View Filing Data

Entity information $ in Millions	6 Months Ended
Entity information $ in Millions	Jun. 30, 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	1,117,616,288
Entity public float \| $	$ 645

Document information	6 Months Ended
Document information	Jun. 30, 2010
Document Information
Document type	10-Q
Document period end date	Jun. 30, 2010
Amendment flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2010	Dec. 31, 2009
ASSETS
Cash and cash equivalents (includes cash of consolidated trusts of $526 and $2,092, respectively)	$ 27,844	$ 6,812
Restricted cash (includes restricted cash of consolidated trusts of $35,376 and $-, respectively)	38,855	3,070
Federal funds sold and securities purchased under agreements to resell or similar arrangements	37,608	53,684
Investments in securities:
Trading, at fair value (includes securities of consolidated trusts of $23 and $5,599, respectively)	77,353	111,939
Available-for-sale, at fair value (includes securities of consolidated trusts of $611 and $10,513, respectively, and securities pledged as collateral that may be sold or repledged of $- and $1,148, respectively)	105,660	237,728
Total investments in securities	183,013	349,667
Mortgage loans:
Loans held for sale, at lower of cost or fair value	1,025	18,462
Loans held for investment, at amortized cost
Loans held for investment, at amortized cost, of Fannie Mae	405,998	256,434
Loans held for investment, at amortized cost, of consolidated trusts (includes loans pledged as collateral that may be sold or repledged of $2,846 and $1,947, respectively)	2,574,018	129,590
Total loans held for investment	2,980,016	386,024
Allowance for loan losses	(60,582)	(9,925)
Total loans held for investment, net of allowance	2,919,434	376,099
Total mortgage loans	2,920,459	394,561
Advances to lenders	4,849	5,449
Accrued interest receivable
Accrued interest receivable of Fannie Mae	6,793	3,774
Accrued interest receivable of consolidated trusts	9,851	519
Allowance for accrued interest receivable	(4,784)	(536)
Total accrued interest receivable, net of allowance	11,860	3,757
Acquired property, net	14,021	9,142
Derivative assets, at fair value	1,224	1,474
Guaranty assets	427	8,356
Deferred tax assets, net	1,012	909
Partnership investments	1,820	2,372
Servicer and MBS trust receivable	991	18,329
Other assets	12,284	11,559
Total assets	3,256,267	869,141
Accrued interest payable
Accrued interest payable of Fannie Mae	4,517	4,951
Accrued interest payable of consolidated trusts	9,956	29
Federal funds purchased and securities sold under agreements to repurchase	142	0
Short-term debt
Short-term debt of Fannie Mae	256,066	200,437
Short-term debt of consolidated trusts	5,987	0
Long-term debt
Long-term debt of Fannie Mae (includes debt at fair value of $3,264 and $3,274, respectively)	586,437	567,950
Long-term debt of consolidated trusts (includes debt at fair value of $311 and $-, respectively)	2,376,774	6,167
Derivative liabilities, at fair value	1,693	1,029
Reserve for guaranty losses (includes $29 and $4,772, respectively, related to Fannie Mae MBS included in Investments in securities)	246	54,430
Guaranty obligations	765	13,996
Partnership liabilities	1,884	2,541
Servicer and MBS trust payable	4,420	25,872
Other liabilities	8,791	7,020
Total liabilities	$ 3,257,678	$ 884,422
Commitments and contingencies (Note 17)
Fannie Mae stockholders' equity (deficit):
Senior preferred stock, 1,000,000 shares issued and outstanding	$ 84,600	$ 60,900
Preferred stock, 700,000,000 shares are authorized - 578,389,726 and 579,735,457 shares both issued and outstanding, respectively	20,280	20,348
Common stock, no par value, no maximum authorization - 1,267,748,253 and 1,265,674,761 shares issued, respectively; 1,116,149,329 and 1,113,358,051 shares outstanding, respectively	666	664
Additional paid-in capital	0	2,083
Accumulated deficit	(97,544)	(90,237)
Accumulated other comprehensive loss	(2,084)	(1,732)
Treasury stock, at cost, 151,598,924 and 152,316,710 shares, respectively	(7,400)	(7,398)
Total Fannie Mae stockholders' deficit	(1,482)	(15,372)
Noncontrolling interest	71	91
Total deficit	(1,411)	(15,281)
Total liabilities and equity (deficit)	$ 3,256,267	$ 869,141

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Jun. 30, 2010	Jun. 30, 2010	Dec. 31, 2009	Dec. 31, 2009
ASSETS
Cash of consolidated trusts included in cash	$ 526		$ 2,092
Restricted cash of consolidated trusts included in restricted cash	35,376
Investments in securities:
Securities of consolidated trusts at fair value included in trading securities	23		5,599
Securities of consolidated trusts at fair value included in available-for-sale securities	611		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	2,846		1,947
Liabilities:
Long-term debt of Fannie Mae at fair value included in long-term debt of Fannie Mae	3,264		3,274
Long-term debt of consolidated trusts at fair value included in long-term debt of consolidated trusts	311
Reserve for guaranty losses related to Fannie Mae MBS included in investments in securities	$ 29		$ 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		578,389,726		579,735,457
Preferred stock outstanding		578,389,726		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		1,267,748,253		1,265,674,761
Common stock outstanding		1,116,149,329		1,113,358,051
Treasury stock, shares		151,598,924		152,316,710

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Interest income:
Trading securities	$ 330	$ 923	$ 645	$ 1,913
Available-for-sale securities	1,389	3,307	2,862	7,028
Mortgage loans :
Mortgage loans of Fannie Mae	3,950	4,392	7,248	9,099
Mortgage loans of consolidated trusts	33,682	1,219	68,003	2,110
Other	41	139	80	266
Total interest income	39,392	9,980	78,838	20,416
Short-term debt:
Interest expense, short-term debt of Fannie Mae	164	600	280	1,707
Interest expense, short-term debt of consolidated trusts	3	0	5	0
Long-term debt:
Interest expense, long-term debt of Fannie Mae	4,975	5,560	10,056	11,552
Interest expense, long-term debt of consolidated trusts	30,043	85	61,501	174
Total interest expense	35,185	6,245	71,842	13,433
Net interest income	4,207	3,735	6,996	6,983
Provision for loan losses	(4,295)	(2,615)	(16,234)	(5,124)
Net interest income (loss) after provision for loan losses	(88)	1,120	(9,238)	1,859
Guaranty fee income (includes imputed interest of $30 and $321 for the three months ended June 30, 2010 and 2009, respectively, and $59 and $471 for the six months ended June 30, 2010 and 2009, respectively)	52	1,659	106	3,411
Investment gains (losses), net	23	(45)	189	178
Other-than-temporary impairments	(48)	(1,097)	(234)	(6,750)
Noncredit portion of other-than-temporary impairments recognized in other comprehensive loss	(89)	344	(139)	344
Net other-than-temporary impairments	(137)	(753)	(373)	(6,406)
Fair value gains (losses), net	303	823	(1,402)	(637)
Debt extinguishment gains (losses), net (includes debt extinguishment losses related to consolidated trusts of $31 and $100 for the three months and six months ended June 30, 2010, respectively)	(159)	(190)	(283)	(269)
Losses from partnership investments	(26)	(571)	(84)	(928)
Fee and other income	242	197	421	389
Non-interest income (loss)	298	1,120	(1,426)	(4,262)
Administrative expenses:
Salaries and employee benefits	324	245	648	538
Professional services	260	180	454	323
Occupancy expenses	40	46	81	94
Other administrative expenses	46	39	92	78
Total administrative expenses	670	510	1,275	1,033
Provision (benefit) for guaranty losses	69	15,610	33	33,435
Foreclosed property expense (income)	487	559	468	1,097
Other expenses	198	318	370	597
Total expenses	1,424	16,997	2,146	36,162
Loss before federal income taxes	(1,214)	(14,757)	(12,810)	(38,565)
Provision (benefit) for federal income taxes	9	23	(58)	(600)
Net income (loss)	(1,223)	(14,780)	(12,752)	(37,965)
Less: Net loss (income) attributable to the noncontrolling interest	5	26	4	43
Net loss attributable to Fannie Mae	(1,218)	(14,754)	(12,748)	(37,922)
Preferred stock dividends	(1,907)	(411)	(3,434)	(440)
Net loss attributable to common stockholders	$ (3,125)	$ (15,165)	$ (16,182)	$ (38,362)
Loss per share -Basic and Diluted	$ (0.55)	$ (2.67)	$ (2.84)	$ (6.76)
Weighted-average common shares outstanding - Basic and Diluted	5,694	5,681	5,693	5,674

Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Condensed Consolidated Statements of Operations
Imputed interest included in guaranty fee income	$ 30	$ 321	$ 59	$ 471
Debt extinguishment gains (losses) related to consolidated trusts included in Debt extinguishment gains (losses), net	$ 31	$ 0	$ 100	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009
Cash flows used in operating activities:
Net income (loss)	$ (12,752)	$ (37,965)
Reconciliation of net loss to net cash used in operating activities:
Amortization of debt of Fannie Mae cost basis adjustments	776	2,176
Amortization of debt of consolidated trusts cost basis adjustments	(277)	(4)
Provision for loan and guaranty losses	16,267	38,559
Valuation (gains) losses	(1,517)	4,537
Current and deferred federal income taxes	282	(1,690)
Derivatives fair value adjustments	1,003	(1,045)
Purchases of loans held for sale	(38)	(72,172)
Proceeds from repayments of loans held for sale	29	1,204
Net change in trading securities, excluding non-cash transfers	(41,797)	3,165
Net change in:
Other, net (operating)	(11,615)	(4,302)
Net cash used in operating activities	(49,639)	(67,537)
Cash flows provided by investing activities:
Purchases of tradings securities held for investment	(7,887)	0
Proceeds from maturities of trading securities held for investment	1,398	6,076
Proceeds from sales of trading securities held for investment	20,442	1,313
Purchases of available-for-sale securities	(601)	(108,105)
Proceeds from maturities of available-for-sale securities	9,022	23,705
Proceeds from sales of available-for-sale securities	8,468	168,933
Purchases of loans held for investment	(32,769)	(19,322)
Proceeds from repayments of loans held for investment of Fannie Mae	8,491	20,904
Proceeds from repayments of loans held for investment of consolidated trusts	229,661	11,523
Net change in restricted cash	9,798	0
Advances to lenders (SCF)	(23,131)	(53,646)
Proceeds from disposition of acquired property	17,693	9,873
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	15,618	32,147
Other, net (investing)	(627)	(9,380)
Net cash provided by investing activities	255,576	84,021
Cash flows used in financing activities:
Proceeds from issuance of short-term debt of Fannie Mae	394,719	747,971
Proceeds from issuance of short-term debt of consolidated trusts	5,902	0
Payments to redeem short-term debt of Fannie Mae	(339,366)	(820,868)
Payments to redeem short-term debt of consolidated trusts	(18,121)	0
Proceeds from issuance of long-term debt of Fannie Mae	197,771	187,269
Proceeds from issuance of long-term debt of consolidated trusts	128,067	8
Payments to redeem long-term debt of Fannie Mae	(180,058)	(153,991)
Payments to redeem long-term debt of consolidated trusts	(394,225)	(273)
Payments of cash dividends on senior preferred stock to Treasury	(3,436)	(434)
Proceeds from senior preferred stock purchase agreement with Treasury	23,700	34,200
Net change in federal funds purchased and securities sold under agreements to repurchase	142	(65)
Net cash used in financing activities	(184,905)	(6,183)
Net (decrease) increase in cash and cash equivalents	21,032	10,301
Cash and cash equivalents at beginning of period	6,812	17,933
Cash and cash equivalents at end of period	27,844	28,234
Cash paid during the period for:
Interest	73,125	15,430
Income taxes	0	848
Non-cash activities (excluding transition-related impacts - see Note 2):
Mortgage loans acquired by assuming debt	199,498	13
Net transfers from mortgage loans held for investment of consolidated trusts to mortgage loans held for investment of Fannie Mae	142,034	0
Transfers from advances to lenders to investments in securities	0	38,943
Transfers from advances to lenders to loans held for investment of consolidated trusts	22,441	0
Net transfers from mortgage loans to acquired property	$ 32,391	$ 2,211

Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 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)
Cumulative effect from the adoption of a new accounting standard on other-than-temporary impairments, net of tax				2,964
Change in investment in noncontrolling interest			(2)	(6)
Comprehensive loss:
Net income (loss)	$ (1,223)	$ (14,780)	(12,752)	(37,965)
Net loss attributable to the noncontrolling interest	(5)	(26)	(4)	(43)
Net loss attributable to Fannie Mae	(1,218)	(14,754)	(12,748)	(37,922)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized losses on available-for-sale securities, net of tax			2,802	1,467
Reclassification adjustment for other-than-temporary impairments recognized in net loss, net of tax			247	4,142
Reclassification adjustment for (gains) losses included in net loss, net of tax			(12)	86
Unrealized gains on guaranty assets and guaranty fee buy ups			1	79
Amortization of net cash flow hedging gains (losses), net of tax				9
Prior service cost and actuarial gains (losses), net of amortization for defined benefit plans, net of tax			4	17
Total comprehensive income (loss)			(9,710)	(32,165)
Senior preferred stock dividends			(3,436)	(434)
Increase to senior preferred liquidation preference			23,700	34,200
Other, value			20	(4)
Stockholders' equity, ending balance	$ (1,411)	$ (10,602)	$ (1,411)	$ (10,602)
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	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			(2)	(15)
Stockholders' equity, shares issued, ending balance	578	582	578	582
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	23
Other, shares			1	1
Stockholders' equity, shares issued, ending balance	1,116	1,109	1,116	1,109
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			23,700	34,200
Stockholders' equity, ending balance	$ 84,600	$ 35,200	84,600	35,200
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			(68)	(736)
Stockholders' equity, ending balance	20,280	20,486	20,280	20,486
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			2	12
Stockholders' equity, ending balance	666	662	666	662
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			(2,171)	(434)
Conversion of convertible preferred stock into common stock, value			66	724
Other, value			22	36
Stockholders' equity, ending balance	0	3,947	0	3,947
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)
Cumulative effect from the adoption of a new accounting standard on other-than-temporary impairments, net of tax				8,520
Comprehensive loss:
Net income (loss)			(12,748)	(37,922)
Other comprehensive income (loss), net of tax effect:
Senior preferred stock dividends			(1,265)
Other, value				1
Stockholders' equity, ending balance	(97,544)	(56,191)	(97,544)	(56,191)
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)
Cumulative effect from the adoption of a new accounting standard on other-than-temporary impairments, net of tax				(5,556)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized losses on available-for-sale securities, net of tax			2,802	1,467
Reclassification adjustment for other-than-temporary impairments recognized in net loss, net of tax			247	4,142
Reclassification adjustment for (gains) losses included in net loss, net of tax			(12)	86
Unrealized gains on guaranty assets and guaranty fee buy ups			1	79
Amortization of net cash flow hedging gains (losses), net of tax				9
Prior service cost and actuarial gains (losses), net of amortization for defined benefit plans, net of tax			4	17
Stockholders' equity, ending balance	(2,084)	(7,429)	(2,084)	(7,429)
Treasury stock
Statement [Line Items]
Stockholders' equity, beginning balance			(7,398)	(7,344)
Other comprehensive income (loss), net of tax effect:
Other, value			(2)	(41)
Stockholders' equity, ending balance	(7,400)	(7,385)	(7,400)	(7,385)
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)	(6)
Comprehensive loss:
Net income (loss)			(4)	(43)
Other comprehensive income (loss), net of tax effect:
Stockholders' equity, ending balance	$ 71	$ 108	$ 71	$ 108

Condensed Consolidated Statements of Changes in Equity (Deficit) (Paranthetical) (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009
Condensed Consolidated Statement of Changes in Equity (Deficit)
(Tax on unrealized loss on available-for-sale securities)	$ 1,509	$ 790
(Tax on reclassification adjustment for other-than-temporary impairments recognized in net loss)	126	2,263
(Tax on reclassification adjustment for (gains) losses included in net loss)	$ 6	$ 46

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2010
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies 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 H ousing 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 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. We were directed by FHFA to voluntarily delist our common stock and each listed series of our preferred stock from the New York Stock Exchange and the Chicago Stock Exchange. The last trading day for the listed securities on the New York Stock Exchange and the Chicago Stock Exchange was July 7, 2010, and since July 8, 2010, the securities have been quoted on the over-the-counter market. As of August 5, 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. FHFA’s proposed rule on conservatorship and receivership operations, published on July 9, 2010, defines “reasonable period” as a period of 18 months following the appointment of a conservator or receiver. 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 qualifie d 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 August 5, 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 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 w hether 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 differen t financial results. 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 $83.6 billion to date under Treasury’s funding commitment and the Acting Director of FHFA has submitted a request for an additional $1.5 billion from Treasury to eliminate our net worth deficit as of June 30, 2010. The aggregate liquidation preference of the senior preferred stock was $84.6 billion as of June 30, 2010 and will increase to $86.1 billion as a result of FHFA’s request on our behalf for funds to eliminate our net worth deficit as of June 30, 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 government, however, have expired. The Treasury credit facility and Treasury MBS purchase program termina ted 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, 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 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 o perations. 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. In April 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; the comment period ended on July 21, 2010. Under the Wall Street Reform Act, Treasury is required to submit a report to Congress by January 31, 2011, with recommendations for ending the conservatorship of Fannie Mae and Freddie Mac, while minimizing the cost to taxpayers. 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 (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 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 and six months ended June 30, 2010 may not necessarily be indicative of the results for the year ending December 31, 2010. The unaudited interim condensed consolidated financial statements as of June 30, 2010 and our consolidated financial statements as of December 31, 2009 should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2009 (“2009 Form 10-K”), filed with the SEC on February 26, 2010. 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 June 30, 2010, Treasury held an investment in our senior preferred stock with a liquidation preference of $84.6 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 (“HFAs”) through three separate assistance programs: a temporary credit and liquidity facilities (“TCLF”) program, a new issue bond (“NIB”) program and a multifamily credit enhancement program. Under the TCLF program, we have $3.8 billion and $870 million outstanding, which includes principal and interest, of three-year standby credit and liquidity support as of June 30, 2010 and December 31, 2009, respectively. Treasury has purchased participating interests in these temporary credit and liquidity facilities. Under the NIB program, we have $7.6 billion and $3.5 billion outstanding of pass-through securities backed by single-family and multifamily housing bonds issued by HFAs as of June 30, 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 ar e not participating in the multifamily credit enhancement program. FHFA’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 June 30, 2010 and December 31, 2009, we held Freddie Mac mortgage-related securities with a fair value of $22.5 billion and $42.6 billion, respectively, and accrued interest receivable of $121 million and $230 million, respectively. We recognized interest income on Freddie Mac mortgage-related securities held by us of $277 million and $408 million for the three months ended June 30, 2010 and 2009, respectively, and $612 million and $815 million for the six months ended June 30, 2010 and 2009, respectively. Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our re ported 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. In the second quarter of 2010, we updated our allowance for loan loss model to reflect a change in our cohort structure for our severity calculations which resulted in a change in estimate and a decrease in our allowance for loan losses of approximately $1.6 billion. Principles of Consolidation Our condensed consoli dated 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. 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 (“VIE”). VIE Assessment 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’s expected losses or the right to receive the entity’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. 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. We have i nterests 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 (“LIHTC”) and other housing partnerships, as well as mortgage and asset-backed trusts that were not created by us. In June 2009, the FASB revised the accounting standard on the consolidation of VIEs (the “new accounting standard”), 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. 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 enti ty (“QSPE”), 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. Primary Beneficiary Determination 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 b eneficiary 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. 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 consolid ate 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. 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. Measurement of Consolidated Assets and Liabilities 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 “Mortgage loans held for investment of consolidated trusts.̶ 1; We also recognized securities issued by these trusts that are held by third parties in our condensed consolidated balance sheet as either “Short-term debt of consolidated trusts” or “Long-term debt of consolidated trusts.” 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. 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 “Investment gains (losses), net” in our condensed consolidated statements of operations. We also record gains or losses that are associated with the consolidation of a VIE as “Investment gains (losses), net” in our condensed consolidated statements of operations. Purchase/Sale of Fannie Mae Securities 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. Single-Class Securitization Trusts 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 ex poses us to credit losses on the loans underlying Fannie Mae MBS. 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 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. The purchase of an MBS from a third party that w as 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 from Fannie Mae’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. To determine the order in which consolidated debt is extinguished, we have elected to use a daily convention in the application of the last-issued first-extinguished method. Under this method, we record the net daily c hange in each MBS holding as either the issuance of debt if there has been an increase in the position that is held by third parties, or the extinguishment of the most recently issued related debt if there has been a decrease in the position held by third parties. The impact of this method is that we record the net daily activity for an MBS as if it were a single buy or sell trade, which results in a change in our beginning debt balance if the total unpaid principal balance purchased does not match the total unpaid principal balance sold. 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. Single-Class Resecuritization Trusts Single-class resecuritization trusts are created by depositing Fannie Mae MBS in to 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. 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. As our single-class resecuritization securities pass through all of the cash flows of the underlying MBS directly to the hold ers 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. Multi-Class Resecuritization Trusts Multi-class resecuritization trusts are trusts we create to issue multi-class Fannie Mae securities, including Real Estate Mortgage Investment Conduits (“REMICs”) 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. 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. 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 resecurit ization trusts. 