd width="455" align="left" height="17" colspan="2"Asset-backed trusts/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"#160;454,640#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"484,703#160; t;/td/trtrtd width="455" align="left" height="17" colspan="2"Limited partnership investments/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"#160;14,290#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"13,085#160;/td/trtrtd width="455" align="left" height="17" colspan="2"Mortgage revenue bonds and other credit-enhanced bonds/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="74"#160;8,039#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9" p;#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="74"8,061#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="436" align="left"Total assets of unconsolidated VIEs/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="74"#160;1,407,793#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="74"3,550,365#160;/td/tr/tablepThe following table displays the carry ing amount and classification of the assets and liabilities as of March 31, 2010 and December 31, 2009 and the maximum exposure to loss as of March 31, 2010 related to our variable interests in unconsolidated VIEs with which we are involved.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="261" align="left"#160;sup/sup/tdtd width="353" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="17"bAs of/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="261" align="left"#160;sup/sup/tdtd width="229" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bMarch 31, 2010/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd width="105" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bDecember 31, 2009/bsupb/b/sup/td/trtrtd height="30" width="19" align="left"#160;/tdtd height="30" width="19" align="left"#160;/tdtd height="30" width="261" align="left"#160;sup/sup/tdtd width="105" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="30"bCarrying Amount/b/tdtd height="30" width="19" align="center"b#160;/b/tdtd width="105" align="center" colspan="2" style="border-bottom: 1px solid #000000;" h eight="30"bMaximum Exposure to Loss/b/tdtd height="30" width="19" align="center"b#160;/b/tdtd width="105" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="30"bCarrying Amount/bsupb#160;(1)/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="261" align="left"#160;sup/sup/tdtd width="353" align="center" height="15" colspan="8"b(Dollars in millions)/bsupb/b/sup/td/trtrtd width="299" align="left" height="17" colspan="3"bAssets:/bsupb/b/sup/tdtd height="17" width="12" align="left"b#160;/b/tdtd height="17" width="93" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Available-for-sale securitiessup#160;(2)/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;96,790#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;88 ,714#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;190,135#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Trading securitiessup#160;(2)/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;36,571#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;35,973#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right" #160;91,222#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Guaranty assetssup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;294#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;8,195#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Partnership inves tmentssup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;151#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;338#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;144#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Servicer and MBS trust receivablesup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;10#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;10#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;15,903#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Other assetssup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="93"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"# 160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="93"-/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="93"#160;1,320#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Total assets related to our interests in sup/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="93"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="1 2"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="93"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="93"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="261" align="left"unconsolidated VIEssup/sup/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;133,816#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border- bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;125,035#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;306,919#160;sup/sup/td/trtrtd width="299" align="left" height="18" colspan="3"bLiabilities:/bsupb/b/sup/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="93"#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" a lign="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="93"#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="93"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Reserve for guaranty lossessup/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;191#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;191#160;/tdtd h eight="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;52,703#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Guaranty obligationssup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;542#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;30,131#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;13,504#160;sup/sup ;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Partnership liabilitiessup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;327#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;325#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Servicer and MBS trust payablesup/sup/t dtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;380#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;380#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;20,371#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Other liabilitiessup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="93"#160;17 ;#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="93"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="93"#160;818#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Total liabilities related to our interest insup/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #00000 0;" align="right" width="93"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="93"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="93"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="261" align="left"unconsolidated VIEssup/sup/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="bor der-bottom: 3px double #000000;" align="right" width="93"#160;1,457#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;30,702#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;87,721#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="261" align="left"#160;sup/sup/tdtd height="17" style="border-top: 3px double #000000;" align= "left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="93"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="93"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="93"#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/td t;td height="3" width="642" align="left"#160;/td/trtrtd height="32" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="32" width="642" align="left"Includes VIEs created through lender swaps and portfolio securitization transactions. Our total maximum exposure to loss relating to unconsolidated VIEs was $2.6 trillion as of December 31, 2009./td/trtrtd height="5" width="26" align="left"#160;sup/sup/tdtd height="5" width="642" align="left"#160;/td/trtrtd height="17" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="17" width="642" align="left"Contains securities exposed through consolidation which may also represent an interest in other unconsolidated VIEs./td/trtrtd height="10" width="26" align="left"#160;sup/sup t;/tdtd height="10" width="642" align="left"#160;/td/tr/tablepOur maximum exposure to loss generally represents the greater of#160;our recorded investment in the entity or the unpaid principal balance of the assets covered by our guaranty.#160; However, our securities issued by Fannie Mae multi-class resecuritization trusts that are not consolidated do not give rise to any additional exposure to loss as we already consolidate the underlying collateral.br /br /Transfers of Financial Assetsbr /br /We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own portfolio in a portfolio securitization transaction. For the three months ended March 31, 2010 and 2009, the unpaid principal balance of portfolio securitizations was $17.8 billion and $22.9 billion, respectively.br /br /Upon adoption of the new accounting standards, the majority of our portfolio securitization transactions do not qualify for sale treatment. As a result, our continuing involvement in the form of guaranty assets and guaranty liabilities with assets that were transferred into unconsolidated trusts has been greatly reduced and are no longer material. We report the assets and liabilities of consolidated trusts created via portfolio securitization transactions that do not qualify as sales in our condensed consolidated balance sheets and in the consolidated VIEs table above./ppThe following table displays some key characteristics of the securities retained in portfolio securitizations accounted for as sales./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="59" width="19" align="left"#160;/tdtd height="59" width="19" align="left"#160;/td t;td height="59" width="352" align="left"b#160;/b/tdtd height="59" width="19" align="left"b#160;/b/tdtd height="59" width="10" align="left"b#160;/b/tdtd width="83" align="center" height="76" rowspan="2"bFannie Mae Single-class MBS amp; Fannie Mae Megas/bb/b/tdtd height="59" width="19" align="center"b#160;/b/tdtd height="59" width="19" align="center"b#160;/b/tdtd height="59" width="16" align="left"b#160;/b/tdtd width="82" align="center" height="76" rowspan="2"bREMICS amp; SMBS/bb/b/tdtd height="59" width="19" align="left"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align=" left"#160;/tdtd height="17" width="352" align="left"b#160;/b/tdtd height="17" width="19" align="left"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="10"b#160;/b/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="16"#160;/tdtd height="17" width="19" align="left"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd width="270" align="cente r" height="17" colspan="7"b(Dollars in millions)/bb/b/tdtd height="17" width="19" align="left"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="center"b#160;/bb/b/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" width="16" align="center"b#160;/b/tdtd height="17" width="82" align="center"b#160;/bb/b/td t;td height="17" width="19" align="left"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="371" align="left" height="17" colspan="2"buAs of March 31, 2010/u/b/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="left"#160;/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="left"#160;/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160; lt;/tdtd height="17" width="352" align="left"Unpaid principal balance/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="right"$/tdtd height="17" width="83" align="right"#160;73#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="16" align="right"$/tdtd height="17" width="82" align="right"#160;19,282#160;/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Fair value/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"u#160;/u/tdt d height="17" width="83" align="right"#160;77#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="right"#160;20,205#160;/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Impact on value from a 10% adverse change/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"u#160;/u/tdtd height="17" width="83" align="right"#160;(8)/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left" #160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="right"#160;(2,021)/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Impact on value from a 20% adverse change/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"u#160;/u/tdtd height="17" width="83" align="right"#160;(15)/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="right"#160;(4,041)/tdtd height="17" width="19" align="left" gt;#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Weighted-average coupon/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="right"6.57#160;/tdtd height="17" width="19" align="right"%/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="center"#160;/tdtd height="17" width="82" align="right"6.67#160;/tdtd height="17" width="19" align="left"%/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Weighted-average loan age /tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="right"3.3#160;years/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="82" align="right"4.7#160;years/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Weighted-average maturity/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="right"26.5#160;years/tdtd hei ght="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="82" align="right"25.0#160;years/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="371" align="left" height="17" colspan="2"buAs of December 31, 2009/u/b/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd width="260" align="center" height="17" colspan="6"b#160;/bb/b/tdtd height="17" width="19" align="left"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="l eft"#160;/tdtd height="17" width="352" align="left"Unpaid principal balance/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="right"$/tdtd height="17" width="83" align="right"#160;34,260#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="right"$/tdtd height="17" width="82" align="right"#160;19,472#160;/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Fair value/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"u#160; lt;/u/tdtd height="17" width="83" align="right"#160;35,455#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="right"#160;20,224#160;/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Impact on value from a 10% adverse change/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"u#160;/u/tdtd height="17" width="83" align="right"#160;(3,546)/tdtd height="17" width="19" align="right"#160;/tdtd height=" 17" width="19" align="right"#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="right"#160;(2,022)/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Impact on value from a 20% adverse change/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"u#160;/u/tdtd height="17" width="83" align="right"#160;(7,091)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="82" align="right"#160;(4,045)/td lt;td height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Weighted-average coupon/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="right"5.62#160;/tdtd height="17" width="19" align="right"%/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="center"#160;/tdtd height="17" width="82" align="right"#160;6.82#160;/tdtd height="17" width="19" align="left"%/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width ="352" align="left"Weighted-average loan age/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align="right"2.9#160;years/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="82" align="right"4.6#160;years/tdtd height="17" width="19" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="352" align="left"Weighted-average maturity/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="83" align ="right"24.2#160;years/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="82" align="right"26.1#160;years/tdtd height="17" width="19" align="left"#160;/td/tr/tablepThe gain or loss on a portfolio securitization transaction that qualifies as a sale depends, in part, on the carrying amount of the financial assets sold. Prior to January 1, 2010, we allocated the carrying amount of the financial assets sold between the assets sold and the interests retained, if any, based on their relative fair value at the date of sale. Further, we recognized our recourse obligations at their full fair value at the date of sale, which serves as a reduction of sale proceeds in the gain or loss calculation. Beginning January 1, 2010, we recognize all assets obtained and all liabilities incurred at fair value. We recorded a net gain on portfolio securitizations of $80 million and $320 million for the three months ended March 31, 2010 and 2009, respectively. We recognize these amounts as a component of #8220;Investment gains, net#8221; in our condensed consolidated statements of operations.br /br /The following table displays cash flows from our securitization trusts related to portfolio securitizations accounted for as sales for the three months ended March 31, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="501" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd width="133" align="center" height="17" colspan="5"bFor the /b/td/trtrtd height="17" width="19" align="left"#160;/td ;td height="17" width="501" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd width="133" align="center" height="17" colspan="5"bThree Months/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="501" align="left"#160;/tdtd height="15" width="11" align="left"#160;/tdtd width="133" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bEnded March 31,/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="501" align="left"#160;/tdtd height="15" width="11" align="left"#160;/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010#160;/b/tdtd height= "15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2009#160;/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="501" align="left"#160;/tdtd height="15" width="11" align="left"#160;/tdtd width="133" align="center" height="15" colspan="5"b(Dollars in millions)/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="501" align="left"Proceeds from the initial sale of securities (new securitizations)/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;1,556 amp;#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;22,063#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="501" align="left"Principal and interest received on retained interests/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;836#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;2,293#160;/td/tr/tablepWe define #8220;managed loans#8221; as on-balance sheet mortgage loans as well as mortgage loans that we have securitized in portfolio securitizations that have qualified as sales pursuant to the accounting standards for transfers of financial assets. As noted above, our adoption of the new accounting standards resulted in a significant increase in mortgage loans held for investment and a decrease in loans held for sale in our condensed consolidated balance sheets, as well as a decrease in the amount of loans securitized in portfolio securitizations that qualify as sales. The following table displays the unpaid principal balances of managed loans, including those managed loans that are delinquent as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="31" width="26" align="left"#160;/tdtd height="31" width="19" align="left"#160;/tdtd height="31" width="355" align="left"#160;/tdtd height="31" width="19" align="left"#160;/tdtd width="116" align="cen ter" colspan="2" style="border-bottom: 1px solid #000000;" height="31"bUnpaid Principal Balance/b/tdtd height="31" width="19" align="center"b#160;/b/tdtd width="116" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="31"bPrincipal Amount of Delinquent Loans/bsupb(1)/b/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="355" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd width="242" align="center" height="17" colspan="4"b(Dollars in millions)/bsupb/b/sup/td/trtrtd height="17" width="26" align="left"#160;/t dtd width="374" align="left" height="17" colspan="2"buAs of March 31, 2010/u/b/tdtd height="17" width="19" align="left"bu#160;/u/b/tdtd height="17" width="9" align="left"u#160;/u/tdtd height="17" width="107" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="left"#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="374" align="left" height="17" colspan="2"Loans held for investment/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="107" align="right"#160;3,000,831#160;/tdtd heigh t="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="107" align="right"#160;218,693#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="374" align="left" height="17" colspan="2"Loans held for sale/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;1,005#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;42#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="374" align="left" height="17" colspan="2"Securitized loans/t dtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;2,015#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;60#160;sup/sup/td/trtrtd height="18" width="26" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="355" align="left"Total loans managed/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align ="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="107"#160;3,003,851#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="107"#160;218,795#160;sup/sup/td/trtrtd height="18" width="26" align="left"#160;/tdtd width="374" align="left" height="18" colspan="2"buAs of December 31, 2009/u/b/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"u#160;/u/tdtd height="18" style="border-top: 3 px double #000000;" align="left" width="107"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="107"#160;supb/b/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="374" align="left" height="17" colspan="2"Loans held for investment/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="107" align="right"#160;395,551#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="107" align="right"#160;51,051#160;sup/sup/td /trtrtd height="17" width="26" align="left"#160;/tdtd width="374" align="left" height="17" colspan="2"Loans held for sale/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;20,992#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;140#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="374" align="left" height="17" colspan="2"Securitized loans/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;187,922#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;5,161#160;sup/sup/td/trtrtd height="18" width="26" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="355" align="left"Total loans managed/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="107"#160;604,465#160;/tdtd height="18" width= "19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="107"#160;56,352#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="32" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="32" width="642" align="left"Represents the unpaid principal balance of loans held for investment and loans held for sale for which we are no longer accruing interest. We discontinue accruing interest when payment of principal and interest in full is not reasonably assured. /td/tr/table/div

Mortgage Loans	3 Months Ended
Mortgage Loans	Mar. 31, 2010
Note to Consolidated Financial Statements
Mortgage Loans	div style="font-size:12pt"p4.#160;#160;Mortgage Loansbr /br /The following table displays loans in our mortgage portfolio as of March 31, 2010 and December 31, 2009 and reflects the adoption of the new accounting standards. /ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"#160;sup/sup/tdtd width="381" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="15"bAs of/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160; t;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"#160;sup/sup/tdtd width="190" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bMarch 31, 2010/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="6"#160;/tdtd width="185" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bDecember 31, 2009/bsupb(1)/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"#160; ;supb/b/sup/tdtd width="55" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bOf/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bOf/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"b#160;/b/tdtd height="15" width="6" align="left"#160;/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bOf/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/td gt;td width="63" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bOf/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"b#160;/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"#160;supb/b/sup/tdtd width="55" align="center" height="15" colspan="2"bFannie/b/tdtd height="15" width="4" align="center"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"b t;Consolidated/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="62" align="center" height="15" colspan="2"b#160;/b/tdtd height="15" width="6" align="left"#160;/tdtd width="56" align="center" height="15" colspan="2"bFannie/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bConsolidated/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="54" align="center" height="15" colspan="2"b#160;/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/td ;td height="15" width="220" align="left"#160;supb/b/sup/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bMae/b/tdtd height="15" width="4" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bTrusts/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bTotal/b/tdtd height="15" width="6" align="left"#160;/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bMae/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="63" align="center" colspan ="2" style="border-bottom: 1px solid #000000;" height="15"bTrusts/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bTotal/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"i#160;/isupi/i/sup/tdtd width="381" align="center" height="15" colspan="17"b(Dollars in millions)/bsupb/b/sup/td/trtrtd width="277" align="left" height="17" colspan="4"Single-familysup(2)/sup/tdtd height="17" widt h="9" align="left"$/tdtd height="17" width="46" align="right"#160;215,191#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="54" align="right"#160;2,619,988#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="53" align="right"#160;2,835,179#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="47" align="right"#160;166,657#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="54" align="right"#160;129,472#160;/tdtd height="17" width="6" align="left"#160;/td t;td height="17" width="9" align="left"$/tdtd height="17" width="45" align="right"#160;296,129#160;sup/sup/td/trtrtd width="277" align="left" height="17" colspan="4"Multifamilysup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="46"#160;107,725#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;58,932#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style=" border-bottom: 1px solid #000000;" align="right" width="53"#160;166,657#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;108,513#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;11,901#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="45"#160;120,414#160;sup/sup/td gt;/trtrtd height="17" width="19" align="left"#160;/tdtd width="258" align="left" height="17" colspan="3"Total unpaid principal balance of mortgage loanssup/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="46"#160;322,916#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="54"#160;2,678,920#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="53"#16 0;3,001,836#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="47"#160;275,170#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="54"#160;141,373#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="45"#160;416,543#160;sup/sup/td/trtrtd width="277" align="left" height="17" colspan="4"Una mortized premiums (discounts) and other costsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="46" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="53" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;/tdtd hei ght="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="45" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="258" align="left" height="17" colspan="3"basis adjustments, netsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="46" align="right"#160;(12,727)/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;1,215#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="53" align="right"#160;(11,512)/tdtd height="17" width="6" align="left" gt;#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(11,196)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;28#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="45" align="right"#160;(11,168)sup/sup/td/trtrtd width="277" align="left" height="17" colspan="4"Lower of cost or fair value adjustments on loanssup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="46" align="left"#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#16 0;/tdtd height="17" width="54" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="53" align="left"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="45" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="258" align="left" h eight="17" colspan="3"held for salesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="46" align="right"#160;(17)/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="53" align="right"#160;(17)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(729)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;(16 0)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="45" align="right"#160;(889)sup/sup/td/trtrtd width="277" align="left" height="17" colspan="4"Allowance for loan losses for loans held for investmentsup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="46"#160;(25,675)/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(34,894)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="bor der-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="53"#160;(60,569)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(8,078)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(1,847)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="ri ght" width="45"#160;(9,925)sup/sup/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd width="239" align="left" height="18" colspan="2"Total mortgage loanssup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="46"#160;284,497#160;/tdtd height="18" width="4" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;2,645,241#160;/tdtd height="18" width="6" align="left" #160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="53"#160;2,929,738#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;255,167#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;139,394#160;/td td height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="45"#160;394,561#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="696" align="left" height="4" colspan="3"____________/td/trtrtd height="16" width="19" align="left"#160;sup#160;(1)/sup/tdtd height="16" width="641" align="left"Certain prior period amounts have been reclassified to conform to the current period presentation./td/trtrtd height="5" width="19" align="left"#160;sup/sup/tdtd height="5" width="641" align="left"#160;/td/tr trtd height="16" width="19" align="left"#160;sup#160;(2)/sup/tdtd width="641" align="left" height="72" rowspan="2"As of March 31, 2010, our single-family of Fannie Mae amount of $215.2 billion includes unpaid principal balance of $40.1 billion related to credit-impaired loans that were acquired from MBS trusts in March 2010. Fannie Mae paid this amount, along with accrued interest of $2.5 billion, in April 2010. We acquired credit impaired loans from MBS trusts with an unpaid principal balance totaling $46.4 billion in April 2010. This amount will be paid, along with accrued interest of approximately $2.7 billion, in May 2010./td/trtrtd height="56" width="19" align="left"#160;sup/sup/td/tr/tablepImpaired Loansbr /br /Impaired loans include performing and nonperforming single-family and multifamily TDRs, acquired credit-impaired loans, and other mul tifamily loans. The following table displays the recorded investment and corresponding specific loss allowance as of March 31, 2010 and December 31, 2009 for all impaired loans.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="28" align="left"#160;sup/sup/tdtd height="17" width="159" align="left"#160;sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd width="217" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="17"bAs of March 31, 2010/b/tdtd height="17" width="9" align="left"#160;/tdtd width="201" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="17"bAs of December 31, 2009/b/td/trtrtd height="17" width="28" align="left"#160;sup/sup/tdtd height= "17" width="159" align="left"#160;sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd width="69" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bRecorded/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="8"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bNet/b/tdtd height="17" width="9" align="left"#160;/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bRecorded/b/tdtd height="17" s tyle="border-top: 1px solid #000000;" align="left" width="10"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="7"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bNet/b/td/trtrtd height="17" width="28" align="left"#160;sup/sup/tdtd height="17" width="159" align="left"#160;sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd width="69" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bInvestment/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd width="66" align="ce nter" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bAllowance/b/tdtd height="17" width="8" align="left"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bInvestment/b/tdtd height="17" width="9" align="left"#160;/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bInvestment/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bAllowance/b/tdtd height="17" width="7" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bInvestment/b/td/trtr ;td height="17" width="28" align="left"#160;sup/sup/tdtd height="17" width="159" align="left"#160;sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd width="427" align="center" height="17" colspan="17"b(Dollars in millions)/b/td/trtrtd width="215" align="left" height="17" colspan="3"Impaired loans:sup(1)/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="60" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="56" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="11" align="left"#160;/td td height="17" width="54" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="50" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="52" align="left"#160;/td/trtrtd height="17" width="28" align="left"#160;sup/sup/tdtd height="17" width="159" align="left"With valuation allowancesup/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd heig ht="17" width="60" align="right"#160;122,080#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="10" align="left"$/tdtd height="17" width="56" align="right"#160;30,554#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="54" align="right"#160;91,526#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="50" align="right"#160;27,050#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="48" align="right"#160;5,995#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="12" align="left"$ /tdtd height="17" width="52" align="right"#160;21,055#160;/td/trtrtd height="17" width="28" align="left"#160;sup/sup/tdtd height="17" width="159" align="left"Without valuation allowancesup(2)/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="60"#160;8,989#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="10"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" style="border-bottom: 1px sol id #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;8,989#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;8,420#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="48"#160;-#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" alig n="right" width="52"#160;8,420#160;/td/trtrtd width="215" align="left" height="18" colspan="3"Totalsup/sup/tdtd height="18" width="17" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="60"#160;131,069#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="10"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;30,554#160;/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom : 3px double #000000;" align="left" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;100,515#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;35,470#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;5,995#160;/tdtd height="18" width="7" align="left"#160;/tdtd height="18" style="bor der-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;29,475#160;/td/trtrtd width="234" align="left" height="18" colspan="4"__________/tdtd height="18" width="17" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="60"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="10"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="56"#160;/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="54"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="50"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="11"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="48"#160;/tdtd height="18" width="7" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="52"#160;/td/ trtrtd height="3" width="28" align="left"#160;sup/sup/tdtd height="3" width="159" align="left"#160;sup/sup/tdtd height="3" width="17" align="left"#160;/tdtd height="3" width="9" align="left"#160;/tdtd height="3" width="60" align="left"#160;/tdtd height="3" width="9" align="left"#160;/tdtd height="3" width="10" align="left"#160;/tdtd height="3" width="56" align="left"#160;/tdtd height="3" width="8" align="left"#160;/tdtd height="3" width="11" align="left"#160;/tdtd height="3" width="54" align="left"#160;/tdtd height="3" width="9" align="left"#160;/tdtd height="3" width="11" align="left"#160;/tdtd height="3" width="50" align="left"#160;/tdtd height="3" width="10" align="left "#160;/tdtd height="3" width="11" align="left"#160;/tdtd height="3" width="48" align="left"#160;/tdtd height="3" width="7" align="left"#160;/tdtd height="3" width="12" align="left"#160;/tdtd height="3" width="52" align="left"#160;/td/trtrtd height="13" width="28" align="right"#160;sup#160;(1)/sup/tdtd rowspan="2" height="56" colspan="20" align="left" width="622"Includes single-family loans individually impaired and restructured in a TDR with a recorded investment of $120.2 billion and $23.9 billion as of March 31, 2010 and December 31, 2009, respectively. Includes multifamily loans individually impaired and restructured in a TDR with a recorded investment of $51 million as of March 31, 2010 and December 31, 2009./td/trtrtd height="43" width="28" align="right"#160;sup/sup lt;/td/trtrtd height="8" width="28" align="right"#160;sup/sup/tdtd height="8" width="159" align="left"#160;sup/sup/tdtd height="8" width="17" align="left"#160;/tdtd height="8" width="9" align="left"#160;/tdtd height="8" width="60" align="left"#160;/tdtd height="8" width="9" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="56" align="left"#160;/tdtd height="8" width="8" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="54" align="left"#160;/tdtd height="8" width="9" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="50" align="left"#160;/tdtd height="8" width= "10" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="48" align="left"#160;/tdtd height="8" width="7" align="left"#160;/tdtd height="8" width="12" align="left"#160;/tdtd height="8" width="52" align="left"#160;/td/trtrtd height="13" width="28" align="right"#160;sup#160;(2)/sup/tdtd rowspan="2" height="26" colspan="20" align="left" width="622"The discounted cashflows, collateral value or fair value equals or exceeds the carrying value of the loan, and as such, no valuation allowance is required./td/trtrtd height="13" width="28" align="right"#160;sup/sup/td/tr/tablepThe average recorded investment in impaired loans was $115.4 billion and $13.2 billion for the three months ended March 31, 2010 and 2009, resp ectively. Interest income recognized on impaired loans was $978 million and $212 million for the three months ended March 31, 2010 and 2009, respectively.br /br /Loans Acquired in a Transferbr /br /We acquired delinquent unconsolidated loans with an unpaid principal balance plus accrued interest of $85 million and $2.6 billion for the three months ended March 31, 2010 and 2009, respectively. The following table displays the outstanding balance and carrying amount of acquired credit-impaired loans as of March 31, 2010 and December 31, 2009, excluding loans that were modified as TDRs subsequent to their acquisition from MBS trusts. /ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="395" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd width="173" align="center" colspan="5" style="border-bott om: 1px solid #000000;" height="17"bAs of/b/td/trtrtd height="35" width="19" align="left"#160;/tdtd height="35" width="395" align="left"#160;/tdtd height="35" width="10" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="35"bMarch 31, 2010/b/tdtd height="35" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="82" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="35"bDecember 31, 2009/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="395" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" widt h="9" align="left"b#160;/b/tdtd width="164" align="center" height="17" colspan="4"b(Dollars in millions)/b/td/trtrtd width="414" align="left" height="17" colspan="2"Outstanding contractual balance/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="63" align="right"17,291#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="73" align="right"24,106#160;/td/trtrtd width="414" align="left" height="17" colspan="2"Carrying amount:/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="63" align="left"#160;/tdtd height="17" width ="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="73" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="395" align="left"Loans on accrual status/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="63" align="right"2,304#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="73" align="right"2,560#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="395" align="left"Loans on nonaccrual status/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="b order-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"5,758#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"8,952#160;/td/trtrtd width="414" align="left" height="18" colspan="2"Total carrying amount of loans/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"8,062#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"11,512#160;/td/tr/tablepThe following table displays details on activity for acquired credit-impaired loans at their acquisition dates for the three months ended March 31, 2010 and 2009, excluding loans that were modified as TDRs subsequent to their acquisition from MBS trusts. br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="461" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="14" align="center"b#160;/b/tdtd width="128" align="center" height="14" colspan="5"bFor the /b/td/trtrtd height="14" width="4 61" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="14" align="center"b#160;/b/tdtd width="128" align="center" height="14" colspan="5"bThree Months Ended/b/td/trtrtd height="14" width="461" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="14" align="center"bu#160;/u/b/tdtd width="128" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bMarch 31,/b/td/trtrtd height="14" width="461" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="14" align="center"bu#160;/u/b/tdtd width="59" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2010#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"bu#160;/u/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2009#160;/b/td/trtrtd height="14" width="461" align="left"#160;sup/sup/tdtd height="14" width="14" align="left"b#160;/b/tdtd width="128" align="center" height="14" colspan="5"b(Dollars in millions)/b/td/trtrtd height="14" width="461" align="left"Contractually required principal and interest payments at acquisitionsup#160;(1)/sup/tdtd height="14" width="14" align="right"#160;/tdtd height="14" width="9" al ign="left"$/tdtd height="14" width="50" align="right"#160;88#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="48" align="right"#160;2,860#160;/td/trtrtd height="14" width="461" align="left"Nonaccretable difference sup/sup/tdtd height="14" width="14" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;32#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="48"#160;681# 160;/td/trtrtd height="14" width="461" align="left"Cash flows expected to be collected at acquisitionsup#160;(1)/sup/tdtd height="14" width="14" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="50"#160;56#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="48"#160;2,179#160;/td/trtrtd height="14" width="461" align="left"Accretable yield sup/sup/tdtd height="14" width="14" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="l eft" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;29#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="48"#160;953#160;/td/trtrtd height="14" width="461" align="left"Initial investment in acquired credit-impaired loans at acquisition sup/sup/tdtd height="14" width="14" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;27#160;/tdtd height="14" width="12" align="right "#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;1,226#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="11" width="26" align="left"#160;sup#160;(1)/sup/tdtd width="642" align="left" height="24" rowspan="2"Contractually required principal and interest payments at acquisition and cash flows expected to be collected at acquisition are adjusted for the estimated timing and amo unt of prepayments. /td/trtrtd height="13" width="26" align="left"#160;sup/sup/td/tr/tablepThe following table displays activity for the accretable yield of all outstanding acquired credit-impaired loans for the three months ended March 31, 2010 and 2009. Accreted effective interest is shown for only those loans that we were still accounting for as acquired credit-impaired loans for the respective periods. br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="13" width="489" align="left"b#160;/bsupb/b/sup/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="61" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="61" align ="left"#160;/td/trtrtd height="13" width="489" align="left"b#160;/bsupb/b/sup/tdtd width="159" align="center" height="13" colspan="5"bFor the /b/td/trtrtd height="13" width="489" align="left"b#160;/bsupb/b/sup/tdtd width="159" align="center" height="13" colspan="5"bThree Months Ended/b/td/trtrtd height="13" width="489" align="left"b#160;/bsupb/b/sup/tdtd width="159" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"b#160;March 31,/b/td/trtrtd height="13" width="489" align="left"b#160;/bsupb/b/sup/tdtd width="70" align="cente r" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" width="19" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2009#160;/b/td/trtrtd height="14" width="489" align="left"#160;sup/sup/tdtd width="159" align="center" height="14" colspan="5"b(Dollars in millions)/b/td/trtrtd height="20" width="489" align="left"Beginning balance, January 1sup/sup/tdtd height="20" width="9" align="left"$/tdtd height="20" width="61" align="right"#160;10,117#160;/tdtd height="20" width="19" align="right"#160;/tdtd height="20" width="9" align="left"$ /tdtd height="20" width="61" align="right"#160;1,559#160;/td/trtrtd height="17" width="489" align="left"Additions sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;29#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;953#160;/td/trtrtd height="17" width="489" align="left"Accretion sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;(76)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;(56)/td /trtrtd height="17" width="489" align="left"Reductionssup#160;(1)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;(2,743)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;(1,023)/td/trtrtd height="17" width="489" align="left"Changes in estimated cash flowssup#160;(2)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;(340)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;307#160;/td/trtrtd height="17" width="489" align="left"Reclassifications (to) from nonaccretable differencesup#160;(3)/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;(152)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;59#160;/td/trtrtd height="17" width="489" align="left"Ending balance, March 31sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;6 ,835#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;1,799#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="642" align="left"Reductions are the result of liquidations and loan modifications due to TDRs. /td/trtrt d height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="15" width="642" align="left"Represents changes in expected cash flows due to changes in prepayment and other assumptions. /td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="15" width="642" align="left"Represents changes in expected cash flows due to changes in credit quality or credit assumptions. /td/trtrtd height="15" width="26" align="left"#160;sup/sup/tdtd height="15" width="64 2" align="left"#160;/td/tr/tablepThe following table displays interest income recognized and the increase in the #8220;Provision for loan losses#8221; related to loans that are still being accounted for as acquired credit-impaired loans, as well as loans that have been subsequently modified as a TDR, for the three months ended March 31, 2010 and 2009. The accretion of fair value losses reported in the table below relates primarily to credit-impaired loans that were acquired prior to the transition date. Subsequent to the transition date, our#160;condensed consolidated statements of operations no longer reflect the recognition of fair value losses on the majority of acquisitions of credit-impaired loans because the loans are already recorded in our#160;condensed consolidated balance sheets at the time of purchase. br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="10" align= "left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="467" align="left"#160;sup/sup/tdtd height="15" width="22" align="left"#160;/tdtd width="179" align="center" height="15" colspan="5"bFor the/b/td/trtrtd height="15" width="10" align="left"b#160;/b/tdtd height="15" width="10" align="left"b#160;/b/tdtd height="15" width="467" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="22" align="left"b#160;/b/tdtd width="179" align="center" height="15" colspan="5"bThree Months Ended/b/td/trtrtd height="15" width="10" align="left"#160;/tdtd height="15" width="10" align="left"#160;/td gt;td height="15" width="467" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="22" align="left"b#160;/b/tdtd width="179" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bMarch 31,/b/td/trtrtd height="15" width="10" align="left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="467" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="22" align="left"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010#160;/b/tdtd height="15" width="11" align="center"#160;/tdtd width="84" align="center" colspan="2" sty le="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2009#160;/b/td/trtrtd height="15" width="10" align="left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="467" align="left"#160;sup/sup/tdtd height="15" width="22" align="left"#160;/tdtd width="179" align="center" height="15" colspan="5"b(Dollars in millions)/b/td/trtrtd width="487" align="left" height="15" colspan="3"Accretion of fair value discountsup(1)/sup/tdtd height="15" width="22" align="left"#160;/tdtd height="15" width="15" align="right"$/tdtd height="15" width="69" align="right"#160;266#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="15" align="right" ;$/tdtd height="15" width="69" align="right"#160;65#160;/td/trtrtd width="487" align="left" height="15" colspan="3"Interest income on loans returned to accrual status sup/sup/tdtd height="15" width="22" align="left"#160;/tdtd height="15" width="15" align="right"#160;/tdtd height="15" width="69" align="right"#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="15" align="right"#160;/tdtd height="15" width="69" align="right"#160;/td/trtrtd height="15" width="10" align="left"#160;/tdtd width="477" align="left" height="15" colspan="2"or subsequently modified as TDRssup/sup/tdtd height="15" width="22" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" wi dth="15"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="69"#160;321#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="15"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="69"#160;88#160;/td/trtrtd height="15" width="10" align="left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="467" align="left"Total interest income recognized on acquired credit-impaired loanssup/sup/tdtd height="15" width="22" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bot tom: 3px double #000000;" align="right" width="69"#160;587#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;153#160;/td/trtrtd width="487" align="left" height="15" colspan="3"Increase in #8220;Provision for loan losses#8221; subsequent to the acquisition of sup/sup/tdtd height="15" width="22" align="left"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="15"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="69"#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" styl e="border-top: 3px double #000000;" align="right" width="15"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="69"#160;/td/trtrtd height="15" width="10" align="left"#160;/tdtd width="477" align="left" height="15" colspan="2"credit-impaired loanssup/sup/tdtd height="15" width="22" align="left"#160;/tdtd height="15" width="15" align="right"$/tdtd height="15" width="69" align="right"#160;564#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="15" align="right"$/tdtd height="15" width="69" align="right"#160;63#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="752" align="left" height="17" colspan="3"__________/td/trtrtd heigh t="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="662" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="662" align="left"Represents accretion of the fair value discount that was recorded on acquired credit-impaired loans. /td/trtrtd height="15" width="26" align="left"#160;sup/sup/tdtd height="15" width="662" align="left"#160;/td/tr/table/div

Allowance for Loan Losses and Reserve for Guaranty Losses	3 Months Ended
	Mar. 31, 2010
Note to Consolidated Financial Statements
Allowance for Loan Losses and Reserve for Guaranty Losses	div style="font-size:12pt"p5. Allowance for Loan Losses and Reserve for Guaranty Lossesbr /br /We maintain an allowance for loan losses for loans held for investment in our mortgage portfolio and loans backing Fannie Mae MBS issued from consolidated trusts and a reserve for guaranty losses related to loans backing Fannie Mae MBS issued from unconsolidated trusts and loans that we have guaranteed under long-term standby commitments. We refer to our allowance for loan losses and reserve for guaranty losses collectively as our combined loss reserves. When calculating our guaranty reserve, we consider all contractually past due interest income including payments expected to be missed between the balance sheet date and the point of loan acquisition or foreclosure. When calculating our loan loss allowance, we consider only our net recorded investment in the l oan at the balance sheet date, which includes interest income only while the loan was on accrual status. Determining the adequacy of our allowance for loan losses and reserve for guaranty losses is complex and requires judgment about the effect of matters that are inherently uncertain.br /br /Upon recognition of the mortgage loans held by newly consolidated trusts at the transition date, we increased our allowance for loan losses and decreased our reserve for guaranty losses. The decrease in our combined loss reserves of $10.5 billion reflects the difference in the methodology used to estimate incurred losses under our allowance for loan losses versus our reserve for guaranty losses and recording the portion of the reserve related to accrued interest to #8220;Allowance for accrued interest receivable#8221; in our condensed consolidated balance sheets. See #8220;Note 2, Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities#8221; for additional information.br /br /Although our loss models include extensive historical loan performance data, our loss reserve process is subject to risks and uncertainties particularly in the rapidly changing credit environment. /ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="12" width="17" align="left"#160;/tdtd height="12" width="376" align="left"#160;sup/sup/tdtd height="12" width="10" align="left"b#160;/b/tdtd width="158" align="center" height="12" colspan="5"bFor the Three Months Ended/b/td/trtrtd height="12" width="17" align="left"#160;/tdtd height="12" width="376" align="left"#160;sup/sup/tdtd height="12" width="10" align="left"b#160;/b/tdtd width="158" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="12"bMarch 31,/b/td/trtrtd height="12" width="17" align="left"b#160;/b/tdtd height="12" width="376" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="10" align="left"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="12"b2010/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="10"bu#160;/u/b/tdtd width="74" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="12"b2009#160;/b/td/trtrtd height="14" width="17" align="left"#160;/tdtd height="1 4" width="376" align="left"#160;sup/sup/tdtd height="14" width="10" align="left"#160;/tdtd width="171" align="center" height="14" colspan="11"#160;/td/trtrtd width="393" align="left" height="18" colspan="2"Allowance for loan losses:sup/sup/tdtd height="18" width="10" align="left"#160;/tdtd height="18" width="13" align="left"#160;/tdtd height="18" width="61" align="left"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" width="13" align="left"#160;/tdtd height="18" width="61" align="left"#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Beginning balancesup(1)(2)/sup/tdtd height="17" width="10" align="left"#160;/td gt;td height="17" width="13" align="left"$/tdtd height="17" width="61" align="right"#160;9,925#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"$/tdtd height="17" width="61" align="right"#160;2,772#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Adoption of new accounting standardssup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;43,576#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;-#160;/td/trtrtd heigh t="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Provision for loan lossessup/sup/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;11,939#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;2,509#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Charge-offssup(3)/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;(5,160)/tdtd height="17" width="10" ali gn="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;(637)/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Recoveries sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;374#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;35#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Net reclassification of portion of allowance related to interestsup(1)(4)/sup/td ;td height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="13"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;(85)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="13"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;(49)/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Ending balancesup(1)(5)(8)/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="13"$/tdtd height="17" style="border-top: 1px solid #00 0000;border-bottom: 3px double #000000;" align="right" width="61"#160;60,569#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="13"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;4,630#160;/td/trtrtd width="393" align="left" height="17" colspan="2"Reserve for guaranty losses:sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="13"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="61"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left " width="13"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="61"#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Beginning balancesup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="13" align="left"$/tdtd height="17" width="61" align="right"#160;54,430#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"$/tdtd height="17" width="61" align="right"#160;21,830#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Adoption of new accounting standardssup/sup/tdtd height="17" width="10" align="left"#160;/td lt;td height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;(54,103)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;-#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Provision (benefit) for guaranty lossessup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;(36)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;17,825#160;/td/trtrtd height ="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Charge-offssup(6)(7)/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;(61)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="61" align="right"#160;(2,944)/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Recoveries sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="13"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160; 3#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="13"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;165#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="376" align="left"Ending balancesup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="13"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;233#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align= "left" width="13"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;36,876#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"___________/td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="12" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="12" width="642" align="left"Prior period amounts have been reclassified to conform to current year presentation./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="11" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="11" width="642" align="left"Includes $1.8 billion related to loans of consolidated trusts as of December 31, 2009./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="12" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="12" width="642" align="left"Includes accrued interest of $579 million and $247 million for the three months ended March 31, 2010 and 2009, respectively./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="24" width="26" align="left"#160;sup#160;(4)/sup/ tdtd height="24" width="642" align="left"Represents reclassification of amounts recorded in provision for loan losses and charge-offs that relate to allowance for accrued interest receivable./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="12" width="26" align="left"#160;sup#160;(5)/sup/tdtd height="12" width="642" align="left"Includes $903 million and $197 million as of March 31, 2010 and 2009, respectively, for acquired credit-impaired loans./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="24" width="26" align="left"#160;sup#160;(6)/sup/tdtd height="24" width=" 642" align="left"Includes charges $115 million for the three months ended March 31, 2009 related to unsecured HomeSaver Advance loans. There were no charges related to unsecured HomeSaver Advance loans for the three months ended March 31, 2010./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="24" width="26" align="left"#160;sup#160;(7)/sup/tdtd height="24" width="642" align="left"Includes charges recorded at the date of acquisition of $58 million and $1.4 billion for the three months ended March 31, 2010 and 2009, respectively, for acquired credit-impaired loans where the acquisition cost exceeded the fair value of the acquired loan./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" al ign="left"#160;/td/trtrtd height="11" width="26" align="left"#160;sup#160;(8)/sup/tdtd height="11" width="642" align="left"Includes $34.9 billion related to loans of consolidated trusts as of March 31, 2010./td/tr/table/div