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. See “Note 2, Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities,” for additional information regarding the impact upon adoption. Portfolio Securitizations 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 fi nancial assets for which we surrender control of the transferred assets are recorded as sales. 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 “Investment gains (losses), net” 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 (“MSAs”). 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 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. 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 securiti es) as operating activities. 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 “Securitization-related transfers from mortgage loans held for sale to investments in securities” or “Transfers from advances to lenders to investments in securities,” 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 “Net decrease in trading securities, excluding non-cash transfers,” or “Proceeds from sales of available-for-sale se curities.” 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. Restricted Cash We and our servicers advance payments on delinquent loans to consolidated Fannie Mae MBS trusts. We recognize the ca sh advanced as “Restricted cash” 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 “Restricted cash.” We also recognize “Restricted cash” as a result of restrictions related to certain consolidated partnership funds as well as for certain collateral arrangements. 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 (“HFI”). When we consolidate a trust, we recognize the loan s 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. 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 “Mortgage loans held for investment.” We now report loans held by consolidated trusts as “Mortgage loans held for investment of consolidated trusts” and those held directly by us as “Mortgage loans held for investment of Fannie Mae” 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 (“HFS”). 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 p ortfolio 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. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains (losses), net” 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 principa l 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 lower of cost or fair value 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. In the event that we reclassify HFS loans to HFI, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the HFI loan. Nonaccrual Loans 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. Restructured Loans 60; 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 (“TDR”). 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’s original effective interest rate. Costs incurred to effect a TDR are expensed as incurred. 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 loa n is not considered a TDR. We further evaluate such a loan modification to determine whether the modification is considered “more than minor.” 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 “Interest income” in our condensed consolidated statements of operations. We account for a minor modification as a continuation of the previously recorded loan. Loans Purchased or Eligible to be Purchased from Trusts 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’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 “Mortgage loans held for investment of consolidated trusts” to “Mortgage loans held for investment by Fannie Mae” 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’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, and no valuation allowance is established or carried over. We record the excess of the loan’s acquisition cost over its fair value as a charge-off against our “Reserve for guaranty losses” at acquisiti on. We recognize any subsequent decreases in estimated future cash flows to be collected subsequent to acquisition as impairment losses through our “Allowance for loan losses.” 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 credit-impaired 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 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 popu lation 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 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 “Provision for loan losses” or the “Provision (benefit) for guaranty losses” in our condensed consolidated statements of operations. Credit loss es 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’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 i n a preforeclosure sale or the underlying collateral in full satisfaction of the mortgage loan upon foreclosure. Single-Family Loans 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 (“LTV”) 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 r ecoveries 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 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. The excess of a loan’s unpaid principal balance, accrued interest, and any applicable cost basis adjustments (“our total exposure”) over the fair value of the assets received in full satisfaction o f 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 “Foreclosed property expense” 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 “Foreclosed property expense” in our condensed consolidated statement s of operations when received. Individually Impaired Single-Family Loans 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 payment. Determination of whether a delay in payment or shortfall in amount is more than insignificant requires management’s judgment as to the facts and circumstances surrounding the loan. 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’s original effective interest rate. If we expect to recover our recorded investment in an individually impaired loan 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. 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 informatio n 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. Multifamily Loans 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 generally 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. 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’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 credit 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. 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 for loans we classify a s 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. 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 31, 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 mor tgage 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).

Adoption of the New Accounting Standards on the Transfers of Financial Assets and Consolidation of Variable Interest Entities	6 Months Ended
	Jun. 30, 2010
Notes 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 consolidated trusts separately from the assets and liabilities of Fannie Mae in our condensed consolidated balance sheets. As such, we have reclassified prior period 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"# 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 dtd 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 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="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 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 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/trtrtd 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 hei ght="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" width="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" gt;#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-botto m: 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"Mo rtgage 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;/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 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 soli d #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" 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;2,599,074#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/tdtd h eight="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"# 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="border- 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 heigh t="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 lt;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 dtd 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 lt;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 height="1 7" 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;- mp;#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 /td gt;td 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"Othe r 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 hei ght="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/trtrtd he ight="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 doubl e #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;/td gt;td 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 heigh t="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 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" 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" ali gn="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 hei ght="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;/td t;td 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="89" a lign="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"#16 0;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" align= "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" wid th="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" heig ht="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;/td t;td 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;/td ;td 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" colspan=" 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"#1 60;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="left" gt;#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;/tdtd 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" p;#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 solid #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;/tdtd 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 #000000 ;" 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"$ lt;/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 /Inv estments 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 height= "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#1 60;/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" width ="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"$/tdtd he ight="17" width="110" align="right"#160;(189,360)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="11" align="left"$/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 height ="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" t;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;/tdtd 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;/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 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="le ft" 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 soli d #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 lt;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"$/tdtd height="18" style="border-top: 1px solid #0000 00;border-bottom: 3px double #000000;" align="right" width="122"#160;349,667#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/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 loans h eld 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 increase 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 dtd 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="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="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-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/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" ali gn="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;/tdtd h eight="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 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;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;/td ;td 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" wi dth="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" width ="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="right" 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 solid #0 00000;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 dtd 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-top: 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" #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="left" 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;/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 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" alig n="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:/td gt;td 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" wid th="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;/ 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" wi dth="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 height ="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"#16 0;/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-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;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"$/tdtd height="1 8" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;11,901#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="11"$/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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;45,027#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width ="11"$/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 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 decreased 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 have 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 deb t 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 receiv able 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 /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 eliminated 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. T hus, 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 presentat ion. #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 #822 0;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 refl ected 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 party . 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 management i ncome 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 restate d 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	6 Months Ended
Consolidations and Transfers of Financial Assets	Jun. 30, 2010
Notes 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 June 30, 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"bJune 30,/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/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-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" width ="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"$/tdtd height="17" width="96" align="right"#160;526#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/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;35,376#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;23#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" gt;#160;611#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;807#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 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;2,574,018#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;9,851#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;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;640#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="bord er-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;20#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9 6"#160;2,621,872#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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 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"$/tdtd height="17" width="96" align="right"#160;9,956#160;sup/sup/tdtd height="17" width="19" align="right"u#160;/u/tdtd height="17" width="9" align="left"$/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 height=" 17" width="96" align="right"#160;5,987#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;2,376,774#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;/td gt;td 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;1,143#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;19#160;sup/sup/tdtd height="17" widt h="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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;2,393,879#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="96"#160;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 accountin g 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 June 30, 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 $519 million, we derecognized our investment in these trusts and recognized the assets and liabilities of the consolidated trusts at their fair value. lt;br /br /As of December 31, 2009, we consolidated VIEs that were no longer consolidated as of June 30, 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 $488 million, we derecognized the assets and liabilities of the trusts and recognized at fair value our retained interests as securities in our condensed consolidated balance sheets.br /br /Unconsolidated VIEsbr /br /We also have investments in VIEs that we do not consolidate because we are not deemed to be the primary beneficiary. These unconsolidated VIEs include securitization trusts, as well as other equity investments. The following table displays the total assets as of June 30, 2010 and December 31, 2009 of un consolidated VIEs with which we are involved.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="13" width="19" align="left"#160;/tdtd height="13" width="436" align="left"#160;#160;#160;#160;#160;#160;/tdtd width="185" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"bAs of/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="436" align="left"#160;/tdtd width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bJune 30,/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="19"b#160;/b/tdtd width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bDecember 31,/b/td t;/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="436" align="left"#160;/tdtd width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2010#160;/b/tdtd height="14" width="19" align="left"b#160;/b/tdtd width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b2009#160;/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="436" align="left"#160;/tdtd width="185" align="center" height="14" colspan="5"b(Dollars in millions)/b/td/trtrtd width="455" align="left" height="17" colspan="2"Mortgage-backed trusts/tdtd height="17" width="9" align="left"$/tdtd height="17" width="74" align="right" mp;#160;754,252#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="74" align="right"3,044,516#160;/td/trtrtd width="455" align="left" height="17" colspan="2"Asset-backed trusts/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"#160;395,785#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"484,703#160;/td/trtrtd width="455" align="left" height="17" colspan="2"Limited partnership investments/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"#160;14,114#160;/tdtd height="17" width="19" align="left" ;#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="right"13,085#160;/td/trtrtd width="455" align="left" height="17" colspan="2"Mortgage revenue bonds and other credit-enhanced bonds/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="74"#160;8,034#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="74"8,061#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="436" align="left"Total assets of unconsolidated VIEs/tdtd heigh t="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="74"#160;1,172,185#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 carrying amount and classification of the assets and liabilities as of June 30, 2010 and December 31, 2009 and the maximum exposure to loss as of June 30, 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"bJune 30, 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: 1 px 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;" height="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;94,110#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;84,947#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;190,135#160;sup/sup/td/trtrtd height="17" width="19" align="left" p;#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;31,526#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;31,359#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;249#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 investmentssup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;150#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;414#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;/td t;td 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"#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="1 7" 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="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;/td lt;td 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"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;126,045#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;116,730#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;306,919#160;sup/sup/td/trtrtd width="299" align="left" height="18" colspan="3"bLiabilities:/bsupb/b/sup/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="93"#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="93"#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="12" #160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="93"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="280" align="left" height="17" colspan="2"Reserve for guaranty lossessup/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;212#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;212#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="93" align="right"#160;52,703#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160;/td td 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;486#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;22,101#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;243#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;55#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/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="93" align="right"#160;52#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" wi dth="93" align="right"#160;52#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;-#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;/td td 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 #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" t;#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"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="93"#160;993#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="17" style="border-bottom: 3px do uble #000000;" align="right" width="93"#160;22,420#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; lt;/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/tdtd 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 t ransactions. 