Investments in Securities	3 Months Ended
Investments in Securities	Mar. 31, 2010
Note to Consolidated Financial Statements
Investments in Securities	div style="font-size:12pt"p6. Investments in Securitiesbr /br /Trading Securitiesbr /br /Trading securities are recorded at fair value with subsequent changes in fair value recorded as #8220;Fair value losses, net#8221; in our condensed consolidated statements of operations. The following table displays our investments in trading securities and the cumulative amount of net losses recognized from holding these securities as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"b#160;/b/tdtd height="14" width="348" align="left"b#160;/bsup t;b/b/sup/tdtd width="271" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bAs of /b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"b#160;/b/tdtd height="14" width="348" align="left"b#160;/bsupb/b/sup/tdtd width="127" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bMarch 31, 2010/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="125" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bDecember 31, 2009/b/td/trtrtd height="14" width="19" align= "left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="348" align="left"#160;sup/sup/tdtd width="271" align="center" height="14" colspan="5"b(Dollars in millions)/b/td/trtrtd width="386" align="left" height="17" colspan="3"Mortgage-related securities:sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Fannie Maesup/sup/tdtd height="17" width="9" align="left"$/td gt;td height="17" width="118" align="right"#160;8,239#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="116" align="right"#160;74,750#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Freddie Macsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;6,502#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;15,082#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Ginnie Maesup gt;/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;16#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;1#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Alt-A private-label securitiessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;1,405#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;1,355#160;/td/trtrtd height="17" width="19" align= "left"#160;/tdtd width="367" align="left" height="17" colspan="2"Subprime private-label securitiessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;1,683#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;1,780#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"CMBSsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;10,098#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="11 6" align="right"#160;9,335#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Mortgage revenue bonds sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;611#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;600#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Other mortgage-related securitiessup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" wi dth="118"#160;158#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="116"#160;154#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="348" align="left"Total sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="118"#160;28,712#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="116"#160;103,057#160;/td/trtrtd width="386" align="left" height="17" colspan="3"Non-mortgage-related securities:sup/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="118"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="116"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"U.S. Treasu ry securitiessup(1)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;35,650#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;3#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Asset-backed securities sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;7,991#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;8,515#160;/td/trtrtd height= "17" width="19" align="left"#160;/tdtd width="367" align="left" height="17" colspan="2"Corporate debt securities sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;176#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="116" align="right"#160;364#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="348" align="left"Total sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" wi dth="118"#160;43,817#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="116"#160;8,882#160;/td/trtrtd width="386" align="left" height="18" colspan="3"Total trading securities sup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="118"#160;72,529#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9" t;$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="116"#160;111,939#160;/td/trtrtd width="386" align="left" height="19" colspan="3"Losses in trading securities held in our portfolio, net sup/sup/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="118"#160;3,783#160;/tdtd height="19" width="19" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="116"#160;2,685#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="731" align="left" height="17" colspan="3"__________/td/trtrtd height="6" width="26" align="left"#160;sup/sup/tdtd height="6" width="642" align="left"#160;/td/trtrtd height="17" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="17" width="642" align="left"Certain prior year amounts have been reclassified to conform to our current period presentation./td/trtrtd height="17" width="26" align="left"#160;sup/sup/tdtd height="17" width="642" align="left"#160;/td/tr/tablepAs of March 31, 2010, we held U.S. Treasury securities with fair value of $11.5 billion, which we elected to classify as #8220;cash and cash equivalents#8221; in our condensed consolidated balance s heets.br /br /The following table displays information about our net trading gains and losses for the three months ended March 31, 2010 and 2009./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="370" align="left"#160;/tdtd height="13" width="19" align="left"b#160;/b/tdtd width="205" align="center" height="13" colspan="8"b#160;/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="370" align="left"#160;/tdtd height="13" width="19" align="left"b#160;/b/tdtd width="205" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"bFor the Three Months Ended March 31,/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="370" align="left"#160;/tdtd height="13" width="19" align="left"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" width="21" align="left"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2009#160;/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="370" align="left"#160;/tdtd height="13" width="19" align="left"b#160;/b/tdtd width="205" align="center" height="13" colspan="5"b(Dollars in millions)/b/td/trtrtd width="408" align="left" height="15" colspan="3"Net trading gains (losses):/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="80" align="left"#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="80" align="left"#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="389" align="left" height="15" colspan="2"Mortgage-related securities /tdtd height="15" width="19" align="left"#160;/tdtd height= "15" width="12" align="left"$/tdtd height="15" width="80" align="right"#160;1,006#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="80" align="right"#160;(121)/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="389" align="left" height="15" colspan="2"Non-mortgage-related securities /tdtd height="15" width="19" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="80"#160;52#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-b ottom: 1px solid #000000;" align="right" width="80"#160;288#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="370" align="left"Total /tdtd height="15" width="19" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;1,058#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;167#160;/td/tr t;trtd width="408" align="left" height="15" colspan="3"Net trading gains (losses) recorded in the period related to securities still held at period end:/tdtd height="15" width="19" align="left"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="left" width="80"#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="left" width="80"#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="389" align="left" height="15" colspan="2"Mortgage-related securities /tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="80" align="right"#160;900#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="80" align="right"#160;(122)/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="389" align="left" height="15" colspan="2"Non-mortgage-related securities /tdtd height="15" width="19" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="80"#160;48#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="80"#160;424#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="370" align="left"Total /tdtd height="15" width="19" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;948#160;/tdtd height="15" width="21" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;302#160;/td/tr/table ;pAvailable-for-Sale Securitiesbr /br /We measure AFS securities at fair value with unrealized gains and losses recorded as a component of AOCI, net of tax, in our condensed consolidated balance sheets. We record realized gains and losses from the sale of AFS securities in #8220;Investment gains, net#8221; in our condensed consolidated statements of operations.br /br /The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the three months ended March 31, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="6" align="left"b#160;/b/tdtd width="215" align="center" colspan="5" style="border-bottom: 1px so lid #000000;" height="15"bFor the Three Months Ended March 31, /b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="220" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="6" align="left"b#160;/b/tdtd width="101" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010#160;/b/tdtd height="15" width="13" align="left"b#160;/b/tdtd width="101" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2009#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="220" align="left"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="215" align="center" height="17" colspan="5"b(Dollars in millions)/b/td/trtrtd width="239" align="left" height="17" colspan="2"Gross realized gainssup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="89" align="right"#160;265#160;/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="89" align="right"#160;799#160;/td/trtrtd width="239" align="left" height="17" colspan="2"Gross realized lossessup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align=" right"#160;120#160;/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;663#160;/td/trtrtd width="239" align="left" height="17" colspan="2"Total proceedssup#160;(1)/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;4,598#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;31,910#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="733" align="left" height="17" colspan="3"__________/td/tr trtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="34" width="26" align="left"#160;sup(1)/sup/tdtd height="34" width="642" align="left"Excludes proceeds from the initial sale of securities from new portfolio securitizations included in amp;quot;Note 3, Consolidations and Transfers of Financial Assets.amp;quot;/td/tr/tablepThe following tables display the amortized cost, gross unrealized gains and losses and fair value by major security type for AFS securities we held as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="450" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="17"bAs of March 31, 2010/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b gt;#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bGross/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bGross/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="59"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left "b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" height="17" colspan="2"bTotal/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bGross/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="66" align="center" height="17" colspan="2"bUnrealized/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="65" align="center" height="17" colspan="2"bUnrealized/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align= "center" height="17" colspan="2"bTotal/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" height="17" colspan="2"bAmortized/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bUnrealized/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="66" align="center" height="17" colspan="2"b#160;Losses -/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="65" align="center" hei ght="17" colspan="2"b#160;Losses - /bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bFair/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCost/bsupb#160;(1)/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;Gains/b/tdtd height="17" width="11" align="ce nter"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;OTTI/bsupb#160;(2)/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bOther/bsupb#160;(3)/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bValue/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="450" align="center" height="17" colspan="17"b(Dollars in millions)/b/td/trtrtd width="237" align="left" height="17" colspan="2"Fannie Mae/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="61" align="right"#160;28,499#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="59" align="right"#160;1,556#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="57" align="right"#160;(22)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="56" al ign="right"#160;(18)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="59" align="right"#160;30,015#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Freddie Mac/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;20,869#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;1,069#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;- #160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(3)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;21,935#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Ginnie Mae/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;1,178#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;11 0#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;-#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(1)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;1,287#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Alt-A private-label securities/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;17,761 p;#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;53#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;(2,527)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(829)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;14,458#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Subprime private-label securities/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;12,518#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;29#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;(1,407)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(629)sup/sup/tdtd height="17" width="11" align="right"#160;/td ;td height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;10,511#160;/td/trtrtd width="237" align="left" height="17" colspan="2"CMBS/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;15,705#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;-#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;-#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width ="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(1,712)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;13,993#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Mortgage revenue bonds /tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;13,177#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;79#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;(50)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(628)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;12,578#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Other mortgage-related securities /tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;4,457#160;sup/sup/t dtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;58#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="57"#160;(169)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;(456)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style ="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;3,890#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Total /tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;114,164#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;2,954# 160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="57"#160;(4,175)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;(4,276)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3 px double #000000;" align="right" width="59"#160;108,667#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="450" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="17"bAs of December 31, 2009/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/bsupb/b/sup/td gt;td height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bGross/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bGross/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd height="17" st yle="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="59"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" height="17" colspan="2"bTotal/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bGross/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="66" align="center" height="17" colspan="2"bUnrealized/bsupb/b ;/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="65" align="center" height="17" colspan="2"bUnrealized/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bTotal/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" height="17" colspan="2"bAmortized/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bUnrealized/b/td td height="17" width="11" align="center"b#160;/b/tdtd width="66" align="center" height="17" colspan="2"b#160;Losses -/bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="65" align="center" height="17" colspan="2"b#160;Losses - /bsupb/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bFair/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17" lt;bCost/bsupb#160;(1)/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;Gains/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;OTTI/bsupb#160;(2)/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bOther/bsupb#160;(3)/b/sup/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="68" align="center" colspan="2 " style="border-bottom: 1px solid #000000;" height="17"bValue/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="218" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="450" align="center" height="17" colspan="17"b(Dollars in millions)/b/td/trtrtd width="237" align="left" height="17" colspan="2"Fannie Mae/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="61" align="right"#160;148,074#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="59" align="right"#160;6,413#160;/tdtd height= "17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="57" align="right"#160;(23)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="56" align="right"#160;(45)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="59" align="right"#160;154,419#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Freddie Mac/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;26,281#160;sup/sup/tdtd height="17" width="11" align="right" t;#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;1,192#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;-#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(4)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;27,469#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Ginnie Mae/tdtd height="17" width="10" align="left"#160;/td lt;td height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;1,253#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;102#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;-#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(2)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="ri ght"#160;1,353#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Alt-A private-label securities/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;17,836#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;41#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;(2,738)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="r ight"#160;(989)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;14,150#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Subprime private-label securities/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;13,232#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;33#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align ="right"#160;(1,774)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(745)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;10,746#160;/td/trtrtd width="237" align="left" height="17" colspan="2"CMBS/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;15,797#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right" #160;-#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;-#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(2,604)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;13,193#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Mortgage revenue bonds /tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#1 60;13,679#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;71#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="57" align="right"#160;(44)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(860)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;12,846#160;/td/trtrtd width="237" align="left" height="17" colspan="2" ;Other mortgage-related securities /tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;4,225#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;29#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="57"#160;(235)sup/sup/tdtd height="17" width="11" align="right "#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;(467)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;3,552#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Total /tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;240,377#160;sup t;/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;7,881#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="57"#160;(4,814)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px do uble #000000;" align="right" width="56"#160;(5,716)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;237,728#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="733" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="35" width="26" align="left"#160;sup(1)/sup/tdtd height="35" width="642" align="left"Amortized cost includes unamortized premiums, discount s and other cost basis adjustments as well as the credit component of other-than-temporary impairments recognized in our condensed consolidated statements of operations. /td/trtrtd height="8" width="26" align="left"#160;sup#160;#160;/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="51" width="26" align="left"#160;sup(2)/sup/tdtd height="51" width="642" align="left"Represents the noncredit component of other-than-temporary impairment losses recorded in other comprehensive loss as well as cumulative changes in fair value for securities for which we previously recognized the credit component of an other-than-temporary impairment./td/trtrtd height="8" width="26" align="left"#160;sup#160;#160;/sup/tdtd height="8" width="642" align="left"#160;/td/tr t;trtd height="34" width="26" align="left"#160;sup(3)/sup/tdtd height="34" width="642" align="left"Represents the gross unrealized losses on securities for which we have not recognized an other-than-temporary impairment./td/trtrtd height="9" width="26" align="left"#160;sup#160;#160;/sup/tdtd height="9" width="642" align="left"#160;/td/tr/tablepThe following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position that we held as of March 31, 2010 and December 31, 2009./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160; lt;/tdtd width="345" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="14"bAs of March 31, 2010/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="163" align="center" height="14" colspan="5"bLess Than 12/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="163" align="center" height="14" colspan="5"b12 Consecutive/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="163" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bConsecu tive Months/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="163" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bMonths or Longer /b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bGross/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b#160;/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" sty le="border-top: 1px solid #000000;" height="14"bGross/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b#160;/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="72" align="center" height="14" colspan="2"bUnrealized/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" height="14" colspan="2"bFair/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" height="14" colspan="2"bUnrealized/ b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" height="14" colspan="2"bFair/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bLosses/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bValue/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bLosses/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bValue/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="345" align="center" height="14" colspan="11"b(Dollars in millions)/b/td/trtrtd width="294" align="left" height="14" colspan="2"Fannie Mae /tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;(29)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;873 amp;#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;(11)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;269#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Freddie Mac/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;106#160;/tdtd height="14" width="19" align="left"#160;/tdtd height=" 14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(1)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;13#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Ginnie Mae/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(1)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;136#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Alt-A private-label securities/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(29)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;459#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(3,327)/tdtd height="14" w idth="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;13,611#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Subprime private-label securities/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(30)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;271#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2,006)/tdtd height="14" width="19" align="left"#160;/tdtd h eight="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;9,479#160;/td/trtrtd width="294" align="left" height="14" colspan="2"CMBS/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(1,712)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" wid th="63" align="right"#160;13,993#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Mortgage revenue bonds /tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(16)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;1,310#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(662)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;5,592#160;/td /trtrtd width="294" align="left" height="14" colspan="2"Other mortgage-related securities /tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;(7)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;71#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;(618)/tdtd height="14" width="1 9" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;3,138#160;/td/trtrtd width="294" align="left" height="14" colspan="2"#160;Total/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(113)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right " width="63"#160;3,090#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(8,338)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;46,231#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="63"#160;/td/trtr t;td height="12" width="19" align="left"#160;/tdtd height="12" width="275" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/td/trtrtd height="12" width="19" align="left"#160;/td t;td height="12" width="275" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="63" align="left"#160;/td/trtrtd height="12" width="19" align="left"#160;/tdtd height="12" width="275" align="left"#160;/td gt;td height="12" width="19" align="left"#160;/tdtd width="345" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="12"bAs of December 31, 2009/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="163" align="center" height="14" colspan="5"bLess Than 12/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="163" align="center" height="14" colspan="5"b12 Consecutive/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="163" align="center" colspan="5" style="bor der-bottom: 1px solid #000000;" height="14"bConsecutive Months /b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="163" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bMonths or Longer /b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bGross/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b#160;/b/tdtd height="14" width="19" align="left"b#160;/ b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bGross/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b#160;/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="72" align="center" height="14" colspan="2"bUnrealized/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" height="14" colspan="2"bFair/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" al ign="center" height="14" colspan="2"bUnrealized/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" height="14" colspan="2"bFair/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bLosses /b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bValue /b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" heig ht="14"bLosses /b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bValue /b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="275" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="345" align="center" height="14" colspan="11"b(Dollars in millions)/b/td/trtrtd width="294" align="left" height="14" colspan="2"Fannie Mae /tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;(36)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$ /tdtd height="14" width="63" align="right"#160;1,461#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;(32)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;544#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Freddie Mac/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;85#160;/tdtd height ="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;164#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Ginnie Mae/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;139#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" ali gn="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;26#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Alt-A private-label securities/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2,439)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;7,018#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(1,288)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;6,929#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Subprime private-label securities/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(998)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;4,595#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(1,521)/td gt;td height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;5,860#160;/td/trtrtd width="294" align="left" height="14" colspan="2"CMBS/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(2,604)/tdtd height="14" width="19" align="left"#160;/tdtd hei ght="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;13,193#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Mortgage revenue bonds /tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(54)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;2,392#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;(850)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd he ight="14" width="63" align="right"#160;5,664#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Other mortgage-related securities /tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;(96)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;536#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" a lign="right" width="63"#160;(606)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;2,739#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Total/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(3,627)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border - -top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;16,226#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(6,903)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;35,119#160;/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="275" align="left"#160;/tdtd height="13" width="19" align="left" gt;#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="13" style="border-top: 3px double #000 000;" align="left" width="63"#160;/td/tr/tablepOther-Than-Temporary Impairments br /We recognize the credit component of other-than-temporary impairments of our debt securities in our condensed consolidated statements of operations and the noncredit component in #8220;Other comprehensive loss#8221; for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery.br /br /The fair value of#160;our securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral and in the credit performance of the underlying issuer, among other factors. $8.3 billion of the $8.5 billion of gross unrealized losses on AFS securities as of March 31, 2010 have existed for a period of 12 consecutive months or longer. Gross unrealized losses on AFS securities as of March 31, 2010 include unrealized losses on securities w ith other-than-temporary impairment in which a portion of the impairment remains in AOCI. The securities with unrealized losses for 12 consecutive months or longer, on average, had a market value as of March 31, 2010 that was 85% of their amortized cost basis. Based on our review for impairments of AFS securities, which includes an evaluation of the collectibility of cash flows and any intent or requirement to sell the securities, we have concluded that we do not have an intent to sell and we believe it is not more likely than not that we will be required to sell the securities. Additionally, our projections of cash flows indicate that we will recover these unrealized losses over the lives of the securities.br /br /The following table displays our net other-than-temporary impairments by major security type recognized in our condensed consolidated statements of operations for the three months ended March 31, 2010 and 2009.br /br //ptable style="border-collapse: coll apse; margin-top: 20px;"trtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd width="202" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="17"bFor the Three Months Ended March 31,/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="89"b2010#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="12"b gt;#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="89"b2009#160;/b/td/trtrtd width="355" align="left" height="17" colspan="2"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd width="202" align="center" height="17" colspan="4"b(Dollars in millions)/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"Fannie Mae/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="89" align="right"#160;-#160;/tdtd heigh t="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="89" align="right"#160;38#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"Freddie Mac/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;1#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"Alt-A private-label securities/tdtd height="17" width="12" align="left"#160;/td td height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;37#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,928#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"Subprime private-label securities/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;184#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;2,606#160;/td/trtrtd height="17" width="12" a lign="left"#160;/tdtd height="17" width="343" align="left"Mortgage revenue bonds/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;17#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="343" align="left"Other/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;15#160;/tdtd height="17" width="12" a lign="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;63#160;/td/trtrtd height="18" width="12" align="left"#160;/tdtd height="18" width="343" align="left"Net other-than-temporary impairments/tdtd height="18" width="12" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;236#160;/tdtd height="18" width="12" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style ="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;5,653#160;/td/trtrtd height="18" width="12" align="left"#160;/tdtd height="18" width="343" align="left"#160;/tdtd height="18" width="12" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="89"#160;/tdtd height="18" width="12" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="89"#160;/td/tr/tablepFor the quarter ended March 31, 2010, we recorded net other-than-temporary impairment of $236 million. This other-than-temporary impairment reflects current market conditions and was primarily driven by a decrease in the present value of our cash flow projections on Alt-A and subprime securities due to:br //pullinet projected home price impact; andbr //liliactual performance versus previous projectionsbr //li/ulpOf the factors that caused a decline in the present value of projected cash flows, the net projected home price impact for the quarter was estimated to account for approximately 66% of the decrease. Actual home-price growth in geographies where we have private-label securities exposure was worse than had been previously modeled. The actual performance of private-label securities, when compared to what had been previously modeled, was estimated to account for the remaining 34% of the decrease in net projected cash flows. We update loan information for securities on a monthly basis for our Alt-A and subprime securities. In rolling forward the valuation dates of the models based on these actual performance updates, the resulting projected present value of cash flows declined from prior expectations. Lower expectations for interest rates offset a portion of the decrease in projected present value of cash flows in certain securities. Our#160;projections for interest rates are generally based on the implied forward curve for interest rates in the market as of the last day of each respective reporting period. We would consider lower interest rates to be favorable in the context of estimated credit losses on subprime securities because the subprime securities held by us are typically floating rate instruments. In lower interest rate environments,#160;the cash flows provided by the underlying subprime mortgage#160;loans are typically greater than the floating rate liabilities of the bonds and therefore more cash flow is#160;available to#160;protect against credit losses than in a higher rate interest environment where the difference betw een the rate on the#160;subprime mortgage loans and the coupon on the bonds is smaller. br /br /The following table displays activity for the three months ended March 31, 2010 related to the credit component recognized in earnings on debt securities held by us for which we recognized a portion of other-than-temporary impairment in AOCI.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="448" align="left"#160;sup/sup/tdtd width="116" align="center" height="17" colspan="5"bFor the/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="448" align="left"#160;sup/sup/tdtd width="116" align="center" height="17" colspan="5"bThree Months Ended/b/td/trtr lt;td height="17" width="19" align="left"#160;/tdtd height="17" width="448" align="left"#160;sup/sup/tdtd width="116" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"bMarch 31, 2010/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="448" align="center"b#160;/bsupb/b/sup/tdtd width="116" align="center" height="15" colspan="5"b(Dollars in millions)/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="448" align="left"#160;sup/sup/tdtd height="17" width="15" align="left"#160;/tdtd height="17" width="101" align="left"#160;/td/trtrtd width="467" align="left" height="17" colspan=" 2"Balance, January 1sup/sup/tdtd height="17" width="15" align="left"$/tdtd height="17" width="101" align="right"#160;8,191#160;/td/trtrtd width="467" align="left" height="17" colspan="2"Additions for the credit component on debt securities for which OTTI was notsup/sup/tdtd height="17" width="15" align="left"#160;/tdtd height="17" width="101" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="448" align="left"previously recognizedsup/sup/tdtd height="17" width="15" align="left"#160;/tdtd height="17" width="101" align="right"#160;6#160;/td/trtrtd width="467" align="left" height="17" colspan="2"Additions for credit losses on debt securities for which OTTI was previously reco gnizedsup/sup/tdtd height="17" width="15" align="left"#160;/tdtd height="17" width="101" align="right"#160;230#160;/td/trtrtd width="467" align="left" height="17" colspan="2"Reductions for securities no longer in portfolio at period endsup(1)/sup/tdtd height="17" width="15" align="left"#160;/tdtd height="17" width="101" align="right"#160;(51)/td/trtrtd width="467" align="left" height="17" colspan="2"Reductions for increases in cash flows expected to be collected over the remaining sup/sup/tdtd height="17" width="15" align="left"#160;/tdtd height="17" width="101" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="448" align="left"life of the securitysup/sup/ tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="15"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="101"#160;(167)/td/trtrtd width="467" align="left" height="18" colspan="2"Balance, March 31sup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="15"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="101"#160;8,209#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd width="732" align="left" height="4" colspan="3"#160;/td/trtrtd height="17" width="26" align="left"#160;sup ;#160;(1)/sup/tdtd height="17" width="642" align="left"Includes securities sold, matured, called and consolidated to loans./td/tr/tablepAs of March 31, 2010, those debt securities with other-than-temporary impairment in which we recognized in our condensed consolidated statement of operations only the amount of loss related to credit consisted predominantly of Alt-A and subprime securities. For these residential mortgage-backed securities, we estimate the portion of loss attributable to credit using discounted cash flow models. We create the models based on the performance of first-lien loans in a loan performance asset-backed securities database, which reflect the average performance of all private-label mortgage-related securities. We employ separate models to project regional home prices, interest rates, prepayment speeds, conditional default rates, severity, delinquency rates and early payment defaults on a loan-level basis by product type. We first aggregate loan-level performance projections by pool. We then input the prepayment, default, severity and delinquency vectors for these pools in cash flow modeling software which projects our bond cash flows, including projections of bond principal losses and interest shortfalls. The software contains detailed information on security-level subordination levels and cash flow priority of payments. We model all securities without assuming the benefit of any external financial guarantees; we then perform a separate assessment to assess whether we can rely upon the guaranty. We have recorded other-than-temporary impairments for the three months ended March 31, 2010 based on this analysis, with amounts related to credit loss recognized in our condensed consolidated statement of operations. For securities we determined were not other-than-temporarily impaired, we concluded that either the bond did not project any credit loss or if we projected a loss, that the present value of expected cash flows was greater than the security#8217;s cost basis.br /br /We analyze Commercial mortgage-backed securities (#8220;CMBS#8221;) using a third party loan level model that incorporates such factors as debt service coverage, loan-to-value ratio, geographic location, property type, and amortization type to determine the level of projected losses. We then compare the projected loss to the amount of subordination in the bonds that we hold to determine whether we expect any loss on those bonds. As of March 31, 2010, we have no other-than-temporary impairments in our holdings of CMBS as we project the remaining subordination to be more than sufficient to absorb the level of projected losses. We believe the decline in fair value for these securities results from the lower level of liquidity in the marketplace and the resultant higher investor required returns, and not from an expectation of credit loss. While downgrades have occurred in this sector in recent months, all of our holdings remain investment gra de.br /br /For mortgage revenue bonds, where we cannot utilize credit-sensitized cash flows, we perform a qualitative and quantitative analysis to assess whether a bond is other-than-temporarily impaired. If a bond is deemed to be other-than-temporarily impaired, the projected contractual cash flows of the security are reduced by a default loss amount based on the security#8217;s lowest credit rating as provided by the major nationally recognized statistical rating organizations. The lower the security#8217;s credit rating, the larger the amount by which the contractual cash flows are reduced. These adjusted cash flows are then used in the present value calculation to determine the credit portion of the other-than-temporary impairment. While we have recognized other-than-temporary impairment on these bonds, we expect to realize no credit losses on the vast majority of our holdings due to the inherent financial strength of the issuers, or in some cases, the amount of external credit support from mortgage collateral or financial guarantees. The fair values of these bonds are likewise impacted by the low levels of market liquidity and high required returns, which has led to unrealized losses in the portfolio that we deem to be temporary.br /br /Other mortgage-related securities include manufactured housing securities, which have been other-than-temporarily impaired in 2009. For manufactured housing securities, we utilize models that incorporate recent historical performance information and other relevant public data to run cash flows and assess for other-than-temporary impairment. Given the significant seasoning of these securities we expect that the future performance will be in line with how the securities are currently performing. We model all of these securities assuming no benefit of any external financial guarantees and then separately assess whether we can rely on the guaranty. If we determined that securities were not other-than-temporarily impaired, we concluded t hat either the bond did not project any credit loss or, if a loss was projected, that present value of expected cash flows was greater than the security#8217;s cost basis.br /br /The following table displays the modeled attributes for securities that were other-than-temporarily impaired as of March 31, 2010.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="16" align="left"b#160;#160;/b/tdtd height="15" width="164" align="left"b#160;/b/tdtd height="15" width="7" align="left"b#160;#160;/b/tdtd width="144" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bPrepayment Rates/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="150" align="center" colspan="5" style="border-bottom: 1px solid #000 000;" height="15"bDefault Rates/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="156" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bLoss Severity/b/td/trtrtd height="15" width="16" align="left"b#160;/b/tdtd height="15" width="164" align="left"b#160;/b/tdtd height="15" width="7" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeighted/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="61"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeighted/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="67"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeighted/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/td t;td height="15" style="border-top: 1px solid #000000;" align="center" width="73"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/td/trtrtd height="15" width="16" align="left"b#160;/b/tdtd height="15" width="164" align="left"b#160;/b/tdtd height="15" width="7" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bAverage/b/tdtd height="15" width="9" align="left"b#160;/b/tdtd width="80" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bRange/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bAverage/b/tdtd height="15" width="9" align="left"b#160;/b/tdtd width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bRange/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bAverage/b/tdtd height="15" width="9" align="left"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bRange/b/td/trtrtd width="180" align="left" height="15" colspan="2"Alt-A private-label securities/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;/tdt d height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="67" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="73" align="right"#160;/tdtd height="15" wi dth="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="left"2004 and prior/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;8.5#160;/tdtd height="15" width="19" align="left"%/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"7.2 - 9.6/tdtd height="15" width="19" align="left"%/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;48.1#160;/tdtd height="15" width="19" align="right"%/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"36.2 - 55.9/tdtd height="15" width="19" align="right"%/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;52.5#160;/tdtd height="15" width="19" align="right"%/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"48.3 - 55.3/tdtd height="15" width="19" align="left"%/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="right"2005#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;5.7#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"4.6 - 7.5/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/td td height="15" width="36" align="right"#160;38.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"16.0 - 73.6/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;63.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"53.3 - 68.7/tdtd height="15" width="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="right"2006#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15 " width="36" align="right"#160;7.8#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"5.0 - 10.0/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;36.8#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"19.4 - 63.7/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;54.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"# 160;/tdtd height="15" width="73" align="right"40.0 - 74.4/tdtd height="15" width="19" align="left"#160;/td/trtrtd width="180" align="left" height="15" colspan="2"Subprime private-label securities/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"#160;/tdtd h eight="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"#160;/tdtd height="15" width="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="left"2004 and prior/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;5.6#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd width="80" align="center" height="15" colspan="2"5.6#160;/tdtd height="15" width="12" ali gn="left"#160;/tdtd height="15" width="36" align="right"#160;31.4#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd width="86" align="center" height="15" colspan="2"31.4#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;72.9#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd width="92" align="center" height="15" colspan="2"72.9#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="right"2005#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;2.0#160;/tdtd he ight="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"1.9 - 2.2/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;80.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"79.0 - 81.9/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;76.6#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"75.2 - 78.8 lt;/tdtd height="15" width="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="right"2006#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;2.0#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"1.5 - 2.6/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;80.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"69.7 - 87.4/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;77.5#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"73.9 - 85.0/tdtd height="15" width="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="right"2007#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;2.9#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"2.4 - 3.2/tdtd height="15" width="19" align="left" t;#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;74.1#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"71.1 - 80.1/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;73.8#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"72.5 - 76.5/tdtd height="15" width="19" align="left"#160;/td/trtrtd width="180" align="left" height="15" colspan="2"Manufactured housing/tdtd height="15" width="7" align="left" mp;#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160; t;/tdtd height="15" width="73" align="right"#160;/tdtd height="15" width="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="left"2004 and prior/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;2.2#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"1.5 - 4.9/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;35.0#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" wi dth="67" align="right"2.2 - 50.4/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;83.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"77.1 - 100.0/tdtd height="15" width="19" align="left"#160;/td/tr/tablepMaturity Informationbr /br /The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining maturity, assuming no principal prepayments, as of March 31, 2010. Contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time.br //ptable st yle="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="9" align="left"#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" width="15" align="left"#160;/tdtd height="15" width="120" align="left"#160;sup/sup/tdtd width="630" align="center" colspan="34" style="border-bottom: 1px solid #000000;" height="15"bAs of March 31, 2010/b/td/trtrtd height="12" width="9" align="center"#160;/tdtd height="12" width="14" align="center"#160;/tdtd height="12" width="15" align="center"#160;/tdtd height="12" width="120" align="center"#160;sup/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="8"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="42" lt;b#160;/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="8"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="41"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="8"b#160;/b/tdtd width="113" align="center" colspan="5" style="border-top: 1px solid #000000;" height="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="112" align="center" colspan="6" s tyle="border-top: 1px solid #000000;" height="12"bAfter One Year/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="121" align="center" colspan="6" style="border-top: 1px solid #000000;" height="12"bAfter Five Years/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="8"b#160;/b/tdtd width="114" align="center" colspan="5" style="border-top: 1px solid #000000;" height="12"b#160;/b/td/trtrtd height="12" width="9" align="center"#160;/tdtd height="12" width="14" align="center"#160;/tdtd height="12" width="15" align="center"#160;/tdtd height="12" width="120" align ="center"#160;sup/sup/tdtd width="50" align="center" height="12" colspan="2"bTotal/bsupb/b/sup/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="49" align="center" height="12" colspan="2"bTotal/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="121" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="12"bOne Year or Less/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="112" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="12"bThrough Five Years/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="121" align="center" colspan="6" style="border-bottom: 1px solid #000000; " height="12"bThrough Ten Years/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="122" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="12"bAfter Ten Years/b/td/trtrtd height="12" width="9" align="center"#160;/tdtd height="12" width="14" align="center"#160;/tdtd height="12" width="15" align="center"#160;/tdtd height="12" width="120" align="center"#160;sup/sup/tdtd width="50" align="center" height="12" colspan="2"bAmortized/bsupb/b/sup/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="49" align="center" height="12" colspan="2"bFair/b/tdtd height="12" width="7" align="center"b#160;/b/t dtd width="48" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bAmortized/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="35" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bFair/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bAmortized/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="35" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bFair/b/tdtd height="12" width="7" align="center"b gt;#160;/b/tdtd width="50" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bAmortized/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="44" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bFair/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bAmortized/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="45" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bFair/b/td/trtr ;td height="12" width="9" align="center"#160;/tdtd height="12" width="14" align="center"#160;/tdtd height="12" width="15" align="center"#160;/tdtd height="12" width="120" align="center"#160;sup/sup/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bCost/bsupb/b/sup/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="49" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="48" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bCost/bsupb/b/sup/tdtd height="12" width="7" align="center"b ;#160;/b/tdtd width="35" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bCost/bsupb/b/sup/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="35" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bCost/bsupb/b/sup/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="44" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bCost/bsupb/b/sup/tdtd height="12" width="7" align="center"b#160;/b/tdtd width="45" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/td/trtrtd height="12" width="9" align="left"#160;/tdtd height="12" width="14" align="left"#160;/tdtd height="12" width="15" align="left"#160;/tdtd height="12" width="120" align="left"#160;sup/sup/tdtd height="12" width="8" align="right"#160;/tdtd width="622" align="center" he ight="12" colspan="33"b(Dollars in millions)/b/td/trtrtd height="8" width="9" align="left"#160;/tdtd height="8" width="14" align="left"#160;/tdtd height="8" width="15" align="left"#160;/tdtd height="8" width="120" align="left"#160;sup/sup/tdtd height="8" width="8" align="right"#160;/tdtd height="8" width="42" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height="8" width="41" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height= "8" width="40" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="left"b#160;/b/tdtd height="8" width="27" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height="8" width="42" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height="8" width="27" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height="8" width="42" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height="8" width="36" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="right"b#160;/b/tdtd height="8" width="42" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="8" align="left"b#160;/b/tdtd height="8" width="37" align="center"b#160;/b/td lt;/trtrtd width="158" align="left" height="15" colspan="4"Fannie Mae sup/sup/tdtd height="15" width="8" align="left"$/tdtd height="15" width="42" align="right"#160;28,499#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="41" align="right"#160;30,015#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="40" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" al ign="left"$/tdtd height="15" width="42" align="right"#160;3#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="27" align="right"#160;3#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="42" align="right"#160;4,641#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="36" align="right"#160;4,903#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="42" align="right"#160;23,855#160;sup/sup/tdtd height="15" width ="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="37" align="right"#160;25,109#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Freddie Macsup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;20,869#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="right"#160;21,935#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="40" align="right"#160;22#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" wi dth="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;22#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;55#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;57#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;1,690#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="36" align="right"#160;1,791#160;/ tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;19,102#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;20,065#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Ginnie Maesup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;1,178#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="right"#160;1,287#160;/tdtd height="15" width="7" align="right" mp;#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="40" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right" gt;#160;5#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="36" align="right"#160;6#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;1,173#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;1,281#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Alt-A private-label securitiessup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;17,761#160;sup /sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="right"#160;14,458#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="40" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;1#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="le ft"#160;/tdtd height="15" width="27" align="right"#160;1#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;342#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="36" align="right"#160;332#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;17,418#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;14,125#160;/td/tr gt;trtd width="158" align="left" height="15" colspan="4"Subprime private-label securitiessup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;12,518#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="right"#160;10,511#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="40" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right" amp;#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="36" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right" #160;12,518#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;10,511#160;/td/trtrtd width="158" align="left" height="15" colspan="4"CMBSsup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;15,705#160;sup/sup/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="right"#160;13,993#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="40" align="right"#160;310#160;sup/sup/td ;td height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;309#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;63#160;sup/sup/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;60#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;14,974#160;sup/sup/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160; t;/tdtd height="15" width="36" align="right"#160;13,375#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;358#160;sup/sup/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;249#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Mortgage revenue bondssup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;13,177#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="ri ght"#160;12,578#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="40" align="right"#160;40#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;41#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;366#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;377#160;/tdtd height="15" width="7" align="right"#160;/tdtd heig ht="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;833#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="36" align="right"#160;839#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;11,938#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;11,321#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Other mortgage-related securitiessup/sup/tdtd height="15" style="border-bottom: 1px s olid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;4,457#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="41"#160;3,890#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="40"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="27"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;-#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="27"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;-#160;sup/sup t;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="36"#160;18#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;4,457#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;3,872#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Totals up/sup/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;114,164#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="41"#160;108,667#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="40"#160;3 72#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="27"#160;372#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;488#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000 ;border-bottom: 3px double #000000;" align="right" width="27"#160;498#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;22,485#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="36"#160;21,264#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/td td height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;90,819#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;86,533#160;/td/tr/tablepAccumulated Other Comprehensive Lossbr /The following table displays our accumulated other comprehensive loss by major categories as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;/tdtd height="17" width="17" align=" left"#160;/tdtd width="231" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="17"bAs of/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd width="101" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bMarch 31, 2010/bsupb(1)/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="108" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bDecember 31, 2009/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height=" 17" width="371" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd width="231" align="center" height="17" colspan="6"b(Dollars in millions)/b/td/trtrtd width="383" align="left" height="17" colspan="2"Net unrealized gains (losses) on available-for-sale securities/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="left"#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="96" align="left"#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"for which we have not recorded other-than-temporary impairment/tdt d height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="89" align="right"#160;(917)sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="96" align="right"#160;1,337#160;/td/trtrtd width="383" align="left" height="17" colspan="2"Net unrealized losses on available-for-sale securities for which we /tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="left"#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="96" align="left"#160;/td/tr trtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;have recorded other-than-temporary impairment/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;(2,653)sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="96" align="right"#160;(3,059)/td/trtrtd width="383" align="left" height="17" colspan="2"Other/tdtd height="17" width="17" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(184)sup/sup gt;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;(10)/td/trtrtd height="18" width="12" align="left"#160;/tdtd height="18" width="371" align="left"Accumulated other comprehensive loss/tdtd height="18" width="17" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;(3,754)sup/sup/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="le ft" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;(1,732)/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="610" align="left" height="17" colspan="3"_______________/td/trtrtd height="22" width="26" align="left"#160;sup(1)/sup/tdtd height="22" width="553" align="left"Includes a net increase of $3.4 billion from the adoption of the new accounting standards. /td/tr/table/div

Financial Guarantees and Master Servicing	3 Months Ended
Financial Guarantees and Master Servicing	Mar. 31, 2010
Note to Consolidated Financial Statements
Financial Guarantees and Master Servicing	div style="font-size:12pt"p7.#160;#160;Financial Guaranteesbr /br /As a result of adopting the new accounting standards, we derecognized the previously recognized guaranty assets, guaranty obligations, master servicing assets, and master servicing liabilities associated with the newly consolidated trusts from our condensed consolidated balance sheets.br /br /For our guarantees to unconsolidated trusts and other guaranty arrangements, we recognize a guaranty obligation for our obligation to stand ready to perform on these guarantees. For those guarantees recognized in our condensed consolidated balance sheets, our maximum potential exposure under these guarantees is primarily comprised of the unpaid principal balance of the underlying mortgage loans, which totaled $48.4 billion as of March 31, 2010. The maximum amount we could recover through ava ilable credit enhancements and recourse with third parties on guarantees recognized in our condensed consolidated balance sheets was $13.7#160;billion as of March 31, 2010. In addition, we had exposure of $10.8#160;billion for other guarantees not recognized in our condensed consolidated balance sheets as of March 31, 2010, which primarily represents the unpaid principal balance of loans underlying guarantees issued prior to the effective date of the current accounting standards on guaranty accounting.#160; The maximum amount we could recover#160;through available credit enhancements and recourse with third parties on guarantees not recognized in our#160;condensed consolidated#160;balance sheets was $4.1 billion as of March 31, 2010. Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers#8217; and financial guarantors#8217; ability to meet their obligations to us.br /br /As of December 31, 2009 , our maximum potential exposure for guarantees recognized in our condensed consolidated balance sheets was primarily comprised of the unpaid principal balance of the underlying mortgage loans, which totaled $2.5 trillion. The maximum amount we could recover through available credit enhancements and recourse with third parties for these guarantees was $113.4 billion. In addition, we had exposure of $135.7 billion for other guarantees not recognized in our condensed consolidated balance sheets as of December 31, 2009. The maximum amount we could recover through available credit enhancements and recourse with third parties on guarantees not recognized in our condensed consolidated balance sheets was $13.6 billion as of December 31, 2009. br /br /Risk Characteristics of our Book of Businessbr /br /We gauge our performance risk under our guaranty based on the delinquency status of the mortgage loans we hold in portfolio, or in the case of mortgage-backed securities, the underly ing mortgage loans of the related securities. Management also monitors the serious delinquency rate, which is the percentage of single-family loans three or more months past due and the percentage of multifamily loans two or more months past due, of loans with certain risk characteristics, such as mark-to-market loan-to-value and operating debt service coverage ratios. We use this information, in conjunction with housing market and economic conditions, to structure our pricing and our eligibility and underwriting criteria to accurately reflect the current risk of loans with these high-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.br /br /The following tables display the current delinquency status and certain risk characteristics of our conventional single-fam ily and total multifamily guaranty book of business as of March 31, 2010 and December#160;31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="147" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="8" align="left"b#160;/b/tdtd width="225" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="15"bAs of March 31, 2010/bsupb(1)/b/sup/tdtd height="15" width="14" align="center"b#160;/b/tdtd width="236" align="center" colspan="7" style="border-bottom: 1px solid #000000;" height="15"bAs of December 31, 2009/bsupb(1)/b/sup/tdtd height="15" width="12" align="left"#1 60;/td/trtrtd height="28" width="19" align="left"#160;/tdtd height="28" width="147" align="left"bu#160;/u/bsupb/b/sup/tdtd height="28" width="8" align="left"bu#160;/u/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="61"b30 Days Delinquent/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="16"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="62"b60 Days Delinquent/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="14"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="66"bSeriously Delinquent/bsupb(2)/b/sup/tdtd height="28" width="14" align="center"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="65"b30 Days Delinquent/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="15"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="65"b60 Days Delinquent/b /tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="14"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd height="28" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="65"bSeriously Delinquent/bsupb(2)/b/sup/tdtd height="28" width="12" align="left"#160;/td/trtrtd width="166" align="left" height="17" colspan="2"Percentage of conventionalsup/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="61"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="16"#160;/tdtd height="17" wi dth="6" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="62"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="66"#160;sup/sup/tdtd height="17" width="14" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="65"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="15"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="65"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" width="6" align="center"#160;/td td height="17" style="border-top: 1px solid #000000;" align="right" width="65"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/td/trtrtd width="166" align="left" height="17" colspan="2"#160;#160;#160;single-family guaranty book of sup/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="61" align="right"#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="62" align="right"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="66" align="right"#160;sup/sup/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="65" align="right"#160;/tdtd height="17" width= "15" align="left"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/td/trtrtd width="166" align="left" height="17" colspan="2"#160;#160;#160;businesssup#160;(3)/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="61" align="right"2.04#160;/tdtd height="17" width="16" align="left"%/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="62" align="right"0.99#160;/tdtd height="17" width="14" align="left"% /tdtd height="17" width="66" align="right"6.84#160;sup/sup/tdtd height="17" width="14" align="left"%/tdtd height="17" width="65" align="right"2.38#160;/tdtd height="17" width="15" align="left"%/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"1.15#160;/tdtd height="17" width="14" align="left"%/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"6.68#160;sup/sup/tdtd height="17" width="12" align="left"%/td/trtrtd width="166" align="left" height="17" colspan="2"Percentage of conventionalsup/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="61" align="right"#160;/tdtd height="17" width="16" align="cen ter"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="62" align="right"#160;/tdtd height="17" width="14" align="center"#160;/tdtd height="17" width="66" align="right"#160;sup/sup/tdtd height="17" width="14" align="center"#160;/tdtd height="17" width="65" align="right"#160;/tdtd height="17" width="15" align="right"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"#160;/tdtd height="17" width="14" align="right"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/td/trtrtd width="166" align="left" height="17 " colspan="2"#160;#160;#160;single-family loanssup(4)/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="61" align="right"2.09#160;/tdtd height="17" width="16" align="center"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="62" align="right"0.90#160;/tdtd height="17" width="14" align="center"#160;/tdtd height="17" width="66" align="right"5.47#160;sup/sup/tdtd height="17" width="14" align="center"#160;/tdtd height="17" width="65" align="right"2.46#160;/tdtd height="17" width="15" align="right"#160;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"1.07#160;/tdtd height="17" width="14" align="right"#160; ;/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="65" align="right"5.38#160;sup/sup/tdtd height="17" width="12" align="left"#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="164" align="left"i#160;/isupi/i/sup/tdtd height="15" width="9" align="left"i#160;/i/tdtd width="225" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bAs of March 31, 2010/bsupb#160;(1)/b/sup/tdtd height="15" width="26" align="center"b#160;/b/tdtd height="15" width="9" align="left "i#160;/i/tdtd width="228" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bAs of December 31, 2009/bsupb#160;(1)/b/sup/tdtd height="15" width="67" align="center"b#160;/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="164" align="left"i#160;/isupi/i/sup/tdtd height="14" width="9" align="left"i#160;/i/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="90"bPercentage of Single-Family Guaranty Book of Business/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="79"bPercentage Seriously Delinquent/bsupb(2)(4)/b/sup/tdtd height="14" width="26" align="center"b#160;/b/tdtd height="14" width="9" align="left"i#160;/i/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="95"bPercentage of Single-Family Guaranty Book of Business/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="23"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="74"bPercentage Seriously Delinquent/bsupb(2)(4)/b/sup/tdtd height="14" width="67" align="center"b#160;/b/td/trtrtd width="202" align="left" height="18" colspan="3"bEstimated mark-to-market loan-to-value ratio:/bsupb/b/sup/tdtd height="18" width="9" align="left"#160;/tdtd width="225" align="center" height="18" colspan="5"b#160;/bsupb/b t;/sup/tdtd height="18" width="26" align="center"b#160;/b/tdtd height="18" width="9" align="left"i#160;/i/tdtd width="228" align="center" height="18" colspan="5"b#160;/bsupb/b/sup/tdtd height="18" width="67" align="center"b#160;/b/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"100.01% to 110%sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;5#160;sup/sup/tdtd height="18" width="19" align="right"%/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;14.48 ;#160;sup/sup/tdtd height="18" width="26" align="right"%/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"5#160;sup/sup/tdtd height="18" width="23" align="right"%/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"14.79#160;sup/sup/tdtd height="18" width="67" align="left"%/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"110.01% to 120%sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;3#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height=" 18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;18.30#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"3#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"18.55#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"120.01% to 125%sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;1#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;20.87#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"1#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"21.39#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" co lspan="2"Greater than 125%sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;7#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;30.50#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"5#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"31.05#160;sup/sup/tdtd height="18" width="67" align ="center"#160;/td/trtrtd width="202" align="left" height="18" colspan="3"bGeographical distribution:/bsup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Arizonasup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;3#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;8.76#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"3#160;sup/sup/tdtd heigh t="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"8.80#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Californiasup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;17#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;5.72#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" a lign="right"i#160;/i/tdtd height="18" width="95" align="right"17#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"5.73#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Floridasup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;7#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right" ;#160;13.27#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"7#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"12.82#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="19" width="19" align="left"#160;/tdtd width="183" align="left" height="19" colspan="2"Nevadasup/sup/tdtd height="19" width="9" align="left"i#160;/i/tdtd height="19" width="90" align="right"#160;1#160;sup/sup/tdtd height="19" width="19" align="right" #160;/tdtd height="19" width="9" align="right"i#160;/i/tdtd height="19" width="79" align="right"#160;13.95#160;sup/sup/tdtd height="19" width="26" align="right"#160;/tdtd height="19" width="9" align="right"i#160;/i/tdtd height="19" width="95" align="right"1#160;sup/sup/tdtd height="19" width="23" align="right"#160;/tdtd height="19" width="9" align="right"#160;/tdtd height="19" width="74" align="right"13.00#160;sup/sup/tdtd height="19" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Select Midwest statessup(5)/sup/tdtd height="18" width="9" align="left"i amp;#160;/i/tdtd height="18" width="90" align="right"#160;11#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;5.65#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"11#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"5.62#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/td gt;td width="183" align="left" height="18" colspan="2"All other statessup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;61#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;4.19#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"61#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"4.11#160;sup/sup t;/tdtd height="18" width="67" align="center"#160;/td/trtrtd width="202" align="left" height="18" colspan="3"bProduct distribution (not mutually exclusive):/bsupb#160;(6)/b/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"#160;sup/sup/tdtd height="18" width="23" align="right"#160;/td td height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Alt-Asup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;9#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;16.22#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdt d height="18" width="95" align="right"9#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"15.63#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Subprimesup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;31.47#160;sup/sup/tdtd height="18" w idth="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"30.68#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Negatively amortizing adjustable ratesup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;1#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align ="right"i#160;/i/tdtd height="18" width="79" align="right"#160;10.09#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"1#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"10.29#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Interest onlysup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="rig ht"#160;6#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;20.82#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"7#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"20.17#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Investor propertysup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;5#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;5.53#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"6#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"5.54#160;sup/sup/tdtd height="18" width="67" align="center"#160; /td/trtrtd height="19" width="19" align="left"#160;/tdtd width="183" align="left" height="19" colspan="2"Condo/Coopsup/sup/tdtd height="19" width="9" align="left"i#160;/i/tdtd height="19" width="90" align="right"#160;9#160;sup/sup/tdtd height="19" width="19" align="right"#160;/tdtd height="19" width="9" align="right"i#160;/i/tdtd height="19" width="79" align="right"#160;6.14#160;sup/sup/tdtd height="19" width="26" align="right"#160;/tdtd height="19" width="9" align="right"i#160;/i/tdtd height="19" width="95" align="right"9#160;sup/sup/tdtd height="19" width="23" align="right"#160;/tdtd height="19" width="9" align="right"#160;/ tdtd height="19" width="74" align="right"5.99#160;sup/sup/tdtd height="19" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Original loan-to-value ratio gt;90% sup#160;(7)/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;9#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;12.93#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18 " width="95" align="right"9#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"13.05#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"FICO credit score lt;620 sup#160;(7)/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;4#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;17.86#160;sup /sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"4#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"18.20#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Original loan-to-value ratio gt;90% and FICO credit score lt;620sup#160;(7)/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;1#160;sup/sup/td ;td height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="79" align="right"#160;26.94#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="95" align="right"1#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"27.96#160;sup/sup/tdtd height="18" width="67" align="left"#160;/td/trtrtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="164" align="left"#160;su p/sup/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="90" align="right"#160;sup/sup/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"i#160;/i/tdtd height="15" width="79" align="right"#160;sup/sup/tdtd height="15" width="26" align="right"#160;/tdtd height="15" width="9" align="right"i#160;/i/tdtd height="15" width="95" align="right"#160;sup/sup/tdtd height="15" width="23" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="74" align="right"#160;sup/sup/tdtd height="15" width="67" align="center"#160;/td/trtrtd width="202" align="left" height="18" colspan="3"bVintages:/bsup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="left"#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="left"#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"#160;sup/sup/tdtd height="18" width="67" align="center" #160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="right" height="18" colspan="2"2005#160;sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;10#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;7.58#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"10#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="righ t"#160;/tdtd height="18" width="74" align="right"7.27#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="right" height="18" colspan="2"2006#160;sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;10#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;13.42#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" alig n="right"11#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"12.87#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="right" height="18" colspan="2"2007#160;sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;14#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;14.85#160;sup/sup/tdtd height="18" w idth="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"15#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"14.06#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="183" align="right" height="18" colspan="2"2008#160;sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160;12#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right" t;i#160;/i/tdtd height="18" width="79" align="right"#160;4.51#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="95" align="right"13#160;sup/sup/tdtd height="18" width="23" align="right"#160;/tdtd height="18" width="9" align="right"#160;/tdtd height="18" width="74" align="right"3.98#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="20" width="19" align="left"#160;/tdtd width="183" align="left" height="20" colspan="2"All other vintagessup/sup/tdtd height="20" width="9" align="left"i#160;/i/tdtd height="20" width="90" align="right" ;#160;54#160;sup/sup/tdtd height="20" width="19" align="right"#160;/tdtd height="20" width="9" align="right"i#160;/i/tdtd height="20" width="79" align="right"#160;2.16#160;sup/sup/tdtd height="20" width="26" align="right"#160;/tdtd height="20" width="9" align="right"i#160;/i/tdtd height="20" width="95" align="right"51#160;sup/sup/tdtd height="20" width="23" align="right"#160;/tdtd height="20" width="9" align="right"#160;/tdtd height="20" width="74" align="right"2.19#160;sup/sup/tdtd height="20" width="67" align="center"#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="728" align="left" height="17" colspan="4"_ _________/td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="5" align="left"#160;/tdtd height="11" width="633" align="left"#160;/td/trtrtd height="20" width="26" align="left"#160;sup*/sup/tdtd height="20" width="5" align="left"#160;/tdtd height="20" width="633" align="left"Represents less than 0.5% of the single-family conventional guaranty book of business. /td/trtrtd height="53" width="26" align="right"#160;sup#160;(1)/sup/tdtd height="53" width="5" align="left"#160;/tdtd height="53" width="633" align="left"Consists of the portion of our conventional single-family guaranty book of business for which we have detailed loan level information, which constituted over 99% and 98% of our total conventional s ingle-family guaranty book of business as of March 31, 2010 and December 31, 2009, respectively./td/trtrtd height="34" width="26" align="right"#160;sup#160;(2)/sup/tdtd height="34" width="5" align="left"#160;/tdtd height="34" width="633" align="left"Includes conventional single-family loans that were three months or more past due or in foreclosure as of March 31, 2010 and December 31, 2009./td/trtrtd height="35" width="26" align="right"#160;sup#160;(3)/sup/tdtd height="35" width="5" align="left"#160;/tdtd height="35" width="633" align="left"Calculated based on the aggregate unpaid principal balance of delinquent conventional single-family loans divided by the aggregate unpaid principal balance of loans in our conventional single-family guaranty book of business./td/trtrtd height="34" width="26" align="right"#160;sup#160;(4)/sup/tdtd height="34" width="5" align="left"#160;/tdtd height="34" width="633" align="left"Calculated based on the number of conventional single-family loans that were delinquent divided by the total number of loans in our conventional single-family guaranty book of business./td/trtrtd height="23" width="26" align="right"#160;sup#160;(5)/sup/tdtd height="23" width="5" align="left"#160;/tdtd height="23" width="633" align="left"Consists of Illinois, Indiana, Michigan, and Ohio. /td/trtrtd height="23" width="26" align="right"#160;sup#160;(6)/sup/tdtd height="23" width="5" align="left"#160;/tdtd height="23" width="633" align="left"Categories are not mutually exclusive. Loans with multiple product features are included in all appl icable categories./td/trtrtd height="17" width="26" align="right"#160;sup#160;(7)/sup/tdtd height="17" width="5" align="left"#160;/tdtd height="17" width="633" align="left"Includes housing goals-oriented products such as MyCommunityMortgage#174; and Expanded Approval#174;. /td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" align="left"#160;/tdtd height="14" width="290" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd width="184" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14"bAs of March 31, 2010/bsupb(1) (2)/b/sup/tdtd height="14" width="13" align="left"b#160;/b/tdtd width="188" align="center" colspan= "4" style="border-bottom: 1px solid #000000;" height="14"bAs of December 31, 2009/bsupb(1) (2)/b/sup/tdtd height="14" width="13" align="left"#160;/td/trtrtd height="3" width="19" align="left"#160;/tdtd height="3" width="290" align="left"#160;/tdtd height="3" width="19" align="left"#160;/tdtd height="3" style="border-top: 1px solid #000000;" align="center" width="65"b#160;/bsupb/b/sup/tdtd height="3" style="border-top: 1px solid #000000;" align="center" width="13"b#160;/b/tdtd height="3" style="border-top: 1px solid #000000;" align="center" width="72"b#160;/bsup/sup/tdtd height="3" width="13" align="left"b#160;/b/tdtd height="3" style="border-top: 1px soli d #000000;" align="center" width="65"b#160;/bsupb/b/sup/tdtd height="3" style="border-top: 1px solid #000000;" align="center" width="13"b#160;/b/tdtd height="3" style="border-top: 1px solid #000000;" align="center" width="73"b#160;/bsup/sup/tdtd height="3" width="13" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="290" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="65" align="center"b30 Days/bsupb/b/sup/tdtd height="14" width="13" align="center"b#160;/b/tdtd height="14" width="72" align="center"bSeriously/bsup/sup/tdtd heig ht="14" width="13" align="left"b#160;/b/tdtd height="14" width="65" align="center"b30 Days/bsupb/b/sup/tdtd height="14" width="13" align="center"b#160;/b/tdtd height="14" width="73" align="center"bSeriously/bsup/sup/tdtd height="14" width="13" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="290" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="65"bDelinquent/bsupb/b/sup/tdtd height="17" width="13" align="center"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="cente r" width="72"bDelinquent/bsupb#160;(3)/b/sup/tdtd height="17" width="13" align="left"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="65"bDelinquent/bsup/sup/tdtd height="17" width="13" align="center"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="73"bDelinquent/bsupb#160;(3)/b/sup/tdtd height="17" width="13" align="left"#160;/td/trtrtd height="8" width="19" align="left"#160;/tdtd height="8" width="290" align="left"#160;/tdtd height="8" width="19" align="left"#160;/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="65"#160;sup/ sup/tdtd height="8" width="13" align="left"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="72"#160;sup/sup/tdtd height="8" width="13" align="left"#160;/tdtd height="8" style="border-top: 1px solid #000000;" align="left" width="65"#160;sup/sup/tdtd height="8" width="13" align="left"#160;/tdtd height="8" style="border-top: 1px solid #000000;" align="left" width="73"#160;sup/sup/tdtd height="8" width="13" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="290" align="left"Percentage of multifamily guaranty book of business/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="65" align="right"#160;0.22#160; lt;sup/sup/tdtd height="14" width="13" align="left"%/tdtd height="14" width="72" align="right"#160;0.79#160;sup/sup/tdtd height="14" width="13" align="left"%/tdtd height="14" width="65" align="right"0.28#160;sup/sup/tdtd height="14" width="13" align="left"%/tdtd height="14" width="73" align="right"0.63#160;sup/sup/tdtd height="14" width="13" align="left"%/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"i#160;/isupi/i/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd width= "196" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14"bAs of March 31, 2010/bsupb#160;(1)/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" width="15" align="left"i#160;/i/tdtd width="197" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14"bAs of December 31, 2009/bsupb#160;(1)/b/sup/tdtd height="14" width="12" align="left"i#160;/i/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"i#160;/isupi/i/sup/tdtd height="14" width="15" align="left"i#160;/i /tdtd height="14" width="94" align="center"bPercentage of/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd height="14" width="75" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="center"bPercentage of/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd height="14" width="75" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="left" i#160;/i/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"i#160;/isupi/i/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="center"bMultifamily/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd height="14" width="75" align="center"bPercentage/bsupb/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="center" t;bMultifamily/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd height="14" width="75" align="center"bPercentage/bsupb/b/sup/tdtd height="14" width="12" align="left"i#160;/i/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"i#160;/isupi/i/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="center"bGuaranty/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="15" align="center" b#160;/b/tdtd height="14" width="75" align="center"bSeriously/bsupb/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="center"bGuaranty/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd height="14" width="75" align="center"bSeriously/bsupb/b/sup/tdtd height="14" width="12" align="left"i#160;/i/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left" ;i#160;/isupi/i/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="94"bBook of Business/b/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="75"bDelinquent/bsupb/b/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="95"bBook of Business/b/tdtd height="14" width="12" align="left"b#160;/b/td gt;td height="14" width="15" align="center"b#160;/b/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="75"bDelinquent/bsupb/b/sup/tdtd height="14" width="12" align="left"i#160;/i/td/trtrtd width="195" align="left" height="14" colspan="3"bOriginating loan-to-value ratio:/bsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd width="196" align="center" height="14" colspan="4"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" width="15" align="left"i#160;/i/tdtd width="197" align="center" height="14" colspan="4"b#160;/bsupb t;/b/sup/tdtd height="14" width="12" align="left"i#160;/i/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Greater than 80%sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;5#160;/tdtd height="14" width="12" align="left"%/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="75" align="right"#160;0.91#160;sup/sup/tdtd height="14" width="12" align="left"%/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="95" align="right"#160;5#160;/tdtd height="14" width="12" align="left"%/tdtd height="14" width="15" align="left" mp;#160;/tdtd height="14" width="75" align="right"#160;0.50#160;sup/sup/tdtd height="14" width="12" align="left"%/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Less than or equal to 80%sup/sup/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="94" align="right"#160;95#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.78#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="95" align="right"#160;95#160;/tdtd height="14" width="12" ali gn="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.63#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd width="195" align="left" height="14" colspan="3"bOriginating debt service coverage ratio:/bsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="center"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="rig ht"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Less than or equal to 1.10sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;10#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.46#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" w idth="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;10#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.17#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Greater than 1.10sup/sup/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="94" align="right"#160;90#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.82#160;sup/s up/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="95" align="right"#160;90#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.68#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd width="195" align="left" height="14" colspan="3"bAcquisition loan size distribution:/bsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width=" 75" align="center"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Less than or equal to $750,000sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;3#160;/tdtd height="14" width="12" align="left"#160;/td ;td height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.46#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;3#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.27#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Greater than $750,000 and less than sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdt d height="14" width="94" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"#160;or equal to $3 millionsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;13#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.22#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;13#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.01#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Greater than $3 million and less than sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/td td height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"#160;or equal to $5 millionsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;9#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.14#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;9#160;/tdtd height="14" width="12" align="left"#16 0;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.08#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Greater than $5 million and less than sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="1 4" width="95" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="157" align="left"#160;or equal to $25 millionsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;41#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.87#160;sup/sup/td ;td height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;41#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.60#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="176" align="left" height="13" colspan="2"Greater than $25 millionsup/sup/tdtd height="13" width="15" align="left"i#160;/i/tdtd height="13" width="94" align="right"#160;34#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="15" align="center" ;#160;/tdtd height="13" width="75" align="right"#160;0.39#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="15" align="left"i#160;/i/tdtd height="13" width="95" align="right"#160;34#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="15" align="center"#160;/tdtd height="13" width="75" align="right"#160;0.34#160;sup/sup/tdtd height="13" width="12" align="left"#160;/td/trtrtd width="195" align="left" height="14" colspan="3"bMaturing dates:/bsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;/tdtd height="14" width="12" align="left"#1 60;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="center"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Maturing in 2010sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right" p;#160;2#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;2.50#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;2#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.55#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Maturing in 2011sup/sup/tdtd height="1 4" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;5#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.32#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;5#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.64#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdt d width="176" align="left" height="14" colspan="2"Maturing in 2012sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;8#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.43#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;10#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;1.13#160;sup/sup/tdtd height="14" width="12" align="le ft"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Maturing in 2013sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;11#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.53#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;12#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" wid th="75" align="right"#160;0.22#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd width="176" align="left" height="14" colspan="2"Maturing in 2014sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"#160;9#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.70#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" align="right"#160;9#160;/tdtd height="14" width="12" align="l eft"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"#160;0.62#160;sup/sup/tdtd height="14" width="12" align="left"#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="692" align="left" height="17" colspan="3"__________/td/trtrtd height="12" width="26" align="left"#160;sup/sup/tdtd height="12" width="602" align="left"#160;/td/trtrtd height="49" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="49" width="602" align="left"Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted over 99% and 98% of our total multifamily guaranty book of business as of March 31, 2010 and December 31, 2009, respectively./td/trtrtd height="32" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="32" width="602" align="left"Calculated based on the aggregate unpaid principal balance of delinquent multifamily loans divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business./td/trtrtd height="16" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="16" width="602" align="left"Includes multifamily loans that were two months or more past due as of March 31, 2010 and December 31, 2009./td/tr/tablepGuaranty Obligationsbr /br /The following table displays changes in our #8220;Guaranty obligations#8221; recognized in our condensed consolidated balance sheets for the three months ended March 31, 2010 and 2009. We derecognized the majority o f our guaranty obligations and deferred profit from our condensed consolidated balance sheet upon adoption of the new accounting standards./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="29" width="18" align="left"#160;/tdtd height="29" width="449" align="left"b#160;/bsupb/b/sup/tdtd width="151" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="29"bFor the Three Months Ended March 31,/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"#160;sup/sup/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2010#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width ="11"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2009#160;/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"#160;sup/sup/tdtd width="151" align="center" height="14" colspan="8"b(Dollars in millions)/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"#160;sup/sup/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="61" align="center"b#160;/b/tdtd height="14" width="11" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160 ;/b/tdtd height="14" width="61" align="center"b#160;/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Beginning balance, January 1sup/sup/tdtd height="14" width="9" align="right"$/tdtd height="14" width="61" align="right"#160;13,996#160;/tdtd height="14" width="11" align="right"#160;/tdtd height="14" width="9" align="right"$/tdtd height="14" width="61" align="right"#160;12,147#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Adoption of new accounting standardssup/sup/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="61" align="right"#160;(13,320)/tdtd height="1 4" width="11" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="61" align="right"#160;-#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Additions to guaranty obligationssup(1)/sup/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="61" align="right"#160;183#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="61" align="right"#160;1,335#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Amortization of guaranty obligations into guaranty fee incomesup/sup/tdtd height="14" width= "9" align="right"#160;/tdtd height="14" width="61" align="right"#160;(32)/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="61" align="right"#160;(1,763)/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Impact of consolidation activitysup(2)/sup/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;-#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="61" amp;#160;(46)/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Ending balance, March 31sup/sup/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;827#160;/tdtd height="14" width="11" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;11,673#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="449" align="left"Deferred profit amortization t;sup/sup/tdtd height="14" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;1#160;/tdtd height="14" width="11" align="right"#160;/tdtd height="14" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;283#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="12" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160; /td/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="642" align="left"Represents the fair value of our contractual obligation at issuance of new guarantees. /td/trtrtd height="9" width="26" align="left"#160;sup/sup/tdtd height="9" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="15" width="642" align="left"Represents the derecognition of guaranty obligations during the period due to consolidations excluding the /td/trtrtd height="15" width="26" align="left"#160;sup/sup/tdtd height="15" width="642" align="left"impact of adopting the new accounting standards./td/tr/tablepThe fair value of our guaranty obligations associated with the Fannie Mae MBS included in #8220;Investments in securities#8221; was $2.4#160;billion and $4.8 billion as of March 31, 2010 and December#160;31, 2009, respectively.br //p/div

Acquired Property Net	3 Months Ended
Acquired Property Net	Mar. 31, 2010
Note to Consolidated Financial Statements
Acquired Propery Net	div style="font-size:12pt"p8.#160;#160;Acquired Property, Netbr /br /Acquired property, net consists of held-for-sale foreclosed property received in full satisfaction of a loan net of a valuation allowance for declines in the fair value of foreclosed properties after initial acquisition. We classify as held for sale those properties that we intend to sell and are actively marketed for sale. The following table displays the activity in acquired property and the related valuation allowance for the three months ended March 31, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="16" width="159" align="left"b#160;/b/tdtd width="265" align="center" height="16" colspan="9"bFor the Three Months Ended /b/tdtd height="16" width="16" align="cen ter"b#160;/b/tdtd width="257" align="center" height="16" colspan="9"bFor the Three Months Ended /b/td/trtrtd height="16" width="159" align="left"b#160;/b/tdtd width="265" align="center" colspan="9" style="border-bottom: 1px solid #000000;" height="16"bMarch 31, 2010/b/tdtd height="16" width="16" align="center"b#160;/b/tdtd width="257" align="center" colspan="9" style="border-bottom: 1px solid #000000;" height="16"bMarch 31, 2009/b/td/trtrtd height="16" width="159" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bAcquired/b/tdtd height="16" style="border-top: 1px solid #000000;" align="center" width="5"b#160;/b/td td width="77" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bValuation/bsupb/b/sup/tdtd height="16" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="82" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bAcquired/b/tdtd height="16" width="16" align="center"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bAcquired/b/tdtd height="16" style="border-top: 1px solid #000000;" align="center" width="5"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bValuation/bsupb/b/sup/tdtd height="16" style="border-top: 1px sol id #000000;" align="center" width="7"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bAcquired/b/td/trtrtd height="16" width="159" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bProperty/b/tdtd height="16" width="5" align="center"b#160;/b/tdtd width="77" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bAllowance /bsupb(1)/b/sup/tdtd height="16" width="4" align="left"#160;/tdtd width="82" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bProperty, Net/b/tdtd height="16" width="16" align="left"b#160;/b gt;/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bProperty/b/tdtd height="16" width="5" align="center"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bAllowance /bsupb(1)/b/sup/tdtd height="16" width="7" align="left"#160;/tdtd width="84" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bProperty, Net/b/td/trtrtd height="16" width="159" align="left"#160;/tdtd width="538" align="center" height="16" colspan="19"b(Dollars in millions)/b/td/trtrtd height="16" width="159" align="left"Beginning balance, January 1/tdtd height="16" width="9" align="left"$/tdtd height="16" width="63" align="right"#160;9,716#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;(574)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="73" align="right"#160;9,142#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="55" align="right"#160;8,040#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="63" align="right"#160;(1,122)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" width="9" align ="left"$/tdtd height="16" width="75" align="right"#160;6,918#160;/td/trtrtd height="16" width="159" align="left"Additions /tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="63" align="right"#160;6,762#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;(52)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="73" align="right"#160;6,710#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="55" align="right"#160;2,542#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="63" align="right"#160;(16)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="75" align="right"#160;2,526#160;/td/trtrtd height="16" width="159" align="left"Disposals /tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="63" align="right"#160;(3,425)/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;206#160;sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" width="9" align="left"#160;/td gt;td height="16" width="73" align="right"#160;(3,219)/tdtd height="16" width="16" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="55" align="right"#160;(2,823)/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="63" align="right"#160;373#160;sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="75" align="right"#160;(2,450)/td/trtrtd height="16" width="159" align="left"Write-downs, net of recoveries/tdtd height="16" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;-#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="right" width="68"#160;(264)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;(264)/tdtd height="16" width="16" align="right"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="16" width="5" align="right"#160;/tdtd he ight="16" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;(364)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="16" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;(364)/td/trtrtd height="16" width="159" align="left"Ending balance, March 31/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;13,053#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" style="border-top: 1 px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;(684)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;12,369#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;7,759#160;/tdtd height="16" width="5" align="right"#160 ;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(1,129)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;6,630#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="19" colspan="3"__________/td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td ;/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="642" align="left"Reflects activities in the valuation allowance for acquired properties held primarily by our single-family segment./td/tr/table/div

Short-term Borrowings and Long-term Debt	3 Months Ended
Short-term Borrowings and Long-term Debt	Mar. 31, 2010
Note to Consolidated Financial Statements
Short-term Borrowings and Long-term Debt	div style="font-size:12pt"p9.#160;#160;Short-Term Borrowings and Long-Term Debtbr /br /Our short-term borrowings and long-term debt increased significantly due to our adoption of the new accounting standards on the transfers of financial assets and the consolidation of VIEs.br /br /Short-Term Borrowingsbr /br /Our short-term borrowings (borrowings with an original contractual maturity of one year or less) consist of both #8220;Federal funds purchased and securities sold under agreements to repurchase#8221; and #8220;Short-term debt#8221; in our condensed consolidated balance sheets. The following table displays our outstanding short-term borrowings and weighted-average interest rates as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"tr ;td height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="270" align="left"#160;sup/sup/tdtd width="382" align="center" colspan="12" style="border-bottom: 1px solid #000000;" height="15"bAs of /bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="270" align="left"#160;sup/sup/tdtd width="163" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bMarch 31, 2010/bsup/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="19"#160;/tdtd width="164" align="center" colspan="5" style="border-top: 1p x solid #000000;border-bottom: 1px solid #000000;" height="15"bDecember 31, 2009/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="72"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeighted-/bsupb/b/sup lt;/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="72"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="20"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeighted-/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="9" align="right" b#160;/b/tdtd height="15" width="72" align="right"b#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bAverage/bsupb/b/sup/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="9" align="right"b#160;/b/tdtd height="15" width="72" align="left"b#160;/b/tdtd height="15" width="20" align="left"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bAverage/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="19" align="left"b#160;/b/td ;td height="15" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="9" align="right"b#160;/b/tdtd height="15" width="72" align="right"b#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bInterest/bsupb/b/sup/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="9" align="right"b#160;/b/tdtd height="15" width="72" align="left"b#160;/b/tdtd height="15" width="20" align="left"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bInterest/bsupb/b/sup/td/tr ;trtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="270" align="left"#160;sup/sup/tdtd width="81" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bOutstanding/b/tdtd height="15" width="19" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bRate/bsupb(1)/b/sup/tdtd height="15" width="19" align="center"#160;/tdtd width="81" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bOutstanding/b/tdtd height="15" width="20" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px soli d #000000;" height="15"bRate/bsupb(1)/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"b#160;/b/tdtd height="15" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="9" align="right"b#160;/b/tdtd width="373" align="center" height="15" colspan="11"b(Dollars in millions)/bsup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Federal funds purchased and securities sold undersupb/b/sup/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="72" align="right"b#160;/b/tdtd height="17" width="19" align="center"b ;#160;/b/tdtd height="17" width="48" align="center"b#160;/b/tdtd height="17" width="15" align="center"b#160;/bsupb/b/sup/tdtd height="17" width="19" align="left"b#160;/b/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="72" align="center"b#160;/b/tdtd height="17" width="20" align="center"b#160;/b/tdtd height="17" width="48" align="center"b#160;/b/tdtd height="17" width="15" align="center"b#160;/bsupb/b/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"agreements to repurchasesup/sup/tdtd height="17" st yle="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="72"#160;180#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.01#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="72"#160;-#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="15" align="left"%sup/sup/td/trtrtd width="308" align="left" height="17" colspan ="3"Fixed-rate short-term debt:sup/sup/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="72"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;/tdtd height="17" width="15" align="left"#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="72"#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="15" align="left"#160;sup/sup/td/tr t;trtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Discount notes sup/sup/tdtd height="17" width="9" align="right"$/tdtd height="17" width="72" align="right"#160;207,517#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.26#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="72" align="right"#160;199,987#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"0.27#160;/tdtd height="17" width="15" align="left"%sup/sup/td/trtrtd heigh t="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Foreign exchange discount notessup/sup/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="72" align="right"#160;305#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;1.64#160;/tdtd height="17" width="15" align="left"#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="72" align="right"#160;300#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"1.50#160;/tdtd height="17" width="15" align="left"#160;sup/sup/td/tr t;trtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Other short-term debtsup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="15" align="left"#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;100#160;/tdtd height="17" width="20" align="left"#160;/td t;td height="17" width="48" align="right"0.53#160;/tdtd height="17" width="15" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="270" align="left"Total fixed-rate short-term debtsup/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="72"#160;207,822#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.26#160;/tdtd height="17" width="15" align="left"#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" a lign="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="72"#160;200,387#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"0.27#160;/tdtd height="17" width="15" align="left"#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Floating-rate short-term debtsup(2)/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="15" align="left"#160;sup/sup/tdtd heig ht="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;50#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"0.02#160;/tdtd height="17" width="15" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Total short-term debt of Fannie Maesup/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="72"#160;207,822#160;/tdtd height="17" width="19" align="left"#160;/ tdtd height="17" width="48" align="right"#160;0.26#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="72"#160;200,437#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"0.27#160;/tdtd height="17" width="15" align="left"%sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Debt of consolidated trustssup/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="72" t;#160;6,343#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.11#160;/tdtd height="17" width="15" align="left"#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="15" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Total short-term debtsup/sup/tdtd heig ht="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;214,165#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.25#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;200,437#160;/tdtd height="17" width="20" align="left"#160;/tdtd height="17" width="48" align="right"0.27#160;/tdtd height="17" w idth="15" align="left"%sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="19" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="19" width="642" align="left"Includes the effects of discounts, premiums, and other cost basis adjustments./td/trtrtd height="17" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="17" width="642" align="left"Includes a portion of structured debt instruments that is reported at fair value. /td/trtrtd height="8" width="26" align="left"#160; t;sup/sup/tdtd height="8" width="642" align="left"#160;/td/tr/tablepOur federal funds purchased and securities sold under agreements to repurchase represent agreements to repurchase securities from banks with excess reserves on a particular day for a specified price, with repayment generally occurring on the following day. Our short-term debt includes discount notes and foreign exchange discount notes, as well as other short-term debt. Our discount notes are unsecured general obligations and have maturities ranging from overnight to 360#160;days from the date of issuance. br /br /Additionally, we issue foreign exchange discount notes in the Euro money market enabling investors to hold short-term investments in different currencies. We have the ability to issue foreign exchange discount notes in maturities ranging from 5#160;to 360#160;days.br /br /Long-Term Debtbr /br /Long-term deb t represents borrowings with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"#160;sup/sup/tdtd width="504" align="center" colspan="16" style="border-bottom: 1px solid #000000;" height="15"bAs of/b/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="14"#160;sup/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"b#160;/bsup /sup/tdtd width="244" align="center" colspan="7" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bMarch 31, 2010/bsup/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="144" align="right" colspan="4" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bDecember 31, 2009/bsupb/b/sup/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="10"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="58"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"#160;sup/sup /td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"b#160;/bsup/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="69"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="14"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="63"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeig hted-/bsupb/b/sup/tdtd height="15" width="12" align="center"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="65"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="58"b#160;/bsupb/b/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bWeighted-/bsupb/b/sup/td/tr trtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"b#160;/bsup/sup/tdtd height="15" width="69" align="center"b#160;/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd height="15" width="14" align="center"b#160;/b/tdtd height="15" width="63" align="center"b#160;/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd width="74" align="center" height="15" colspan="2"bAverage/bsupb/b/sup/tdtd height="15" width="12" align="center"b#160;/b/tdtd height="15" width="65" align="center"b#160;/b/tdtd height= "15" width="12" align="center"b#160;/b/tdtd height="15" width="9" align="center"b#160;/b/tdtd height="15" width="58" align="center"b#160;/bsupb/b/sup/tdtd height="15" width="10" align="center"b#160;/b/tdtd width="72" align="center" height="15" colspan="2"bAverage/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"b#160;/bsup/sup/tdtd height="15" width="69" align="center"b#160;/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd height="15" width="14" align="center"b#1 60;/b/tdtd height="15" width="63" align="center"b#160;/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd width="74" align="center" height="15" colspan="2"bInterest/bsupb/b/sup/tdtd height="15" width="12" align="center"b#160;/b/tdtd height="15" width="65" align="center"b#160;/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd height="15" width="9" align="center"b#160;/b/tdtd height="15" width="58" align="center"b#160;/bsupb/b/sup/tdtd height="15" width="10" align="center"b#160;/b/tdtd width="72" align="center" height="15" colspan="2"bInterest/bsupb/b gt;/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"#160;sup/sup/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="69"bMaturities/b/tdtd height="15" width="12" align="center"#160;/tdtd width="77" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bOutstanding/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bRate/bsupb#160;(1)/b/sup/tdtd height="15" width="12" align="center"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="65"bMaturities/b/tdtd height="15" width="12" align="center"b#160;/b/tdtd width="67" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bOutstanding/bsupb/b/sup/tdtd height="15" width="10" align="left"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bRate/bsupb#160;(1)/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="171" align="left"#160;sup/sup/tdtd width="504" align="center" height="15" colspan="16"b(Dollars in millions)/b/tdtd height="15" width="14" align="left" ;#160;sup/sup/td/trtrtd width="209" align="left" height="17" colspan="3"Senior fixed:sup/sup/tdtd height="17" width="69" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="63" align="left"b#160;/b/tdtd height="17" width="12" align="left"b#160;/b/tdtd height="17" width="58" align="left"b#160;/b/tdtd height="17" width="16" align="left"b#160;/bsupb/b/sup/tdtd height="17" width="12" align="left"b#160;/b/tdtd height="17" width="65" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="9" align="left "#160;/tdtd height="17" width="58" align="left"#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="left"#160;/tdtd height="17" width="14" align="left"#160;supb/b/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Benchmark notes and bondssup/sup/tdtd height="17" width="69" align="center"2010-2030/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left"$/tdtd height="17" width="63" align="right"#160;276,322#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"3.88#160;/tdtd height="17" width="16" align="l eft"%sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2030/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="58" align="right"#160;279,945#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;4.10#160;/tdtd height="17" width="14" align="left"%sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Medium-term notessup/sup/tdtd height="17" width="69" align="center"2010-2020/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left" #160;/tdtd height="17" width="63" align="right"#160;182,431#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"2.92#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2019/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="58" align="right"#160;171,207#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;2.97#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left" p;#160;/tdtd width="190" align="left" height="17" colspan="2"Foreign exchange notes and bondssup/sup/tdtd height="17" width="69" align="center"2017-2028/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="63" align="right"#160;1,107#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"6.09#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2028/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="58" align="right"#160;1,239#160;sup/sup t;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;5.64#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Other long-term debtsup(2)/sup/tdtd height="17" width="69" align="center"2010-2040/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;60,397#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"5.83#160;/tdtd height="17" width="16" align="left"#160 ;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2039/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;62,783#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;5.80#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="171" align="left"Total senior fixedsup/sup/tdtd height="17" width="69" alig n="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="63"#160;520,257#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"3.77#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="58"#160;515,174#160;sup/sup/td t;td height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;3.94#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd width="209" align="left" height="17" colspan="3"Senior floating:sup/sup/tdtd height="17" width="69" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="63" align="left"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="left"#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"#160;/tdtd height="17" widt h="12" align="center"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="58" align="right"#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Medium-term notessup/sup/tdtd height="17" width="69" align="center"2010-2015/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="63" align="right"#160;45,219#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="righ t"0.23#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2014/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="58" align="right"#160;41,911#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;0.26#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Other long-term debtsup(2)/sup/tdtd height="17" width="69" align="center"2020-2037/tdtd height= "17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;951#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"4.53#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2020-2037/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;1,041#160;sup/sup/tdtd height="17" width="10" align="left" #160;/tdtd height="17" width="58" align="right"#160;4.12#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="171" align="left"Total senior floatingsup/sup/tdtd height="17" width="69" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="63"#160;46,170#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"0.32#160;/tdtd height="17" width="16" align="left"#160;sup ;/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="58"#160;42,952#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;0.34#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd width="209" align="left" height="22" colspan="3"Subordinated fixed:sup/sup/tdtd height="22" width="69" align="center"#160;/tdtd height="22" width="12" align="center"#160;/tdtd height="22" width="14" ali gn="left"#160;/tdtd height="22" width="63" align="left"#160;/tdtd height="22" width="12" align="right"#160;/tdtd height="22" width="58" align="left"#160;/tdtd height="22" width="16" align="left"#160;sup/sup/tdtd height="22" width="12" align="left"#160;/tdtd height="22" width="65" align="center"#160;/tdtd height="22" width="12" align="center"#160;/tdtd height="22" width="9" align="left"#160;/tdtd height="22" width="58" align="right"#160;sup/sup/tdtd height="22" width="10" align="left"#160;/tdtd height="22" width="58" align="right"#160;/tdtd height="22" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" ali gn="left" height="17" colspan="2"Qualifying subordinatedsup(3)/sup/tdtd height="17" width="69" align="center"2011-2014/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="14" align="left"#160;/tdtd height="17" width="63" align="right"#160;7,392#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"5.47#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2011-2014/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="58" align="right"#160;7,391#160;sup/sup/tdtd height="17" width="10" ali gn="left"#160;/tdtd height="17" width="58" align="right"#160;5.47#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Subordinated debenturessup/sup/tdtd height="17" width="69" align="center"2019#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;2,488#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"9.90#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2019#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;2,433#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;9.89#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="171" align="left"Total subordinated fixedsup/sup/tdtd height="17" width="69" align="center"#160;/td gt;td height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="63"#160;9,880#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"6.59#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #00 0000;" align="right" width="58"#160;9,824#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;6.57#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="190" align="left" height="17" colspan="2"Total long-term debt of Fannie Maesup(4)/sup/tdtd height="17" width="69" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="63"#160;576,307#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align= "right"3.55#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"#160;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="58"#160;567,950#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;3.71#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd width="209" align="left" height="17" colspan="3"Debt of consolidated trustssup/sup/tdtd height="17" width="69" align="center"2010-2050 ;/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="14"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;2,472,192#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"5.10#160;/tdtd height="17" width="16" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2039/tdtd height="17" width="12" align="center"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;6,167#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="58" align="right"#160;5.63#160;/tdtd height="17" width="14" align="left"#160;sup/sup/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="190" align="left" height="18" colspan="2"Total long-term debtsup/sup/tdtd height="18" width="69" align="right"b#160;/b/tdtd height="18" width="12" align="right"b#160;/b/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="14"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;3,048,499#160;/tdtd height="18" width="12" align="right"#160;/tdtd height="18" width="58" align="right"4.81#160;/td td height="18" width="16" align="left"%sup/sup/tdtd height="18" width="12" align="left"#160;/tdtd height="18" width="65" align="right"b#160;/b/tdtd height="18" width="12" align="right"b#160;/b/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="58"#160;574,117#160;sup/sup/tdtd height="18" width="10" align="left"#160;/tdtd height="18" width="58" align="right"#160;3.73#160;/tdtd height="18" width="14" align="left"%sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="715" align="left" height="17" colspan="3" __________/td/trtrtd height="3" width="33" align="left"#160;sup/sup/tdtd height="3" width="651" align="left"#160;/td/trtrtd height="16" width="33" align="left"#160;sup#160;(1)/sup/tdtd height="16" width="651" align="left"Includes the effects of discounts, premiums and other cost basis adjustments. /td/trtrtd height="18" width="33" align="left"#160;sup#160;(2)/sup/tdtd height="18" width="651" align="left"Includes a portion of structured debt instruments that is reported at fair value. /td/trtrtd height="16" width="33" align="left"#160;sup#160;(3)/sup/tdtd height="16" width="651" align="left"Consists of subordinated debt issued with an interest deferral feature. /td/trtrtd height="16" wid th="33" align="left"#160;sup#160;(4)/sup/tdtd height="16" width="651" align="left"Reported amounts include a net discount and other cost basis adjustments of $13.8#160;billion and $15.6#160;billion as of March 31, 2010 and December 31, 2009, respectively./td/trtrtd height="4" width="33" align="left"#160;sup/sup/tdtd height="4" width="651" align="left"#160;/td/trtrtd height="3" width="33" align="left"#160;sup/sup/tdtd height="3" width="651" align="left"#160;/td/tr/tablepIntraday Lines of Creditbr /br /We periodically use secured and unsecured intraday funding lines of credit provided by several large financial institutions. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As these lines of credit are uncommitted intraday loan facilities, we may be unable to draw on them if and when needed. We had secured uncommitted lines of credit of $25.0#160;billion and unsecured uncommitted lines of credit of $500 million as of both March 31, 2010 and December 31, 2009. We had no borrowings outstanding from these lines of credit as of March 31, 2010./p/div