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/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 June 30, 2010 and 2009, the unpaid principal balance of portfolio securitizations was $15.1 billion and $135.5 billion, respectively. For the six months ended June 30, 2010 and 2009, the unpaid principal balance of portfolio securitizations was $32.9 billion and $158.4 billion, respectively.br /br /Upon adoption of the new accounting standards, the majority of our portfolio sec uritization 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. br /br /The 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;/tdtd height="59" width="352" align="left"b#160;/b/tdtd height="59" width="19" align="left"b#1 60;/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="center" height="17" colspan="7"b(Dollars in millions)/bb/b/tdtd height="17" width="19" align="left" lt;b#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="371" align="left" height="17" colspan="2"buAs of June 30, 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;/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;70#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;18,538#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/tdtd height="17" width="83" align="right" ;#160;75#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;19,730#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;(1,973)/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;(3,946)/tdtd height="17" width="19" align="left"#160;/td/trtr lt;td 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"#160;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"#160;6.55#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"#160;3.6#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"#160;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"#160;26.3#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"#160;24.0#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="left"#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 gt;#160;/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;/td lt;td 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;(4,04 5)/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 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 hei ght="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" wi dth="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 obt ained and all liabilities incurred at fair value. We recorded a net gain on portfolio securitizations of $29 million and $310 million for the three months ended June 30, 2010 and 2009, respectively. We recorded a net gain on portfolio securitizations of $109 million and $630 million for the six months ended June 30, 2010 and 2009, respectively. We recognize these amounts as a component of #8220;Investment gains (losses), 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 and six months ended June 30, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="372" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd wid th="133" align="center" height="17" colspan="5"bFor the /b/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;/tdtd height="17" width="372" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd width="133" align="center" height="17" colspan="5"bThree Months/b/tdtd height="17" width="11" align="left"#160;/tdtd width="133" align="center" height="17" colspan="5"bSix Months/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="372" 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 June 30,/b/tdtd height="15" width="11" align="left"#160;/tdtd width="133" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bEnded June 30,/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="372" 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/tdtd heigh t="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/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/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="372" align="left"#160;/tdtd height="15" width="11" align="left"#160;/tdtd width="277" align="center" height="15" colspan="11"b(Dollars in millions)/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="372" align="left"Proceeds from the initial sale of secu rities (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;464#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;39,276#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;2,020#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;61,339#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="372" align="left"Principal and interes t 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;887#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;2,543#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;1,723#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;4,836#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 June 30, 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="336" align="left"#160;/tdtd height="31" width="19" align="left" p;#160;/tdtd width="116" align="center" 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="336" 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;/tdtd width="355" align="left" height="17" colspan="2"buAs of June 30, 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="355" 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;2,990,664#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="107" align="right"#160;199,186#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="355" align="left" height="17" colspan="2"Loans held for sale/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;1,070#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;42#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="355" align="left" heig ht="17" colspan="2"Securitized loans/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;2,061#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;64#160;sup/sup/td/trtrtd height="18" width="26" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="336" align="left"Total loans managed/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 1px solid #00 0000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="107"#160;2,993,795#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="107"#160;199,292#160;sup/sup/td/trtrtd height="18" width="26" align="left"#160;/tdtd width="355" align="left" height="18" colspan="2"buAs of December 31, 2009/u/b/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"u#160;/u /tdtd height="18" style="border-top: 3px double #000000;" align="left" width="107"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="107"#160;supb/b/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="355" align="left" height="17" colspan="2"Loans held for investment/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/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"$/tdtd height="17" width="107" align="right"#160;51,051 mp;#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="355" align="left" height="17" colspan="2"Loans held for sale/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;20,992#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="107" align="right"#160;140#160;sup/sup/td/trtrtd height="17" width="26" align="left"#160;/tdtd width="355" align="left" height="17" colspan="2"Securitized loans/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/td t;td height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;187,922#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="107"#160;5,161#160;sup/sup/td/trtrtd height="18" width="26" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="336" align="left"Total loans managed/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/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 t;/table/div

Mortgage Loans	6 Months Ended
Mortgage Loans	Jun. 30, 2010
Notes 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 June 30, 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; ;/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"bJune 30, 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;s upb/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 ;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 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 lt;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" width= "9" align="left"$/tdtd height="17" width="46" align="right"#160;313,663#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="54" align="right"#160;2,511,073#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="53" align="right"#160;2,824,736#160;/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/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"$/tdtd height="17" width="54" align="right"#160;129,472#160;/tdtd height="17" width="6" align="left"#160;/td td height="17" width="9" align="left"$/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;106,971#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;60,027#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="bo rder-bottom: 1px solid #000000;" align="right" width="53"#160;166,998#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 ;/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;420,634#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;2,571,100#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"#160; 2,991,734#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"Unamo rtized 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 heigh t="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;(14,398)/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;3,743#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;(10,655)/tdtd height="17" width="6" align="left" ;#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"#160; /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" hei ght="17" colspan="3"held for salesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="46" align="right"#160;(19)/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="54" align="right"#160;(19)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="53" align="right"#160;(38)/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;(160)/td td 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;(42,844)/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;(17,738)/tdtd height="17" width="6" align="left"#160;/tdtd height="17" style="border-botto m: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="53"#160;(60,582)/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="right" widt h="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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="46"#160;363,373#160;/tdtd height="18" width="4" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;2,557,086#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="53"#160;2,920,459#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;139,394#160;/tdtd he ight="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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/trt rtd height="16" width="19" align="left"#160;sup#160;(2)/sup/tdtd width="641" align="left" height="61" rowspan="2"As of June 30, 2010, our single-family of Fannie Mae amount of $313.7 billion includes unpaid principal balance of $169.9 billion related to credit-impaired loans that were acquired from MBS trusts for the six months ended June 30, 2010. Fannie Mae acquired credit-impaired loans from MBS trusts with an unpaid principal balance totaling $18.9 billion in June 2010 and paid this amount, along with accrued interest of $710 million, in July 2010./td/trtrtd height="45" 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 multifamily loans. The following table displays the recorded investment and correspondi ng specific loss allowance as of June 30, 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="218" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="17"bAs of June 30, 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 he ight="17" width="17" align="left"#160;/tdtd width="70" 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" style="border-top: 1px solid #000000;" align="left" width="10"b#160; t;/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="70" 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="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bAl lowance/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/trtrtd height="17" width="28" align="left"#160;sup/sup/t dtd height="17" width="159" align="left"#160;sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd width="428" 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="61" 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;/tdtd 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 height="17" width="61" align="right"#160;126,339#160;/tdtd heigh t="17" width="9" align="left"#160;/tdtd height="17" width="10" align="left"$/tdtd height="17" width="56" align="right"#160;33,614#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="11" align="left"$/tdtd height="17" width="54" align="right"#160;92,725#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"$/tdtd height="17" width="52" align="right"#160;21,055#160;/t d/trtrtd height="17" width="28" align="left"#160;sup/sup/tdtd height="17" width="159" align="left"Without valuation allowancesup(2)/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;11,800#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="10"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;-#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style ="border-bottom: 1px solid #000000;" align="right" width="54"#160;11,800#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;8,420#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="11"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="48"#160;-#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="52"#160;8,420#160;/td/trtr ;td width="215" align="left" height="18" colspan="3"Totalsup/sup/tdtd height="18" width="17" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;138,139#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;33,614#160;/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="11"$/tdtd height="18" sty le="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;104,525#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="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="1 2"$/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="61"#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="42" width="28" align="right"#160;sup #160;(1)/sup/tdtd width="623" align="left" height="42" colspan="20"Includes single-family loans restructured in a TDR with a recorded investment of $128.9#160;billion and $23.9 billion as of June 30, 2010 and December 31, 2009, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $56#160;million and $51 million as of June 30, 2010 and December 31, 2009, respectively./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="61" 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="27" width="28" align="right"#160;sup#160;(2)/sup/tdtd width="623" align="left" height="27" colspan="20"The discounted cas h flows, 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/tdtd height="13" width="159" align="left"#160;sup/sup/tdtd height="13" width="17" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="61" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd height="13" width="56" align="left"#160;/tdtd height="13" width="8" align="left"#160;/tdtd height="13" width="11" align="left"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdt d height="13" width="11" align="left"#160;/tdtd height="13" width="50" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd height="13" width="11" align="left"#160;/tdtd height="13" width="48" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="52" align="left"#160;/td/tr/tablepThe average recorded investment in impaired loans was $134.1 billion and $16.2 billion for the three months ended June 30, 2010 and 2009, respectively, and $123.8 billion and $14.7 billion for the six months ended June 30, 2010 and 2009, respectively. Interest income recognized on impaired loans was $1.5 billion and $265 million for the three months ended June 30, 2010 and 2009, respectively, and $3.0 billion and $495 million for the six months ended June 30, 2010 and 2009, respectively./ppLoans Acquired in a Transferbr /br /We acquired delinquent unconsolidated loans with an unpaid principal balance plus accrued interest of $75 million and $3.7 billion for the three months ended June 30, 2010 and 2009, respectively, and $160 million and $6.3 billion for the six months ended June 30, 2010 and 2009, respectively. The following table displays the outstanding balance and carrying amount of acquired credit-impaired loans as of June 30, 2010 and December 31, 2009, excluding loans that were modified as TDRs subsequent to their acquisition from MBS trusts.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="19" align="left"#160;/tdtd height="17" width="418" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd width="204" align="center" colspan="5" style="border-bottom: 1px solid #000000 ;" height="17"bAs of/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="418" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd width="87" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bJune 30, 2010/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="13"b#160;/b/tdtd width="104" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bDecember 31, 2009/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="418" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left" ;b#160;/b/tdtd width="195" align="center" height="17" colspan="4"b(Dollars in millions)/b/td/trtrtd width="437" align="left" height="17" colspan="2"Outstanding contractual balance/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;13,586#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="95" align="right"24,106#160;/td/trtrtd width="437" align="left" height="17" colspan="2"Carrying amount:/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="left"#160;/tdtd height="17" width="13" align ="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="95" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="418" align="left"Loans on accrual status/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160;2,234#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="95" align="right"2,560#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="418" align="left"Loans on nonaccrual status/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="bo rder-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="78"#160;4,357#160;/tdtd height="17" width="13" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="95"8,952#160;/td/trtrtd width="437" align="left" height="18" colspan="2"Total carrying amount of loans/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"#160;6,591#160;/tdtd height="18" width="13" align="left"#16 0;/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="95"11,512#160;/td/tr/tablepThe following table displays details on activity for acquired credit-impaired loans at their acquisition dates for the three and six months ended June 30, 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="383" align="left"b#160;/bsupb/b/sup/tdtd width="122" align="center" height="14" colspan="5"bFor the /b/tdtd height="14" width="14" align="center"b#160;/b/tdtd width="121" ali gn="center" height="14" colspan="5"bFor the /b/td/trtrtd height="14" width="383" align="left"b#160;/bsupb/b/sup/tdtd width="122" align="center" height="14" colspan="5"bThree Months Ended/b/tdtd height="14" width="14" align="center"b#160;/b/tdtd width="121" align="center" height="14" colspan="5"bSix Months Ended/b/td/trtrtd height="14" width="383" align="left"b#160;/bsupb/b/sup/tdtd width="122" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bJune 30,/b/tdtd height="14" width="14" align="center"bu#160;/u/b/tdtd width="121" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height ="14"bJune 30,/b/td/trtrtd height="14" width="383" align="left"b#160;/bsupb/b/sup/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="6"bu#160;/u/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="9"bu#160;/u/b/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="48"b2009#160;/b/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="5"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="383" align="left"#160;sup/sup/tdtd width="257" align="center" height="14" colspan="18"b(Dollars in millions)/b/td/trtrtd height="14" width="383" align="left"Contractually required principal and interest payments at acquisitionsup#160;(1)/sup/tdtd height="14" width="9" align="left"$/tdtd height="14" width="50" align="right"#160;72#160;/tdtd height="14" width="6" align="right"#160;/td t;td height="14" width="9" align="left"$/tdtd height="14" width="48" align="right"#160;3,938#160;/tdtd height="14" width="14" align="right"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="50" align="right"#160;160#160;/tdtd height="14" width="5" align="right"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="48" align="right"#160;6,798#160;/td/trtrtd height="14" width="383" align="left"Nonaccretable difference sup/sup/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;27#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-bottom: 1px sol id #000000;" align="left" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="48"#160;1,038#160;/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;59#160;/tdtd height="14" width="5" 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;1,719#160;/td/trtrtd height="14" width="383" align="left"Cash flows expected to be collected at acquisitionsup#160;(1)/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="left" widt h="9"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="50"#160;45#160;/tdtd height="14" width="6" 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;2,900#160;/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;101#160;/tdtd height="14" width="5" 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;5,079#160; /td/trtrtd height="14" width="383" align="left"Accretable yield sup/sup/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;20#160;/tdtd height="14" width="6" 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;1,288#160;/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;49#160;/tdtd height="14" width="5" align="right"#160;/td t;td 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;2,241#160;/td/trtrtd height="14" width="383" align="left"Initial investment in acquired credit-impaired loans at acquisition sup/sup/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;25#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;1,612#1 60;/tdtd height="14" width="14" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;52#160;/tdtd height="14" width="5" 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;2,838#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 amount 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 and six months ended June 30, 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="379" align="left"b#160;/bsupb/b/sup/tdtd width="120" align="center" height="13" colspan="5"bFor the /b/tdtd height="13" width="19" align="left"#160;/tdtd width="119" align="center" height="13" colspan="5"bFor the /b/td/trtrtd height="13" width="379" align="left"b#160;/bsupb/b/sup/tdtd width="120" align="center" height="13" colspan="5"bThree Months Ended/b/tdtd height="13" width="19" align="left"#160;/tdtd width="119" align="center" height="13" colspan="5"bSix Months Ended/b/td/trtrtd height="13" width="379" align="left"b#160;/bsupb/b/sup/tdtd width="120" align="center" colspan="5" style="border-b ottom: 1px solid #000000;" height="13"bJune 30,/b/tdtd height="13" width="19" align="left"#160;/tdtd width="119" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"bJune 30,/b/td/trtrtd height="13" width="379" align="left"b#160;/bsupb/b/sup/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" width="8" align="center"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2009#160;/b/tdtd height="13" width="19" align="left"#160;/tdtd width="56" align="center" colspan="2" style="border-top: 1px solid #0000 00;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" width="7" align="center"b#160;/b/tdtd width="56" 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="379" align="left"#160;sup/sup/tdtd width="258" align="center" height="14" colspan="17"b(Dollars in millions)/b/td/trtrtd height="20" width="379" align="left"Beginning balancesup/sup/tdtd height="20" width="9" align="left"$/tdtd height="20" width="47" align="right"#160;6,835#160;/tdtd height="20" width="8" align="right"#160;/tdtd height="20" width="9" align="left"$/tdtd height="20" width="47" align="right"#16 0;1,799#160;/tdtd height="20" width="19" align="right"#160;/tdtd height="20" width="9" align="left"$/tdtd height="20" width="47" align="right"#160;10,117#160;/tdtd height="20" width="7" align="right"#160;/tdtd height="20" width="9" align="left"$/tdtd height="20" width="47" align="right"#160;1,559#160;/td/trtrtd height="17" width="379" align="left"Additions sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;20#160;/tdtd height="17" width="8" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;1,288#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="l eft"#160;/tdtd height="17" width="47" align="right"#160;49#160;/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;2,241#160;/td/trtrtd height="17" width="379" align="left"Accretion sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(81)/tdtd height="17" width="8" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(50)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(157)/tdtd height="17" width="7" align=" right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(106)/td/trtrtd height="17" width="379" align="left"Reductionssup#160;(1)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(1,556)/tdtd height="17" width="8" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(1,461)/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(4,299)/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align=" right"#160;(2,484)/td/trtrtd height="17" width="379" align="left"Changes in estimated cash flowssup#160;(2)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(188)/tdtd height="17" width="8" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;907#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;(528)/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="47" align="right"#160;1,214#160;/td/trtrtd height="17" width="379" align="left "Reclassifications to 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="47"#160;(50)/tdtd height="17" width="8" 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="47"#160;(187)/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="47"#160;(202)/tdtd height="17" width="7" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #0000 00;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(128)/td/trtrtd height="17" width="379" align="left"Ending balancesup/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="47"#160;4,980#160;/tdtd height="17" width="8" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;2,296#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border- top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;4,980#160;/tdtd height="17" width="7" 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="47"#160;2,296#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="l eft"#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/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 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="642" 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 and six months ended June 30, 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 a re 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="375" align="left"#160;sup/sup/tdtd width="123" align="center" height="15" colspan="5"bFor the/b/tdtd height="15" width="9" align="left"b#160;/b/tdtd width="125" 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="375" align="left"b#160;/bsupb/b/sup/td gt;td width="123" align="center" height="15" colspan="5"bThree Months Ended/b/tdtd height="15" width="9" align="left"b#160;/b/tdtd width="125" align="center" height="15" colspan="5"bSix Months Ended/b/td/trtrtd height="15" width="10" align="left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="375" align="left"b#160;/bsupb/b/sup/tdtd width="123" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bJune 30,/b/tdtd height="15" width="9" align="left"b#160;/b/tdtd