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Mar. 31, 2010
Note to Consolidated Financial Statements
Derivative Instruments and Hedging Activities	div style="font-size:12pt"p10.#160;#160;Derivative Instrumentsbr /br /Derivative instruments are an integral part of our strategy in managing interest rate risk. Derivative instruments may be privately negotiated contracts, which are often referred to as over-the-counter (#8220;OTC#8221;) derivatives, or they may be listed and traded on an exchange. When deciding whether to use derivatives, we consider a number of factors, such as cost, efficiency, the effect on our liquidity, results of operations, and our overall interest rate risk management strategy. We choose to use derivatives when we believe they will provide greater relative value or more efficient execution of our strategy than debt securities. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis fo r calculating actual payments or settlement amounts. The derivatives we use for interest rate risk management purposes consist primarily of OTC contracts that fall into three broad categories:br /br /#8226;#160;#160;#160;#160;#160;#160;#160;#160;Interest rate swap contracts.#160;#160;An interest rate swap is a transaction between two parties in which each party agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally based on a notional amount of principal. The types of interest rate swaps we use include pay-fixed swaps, receive-fixed swaps and basis swaps.br /br /#8226;#160;#160;#160;#160;#160;#160;#160;#160;Interest rate option contracts.#160;#160;These contracts primarily include pay-fixed swaptions, receive-fixed swaptions, cancelable swaps and interest rate caps. A swaption is an option contract that allows us to enter into a pay-fixed or receive-fixed swap at some point in the future. br /br /#8226;#160;#160;#160;#160;#160;#160;#160;#160;Foreign currency swaps.#160;#160;These swaps convert debt that we issue in foreign-denominated currencies into U.S.#160;dollars. We enter into foreign currency swaps only to the extent that we issue foreign currency debt.br /We enter into forward purchase and sale commitments that lock in the future delivery of mortgage loans and mortgage-related securities at a fixed price or yield. Certain commitments to purchase mortgage loans and purchase or sell mortgage-related securities meet the criteria of a derivative. We typically settle the notional amount of our mortgage commitments that are accounted for as derivatives. br /We account for our derivatives pursuant to the accounting standards on derivative instruments, and recognize all derivatives as either assets or liabilities in our cond ensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are netted at the counterparty level and are inclusive of cash collateral posted or received, are recorded in #8220;Derivative assets, at fair value#8221; or #8220;Derivative liabilities, at fair value#8221; in our condensed consolidated balance sheets. We record all derivative gains and losses, including#160;accrued interest, in #8220;Fair value losses, net#8221;#160;in our condensed consolidated statements of operations.br /br /br /Notional and Fair Value Position of our Derivativesbr /br /The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments on a gross basis, before the application of master netting agreements, as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="214" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="17"bAs of March 31, 2010/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="214" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="17"bAs of December 31, 2009/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="center"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="102" align=" center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bAsset Derivatives/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="102" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bLiability Derivatives/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="102" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bAsset Derivatives/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="102" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bLiability Derivatives /b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="center"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bNotional/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bEstimated/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bNotional/b/tdtd height="17" style="border-top: 1px solid #000000;" ali gn="center" width="10"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bEstimated/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bNotional/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bEstimated/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bNotional/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160; /b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bEstimated/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="center"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bAmount/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFair Value/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height= "17"bAmount/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFair Value/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bAmount/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFair Value/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bAmount/b/tdtd height="17" width="10" align="center"b#160; t;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFair Value/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="438" align="center" height="17" colspan="23"b(Dollars in millions)/b/td/trtrtd width="230" align="left" height="17" colspan="3"Risk management derivatives:sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd he ight="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/td/trtrtd width="230" align="left" height="17" colspan="3"Swaps:sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right" gt;#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="left"#160;/td t;/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"Pay-fixedsup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;34,109#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;568#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;281,748#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd hei ght="17" width="37" align="right"#160;(16,867)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;68,099#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;1,422#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;314,501#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;(17,758)/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left "#160;/tdtd height="17" width="192" align="left"Receive-fixedsup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;169,390#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;6,759#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;59,903#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;(1,016)/tdtd height="17" width="10" align="right" t;#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;160,384#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;8,250#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;115,033#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;(2,832)/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left" t;Basissup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;3,170#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;51#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;50#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;(1)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/td t;td height="17" width="37" align="right"#160;2,715#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;61#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;510#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;(4)/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"Foreign currencysup/sup/tdtd height="17" width="6" align="left"#16 0;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;1,063#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;61#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;346#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;(58)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;727#160;/tdtd height ="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;107#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;810#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;(49)/td/trtrtd width="230" align="left" height="17" colspan="3"Swaptions:sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"Pay-fixedsup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;90,350#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;1,045#160;/tdtd height="17" width="1 0" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;4,375#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;(10)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;97,100#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;2,012#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160; 2,200#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;(1)/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"Receive-fixedsup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;71,430#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;4,065#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left" t;#160;/tdtd height="17" width="37" align="right"#160;2,000#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;(5)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;75,380#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;4,043#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/ tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;-#160;/td/trtrtd width="230" align="left" height="17" colspan="3"Interest rate capssup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;7,000#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;72#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" ali gn="left"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;7,000#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;128#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;-#160;/td/trtrtd width="230" align="l eft" height="17" colspan="3"Othersup(1)/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;740#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;87#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;8#160;/tdtd height="17" width="10" align="left"#160; ;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;740#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;84#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd hei ght="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;8#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;-#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="211" align="left" height="17" colspan="2"Total gross risk management derivativessup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;377,252#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border - -top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;12,708#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;348,430#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;(17,957)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right " width="37"#160;412,145#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;16,107#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;433,062#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="37"#160;(20,644)/td/trtrtd height="17" width="19" align="left"#160;/td gt;td width="211" align="left" height="17" colspan="2"Collateral receivable (payable)sup(2)/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;5,973#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;(181)/tdtd height="17" width="10" align="right" ;#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;5,437#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;(1,023)/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="211" align="left" height="17" colspan="2"Accrued interest receivable (payable)sup/sup/t dtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;1,735#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;-#160;/tdtd height="17" width="10" align="right"#160;/td lt;td height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;(2,940)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;2,596#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/td ;td height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;(2,813)/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="192" align="left"Total net risk management derivativessup/sup/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;377,252 #160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;20,416#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;348,430#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align= "right" width="37"#160;(21,078)/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;412,145#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;24,140#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border- bottom: 3px double #000000;" align="right" width="37"#160;433,062#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(24,480)/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="192" align="left"#160;sup/sup/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"b#160;/b/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align=" right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"b#160;/b/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"b#160;/b/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"b#160;/b/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160 ;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="37"#160;/td/trtrtd width="230" align="left" height="17" colspan="3"Mortgage commitment derivatives:sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b#160;/b/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b#160;/b/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b #160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left"b#160;/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="left" b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="211" align="left" height="17" colspan="2"Mortgage commitments to purchase whole loanssup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;793#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;1#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;2,870#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/td ;td height="17" width="37" align="right"#160;(15)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;273#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;4,453#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;(66)/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="211" align="left" height="17" colspan ="2"Forward contracts to purchase mortgage-related sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left" gt;#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="192" align="left"securitiessup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height ="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="right"#160;7,275#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="right"#160;26#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="right"#160;19,616#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="right"#160;(61)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="ri ght"#160;3,403#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;7#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;23,287#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="37" align="right"#160;(283)/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="211" align="left" height="17" colspan="2"Forward contracts to sell mortgage-related securitiessup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-botto m: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;44,652#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;224#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;12,064#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b# 160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;(35)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;83,299#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;1,141#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;7,2 32#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="37"#160;(14)/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="192" align="left"Total mortgage commitment derivativessup/sup/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;52,720#160;/tdtd height="18" width="10" align="right"#160;/tdtd height=" 18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;251#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;34,550#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(111)/tdtd height="18" width="10" align="right"#160 ;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;86,975#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;1,148#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;34,972#160;/tdtd height=" 18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(363)/td/trtrtd height="19" width="19" align="left"#160;/tdtd height="19" width="19" align="left"#160;/tdtd height="19" width="192" align="left"Derivatives at fair valuesup/sup/tdtd height="19" width="6" align="left"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;429,972#160;/tdtd height="19" width="10" align="right"#160;/tdtd he ight="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;20,667#160;/tdtd height="19" width="10" align="left"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;382,980#160;/tdtd height="19" width="10" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(21,189)/tdtd height="19" width="10" align=" right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;499,120#160;/tdtd height="19" width="10" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;25,288#160;/tdtd height="19" width="10" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;468,034#16 0;/tdtd height="19" width="10" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(24,843)/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="679" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="619" align="left"#160;/td/trtrtd height="29" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="29" width="619" align="left"Includes swap credit enhancements and mortgage insurance contracts that we account for as derivatives. The mortgage insurance contra cts have payment provisions that are not based on a notional amount. /td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="619" align="left"#160;/td/trtrtd height="29" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="29" width="619" align="left"Collateral receivable represents cash collateral posted by us for derivatives in a loss position. Collateral payable represents cash collateral posted by counterparties to reduce our exposure for derivatives in a gain position. /td/tr/tablepA majority of our derivative instruments contain provisions that require our senior unsecured debt to maintain a minimum credit rating from each of the major credit rating agencies. If our senior unsecured debt were to fall below established thresholds in our governing agreements, which range from A- to BBB+, we would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position as of March 31, 2010 was $6.8#160;billion for which we posted collateral of $6.0#160;billion in the normal course of business. If the credit-risk-related contingency features underlying these agreements were triggered as of March 31, 2010, we would be required to post an additional $846#160;million of collateral to our counterparties. br //ppThe following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives for the three months ended March 31, 2010 and 2009. br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" a lign="left"#160;/tdtd height="14" width="379" align="left"b#160;/bsup/sup/tdtd width="137" align="center" height="14" colspan="5"bFor the Three Months/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"b#160;/bsup/sup/tdtd width="137" align="center" height="14" colspan="5"bEnded March 31,/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"b#160;/bsup/sup/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2010#160;/b/tdtd height="14" width="9" align="left"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2009#160;/b/td/trtrtd height="4" width="19" align="left"#160;/tdtd height="4" width="379" align="left"#160;sup/sup/tdtd height="4" style="border-top: 1px solid #000000;" align="right" width="8"#160;/tdtd height="4" style="border-top: 1px solid #000000;" align="left" width="54"#160;/tdtd height="4" width="9" align="left"#160;/tdtd height="4" style="border-top: 1px solid #000000;" align="right" width="12"#160;/tdtd height="4" style="border-top: 1px solid #000000;" align="left" width="54"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"#160;sup/sup/tdtd width="137" align="center" height="14" colspan="5"b t;(Dollars in millions)/b/td/trtrtd height="9" width="19" align="left"#160;/tdtd height="9" width="379" align="left"#160;sup/sup/tdtd height="9" width="8" align="right"b#160;/b/tdtd height="9" width="54" align="left"b#160;/b/tdtd height="9" width="9" align="left"b#160;/b/tdtd height="9" width="12" align="right"b#160;/b/tdtd height="9" width="54" align="left"b#160;/b/td/trtrtd width="398" align="left" height="14" colspan="2"Risk management derivatives:sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align ="right"#160;/tdtd height="14" width="54" align="left"#160;/td/trtrtd width="398" align="left" height="14" colspan="2"Swaps:sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="left"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Pay-fixed sup/sup/tdtd height="14" width="8" align="right"$/tdtd height="14" width="54" align="right"#160;(5,879)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="54" a lign="right"#160;3,314#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Receive-fixed sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;4,669#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;(1,362)/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Basis sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;9#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right "#160;/tdtd height="14" width="54" align="right"#160;(23)/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Foreign currency sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;(3)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;(73)/td/trtrtd width="398" align="left" height="14" colspan="2"Swaptions:sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/td t;td height="14" width="54" align="right"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Pay-fixed sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;(934)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;(15)/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Receive-fixed sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;27#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align= "right"#160;/tdtd height="14" width="54" align="right"#160;(3,238)/td/trtrtd width="398" align="left" height="16" colspan="2"Interest rate caps sup/sup/tdtd height="16" width="8" align="right"#160;/tdtd height="16" width="54" align="right"#160;(56)/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="12" align="right"#160;/tdtd height="16" width="54" align="right"#160;-#160;/td/trtrtd width="398" align="left" height="14" colspan="2"Othersup/sup/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;6#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="1 4" style="border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;29#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="379" align="left"Total risk management derivatives fair value losses, net sup/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="8"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="54"#160;(2,161)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="54"#160;(1,368)/td/trtrtd width="398" align="left" height="14" colspan=" 2"Mortgage commitment derivatives fair value losses, net sup/sup/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(601)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(338)/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="379" align="left"Total derivatives fair value losses, net sup/sup/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3 px double #000000;" align="right" width="54"#160;(2,762)/tdtd height="15" width="9" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;(1,706)/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="609" align="left"#160;/td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="609" align="left"#160;/td/tr/tablepVolume and Activity of our Derivativesbr /br /Risk Management Derivativesbr /br /The following table displays, by derivative instrument type, our risk management derivative activity for the three months ended March 31, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"#160;sup/sup/tdtd width="578" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="17"bFor the Three Months Ended March 31, 2010/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"b#160;/bsupb/b/sup/tdtd width="235" align="center" colspan="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bInterest Rate Swaps /bsupb/b/sup/tdtd height="17 " style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd width="116" align="center" colspan="6" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bInterest Rate Swaptions /b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="42"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="10"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="35"b#160;/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" alig n="left" width="6"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="7"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="47"b#160;/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"b#160;/bsupb/b/sup/tdtd width="56" align="center" colspan="3" style="border-top: 1px solid #000000;" height="17"bPay-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bReceive-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b ;#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="38" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bForeign/bsupb/b/sup/tdtd height="17" width="8" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bPay-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bReceive-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd width="51" align="center" height="17" colspan="2"bInterest/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="center"b#160;/b/tdtd height="17" width="35" align="left"b#160;/bsupb/b/sup/tdtd height="17" width="6" align="center"b#160;/b/tdtd height="17" width="7" align="center"b#160;/b/tdtd height="17" width="47" align="left"b#160;/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"b#160;/bsupb t;/b/sup/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="38"bBasis/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCurrency/bsupb(1)/b/sup/tdtd height="17" w idth="8" align="left"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="left"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="left"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bRate Caps/b/tdtd height="17" width="10" align="left"b#160;/b/tdtd width="44" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;Other/bsupb#160;(2)/b/sup/tdtd height="17" width="6" align="left"b#160;/b/td td width="54" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;Total/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"#160;sup/sup/tdtd width="578" align="center" colspan="31" style="border-top: 1px solid #000000;" height="17"b(Dollars in millions)/b/td/trtrtd width="125" align="left" height="17" colspan="2"Beginning notional balancesup/sup/tdtd height="17" width="9" align="right"$/tdtd height="17" width="47" align="right"#160;382,600#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="47" align="right"#160;275,417#160;/tdtd height="17" width="6" align="right"# 160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="38" align="right"#160;3,225#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="49" align="right"#160;1,537#160;sup/sup/tdtd height="17" width="8" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="42" align="right"#160;99,300#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="44" align="right"#160;75,380#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="42" align="right"#160;7,000#160;/tdtd hei ght="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="35" align="right"#160;748#160;sup/sup/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="7" align="right"$/tdtd height="17" width="47" align="right"#160;845,207#160;/td/trtrtd width="125" align="left" height="17" colspan="2"Additions sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;43,140#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="47" align="right"#160;35,576#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align ="right"#160;/tdtd height="17" width="38" align="right"#160;55#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="49" align="right"#160;151#160;sup/sup/tdtd height="17" width="8" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="42" align="right"#160;6,425#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="44" align="right"#160;5,750#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="42" align="right"#160;-#160;/tdtd height="17" width= "10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="35" align="right"#160;-#160;sup/sup/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="47" align="right"#160;91,097#160;/td/trtrtd width="125" align="left" height="17" colspan="2"Terminations supb(3)/b/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(109,883)/tdtd height="17" width="6" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(81,700)/tdtd height="17" width="6" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="38"#160;(60)/tdtd height="17" width="6" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(279)sup/sup/tdtd height="17" width="8" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;(11,000)/tdtd height="17" width="6" align="right" mp;#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="44"#160;(7,700)/tdtd height="17" width="6" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="35"#160;-#160;sup/sup/tdtd height="17" width="6" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="7" #160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(210,622)/td/trtrtd width="125" align="left" height="18" colspan="2"Ending notional balancesup/sup/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="47"#160;315,857#160;/tdtd height="18" width="6" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="47"#160;229,293#160;/tdtd height="18" width="6" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000 ;" align="right" width="38"#160;3,220#160;/tdtd height="18" width="6" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="49"#160;1,409#160;sup/sup/tdtd height="18" width="8" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="42"#160;94,725#160;/tdtd height="18" width="6" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="44"#160;73,430#160;/tdtd height="18" width="6" align="right" p;#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="42"#160;7,000#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="35"#160;748#160;sup/sup/tdtd height="18" width="6" align="right"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="7"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="47"#160;725,682#160;/td/trtrtd height="18" width="13" align="left"#160;/tdtd height="18" width="112" align="left"#160;sup/sup t;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="47"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="47"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="38"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="l eft" width="49"#160;sup/sup/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="42"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="44"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="42"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000 ;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="35"#160;sup/sup/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="7"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="47"#160;/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"#160;sup/sup/tdtd width="578" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="17"bFor the Three Months Ended March 31, 2009/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"b#160;/bsupb/b/sup /tdtd width="235" align="center" colspan="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bInterest Rate Swaps /bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd width="110" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bInterest Rate Swaptions /b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="42"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="10"b#160; /b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="35"b#160;/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="7"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="47"b#160;/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"b#160;/bsupb/b/sup/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bPay-/b ;/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bReceive-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="47" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bForeign/bsupb/b/sup/tdtd height="17" width="8" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-top: 1px solid #000000;" height=" 17"bPay-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="44"bReceive-/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="51" align="center" height="17" colspan="2"bInterest/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="35" align="center"b#160;/bsupb/b/sup/tdtd height="17" width="6" align="center"b#160;/b/tdtd height="17" width="7" ali gn="left"b#160;/b/tdtd height="17" width="47" align="center"b#160;/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"b#160;/bsupb/b/sup/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="47" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bBasis/b/tdtd height="17" width="6" align="center"b#160;/b /tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCurrency/bsupb(1)/b/sup/tdtd height="17" width="8" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFixed/b/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bRate Caps/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="44" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;Other/bsupb#160;(2)/b/sup/tdtd height="17" width="6" align="center"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"b#160;Total/b/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="112" align="left"#160;sup/sup/tdtd width="578" align="center" height="17" colspan="31"b(Dollars in millions)/b/td/trtrtd width="125" align="left" height="17" colspan="2"Beginning notional balancesup/sup/tdtd height="17" width="9" align="left"$/tdtd height="17" width="47" align="right"#160;546,916#160;/tdtd height="17" width="6" align="left"#160;/tdtd height= "17" width="9" align="left"$/tdtd height="17" width="47" align="right"#160;451,081#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="38" align="right"#160;24,560#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="49" align="right"#160;1,652#160;sup/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="42" align="right"#160;79,500#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="44" align="right"#160;93,560#160;/tdtd height="17" width="6" align="left" #160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="42" align="right"#160;500#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="35" align="right"#160;827#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="7" align="left"$/tdtd height="17" width="47" align="right"#160;1,198,596#160;/td/trtrtd width="125" align="left" height="17" colspan="2"Additions sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;98,935#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" w idth="47" align="right"#160;127,958#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="38" align="right"#160;180#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="49" align="right"#160;198#160;sup/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="42" align="right"#160;5,650#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="44" align="right"#160;2,200#160;/tdtd height="17" width="6" align="left"#160;/tdtd height ="17" width="9" align="left"#160;/tdtd height="17" width="42" align="right"#160;-#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="35" align="right"#160;13#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="47" align="right"#160;235,134#160;/td/trtrtd width="125" align="left" height="17" colspan="2"Terminationssupb#160;(3)/b/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(25,001)/tdtd height="17" width="6" align="left"#160 ;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(29,216)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="38"#160;(4,925)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(628)sup/sup/tdtd height="17" width="8" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd h eight="17" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;-#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="44"#160;(6,130)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="42"#160;-#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="35"#160;(92)sup/sup/tdtd heigh t="17" width="6" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="7"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(65,992)/td/trtrtd width="125" align="left" height="18" colspan="2"Ending notional balancesup/sup/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="47"#160;620,850#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="47"#160;549,823#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="38"#160;19,815#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="49"#160;1,222#160;sup/sup/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="42"#160;85,150#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="44"#160;89,630#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="42"#160;500#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="35"#160;748#160;sup/sup/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-bottom: 3px double #000000;" align="left" width="7"$/tdtd height="18" style="border-bottom: 3px double #000000;" align="right" width="47"#160;1,367,738#160;/td/tr/tabletable s tyle="border-collapse: collapse; margin-top: 20px;"trtd width="680" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="612" align="left"#160;/td/trtrtd height="48" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="48" width="612" align="left"Exchange rate adjustments to foreign currency swaps existing at both the beginning and the end of the period are included in terminations. Exchange rate adjustments to foreign currency swaps that are added or terminated during the period are reflected in the respective categories./td/trtrtd height="5" width="26" align="left"#160;sup/sup/tdtd height="5" width="612" align="left"#160;/td/trtrtd height="16" width="26" align="lef t"#160;sup#160;(2)/sup/tdtd height="16" width="612" align="left"Includes swap credit enhancements and mortgage insurance contracts./td/trtrtd height="6" width="26" align="left"#160;sup/sup/tdtd height="6" width="612" align="left"#160;/td/trtrtd height="16" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="16" width="612" align="left"Includes matured, called, exercised, assigned and terminated amounts./td/tr/tablepMortgage Commitment Derivativesbr /br /The following table displays, by commitment type, our mortgage commitment derivative activity for the three months ended March 31, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd h eight="15" width="240" align="left"#160;sup/sup/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="73" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="65" align="left"#160;/tdtd height="15" width="18" align="left"#160;/tdtd height="15" width="11" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="69" align="left"#160;/tdtd height="15" width="18" align="left"#160;/tdtd height="15" width="11" align="left"#160;/tdtd height="15" width="75" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left" amp;#160;sup/sup/tdtd width="395" align="center" colspan="12" style="border-bottom: 1px solid #000000;" height="17"bFor the Three Months Ended March 31, /b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="181" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"b2010#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="18"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="185" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"b2009#160;/b/td/trtr lt;td height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="85" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bPurchase/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="77" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bSale/b/tdtd height="17" width="18" align="center"b#160;/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="81" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bPurchase/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="18"b#160;/b/tdtd width="86" align="cent er" colspan="2" style="border-top: 1px solid #000000;" height="17"bSale/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="85" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCommitments /b/tdtd height="17" width="19" align="center"b#160;/b/tdtd width="77" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCommitments /b/tdtd height="17" width="18" align="center"b#160;/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="81" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCommitments /b/tdtd height="17" width="18" align="center" b#160;/b/tdtd width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCommitments /b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="395" align="center" height="17" colspan="12"b(Dollars in millions)/b/td/trtrtd width="259" align="left" height="17" colspan="2"#160;sup/sup/tdtd height="17" width="12" align="center"b#160;/b/tdtd height="17" width="73" align="center"b#160;/b/tdtd height="17" width="19" align="center"b#160;/b/tdtd height="17" width="12" align="center"b#160;/b/tdtd height="17" width="65" align="center"b#160; /b/tdtd height="17" width="18" align="center"b#160;/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd height="17" width="12" align="center"b#160;/b/tdtd height="17" width="69" align="center"b#160;/b/tdtd height="17" width="18" align="center"b#160;/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd height="17" width="75" align="center"b#160;/b/td/trtrtd width="259" align="left" height="17" colspan="2"Beginning of period notional balancesup(1)/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="73" align="right"#160;31,416#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width ="12" align="left"$/tdtd height="17" width="65" align="right"#160;90,531#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="69" align="right"#160;35,004#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="75" align="right"#160;36,232#160;/td/trtrtd width="259" align="left" height="17" colspan="2"Mortgage related securities:sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd hei ght="17" width="65" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="69" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"Open commitmentssup#160;(2)/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="73" align="right"#160;156,149#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height ="17" width="65" align="right"#160;234,668#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="69" align="right"#160;124,434#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;165,585#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"Settled commitmentssup#160;(3)/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="73" align="right"#160;(155,948)/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" alig n="left"#160;/tdtd height="17" width="65" align="right"#160;(268,483)/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="69" align="right"#160;(108,008)/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;(129,833)/td/trtrtd width="259" align="left" height="17" colspan="2"Loans:sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align= "left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="69" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"Open commitmentssup#160;(2)/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="73" align="right"#160;11,871#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="rig ht"#160;-#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="69" align="right"#160;40,766#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="75" align="right"#160;-#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"Settled commitmentssup#160;(3)/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;(12,934)/tdtd height="17" width="19" align="left"#160; t;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"#160;-#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="69"#160;(36,274)/tdtd height="17" width="18" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;-#160;/td/trtrtd width="259" align="left" height="17" colspan="2"End of period notional balancesup(1) t;/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;30,554#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="65"#160;56,716#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" al ign="right" width="69"#160;55,922#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;71,984#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="642" align="left"Represents the balance of open mortgage commitment derivatives. /td lt;/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="15" width="642" align="left"Represents open mortgage commitment derivatives traded during the three months ended March 31, 2010 and 2009./td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="15" width="642" align="left"Represents mortgage commitment derivatives settled during the three months ended March 31, 2010 and 2009./td/trtrtd height="15" width="26" align="left"#160;sup /sup/tdtd height="15" width="642" align="left"#160;/td/tr/tablepDerivative Counterparty Credit Exposurebr /br /Our derivative counterparty credit exposure relates principally to interest rate and foreign currency derivative contracts. We are exposed to the risk that a counterparty in a derivative transaction will default on payments due to us. If there is a default, we may need to acquire a replacement derivative from a different counterparty at a higher cost or may be unable to find a suitable replacement. Typically, we seek to manage credit exposure by contracting with experienced counterparties that are rated A- (or its equivalent) or better. We also manage our exposure by requiring counterparties to post collateral. The collateral includes cash, U.S.#160;Treasury securities, agency debt and agency mortgage-related securities.br /br /The table below displays our credit exposure on outstanding risk management deri vative instruments in a gain position by counterparty credit ratings, as well as the notional amount outstanding and the number of counterparties for all risk management derivatives as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"b#160;/bsupb/b/sup/tdtd width="530" align="center" colspan="19" style="border-bottom: 1px solid #000000;" height="17"bAs of March 31, 2010/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"b#160;/bsupb/b/sup/tdtd width="232" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17" bCredit Rating/bsupb(1)/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="16"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="63"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="50"b#160;/bsupb/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="13"b#160;/b/tdtd heigh t="17" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="63"b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"b#160;/bsupb/b/sup/tdtd width="62" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bAAA /b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bAA+/AA/AA- /b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="19"b# 160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bA+/A/A- /bsupb/b/sup/tdtd height="17" width="16" align="center"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bSubtotal /b/tdtd height="17" width="19" align="center"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bOther/bsupb(2)/b/sup/tdtd height="17" width="13" align="center"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bTotal /b/td/trtrtd height="17" width="19" align="lef t"#160;/tdtd height="17" width="157" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd width="518" align="center" height="17" colspan="18"b(Dollars in millions)/b/td/trtrtd width="176" align="left" height="21" colspan="2"Credit loss exposure sup(3)/sup/tdtd height="21" width="12" align="left"$/tdtd height="21" width="50" align="right"#160;-#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="54" align="right"#160;203#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="54" align="right"#160;75#160;sup/sup/tdtd height= "21" width="16" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="63" align="right"#160;278#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="50" align="right"#160;87#160;sup/sup/tdtd height="21" width="13" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="63" align="right"#160;365#160;/td/trtrtd width="176" align="left" height="21" colspan="2"Less: Collateral heldsup(4)/sup/tdtd height="21" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;/tdtd height="21" width=" 19" align="right"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;198#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;68#160;sup/sup/tdtd height="21" width="16" align="right"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;266#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" style="border-bottom: 1px solid #000000; " align="left" width="12"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;sup/sup/tdtd height="21" width="13" align="right"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="21" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;266#160;/td/trtrtd width="176" align="left" height="18" colspan="2"Exposure net of collateral sup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;-#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;5#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;7#160;sup/sup/tdtd height="18" width="16" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;12#160;/tdtd height="18" width="19" align="right" ;#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;87#160;sup/sup/tdtd height="18" width="13" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;99#160;/td/trtrtd width="176" align="left" height="18" colspan="2"Additional information:sup/sup/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="50"#160;/t dtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="54"#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="54"#160;sup/sup/tdtd height="18" width="16" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="63"#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width= "12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="50"#160;sup/sup/tdtd height="18" width="13" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="63"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"Notional amountsup(5)/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right"#160;211,610#160;/tdtd height="17" width="19" align="right" t;#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right"#160;513,324#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="63" align="right"#160;724,934#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right"#160;748#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="63" align="right"#160;725,682#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"Number of counterpartiessup(5)/sup gt;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="54" align="right"#160;7#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="54" align="right"#160;9#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="63" align="right"#160;16#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="50" align="right"#160;s up/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="63" align="right"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"#160;sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="50" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="54" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="54" align="left"#160;sup/sup/tdtd height="17" width="16" align="left"#1 60;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="63" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="50" align="left"#160;sup/sup/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="63" align="left"#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="157" align="left"b#160;/bsupb/b/sup/tdtd width="530" align="center" colspan="19" style="border-bottom: 1px solid #000000;" height="15"bAs of December 31, 2009/b/td/trtrtd height="15" width="19" align="left"#160 ;/tdtd height="15" width="157" align="left"b#160;/bsupb/b/sup/tdtd width="232" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bCredit Rating/bsupb(1)/b/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="16"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="63"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="15" style="border - -top: 1px solid #000000;" align="left" width="50"b#160;/bsupb/b/sup/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="13"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="63"b#160;/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="157" align="left"b#160;/bsupb/b/sup/tdtd width="62" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bAAA /b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/td lt;td width="66" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bAA+/AA/AA- /b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bA+/A/A- /bsupb/b/sup/tdtd height="15" width="16" align="center"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bSubtotal /b/tdtd height="15" width="19" align="center"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bOther/bsupb(2)/b/sup/tdtd height ="15" width="13" align="center"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bTotal /b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="157" align="left"#160;sup/sup/tdtd height="15" width="12" align="left"#160;/tdtd width="518" align="center" height="15" colspan="18"b(Dollars in millions)/b/td/trtrtd width="176" align="left" height="17" colspan="2"Credit loss exposure sup(3)/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right" p;#160;658#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right"#160;583#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="63" align="right"#160;1,241#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right"#160;84#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="63" align="right"#160;1,325#160;/td/trtrtd width="176" align="left" height="17" colspan="2"Less: Collateral heldsup(4) /sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;580#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;507#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width ="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;1,087#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;1,087#160;/td/trtrtd width="176" align="left" height="17" colspan="2"Exposure net of collateral sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;78#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;76#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" style="border-top: 1px solid # 000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;154#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;84#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;238#160;/td/trtrtd width="176" align="left" height ="17" colspan="2"Additional information:sup/sup/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="54"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="54"#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" w idth="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="63"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="63"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"Notional amountsup(5)/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right" amp;#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right"#160;220,791#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right"#160;623,668#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="63" align="right"#160;844,459#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right"#160;748#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="l eft"$/tdtd height="17" width="63" align="right"#160;845,207#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"Number of counterpartiessup(5)/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="54" align="right"#160;7#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="54" align="right"#160;9#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="12" align="left"#160; lt;/tdtd height="17" width="63" align="right"#160;16#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="50" align="right"#160;sup/sup/tdtd height="17" width="13" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="63" align="right"#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="722" align="left" height="16" colspan="3"__________/td/trtrtd height="3" width="28" align="center"#160;sup/sup/tdtd height="3" width="621" align="left"#160;/td/trtrtd height="32" width="28" align="left"#160;sup#160;(1)/sup/tdtd height="32" w idth="621" align="left"We manage collateral requirements based on the lower credit rating of the legal entity, as issued by Standard#160;amp; Poor#8217;s and Moody#8217;s. The credit rating reflects the equivalent Standard#160;amp; Poor#8217;s rating for any ratings based on Moody#8217;s scale. /td/trtrtd height="8" width="28" align="left"#160;sup/sup/tdtd height="8" width="621" align="left"#160;/td/trtrtd height="32" width="28" align="left"#160;sup#160;(2)/sup/tdtd height="32" width="621" align="left"Includes defined benefit mortgage insurance contracts and swap credit enhancements accounted for as derivatives where the right of legal offset does not exist./td/trtrtd height="8" width="28" align="left"#160;sup/sup/tdtd height="8" width="621" align="left" t;#160;/td/trtrtd height="64" width="28" align="left"#160;sup#160;(3)/sup/tdtd height="64" width="621" align="left"Represents the exposure to credit loss on derivative instruments, which we estimate using the fair value of all outstanding derivative contracts in a gain position. We net derivative gains and losses with the same counterparty where a legal right of offset exists under an enforceable master netting agreement. This table excludes mortgage commitments accounted for as derivatives. /td/trtrtd height="8" width="28" align="left"#160;sup/sup/tdtd height="8" width="621" align="left"#160;/td/trtrtd height="64" width="28" align="left"#160;sup#160;(4)/sup/tdtd height="64" width="621" align="left"Represents both cash and non-cash collateral posted by our counterparties to us. We redu ce the value of non-cash collateral in accordance with the counterparty agreements to help ensure recovery of any loss through the disposition of the collateral. We posted cash collateral of $6.0 billion and $5.4#160;billion related to our counterparties#8217; credit exposure to us as of March 31, 2010 and December 31, 2009, respectively./td/trtrtd height="8" width="28" align="left"#160;sup/sup/tdtd height="8" width="621" align="left"#160;/td/trtrtd height="48" width="28" align="left"#160;sup#160;(5)/sup/tdtd height="48" width="621" align="left"We had exposure to 2 and 6 interest rate and foreign currency derivative counterparties in a net gain position as of March 31, 2010 and December 31, 2009, respectively. Those interest rate and foreign currency derivatives had notional balances of $84.5#160;billion and $310.0#160;billion as of March 31, 2010 and December 31, 2009, respectively. /td/tr/table/div