width="125" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bJune 30,/b/td/trtrtd height="15" width="10" align="left" amp;#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="375" align="left"b#160;/bsupb/b/sup/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" width="11" align="center"#160;/tdtd width="55" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2009#160;/b/tdtd height="15" width="9" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010#160;/b/tdtd height="15" width="12" align="center"#160;/tdtd width="61" align="center" colspan="2" style="bo rder-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="375" align="left"#160;sup/sup/tdtd width="257" align="center" height="15" colspan="11"b(Dollars in millions)/b/td/trtrtd width="395" align="left" height="15" colspan="3"Accretion of fair value discountsup(1)/sup/tdtd height="15" width="15" align="right"$/tdtd height="15" width="42" align="right"#160;288#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="15" align="right"$/tdtd height="15" width="40" align="right"#160;198#160;/tdtd height="15" width="9" align="right" ;#160;/tdtd height="15" width="12" align="right"$/tdtd height="15" width="40" align="right"#160;554#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="52" align="right"#160;263#160;/td/trtrtd width="395" align="left" height="15" colspan="3"Interest income on loans returned to accrual status sup/sup/tdtd height="15" width="15" align="right"#160;/tdtd height="15" width="42" align="right"#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="15" align="right"#160;/tdtd height="15" width="40" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height ="15" width="40" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="52" align="right"#160;/td/trtrtd height="15" width="10" align="left"#160;/tdtd width="385" align="left" height="15" colspan="2"or subsequently modified as TDRssup/sup/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="42"#160;298#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="40"#160;58#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="40"#160;619#160;/tdtd height="15" width="12" 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="52"#160;146#160;/td/trtrtd height="15" width="10" align="left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="375" align="left"Total interest income recognized on acquired credit-impaired loanssup/sup/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="15"$/tdtd h eight="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;586#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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="40"#160;256#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="40"#160;1,173#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="r ight" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;409#160;/td/trtrtd width="395" align="left" height="15" colspan="3"(Decrease) increase in #8220;Provision for loan losses#8221; subsequent to thesup/sup/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="15"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="42"#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="15"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="40"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="rig ht" width="12"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="40"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="right" width="52"#160;/td/trtrtd height="15" width="10" align="left"#160;/tdtd width="385" align="left" height="15" colspan="2"acquisition of credit-impaired loanssup/sup/tdtd height="15" width="15" align="right"$/tdtd height="15" width="42" align="right"#160;(120)/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="15" align="right"$/tdtd height="15" width="40" align="right"#160;137#160;/tdtd height="15" width="9" align=" right"#160;/tdtd height="15" width="12" align="right"$/tdtd height="15" width="40" align="right"#160;444#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="52" align="right"#160;200#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="752" align="left" height="17" colspan="3"__________/td/trtrtd height="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	6 Months Ended
	Jun. 30, 2010
Notes 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="11" width="17" align="left"#160;/tdtd height="11" width="165" align="left"#160;sup/sup/tdtd height="11" width="9" align="left"b#160;/b/tdtd width="242" align="center" height="11" colspan="11"bFor the Three Months Ended/b/tdtd height="11" width="9" align="center"#160;/tdtd width="242" align="center" height="11" colspan="11"bFor the Six Months Ended/b/td/trtrtd height="11" width="17" align="left"#160;/tdtd height="11" width=" 165" align="left"#160;sup/sup/tdtd height="11" width="9" align="left"b#160;/b/tdtd width="242" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="11"bJune 30,/b/tdtd height="11" width="9" align="center"#160;/tdtd width="242" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="11"bJune 30,/b/td/trtrtd height="11" width="17" align="left"b#160;/b/tdtd height="11" width="165" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="9" align="left"b#160;/b/tdtd width="181" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="11"b2010/b/tdtd height="11" style="border- top: 1px solid #000000;" align="center" width="9"bu#160;/u/b/tdtd width="52" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="11"b2009#160;/b/tdtd height="11" width="9" align="center"#160;/tdtd width="181" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="11"b2010/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="9"bu#160;/u/b/tdtd width="52" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="11"b2009#160;/b/td/trtrtd height="11" width="17" align="left"#160;/tdtd height="11" width="165" align="left"#160;sup/sup/td td height="11" width="9" align="left"#160;/tdtd width="52" align="center" height="11" colspan="2"bOf/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="59" align="center" height="11" colspan="2"bOf/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"bOf/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="59" align="center" height="11" c olspan="2"bOf/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/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="43" align="center"b#160;/b/td/trtrtd height="11" width="17" align="left"#160;/tdtd height="11" width="165" align="left"#160;sup/sup/tdtd height="11" width="9" align="left"#160;/tdtd width="52" align="center" height="11" colspan="2"bFannie/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="59" align="center" height="11" colspan="2"bConsolidated/b/td t;td height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"bFannie/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="59" align="center" height="11" colspan="2"bConsolidated/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/td lt;td height="11" width="9" align="center"b#160;/b/tdtd height="11" width="43" align="center"b#160;/b/td/trtrtd height="11" width="17" align="left"#160;/tdtd height="11" width="165" align="left"#160;sup/sup/tdtd height="11" width="9" align="left"#160;/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bMae/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bTrusts/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bTotal/b/tdtd height="11" w idth="9" align="center"b#160;/b/tdtd width="52" align="center" height="11" colspan="2"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bMae/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bTrusts/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bTotal/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd height="11" width="9" align="center"b#160;/b/tdtd heig ht="11" width="43" align="center"b#160;/b/td/trtrtd height="14" width="17" align="left"#160;/tdtd height="14" width="165" align="left"#160;sup/sup/tdtd height="14" width="9" align="left"#160;/tdtd width="493" align="center" height="14" colspan="23"b(Dollars in millions)/b/td/trtrtd width="182" align="left" height="18" colspan="2"Allowance for loan losses:sup/sup/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="43" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="50" align="left"#160;/tdtd height="18" width="9" align="left" #160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="43" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="43" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="43" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="50" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="43" align="left"#160;/tdtd height="18" width="9" align="left"#160;/tdtd heigh t="18" width="9" align="left"#160;/tdtd height="18" width="43" align="left"#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Beginning balancesup(1)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;25,675#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="50" align="right"#160;34,894#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;60,569#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" widt h="9" align="left"$/tdtd height="17" width="43" align="right"#160;4,630#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;8,078#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="50" align="right"#160;1,847#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;9,925#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;2,772#160;/td/trtrtd height="17" width="17" align="left"#160; lt;/tdtd height="17" width="165" align="left"Adoption of new accounting standardssup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right" p;#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;43,576#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;43,576#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Provision for loan lossessup/sup/tdtd height="17" w idth="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;2,593#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;1,702#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;4,295#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;2,615#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right" ;#160;8,864#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;7,370#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;16,234#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;5,124#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Charge-offssup(2)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" wid th="43" align="right"#160;(4,446)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;(1,947)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(6,393)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(672)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(6,151)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;(5,402)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(11,553)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(1,309)/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Recoveries sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;65#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height ="17" width="50" align="right"#160;291#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;356#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;68#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;162#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;568#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" alig n="left"#160;/tdtd height="17" width="43" align="right"#160;730#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;103#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Transferssup(3)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;22,620#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;(22,620)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" wid th="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;36,475#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;(36,475)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right" ;#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Net reclassificationssup(1)(4)/sup/tdtd height="17" width="9" 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="43"#160;(3,663)/tdtd height="17" width="9" 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="50"#160;5,418#160;/tdtd height="17" width="9" 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="43"#160;1,755#160;/tdtd height="17" width="9" 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="43"#160;(109)/tdtd height="17" width="9" 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="43"#160;(4,584)/tdtd height="17" width="9" 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="50"#160;6,254#160;/tdtd height="17" width="9" 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="43"#160;1,670#160;/tdtd height="17" width="9" 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="43"#160;(158)/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Ending balancesup(1)(5)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" a lign="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;42,844#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;17,738#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;60,582#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #00000 0;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;6,532#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;42,844#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;17,738#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="1 7" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;60,582#160;/tdtd height="17" width="9" 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="43"#160;6,532#160;/td/trtrtd width="182" align="left" height="17" colspan="2"Reserve for guaranty losses:sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="43" t;#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="43"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="43"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9" #160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="43"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="43"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="43"#160;/td/trtrtd height="17" width="17" align ="left"#160;/tdtd height="17" width="165" align="left"Beginning balancesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;233#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;233#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;36,876#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;54,430#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;54,430#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="43" align="right"#160;21,830#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Adoption of new accounting standardssup/sup/tdtd height="17" width="9" align="left"#160;/td t;td height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(54,103)/tdtd height="17" width="9" al ign="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(54,103)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;-#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Provision for guaranty lossessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;69#160;/tdtd heig ht="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;69#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;15,610#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;33#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right" ;#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;33#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;33,435#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Charge-offssup(6)(7)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(56)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align=" right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(56)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(4,314)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(117)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="50" align="right"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17 " width="43" align="right"#160;(117)/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="43" align="right"#160;(7,258)/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Recoveries sup/sup/tdtd height="17" width="9" 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="43"#160;-#160;/tdtd height="17" width="9" 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="50"#160;-#160 ;/tdtd height="17" width="9" 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="43"#160;-#160;/tdtd height="17" width="9" 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="43"#160;108#160;/tdtd height="17" width="9" 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="43"#160;3#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #00 0000;" align="left" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;/tdtd height="17" width="9" 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="43"#160;3#160;/tdtd height="17" width="9" 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="43"#160;273#160;/td/trtrtd height="17" width="17" align="left"#160;/tdtd height="17" width="165" align="left"Ending balancesup/sup/tdtd height="17" width="9" align="left"#160;/tdt d 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="43"#160;246#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;-#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;246#160;/tdtd height="17" width="9" align="right" t;#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;48,280#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;246#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;-#160;/tdtd height ="17" width="9" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;246#160;/tdtd height="17" width="9" 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="43"#160;48,280#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="24" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="24" width="642" align="left"Includes accrued interest of $611 million and $328 million for the three months ended June 30, 2010 and 2009, respectively and $1.2 billion and $575 million for the six months ended June 30, 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="11" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="11" width="642" align="left"Includes transfers from trusts for delinquent loan purchases./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 and preforeclosure property taxes and insurance due from borrowers./td/trtrtd height="11" width="26" align="left"#160;sup/sup/tdtd height="11" width="642" align="left"#160; t;/td/trtrtd height="12" width="26" align="left"#160;sup#160;(5)/sup/tdtd height="12" width="642" align="left"Includes $637 million and $309 million as of June 30, 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="36" width="26" align="left"#160;sup#160;(6)/sup/tdtd height="36" width="642" align="left"Includes charges of $73 million and $188 million for the three and six months ended June 30, 2009, respectively, related to unsecured HomeSaver Advance loans. There were no charges related to unsecured HomeSaver Advance loans for the three and six months ended June 30, 2010./td/trtrtd height="11" width="26" align="left"#160; sup/sup/tdtd height="11" width="642" align="left"#160;/td/trtrtd height="36" width="26" align="left"#160;sup#160;(7)/sup/tdtd height="36" width="642" align="left"Includes charges recorded at the date of acquisition of $47 million and $2.1 billion for the three months ended June 30, 2010 and 2009, respectively, and $105 million and $3.5 billion for the six months ended June 30, 2010 and 2009, respectively, for acquired credit-impaired loans where the acquisition cost exceeded the fair value of the acquired loan./td/tr/tablepIn the three month period ended June 30, 2010, we identified that for a portion of our delinquent loans we had not estimated and recorded our obligation to reimburse servicers for advances they made on our behalf for preforeclosure property taxes and insurance. We previously recognized these expenses when we reimbursed servicers. We also did not rec ord a receivable from borrowers for these payments or assess the collectibility of the receivable. As such, we did not record an allowance for estimated uncollectable amounts. We have evaluated the effects of this misstatement, both quantitatively and qualitatively, on our three month period ended March 31, 2010 and our 2009 and prior consolidated financial statements and concluded that no prior periods are materially misstated. We have also concluded that the misstatement is not material to our projected annual 2010 loss.br /br /To correct the above misstatement, we have recorded a $2.2 billion receivable from borrowers to #8220;Other assets#8221; and a corresponding #8220;Servicer and MBS trust payable#8221; in our condensed consolidated balance sheet as of June 30, 2010. Additionally, we recorded an out of period adjustment of $1.1 billion to #8220;Provision for loan losses#8221; in our condensed consolidated statements of operations for the three and six mon th periods ended June 30, 2010, reflecting our assessment of the collectibility of the receivable from the borrowers./p/div

Investments in Securities	6 Months Ended
Investments in Securities	Jun. 30, 2010
Notes 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 gains (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 June 30, 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="303" align="left"b#160;/b/t dtd width="287" 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="303" align="left"b#160;/b/tdtd width="127" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bJune 30, 2010/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="19"b#160;/b/tdtd width="141" 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" amp;#160;/tdtd height="14" width="303" align="left"#160;/tdtd width="287" align="center" height="14" colspan="5"b(Dollars in millions)/b/td/trtrtd width="341" align="left" height="17" colspan="3"Mortgage-related securities:/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="132" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Fannie Mae/tdtd height="17" width="9" align="left"$/tdtd height="17" width="118" align="right"#160;7,737#160;/tdtd height="17" width="19" align="right"#160; ;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="132" align="right"#160;74,750#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Freddie Mac/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;1,988#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;15,082#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Ginnie Mae/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;521#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;1#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Alt-A private-label securities/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;1,409#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;1,355#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Subprime private-label securities/tdtd height="17" width="9" align="left"#160;/tdtd height=" 17" width="118" align="right"#160;1,645#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;1,780#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"CMBS/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;10,428#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;9,335#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Mortgage revenue bonds /tdtd height="17" width ="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;650#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;600#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Other mortgage-related securities/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="118"#160;160#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="13 2"#160;154#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="303" align="left"Total /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;24,538#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="132"#160;103,057#160;/td/trtrtd width="341" align="left" height="17" colspan="3"Non-mortgage-related secu rities:/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="132"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"U.S. Treasury securities/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;45,712#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right" #160;3#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Asset-backed securities /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;7,103#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="132" align="right"#160;8,515#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="322" align="left" height="17" colspan="2"Corporate debt securities /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="118" align="right"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="lef t"#160;/tdtd height="17" width="132" 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="303" align="left"Total /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;52,815#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="132"#160;8,882#160;/td/trtrtd width="341 " align="left" height="18" colspan="3"Total trading securities /tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="118"#160;77,353#160;/tdtd height="18" width="19" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="132"#160;111,939#160;/td/trtrtd width="341" align="left" height="19" colspan="3"Losses in trading securities held in our portfolio, net /tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" sty le="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="118"#160;3,142#160;/tdtd height="19" width="19" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="132"#160;2,685#160;/td/tr/tablepAs of June 30, 2010, we held U.S. Treasury securities and certificates of deposit with fair values of $14.4 billion and $2.0 billion, respectively, which we elected to classify as #8220;Cash and cash equivalents#8221; in our condensed consolidated balance sheets.br /br /The following table displays information about our net trading gains and losses for the three and six months ended June 30, 2010 and 2009./ptable style="border-collapse: collapse; margin- top: 20px;"trtd height="13" width="12" align="left"#160;/tdtd height="13" width="16" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="231" align="left"#160;/tdtd height="13" width="12" align="left"b#160;/b/tdtd width="146" align="center" height="13" colspan="5"bFor the Three Months/b/tdtd height="13" width="14" align="center"b#160;/b/tdtd width="145" align="center" height="13" colspan="8"bFor the Six Months/b/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="16" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="231" align="left"#160;/tdtd height="13" width="12" align="left" ;b#160;/b/tdtd width="146" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"bEnded June 30,/b/tdtd height="13" width="14" align="center"b#160;/b/tdtd width="145" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="13"bEnded June 30,/b/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="16" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="231" align="left"#160;/tdtd height="13" width="12" align="left"b#160;/b/tdtd width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" width="12" align="left" t;b#160;/b/tdtd width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2009#160;/b/tdtd height="13" width="14" align="center"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" width="12" align="left"b#160;/b/tdtd width="67" 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="12" align="left"#160;/tdtd height="13" width="16" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="231" align="left"#160; /tdtd height="13" width="12" align="left"b#160;/b/tdtd width="305" align="center" height="13" colspan="11"b(Dollars in millions)/b/td/trtrtd width="278" align="left" height="15" colspan="4"Net trading gains:/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="55" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="55" align="left"#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="54" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="l eft"#160;/tdtd height="15" width="55" align="left"#160;/td/trtrtd height="15" width="12" align="left"#160;/tdtd height="15" width="16" align="left"#160;/tdtd width="250" align="left" height="15" colspan="2"Mortgage-related securities /tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="55" align="right"#160;612#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="55" align="right"#160;811#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="54" align="right"#160;1,618#160;/tdtd height="15" width="12" align="left"#16 0;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="55" align="right"#160;690#160;/td/trtrtd height="15" width="12" align="left"#160;/tdtd height="15" width="16" align="left"#160;/tdtd width="250" align="left" height="15" colspan="2"Non-mortgage-related securities /tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;28#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;750#160;/tdtd height="15 " width="14" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;80#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;1,038#160;/td/trtrtd height="15" width="12" align="left"#160;/tdtd height="15" width="16" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="231" align="left"Total /tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #00000 0;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;640#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;1,561#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;1,698#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #00 0000;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="55"#160;1,728#160;/td/trtrtd width="278" align="left" height="15" colspan="4"Net trading gains recorded in the period/tdtd height="15" width="12" 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="55"#160;/tdtd height="15" width="12" 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="55"#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" style="b order-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="15" style="border-top: 3px double #000000;" align="left" width="54"#160;/tdtd height="15" width="12" 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="55"#160;/td/trtrtd height="15" width="12" align="left"#160;/tdtd width="266" align="left" height="15" colspan="3"related to securities still held at period end:/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="55" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height=" 15" width="55" align="left"#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="54" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="55" align="left"#160;/td/trtrtd height="15" width="12" align="left"#160;/tdtd height="15" width="16" align="left"#160;/tdtd width="250" align="left" height="15" colspan="2"Mortgage-related securities /tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="55" align="right"#160;567#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left" gt;$/tdtd height="15" width="55" align="right"#160;787#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="54" align="right"#160;1,499#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="12" align="left"$/tdtd height="15" width="55" align="right"#160;655#160;/td/trtrtd height="15" width="12" align="left"#160;/tdtd height="15" width="16" align="left"#160;/tdtd width="250" align="left" height="15" colspan="2"Non-mortgage-related securities /tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width ="55"#160;24#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;694#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;70#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="55"#160;1,028#160;/td/trtrtd height="15" width="12" align="left"#160;/t dtd height="15" width="16" align="left"#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="231" align="left"Total /tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;591#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;1,481#160;/tdtd height="15" width="14" align="left"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;1,569#160;/tdtd height="15" width="12" 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="55"#160;1,683#160;/td/tr/tablepAvailable-for-Sale Securitiesbr /br /We measure AFS securities at fair value with unrealized gains and losses recorded as a component of #8220;Accumulated other comprehensive loss#8221; (#8220;AOCI#8221;), net of tax, in our condensed consolidated balance sheets. We record realized gains and losses from the sale of AFS securities in #8220;Investment ga ins (losses), 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 and six months ended June 30, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="221" align="left"#160;sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd width="158" align="center" height="15" colspan="5"bFor the /b/tdtd height="15" width="19" align="center"b#160;/b/tdtd width="159" align="center" height="15" colspan="5"bFor the /b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="221" align="left"#160; t;sup/sup/tdtd height="15" width="6" align="left"#160;/tdtd width="158" align="center" height="15" colspan="5"bThree Months Ended/b/tdtd height="15" width="19" align="center"b#160;/b/tdtd width="159" align="center" height="15" colspan="5"bSix Months Ended/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="221" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="6" align="left"b#160;/b/tdtd width="158" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bJune 30,/b/tdtd height="15" width="19" align="center"b#160;/b/tdtd width="159" align="center" colspan="5" style="border-bottom: 1px solid #000000;" he ight="15"bJune 30,/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="221" align="left"b#160;/bsupb/b/sup/tdtd height="15" width="6" align="left"b#160;/b/tdtd width="69" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2009#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"b2010 amp;#160;/b/tdtd height="15" width="19" align="left"b#160;/b/tdtd width="70" 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="221" align="left"#160;sup/sup/tdtd height="17" width="6" align="left"#160;/tdtd width="336" align="center" height="17" colspan="11"b(Dollars in millions)/b/td/trtrtd width="240" align="left" height="17" colspan="2"Gross realized gainssup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="60" align="right"#160;83#160;/tdtd height="17" width="19" align= "right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="61" align="right"#160;1,370#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="61" align="right"#160;348#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="61" align="right"#160;2,169#160;/td/trtrtd width="240" align="left" height="17" colspan="2"Gross realized lossessup/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="60" align="right"#160;59#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" wid th="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;1,283#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;179#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;1,946#160;/td/trtrtd width="240" align="left" height="17" colspan="2"Total proceedssup#160;(1)/sup/tdtd height="17" width="6" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="60" align="right"#160;1,850#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left" #160;/tdtd height="17" width="61" align="right"#160;75,821#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;6,448#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;107,731#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="34" width="26" align="left"#160;sup(1)/sup/tdtd h eight="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 June 30, 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;/bsupb/b/sup/tdtd width="450" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="17"bAs of June 30, 2010/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="21 8" align="left"b#160;/bsupb/b/sup/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#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;/bsupb/b/sup/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"bG ross/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;/bsupb/b/sup/tdtd width="70" align="center" height="17" colspan="2"bAmortized/bsupb/b/sup/td gt;td 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" 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;/bsup t;b/b/sup/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="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/su p/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;/bsupb/b/sup/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 Maesup/sup/tdtd height="17" width="9" align="left"$/tdtd height="17" width="61" align="right"#160;26,265#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="59" align="ri ght"#160;2,080#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="57" align="right"#160;(18)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="56" align="right"#160;(13)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="59" align="right"#160;28,314#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Freddie Macsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;19,237#160;sup/sup/tdtd height="17" width="11" al ign="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;1,255#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="right"#160;20,490#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Ginnie Maesup/sup/tdtd height="17" width="9" ali gn="left"#160;/tdtd height="17" width="61" align="right"#160;1,127#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;128#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;-#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;1,255 #160;/td/trtrtd width="237" align="left" height="17" colspan="2"Alt-A private-label securitiessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;17,094#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;84#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;(2,090)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;(607)sup/sup/tdtd he ight="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="59" align="right"#160;14,481#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Subprime private-label securitiessup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;12,139#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;23#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;(1,370)sup/sup/tdtd height="17" width="11" align="right" amp;#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="56" align="right"#160;(537)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;10,255#160;/td/trtrtd width="237" align="left" height="17" colspan="2"CMBSsup#160;(4)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;15,627#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="le ft"#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;(1,113)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;14,514#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Mortgage revenue bonds sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;12,771#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/td ;td height="17" width="59" align="right"#160;114#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;(38)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;(405)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;12,442#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Other mortgage-related securities sup/sup/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="61"#160;4,331#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;90#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;(88)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"#1 60;(424)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;3,909#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Total sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;108,591#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #00 0000;border-bottom: 3px double #000000;" align="right" width="59"#160;3,774#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"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="57"#160;(3,604)sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;(3,101)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;105,660#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;/bsupb/b/sup/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;/bsupb/b/sup/tdtd width="70" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"b#160;/bsupb/b/sup/t dtd 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" 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;/bsupb/b/sup/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" wid th="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;/bsupb/b/sup/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/td t;td 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;/bsupb/b/sup/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="cente r"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;/bsupb/b/sup/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 Maesup/sup/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 heigh t="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 Macsup/sup/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"#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" wid th="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 Maesup/sup/tdtd 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;/td lt;td 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="right"#160;1,353#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Alt-A private-label securitiessup/sup/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="right"#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 securitiessup/sup/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" alig n="left"#160;/tdtd height="17" width="59" align="right"#160;10,746#160;/td/trtrtd width="237" align="left" height="17" colspan="2"CMBSsup#160;(4)/sup/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 sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="61" align="right"#160;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 sup/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;4,225#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" wi dth="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;" alig n="right" width="59"#160;3,552#160;/td/trtrtd width="237" align="left" height="17" colspan="2"Total sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;240,377#160;sup/sup/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;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 double #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, discounts 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 non credit 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/trtrtd 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/trtrtd height="34" width="26" align="left"#160 ;sup(4)/sup/tdtd height="34" width="642" align="left"Amortized cost includes $934 million and $1.0 billion as of June 30, 2010 and December 31, 2009, respectively, of increase to the carrying amount from fair value hedge accounting in 2008./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 June 30, 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;/tdtd width="345" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="14"bAs of June 30, 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"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 #000 000;" 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" 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;(22)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;232#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160 ;(9)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;215#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;(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;52#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;-#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" w idth="63" align="right"#160;8#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;(32)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;760#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;(2,665)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;12,509#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;(49)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;498#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;(1,858)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;9,183#160;/td/trtrtd width="294" align="left" he ight="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;(1,113)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;14,204#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Mortgage revenue bonds /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;(6)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;730#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;(437)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;4,996#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Other mortgage-related securities /tdtd height="14" width="19" align="left"#160;/tdtd heig ht="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;(1)/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;15#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;(511)/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;2,792#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;(111)/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"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;2,287#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px doubl e #000000;" align="left" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(6,594)/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;43,920#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/trtrtd height="12" width="19" align="left"#160;/tdtd height="12" width="275" align="left"#160;/tdtd height="12" width="19" align="left"#160;/t dtd 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;/tdtd height="12" width="19" align="left"#160;/tdtd height="12" width="9" align="left"#160;/td td 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;/tdtd 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 3 1, 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="border-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" 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;(36)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="63" align="right"#160;1,461#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left" gt;$/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 h eight="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" 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;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 hei ght="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)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="63" align="right"#160;5,860 amp;#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 height="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 height="14" width="63" align="right"#160;5,664#160;/td/trtrtd width="294" align="left" height="14" colspan="2"Other mortgage-related securities /td td 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;" align="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"#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="lef t" 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 #000000;" align="left" width="63"#160;/td/tr/tablepOther-Than-Temporary Impairments br /We recognize the credit component of other-than-temporary impairme nts 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. $6.6 billion of the $6.7 billion of gross unrealized losses on AFS securities as of June 30, 2010 have existed for a period of 12 consecutive months or longer. Gross unrealized losses on AFS securities as of June 30, 2010 include unrealized losses on securities with 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 fair value as of J une 30, 2010 that was 87% 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 and six months ended June 30, 2010 and 2009.br /br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" align="left"#160;/tdtd height="17" width ="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd width="158" align="center" height="17" colspan="4"bFor the Three Months/b/tdtd height="17" width="12" align="left"b#160;/b/tdtd height="17" width="12" align="left"b#160;/b/tdtd width="158" align="center" height="17" colspan="4"bFor the Six Months/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd width="158" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="17"bEnded June 30,/b/tdtd height="17" width="12" align="left" b#160;/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd width="158" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="17"bEnded June 30,/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" 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="left" width="12"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="67"b2010#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #00 0000;border-bottom: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="67"b2009#160;/b/tdtd height="17" width="12" align="left"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="67"b2010#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;bor der-bottom: 1px solid #000000;" align="center" width="67"b2009#160;/b/td/trtrtd width="236" 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="340" align="center" height="17" colspan="10"b(Dollars in millions)/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" align="left"Fannie Mae/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="67" align="right"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="67" align="right"#160;70#160;/tdt d height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="67" align="right"#160;-#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="67" align="right"#160;108#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" align="left"Alt-A private-label securities/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;120#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;161#160;/tdtd heigh t="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;157#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;3,089#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" 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="67" align="right"#160;10#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;498#160;/t dtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;194#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;3,104#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" 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="67" align="right"#160;2#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;1#160; ;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;2#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="67" align="right"#160;18#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="224" 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="67"#160;5#160;/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="67"#160;23#160;/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="67"#160;20#160;/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="67"#160;87#160;/td/trtrtd height="18" width="12" align="left"#160;/tdtd height="18" width="224" align="left"Net other-than-temporary impairments/tdtd height="18" width="12" align="left"#160;/tdtd height="18" s tyle="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="67"#160;137#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="67"#160;753#160;/tdtd height="18" width="12" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="67"#160;373#160;/tdtd height="18" width="12" align="left"#16 