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2010
Note to Consolidated Financial Statements
Income Taxes	div style="font-size:12pt"p11.#160;#160;Income Taxesbr /br /As of March 31, 2010, there has been no change to our conclusion that it is more likely than not that we will not generate sufficient taxable income in the foreseeable future to realize our net deferred tax assets. For the three months ended March 31, 2010 and 2009, we recognized a tax benefit of $67 million and $623 million, which represented an effective tax rate of 1% and 3%, respectively. Our effective tax rates were different from the statutory rate of 35% primarily due to the recognition of an increase in our valuation allowance for our net deferred tax assets. The differences in rates were also due to the reversal of a portion of the valuation allowance for deferred tax assets#160;resulting from a settlement agreement reached with the IRS in the first quarter of 2010 for our unrecognized tax benef its for the tax years 1999 through 2004,#160;and to our ability in the first quarter of 2009 to carryback our net operating loss to prior years. In 2010, our tax benefit does not include a carryback of our net operating loss to prior years as we are now in a net operating loss carryforward position.br //p/div

Employee Retirement Benefits	3 Months Ended
Employee Retirement Benefits	Mar. 31, 2010
Note to Consolidated Financial Statements
Employee Retirement Benefits	div style="font-size:12pt"p12.#160;#160;Employee Retirement Benefitsbr /br /The following table displays the components of our net periodic benefit cost for our pension plans and other postretirement benefit plan for the three months ended March 31, 2010 and 2009. The net periodic benefit cost for each period is calculated based on assumptions at the end of the prior year./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="9" align="left"#160;/tdtd height="15" width="160" align="left"b#160;/b/tdtd width="290" align="center" colspan="13" style="border-bottom: 1px solid #000000;" height="15"bFor the Three Months Ended March 31,/b/td/trtrtd height="15" width="9" align="left"# 160;/tdtd height="15" width="160" align="left"b#160;/b/tdtd width="144" align="center" colspan="6" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010#160;/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="5"b#160;/b/tdtd width="141" align="center" colspan="6" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2009#160;/b/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="160" align="left"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="54"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="7"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bOther Post-/b/tdtd height="17" width="5" align="center"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="54"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="5"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="5"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-top: 1 px solid #000000;" height="17"bOther Post-/b/td/trtrtd height="15" width="9" align="left"#160;/tdtd height="15" width="160" align="left"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bPension/b/tdtd height="15" width="7" align="left"b#160;/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="68" align="center" height="15" colspan="2"bRetirement/b/tdtd height="15" width="5" align="center"b#160;/b/tdtd width="63" align="center" height="15" colspan="2"bPension/b/tdtd height="15" width="5" align="left"b#160;/b/tdtd height="15" width="5" align="center"b#160;/b/tdtd width="68" align="center" height="15" cols pan="2"bRetirement/b/td/trtrtd height="15" width="9" align="left"#160;/tdtd height="15" width="160" align="left"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bPlans/b/tdtd height="15" width="7" align="center"b#160;/b/tdtd height="15" width="6" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bPlan /b/tdtd height="15" width="5" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bPlans/b/tdtd height="15" width="5" align="center"b#160;/b/tdtd height="15" width="5" align="cen ter"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bPlan /b/td/trtrtd height="15" width="9" align="left"#160;/tdtd height="15" width="160" align="left"#160;/tdtd width="290" align="center" height="15" colspan="13"b(Dollars in millions)/b/td/trtrtd width="169" align="left" height="17" colspan="2"Service cost /tdtd height="17" width="9" align="right"$/tdtd height="17" width="54" align="right"#160;9#160;/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;1#160;/tdtd height="17" width="5" align="right"#160; t;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="54" align="right"#160;10#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;1#160;/td/trtrtd width="169" align="left" height="17" colspan="2"Interest cost /tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="54" align="right"#160;16#160;/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="59" align="right"#160;3#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="54" align="right"#160;15#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="59" align="right"#160;2#160;/td/trtrtd width="169" align="left" height="17" colspan="2"Other/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(12)/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;(1)/tdtd height="17" width="5" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(3)/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;-#160;/td/trtrtd height="18" width="9" align="left"#160;/tdtd height="18" width="160" align="left"Net periodic benefit cost /tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/t dtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;13#160;/tdtd height="18" width="7" align="right"#160;/tdtd height="18" width="6" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;3#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;22#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" width="5" a lign="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;3#160;/td/trtrtd width="169" align="left" height="19" colspan="2"Contributions during period/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;12#160;/tdtd height="19" width="7" align="left"#160;/tdtd height="19" width="6" align="left"#160;/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;2#160;/tdtd height="19" width="5" align="left"#160;/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;2#160;/tdtd height="19" width="5" align="left"#160;/tdtd height="19" width="5" align="left"#160;/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;2#160;/td/tr/tablepDuring the remaining period of 2010, we anticipate contributing $37 million to our pension plans and $7 milli on to our other postretirement benefit plan.br //p/div

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2010
Note to Consolidated Financial Statements
Segment Reporting	div style="font-size:12pt"p13. Segment Reportingbr /br /Our three reportable segments are: Single-Family, HCD, and Capital Markets. We use these three segments to generate revenue and manage business risk, and each segment is based on the type of business activities it performs. br /br /Segment Reporting for 2010br /br /Our prospective adoption of the new accounting standards had a significant impact on the presentation and comparability of our condensed consolidated financial statements due to the consolidation of the substantial majority of our single-class securitization trusts and the elimination of previously recorded deferred revenue from our guaranty arrangements. We continue to manage Fannie Mae based on the same three business segments. However, effective in 2010, we changed the presentation of segment financial information that i s currently evaluated by management. br /br /Under the current segment reporting, the sum of the results for our three business segments does not equal our condensed consolidated statements of operations, as we separate the activity related to our consolidated trusts from the results generated by our three segments. In addition, we include an eliminations/adjustments category to reconcile our business segment results and the activity related to our consolidated trusts to our condensed consolidated statements of operations. br /br /While some line items in our segment results were not impacted by either the change from the new accounting standards or changes to our segment presentation, others were impacted materially, which reduces the comparability of our segment results with prior periods. We have neither restated prior period results nor presented current year results under the old presentation as we determined that it was impracticable to do so; therefore, our segment r esults reported in the current period are not comparable with prior periods.br /br /The section below provides a discussion of the three business segments and how each segment#8217;s financial information reconciles to our condensed consolidated financial statements for those line items that were impacted significantly as a result of changes to our segment presentation.br /br /Single-Familybr /#160;br /Revenue drivers for Single-Family did not change under our current method of segment reporting. Revenue for our Single-Family business is from the guaranty fees the segment receives as compensation for assuming the credit risk on the mortgage loans underlying single-family Fannie Mae MBS, most of which are held within consolidated trusts, and on the single-family mortgage loans held in our mortgage portfolio. The primary source of profit for the Single-Family segment is the difference between the guaranty fees earned and the costs of providing the guar anty, including credit-related losses.br /br /Our current segment reporting presentation differs from our condensed consolidated balance sheets and statements of operations in order to reflect the activities and results of the Single-Family segment. The significant differences from the condensed consolidated statements of operations are as follows:br /br //pulliGuaranty fee income - Guaranty fee income reflects (1) the cash guaranty fees paid by MBS trusts to Single-Family, (2) the amortization of deferred cash fees (both the previously recorded deferred cash fees that were eliminated from our condensed consolidated balance sheets at transition and deferred guaranty fees received subsequent to transition that are currently recognized in our condensed consolidated financial statements through interest income), such as buy-ups, buy-downs, and risk-based pricing adjustments, and (3) the guaranty fees from the Capital Markets group on single-family loans i n our mortgage portfolio. To reconcile to our condensed consolidated statements of operations, we eliminate guaranty fees and the amortization of deferred cash fees related to consolidated trusts as they are now reflected as a component of interest income. However, such accounting continues to be reflected for the segment reporting presentation. br //li/ulpbr //pulliNet interest income (expense) - Net interest expense within the Single-Family segment reflects interest expense to reimburse Capital Markets and consolidated trusts for contractual interest not received on mortgage loans, after we stop recognizing interest income in accordance with our nonaccrual accounting policy in our condensed consolidated statements of operations. Net interest income (expense), also includes an allocated cost of capital charge between the three segments that is not included in net interest income in the condensed consolidated statement of operations.br / ;/li/ulpbr /Housing and Community Developmentbr /#160;br /Revenue drivers for HCD did not change under our current method of segment reporting. The primary sources of revenue for our HCD business are (1) guaranty fees the segment receives as compensation for assuming the credit risk on the mortgage loans underlying multifamily Fannie Mae MBS, most of which are held within consolidated trusts, (2) guaranty fees on the multifamily mortgage loans held in our mortgage portfolio, (3) transaction fees associated with the multifamily business and (4) bond credit enhancement fees. Investments in rental and for-sale housing generate revenue and losses from operations and the eventual sale of the assets. In the fourth quarter of 2009, we reduced the carrying value of our LIHTC investments to zero. As a result, we no longer recognize net operating losses or other-than-temporary impairment on our LIHTC investments. While the HCD guaranty business is similar to our Single-Family business, neither the economic return nor the nature of the credit risk is similar to that of Single-Family.br /br /Our current segment reporting presentation differs from our condensed consolidated balance sheets and statements of operations in order to reflect the activities and results of the HCD segment. The significant differences from the condensed consolidated statements of operations are as follows:br /br //pulliGuaranty fee income - Guaranty fee income reflects the cash guaranty fees paid by MBS trusts to HCD and the guaranty fees from the Capital Markets group on multifamily loans in Fannie Mae#8217;s portfolio. To reconcile to our condensed consolidated statements of operations, we eliminate guaranty fees related to consolidated trusts. br //li/ulpbr //pulliLosses from partnership investments - Losses from partnership investments primarily reflect losses on in vestments in affordable rental and for-sale housing partnerships measured under the equity method of accounting. To reconcile to our condensed consolidated statements of operations, we adjust the losses to reflect the consolidation of certain partnership investments.br //li/ulpbr /Capital Markets Groupbr /br /Revenue drivers for Capital Markets did not change under our current method of segment reporting. Our Capital Markets group generates most of its revenue from the difference, or spread, between the interest we earn on our mortgage assets and the interest we pay on the debt we issue to fund these assets. We refer to this spread as our net interest yield. Changes in the fair value of the derivative instruments and trading securities we hold impact the net income or loss reported by the Capital Markets group. The net income or loss reported by our Capital Markets group is also affected by the impairment of AFS securities.br /br /Our c urrent segment reporting presentation differs from our condensed consolidated balance sheets and statements of operations in order to reflect the activities and results of the Capital Markets group. The significant differences from the condensed consolidated statements of operations are as follows:br /br //pulliNet interest income - Net interest income reflects the interest income on mortgage loans and securities owned by Fannie Mae and interest expense on funding debt issued by Fannie Mae, including accretion and amortization of any cost basis adjustments. To reconcile to our condensed consolidated statements of operations, we adjust for the impact of consolidated trusts and intercompany eliminations as follows: br //li/ulpbr //pulliInterest income: Interest income consists of interest on the segment#8217;s interest-earning assets, which differs from interest-earning assets in our condensed conso lidated balance sheets. We exclude loans and securities that underlie the consolidated trusts from our Capital Markets group balance sheets. The net interest income reported by the Capital Markets group excludes the interest income earned on assets held by consolidated trusts. As a result, we report interest income and amortization of cost basis adjustments only on securities and loans that are held in our portfolio. For mortgage loans held in our portfolio, after we stop recognizing interest income in accordance with our nonaccrual accounting policy, the Capital Markets group recognizes interest income for reimbursement from Single-Family and HCD for the contractual interest due under the terms of our intracompany guaranty arrangement.br //li/ulpbr //pulliInterest expense: Interest expense consists of contractual interest on the Capital Markets group#8217;s interest-bearing liabilities, including the accretion and amortization of any cos t basis adjustments. It excludes interest expense on debt issued by consolidated trusts. Therefore, the interest expense recognized on the Capital Markets group income statement is limited to our funding debt, which is reported as #8220;Debt of Fannie Mae#8221; in our condensed consolidated balance sheets. Net interest expense also includes an allocated cost of capital charge between the three business segments that is not included in net interest income in our condensed consolidated statements of operations. br //li/ulpbr //pulliInvestment gains or losses, net - Investment gains or losses, net reflects the gains and losses on securitizations and sales of available-for-sale securities from our portfolio. To reconcile to our condensed consolidated statements of operations, we eliminate gains and losses on securities that have been consolidated to loans.br //li/ulpbr //pull iFair value losses, net - Fair value losses, net for the Capital Markets group includes derivative gains and losses, foreign exchange gains and losses, and the fair value gains and losses on certain debt securities in our portfolio. To reconcile to our condensed consolidated statements of operations, we eliminate fair value gains or losses on Fannie Mae MBS that have been consolidated to loans.br //li/ulp#160;#160;br //pulliOther expenses, net - Debt extinguishment gains (losses) recorded on the segment statements of operations relate exclusively to our funding debt, which is reported as #8220;Debt of Fannie Mae#8221; on our consolidated balance sheets. To reconcile to our condensed consolidated statements of operations, we include debt extinguishment gains (losses) related to consolidated trusts to arrive at our total recognized debt extinguishment gains (losses). br //li/ulp#160; ;br /Segment Allocations and Resultsbr /br /Our segment financial results include directly attributable revenues and expenses. Additionally, we allocate to each of our segments: (1)#160;capital using FHFA minimum capital requirements adjusted for over- or under-capitalization; (2)#160;indirect administrative costs; and (3)#160;a provision or benefit for federal income taxes. In addition, we allocate intercompany guaranty fee income as a charge from the Single-Family and HCD segments to Capital Markets for managing the credit risk on mortgage loans held by the Capital Markets group.br /br /With the adoption of the new accounting standards, we have prospectively revised the presentation of our results for these segments to better reflect how we operate and oversee these businesses.br /br /The following table displays our segment results under our current segment reporting presentation for the three months ended March 31, 2010. /ptab le style="border-collapse: collapse; margin-top: 20px;"trtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="158" align="left"b#160;/bsupb/b/sup/tdtd height="18" width="6" align="left"b#160;/b/tdtd width="487" align="center" colspan="19" style="border-bottom: 1px solid #000000;" height="18"bFor the Three Months Ended March 31, 2010/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="158" align="left"b#160;/bsupb/b/sup/tdtd height="13" width="6" align="left"b#160;/b/tdtd width="183" align="center" colspan="8" style="border-to p: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"bBusiness Segments/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="201" align="center" colspan="6" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"bOther Activity/Reconciling Items/bsupb/b/sup/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="49"b#160;/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height= "13" width="158" align="left"b#160;/bsupb/b/sup/tdtd height="13" width="6" align="left"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bSingle-/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="43"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bCapital/b/tdtd height="13" width="6" align="center"b gt;#160;/b/tdtd width="85" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bConsolidated/bsup/sup/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bEliminations//bsupb/b/sup/tdtd height="13" width="6" align="center"b#160;/b/tdtd width="58" align="center" height="13" colspan="2"bTotal/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="158" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="6" align="left" b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFamily /b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bHCD /b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bMarkets /b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="85" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bTrusts/bsup(1) /sup/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="84" align="center" colspan="2" style="border- bottom: 1px solid #000000;" height="14"bAdjustments/bsup(2) /sup/tdtd height="14" width="6" align="left"#160;/tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bResults/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="158" align="left"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd width="478" align="center" colspan="18" style="border-top: 1px solid #000000;" height="17"b(Dollars in millions)/b/td/trtrtd height="10" width="19" align="left"#160;/tdtd height="10" width="19" align="left" p;#160;/tdtd height="10" width="158" align="left"#160;sup/sup/tdtd height="10" width="6" align="left"#160;/tdtd height="10" width="9" align="right"#160;/tdtd height="10" width="54" align="center"b#160;/b/tdtd height="10" width="6" align="center"b#160;/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd height="10" width="43" align="center"b#160;/b/tdtd height="10" width="6" align="center"b#160;/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd height="10" width="47" align="center"b#160;/b/tdtd height="10" width="6" align="center"b#160;/b/tdtd height="10" width="9" align="center"b#160;/b/t dtd height="10" width="76" align="center"b#160;/bsupb/b/sup/tdtd height="10" width="6" align="center"b#160;/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd height="10" width="75" align="center"b#160;/bsupb/b/sup/tdtd height="10" width="6" align="center"b#160;/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd height="10" width="49" align="center"b#160;/b/td/trtrtd width="196" align="left" height="15" colspan="3"Net interest income (expense)sup(3) /sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="54" align="right" ;#160;(1,945)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="43" align="right"#160;4#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="47" align="right"#160;3,057#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="76" align="right"#160;1,239#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="75" align="right"#160;434#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/td t;td height="15" width="49" align="right"#160;2,789#160;/td/trtrtd width="196" align="left" height="15" colspan="3"Benefit (provision) for loan lossessup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;(11,945)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;6#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width ="76" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;(11,939)/td/trtrtd width="196" align="left" height="15" colspan="3"Net interest income (expense) after provisionsup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;/tdtd height="15" width="6" align="right"#160 ;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="76"#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" st yle="border-bottom: 1px solid #000000;" align="right" width="75"#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="177" align="left" height="15" colspan="2"for loan lossessup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="54"#160;(13,890)/tdtd height="15" width="6" align="right"#160;/tdtd he ight="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;10#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="47"#160;3,057#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="76"#160;1,239#160;sup/sup/td td height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="75"#160;434#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;(9,150)/td/trtrtd width="196" align="left" height="15" colspan="3"Guaranty fee income (expense)sup(4) /sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="54"#160;1,768#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="43"#160;194#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="47"#160;(279)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="76"#160;(1,197)sup lt;/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="75"#160;(432)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="49"#160;54#160;/td/trtrtd width="196" align="left" height="15" colspan="3"Investment gains (losses), net sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;2#160;/tdtd height="15" width="6" align="right" t;#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;792#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(155)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;(473)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right" t;#160;166#160;/td/trtrtd width="196" align="left" height="15" colspan="3"Net other-than-temporary impairmentssup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;(236)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;-#160; ;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;(236)/td/trtrtd width="196" align="left" height="15" colspan="3"Fair value losses, net sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;-#16 0;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;(1,186)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(35)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;(484)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;(1,705)/td/trtrtd width="196" align="left" height="15" colspan="3"Debt extinguishment losses, net sup/sup t;/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;(55)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(69)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="1 5" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;(124)/td/trtrtd width="196" align="left" height="15" colspan="3"Losses from partnership investments sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(58)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47 " align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;(58)/td/trtrtd width="196" align="left" height="15" colspan="3"Fee and other income (expense)sup(5) /sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height ="15" width="54" align="right"#160;47#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;35#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;104#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(7)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/td td height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;179#160;/td/trtrtd width="196" align="left" height="15" colspan="3"Administrative expenses sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;(390)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(99)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;(116)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right" amp;#160;/tdtd height="15" width="76" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;(605)/td/trtrtd width="196" align="left" height="15" colspan="3"Benefit (provision) for guaranty lossessup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;(11)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" alig n="right"#160;/tdtd height="15" width="43" align="right"#160;47#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;36#160;/td/tr ;trtd width="196" align="left" height="15" colspan="3"Foreclosed property income (expense)sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;30#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(11)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;-#160;sup/sup/tdtd height=" 15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;19#160;/td/trtrtd width="196" align="left" height="15" colspan="3"Other income (expenses)sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(172)/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;(6)/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;27#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="76"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u t;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;(21)sup/sup/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(172)/td/trtrtd width="196" align="left" height="15" colspan="3"Income (loss) before federal income taxes sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="54"#160;(12,616)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-t op: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="43"#160;112#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="47"#160;2,108#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="76"#160;(224)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000 ;" align="right" width="75"#160;(976)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="49"#160;(11,596)/td/trtrtd width="196" align="left" height="15" colspan="3"Provision (benefit) for federal income taxes sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;(51)/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u /tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;13#160;/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(29)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="76"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border - -bottom: 1px solid #000000;" align="right" width="75"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(67)/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="177" align="left" height="15" colspan="2"Net income (loss)sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="54"#160;(12,565)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="borde r-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="43"#160;99#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="47"#160;2,137#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="76"#160;(224)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #0000 00;" align="right" width="75"#160;(976)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="49"#160;(11,529)/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="177" align="left" height="15" colspan="2"Less: Net income attributable to sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right"#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;/tdtd height="15" width="6" align=" right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="177" align="left" height="15" colspan="2"noncontrolling interestssup/sup/td td height="15" width="6" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;-#160;/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;-#160;/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;-#160;/tdtd height="15" width="6" align="right"#160; lt;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="76"#160;-#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;(1)sup/sup/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="9"u#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(1)/td/trtrtd height="15" width="19" align="left"#160;/t dtd width="177" align="left" height="15" colspan="2"Net income (loss) attributable to Fannie Mae sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;(12,565)/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;99#160;/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px dou ble #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;2,137#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="76"#160;(224)sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;(977)sup/sup/tdtd height="15" width="6" align="right"u#160;/u/ tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49"#160;(11,530)/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="34" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="34" width="642" align="left"Column represents activity of consolidated trusts and it also includes the issuances and extinguishment of debt due to sales and purchases of our MBS./td/trtrtd height="50" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="50" width="642" align="left"Column represents adjustments during the period used to reconcile segment results to consolidated results which include the elimination of intersegment transactions occurring between the three operating segments and our consolidated trusts./td/trtrtd height="16" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="16" width="642" align="left"Includes cost of capital charge among our three business segments. /td/trtrtd height="31" width="26" align="left"#160;sup#160;(4)/sup/tdtd height="31" width="642" align="left"The charge to Capital Markets represents an intercompany guaranty fee expense allocated to Capital Markets from Single-Family and HCD for absorbing the credit risk on mortgage loans held in our portfolio./td/trtrtd height="16" width="26" align="left"#160;sup#160;(5)/sup/tdtd height="16" width="642" align="left"Fee and other incom e for Single-Family and HCD segments include trust management income./td/tr/tablepThe following table displays our segment results under our previous segment reporting presentation for the three months ended March 31, 2009./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="234" align="left"b#160;/bsupb/b/sup/tdtd height="13" width="3" align="left"b#160;/b/tdtd width="292" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="13"bFor the Three Months Ended March 31, 2009/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/td td height="13" width="234" align="left"b#160;/bsupb/b/sup/tdtd height="13" width="3" align="left"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bSingle-/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="3"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="58"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="3"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bCapital/b/tdtd height="13" style="border-top: 1px s olid #000000;" align="center" width="3"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="62"b#160;/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="234" align="left"b#160;/bsupb/b/sup/tdtd height="13" width="3" align="left"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bFamily /b/tdtd height="13" width="3" align="center"bu#160;/u/b/tdtd width="67" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bHCD /b/tdtd height="13" width="3" align="center"bu#160;/u/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bMarkets /b/tdtd height="13" width="3" align="center"bu#160;/u/b/tdtd width="71" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bTotal /b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="234" align="left"#160;sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd width="283" align="center" height="17" colspan="10"b(Dollars in millions) t;/b/td/trtrtd width="272" align="left" height="17" colspan="3"Net interest income (expense) sup#160;(1)/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="66" align="right"#160;15#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="58" align="right"#160;(62)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="61" align="right"#160;3,295#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="62" align="right"#160;3,248#160;/td/trtrt d width="272" align="left" height="17" colspan="3"Guaranty fee income (expense)sup#160;(2)/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;1,966#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;158#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(372)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;1,752#160;/td/trtrtd width="272 " align="left" height="17" colspan="3"Trust management incomesup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;11#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;11#160;/td/trtrtd width="272" align="left" height="17" colspa n="3"Investment gains, net sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;73#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(5,503)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(5,430)/td/trtrtd width="272" align="left" height="17" colspan="3"Fair value losses, net sup /sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(1,460)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(1,460)/td/trtrtd width="272" align="left" height="17" colspan="3"Debt extinguishment losses, net sup/sup/tdtd heig ht="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(79)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(79)/td/trtrtd width="272" align="left" height="17" colspan="3"Losses from partnership investments sup/sup/tdtd height="17" width="3" align="left" mp;#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(357)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(357)/td/trtrtd width="272" align="left" height="17" colspan="3"Fee and other income sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" a lign="right"#160;/tdtd height="17" width="66" align="right"#160;85#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;27#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;69#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;181#160;/td/trtrtd width="272" align="left" height="17" colspan="3"Administrative expenses sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160; ;/tdtd height="17" width="66" align="right"#160;(320)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(91)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(112)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(523)/td/trtrtd width="272" align="left" height="17" colspan="3"Provision for credit lossessup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right" amp;#160;(19,791)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(543)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(20,334)/td/trtrtd width="272" align="left" height="17" colspan="3"Other expensessup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" a lign="right" width="66"#160;(742)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;(15)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;(60)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="62"#160;(817)/td/trtrtd width="272" al ign="left" height="17" colspan="3"Loss before federal income taxessup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="66"#160;(18,703)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="58"#160;(883)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="61"#160;(4,222)/tdtd height="17" width="3" align="right"#160; /tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="62"#160;(23,808)/td/trtrtd width="272" align="left" height="17" colspan="3"Provision (benefit) for federal income taxes sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="66"#160;(645)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;168#160;/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;(146)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="62"#160;(623)/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="253" align="left" height="17" colspan="2"Net losssup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="righ t" width="66"#160;(18,058)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="58"#160;(1,051)/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="61"#160;(4,076)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="62"#160;(23,185)/td/trtrtd height="17" width="19" align="left"#160 ;/tdtd width="253" align="left" height="17" colspan="2"Less: Net loss attributable to thesup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="center"#160;/tdtd height="17" width="66" align="right"#160;/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" width="9" align="center"#160;/tdtd height="17" width="58" align="right"#160;/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;/td/trtrtd height="1 7" width="19" align="left"#160;/tdtd width="253" align="left" height="17" colspan="2"noncontrolling interestssup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="66"#160;-#160;/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;17#160;/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;-#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="62"#160;17#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="253" align="left" height="18" colspan="2"Net loss attributable to Fannie Maesup/sup/tdtd height="18" width="3" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="66"#160;(18,058)/tdtd height="18" width="3" align="right"u#160;/u/td td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="58"#160;(1,034)/tdtd height="18" width="3" align="right"u#160;/u/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;(4,076)/tdtd height="18" width="3" align="right"u#160;/u/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="62"#160;(23,168)/td/tr ;/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="763" align="left" height="20" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="673" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="673" align="left"Includes cost of capital charge. /td/trtrtd height="34" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="34" width="673" align="left"The charge to Capital Markets represents an intercompany guaranty fee expense allocated to Capital Markets from Single-Family and HCD for absorbing the credit risk on mortgage loans held in our portfolio and consolidated loans./td/tr/table/div

Regulatory Capital Requirements	3 Months Ended
Regulatory Capital Requirements	Mar. 31, 2010
Note to Consolidated Financial Statements
Regulatory Capital Requirements	div style="font-size:12pt"p14.#160;#160;Regulatory Capital Requirementsbr /br /In 2008, FHFA announced that our existing statutory and FHFA-directed regulatory capital requirements will not be binding during the conservatorship, and that FHFA will not issue quarterly capital classifications during the conservatorship. We continue to submit capital reports to FHFA during the conservatorship and FHFA continues to closely monitor our capital levels. FHFA has stated that it does not intend to report our critical capital, risk-based capital or subordinated debt levels during the conservatorship. As of March 31, 2010 and December 31, 2009, we had a minimum capital deficiency of $115.3#160;billion and $107.6#160;billion, respectively. Our minimum capital deficiency as of March 31, 2010 was determined based on guidance from FHFA, in which FHFA (1) directed us, for loans backing Fannie Mae MBS held by third parties, to continue reporting our minimum capital requirements based on 0.45% of the unpaid principal balance and critical capital based on 0.25% of the unpaid principal balance, notwithstanding our transition date adoption of the new accounting standards, and (2) issued a regulatory interpretation stating that our minimum capital requirements are not automatically affected by the new accounting standards. Additionally, our minimum capital deficiency excludes the funds provided to us by Treasury pursuant to the senior preferred stock purchase agreement, as the senior preferred stock does not qualify as core capital due to its cumulative dividend provisions.br /br /Pursuant to the GSE Act, if our total assets are less than our total obligations (a net worth deficit) for a period of 60#160;days, FHFA is mandated by law to appoint a receiver for Fannie Mae. Treasury#8217;s funding commitment under the seni or preferred stock purchase agreement is intended to ensure that we avoid a net worth deficit, in order to avoid this mandatory trigger of receivership. In order to avoid a net worth deficit, our conservator may request funds on our behalf from Treasury under the senior preferred stock purchase agreement. br /br /FHFA has directed us, during the time we are under conservatorship, to focus on managing to a positive net worth. As of March 31, 2010 and December 31, 2009, we had a net worth deficit of $8.4#160;billion and $15.3#160;billion, respectively.br /br /The following table displays our regulatory capital classification measures as of March 31, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd width="385" align="center" height="13" colspan="2"b#160;/bsupb/b/sup/tdtd height="13" width="9" align="left"b mp;#160;/b/tdtd width="256" align="center" colspan="7" style="border-bottom: 1px solid #000000;" height="13"bAs of/bsupb/b/sup/tdtd height="13" width="19" align="center"b#160;/b/td/trtrtd width="385" align="center" height="13" colspan="2"b#160;/bsupb/b/sup/tdtd height="13" width="9" align="left"b#160;/b/tdtd width="88" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"bMarch 31, 2010/bsupb#160;(1)/b/sup/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b /tdtd width="105" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"bDecember 31, 2009/bsupb#160;(1)/b/sup/tdtd height="13" width="19" align="center"b#160;/b/td/trtrtd height="2" width="361" align="left"#160;/tdtd height="2" width="24" align="left"b#160;/bsupb/b/sup/tdtd height="2" width="9" align="left"b#160;/b/tdtd height="2" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="2" style="border-top: 1px solid #000000;" align="center" width="79"b#160;/bsupb/b/sup/tdtd height="2" width="19" align="center"b#160;/b/tdtd height= "2" width="9" align="center"b#160;/b/tdtd height="2" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="2" style="border-top: 1px solid #000000;" align="center" width="96"b#160;/bsupb/b/sup/tdtd height="2" width="19" align="center"b#160;/b/td/trtrtd width="385" align="center" height="13" colspan="2"#160;sup/sup/tdtd height="13" width="9" align="left"#160;/tdtd width="256" align="center" height="13" colspan="7"b(Dollars in millions)/bsupb/b/sup/tdtd height="13" width="19" align="center"b#160;/b/td/trtrtd width="385" align="left" height="14" colspan="2"Core capitalsup#160;(2)/sup/td t;td height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="center"$/tdtd height="14" width="79" align="right"#160;(80,898)sup/sup/tdtd height="14" width="19" align="center"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" width="9" align="center"$/tdtd height="14" width="96" align="right"#160;(74,540)sup/sup/tdtd height="14" width="19" align="center"#160;/td/trtrtd width="385" align="left" height="14" colspan="2"Statutory minimum capital requirementsup#160;(3)/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="79" ;#160;34,426#160;sup/sup/tdtd height="14" width="19" align="center"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;33,057#160;sup/sup/tdtd height="14" width="19" align="center"#160;/td/trtrtd width="385" align="left" height="14" colspan="2"Deficit of core capital over statutory minimum capital requirement sup/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="79" p;#160;(115,323)sup/sup/tdtd height="14" width="19" align="center"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;(107,597)sup/sup/tdtd height="14" width="19" align="center"#160;/td/trtrtd width="385" align="left" height="14" colspan="2"Deficit of core capital percentage over statutory minimum capital requirement sup/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="right" width="79"(335.0) t;sup/sup/tdtd height="14" width="19" align="left"%/tdtd height="14" width="9" align="center"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="right" width="96"#160;(325.5)sup/sup/tdtd height="14" width="19" align="left"%/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="670" align="left" height="17" colspan="12"___________/td/trtrtd height="6" width="18" align="left"#160;sup/sup/tdtd height="6" width="53" align="left"#160;/tdtd height="6" width="53" align="left"#160;/tdtd height="6" width="53" align="left"#160;/tdtd height="6" width="53" align="left"#160;/td td height="6" width="53" align="left"#160;/tdtd height="6" width="53" align="left"#160;/tdtd height="6" width="53" align="left"#160;/tdtd height="6" width="53" align="left"#160;/tdtd height="6" width="68" align="left"#160;/tdtd height="6" width="142" align="left"#160;/td/trtrtd height="36" width="18" align="right"#160;sup(1)/sup/tdtd width="634" align="left" height="36" colspan="10"Amounts as of March 31, 2010 and December 31, 2009 represent estimates that have been submitted to FHFA. As noted above, FHFA is not issuing capital classifications during conservatorship./td/trtrtd height="52" width="18" align="right"#160;sup(2)/sup/tdtd width="634" align="left" height="52" colspan="10"The sum of (a)#160;the stated value of our outstanding common stock (common stock less treasury stock); (b)#160;the stated value of our outstanding non-cumulative perpetual preferred stock; (c)#160;our paid-in capital; and (d)#160;our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income (loss) or (b) senior preferred stock./td/trtrtd height="66" width="18" align="right"#160;sup(3)/sup/tdtd width="634" align="left" height="66" colspan="10"Generally, the sum of (a)#160;2.50% of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties; (b)#160;0.45% of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties; and (c)#160;up to 0.45% of other off-balance sheet obligations, which may be adjusted by the Director of FHFA under certain circumstances (See 12 CFR 1750.4 for existing adjustments made by the Director). /td/tr/table/div

Concentrations of Credit Risk	3 Months Ended
Concentrations of Credit Risk	Mar. 31, 2010
Note to Consolidated Financial Statements
Concentrations of Credit Risk	div style="font-size:12pt"p15. Concentration of Credit Riskbr /br /Mortgage Servicers.#160;#160;Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities on our behalf. Our business with mortgage servicers is concentrated. Our ten largest single-family mortgage servicers, including their affiliates, serviced 80% of our single-family guaranty book of business as of March 31, 2010 and December 31, 2009. Our ten largest multifamily mortgage servicers including their affiliates serviced 75% of our multifamily guaranty book of business as of both March 31, 2010 and December 31, 2009.br /br /If one of our principal mortgage servicers fails to meet its obligations to us, it could increase our credit-related expenses an d credit losses, result in financial losses to us and have a material adverse effect on our earnings, liquidity, financial condition and net worth.br /br /Mortgage Insurers.#160;#160;Mortgage insurance #8220;risk in force#8221; represents our maximum potential loss recovery under the applicable mortgage insurance policies. We had total mortgage insurance coverage risk in force of $103.2 billion on the single-family mortgage loans in our guaranty book of business as of March 31, 2010, which represented approximately 4% of our single-family guaranty book of business. Our primary and pool mortgage insurance coverage risk in force on single-family mortgage loans in our guaranty book of business of $97.3#160;billion and $5.9#160;billion, respectively, as of March 31, 2010, compared with $99.6#160;billion and $6.9#160;billion, respectively, as of December 31, 2009. Eight mortgage insurance companies provided over 99% of our mortgage insurance as of March 31 , 2010 and December 31, 2009.br /br /Increases in mortgage insurance claims due to higher defaults and credit losses in recent periods have adversely affected the financial results and financial condition of many mortgage insurers. The current weakened financial condition of our mortgage insurer counterparties creates an increased risk that these counterparties will fail to fulfill their obligations to reimburse us for claims under insurance policies. If we determine that it is probable that we will not collect all of our claims from one or more of these mortgage insurer counterparties, it could result in an increase in our loss reserves, which could adversely affect our earnings, liquidity, financial condition and net worth. br /br /As of March 31, 2010, our allowance for loan losses of $60.6 billion, allowance for accrued interest receivable of $7.6 billion and reserve for guaranty losses of $233 million incorporated an estimated recovery amount of approximately $16.5 billio n from mortgage insurance related both to loans that are individually measured for impairment and those that are measured collectively for impairment. This amount is comprised of the contractual recovery of approximately $19.5 billion as of March 31, 2010 and an adjustment of approximately $3.0 billion which reduces the contractual recovery for our assessment of our mortgage insurer counterparties#8217; inability to fully pay those claims. br /br /We had outstanding receivables from mortgage insurers of $3.1 billion in #8220;Other assets#8221; in our condensed consolidated balance sheet as of March 31, 2010 and $2.5 billion as of December 31, 2009, related to amounts claimed on insured, defaulted loans that we have not yet received. We assessed the receivables for collectibility, and they are recorded net of a valuation allowance of $82 million as of March 31, 2010 and $51 million as of December 31, 2009 in #8220;Other assets.#8221; These mortgage insurance receivab les are short-term in nature, having a duration of approximately three to six months, and the valuation allowance reduces our claim receivable to the amount which is considered probable of collection as of March 31, 2010 and December 31, 2009. We received proceeds under our primary and pool mortgage insurance policies for single-family loans of $1.5 billion for the three months ended March 31, 2010 and $3.6 billion for the year ended December 31, 2009. During the three months ended March 31, 2010, we negotiated the cancellation and restructurings of some of our mortgage insurance coverage in exchange for a fee.#160; As a result, we recognized $562 million as a reduction of #8220;foreclosed property expense#8221; in our condensed consolidated statements of operations, of which $124 million was collected subsequent to March 31, 2010.#160; The cash fees received of $438 million for the three months ended March 31, 2010 and $668 million for the year ended December 31, 2009 are included in ou r total insurance proceeds amount. br /br /Financial Guarantors.#160;#160;We were the beneficiary of financial guarantees totaling $9.4#160;billion and $9.6#160;billion as of March 31, 2010 and December 31, 2009, respectively, on securities held in our investment portfolio or on securities that have been resecuritized to include a Fannie Mae guaranty and sold to third parties. The securities covered by these guarantees consist primarily of private-label mortgage-related securities and mortgage revenue bonds. We obtained these guarantees from nine financial guaranty insurance companies. In addition, we are the beneficiary of financial guarantees totaling $36.8#160;billion and $51.3#160;billion as of March 31, 2010 and December 31, 2009, respectively, obtained from Freddie Mac, the federal government, and its agencies. These financial guaranty contracts assure the collectibility of timely interest and ultimate principal payments on the guaranteed securities if the cash flows generated by the underlying collateral are not sufficient to fully support these payments.br /br /If a financial guarantor fails to meet its obligations to us with respect to the securities for which we have obtained financial guarantees, it could reduce the fair value of our mortgage-related securities and result in financial losses to us, which could have a material adverse effect on our earnings, liquidity, financial condition and net worth. Nine financial guarantors provided bond insurance coverage to us as of March 31, 2010, of which only one of the financial guarantors had an investment grade rating. We considered the financial strength of our financial guarantors in assessing our securities for other-than-temporary impairment.br /br /Derivatives Counterparties.#160;#160;For information on credit risk associated with our derivatives transactions refer to #8220;Note 10, Derivative Instruments.#8221;/p/div

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2010
Note to Consolidated Financial Statements
Fair Value	div style="font-size:12pt"p16.#160;#160;Fair Value/ppWe use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. br /br /Fair Value Measurementbr /br /Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and expands disclosures around fair value measurements. This guidance applies whenever other accounting standards require or permit assets or liabilities to be measured at fair value. The guidance establishes a three level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for ident ical assets or liabilities and lowest priority, Level 3, to measurements based on unobservable inputs and classifies assets and liabilities with limited observable inputs or observable inputs for similar assets or liabilities as Level 2 measurements. For the period ending March 31, 2010, we adopted the new accounting standard that requires enhanced disclosures about fair value measurements. br //ppRecurring Changes in Fair Valuebr /br /The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option as of March 31, 2010 and December 31, 2009. 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height="12" width="12" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 3)/ b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="79" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bAdjustment/bsupb(1)/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bFair Value/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="223" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd width="420" align="center" height="12" colspan="14" b(Dollars in millions)/b/td/trtrtd width="259" align="left" height="12" colspan="4"Assets:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" w idth="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Cash equivalents (Treasury bills)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="55" align="right"#160;11,498#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd h eight="12" width="9" align="center"$/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="59" align="right"#160;11,498#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Trading securities:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#1 60;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Mortgage-related securities:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" alig n="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Fannie Maesup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;4,163#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;4,076#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" a lign="right"#160;8,239#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Freddie Macsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;6,502#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/td ;td height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;6,502#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Ginnie Maesup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="5 6" align="right"#160;16#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;16#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Alt-A private-label securitiessup/sup/tdtd height="12" width=" 12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;1,252#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;153#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;1,405#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Subprime private-label securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;1,683#160;/tdtd height="12" width="12" align="left" #160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;1,683#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"CMBSsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd he ight="12" width="56" align="right"#160;10,098#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;10,098#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Mortgage revenue bondssup/sup/tdtd h eight="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;611#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height=" 12" width="59" align="right"#160;611#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Other sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;158#160;/tdtd height="12" width="12" align="left"#160; ;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;158#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Non-mortgage-related securities:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd hei ght="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Asset-backed securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/t dtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;7,948#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;43#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;7,991#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Corporate debt securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;176#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" wid th="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;176#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"U.S. Treasury securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;35,650#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9" #160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width= "59"#160;35,650#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Total trading securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="55"#160;35,650#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;30,155#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="61"#160;6,724#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="59"#160;72,529#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Available-for-sale securities:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height= "12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Mortgage-related securities:sup/sup /tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right" ;#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Fannie Maesup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;29,798#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;217#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9 " align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;30,015#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Freddie Macsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"# 160;21,905#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;30#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;21,935#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Ginnie Maesup/sup/tdtd height="12" width="12" align="left"#160;/td td height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;1,164#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;123#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;1,287 ;#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Alt-A private-label securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;5,941#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;8,517#160;/tdtd height="12" width="12" align="left"#160;/tdtd heig ht="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;14,458#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Subprime private-label securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height=" 12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;10,511#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;10,511#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"CMBSsup/sup/tdtd height="12" width="12" al ign="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;13,993#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align= "right"#160;13,993#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Mortgage revenue bondssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;19#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;12,559#160;/tdtd height="12" width="12" align="left"#160; lt;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;12,578#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Othersup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;17#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;3,873#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/td gt;td height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;3,890#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Total available-for-sale securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;72,837#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9" ;#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="61"#160;35,830#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="59"#160;108,667#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Derivative assets:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/td ;td height="12" width="55" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="56" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="61" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="70" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="59" align="left"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" cols pan="3"Risk management derivatives:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center" amp;#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Swapssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;9,122#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;52#160;/tdtd height="12" width="12" align ="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;9,174#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Swaptionssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/td gt;td height="12" width="56" align="right"#160;5,110#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;5,110#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Interest rate capssup/sup/td t;td height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;72#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd hei ght="12" width="59" align="right"#160;72#160;/td/trtrtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd width="235" align="left" height="14" colspan="2"Othersup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" width="55" align="right"#160;-#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" width="56" align="right"#160;-#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" width="61" align="right"#160;87#160;/tdtd height="14" width="12" align="left"#160; lt;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" width="70" align="right"#160;-#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" width="59" align="right"#160;87#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Netting adjustmentsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height ="12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;(14,259)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;(14,259)/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Mortgage commitment derivativessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;244#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;7#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bot tom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;251#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Total derivative assetssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd heigh t="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;14,548#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="61"#160;146#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="70"#160;(14,259)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="59"#160;435#160;/td/tr lt;trtd width="259" align="left" height="12" colspan="4"Guaranty assets and buy-ups sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;11#160;/td t;td height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;11#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Total assets at fair value sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;bor der-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;47,148#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;117,540#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;42,711#160;/tdtd height="12" width="12" align="left"#160;/tdtd height ="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(14,259)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;193,140#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b t;#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="429" align="center" colspan="15" style="border-bottom: 1px solid #000000;" height="12"bFair Value Measurements as of March 31, 2010/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bQuoted/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="12"b gt;#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="61"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="70"b#160;/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000 000;" align="center" width="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="59"b#160;/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="12" colspan="2"bPrices in/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="12" colspan=" 2"b#160;/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="61" align="center"b#160;/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/td gt;td height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="12" colspan="2"bActive/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="12" colspan="2"bSignificant/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="70" align="center" height="12" colspan="2"b#160;/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="70" align="center"b#160;/b supb/b/sup/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="12" colspan="2"bMarkets for/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="12" colspan="2" bOther/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="70" align="center" height="12" colspan="2"bSignificant/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/ tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="12" colspan="2"bIdentical/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="12" colspan="2"bObservable/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="70" align="center" height="12" colspan="2"bUnobservable/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="12" wid th="12" align="center"b#160;/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="12" colspan="2"bAssets/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="12" colspan="2"bInputs/b/tdtd height="12" width="12" align="center" b#160;/b/tdtd width="70" align="center" height="12" colspan="2"bInputs/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="79" align="center" height="12" colspan="2"bNetting/bsupb/b/sup/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="68" align="center" height="12" colspan="2"bEstimated/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 1)/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 2)/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 3)/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="79" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bAdjustment/bsupb(1)/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #00 0000;" height="12"bFair Value/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="223" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd width="420" align="center" height="12" colspan="14"b(Dollars in millions)/b/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="223" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" wid th="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd width="259" align="left" height="12" colspan=" 4"Liabilities:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/td lt;td height="12" width="59" align="right"#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Long-term debt sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="55" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="56" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="61" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="70" align="left"#160;sup/sup/td td height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="59" align="left"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Of Fannie Maesup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width ="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Senior fixedsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="5 6" align="right"#160;492#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="59" align="right"#160;492#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Senior floatingsup/sup/tdtd height="12" width="12" align="left"#160;/td ;td height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;2,184#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;582#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd heigh t="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;2,766#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Total Fannie Maesup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160; /tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;2,676#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="61"#160;582#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="59"#160;3,258#160; /td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Of consolidated trustssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;239#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-b ottom: 1px solid #000000;" align="right" width="61"#160;71#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;310#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Total long-term debt sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdt d height="12" style="border-top: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;2,915#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="61"#160;653#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdt d height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="59"#160;3,568#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Derivative liabilities:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="56" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="61" align="left"#160; /tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="70" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="59" align="left"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Risk management derivatives:sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right" ;#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Swapssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center" mp;#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;20,878#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;4#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;20,882#160;/td/trtrtd height=" 12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Swaptionssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;15#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width ="70" align="right"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;15#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Netting adjustmentsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="55" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="56" align="right"#160;-#160;/tdtd height="12" width="12" align= "left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="61" align="right"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;(20,051)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="59" align="right"#160;(20,051)/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="247" align="left" height="12" colspan="3"Mortgage commitment derivativessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd heig ht="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;109#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;2#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/ tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;111#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Total derivative liabilitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;21,002#1 60;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="61"#160;6#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="70"#160;(20,051)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="59"#160;957#160;/td/trtrtd width="259" align="left" height="12" colspan="4"Other liabilities sup t;/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;147#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom : 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;147#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="235" align="left" height="12" colspan="2"Total liabilities at fair value sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="bor der-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;24,064#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;659#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$ ;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(20,051)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;4,672#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="l eft"b#160;/b/tdtd width="429" align="center" colspan="15" style="border-bottom: 1px solid #000000;" height="11"bFair Value Measurements as of December 31, 2009/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="11"bQuoted/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #0 00000;" height="11"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="61"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="70"b#160;/bsupb/b/sup/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="11" style="border-to p: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="59"b#160;/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="11" colspan="2"bPrices in/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="12" align="center"b#1 60;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="61" align="center"b#160;/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="59" align="center"b#160;/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" wi dth="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="11" colspan="2"bActive/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bSignificant/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="70" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="center"b #160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="59" align="center"b#160;/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="11" colspan="2"bMarkets for/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bOther/b/tdtd height="11" width="12" align="center"b#160;/b t;/tdtd width="70" align="center" height="11" colspan="2"bSignificant/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="59" align="center"b#160;/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b t;/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="11" colspan="2"bIdentical/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bObservable/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="70" align="center" height="11" colspan="2"bUnobservable/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left"b#160;/b/tdtd height="11" width="70" align="center"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="center"b#160;/b/tdtd height="11" width="9" align="left" ;b#160;/b/tdtd height="11" width="59" align="center"b#160;/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" height="11" colspan="2"bAssets/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bInputs/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="70" align="center" height="11" colspan="2"bI nputs/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="79" align="center" height="11" colspan="2"bNetting/bsupb/b/sup/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="68" align="center" height="11" colspan="2"bEstimated/b/td/trtrtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="223" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"b(Level 1)/b gt;/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"b(Level 2)/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"b(Level 3)/b/tdtd height="11" width="12" align="center"b#160;/b/tdtd width="79" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bAdjustment/bsupb(1)/b/sup/tdtd height="11" width="12" align="left"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bFair Value/b/td/trtrtd height="11" width="1 2" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="223" align="left"#160;sup/sup/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="9" align="left"#160;/tdtd width="420" align="center" height="11" colspan="14"b(Dollars in millions)/b/td/trtrtd width="259" align="left" height="13" colspan="4"Assets:sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="56" align="right"#160; /tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="70" align="right"#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="59" align="right"#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Trading securities:sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="12" align="left" ;#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd width="247" align="left" height="13" colspan="3"Mortgage-related securities:sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/td/tr ;trtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Fannie Maesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;69,094#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;5,656#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="59" align="right"#160;74,750#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Freddie Macsup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;15,082#160;/tdtd height="13" width="12" align="left" mp;#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;15,082#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Ginnie Maesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd h eight="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;1#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;1#160;/td/trtrtd height="13" width="12" align="left"# 160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Alt-Asup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;791#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;564#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;- ;#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;1,355#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Subprimesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height= "13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;1,780#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;1,780#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"CMBSsup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right" gt;#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;9,335#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;9,335#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height ="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Mortgage revenue bondssup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;600#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup /sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;600#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Other sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" al ign="center"#160;/tdtd height="13" width="61" align="right"#160;154#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;154#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd width="247" align="left" height="13" colspan="3"Non-mortgage-related securities:sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="12" align= "left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Asset-back ed securitiessup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;8,408#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;107#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width ="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;8,515#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Corporate debt securitiessup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;364#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;- #160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;364#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"U.S. Treasury securities sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="55"#160; 3#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13 " style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;3#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Total trading securitiessup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="55"#160;3#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="56"#160;103,075#160;/tdtd height="13" width="12" align="left"#160;/tdtd height= "13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="61"#160;8,861#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="59"#160;111,939#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Available-for-sale securities:sup/sup/tdtd height="13" width="12" align="left" #160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/td/trtrtd height=" 13" width="12" align="left"#160;/tdtd width="247" align="left" height="13" colspan="3"Mortgage-related securities:sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;sup/sup/tdtd height=" 13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Fannie Maesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;153,823#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd h eight="13" width="61" align="right"#160;596#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;154,419#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Freddie Macsup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" w idth="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;27,442#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;27#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;27,469#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/td t;td width="235" align="left" height="13" colspan="2"Ginnie Maesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;1,230#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;123#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" ali gn="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;1,353#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Alt-Asup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;5,838#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;8,312#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;14,150#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Subprimesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" al ign="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;10,746#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;10,746#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd widt h="235" align="left" height="13" colspan="2"CMBSsup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;13,193#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#1 60;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;13,193#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Mortgage revenue bondssup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;26#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" widt h="61" align="right"#160;12,820#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;12,846#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Othersup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" w idth="55"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;22#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;3,530#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160; /tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;3,552#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Total available-for-sale securitiessup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="56"#160;201,574#160;/tdtd height="13" width="12" align="l eft"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="61"#160;36,154#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 1px solid #000000;" align="right" width="59"#160;237,728#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Derivative assetssup/sup/tdtd height="13" w idth="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;19,724#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;150#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;(18,400)sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width= "59" align="right"#160;1,474#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Guaranty assets and buy-ups sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;2,577#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;2,577#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Total assets at fair value sup/sup/tdtd height="13" width="12" align="left" ;#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;3#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;324,373#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;47,742#160;/tdtd he ight="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(18,400)sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;353,718#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Liabilities:sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/td ;td height="13" style="border-top: 3px double #000000;" align="right" width="55"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="56"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="61"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="70"#160;sup/sup/tdtd height="13" width="12" align="left" #160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="59"#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Long-term debt sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;2,673#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;601#160;/tdtd height="13" width="12" align= "left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="70" align="right"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="59" align="right"#160;3,274#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Derivative liabilitiessup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;23,815#160;/tdtd height="13" width="12" align="left"#1 60;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;27#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;(22,813)sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;1,029#160;/td/trtrtd width="259" align="left" height="13" colspan="4"Other liabilities sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;- #160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;270#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="1 3" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="59"#160;270#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="235" align="left" height="13" colspan="2"Total liabilities at fair value sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" w idth="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;26,758#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;628#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(22,813)sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #00 0000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;4,573#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="36" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="36" width="642" align="left"Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting agreements to settle with the same counterparty on a net basis, as well as cash c ollateral. /td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/tr/tablepThe following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level#160;3)#160;for the three months ended March 31, 2010 and 2009. The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations for Level#160;3 assets and liabilities for the three months ended March 31, 2010 and 2009. When assets and liabilities are transferred between levels, we recognize the transfer at the end of each quarter./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="8" width="10" align="left"#160;/td gt;td height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="76" align="left"#160;/tdtd width="614" align="center" height="8" colspan="31"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/bsupb/b/sup/td/trtrtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"b#160;/b/tdtd height="8" width="10" align="left"b#160;/b/tdtd height="8" width="76" align="left"b#160;/b/tdtd width="614" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="8"bFor the Three Months Ended March 31, 2010/bsupb/b/sup/td/trtrtd height="16" width="10" align="left"#160;/tdtd height="16" width="10" align="left"#160;/tdtd height="16" width="10" align="left"b#160;/b/tdtd height="16" width="10" align="left"b#160;/b/tdtd height="16" width="76" align="left"b#160;/b/tdtd height="16" width="7" align="left"b#160;/b/tdtd height="16" width="55" align="left"b#160;/b/tdtd height="16" width="6" align="left"b#160;/b/tdtd height="16" width="7" align="left"b#160;/b/tdtd height="16" width="51" align="left"b#160;/b/tdtd height="16" width="6" align="center"b#160;/b/tdtd width="116" align ="center" colspan="5" style="border-bottom: 1px solid #000000;" height="16"bTotal Gains or (Losses) (Realized/Unrealized)/b/tdtd height="16" width="6" align="center"b#160;/b/tdtd height="16" width="7" align="center"b#160;/b/tdtd height="16" width="44" align="center"b#160;/b/tdtd height="16" width="6" align="center"b#160;/b/tdtd height="16" width="7" align="center"b#160;/b/tdtd height="16" width="34" align="center"b#160;/bsupb/b/sup/tdtd height="16" width="6" align="center"b#160;/b/tdtd height="16" width="7" align="center"b#160;/b/tdtd height="16" width="49" align="center"b#160;/bsupb/b/sup/td ;td height="16" width="6" align="center"b#160;/b/tdtd height="16" width="7" align="center"b#160;/b/tdtd height="16" width="46" align="center"b#160;/b/tdtd height="16" width="6" align="center"b#160;/b/tdtd height="16" width="7" align="center"b#160;/b/tdtd height="16" width="64" align="center"b#160;/bsupb/b/sup/td/trtrtd height="56" width="10" align="left"#160;/tdtd height="56" width="10" align="left"#160;/tdtd height="56" width="10" align="left"b#160;/b/tdtd height="56" width="10" align="left"b#160;/b/tdtd height="56" width="76" align="left"b#160;/b/tdtd width="62" align="center" colspan="2 " style="border-bottom: 1px solid #000000;" height="56"bBalance, December 31, 2009/b/tdtd height="56" width="6" align="center"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="56"bImpact of New Accounting Standards/b/tdtd height="56" width="6" align="center"b#160;/b/tdtd width="45" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="56"bIncluded in Net Loss/b/tdtd height="56" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="56"bIncluded in Other Comprehensive Loss/b/tdtd height="56" width="6" align="center"b# 160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="56"bPurchases, Sales, Issuances, and Settlements, Net/b/tdtd height="56" width="6" align="left"b#160;/b/tdtd width="41" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="56"bTransfers out of Level 3/bsupb(1)/b/sup/tdtd height="56" width="6" align="left"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="56"bTransfers into Level 3/bsupb(1)/b/sup/tdtd height="56" width="6" align="left"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="56"bBalance, March 31, 2010/b/tdtd height="56" width="6" align="left"#160;/tdtd width="71" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="56"bNet Unrealized Gains (Losses) Included in Net Loss Related to Assets and Liabilities Still Held as of March 31, 2010/bsupb(2)/b/sup/td/trtrtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="76" align="left"#160;/tdtd width="614" align="center" height="8" colspan="31"b(Dollars in millions)/bsupb/b/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Trading securities:/tdtd height="14" width="7" align="left"#160; lt;/tdtd height="14" width="55" align="left"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="left"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="left"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="left"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="left"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="left"#160;sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="49" align="left"#160;sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="46" align="left"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd 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align="right" width="64"#160;70#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="76" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="rig ht" width="55"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="51"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="38"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" 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align="left" height="14" colspan="5"Total available-for-sale /tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="7"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="7"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="51"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="38"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="7" amp;#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-bottom: 1px 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width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;(2,568)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;2#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right" t;#160;/tdtd height="14" width="34" align="right"#160;-#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="49" align="right"#160;-#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" 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width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;(582)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;15#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"Of consolidated trust /tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-bottom: 1px so lid #000000;" align="right" width="55"#160;-#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="51"#160;(77)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="38"#160;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="58"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align= "right" width="44"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="34"#160;9#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(2)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="46"#160;(71)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" 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#000000;" align="right" width="64"#160;15#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="19" align="left"#160;/tdtd height="14" width="265" align="left"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd width="399" align="center" height="14" colspan="14"b t;Fair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="265" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd width="399" align="center" colspan="14" style="border-bottom: 1px solid #000000;" height="14"bFor the Three Months Ended March 31, 2009/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="265" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="left"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="15"b#160;/b/tdtd height="14" styl e="border-top: 1px solid 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height="14"bSecurities/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bDerivatives /b/tdtd height="14" width="12" align="center"b#160;/b/tdtd width="67" a lign="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bBuy-ups/b/tdtd height="14" width="12" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bDebt/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="265" align="left"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd width="384" align="center" height="14" colspan="13"b(Dollars in millions)/b/td/trtrtd width="284" align="left" height="17" colspan="2"Beginning balance as of January 1, 2009sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align ="center"$/tdtd height="17" width="50" align="right"#160;12,765#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"$/tdtd height="17" width="74" align="right"#160;47,837#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"$/tdtd height="17" width="51" align="right"#160;310#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"$/tdtd height="17" width="52" align="right"#160;1,083#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"$/tdtd height="17" width="49" align="right"#160;(2,898)/td/trtrtd width="284" align="left" height="17" colspan="2"Rea lized/unrealized gains (losses) included in net loss sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="50" align="right"#160;(165)/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="74" align="right"#160;(3,944)/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="51" align="right"#160;(5)/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="52" align="right"#160;40#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width=" 15" align="center"#160;/tdtd height="17" width="49" align="right"#160;58#160;/td/trtrtd width="284" align="left" height="17" colspan="2"Unrealized gains included in other comprehensive loss sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="50" align="right"#160;- /tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="74" align="right"#160;3,440#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="51" align="right"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width= "15" align="center"#160;/tdtd height="17" width="52" align="right"#160;28#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="49" align="right"#160;-#160;/td/trtrtd width="284" align="left" height="17" colspan="2"Purchases, sales, issuances, and settlements, net sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="50" align="right"#160;(658)/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="74" align="right"#160;(2,057)/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" ali gn="center"#160;/tdtd height="17" width="51" align="right"#160;3#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="52" align="right"#160;28#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="15" align="center"#160;/tdtd height="17" width="49" align="right"#160;1,449#160;/td/trtrtd width="284" align="left" height="17" colspan="2"Transfers in/out of level#160;3, netsup(1)/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="15"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;(1,634)/tdtd height="17" w idth="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="15"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="74"#160;(4,864)/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="15"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="51"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width="15"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="center" width=" 15"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;524#160;/td/trtrtd width="284" align="left" height="15" colspan="2"Ending balance as of March 31, 2009sup/sup/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;10,308#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="74"#160;40,412#160;/tdtd he ight="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="51"#160;308#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;1,179#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49" mp;#160;(867)/td/trtrtd width="284" align="left" height="17" colspan="2"Net unrealized gains (losses) included in net loss relatedsup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="15"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="15"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="74"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="15"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="51" #160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="15"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="52"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="15"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="49"#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="265" align="left"to assets and liabilities still held as of March 31, 2009sup(2)/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" style="border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="14" style="borde r-bottom: 3px double #000000;" align="right" width="50"#160;(105)/tdtd height="14" width="12" align="left"#160;/tdtd height="14" style="border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="14" style="border-bottom: 3px double #000000;" align="right" width="74"#160;- /tdtd height="14" width="12" align="left"#160;/tdtd height="14" style="border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="14" style="border-bottom: 3px double #000000;" align="right" width="51"#160;(12)/tdtd height="14" width="12" align="left"#160;/tdtd height="14" style="border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="14" style="border-bottom: 3px double #000000;" align="right" width="52"#160;45#160;/tdtd height="14" width="12" align="left"#160;/tdtd hei ght="14" style="border-bottom: 3px double #000000;" align="center" width="15"$/tdtd height="14" style="border-bottom: 3px double #000000;" align="right" width="49"#160;44#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="56" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="56" width="642" align="left"The transfers out of Level 3 consisted primarily of Fannie Mae guaranteed mortgage-related securities and private-label mortgage-related securities backed by Alt-A loans. Prices for these securities were obtained from multiple third-party vendors supported by market observable inputs. The transfers into Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans. Prices for these securities are based on inputs from a single source or inputs that were not readily observable./td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="30" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="30" width="642" align="left"Amount represents temporary changes in fair value. Amortization, accretion and other-than-temporary impairments are not considered unrealized and are not included in this amount./td/trtrtd height="10" width="26" align="left"#160;sup/sup/tdtd height="10" width="642" align="left"#160;/td/tr/tablepThe following tables dis play realized and unrealized gains and losses recorded in our condensed consolidated statements of operations for the three months ended March 31, 2010 and 2009, for assets and liabilities transferred into Level#160;3 and measured in our condensed consolidated balance sheets at fair value on a recurring basis.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="403" align="left"b#160;/b/tdtd height="14" width="12" align="right"b#160;/b/tdtd width="244" align="center" height="14" colspan="11"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/td/trtrtd height="14" width="403" align="left"b#160;/b/tdtd height="14" width="12" align="right"b#160;/b/tdtd width="244" align="center" colspan="11" style="border-bottom: 1px soli d #000000;" height="14"bFor the Three Months Ended March 31, 2010/b/td/trtrtd height="14" width="403" align="left"b#160;/b/tdtd height="14" width="12" align="right"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bTrading/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="12"#160;/tdtd width="94" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bAvailable-For-Sale/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bLong-term/b/td/trtrtd height="14" width="403" align="left"b ;#160;/b/tdtd height="14" width="12" align="right"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="12" align="left"b#160;/b/tdtd width="94" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bDebt/b/td/trtrtd height="13" width="403" align="left"#160;/tdtd height="13" width="12" align="right"#160;/tdtd width="244" align="center" height="13" colspan="11"b(Dollars in millions)/b/td/trtrtd height="15" width="403" align="left"Realized and unrealized gains included in net loss/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="center"$/tdtd height="15" width="53" align="right"#160;1#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="center"$/tdtd height="15" width="85" align="right"#160;11#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="12" align="center"$/tdtd height="15" width="52" align="right"#160;-#160;/td/trtrtd height="15" width="403" align="left"Unrealized losses included in other comprehensive loss /tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/td t;td height="15" style="border-bottom: 1px solid #000000;" align="right" width="53"#160;-#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="85"#160;(9)/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;-#160;/td/trtrtd height="15" width="403" align="left"Total gains/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" styl e="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="53"#160;1#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="85"#160;2#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;-#160;/td/trtrtd height="15" width="403" align="left"Amount of Level#160;3 transfers in /tdtd height="15" width="12" align="right"#160;/td t;td height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="53"#160;48#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="85"#160;802#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;(2)/td/trtrtd height= "24" width="403" align="left"#160;/tdtd height="24" width="12" align="right"#160;/tdtd height="24" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="24" style="border-top: 3px double #000000;" align="right" width="53"#160;/tdtd height="24" width="12" align="right"#160;/tdtd height="24" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="24" style="border-top: 3px double #000000;" align="right" width="85"#160;/tdtd height="24" width="12" align="right"#160;/tdtd height="24" style="border-top: 3px double #000000;" align="right" width="12"#160;/tdtd height="24" style="border-top: 3px double #000000;" align="right" width="52"#160;/td/trtrtd height="17" width="403" align="left"#160;/tdtd height="17" width="12 " align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="53" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="85" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="52" align="left"#160;/td/trtrtd height="14" width="403" align="left"b#160;/b/tdtd height="14" width="12" align="left"#160;/tdtd width="244" align="center" height="14" colspan="11"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/td/trtrtd height="14" width="403" align="left"b#160;/b/td lt;td height="14" width="12" align="left"#160;/tdtd width="244" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="14"bFor the Three Months Ended March 31, 2009/b/td/trtrtd height="14" width="403" align="left"b#160;/b/tdtd height="14" width="12" align="left"#160;/tdtd width="62" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bTrading/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="94" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bAvailable-For-Sale/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px so lid #000000;" height="14"bLong-term/b/td/trtrtd height="14" width="403" align="left"b#160;/b/tdtd height="14" width="12" align="left"#160;/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="12" align="left"b#160;/b/tdtd width="94" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bDebt/b/td/trtrtd height="14" width="403" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd width="244" align="cent er" height="14" colspan="11"b(Dollars in millions)/b/td/trtrtd height="15" width="403" align="left"Realized and unrealized losses included in net loss /tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="center"$/tdtd height="15" width="53" align="right"#160;(8)/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="center"$/tdtd height="15" width="85" align="right"#160;(199)/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="12" align="center"$/tdtd height="15" width="52" align="right"#160;-#160;/td/trtrtd height="15" width="403" align="left"Unrealized gains included in other comprehensive loss /tdtd height="15" width="12" align="right"#160;/td ;td height="15" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="53"#160;-#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="85"#160;228#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;-#160;/td/trtrtd height="15" width="403" align="left"Total gains (losses) /tdtd height="15" width="12" align="right"#160;/tdtd height="15" style=" border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="53"#160;(8)/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="85"#160;29#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;-#160;/td/trtrtd height="15" width="403" align="left" ;Amount of Level#160;3 transfers in /tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="53"#160;236#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="85"#160;1,727#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 3px double #00000 0;border-bottom: 3px double #000000;" align="right" width="52"#160;-#160;/td/tr/tablepThe following tables display realized and unrealized gains and losses included in our condensed consolidated statements of operations for the three months ended March 31, 2010 and 2009, for our Level#160;3 assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis. br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="11" width="27" align="left"#160;/tdtd height="11" width="181" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="462" align="center" colspan="20" style="border-bottom: 1px solid #000000;" height="11"bFor the Three Months Ended March 31, 2010/b/td/trtrtd height="11" width="27" alig n="left"#160;/tdtd height="11" width="181" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;" height="11"bInterest/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="41"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000 000;" align="center" width="53"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="46"#160;/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="65"bOther-than-/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="9"b#160; lt;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="63"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="right" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="31"b#160;/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="181" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bIncome/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="50" align="center" height="11" colspan="2" bGuaranty/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="62" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="55" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd height="11" width="9" align="right"b#160;/b/tdtd height="11" width="65" align="center"bTemporary-/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd height="11" width="63" align="center"b#160;/b/tdtd height="11" width="7" align="right"b#160;/b/td t;td height="11" width="9" align="right"b#160;/b/tdtd height="11" width="31" align="center"b#160;/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="181" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bInvestment in/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="50" align="center" height="11" colspan="2"bFee/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="62" align="center" height="11" colspan="2"bInvestment/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="55" align="cente r" height="11" colspan="2"bFair Value/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd height="11" width="9" align="right"b#160;/b/tdtd height="11" width="65" align="center"bImpairments,/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="72" align="center" height="11" colspan="2"bInterest Expense /b/tdtd height="11" width="7" align="right"b#160;/b/tdtd height="11" width="9" align="right"b#160;/b/tdtd height="11" width="31" align="center"b#160;/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="181" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#1 60;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bSecurities/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bIncome/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="62" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bGains, net/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bGains, net/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd height="11" style="border-bottom: 1px solid #000000;" align="left" width="9" #160;/tdtd height="11" style="border-bottom: 1px solid #000000;" align="center" width="65"bnet/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bLong-Term Debt/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="40" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bTotal /b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="181" align="left"#160;/tdtd height="11" width="7" align="left"#160;/tdtd width="462" align="center" height="11" colspan="20"b(Dollars in millions)/b/td/trtrtd width="208" align="left" height="13" colspan="2"Total re alized and unrealized/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="55" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="41" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="53" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="46" align="center"b#160;/b/tdtd height="13" width="7" align="center" b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="31" align="center"b#160;/b/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="181" align="left"gains (losses) included in net loss/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="center"$/tdtd height="13" width="55" align="right"#160;111#160;/tdtd height="13" width="7" ali gn="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="41" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="53" align="right"#160;1#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="46" align="right"#160;133#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;(212)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="63" align="right"#160;4#160;/tdtd height="13" width="7" align ="center"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="31" align="right"#160;37#160;/td/trtrtd width="208" align="left" height="13" colspan="2"Net unrealized gains related to/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="41" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="53" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160 ;/tdtd height="13" width="46" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="31" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="181" align="left"Level#160;3 assets and liabilities still held/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="41" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="53" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="46" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" w idth="63" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="31" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="181" align="left"as of March 31, 2010/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="center"$/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="41" align="right"#160;1#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="53" align="right"#160;-#160; t;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="46" align="right"#160;83#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="63" align="right"#160;-#160;/tdtd height="13" width="7" align="center"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="31" align="right"#160;84#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="11" width="27" align="left"#160;/tdtd height="11" widt h="212" align="left"b#160;/b/tdtd height="11" width="7" align="left"#160;/tdtd width="420" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="11"bFor the Three Months Ended March 31, 2009/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="212" align="left"b#160;/b/tdtd height="11" width="7" align="left"#160;/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;" height="11"bInterest/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="43"#160;/td ;td height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="11" style="border-top: 1px solid #000000;" align="left" width="61"#160;/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-top: 1px solid #000000;" height="11"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-top: 1px solid #000000;" height="11"bOther-than-/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="11" style="border - -top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="45"b#160;/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="212" align="left"b#160;/b/tdtd height="11" width="7" align="left"#160;/tdtd width="70" align="center" height="11" colspan="2"bIncome/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"bGuaranty/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="70" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd height="11" width="9" align="left"#160;/tdtd height="11" width="56" align="left"#160;/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="74" align="center" height="11" colspan="2"bTemporary-/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd height="11" width="9" align="right"b#160;/b/tdtd height="11" width="45" align="center"b#160;/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="212" align="left"b#160;/b/tdtd height="11" width="7" align="left"#160;/tdtd width="70" align="center" height="11" colspan="2"bInvestment/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="52" ali gn="center" height="11" colspan="2"bFee/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="70" align="center" height="11" colspan="2"bInvestment/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bFair Value/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="74" align="center" height="11" colspan="2"bImpairments, /b/tdtd height="11" width="7" align="center"b#160;/b/tdtd height="11" width="9" align="right"b#160;/b/tdtd height="11" width="45" align="center"b#160;/b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="212" align=" left"b#160;/b/tdtd height="11" width="7" align="left"#160;/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bin Securities/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bIncome/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bGains, net/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"b(Losses), net/b/tdtd height="11" width="7" align="center"b#160;/b lt;/tdtd width="74" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bnet/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bTotal /b/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd width="420" align="center" height="13" colspan="17"b(Dollars in millions)/b/td/trtrtd width="239" align="left" height="13" colspan="2"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="center"b#160;/b/td td height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="56" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="center"b#160;/b/tdtd height="13" width="65" align="center"b#160;/b/tdtd height="13" width="7" al ign="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="45" align="center"b#160;/b/td/trtrtd width="239" align="left" height="13" colspan="2"Total realized and unrealized /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="center"b#160;/b gt;/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="56" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="center"b#160;/b/tdtd height="13" width="65" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="45" align="center"b#160;/b/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"gains (losses) included in net loss/tdtd height="13" width="7" align="left"#160;/tdtd height="1 3" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;335#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;(208)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;248#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;(109)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;(4,282)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width=" 9" align="center"$/tdtd height="13" width="45" align="right"#160;(4,016)/td/trtrtd width="239" align="left" height="13" colspan="2"Net unrealized gains (losses) related to /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="43" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="rig ht"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="45" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"Level#160;3 assets and liabilities still held/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="43" align="right"#160; /tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="45" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"as of March 31, 2009/tdtd height="13" width="7" align= "left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;45#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;(73)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="7" align="righ t"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="45" align="right"#160;(28)/td/tr/tablepWe use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation techniques used for assets and liabilities measured at fair value on a recurring basis, as well as the basis for classification of such instruments pursuant to the valuation hierarchy established under fair value measurement guidance.br /br /Cash Equivalents, Trading Securities and Available-for-Sale Securities #8211; These securities are recorded in our condensed consolidated balance sheets at fair value on a recurring basis. Fair value is measured using quoted market prices in active markets for identical assets, when available. Securities, such as U.S. Treasuries, whose value is based on quoted market prices in active markets for ident ical assets are classified as Level 1. If quoted market prices in active markets for identical assets are not available, we use prices provided by up to four third-party pricing services that are calibrated to the quoted market prices in active markets for similar securities, and thus are generally classified within Level 2 of the valuation hierarchy. In the absence of prices provided by third-party pricing services supported by observable market data, we use internally developed estimates, incorporating market-based assumptions wherever such information is available. The fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Such instruments are generally classified as Level 2 of the valuation hierarchy. Where there is limited activity or less transparency around inputs to the valuation, securities are classified as Level 3.br /br /Derivatives Assets and Liabilities (collectively #8220;derivatives#8221; ) - Derivatives are recorded in our condensed consolidated balance sheets at fair value on a recurring basis. The valuation process for the majority of our risk management derivatives uses observable market data provided by third-party sources, resulting in Level 2 classification. Interest rate swaps are valued by referencing yield curves derived from observable interest rates and spreads to project and discount swap cash flows to present value. Option-based derivatives use a model that projects the probability of various levels of interest rates by referencing swaption and caplet volatilities provided by market makers/dealers. The projected cash flows of the underlying swaps of these option-based derivatives are discounted to present value using yield curves derived from observable interest rates and spreads. Certain highly complex structured derivatives use only a single external source of price information due to lack of transparency in the market and may be modeled using observable interest rates and vol atility levels as well as significant assumptions, resulting in Level 3 classification. Mortgage commitment derivatives use observable market data, quotes and actual transaction price levels adjusted for market movement, and are typically classified as Level#160;2. Adjustments for market movement based on internal model results that cannot be corroborated by observable market data are classified as Level#160;3. br /br /Guaranty Assets and Buy-ups - Guaranty assets related to our portfolio securitizations are recorded in our condensed consolidated balance sheets at fair value on a recurring basis and are classified within Level#160;3 of the valuation hierarchy. Guaranty assets in lender swap transactions are recorded in our condensed consolidated balance sheets at the lower of cost or fair value. These assets, which are measured at fair value on a nonrecurring basis, are classified within Level#160;3 of the fair value hierarchy.br /br /We estimate the fai r value of guaranty assets based on the present value of expected future cash flows of the underlying mortgage assets using management#8217;s best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. These cash flows are projected using proprietary prepayment, interest rate and credit risk models. Because guaranty assets are like an interest-only income stream, the projected cash flows from our guaranty assets are discounted using one-month LIBOR plus the option-adjusted spread (#8220;OAS#8221;) for interest-only trust securities. The interest-only OAS is calibrated using prices of a representative sample of interest-only trust securities. We believe the remitted fee income is less liquid than interest-only trust securities and more like an excess servicing strip. We take a further haircut of the present value for liquidity considerations. The haircut is based on market quotes from dealers.br / gt;br /The fair value of the guaranty assets include the fair value of any associated buy-ups, which is estimated in the same manner as guaranty assets but is recorded separately as a component of #8220;Other assets#8221; in our condensed consolidated balance sheets. While the fair value of the guaranty assets reflect all guaranty arrangements, the carrying value primarily reflects only those arrangements entered into subsequent to our adoption of the accounting standard on guarantor#8217;s accounting and disclosure requirements for guarantees.br /br /Short-Term Debt and Long-Term Debt (collectively #8220;debt#8221;) #8211; The majority of debt of Fannie Mae is recorded in our condensed consolidated balance sheets at the principal amount outstanding, net of cost basis adjustments. We elected the fair value option for certain structured debt instruments, which are recorded in our condensed consolidated balance sheets at fair value on a recurring basis. ;br /br /We use third-party pricing services that reference observable market data such as interest rates and spreads to measure the fair value of#160;debt, and thus classify those valuations within Level 2 of the valuation hierarchy. When third-party pricing is not available, we use a discounted cash flow approach based on#160;a yield curve#160;derived from market prices observed for Fannie Mae Benchmark Notes and adjusted to reflect fair values at the offer side of the market.br /#160;br /For structured debt instruments that are not valued by third-party pricing services, cash flows are evaluated taking into consideration any structured derivatives through which we have swapped out of the structured features of the notes. The resulting cash flows are discounted to present value using a yield curve derived from market prices observed for Fannie Mae Benchmark Notes and adjusted to reflect fair values at the offer side of the market. Market swaption volatilities are also referenced for the valuation of callable structured debt instruments. Given that the derivatives considered in the valuations of these structured debt instruments are classified as Level 3, the valuations of the structured debt instruments result in a Level 3 classification.br /br /At the transition date, we recognized consolidated trusts#8217; debt held by third parties at their unpaid principal balance in our condensed consolidated balance sheets. Consolidated MBS debt is traded in the market as MBS assets. Accordingly, we estimate the fair value of our consolidated MBS debt using quoted market prices in active markets for similar liabilities when traded as assets.#160;#160;The valuation methodology and inputs used in estimating the fair value of MBS assets are#160;described#160;under amp;quot;Cash Equivalents, Trading#160;Securities and#160;Available-for-Sale Securities.amp;quot; Certain consolidated MBS debt with embedded derivatives is recorded in our condensed consolidated balance sheets at fair value on a recurring basis. br /br /Other Liabilities - Represents dollar roll repurchase transactions that reflect prices for similar securities in the market. They are recorded in our condensed consolidated balance sheets at fair value on a recurring basis. Fair value is based on observable market-based inputs, quoted market prices and actual transaction price levels adjusted for market movement and are typically classified as Level#160;2. Adjustments for market movement that require internal model results that cannot be corroborated by observable market data are classified as Level#160;3./ppNonrecurring Changes in Fair Valuebr /br /The following tables display assets and liabilities measured in our condensed consolidated balance sheets at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjus tments in certain circumstances (for example, when we evaluate for impairment), and the gains or losses recognized for these assets and liabilities for the three months ended March 31, 2010 and 2009, as a result of fair value measurements.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="11" width="19" align="left"#160;/tdtd height="11" width="19" align="left"b#160;/b/tdtd height="11" width="150" align="left"b#160;/b/tdtd width="329" align="center" height="11" colspan="11"b#160;/b/tdtd height="11" width="26" align="center"b#160;/bsupb/b/sup/tdtd width="87" align="center" height="11" colspan="2"bFor the Three Months Ended/b/tdtd height="11" width="19" align="center"b#160;/bsup/sup t;/td/trtrtd height="11" width="19" align="left"#160;/tdtd height="11" width="19" align="left"b#160;/b/tdtd height="11" width="150" align="left"b#160;/b/tdtd width="329" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="11"bFair Value Measurements for the Three Months Ended March 31, 2010/b/tdtd height="11" width="26" align="center"b#160;/bsupb/b/sup/tdtd width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bMarch 31, 2010/b/tdtd height="11" width="19" align="center"b#160;/bsup/sup/td/trtrtd height="12" width="19" align="left"#160;/tdtd height="12" width="19" align="left"b#160;/b /tdtd height="12" width="150" align="left"b#160;/b/tdtd width="78" align="center" colspan="2" style="border-top: 1px solid #000000;" height="12"bQuoted/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="58"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="70"b#160;/b/tdtd height="12" style="border - -top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="60"b#160;/b/tdtd height="12" width="26" align="center"b#160;/bsupb/b/sup/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="12" style="border-top: 1px solid #000000;" 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height="12" width="19" align="left"#160;/tdtd height="12" width="19" align="left"b#160;/b/tdtd height="12" width="150" align="left"b#160;/b/tdtd width="78" align="center" height="12" colspan="2"bActive/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="67" align="center" height="12" colspan="2"bSignificant/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align ="right"b#160;/b/tdtd height="12" width="70" align="center"b#160;/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="60" align="center"b#160;/b/tdtd height="12" width="26" align="center"b#160;/bsupb/b/sup/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="78" align="center"b#160;/b/tdtd height="12" width="19" align="center"b#160;/bsup/sup/td/trtrtd height="12" width="19" align="left"#160;/tdtd height="12" width="19" align="left"b#160;/b/tdtd height="12" width="150" a 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height="12" colspan="2"bObservable/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="79" align="center" height="12" colspan="2"bUnobservable/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="6 9" align="center" height="12" colspan="2"bEstimated/b/tdtd height="12" width="26" align="center"b#160;/bsupb/b/sup/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="78" align="center"b#160;/b/tdtd height="12" width="19" align="center"b#160;/bsup/sup/td/trtrtd height="12" width="19" align="left"#160;/tdtd height="12" width="19" align="left"b#160;/b/tdtd height="12" width="150" align="left"b#160;/b/tdtd width="78" align="center" height="12" colspan="2"bAssets/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="67" align="center" height="12" colspan="2"bInputs /b/tdtd height="12" width="12" align="center"b#160;/b/tdtd width="79" align="center" height="12" colspan="2"bInputs/b/tdtd height="12" width="12" align="center"b#160;/b/tdtd 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width="26" align="center"b#160;/bsupb/b/sup/tdtd width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b amp;#160;(Losses)/b/tdtd height="12" width="19" align="center"b#160;/bsup/sup/td/trtrtd height="10" width="19" align="left"#160;/tdtd height="10" width="19" align="left"#160;/tdtd height="10" width="150" align="left"#160;/tdtd width="485" align="center" height="10" colspan="18"b(Dollars in millions)/b/tdtd height="10" width="19" align="left"#160;sup/sup/td/trtrtd width="188" align="left" height="13" colspan="3"Assets:/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="69" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="58" align="left"#160;/tdtd height=" 13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="70" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" 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style="border-bottom: 1px solid #000000;" align="right" width="58"#160;-#160;/td t;td height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;69#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="60"#160;69#160;/tdtd height="13" width="26" align="left"#160;sup/sup/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;(63)/tdtd height="13" width="19" align="left"#160;sup(4)/sup/td/tr ;trtd height="13" width="19" align="left"#160;/tdtd width="169" align="left" height="13" colspan="2"Total assets at fair value/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="58"#160;6,690#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height ="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;11,170#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="60"#160;17,860#160;/tdtd height="13" width="26" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"#160;(464)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="188" align="left" height="13 " colspan="3"Liabilities:/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="69"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="58"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="70"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" styl e="border-top: 3px double #000000;" align="right" width="60"#160;/tdtd height="13" width="26" align="left"#160;sup/sup/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="78"#160;/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="188" align="left" height="13" colspan="3"Master servicing liabilities/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="69"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="borde r-bottom: 1px solid #000000;" align="right" width="58"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="70"#160;3#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="60"#160;3#160;/tdtd height="13" width="26" align="left"#160;sup/sup/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;(6)/tdtd height="13" width="19" align="right" mp;#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="169" align="left" height="13" colspan="2"Total liabilities at fair value/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="58"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #00000 0;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;3#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="60"#160;3#160;/tdtd height="13" width="26" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"#160;(6)/tdtd height="13" width="19" align="right"#160;sup/sup/td/tr/ta bletable style="border-collapse: collapse; margin-top: 20px;"trtd height="11" width="19" align="left"#160;/tdtd height="11" width="152" align="left"b#160;/b/tdtd height="11" width="2" align="left"b#160;/b/tdtd width="362" align="center" height="11" colspan="11"b#160;/b/tdtd height="11" width="42" align="center"b#160;/bsupb/b/sup/tdtd width="101" align="center" height="11" colspan="2"bFor the Three Months Ended/b/tdtd height="11" width="19" align="center"b#160;/bsup/sup/td/trtrtd 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align="center"b#160;/bsup/sup/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="152 " align="left"#160;/tdtd height="14" width="2" align="left"#160;/tdtd width="548" align="center" height="14" colspan="18"b(Dollars in millions)/b/tdtd height="14" width="19" align="left"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Assets:/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="72" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="72" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="83" align="left"#160;/tdtd height=" 13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="left"#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="92" align="left"#160;/tdtd height="13" width="19" align="left"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Mortgage loans held for sale, at/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="72" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="72" align="left"#160;/td ;td height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="83" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="left"#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="92" align="left"#160;/tdtd height="13" width="19" align="left"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="154" align="left" height="13" colspan="2"lower of cost or fair value/tdtd height="13" width="9" align="center"$/tdtd height="13" width="72" align="right"#160;- ;#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="72" align="right"#160;1,272#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="83" align="right"#160;2,067#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="63" align="right"#160;3,339#160;/tdtd height="13" width="42" align="left"#160;sup(1)/sup/tdtd height="13" width="9" align="center"$/tdtd height="13" width="92" align="right"#160;(205)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="171" align="left" height= "13" colspan="2"Mortgage loans held for/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="83" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/td gt;td height="13" width="92" align="right"#160;/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="154" align="left" height="13" colspan="2"investment, at amortized cost/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="83" align="right"#160;528#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9 " align="center"#160;/tdtd height="13" width="63" align="right"#160;528#160;/tdtd height="13" width="42" align="left"#160;sup(2)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="92" align="right"#160;(55)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Acquired property, net/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align= "right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="83" align="right"#160;6,040#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;6,040#160;/tdtd height="13" width="42" align="left"#160;sup(3)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="92" align="right"#160;(338)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Guaranty assets/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160 ;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="83" align="right"#160;1,669#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;1,669#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="92" align="right"#160;(137)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtr td width="171" align="left" height="13" colspan="2"Master servicing assets/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="72" align="right"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="83" align="right"#160;453#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;453#160;/tdtd height="13" width="42" align="left"#160;sup/ sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="92" align="right"#160;(139)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Partnership investments/tdtd height="13" width="2" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/t dtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="83"#160;4,666#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;4,666#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="92"#160;(147)/tdtd height="13" width="19" align="right"#160;sup#160;(4)/sup/td/trtrtd height="13" width="19" align="lef t"#160;/tdtd width="154" align="left" height="13" colspan="2"Total assets at fair value/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;1,272#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;bord er-bottom: 3px double #000000;" align="right" width="83"#160;15,423#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;16,695#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="92"#160;(1,021)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Liabilities:/tdt d height="13" width="2" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="72"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="72"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="83"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/td t;td height="13" style="border-top: 3px double #000000;" align="right" width="63"#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="92"#160;/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd width="171" align="left" height="13" colspan="2"Master servicing liabilities/tdtd height="13" width="2" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="83"#160;48#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;48#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right " width="92"#160;(13)/tdtd height="13" width="19" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="154" align="left" height="13" colspan="2"Total liabilities at fair value/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="12" align="right"#160;/td t;td height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;48#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;48#160;/tdtd height="13" width="42" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="92"#160;(13)/tdtd height="1 3" width="19" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="152" align="left"#160;/tdtd height="17" width="2" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="72"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="72"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000; " align="left" width="83"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="17" width="42" align="left"#160;sup/sup/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="92"#160;/tdtd height="17" width="19" align="left"#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="690" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="19" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="36" width="19" align="left"#160;sup#160;(1)/sup/tdtd height="36" width="642" align="left"Includes $7.1#160;billion and $722 million of mortgage loans held for sale that were sold, retained as a mortgage-related security or redesignated to mortgage loans held for investment as of March 31, 2010 and 2009, respectively./td/trtrtd height="8" width="19" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="30" width="19" align="left"#160;sup#160;(2)/sup/tdtd height="30" width="642" align="left"Includes $161#160;million and $18#160;million of mortgage loans held for investment that were redesignated to mortgage loans held for sale, liquidated or transferred to foreclosed propertie s as of March 31, 2010 and 2009, respectively./td/trtrtd height="8" width="19" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;sup#160;(3)/sup/tdtd height="17" width="642" align="left"Includes $1.6#160;billion and $1.9 billion of acquired properties that were sold as of March 31, 2010 and 2009, respectively./td/trtrtd height="8" width="19" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="31" width="19" align="left"#160;sup#160;(4)/sup/tdtd height="31" width="642" align="left"Represents impairment charges related to LIHTC partnerships and other equity investments in multifamily properties as of March 31 , 2010 and 2009, respectively./td/trtrtd height="8" width="19" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/trtrtd height="31" width="19" align="left"#160;sup#160;(5)/sup/tdtd height="31" width="642" align="left"Includes $7.1#160;billion of estimated fair value and $68#160;million in losses due to the adoption of the new accounting standards./td/trtrtd height="11" width="19" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160;/td/tr/tablepThe following is a description of the fair valuation techniques used for assets and liabilities measured at fair value on a nonrecurring basis under the accounting standard for fair value measurements as well as the basis for classification of such instruments pursuan t to the valuation hierarchy established under this guidance.br /br /Mortgage Loans Held for Sale #8211; HFS loans are reported at the lower of cost or fair value in our condensed consolidated balance sheets. At the transition date, we reclassified the majority of HFS loans to HFI, as the trusts do not have the ability to sell mortgage loans and use of such loans is limited exclusively to the settlement of obligations of the trust. The valuation methodology and inputs used in estimating the fair value of HFS loans are described#160;below#160;under Mortgage Loans Held for Investment and are generally classified as Level 2. To the extent#160;that significant inputs are not observable#160;or determined by extrapolation of observable points, the fair values are classified within Level 3 of the valuation hierarchy.#160;#160;br /br /Mortgage Loans Held for Investment #8211; HFI performing loans and nonperforming loans that are not individually impaired are reported in our condensed consolidated balance sheets at the principal amount outstanding, net of cost basis adjustments and an allowance for loan losses. A portion of the nonperforming loans that are impaired are measured at fair value in our condensed consolidated balance sheets on a nonrecurring basis. These loans are classified within Level#160;3 of the valuation hierarchy because significant inputs are unobservable. At the transition date, we recorded consolidated trusts#8217; loans as HFI at their unpaid principal balance net of an allowance for loan losses. br /Fair value of performing loans#160;represents an estimate of the prices we would receive if we were to securitize those#160;loans and is determined based on comparisons to Fannie Mae MBS with similar characteristics, either on a pool or loan level. We use the observable market values of our Fannie Mae MBS determined from third-party pricing services and other observable market-data as a base value, from which we add or subtract the fair value of the associated guaranty asset, guaranty obligation and master servicing arrangement. Certain loans that do not qualify for Fannie Mae MBS securitization are valued using market based data including for example credit spreads, severities, pre-payment speeds for similar loans or through a model approach incorporating both interest rate and credit risk simulating a loan sale via a synthetic structure. br /Fair value of single family nonperforming loans represents#160;an estimate of the prices we would receive if we were to sell those#160;loans#160;in the#160;nonperforming whole-loan market. We calculate the fair value of nonperforming loans based on assumptions about key factors, including loan performance, delinquency transition rates, collateral value, foreclosure timeline, and mortgage insurance repayment. Using these assumptions, along with indicative bids for a representative sample of nonperforming loans, we compute a market calibrat ed fair value. The bids on sample loans are obtained from multiple active market participants. br /Fair value of multifamily nonperforming loans is determined by external third-party valuations when available. If third-party valuations are unavailable, we determine the value of the collateral based on a derived property value estimation method using current net operating income of the property and capitalization rates. br /Acquired Property, Net #8211; Acquired Property, Net mainly represents foreclosed property received in full satisfaction of a loan. Acquired property is initially recorded in our condensed consolidated balance sheets at its fair value less its estimated cost to sell. The initial fair value of foreclosed properties is determined by third-party appraisals or independent broker opinions, when available. When third-party appraisals or broker opinions are not available, we estimate fair value based on factors such as prices for similar properties in similar geographical are as and/or assessment through observation of such properties performed at a geographic level. Estimated cost to sell is based upon historical sales cost at a geographic level. br /Subsequent to initial measurement, the foreclosed properties that we intend to sell are reported at the lower of the carrying amount or fair value less estimated cost to sell. Foreclosed properties classified as held for use are depreciated and are impaired when circumstances indicate that the carrying amount of the property is no longer recoverable. The fair value of our single family foreclosed properties on an ongoing basis is determined using inputs similar to those used at the point of initial fair value measurement and also includes inputs for sales price of offers accepted and listed price of the foreclosed property, when available. The fair value of our multifamily properties is derived using third-party valuations. When third-party valuations are not available, we estimate the fair value using current net operating income of the property and capitalization rates.br /Acquired property is classified within Level#160;3 of the valuation hierarchy because significant inputs are unobservable.br /br /Master Servicing Assets and Liabilities #8211; Master Servicing Assets and Liabilities are reported at the lower of cost or fair value in our condensed consolidated balance sheets. We measure the fair value of master servicing assets and liabilities based on the present value of expected cash flows of the underlying mortgage assets using management#8217;s best estimates of certain key assumptions, which include prepayment speeds, forward yield curves, adequate compensation, and discount rates commensurate with the risks involved. Changes in anticipated prepayment speeds, in particular, result in fluctuations in the estimated fair values of our master servicing assets and liabilities. If actual prepayment experience differs from the anticipated rates used in our model, this may result in a m aterial change in the fair value. Master servicing assets and liabilities are classified within Level#160;3 of the valuation hierarchy.br /br /Partnership Investments #8211; Unconsolidated investments in limited partnerships are primarily accounted for under the equity method of accounting. During 2009, we reduced the carrying value of our LIHTC investments to zero. We determined the fair value of our LIHTC investments using internal models that estimated the present value of the expected future tax benefits (tax credits and tax deductions for net operating losses) expected to be generated from the properties underlying these investments. Our estimates were based on assumptions that other market participants would use in valuing these investments. The key assumptions used in our models, which required significant management judgment, included discount rates and projections related to the amount and timing of tax benefits. We compared our model results to independent third-party valu ations to validate the reasonableness of our assumptions and valuation results. We also compared our model results to the limited number of observed market transactions and made adjustments to reflect differences between the risk profile of the observed market transactions and our LIHTC investments.br /br /For our other equity method investments, we use a net present value approach to estimate the fair value. The key assumptions used in our approach, which require significant management judgment, include discount rates and projections related to the amount and timing of cash flows. Our equity investments in LIHTC limited partnerships and other equity investments are classified within the Level#160;3 hierarchy of fair value measurement because they trade in a market with limited observable transactions. br //ppFair Value of Financial Instrumentsbr /br /The following table displays the carrying value and estimated fair value of our financial instrume nts as of March 31, 2010 and December 31, 2009. Our disclosures of the fair value of financial instruments include commitments to purchase multifamily mortgage and single-family mortgage loans, which are off-balance sheet financial instruments that we do not record in our consolidated balance sheets. The fair values of these commitments are included as #8220;Mortgage loans held for investment, net of allowance for loan losses.#8221; The disclosure excludes certain financial instruments, such as plan obligations for pension and postretirement health care benefits, employee stock option and stock purchase plans, and also excludes all non-financial instruments. As a result, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="17" width="4" align="left"b#160;/b/tdtd width="375" align="center" colspan="12" style="border-bottom: 1px solid #000000;" height="17"bAs of/bsupb/b/sup/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="4" align="left"b#160;/b/tdtd width="178" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bMarch 31, 2010/b/tdtd height="14" style="border-t op: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd width="185" align="center" colspan="6" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bDecember 31, 2009/bsupb(2)/b/sup/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="4" align="left"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bCarrying/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-top: 1px solid # 000000;" height="14"bEstimated/b/tdtd height="14" width="12" align="left"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bCarrying/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bEstimated/bsupb/b/sup/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="270" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="4" align="left"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-bo ttom: 1px solid #000000;" height="15"bValue/b/tdtd height="15" width="4" align="left"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bFair Value/b/tdtd height="15" width="12" align="left"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bValue/b/tdtd height="15" width="11" align="left"b#160;/b/tdtd width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bFair Value/bsupb/b/sup/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="270" align="left"#160;sup /sup/tdtd height="14" width="4" align="left"#160;/tdtd width="375" align="center" height="14" colspan="12"b(Dollars in millions)/bsupb/b/sup/td/trtrtd width="308" align="left" height="17" colspan="3"bFinancial assets:/bsup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="left"#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="left"#160;/tdtd height="17" width="11" align ="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="left"#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Cash and cash equivalentssup(1) /sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"75,956#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;75,956#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"9,882#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" wi dth="9" align="left"$/tdtd height="17" width="78" align="right"9,882#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Federal funds sold and securities purchasedsup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/td gt;td height="17" width="78" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"under agreements to resell or similar arrangementssup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"62,446#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;62,446#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"53,684#160;/tdtd height="17" width="11" align="right"#160;/td ;td height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"53,656#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Trading securities sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"72,529#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;72,529#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"111,939#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width=" 9" align="left"#160;/tdtd height="17" width="78" align="right"111,939#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Available-for-sale securities sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"108,667#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;108,667#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"237,728#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="lef t"#160;/tdtd height="17" width="78" align="right"237,728#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Mortgage loans held for sale sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"980#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;982#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"18,462#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/td td height="17" width="78" align="right"18,615#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Mortgage loans held for investment, net ofsup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"allowance for loan losses:sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17 " width="78" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd width="312" align="left" height="17" colspan="2"Of Fannie Mae/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"284,316#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;270,784#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"246,509#160;/tdtd height="17" width="11" align="left"#160;/tdtd hei ght="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"241,300#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd width="312" align="left" height="17" colspan="2"Of consolidated trusts/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;2,644,442#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;2,639,444#160;/tdtd height=" 17" width="12" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;129,590#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;129,545#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Mortgage loans HFIsup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1 px solid #000000;" align="right" width="78"2,928,758#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="78"#160;2,910,228#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="78"376,099#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="78"370,845#160;sup/sup/td/trtrtd width="308" align="left " height="17" colspan="3"Advances to lenders sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"4,151#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;3,872#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"5,449#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"5,144#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"De rivative assets at fair valuesup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"435#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;435#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"1,474#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"1,474#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Guaranty assets and buy-up s sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"473#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;810#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"9,520#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1p x solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"14,624#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Total financial assets sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"3,254,395#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3 px double #000000;" align="right" width="78"#160;3,235,925#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"824,237#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"823,907#160;sup/sup/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="270" align="left"#160;sup gt;/sup/tdtd height="18" width="4" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="78"#160;/tdtd height="18" width="4" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="78"#160;/tdtd height="18" width="12" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="78"#160;/tdtd height="18" width="11" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9" amp;#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="78"#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"bFinancial liabilities:/bsup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left" amp;#160;/tdtd height="17" width="78" align="right"#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Federal funds purchased and securities soldsup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"under agreements to repurchasesup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;180#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;180#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;-#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/td lt;td height="17" width="78" align="right"#160;-#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Short-term debt:sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#16 0;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"#160;#160;#160;#160;Of Fannie Maesup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"207,822#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;207,866#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"200,437#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"# 160;/tdtd height="17" width="78" align="right"200,493#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"#160;#160;#160;#160;Of consolidated trustssup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;6,343#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;6,342#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;-#160;/tdtd height="17" widt h="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;-#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Long-term debt: sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;/tdtd height="17" width="11" align="right"#160;/tdtd he ight="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"#160;#160;#160;#160;Of Fannie Maesup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"576,307#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;596,835#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"567,950#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"587,423#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"#160;#160;#160;#160;Of consolidated trustssup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"2,472,192#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;2,570,954#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160; ;/tdtd height="17" width="78" align="right"6,167#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"6,310#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Derivative liabilities at fair valuesup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"957#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;957#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd heig ht="17" width="78" align="right"1,029#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"1,029#160;sup/sup/td/trtrtd width="308" align="left" height="17" colspan="3"Guaranty obligations sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"827#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;4,324#160;/tdtd he ight="17" width="12" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"13,996#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"138,582#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="289" align="left" height="17" colspan="2"Total financial liabilities sup/sup/tdtd height="17" width="4" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"3,264,628#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"#160;3,387,458#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"789,579#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$ t;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"933,837#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="3" width="26" align="left"#160;sup/sup/tdtd height="3" width="642" align="left"#160;/td/trtrtd height="15" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="15" width="642" align="left"Includes restricted cash of $45.5#160;billion and $3.1 billion as of March 31, 2010 and December 31, 2009, respectively./td/trtrtd height="15" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="15" width="642" align="left"Certain prior period amounts have been reclassified to conform to the current period presentation./td/trtrtd height="8" width="26" align="left"#160;sup/sup/tdtd height="8" width="642" align="left"#160;/td/tr/tablepThe following are valuation techniques for items not subject to the fair value hierarchy either because they are not measured at fair value other than for the purpose of the above table or are only measured at fair value at inception. br /br /Financial Instruments for which fair value approximates carrying value - We hold certain financial instruments which are not carried at fair value but the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents, federal funds and securities sold/purchased under agreements to repurchase / resell (exclusive of dollar roll repurchase transactions) and the majority of advances to lenders.br /br /Advances to Lenders - The carrying value for the majority of the advances to lenders approximates the fair value due to the short-term nature of the specific instruments. Other instruments include loans for which the carrying value does not approximate fair value. These loans are valued using collateral values of similar loans as a proxy.br /#160;br /Guaranty Obligations - The fair value of all guaranty obligations (#8220;GO#8221;), measured subsequent to their initial recognition, is our estimate of a hypothetical transaction price we would receive if we were to issue our guaranty to an unrelated party in a standalone arm#8217;s-length transaction at the measurement date. We estimate the fair value of the GO using our internal GO valuation models which calculate the present value of expected cash flows based on management#8217;s best estimate of certain key assumptions such as default rate s, severity rates and required rate of return. We further adjust the model values based on our current market pricing when such transactions reflect credit characteristics that are similar to our outstanding GO. While the fair value of the GO reflects all guaranty arrangements, the carrying value primarily reflects only those arrangements entered into subsequent to our adoption of the current FASB guidance on guarantor#8217;s accounting and disclosure requirements for guarantees.br //ppFair Value Optionbr /br /The following are the primary financial instruments for which we made fair value elections and the basis for those elections. Interest expense for these instruments is recorded in #8220;Long-term debt interest expense#8221; in our condensed consolidated statements of operations. br /br /Long-term debt #8211; Of Fannie Maebr /br /We elected the fair value option for all long-term structured debt instruments that are issued in response to specific investor demand and have interest rates that are based on a calculated index or formula and are economically hedged with derivatives at the time of issuance. By electing the fair value option for these instruments, we are able to eliminate the volatility in our results of operations that would otherwise result from the accounting asymmetry created by the recording these structured debt instruments at cost while recording the related derivatives at fair value.br /br /As of both March 31, 2010, and December 31, 2009, these instruments had an aggregate fair value of $3.3 billion and an unpaid principal balance of $3.2 billion recorded in #8220;Long-term debt,#8221; in our condensed consolidated balance sheets. br /br /Fair value gains of $11 million for these debt instruments includes gains of $3 million attributable to changes in instrument-specific credit risk and gains of $8 million attributable to other changes in fair value for th e three months ended March 31, 2010. Fair value gains of $24 million for these debt instruments includes gains of $27 million attributable to changes in instrument-specific credit risk and losses of $3 million attributable to other changes in fair value for the three months ended March 31, 2009. These amounts are recorded as a component of #8220;Fair value losses, net#8221; in our condensed consolidated statements of operations.br /br /Long-term debt #8211; Of consolidated trustsbr /br /During#160;the three months ended March 31, 2010,#160;we elected the fair value option for#160;certain consolidated debt instruments recorded in our condensed consolidated balance sheets as a result of#160;consolidating VIEs. These instruments contain embedded derivatives that would otherwise require bifurcation. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating#160;the embedded derivative from the deb t instrument.br /#160;br /As of March 31, 2010, these instruments had an aggregate fair value and unpaid principal balance of $95 million and $86 million, respectively, recorded in #8220;Long-term debt - Of consolidated trusts,#8221; in our condensed consolidated balance sheet. We also had interest-only debt#160;instruments#160;with no#160;unpaid principal balance#160;and#160;fair value of $215 million as of March 31, 2010. We recorded fair value losses of $35 million for these instruments, none of which was attributable to changes in instrument-specific credit risk for the three months ended March 31, 2010.br //p/div