0;/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="67"#160;6,406#160;/td/trtrtd height="18" width="12" align="left"#160;/tdtd height="18" width="224" 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="67"#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="67"#160;/tdt d 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="67"#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="67"#160;/td/tr/tablepFor the three and six months ended June 30, 2010, we recorded net other-than-temporary impairment of $137 million and $373 million, respectively. The net other-than-temporary impairment for the three months ended June 30, 2010 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 the net projected home price impact.b r /The net home price impact includes both the projected home price forecast and the actual home price performance for the three months ended June 30, 2010. The forecast for home prices in geographies where we have private-label securities exposure worsened compared to previous forecasts while actual home price performance was slightly better than previously projected. Lower expectations for interest rates offset a portion of the decrease from the home price forecast changes in the present value of cash flows in certain securities. Our 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 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, the cash flows provided by the underlying subprime mortgage loans ar e typically greater than the floating rate liabilities of the bonds and therefore more cash flow is available to protect against credit losses than in a higher rate interest environment where the difference between the rate on the subprime mortgage loans and the coupon on the bonds is smaller.br /br /The following table displays activity for the three and six months ended June 30, 2010 and 2009 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="14" align="left"#160;/tdtd height="17" width="344" align="left"#160;sup/sup/tdtd width="121" align="center" height="17" colspan="5"bFor the Three Months/b/tdtd height="17" width="9" align="left"b#160;/b/t dtd width="122" align="center" height="17" colspan="5"bFor the Six Months/b/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="344" align="left"#160;sup/sup/tdtd width="121" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"bEnded June 30,/b/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd width="122" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"bEnded June 30,/b/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="344" align="left"#160;sup/sup/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17" gt;b2010#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="7"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"b2009#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="9"b#160;/b/tdtd width="56" align="center" colspan="2" 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="left" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="48"b ;2009#160;/b/td/trtrtd height="15" width="14" align="left"#160;/tdtd height="15" width="344" align="center"b#160;/bsupb/b/sup/tdtd width="252" align="center" height="15" colspan="11"b(Dollars in millions)/b/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="344" align="left"#160;sup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd heigh t="17" width="48" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/td/trtrtd width="358" align="left" height="17" colspan="2"Balance, beginning of periodsup/sup/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;8,209#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;8,191#160;/tdtd height="17" width="8" align="left"#160;/tdtd height ="17" width="9" align="left"$/tdtd height="17" width="48" align="right"#160;-#160;/td/trtrtd width="358" align="left" height="17" colspan="2"Credit component of other-than-temporary impairment not reclassified tosup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"# 160;/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="344" align="left"AOCI in conjunction with the cumulative effect transition adjustmentsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;4,265#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;4,265# 160;/td/trtrtd width="358" align="left" height="17" colspan="2"Additions for the credit component on debt securities for which OTTI wassup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/td/trtrtd height="17" width="14" align="left"#160;/td td height="17" width="344" align="left"not previously recognizedsup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;9#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;222#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;15#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;222#160;/td/trtrtd width="358" align="left" height="17" colspan="2"Additions for credit losses on debt securities for which O TTI wassup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="344" align="left"previously recognizedsup/sup/tdtd height="17" width="9" align="left"#160;/td td height="17" width="48" align="right"#160;128#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;531#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;358#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;531#160;/td/trtrtd width="358" align="left" height="17" colspan="2"Reductions for securities no longer in portfolio at period endsup(1)/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#1 60;(1)/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;(52)/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="right"#160;-#160;/td/trtrtd width="358" align="left" height="17" colspan="2"Reductions for increases in cash flows expected to be collected over thesup/sup/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="7" align="left"#160;/t dtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/tdtd height="17" width="8" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="48" align="left"#160;/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="344" align="left"remaining life of the securitysup/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="48"#160;(164)/tdtd height="17" width="7" align="left"#160;/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="48"#160;(64)/tdtd height="17" width="9" 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="48"#160;(331)/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="48"#160;(64)/td/trtrtd width="358" align="left" height="18" colspan="2"Balance, end of periodsup/sup/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #0000 00;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;8,181#160;/tdtd height="18" width="7" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;4,954#160;/tdtd height="18" width="9" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;8,181#160;/tdtd height="18" width="8" align="left"#160;/tdtd height="18" style="border-top: 1px solid #00000 0;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="48"#160;4,954#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 June 30, 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 securi ties 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 and six months ended June 30, 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 subor dination in the bonds that we hold to determine whether we expect any loss on those bonds. As of June 30, 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. While downgrades have occurred in this sector, all of our holdings remain investment grade.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 ca sh 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 greater expected yield, 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 2010. 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 significa nt 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 that 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 Alt-A, subprime and manufactured housing securities that were other-than-temporarily impaired for the three months ended June 30, 2010.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="18" width="16" align="left"bi#160;/i/b/tdtd height="18" width="164" align="left" t;bi#160;/i/b/tdtd height="18" width="7" align="left"bi#160;/i/b/tdtd width="474" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="18"bFor the Three Months Ended June 30, 2010/b/td/trtrtd 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-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="15"bPrepayment Rates/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd width="150" align="center" colspan="5" style="border-top: 1px solid #000000;bo rder-bottom: 1px solid #000000;" height="15"bDefault Rates/b/tdtd height="15" style="border-top: 1px solid #000000;" align="left" width="12"b#160;/b/tdtd width="156" align="center" colspan="5" style="border-top: 1px solid #000000;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" t;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/tdtd 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" t;#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="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" 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;10.3#160;/tdtd height="15" width="19" align="right"%/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"9.5 - 11.3/tdtd height="15" width="19" align="right"%/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;18.5#160;/tdtd height="15" width="19" align="right"%/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right" ;17.6 - 19.7/tdtd height="15" width="19" align="right"%/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;47.4#160;/tdtd height="15" width="19" align="right"%/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"40.0 - 61.5/tdtd height="15" width="19" align="right"%/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;8.9#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"4.9 - 21.6/tdtd height="15" width="19 " align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;35.2#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"16.3 - 71.6/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;64.2#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"38.7 - 71.0/tdtd height="15" width="19" align="left"#160;/td/trtrtd height="15" width="16" align="left"#160;/tdtd height="15" width="164" align="right"2006 mp;#160;/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="36" align="right"#160;9.9#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"7.7 - 15.8/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;28.9#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"15.1 - 48.8/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;49.1#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"36.7 - 73.2/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 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;/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;6.8#160;/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="9" align="left"#160;/tdtd height=" 15" width="61" align="center"6.8#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;29.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="center"29.7#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;75.3#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="center"75.3#160;/tdtd height="15" width="19" align="right"#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"1.4 - 3.1/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;84.8#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"77.2 - 89.8/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;78.7#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"77.8 - 80.9/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"#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;/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;2.0#160;/tdtd height="15" width="19" align="left"#160;/td td height="15" width="9" align="left"#160;/tdtd height="15" width="61" align="right"0.0 - 3.5/tdtd height="15" width="19" align="left"#160;/tdtd height="15" width="12" align="left"#160;/tdtd height="15" width="36" align="right"#160;33.8#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="67" align="right"12.1 - 40.3/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="12" align="right"#160;/tdtd height="15" width="36" align="right"#160;86.2#160;/tdtd height="15" width="19" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="73" align="right"78.8 - 93.7/tdtd height="15" width="19" align="left" mp;#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 June 30, 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 style="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 June 30, 2010/b/td/tr trtd 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"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;" ali gn="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" style="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="bord er-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/tdtd 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#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/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" 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/td td 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" styl e="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" height="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#16 0;/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/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;26,265#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="41" align="right"#160;28,314#160;/tdtd height="15" width ="7" align="right"#160;/tdtd height="15" width="8" align="left"$/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"$/tdtd height="15" width="27" align="right"#160;-#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="42" align="right"#160;2#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;4,625 p;#160;sup/sup/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="36" align="right"#160;4,940#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"$/tdtd height="15" width="42" align="right"#160;21,638#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;23,371#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;19,237#160;sup/sup/tdtd height="15" width="7" align="ri ght"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="41" align="right"#160;20,490#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;18#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;19#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;50#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;52#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;1,706#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;1,839#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;17,463#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;18,580#160;/td/trtrtd width="158" align="left" heig ht="15" colspan="4"Ginnie Maesup/sup/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="42" align="right"#160;1,127#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;1,255#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;-#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;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;1,122#160;sup/sup/tdtd heig ht="15" width="7" align="right"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="37" align="right"#160;1,249#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;17,094#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;14,481#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" p;#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="left"#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;326#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;323#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;16,767#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;14,157#160;/td/trtrtd 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;12,139#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;10,255#160; t;/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;-#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"#16 0;/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;12,139#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;10,255#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"#16 0;15,627#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;14,514#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;309#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;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;/tdt d height="15" width="8" align="left"#160;/tdtd height="15" width="27" align="right"#160;61#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;14,902#160;sup/sup/tdtd height="15" width="7" align="left"#160;/tdtd height="15" width="8" align="left"#160;/tdtd height="15" width="36" align="right"#160;13,881#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;353#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;26 3#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;12,771#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;12,442#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;37#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;38#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;370#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;383#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;818#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;834#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;11,546#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;11,187#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Other mortgage-related securitiessup/sup/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;4,331#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;3,909#160;/tdtd hei ght="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/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;19#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-bo ttom: 1px solid #000000;" align="right" width="42"#160;4,331#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;3,890#160;/td/trtrtd width="158" align="left" height="15" colspan="4"Totalsup/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;108,591#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 "$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="41"#160;105,660#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="40"#160;364#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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="27"#160;366#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000; border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;486#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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="27"#160;500#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;22,382#160;sup/sup/tdtd height="15" width="7" align="right" t;#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="36"#160;21,842#160;/tdtd height="15" width="7" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="42"#160;85,359#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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;82,952 p;#160;/td/tr/tablepAccumulated Other Comprehensive Lossbr /The following table displays our accumulated other comprehensive loss by major categories as of June 30, 2010 and December 31, 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd width="231" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="17"bAs of/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd width="101" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17" gt;bJune 30, 2010/bsupb(1)/b/sup/tdtd height="17" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="108" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bDecember 31, 2009/b/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd width="231" align="center" height="17" colspan="6"b(Dollars in millions)/b/td/trtrtd width="383" align="left" height="17" colspan="2"Net unrealized gains on available-for-sale securities/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" wi dth="89" align="right"#160;351#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="96" align="right"#160;1,337#160;/td/trtrtd width="383" align="left" height="17" colspan="2"Net unrealized losses on available-for-sale securities for which we /tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="left"#160;sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="96" align="left"#160;/td/trtrtd height="17" width="12" align="left"#160;/tdtd height="17" width="371" align="left"#160;hav e recorded other-than-temporary impairment/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="89" align="right"#160;(2,255)sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="96" align="right"#160;(3,059)/td/trtrtd width="383" align="left" height="17" colspan="2"Other/tdtd height="17" width="17" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="89"#160;(180)sup/sup/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid # 000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;(10)/td/trtrtd height="18" width="12" align="left"#160;/tdtd height="18" width="371" align="left"Accumulated other comprehensive loss/tdtd height="18" width="17" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="89"#160;(2,084)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="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="righ t" width="96"#160;(1,732)/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="587" align="left" height="17" colspan="3"_______________/td/trtrtd height="22" width="16" 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	6 Months Ended
Financial Guarantees	Jun. 30, 2010
Notes 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 sheet, our maximum potential exposure under these guarantees is primarily comprised of the unpaid principal balance of the underlying mortgage loans, which totaled $48.0 billion as of June 30, 2010. The maximum amount we could recover through avail able credit enhancements and recourse with third parties on guarantees recognized in our condensed consolidated balance sheet was $13.4 billion as of June 30, 2010. In addition, we had exposure of $10.6#160;billion for other guarantees not recognized in our condensed consolidated balance sheet as of June 30, 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 sheet was $4.1 billion as of June 30, 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 pot ential exposure for guarantees recognized in our condensed consolidated balance sheet 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 sheet 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 sheet 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 underlying mortgage loans o f 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 60 days or more 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 higher-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-family and total multifa mily guaranty book of business as of June 30, 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="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 June 30, 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"#160;/td/trtr gt;td 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 soli d #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" width="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;/tdtd 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; lt;/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"2.24#160;/tdtd height="17" width="16" align="left"%/tdtd height="17" width="6" align="center"#160;/tdtd height="17" width="62" align="right"0.96#160;/tdtd height="17" width="14" align="left"%/tdtd height="17" width= "66" align="right"6.17#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="center"#160;/td ;td 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"2.32#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"4.99#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="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="210" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bAs of June 30, 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="217" 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="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 Conventional 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 Conventional 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="221" align="left" height="18" colspan="4"bEstimated mark-to-market/bsupb/b/sup/tdtd height="18" width="9" align="left"#160;/tdtd width="210" align="center" height="18" colspan="5"b#160;/bsupb/b/sup/td td height="18" width="26" align="center"b#160;/b/tdtd height="18" width="9" align="left"i#160;/i/tdtd width="217" 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"b#160;/b/tdtd width="202" align="left" height="18" colspan="3"b#160;loan-to-value ratio:/bsupb/b/sup/tdtd height="18" width="9" align="left"#160;/tdtd height="18" width="90" align="center"b#160;/bsupb/b/sup/tdtd height="18" width="19" align="center"b#160;/b/tdtd height="18" width="9" align="center"b#1 60;/b/tdtd height="18" width="79" align="center"b#160;/bsupb/b/sup/tdtd height="18" width="26" align="center"b#160;/b/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="95" align="center"b#160;/bsupb/b/sup/tdtd height="18" width="23" align="center"b#160;/b/tdtd height="18" width="9" align="center"b#160;/b/tdtd height="18" width="74" align="center"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 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;4#160;sup/sup/tdtd height="18" width="19" align="left"%/tdtd height="18" width="9" align="right"i#160;/i/tdtd height="18" width="79" align="right"#160;13.94#160;sup/sup/tdtd height="18" width="26" align="left"%/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="left"%/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="le ft"%/td/trtrtd height="18" width="19" align="left"#160;/tdtd 