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2010
Note to Consolidated Financial Statements
Commitments and Contingencies	div style="font-size:12pt"p17.#160;#160;Commitments and Contingenciesbr /br /We are party to various types of legal actions and proceedings, including actions brought on behalf of various classes of claimants. We also are subject to regulatory examinations, inquiries and investigations and other information gathering requests. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. The following describes our material legal proceedings, investigations and other matters. br /br /In view of the inherent difficulty of predicting the outcome of these proceedings, we cannot determine the ultimate resolution of the matters described below. We establish reserves for litigation and regulatory matters when losses associated with the claims become probable and the am ounts can reasonably be estimated. The actual costs of resolving legal matters may be substantially higher or lower than the amounts reserved for those matters. For matters where the likelihood or extent of a loss is not probable or cannot be reasonably estimated, we have not recorded a loss reserve. If certain of these matters are determined against us, it could have a material adverse effect on our earnings, liquidity and financial condition, including our net worth. Based on our current knowledge with respect to the lawsuits described below, we believe we have valid defenses to the claims in these lawsuits and intend to defend these lawsuits vigorously regardless of whether or not we have recorded a loss reserve. br /br /In addition to the matters specifically described below, we are involved in a number of legal and regulatory proceedings that arise in the ordinary course of business that we do not expect will have a material impact on our business. We have advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to indemnification agreements.br /br /2004 Class#160;Action Lawsuitsbr /br /Fannie Mae is a defendant in two consolidated class action suits filed in 2004 and currently pending in the U.S.#160;District Court for the District of Columbia #8211; In re Fannie Mae Securities Litigation and In re Fannie Mae ERISA Litigation. Both cases rely on factual allegations that Fannie Mae#8217;s accounting statements were inconsistent with the GAAP requirements relating to hedge accounting and the amortization of premiums and discounts. Based largely on the overlapping factual allegations, the Judicial Panel on Multidistrict Litigation ordered that the cases be coordinated for pretrial proceedings on May 17, 2005. On October#160;17, 2008, FHFA, as conservator for Fannie Mae, intervened in both of these cases.br /br /In re Fannie Mae Securities Lit igationbr /br /In a consolidated complaint filed on March 4, 2005, lead plaintiffs Ohio Public Employees Retirement System (#8220;OPERS#8221;) and the State Teachers Retirement System of Ohio (#8220;STRS#8221;) allege that we and certain former officers, as well as our former outside auditor, made materially false and misleading statements in violation of Sections#160;10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule#160;10b-5 promulgated thereunder, and contend that the alleged fraud resulted in artificially inflated prices for our common stock and seek unspecified compensatory damages, attorneys#8217; fees, and other fees and costs. On January#160;7, 2008, the court defined the class as all purchasers of Fannie Mae common stock and call options and all sellers of publicly traded Fannie Mae put options during the period from April#160;17, 2001 through December#160;22, 2004.br /br /On April 16, 2007, KPMG LL P, our former outside auditor, filed cross-claims against us in this action for breach of contract, fraudulent misrepresentation, fraudulent inducement, negligent misrepresentation and contribution.#160; KPMG amended these cross-claims on February 25, 2008.#160; On April#160;28, 2010, Fannie Mae and KPMG agreed to settle these cross-claims, and claims brought by Fannie Mae against KPMG in a separate action alleging negligence and breach of contract related to certain audit and#160;other services provided by KPMG, in exchange for KPMG#8217;s providing cash, discounted services, and contingent payments to Fannie Mae.br /br /In re Fannie Mae ERISA Litigationbr /br /In a consolidated complaint filed on June 15, 2005, plaintiffs David Gwyer, Gloria Sheppard, and Terry Gagliolo allege that we and certain former officers and directors, as well as the Compensation Committee of our Board of Directors, violated the Employee Retirement Income Security Act of 1974 (#8220;ERISA#8221;) based on alleged breaches of fiduciary duty relating to accounting matters. The plaintiffs seek unspecified damages, attorneys#8217; fees, and other fees and costs, and other injunctive and equitable relief. br /br /On December 18, 2009, the parties reached an agreement in principle to settle the suit. The amount of the settlement is not material. On April 30, 2010, the parties filed a stipulation of settlement with the court, which must approve the settlement.br /br /br /2008 Class Action Lawsuitsbr /br /Fannie Mae is a defendant in two consolidated class actions filed in 2008 and currently pending in the U.S.#160;District Court for the Southern District of New York #8211; In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation. On February 11, 2009, the Judicial Panel on Multidistrict Litigation ordered that the cases be coordinated for pretrial proceedings. On October 13, 2009, the Court entered an order allowing FHFA to intervene in this case.br /br /In re Fannie Mae 2008 Securities Litigationbr /br /In a consolidated complaint filed on June 22, 2009, lead plaintiffs Massachusetts Pension Reserves Investment Management Board and Boston Retirement Board (for common shareholders) and Tennessee Consolidated Retirement System (for preferred shareholders) allege that we, certain of our former officers, and certain of our underwriters violated of Sections#160;12(a)(2) and 15 of the Securities Act of 1933. Lead plaintiffs also allege that we, certain of our former officers, and our outside auditor, violated Sections#160;10(b) (and Rule#160;10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934. Lead plaintiffs purport to represent a class of persons who, between November 8, 2006 and September 5, 2008, inclusive, purchased or acquired (a) Fannie Mae common stock and options or (b) Fannie Mae preferred stock. Lead plaintiffs seek various forms of relief, including rescission, damages, interest, costs, attorneys#8217; and experts#8217; fees, and other equitable and injunctive relief. br /br /On July 13, 2009, we and the other defendants against whom the Securities Act claims were asserted filed a motion to dismiss those claims. The Court granted this motion on November 24, 2009. On September 18, 2009, we and the remaining defendants filed motions to dismiss the Securities Exchange Act claims. br /br /An individual plaintiff, Daniel Kramer, is seeking to have his Securities Act case heard in state court. Although the Court denied his motion to remand his case to state court, Kramer moved for the court to certify its ruling to the court of appeals for review. Kramer#8217;s motion is fully briefed and remains pending.br /br /In re 2008 Fannie Mae ERISA Litigationbr /br /In a consolidated complaint filed on September 11, 2009, plainti ffs allege that certain of our current and former officers and directors, including former members of Fannie Mae#8217;s Benefit Plans Committee and the Compensation Committee of Fannie Mae#8217;s Board of Directors, as fiduciaries of Fannie Mae#8217;s ESOP, breached their duties to ESOP participants and beneficiaries by investing ESOP funds in Fannie Mae common stock when it was no longer prudent to continue to do so. Plaintiffs purport to represent a class of participants and beneficiaries of the ESOP whose accounts invested in Fannie Mae common stock beginning April 17, 2007. The plaintiffs seek unspecified damages, attorneys#8217; fees and other fees and costs and injunctive and other equitable relief. On November 2, 2009, defendants filed motions to dismiss these claims, which are now fully briefed and remain pending. br /br /Comprehensive Investment Services v. Mudd, et al.br /#160;br /On May 13, 2009, Comprehensive Investment Services, Inc. filed an individual#160;securities action against certain of our former officers and directors, and certain of our underwriters in the Southern District of Texas.#160; Plaintiff alleges violations of Section 12(a)(2) of the Securities Act of 1933; violation of #167;10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; violation of #167;20(a) of the Securities Exchange Act of 1934; and violations of the Texas Business and Commerce Code, common law fraud, and negligent misrepresentation in connection with Fannie Mae#8217;s May 2008 $2 billion offering of 8.25% non-cumulative preferred Series T stock.#160; The complaint seeks various forms of relief, including rescission, damages, interest, costs, attorneys#8217; and experts#8217; fees, and other equitable and injunctive relief. On July 7, 2009, the Judicial Panel#160;on#160;Multidistrict Litigation transferred the case to the Southern District of New York, where it is currently coordin ated with In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation for pretrial purposes. br /br /Smith v. Fannie Mae, et al.br /br /On February 25, 2010, plaintiff Edward Smith filed an individual complaint against Fannie Mae and certain of its former officers as well as several underwriters in the U.S. District Court for the Southern District of California. Plaintiff alleges violation of #167;10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; violation of #167;20(a) of the Securities Exchange Act of 1934; common law fraud and negligence claims in connection with Fannie Mae#8217;s December 2007 $7 billion offering of 7.75% fixed-to-floating rate non-cumulative preferred Series S stock. Plaintiff seeks relief in the form of rescission, actual damages (including interest), and exemplary and punitive damages. On March 12, 2010, the Judicial Panel on Multidistrict Litigation issued a conditional ord er transferring the case to the Southern District of New York for coordination with the 2008 class action lawsuits pending there. That order became effective on March 26, 2010. The Smith case is currently coordinated with In re Fannie Mae 2008 Securities Litigation. br /br /Investigation by the Securities and Exchange Commissionbr /br /On September#160;26, 2008, we received notice of an ongoing investigation into Fannie Mae by the SEC regarding certain accounting and disclosure matters. On January#160;8, 2009, the SEC issued a formal order of investigation. We are cooperating with this investigation.br /br /Investigation by the Department of Justicebr /br /On September#160;26, 2008, we received notice of an ongoing federal investigation by the U.S.#160;Attorney for the Southern District of New York into certain accounting, disclosure and corporate governance matters. In connection with that investigation, Fannie Mae receiv ed a Grand Jury subpoena for documents. That subpoena was subsequently withdrawn. However, we were informed that the Department of Justice was continuing an investigation and on March 15, 2010, we received another Grand Jury subpoena for documents. We are cooperating with this investigation.br /br /Escrow Litigationbr /br /Casa Orlando Apartments, Ltd., et al.#160;v. Federal National Mortgage Association (formerly known as Medlock Southwest Management Corp., et al.#160;v. Federal National Mortgage Association)br /br /A complaint was filed against us in the U.S.#160;District Court for the Eastern District of Texas (Texarkana Division) on June#160;2, 2004, in which plaintiffs purport to represent a class of multifamily borrowers whose mortgages are insured under Sections#160;221(d)(3), 236 and other sections of the National Housing Act and are held or serviced by us. The complaint identified as a proposed class low- and moderate-income ap artment building developers who maintained uninvested escrow accounts with us or our servicer. Plaintiffs Casa Orlando Apartments, Ltd., Jasper Housing Development Company and the Porkolab Family Trust#160;No.#160;1 allege that we violated fiduciary obligations that they contend we owed to borrowers with respect to certain escrow accounts and that we were unjustly enriched. In particular, plaintiffs contend that, starting in 1969, we misused these escrow funds and are therefore liable for any economic benefit we received from the use of these funds. The plaintiffs seek a return of any profits, with accrued interest, earned by us related to the escrow accounts at issue, as well as attorneys#8217; fees and costs. Our motions to dismiss and for summary judgment with respect to the statute of limitations were denied. Plaintiffs filed an amended complaint on December#160;16, 2005. On July 13, 2009, the Court denied plaintiffs#8217; motion for class certification. Plaintiffs have appealed the Court#8217;s denial to the U.S. Court of Appeals for the Fifth Circuit. That appeal is fully briefed and remains pending. /p/div

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2010
Note to Consolidated Financial Statements
Organization	Organization We are a stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). We are a government-sponsored enterprise (“GSE”), and we are subject to government oversight and regulation. Our regulators include the Federal Housing Finance Agency (“FHFA”), the U.S. Department of Housing and Urban Development (“HUD”), the U.S. Securities and Exchange Commission (“SEC”), and the U.S. Department of the Treasury (“Treasury”). Through July 29, 2008, we were regulated by the Office of Federal Housing Enterprise Oversight (“OFHEO”), which was replaced on July 30, 2008 with FHFA upon the enactment of the Federal Housing Finance Regulatory Reform Act of 2008 (“2008 Reform Act”). The U.S. government does not guarantee our securities or other obligations.
Conservatorship	Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship; (2) 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; and (3) Treasury’s agreement to establish a temporary secured lending credit facility that was available to us and the other GSEs regulated by FHFA under identical terms until December 31, 2009. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the 2008 Reform Act, (together, the “GSE Act”), the conservator immediately succeeded to all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and succeeded to the title to the books, records and assets of any other legal custodian of Fannie Mae. FHFA, in its role as conservator, has overall management authority over our business. The conservator has since delegated specified authorities to our Board of Directors and has delegated to management the authority to conduct our day-to-day operations. The conservator retains the authority to withdraw its delegations at any time. As of May 9, 2010, the conservator has advised us that it has not disaffirmed or repudiated any contracts we entered into prior to its appointment as conservator. The GSE Act requires FHFA to exercise its right to disaffirm or repudiate most contracts within a reasonable period of time after its appointment as conservator. The conservato r has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. The GSE Act, however, provides that mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of the company. As of May 9, 2010, FHFA has not exercised this power. Neither the conservatorship nor the terms of our agreements with Treasury changes our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. The conservatorship has no specified termination date and the future structure of our business following termination of the conservatorship is uncertain. We do not know when or how the conservator ship will be terminated or what changes to our business structure will be made during or following the termination of the conservatorship. We do not know whether we will exist in the same or a similar form or continue to conduct our business as we did before the conservatorship, or whether the conservatorship will end in receivership. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations (that is, we have a net worth deficit) or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us in receivership at his discretion at any time for other reasons, including conditions that FHFA has already asserted existed at the time the Director of FHFA placed us into conservatorship. Placement into receivership would have a material adverse effect on holders of our common stock, preferred stock, debt securities and Fannie Mae MBS. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results.
Impact of US Government Support	Impact of U.S. Government Support We are dependent upon the continued support of Treasury to eliminate our net worth deficit, which avoids our being placed into receivership. Based on consideration of all the relevant conditions and events affecting our operations, including our dependence on the U.S. Government, we continue to operate as a going concern and in accordance with our delegation of authority from FHFA. Pursuant to the amended senior preferred stock purchase agreement, Treasury has committed to provide us with funding as needed to help us maintain a positive net worth thereby avoiding the mandatory receivership trigger described above. We have received a total of $75.2 billion to date under Treasury’s funding commitment and the Acting Director of FHFA has submitted a request for an addition al $8.4 billion from Treasury to eliminate our net worth deficit as of March 31, 2010. The aggregate liquidation preference of the senior preferred stock was $76.2 billion as of March 31, 2010 and will increase to $84.6 billion as a result of FHFA’s request on our behalf for funds to eliminate our net worth deficit as of March 31, 2010. We fund our business primarily through the issuance of short-term and long-term debt securities in the domestic and international capital markets. Because debt issuance is our primary funding source, we are subject to “roll-over,” or refinancing, risk on our outstanding debt. Our roll-over risk increases when our outstanding short-term debt increases as a percentage of our total outstanding debt. Our ability to issue long-term debt has been strong in recent quarters primarily due to actions taken by the federal government, to support us and the financial markets. Many of these programs initiated by the federal go vernment, however, have expired in the last five months. The Treasury credit facility and Treasury MBS purchase program terminated on December 31, 2009. The Federal Reserve’s agency debt and MBS purchase programs expired on March 31, 2010. Despite the expiration of these programs, as of the date of this filing, demand for our long-term debt securities continues to be strong. We believe that continued federal government support of our business and the financial markets, as well as our status as a GSE, are essential to maintaining our access to debt funding. Changes or perceived changes in the government’s support could increase our roll-over risk and materially adversely affect our ability to refinance our debt as it becomes due, which could have a material adverse impact on our liquidity, financial condition and results of operations. In addition, future changes or disruptions in the financial markets could significantly change the amount, mix and cost of funds w e obtain, which also could increase our liquidity and roll-over risk and have a material adverse impact on our liquidity, financial condition and results of operations. In February 2010, the Obama Administration stated in its fiscal year 2011 budget proposal that it was continuing to monitor the situation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System and would continue to provide updates on considerations for longer-term reform of Fannie Mae and Freddie Mac as appropriate. These considerations may have a material impact on our ability to issue debt or refinance existing debt as it becomes due and hinder our ability to continue as a going concern. On April 14, 2010, the Obama Administration released seven broad questions for public comment on the future of the housing finance system, including Fannie Mae and Freddie Mac, and announced that it would hold a series of public forums across the country on housing finance reform. lt;/div
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (#8220;GAAP#8221;) for interim financial information and with the SEC#8217;s instructions to Form#160;10-Q and Article#160;10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. Results for the three months ended March 31, 2010 may not necessarily be indicative of the results for the year ending December#160;31, 2010. The unaudited interim condensed consolidated financial statements as of March 31, 2010 and our consolidated financial statements as of December#160;31, 2009 should be read in conjunction with our audited consolidated financial st atements and related notes included in our Annual Report on Form#160;10-K for the year ended December#160;31, 2009 (#8220;2009 Form 10-K#8221;), filed with the SEC on February#160;26, 2010.
Related Parties	Related Parties As a result of our issuance to Treasury of the warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and the Treasury are deemed related parties. As of March 31, 2010, Treasury held an investment in our senior preferred stock with a liquidation preference of $76.2 billion. During 2009, Treasury engaged us to serve as program administrator for the Home Affordable Modification Program. In addition, in 2009, we entered into a memorandum of understanding with Treasury, FHFA and Freddie Mac in which we agreed to provide assistance to state and local housing finance agencies (#8220;HFAs#8221;) through three separate assistance programs: a temporary credit and liquidity facilities (#8220;TCLF#8221;) program, a new issue bond (#8220;NIB#8221;) program and a multifamily credit enhancement program. Under the TCLF program, we have#160;$4.1 billion and $870 million outstanding, which includes principal and interest, of three-year standby credit and liquidity support#160;as of March 31, 2010 and December 31, 2009, respectively.#160; Treasury has purchased participating interests in these temporary credit and liquidity facilities.#160; Under the NIB program, we have $7.6 billion and $3.5 billion outstanding of partially guaranteed pass-through securities backed by#160;single-family and#160;multifamily housing bonds issued by HFAs#160;as of March 31, 2010 and December 31, 2009, respectively. Treasury bears the initial loss of principal under the TCLF program and the NIB program up to 35% of the total principal on a combined program-wide basis. We are not participating in the multifamily credit enhancement program. FHFA#8217;s control of both us and Freddie Mac has caused us and Freddie Mac to be related parties. No transactions outside of normal business activities have occurred between us and Freddie Mac. As of March 31, 2010 and December 31, 2009, we held Freddie Mac mortgage-related securities with a fair value of $28.4 billion and $42.6 billion, respectively, and accrued interest receivable of $151 million and $230 million, respectively. We recognized interest income on Freddie Mac mortgage-related securities held by us of $335 million and $407 million for the three months ended March 31, 2010 and 2009, respectively.
Use of Estimates	Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments and other assets and liabilities, the allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates.
Principles of consolidation	div style="font-size:12pt"pPrinciples of Consolidationbr /br /Our condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All significant intercompany balances and transactions have been eliminated.br /br /The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a variable interest entity (#8220;VIE#8221;). br /br /VIE Assessmentbr /br /A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of eq uity holders does not have the power to direct the activities of the entity that most significantly impact the entity's economic performance, or the obligation to absorb the entity#8217;s expected losses or the right to receive the entity#8217;s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. br /br /In order to determine if an entity is considered a VIE, we first perform a qualitative analysis, which requires certain subjective decisions regarding our assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the pa rties, and the purpose of the arrangement. If we cannot conclude after a qualitative analysis whether an entity is a VIE, we perform a quantitative analysis. br /br /We have interests in various entities that are considered VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, limited partnership investments in low-income housing tax credit (#8220;LIHTC#8221;) and other housing partnerships, as well as mortgage and asset-backed trusts that were not created by us. br /br /In June 2009, the FASB revised the accounting standard on the consolidation of VIEs (the #8220;new accounting standard#8221;), which was effective for consolidated financial statements issued for reporting periods beginning after November 15, 2009. We adopted the new accounting standard prospectively for all existing VIEs effective January 1, 2010. br /br /Prior to the adoption of the ne w accounting standard on January 1, 2010, we were exempt from evaluating certain securitization entities for consolidation if the entities met the criteria of a qualifying special purpose entity (#8220;QSPE#8221;), and if we did not have the unilateral ability to cause the entity to liquidate or change the entity's QSPE status. The QSPE requirements significantly limited the activities in which a QSPE could engage and the types of assets and liabilities it could hold. To the extent any entity failed to meet those criteria, we were required to consolidate its assets and liabilities if we were determined to be the primary beneficiary of the entity. The new accounting standard removed the concept of a QSPE and replaced the previous primarily quantitative consolidation model with a qualitative model for determining the primary beneficiary of a VIE. br /br /Primary Beneficiary Determinationbr /br /Upon the adoption of the new accounting standard on January 1, 2010, if an entity is a VIE, we consider whether our variable interest causes us to be the primary beneficiary. Under the new accounting standard, an enterprise is deemed to be the primary beneficiary of a VIE when the enterprise has both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) exposure to benefits and/or losses that could potentially be significant to the entity. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities, and noncontrolling interests of the VIE in its consolidated financial statements. The assessment of the party that has the power to direct the activities of the VIE may require significant management judgment when (1) more than one party has power or (2) more than one party is involved in the design of the VIE but no party has the power to direct the ongoing activities that could be significant. br /br /We are required to continually assess whether we are the primary beneficiary and therefore may consolidate a VIE through the duration of our involvement. Examples of certain events that may change whether or not we consolidate the VIE include a change in the design of the entity or a change in our ownership such that we no longer hold substantially all of the certificates issued by a multi-class resecuritization trust. br /br /Prior to January 1, 2010, we determined whether our variable interest caused us to be considered the primary beneficiary through a combination of qualitative and quantitative analyses. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models, which in certain cases included Monte Carlo simulations, to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE's capital structure. We were the primary beneficiary and were required to consolidate the entity if we absorbed the majority of expected losses or expected residual returns, or both. br /br /Measurement of Consolidated Assets and Liabilitiesbr /br /In accordance with the new accounting standard, on the transition date, January 1, 2010, we initially measured the assets and liabilities of the newly consolidated securitization trusts at their unpaid principal balances and established a corresponding valuation allowance and accrued interest as it was not practicable to determine the carrying amount of such assets and liabilities. The securitization assets and liabilities that did not qualify for the use of this practical expedient were initially measured at fair value. As such, we recognized in our condensed consolidated balance sheet the mortgage loans underlying our consolidated trusts as #8220;Mortgage loans held for investment of consolidated trusts.#8221; We also recognized securities issued by these trusts that are held by third parties in our condensed consolidated balance sheet as either #8220;Short-term debt of consolidated trusts#8221; or #8220;Long-term debt of consolidated trusts.#8221;br /br /Except for securitization trusts consolidated on the transition date, when we transfer assets into a VIE that we consolidate at the time of transfer, we recognize the assets and liabilities of the VIE at the amounts that they would have been recognized if they had not been transferred, and no gain or loss is recognized on the transfer. For all other VIEs that we consolidate, we recognize the assets and liabilities of the VIE in our condensed consolidated financial statements at fair value, and we recognize a gain or loss for the difference between (1) the fair val ue of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests, and (2) the net amount of the fair value of the assets and liabilities consolidated. However, for the securitization trusts established under our lender swap program, no gain or loss is recognized if the trust is consolidated at formation as there is no difference in the respective fair value of (1) and (2) above. br /br /If we cease to be deemed the primary beneficiary of a VIE then we deconsolidate the VIE. We use fair value to measure the initial cost basis for the retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as #8220;Investment gains, net#8221; in our condensed consolidated statements of operations. We also record gains or losses that are associated with the consolidation of a VIE as #8220;Investment gains, net#8221; in our condensed consolidated statements of operations.br /br /Purchase/Sale of Fannie Mae Securitiesbr /br /We actively purchase and may subsequently sell guaranteed MBS that have been issued through our lender swap and portfolio securitization transaction programs. The accounting for the purchase and sale of our guaranteed MBS issued by the trusts differs based on the characteristics of the securitization trusts and whether the trusts are consolidated. br /br /Single-Class Securitization Trustsbr /br /Our single-class securitization trusts are trusts we create to issue single-class Fannie Mae MBS that evidence an undivided interest in the mortgage loans held in the trust. With single-class Fannie Mae MBS, the investors receive principal and interest payments in proportion to their percentage ownership of the MBS issuance. We guarantee to each single-class securitization trust that we will supplement amounts received by the si ngle-class securitization trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. This guaranty exposes us to credit losses on the loans underlying Fannie Mae MBS. br /br /We create single-class securitization trusts through our lender swap and portfolio securitization transaction programs. A lender swap transaction occurs when a mortgage lender delivers a pool of single-family mortgage loans to us, which we immediately deposit into an MBS trust. The MBS securities are then issued to the seller in exchange for the mortgage loans. A portfolio securitization transaction occurs when we purchase mortgage loans from third-party sellers for cash and later deposit these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash. We consolidate most of the single-class securitization trusts that are issued under these programs because our role as guarantor and master servicer provides us with the power to direct matters that impact the credit risk to which we are exposed. br /br /The purchase of an MBS security from a third party that was issued from a consolidated trust is accounted for as the extinguishment of debt in our condensed consolidated financial statements. A gain or loss on the extinguishment of such debt is recorded to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated debt reported in our condensed consolidated balance sheet (including unamortized premiums, discounts or the other cost basis adjustments), at the time of purchase. The sale of an MBS security from Fannie Mae#8217;s portfolio to a third party that was issued from a consolidated trust is accounted for as the issuance of debt in our condensed consolidated financial statements. Related premiums, discounts and other cost basis adjustments are amortized into income over time.br /br /If a single-class securitization trust is not consolidated, we account for the purchase and subsequent sale of such securities as the transfer of an investment security in accordance with the new accounting standard for the transfers of financial assets.br /br /Single-Class Resecuritization Trustsbr /br /Single-class resecuritization trusts are created by depositing Fannie Mae MBS into a new securitization trust for the purpose of aggregating multiple MBS into a single larger security. The cash flows from the new security represent an aggregation of the cash flows from the underlying MBS. We guarantee to each single-class resecuritization trust that we will supplement amounts received by the trust as required to permit timely payments of principal and interest on the related Fannie Mae securities.#160; However, there is no additional credit risk assumed by us because the underlying assets are MBS for which we have already provided a guaranty. Additionally, our involvement with these trusts does not provide any inc remental rights or power that would enable Fannie Mae to direct any activities of the trusts. As a result, we are not the primary beneficiaries of, and therefore do not consolidate our single-class resecuritization trusts.br /br /As our single-class resecuritization securities pass through all of the cash flows of the underlying MBS directly to the holders of the securities, they are deemed to be substantially the same as the underlying MBS. Therefore, we account for purchases of our single-class resecuritization securities as an extinguishment of the underlying MBS debt and the sale of these securities as an issuance of the underlying MBS debt. br /br /Multi-Class Resecuritization Trustsbr /br /Multi-class resecuritization trusts are trusts we create to issue multi-class Fannie Mae securities, including Real Estate Mortgage Investment Conduits (#8220;REMICs#8221;) and strip securities, in which the cash flows of the underlying mortgage assets are divided, creating several classes of securities, each of which represents a beneficial ownership interest in a separate portion of cash flows. We guarantee to each multi-class resecuritization trust that we will supplement amounts received by the trusts as required to permit timely payments of principal and interest, as applicable, on the related Fannie Mae securities. However, there is no credit risk assumed by us because the underlying assets are Fannie Mae MBS for which we have already provided a guaranty. Although we may be exposed to prepayment risk via our ownership of the securities issued by these trusts, we do not have the ability via our involvement with a multi-class resecuritization trust to impact the economic risk to which we are exposed. Therefore, we do not consolidate such a multi-class resecuritization trust until we hold a substantial portion of the outstanding beneficial interests that have been issued by the trust and are therefore considered the primary beneficiary of the trust. br /br /We account for the purchase of the securities issued by consolidated multi-class resecuritization trusts as an extinguishment of the debt issued by these trusts and the subsequent sale of such securities as the issuance of multi-class debt. If a multi-class resecuritization trust is not consolidated, we account for the purchase and subsequent sale of such securities as the transfer of an investment security rather than the issuance or extinguishment of debt in accordance with the new accounting standard for the transfers of financial assets. Additionally, the cash flows from the underlying mortgage assets have been divided between the debt securities issued by the multi-class resecuritization trust; therefore, the debt issued by a multi-class resecuritization trust is not substantially the same as the consolidated MBS debt.br /br /When we do not consolidate a multi-class resecuritization trust, we recognize both our investment in the trust and the mortgage loans of the Fann ie Mae MBS trusts that we consolidate that underlie the multi-class resecuritization trust. Additionally, we recognize the unsecured corporate debt issued to third parties to fund the purchase of our investments in the multi-class resecuritization trusts as well as the debt issued to third parties of the MBS trusts we consolidate that underlie the multi-class resecuritization trusts.br /br /This results in the recognition of interest income from investments in multi-class resecuritization trusts and interest expense from the unsecured debt issued to third parties to fund the purchase of the investments in multi-class resecuritization trusts, as well as interest income from the mortgage loans and interest expense from the debt issued to third parties from the MBS trusts we consolidate that underlie the multi-class resecuritization trusts. br //ppSee #8220;Note 2, Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Var iable Interest Entities,#8221; for additional information regarding the impact upon adoption. br //p/div
Portfolio Securitizations Policy	Portfolio Securitizations #160; We evaluate a transfer of financial assets from a portfolio securitization transaction to an entity that is not consolidated to determine whether the transfer qualifies as a sale. Transfers of financial assets for which we surrender control of the transferred assets are recorded as sales. #160; When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets obtained and liabilities incurred at fair value. Prior to the adoption of the new accounting standard on the transfers of financial assets, we allocated the previous carrying amount of the transferred assets between the assets sold and the retained interests, if any, in proportion to their relative fair values at the date of transfer. We record a gain or loss as a component of #8220;Investment gains, net#8221; in our condensed consolidated statements of operations, which now represents the difference between the carrying basis of the assets transferred and the fair value of the proceeds from the sale. Prior to the adoption of the new accounting standard on the transfers of financial assets, the gain or loss represented the difference between the allocated carrying amount of the assets sold and the proceeds from the sale, net of any transaction costs and liabilities incurred, which may have included a recourse obligation for our financial guaranty. Retained interests are primarily in the form of Fannie Mae MBS, REMIC certificates, guaranty assets and master servicing assets (#8220;MSAs#8221;). If a portfolio securitization does not meet the criteria for sale treatment, the transferred assets remain in our condensed consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with such a transfer.
Cash and Cash Equivalents and Statements of Cash Flows	Cash and Cash Equivalents and Statements of Cash Flows #160; Short-term investments that have a maturity at the date of acquisition of three months or less and are readily convertible to known amounts of cash are generally considered cash equivalents. We may pledge as collateral certain short-term investments classified as cash equivalents. #160; In the presentation of our condensed consolidated statements of cash flows, we present cash flows from mortgage loans held for sale as operating activities. We present cash flows from federal funds sold and securities purchased under agreements to resell or similar arrangements as investing activities and cash flows from federal funds purchased and securities sold under agreements to repurchase as financing activities. We classify cash flows related to dollar roll transactions that do not meet the requirements to be accounted for as secured borrowings as purchases and sales of securities in investing activities. We classify cash flows from trading securities based on their nature and purpose. We classify cash flows from trading securities that we intend to hold for investment (the majority of our mortgage-related trading securities) as investing activities and cash flows from trading securities that we do not intend to hold for investment (primarily our non-mortgage-related securities) as operating activitie s. Prior to the adoption of the new accounting standards on the transfers of financial assets and the consolidation of VIEs, we reflected the creation of Fannie Mae MBS through either the securitization of loans held for sale or advances to lenders as a non-cash activity in our condensed consolidated statements of cash flows in the line items #8220;Securitization-related transfers from mortgage loans held for sale to investments in securities#8221; or #8220;Transfers from advances to lenders to investments in securities,#8221; respectively. Cash inflows from the sale of a Fannie Mae MBS created through the securitization of loans held for sale were reflected in the condensed consolidated statements of cash flows based on the balance sheet classification of the associated Fannie Mae MBS as either #8220;Net decrease in trading securities, excluding non-cash transfers,#8221; or #8220;Proceeds from sales of available-for-sale securities.#8221; Subsequent to the adoption of t hese new accounting standards, we continue to apply this presentation to unconsolidated trusts. For consolidated trusts, we classify cash flows related to mortgage loans held by our consolidated trusts as either investing activities (for principal repayments) or operating activities (for interest received from borrowers included as a component of our net loss). Cash flows related to debt securities issued by consolidated trusts are classified as either financing activities (for repayments of principal to certificateholders) or operating activities (for interest payments to certificateholders included as a component of our net loss). We distinguish between the payments and proceeds related to the debt of Fannie Mae and the debt of consolidated trusts, as applicable.
Restricted Cash	Restricted Cash We and our servicers advance payments on delinquent loans to consolidated Fannie Mae MBS trusts. We recognize the cash advanced as #8220;Restricted cash#8221; in our condensed consolidated balance sheets to the extent such amounts are due to, but have not yet been remitted to, the MBS certificateholders. In addition, when we or our servicers collect and hold cash that is due to certain Fannie Mae MBS trusts in advance of our requirement to remit these amounts to the trusts, we recognize the collected cash amounts as #8220;Restricted cash.#8221; We also recognize #8220;Restricted cash#8221; as a result of restrictions related to certain consolidated partnership funds as well as for certain collateral arrangements.
Mortgage Loans Policy	Mortgage Loans Loans Held for Investment When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as held for investment (#8220;HFI#8221;). When we consolidate a trust, we recognize the loans underlying the trust in our condensed consolidated balance sheet. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgages acquired when we have the intent to securitize via trusts that are consolidated will generally be classified as HFI in our condensed consolidated balance sheets both prior to and subsequent to their securitization. This is consistent with our intent and ability to hold the loans for the foreseeable future or until maturity. #160; We report HFI loans at their outstanding unpaid principal balance adjusted for any deferred and unamortized cost basis adjustments, including purchase premiums, discounts and other cost basis adjustments. We recognize interest income on HFI loans on an accrual basis using the interest method, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. When the collection of principal or interest payments in full is not reasonably assured, we discontinue the accrual of interest income. Historically, mortgage loans held both by us and by consolidated trusts were reported collectively as #8220;Mortgage loans held for investment.#8221; We now report loans held by consolidated trusts as #8220;Mortgage loans held for investment of consolidated trusts#8221; and those held directly by us as #8220;Mortgage loans held for investment of Fannie Mae#8221;#160;in our condensed consolidated balance sheets. Loans Held for Sale When we acquire mortgage loans that we intend to sell or securitize via trusts that are not consolidated, we classify the loans as held for sale (#8220;HFS#8221;). Prior to the adoption of the new accounting standards, we initially classified loans as HFS if they were product types that we actively securitized from our portfolio because we had the intent, at acquisition, to securitize the loans (either during the month in which the acquisition occurred or during the following month) via a trust that we did not consolidate and for which we sold all or a portion of the resulting securities. At month-end, we reclassified the loans acquired during the month from HFS to HFI, if we had not securitized or were not in the process of securitizing them because we had the intent to hold the loans for the foreseeable future or until maturity. #160;#160; We report HFS loans at the lower of cost or fair value (#8220;LOCOM#8221;). Any excess of an HFS loan#8217;s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as #8220;Investment gains, net#8221; in our condensed consolidated statements of operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. When the collection of principal or interest payments in full is not reasonably assured, we discontinue the accrual of interest income. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any LOCOM adjustment on HFS loans on a pool basis by aggregating those loans based on similar risks and characteristics, such as product types and interest rates. #160; In the event that we reclassify HFS loans to HFI, we record the loans at LOCOM on the date of reclassification. We recognize any LOCOM adjustment recognized upon reclassification as a basis adjustment to the HFI loan. #160; Nonaccrual Loans #160; We discontinue accruing interest on single-family and multifamily loans when we believe collectibility of principal or interest is not reasonably assured, unless the loan is well secured and in the process of collection based upon an individual loan assessment. When a loan is placed on nonaccrual status, interest previously accrued but not collected becomes part of our recorded investment in the loan and is collectively reviewed for impairment. If cash is received while a loan is on nonaccrual status, it is applied first towards the recovery of accrued interest and related scheduled principal repayments. Once these amounts are recovered, we recognize interest income on a cash basis. If we have doubt regarding the ultimate collectibility of the remaining recorded investment in a nonaccrual loan, we apply any payment received to reduce principal to the extent necessary to eliminate such doubt. We return a loan to accrual status when we determine that the collectibility of principal and interest is reasonably a ssured. #160; Restructured Loans #160; A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (#8220;TDR#8221;). A concession has been granted to a borrower when we determine that the effective yield based on the restructured loan term is less than the effective yield prior to the modification. We measure impairment of a loan restructured in a TDR individually based on the excess of the recorded investment in the loan over the present value of the expected future cash inflows discounted at the loan#8217;s original effective interest rate. Costs incurred that affect a TDR are expensed as incurred. #160; A loan modification for reasons other than a borrower experiencing financial difficulties or that results in terms at least as favorable to us as the terms for comparable loans to other customers with similar credit risks who are not refinancing or restructuring a loan is not considered a TDR. We further evaluate such a loan modification to determine whether the modification is considered #8220;more than minor.#8221; If the modification is considered more than minor and the modified loan is not subject to the accounting requirements for acquired credit-impaired loans, we treat the modification as an extinguishment of the previously recorded loan and the recognition of a new loan. We recognize any unamortized basis adjustments on the previously recorded loan immediately in #8220;Interest income#8221; in our condensed consolidated statements of operations. We account for a minor modification as a continuation of the previously recorded loan. #160; Loans Purchased or Eligible to be Purchased from Trusts #160; For our single-class securitization trusts that include a Fannie Mae guaranty, we have the option to purchase a loan from the trust after four or more consecutive monthly payments due under the loan are delinquent in whole, or in part. With respect to single-family mortgage loans in trusts with issue dates on or after January 1, 2009, we also have the option to purchase a loan from the trust after the loan has been delinquent for at least one monthly payment, if the delinquency has not been fully cured on or before the next payment date (that is, 30 days delinquent), and it is determined that it is appropriate to execute loss mitigation activity that is not permissible while the loan is held in a trust. Fannie Mae, as guarantor or as issuer, may also purchase mortgage loans when other pre-defined contingencies have been met, such as when there is a material breach of a seller#8217;s representation and warranty. Under long-term standby commitments, we purchase loans from lenders when the loans subject to these commitments meet certain delinquency criteria. Our acquisition cost for these loans is the unpaid principal balance of the loans plus accrued interest. Effective January 1, 2010, when we purchase mortgage loans from consolidated trusts, we reclassify the loans from #8220;Mortgage loans held for investment of consolidated trusts#8221; to #8220;Mortgage loans held for investment by Fannie Mae#8221; and, upon settlement, we record an extinguishment of the corresponding portion of the debt of the consolidated trusts. For unconsolidated trusts, loans that are credit impaired at the time of acquisition are recorded at the lower of their acquisition cost or fair value. A loan is considered credit impaired at acquisition when there is evidence of credit deterioration subsequent to the loan#8217;s origination and it is probable, at acquisition, that we will be unable to collect all contractually required payments receivable (ignoring insignificant delays in contractual payments). We record each acquired loan that does not meet these criteria at its acquisition cost. For unconsolidated trusts where we are considered the transferor, we recognize the loan in our condensed consolidated balance sheets at fair value and record a corresponding liability to the unconsolidated trust when the contingency on our option to purchase the loan from the trust has been met and we regain effective control over the transferred loan. We base our estimate of the fair value of delinquent loans purchased from unconsolidated trusts upon an assessment of what a market participant would pay for the loan at the date of acquisition. We utilize indicative market prices from large, experienced dealers to estimate the initial fair value of delinquent loans purchased from unconsolidated trusts. We consider acquired credit-impaired loans to be individually impaired at acquisition. However, no valuation allowance is established or carried over at acquisition. We record the excess of the loan#8217;s acquisition cost over its fair value as a charge-off against our #8220;Reserve for guaranty losses#8221; at acquisition. We recognize any subsequent decreases in estimated future cash flows to be collected subsequent to acquisition as impairment losses through our #8220;Allowance for loan losses.#8221; We place credit-impaired loans that we acquire from unconsolidated trusts on nonaccrual status at acquisition in accordance with our nonaccrual policy. If we subsequently determine that the collectibility of principal and interest is reasonably assured, we return the loan to accrual status. We determine the initial accrual status of acquired loans that are not credit impaired in accordance with our nonaccrual policy. Accordingly, we place loans purchased from trusts under other contingent call options on accrual status at acquisition if they are current or if there has been only an insignificant delay in payment and there are no other facts and circumstances that would lead us to conclude that the collection of principal and interest is not reasonably assured. When an acquired loan is returned to accrual status, the portion of the expected cash flows, which incorporates changes in the timing and amount that are associated with credit and prepayment events, that exceeds the recorded investment in the loan is accreted into interest income over the expected remaining life of the loan. We prospectively recognize increases in future cash flows expected to be collected as interest income over the remaining expected life of the loan through a yield adjustment. If we subsequently refinance or restructure an acquired credit-impaired loan, other than through a TDR, the loan is not accounted for as a new loan but continues to be accounted for under the accounting standard for credit-impaired loans.
Allowance for Loan Losses and Reserve for Guaranty Losses Policy	div style="font-size:12pt"pAllowance for Loan Losses and Reserve for Guaranty Lossesbr /br /The allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. The reserve for guaranty losses is a liability account in our condensed consolidated balance sheets that reflects an estimate of incurred credit losses related to our guaranty to each unconsolidated Fannie Mae MBS trust that we will supplement amounts received by the Fannie Mae MBS trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. As a result, the guaranty reserve considers not only the principal and interest due on the loan at the current bala nce sheet date, but also any additional interest payments due to the trust from the current balance sheet date until the point of loan acquisition or foreclosure. We recognize incurred losses by recording a charge to the #8220;Provision for loan losses#8221; or the #8220;Provision (benefit) for guaranty losses#8221; in our condensed consolidated statements of operations. br /br /Credit losses related to groups of similar single-family and multifamily HFI loans that are not individually impaired are recognized when (1) available information as of each balance sheet date indicates that it is probable a loss has occurred and (2) the amount of the loss can be reasonably estimated in accordance with the accounting standard for contingencies. Single-family and multifamily loans that we evaluate for individual impairment are measured in accordance with the accounting standard on measuring individual impairment of a loan. When making an assessment as to whether a loan is individu ally impaired, we also consider whether a delay in payment is insignificant. Determination of whether a delay in payment or shortfall in amount is insignificant requires management#8217;s judgment as to the facts and circumstances surrounding the loan. We record charge-offs as a reduction to the allowance for loan losses or reserve for guaranty losses when losses are confirmed through the receipt of assets, such as cash in a preforeclosure sale or the underlying collateral in full satisfaction of the mortgage loan upon foreclosure.br /br /Single-Family Loans br /#160;br /We aggregate single-family loans (except for those that are deemed to be individually impaired), based on similar risk characteristics for purposes of estimating incurred credit losses and establish a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate given multiple factors which include but are not limited to: origination year; loan product type; mark-to-market loan-to-value (#8220;LTV#8221;) ratio; and delinquency status. Once loans are aggregated, there typically is not a single, distinct event that would result in an individual loan or pool of loans being impaired. Accordingly, to determine an estimate of incurred credit losses, we base our allowance and reserve methodology on historical events and trends, such as loss severity, default rates, and recoveries from mortgage insurance contracts and other credit enhancements that are either contractually attached to a loan or that were entered into contemporaneous with and in contemplation of a guaranty or loan purchase transaction. Our allowance calculation also incorporates a loss confirmation period (the anticipated time lag between a credit loss event and the confirmation of the credit loss resulting from that event) to ensure our allowance estimate captures credit losses that have been incurred as of the balance sheet date but have not been confirmed. In addition, management perf orms a review of the observable data used in its estimate to ensure it is representative of prevailing economic conditions and other events existing as of the balance sheet date. br /br /The excess of a loan#8217;s unpaid principal balance, accrued interest, and any applicable cost basis adjustments (#8220;our total exposure#8221;) over the fair value of the assets received in full satisfaction of the loan is treated as a charge-off loss that is deducted from the allowance for loan losses or reserve for guaranty losses. Any excess of the fair value of the assets received in full satisfaction over our total exposure at charge-off is applied first to recover any forgone, yet contractually past due interest (for mortgage loans recognized in our condensed consolidated balance sheets), and then to #8220;Foreclosed property expense#8221; in our condensed consolidated statements of operations. We also apply estimated proceeds from primary mortgage insurance or other credit e nhancements that are either contractually attached to a loan or that were entered into contemporaneous with and in contemplation of a guaranty or loan purchase transaction as a recovery of our total exposure, up to the amount of loss recognized as a charge-off. We record proceeds from credit enhancements in excess of our total exposure in #8220;Foreclosed property expense#8221; in our condensed consolidated statements of operations when received. br /#160;br /Individually Impaired Single-Family Loans br /#160;br /We consider a loan to be impaired when, based on current information, it is probable that we will not receive all amounts due, including interest, in accordance with the contractual terms of the loan agreement. When making our assessment as to whether a loan is impaired, we also take into account more than insignificant delays in#160;payment. Determination of whether a delay in payment or shortfall in amount is insignificant requires managemen t#8217;s judgment as to the facts and circumstances surrounding the loan.br /#160;br /Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. Our measurement of impairment on an individually impaired loan follows the method that is most consistent with our expectations of recovery of our recorded investment in the loan. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan#8217;s original effective interest rate, as our expectation is that the loan will continue to perform under the restructured terms. If we determine that the only source to recover our recorded investment in an individually impaired loan is through probable foreclosure of the underlying collateral, we measure impairment based on the fair value of the collateral, reduced by estimated disposal costs on a discounted basis and adjusted for estimated proceeds from mortgage, flood, or hazard insur ance or similar sources. Impairment recognized on individually impaired loans is part of our allowance for loan losses. br /br /We use internal models to project cash flows used to assess impairment of individually impaired loans, including acquired credit-impaired loans. We generally update the market and loan characteristic inputs we use in these models monthly, using month-end data. Market inputs include information such as interest rates, volatility and spreads, while loan characteristic inputs include information such as mark-to-market LTV ratios and delinquency status. The loan characteristic inputs are key factors that affect the predicted rate of default for loans evaluated for impairment through our internal cash flow models. We evaluate the reasonableness of our models by comparing the results with actual performance and our assessment of current market conditions. In addition, we review our models at least annually for reasonableness and predictive ability in accordance with our co rporate model review policy. Accordingly, we believe the projected cash flows generated by our models that we use to assess impairment appropriately reflect the expected future performance of the loans. br /br /Multifamily Loans br /br /We identify multifamily loans for evaluation for impairment through a credit risk classification process and individually assign them a risk rating. Based on this evaluation, we determine whether or not a loan is individually impaired. If we deem a multifamily loan to be individually impaired, we measure impairment on that loan based on the fair value of the underlying collateral less estimated costs to sell the property on a discounted basis, as we consider such loans to be collateral dependent. If we determine that an individual loan that was specifically evaluated for impairment is not individually impaired, we include the loan as part of a pool of loans with similar characteristics that are evaluated collectively for incurred losses. br /#160;br //p/div
Amortization of Cost Basis Adjustments	Amortization of Cost Basis Adjustments We amortize cost basis adjustments, including premiums and discounts on mortgage loans and securities, as a yield adjustment using the interest method over the contractual or estimated life of the loan or security. We amortize these cost basis adjustments into interest income for mortgage securities and loans we classify as HFI. We do not amortize cost basis adjustments for loans that we classify as HFS but include them in the calculation of the gain or loss on the sale of those loans. #160; We have elected to use the contractual payment terms to determine the amortization of cost basis adjustments on mortgage loans and mortgage securities initially recognized on or after January 1, 2010 in our condensed consolidated balance sheets. For substantially all mortgage loans and mortgage securities initially recorded on or before December#160;31,#160;2009, we use prepayment estimates in determining the periodic amortization of cost basis adjustments under the interest method using a constant effective yield. For those mortgage loans and mortgage securities for which we did not estimate prepayments, we used the contractual payment terms of the loan or security to apply the interest method. When we anticipate prepayments for the application of the interest method to mortgage loans initially recognized before January 1, 2010, we aggregate individual mortgage loans based upon coupon rate, product type and origination year and consider Fannie Mae MBS to be aggregations of similar loans for the purpose of estimating prepayments. We also recalculate the constant effective yield each reporting period to reflect the actual payments and prepayments we have received to date and our new estimate of future prepayments. We then adjust our net investment in the mortgage loans and mortgage securities to the amount the investment would have been had we applied the recalculated constant effective yield since their acquisition, with a corresponding charge or credit to interest income. We cease amortization of cost basis adjustments during periods in which we are not recognizing interest income on a loan because the collection of the principal and interest payments is not reasonably assured (that is, when the loan is placed on nonaccrual status).#160;
Collateral	Collateral We enter into various transactions where we pledge and accept collateral, the most common of which are our derivative transactions. Required collateral levels vary depending on the credit rating and type of counterparty. We also pledge and receive collateral under our repurchase and reverse repurchase agreements. In order to reduce potential exposure to repurchase counterparties, a third-party custodian typically maintains the collateral and any margin. We monitor the fair value of the collateral received from our counterparties, and we may require additional collateral from those counterparties, as we deem appropriate. Collateral received under early funding agreements with lenders, whereby we advance funds to lenders prior to the settlement of a security commitment, must meet our standard underwriting guidelines for the purchase or guarantee of mortgage loans. Cash Collateral We pledged $6.0 billion and $5.4 billion in cash collateral as of March 31, 2010 and December 31, 2009, respectively, related to our derivative activities. For derivative positions with the same counterparty under master netting arrangements where we pledge cash collateral, we remove it from #8220;Cash and cash equivalents#8221; and net the right to receive it against #8220;Derivative liabilities at fair value#8221; in our condensed consolidated balance sheets as a part of our counterparty netting calculation. Additionally, we pledged $5.7 billion and $5.4 billion in cash collateral as of March 31, 2010 and December 31, 2009, respectively, related to operating activities and recorded this amount as #8220;Other assets#8221; or #8220;Federal funds sold and securities purchased under agreements to resell or similar arrangements#8221; in our condensed consolidated balance sheets. We record cash collateral accepted from a counterparty that we have the right to use as #8220;Cash and cash equivalents#8221; and cash collateral accepted from a counterparty that we do not have the right to use as #8220;Restricted cash#8221; in our condensed consolidated balance sheets. We net our obligation to return cash collateral pledged to us against #8220;Derivative assets at fair value#8221; in our condensed consolidated balance sheets as part of our counterparty netting calculation. We accepted cash collateral of $2.9 billion and $4.1#160;billion as of March 31, 2010 and December 31, 2009, respectively, of which $2.7 billion and $3.0#160;billion, respectively, was restricted. Non-Cash Collateral We classify securities pledged to counterparties as either #8220;Investments in securities#8221; or #8220;Cash and cash equivalents#8221; in our condensed consolidated balance sheets. Securities pledged to counterparties that have been consolidated with the underlying assets recognized as loans are included as #8220;Mortgage loans#8221; in our condensed consolidated balance sheets. We pledged $1.1 billion of available-for-sale (#8220;AFS#8221;) securities that the counterparty had the right to resell or repledge as of December 31, 2009. We did not pledge any AFS securities as of March 31, 2010. We pledged $2.9 billion and $1.9 billion in HFI loans that the counterparty had the right to sell or repledge as of March 31, 2010 and December 31, 2009, respectively. The fair value of non-cash collateral accepted that we were permitted to sell or repledge was $5.3 billion and $67 million as of March 31, 2010 and December#160;31, 2009, respectively, none of which was sold or repledged. The fair value of non-cash collateral accepted that we were not permitted to sell or repledge was $47.1 billion and $6.3 billion as of March 31, 2010 and December 31, 2009, respectively. We provide early funding to lenders on a collateralized basis and account for the advances as secured lending arrangements. We recognize the amounts funded to lenders in #8220;Advances to lenders#8221; in our condensed consolidated balance sheets. Our liability to third-party holders of Fannie Mae MBS that arises as the result of a consolidation of a securitization trust is collateralized by the underlying loans and/or mortgage-related securities. When securities sold under agreements to repurchase meet all of the conditions of a secured financing, we report the collateral of the transferred securities at fair value, excluding accrued interest. The fair value of these securities is classified in #8220;Investments in securities#8221; in our condensed consolidated balance sheets. We had no such repurchase agreements outstanding as of March 31, 2010 or December#160;31, 2009.
Debt	div style="font-size:12pt"pDebt br /#160;br /Our condensed consolidated balance sheets contain debt of Fannie Mae as well as debt of consolidated trusts. We classify our outstanding debt as either short-term or long-term based on the initial contractual maturity. Prior to January 1, 2010, we reported debt issued both by us and by consolidated trusts collectively as either #8220;Short-term debt#8221; or #8220;Long-term debt#8221; in our condensed consolidated balance sheets. Effective January 1, 2010, the debt of consolidated trusts is reported as either #8220;Short-term debt of consolidated trusts#8221; or #8220;Long-term debt of consolidated trusts,#8221; and represents the amount of Fannie Mae MBS issued from such trusts and held by third-party certificateholders. Debt issued by us is reported as either #8220;Short-term debt of Fannie M ae#8221; or #8220;Long-term debt of Fannie Mae,#8221; and represents debt that we issue to third parties to fund our general business activities. The debt of consolidated trusts is prepayable without penalty at any time. We report deferred items, including premiums, discounts and other cost basis adjustments, as adjustments to the related debt balances in our condensed consolidated balance sheets. We remeasure the carrying amount, accrued interest and basis adjustments of debt denominated in a foreign currency into U.S.#160;dollars using foreign exchange spot rates as of the balance sheet dates and report any associated gains or losses as a component of #8220;Fair value losses, net#8221; in our condensed consolidated statements of operations. br /br /We classify interest expense as either short-term or long-term based on the contractual maturity of the related debt. We recognize the amortization of premiums, discounts and other cost basis adjustments through i nterest expense using the effective interest method usually over the contractual term of the debt. Amortization of premiums, discounts and other cost basis adjustments begins at the time of debt issuance. We remeasure interest expense for debt denominated in a foreign currency into U.S.#160;dollars using the monthly weighted-average spot rate since the interest expense is incurred over the reporting period. The difference in rates arising from the month-end spot exchange rate used to calculate the interest accruals and the weighted-average exchange rate used to record the interest expense is a foreign currency transaction gain or loss for the period and is recognized as either #8220;Short-term debt interest expense#8221; or #8220;Long-term debt interest expense#8221; in our condensed consolidated statements of operations. br /#160;br /When we purchase a Fannie Mae MBS issued from a consolidated single-class securitization trust, we extinguish the related debt of the consolidated trust as the MBS debt is no longer owed to a third party. We record debt extinguishment gains or losses related to debt of consolidated trusts to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated MBS debt reported on our balance sheets (including unamortized premiums, discounts and other cost basis adjustments) at the time of purchase. br //p/div
Servicer and MBS Trust Receivable and Payable	div style="font-size:12pt"pServicer and MBS Trust Receivable and Payablebr /br /When a servicer advances payments to a consolidated MBS trust for delinquent loans, we record restricted cash and a corresponding liability to reimburse the servicer. When a delinquency advance is made to an unconsolidated trust, we record a receivable from the MBS trust, net of a valuation allowance, and a corresponding liability to reimburse the servicer. Servicers are reimbursed for amounts that they do not collect from the borrower at the earlier of the exercise of our default call option or foreclosure.br /br /For unconsolidated MBS trusts where we are considered the transferor, when the contingency on our option to purchase loans from the trust has been met and we regain effective control over the transferred loan, we recognize the loan in our condensed consolidated balance shee ts at fair value and record a corresponding liability to the unconsolidated MBS trust.br //p/div
Fair Value Losses, Net	Fair Value Losses, Net Fair value losses, net, consists of fair value gains and losses on derivatives, trading securities, debt carried at fair value and foreign currency debt.
Reclassifications	Reclassifications To conform to our current period presentation, we have reclassified amounts reported in our condensed consolidated financial statements. In our condensed consolidated balance sheet as of December 31, 2009, we reclassified $536 million from #8220;Allowance for loan losses#8221; to #8220;Allowance for accrued interest receivable.#8221; In our condensed consolidated statement of operations for the three months ended March 31, 2009, we reclassified $17.8 billion and $2.5 billion from #8220;Provision for credit losses,#8221; which is no longer presented, to #8220;Provision for guaranty losses#8221; and #8220;Provision for loan losses,#8221; respectively, and $5.7 billion from #8220;Investment gains, net#8221; to #8220;Net other-than-temporary impairments.#8221; In our condensed consolidated statement of changes in equity (deficit) for the three months ended March 31, 2009, we reclassified $3.7 billion, net of tax of $2.0 billion, from # 8220;Changes in net unrealized losses on available-for-sale securities#8221; to #8220;Reclassification adjustment for other-than-temporary impairments recognized in net loss.#8221;