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;17.18#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" amp;#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 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;19.09#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"21.39#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Greater than 125%sup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#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;28.07#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="221" align="left" height="18" colspan="4"bGeographical distribution:/bsup/sup/tdtd height="18" width="9" align="left"i#160;/i/tdtd height="18" width="90" align="right"#160; t;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 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;7.48#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"8.80#160;sup/sup/tdtd height="18" width="67" align="center" ;#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd 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;4.99#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"17#160;sup/sup/tdtd height="18" width="23" align="right"#1 60;/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 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;12.60#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd h eight="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 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" t;i#160;/i/tdtd height="19" width="79" align="right"#160;12.83#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 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 p;#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;5.17#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 ;td height="18" width="19" align="left"#160;/tdtd 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;3.82#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"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/tdtd height="18" width="67" align="center"#160;/td/trtrtd width="221" align="left" height="18" colspan="4"bProduct distribution (not /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;/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"b#160;/b/tdtd width="202" align="left" height="18" colspan="3"bmutually exclusive):/bsupb/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;/td td 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 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;8#160;sup/sup/tdtd height="18" width="19" align="right"#160;/tdtd height="18" width="9" align="right" gt;i#160;/i/tdtd height="18" width="79" align="right"#160;15.17#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"15.63#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd 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 t;/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;29.96#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"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 height="18" width="19" align="left" t;#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"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;9.91#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; lt;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd 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="right"#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;19.43#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; lt;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 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;5.08#160;sup t;/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 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 heigh t="19" width="19" align="right"#160;/tdtd height="19" width="9" align="right"i#160;/i/tdtd height="19" width="79" align="right"#160;5.75#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 height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"Original loan-to- value ratio gt;90% sup/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;11.55#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="cent er"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"FICO credit score lt;620 sup/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;16.12#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="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd width="183" align="left" height="17" colspan="2"Original loan-to-value ratio gt;90% sup/sup/tdtd height="17" width="9" align="left"i#160;/i/tdtd height="17" width="90" align="left"#160;sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="79" align="left"#160;sup/sup/tdtd height="17" width="26" align="left"#160; /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="95" align="left"#160;sup/sup/tdtd height="17" width="23" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="74" align="left"#160;sup/sup/tdtd height="17" width="67" align="left"#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="164" align="left"and FICO credit score lt;620sup/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"#160;/tdtd height="18" width="79" align="right"#160;24.28#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 width="221" align="left" height="15" colspan="4"bVintages:/bsup/sup/tdtd height="15" width="9" align="left"#160;/tdtd height="15" width="90" align="right"#160;sup/sup/tdt d 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 height="18" width="19" align="left"#160;/tdtd 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;7.20#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="right"#160;/tdtd height="18" width="74" align="right"7.27#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/tr ;trtd height="18" width="19" align="left"#160;/tdtd 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;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;12.52#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 h eight="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 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;13.79#160;sup/sup/tdtd height="18" width="26" align="right"#160;/tdtd height="18" w idth="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 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;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;4.41#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="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd width="183" align="left" height="18" colspan="2"All other vintagessup/sup/tdtd height="18" width="9" align="left"i#160; lt;/i/tdtd height="18" width="90" align="right"#160;56#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;1.98#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"51#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"2.19#160;sup/sup/tdtd height="18" width="67" align="center"#160;/td/trtrtd height="20" width="19" align="left"#160;/tdtd height="20" width="19" align="left"#160;/tdtd height="20" width="19" align="left"#160;/tdtd height="20" width="164" align="left"#160;sup/sup/tdtd height="20" width="9" align="left"#160;/tdtd height="20" width="90" align="left"#160;sup/sup/tdtd height="20" width="19" align="left"#160;/tdtd height="20" width="9" align="left"#160;/tdtd height="20" width="79" align="left"#160;sup/sup/tdtd height="20" width="26" align="left"#160;/tdtd height="20" width="9" align="left"#160;/tdtd height="20" width="95" align="left"#160;sup/sup/tdtd height="20" width="23" align="left"#160;/tdtd height="20" width="9" align="left"#160;/tdtd height="20" width="74" align="left"#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 conventional single-family 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 single-family guaranty book of business as of June 30, 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 June 30, 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 unpa id 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 mp;#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 applicable categories./td/trtrtd height="17" width="26" align="right"#160;sup/sup/tdtd height="17" width="5" align="left"#160;/tdtd height="17" width="633" align="left"#160;/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 June 30, 2010/bsupb(1) (2)/b/sup/td td 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/td t;td height="3" width="13" align="left"b#160;/b/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="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 height="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="center" 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" amp;#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;0.27#160;sup/sup/tdtd height="14" width="13" align="left"%/tdtd height="14" width="72" align="right"#160;0.80#160;sup/sup/tdtd height="14" width="13" align="left"%/tdtd height="14" width="65" align="right"#160;0.28#160;sup/sup/tdtd height="14" width="13" align="left"%/tdtd height="14" width="73" align="right"#160;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;/i supi/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 June 30, 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 gt;#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; t;/b/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="95" 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"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 t;/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/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"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" gt;i#160;/i/tdtd width="197" align="center" height="14" colspan="4"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 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"5#160;/tdtd height="14" width="12" align="left"%/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="75" align="right"0.61#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"5# 160;/tdtd height="14" width="12" align="left"%/tdtd height="14" width="15" align="left"#160;/tdtd height="14" width="75" align="right"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"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"0.81#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"#160;/tdtd height="14" wid th="95" align="right"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"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="right"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i amp;#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 1.10sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"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"0.52#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"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"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"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"0.83#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"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"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= "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="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"2#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" w idth="15" align="center"#160;/tdtd height="14" width="75" align="right"1.68#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"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"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/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/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/td ;td height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"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"1.06#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"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"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/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 $5 millionsup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"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"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"9#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="r ight"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="14" width="95" align="right"#160;/tdtd height="14" width="12" align="left"#160;/tdtd heig ht="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"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"0.93#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="left"i#160;/i/td td height="14" width="95" align="right"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"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"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"0.40#160;sup/sup/tdtd height="13" width="12" align="left"#160;/td td height="13" width="15" align="left"i#160;/i/tdtd height="13" width="95" align="right"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"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"#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="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"1#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"4.10 #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"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"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="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"5#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center" gt;#160;/tdtd height="14" width="75" align="right"0.63#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"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"0.64#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 2012sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" width="94" align="right"8#160;/tdtd height="14" width="12" al ign="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"1.53#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"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"1.13#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 2013sup/sup/tdtd height="14" width="15" align="left"i#160;/i/tdtd height="14" w idth="94" align="right"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"0.73#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"12#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="15" align="center"#160;/tdtd height="14" width="75" align="right"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"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"0.58#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"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"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 99% of our total multifamily guaranty book of business as of both June 30, 2010 and December 31, 2009, excluding loans that have been defeased. Defeasance is a pre-payment of a loan through substitution of collateral, such as Treasury Securities./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 delin quent 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 60 days or more past due as of June 30, 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 and six months ended June 30, 2010 and 2009. We derecognized the majority of 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="32" width="18" align="left"#160;/t dtd height="32" width="350" align="left"b#160;/bsupb/b/sup/tdtd height="32" width="5" align="left"b#160;/b/tdtd width="135" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="32"bFor the Three Months Ended June 30,/b/tdtd height="32" width="16" align="left"#160;/tdtd width="134" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="32"bFor the Six Months Ended June 30,/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"#160;sup/sup/tdtd height="14" width="5" align="left"#160;/tdtd width="63" 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="9"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2009#160;/b/tdtd height="14" width="16" align="center"b#160;/b/tdtd width="63" 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="8"b#160;/b/tdtd width="63" 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="350" align="left" mp;#160;sup/sup/tdtd height="14" width="5" align="left"#160;/tdtd width="285" align="center" height="14" colspan="14"b(Dollars in millions)/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"#160;sup/sup/tdtd height="14" width="5" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="54" align="center"b#160;/b/tdtd height="14" width="16" align="center"b#160;/b/tdtd height="14" width="9" align="center"b #160;/b/tdtd height="14" width="54" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="54" align="center"b#160;/b/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"Balance as of beginning of periodsup/sup/tdtd height="14" width="5" align="left"#160;/tdtd height="14" width="9" align="right"$/tdtd height="14" width="54" align="right"#160;827#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="9" align="right"$/tdtd height="14" width="54" align="right"#160;11,673#160;/tdtd height="14" wid th="16" align="right"#160;/tdtd height="14" width="9" align="right"$/tdtd height="14" width="54" align="right"#160;13,996#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="9" align="right"$/tdtd height="14" width="54" align="right"#160;12,147#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"Adoption of new accounting standardssup/sup/tdtd height="14" width="5" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;-#160;/td td height="14" width="16" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(13,320)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;-#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"Additions to guaranty obligationssup(1)/sup/tdtd height="14" width="5" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(35)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right" #160;2,079#160;/tdtd height="14" width="16" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;148#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;3,414#160;/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"Amortization of guaranty obligations into guaranty fee incomesup/sup/tdtd height="14" width="5" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(27)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="right"#160; ;/tdtd height="14" width="54" align="right"#160;(1,265)/tdtd height="14" width="16" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(59)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(3,028)/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"Impact of consolidation activitysup(2)/sup/tdtd height="14" width="5" 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="54"#160;-#160;/tdtd height="14" width= "9" 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="54"#160;(129)/tdtd height="14" width="16" 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="54"#160;-#160;/tdtd height="14" width="8" 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="54"#160;(175)/td/trtrtd height="14" width="18" align="left"#160;/tdtd height="14" width="350" align="left"Balance as of end of periodsup t;/sup/tdtd height="14" width="5" align="left"#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="54"#160;765#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;12,358#160;/tdtd height="14" width="16" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" a lign="right" width="54"#160;765#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;12,358#160;/td/trtrtd height="16" width="18" align="left"#160;/tdtd height="16" width="350" align="left"Deferred profit amortizationsup/sup/tdtd height="16" width="5" align="left"#160;/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;1#160;/tdtd height="16" width="9" align="right"#160; ;/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;226#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;2#160;/tdtd height="16" width="8" align="right"#160;/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="16" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;509#160;/td/tr/table table 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 and adjustments to our contractual obligation at issuance of new guarantees. /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;(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 $2.2 billion and $4.8 billion as of June 30, 2010 and December 31, 2009, respectively./p/div

Acquired Property Net	6 Months Ended
Acquired Property Net	Jun. 30, 2010
Notes 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 and six months ended June 30, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="16" width="159" align="left"b#160;/b/tdtd width="266" align="center" height="16" colspan="9"bFor the Three Months Ended /b/tdtd height="16" width=" 16" align="center"b#160;/b/tdtd width="268" align="center" height="16" colspan="9"bFor the Six Months Ended /b/td/trtrtd height="16" width="159" align="left"b#160;/b/tdtd width="266" align="center" colspan="9" style="border-bottom: 1px solid #000000;" height="16"bJune 30, 2010/b/tdtd height="16" width="16" align="center"b#160;/b/tdtd width="268" align="center" colspan="9" style="border-bottom: 1px solid #000000;" height="16"bJune 30, 2010/b/td/trtrtd height="16" width="159" align="left"b#160;/b/tdtd rowspan="2" height="32" style="border-top: 1px solid #000000;" width="77" colspan="2" align="center"bAcquired Property/b/tdtd height="16" style="border-top: 1px solid #000000;" align="center" width="5"b #160;/b/tdtd rowspan="2" height="32" style="border-top: 1px solid #000000;" width="78" colspan="2" align="center"bValuation Allowance /b/tdtd height="16" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="77" 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="77" 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 rowspan="2" height="32" style="border-top: 1px solid #000000;" width="77" colspan="2" align="center"bValuation Allowance /b/tdtd height="16" style="border-top: 1px solid #000 000;" align="center" width="7"b#160;/b/tdtd width="77" 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 height="16" width="5" align="center"b#160;/b/tdtd height="16" width="4" align="left"#160;/tdtd width="77" 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/tdtd width="77" 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 height="16" width="7" align="left"#160;/tdtd width="77" align="ce nter" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bProperty, Net/b/td/trtrtd height="16" width="159" align="left"#160;/tdtd width="550" align="center" height="16" colspan="19"b(Dollars in millions)/b/td/trtrtd height="3" width="159" align="left"#160;/tdtd height="3" width="9" align="left"#160;/tdtd height="3" width="68" align="center"b#160;/b/tdtd height="3" width="5" align="center"b#160;/b/tdtd height="3" width="9" align="center"b#160;/b/tdtd height="3" width="69" align="center"b#160;/bsupb/b/sup/tdtd height="3" width="4" align="center"b#160;/b/tdtd height="3" width="9" align="center"b#160;/b lt;/tdtd height="3" width="68" align="center"b#160;/b/tdtd height="3" width="16" align="center"b#160;/b/tdtd height="3" width="9" align="center"b#160;/b/tdtd height="3" width="68" align="center"b#160;/b/tdtd height="3" width="5" align="center"b#160;/b/tdtd height="3" width="9" align="center"b#160;/b/tdtd height="3" width="68" align="center"b#160;/bsupb/b/sup/tdtd height="3" width="7" align="center"b#160;/b/tdtd height="3" width="9" align="center"b#160;/b/tdtd height="3" width="68" align="center"b#160;/b/td/trtrtd height="16" width="159" align="left"Balance as of beginning of period/ tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;13,053#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="69" align="right"#160;(684)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;12,369#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;9,716#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;(574)sup/sup/tdtd height="16" w idth="7" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;9,142#160;/td/trtrtd height="16" width="159" align="left"Additions /tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;6,828#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="69" align="right"#160;(238)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;6,590#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;13,590#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;(290)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;13,300#160;/td/trtrtd height="16" width="159" align="left"Disposals /tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;(4,740)/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="69" align="right"#160;319#160;sup/sup/tdtd height="16" width="4" align="right" ;#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;(4,421)/tdtd height="16" width="16" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;(8,165)/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;525#160;sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="68" align="right"#160;(7,640)/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="68"#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="69"#160;(517)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="68"#160;(517)/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="68"#160;-#160; t;/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;(781)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="68"#160;(781)/td/trtrtd height="16" width="159" align="left"Balance as of end of period /tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;15,141#160;/tdtd height="16 " width="5" align="right"#160;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;(1,120)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"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;14,021#160;/tdtd height="16" width="16" align="right"#160;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68" #160;15,141#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"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;(1,120)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="16" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;14,021#160;/td/trtrtd height="18" width="159" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="ri ght" width="68"#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="69"#160;sup/sup/tdtd height="18" width="4" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="68"#160;/tdtd height="18" width="16" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="68"#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 3px doub le #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="68"#160;sup/sup/tdtd height="18" width="7" align="right"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="68"#160;/td/trtrtd height="14" width="159" align="left"b#160;/b/tdtd width="266" align="center" height="14" colspan="9"bFor the Three Months Ended/b/tdtd height="14" width="16" align="right"b#160;/b/tdtd width="268" align="center" height="14" colspan="9"bFor the Six Months Ended /b/td/trtrtd height="14" width="159" align="left"b#160;/b/tdtd width= "266" align="center" colspan="9" style="border-bottom: 1px solid #000000;" height="14"bJune 30, 2009/b/tdtd height="14" width="16" align="right"b#160;/b/tdtd width="268" align="center" colspan="9" style="border-bottom: 1px solid #000000;" height="14"bJune 30, 2009/b/td/trtrtd height="28" width="159" align="left"b#160;/b/tdtd width="77" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="28"bAcquired Property/b/tdtd height="28" style="border-top: 1px solid #000000;" align="right" width="5"b#160;/b/tdtd width="78" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="28"bValuation Allowance /bsupb(1)/b/sup/tdtd height="28" style="border-top: 1px solid #000000;" align="right" width="4"#160;/tdtd width="77" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="28"bAcquired Property, Net/b/tdtd height="28" width="16" align="right"b#160;/b/tdtd width="77" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="28"bAcquired Property/b/tdtd height="28" style="border-top: 1px solid #000000;" align="right" width="5"b#160;/b/tdtd width="77" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="28"bValuation Allowance /bsupb(1)/b/sup/tdtd height="28" style="border-top: 1px solid #000000;" align="right" width="7"#160;/tdtd width="77" align="ce nter" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="28"bAcquired Property, Net/b/td/trtrtd height="16" width="159" align="left"#160;/tdtd width="550" align="center" height="16" colspan="19"b(Dollars in millions)/b/td/trtrtd height="2" width="159" align="left"#160;/tdtd height="2" width="9" align="center"b#160;/b/tdtd height="2" width="68" align="center"b#160;/b/tdtd height="2" width="5" align="center"b#160;/b/tdtd height="2" width="9" align="center"b#160;/b/tdtd height="2" width="69" align="center"b#160;/bsupb/b/sup/tdtd height="2" width="4" align="center"b#160;/b/tdtd height="2 " width="9" align="center"b#160;/b/tdtd height="2" width="68" align="center"b#160;/b/tdtd height="2" width="16" align="center"b#160;/b/tdtd height="2" width="9" align="center"b#160;/b/tdtd height="2" width="68" align="center"b#160;/b/tdtd height="2" width="5" align="center"b#160;/b/tdtd height="2" width="9" align="center"b#160;/b/tdtd height="2" width="68" align="center"b#160;/bsupb/b/sup/tdtd height="2" width="7" align="center"b#160;/b/tdtd height="2" width="9" align="center"b#160;/b/tdtd height="2" width="68" align="center"b#160;/b/td/trtrtd height="16" width= "159" align="left"Balance as of beginning of period/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;7,759#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="69" align="right"#160;(1,129)sup/sup/tdtd height="16" width="4" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;6,630#160;/tdtd height="16" width="16" align="left"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;8,040#160;/tdtd height="16" width="5" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160; (1,122)sup/sup/tdtd height="16" width="7" align="right"#160;/tdtd height="16" width="9" align="left"$/tdtd height="16" width="68" align="right"#160;6,918#160;/td/trtrtd height="17" width="159" align="left"Additions /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;3,009#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="69" align="right"#160;(15)sup/sup/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;2,994#160;/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width=" 9" align="left"#160;/tdtd height="17" width="68" align="right"#160;5,551#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;(31)sup/sup/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;5,520#160;/td/trtrtd height="17" width="159" align="left"Disposals /tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;(3,388)/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="69" align="right"#160;479#160;sup/sup /tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;(2,909)/tdtd height="17" width="16" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;(6,211)/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;852#160;sup/sup/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="68" align="right"#160;(5,359)/td/trtrtd height="17" width="159" align="left"Write-downs, net of recoveries /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="68"#160;-#160;/tdtd height="17" width="5" 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="69"#160;(107)sup/sup/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="68"#160;(107)/tdtd height="17" width="16" 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 #00000 0;" align="right" width="68"#160;-#160;/tdtd height="17" width="5" 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="68"#160;(471)sup/sup/tdtd height="17" width="7" 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="68"#160;(471)/td/trtrtd height="18" width="159" align="left"Balance as of end of period /tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68" ;#160;7,380#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;(772)sup/sup/tdtd height="18" width="4" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;6,608#160;/tdtd height="18" width="16" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;7,380#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;(772)sup/sup/tdtd height="18" width="7" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68"#160;6,608#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	6 Months Ended
Short-term Borrowings and Long-term Debt	Jun. 30, 2010
Notes 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 June 30, 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"bJune 30, 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: 1px 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 ;/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 gt;#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 lt;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 lt;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 solid #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 amp;#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" styl e="border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="72"#160;142#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.01#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-bottom: 3px double #000000;" align="right" width="9"$/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 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"$/tdtd height="17" width="72" align="right"#160;255,863#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.30#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="9" align="right"$/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 height= "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;203#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;1.73#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 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 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;256,066#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.30#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;" ali gn="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 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;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;256,066#160;/tdtd height="17" width="19" align="left"#160;/td td height="17" width="48" align="right"#160;0.30#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" #160;5,987#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.27#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 height ="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;262,053#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="48" align="right"#160;0.30#160;/tdtd height="17" width="15" align="left"%sup/sup/tdtd height="17" width="19" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/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" wid th="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; 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 debt represents borrowings with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt as of June 30, 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"bJune 30, 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"bWeighted - -/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#160; lt;/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 lt;/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;" alig n="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" p;#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"$/tdtd height="17" width="63" align="right"#160;279,922#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"3.70#160;/tdtd height="17" width="16" align="left" %sup/sup/tdtd height="17" width="12" align="left"#160;/tdtd height="17" width="65" align="center"2010-2030/tdtd height="17" width="12" align="center"#160;/tdtd height="17" width="9" align="left"$/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;195,175#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"2.80#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"#1 60;/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;1,061#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"5.97#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;55,198#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"5.82#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" align="c enter"#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;531,356#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"3.59#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;" align="left" width="9"#160;/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="58"#160;515,174#160;sup/sup/tdtd 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" width="1 2" 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;44,392#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right" t;0.35#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;752#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"5.33#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;45,144#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"0.43#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" align=" 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" align=" 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" align=" 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;2,545#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 heig ht="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 lt;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;9,937#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"6.61#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 #000000 ;" 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;586,437#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="rig ht"3.40#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/td td 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;2,376,774#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="58" align="right"4.91#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" wid th="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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;2,963,211#160;/tdtd height="18" width="12" align="right"#160;/tdtd height="18" width="58" align="right"4.61#160;/td td height="18" width="16" align="left"%sup/sup/tdtd height="18" width="12" align="left"#160;/tdtd height="18" width="65" align="right"b#160;/b/tdtd height="18" width="12" align="right"b#160;/b/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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" width=" 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 $16.4#160;billion and $15.6#160;billion as of June 30, 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 uncom mitted 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 billion and unsecured uncommitted lines of credit of $500 million as of both June 30, 2010 and December 31, 2009. We had no borrowings outstanding from these lines of credit as of June 30, 2010./p/div

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2010
Notes 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 or a counterparty 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 liabi lities in our condensed 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 gains (losses), net#8221;#160;in our condensed consolidated statements of operations.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 June 30, 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 June 30, 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;" 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="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 t;#160;/b/tdtd width="46" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bEstimated/b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="192" align="center"#160;sup/sup/tdtd height="13" width="6" align="left"#160;/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bAmount/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bFair Value/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #0000 00;" height="13"bAmount/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bFair Value/b/tdtd height="13" width="10" align="left"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bAmount/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bFair Value/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bAmount/b/tdtd height="13" width="10" align="center"b #160;/b/tdtd width="46" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"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/td gt;td 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="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="1 7" 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" al ign="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"#1 60;/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"$/tdtd height="17" width="37" align="right"#160;2,250#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;95#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;315,009#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/td td height="17" width="37" align="right"#160;(23,213)/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" a lign="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;231,473#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;11,193#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;3,428#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;(24)/tdtd height="17" width="10" align="r ight"#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"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;2,970#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#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;-#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#16 0;/tdtd 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="le ft"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;465#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;79#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;842#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;(94)/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;/td td 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;82,300#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;445#160;/tdtd height="1 7" width="10" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="37" align="right"#160;21,000#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;(281)/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" gt;#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;65,285#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;7,482#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="9" a lign="left"#160;/tdtd height="17" width="37" align="right"#160;20,325#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;(543)/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;30#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="1 7" 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="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 widt h="230" align="left" 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;731#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;111#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;17#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 height="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;392,474#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;19,493#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;360,671#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;(24,155)/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 #000 000;" 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;/tdtd 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;5,419#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;(513)/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/tdtd 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;1,796#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;/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;(2,363)/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;/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;(2,813)/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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37" ;#160;392,474#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;26,708#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;360,671#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px doubl e #000000;" align="right" width="37"#160;(27,031)/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"$/tdtd height="18" style="border-top: 1px sol id #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;433,062#160;/tdtd height="18" width="10" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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" widt h="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" al ign="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"$/tdtd height="17" width="37" align="right"#160;6,379#160;/tdtd height="17" width="10" align="left"b#160;/b/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;76#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="37" align="right"#160;744#160;/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left" $/tdtd height="17" width="37" align="right"#160;(1)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="left"$/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" h eight="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"#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;/t dtd height="17" width="9" align="left"b#160;/b/tdtd height="17" width="37" align="right"#160;34,316#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;432#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;4,078#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;(5)/tdtd height="17" width="10" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" wi dth="37" align="right"#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" s tyle="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;5,216#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;6#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;47,069#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;(654)/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" gt;#160;7,232#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;45,911#160;/tdtd height="18" width="10" align="right"#160;/td ;td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;514#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;51,891#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(660)/tdtd height="18" width="10" align="rig ht"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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;/td ;td 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;438,385#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"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;27,222#160;/tdtd height="19" width="10" align="left"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;412,562#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"$/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="37"#160;(27,691)/tdtd height="19" wi dth="10" align="right"#160;/tdtd height="19" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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#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;(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 contracts 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 B BB+, 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 June 30, 2010 was $6.4#160;billion for which we posted collateral of $5.6#160;billion in the normal course of business. If the credit-risk-related contingency features underlying these agreements were triggered as of June 30, 2010, we would be required to post an additional $865#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 and six months ended June 30, 2010 and 2009. br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd hei ght="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"b#160;/bsup/sup/tdtd width="137" align="center" height="14" colspan="5"bFor the Three Months/b/tdtd height="14" width="11" align="left"b#160;/b/tdtd width="148" align="center" height="14" colspan="5"bFor the Six Months/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"b#160;/bsup/sup/tdtd width="137" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bEnded June 30,/b/tdtd height="14" width="11" align="left"b#160;/b/tdtd width="148" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"bEnded J une 30,/b/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" 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/tdtd height="14" width="11" align="left"b#160;/b/tdtd width="63" 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="left" width="19"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"b2009#160;/b/td/trtrtd height="4" width="19" align="left"#160;/tdtd height="4" width="362" 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;/tdtd height="4" width="11" align="left"#160;/tdtd height="4" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="4" style="border-top: 1px solid #000000;" align="left" width="54"#160;/tdtd height="4" width="19" align="left"#160;/tdtd height="4" style="border-top: 1px solid #000000;" align="left" 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="362" align="left"#160;sup/sup/tdtd width="296" align="center" height="14" colspan="14"b(Dollars in millions)/b/td/trtrtd height="9" width="19" align="left"#160;/tdtd height="9" width="362" 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 gt;#160;/b/tdtd height="9" width="12" align="right"b#160;/b/tdtd height="9" width="54" align="left"b#160;/b/tdtd height="9" width="11" align="left"b#160;/b/tdtd height="9" width="9" align="center"b#160;/b/tdtd height="9" width="54" align="center"b#160;/b/tdtd height="9" width="19" align="center"b#160;/b/tdtd height="9" width="12" align="center"b#160;/b/tdtd height="9" width="54" align="center"b#160;/b/td/trtrtd width="381" 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" widt h="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="left"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="left"#160;/td/trtrtd width="381" 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"#16 0;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="left"#160;/tdtd height="14" width="19" 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="362" align="left"Pay-fixed sup/sup/tdtd height="14" width="8" align="right"$/tdtd height="14" width="54" align="right"#160;(10,898)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="54" align="right"#160;19,430#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="54" align="right"#160;(16,777)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="left"$/tdtd height="14" width="54" align="right"#160;22,744#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"Receive-fixed sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;7,847#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;(16,877)/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" wid th="54" align="right"#160;12,516#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;(18,239)/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"Basis sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;21#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;45#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;30#160;/td td height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;22#160;/td/trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"Foreign currency sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;(8)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;159#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(11)/tdtd height="14" width="19" align="left"#160;/td td height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;86#160;/td/trtrtd width="381" 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;/tdtd height="14" width="54" align="right"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;/td/ trtrtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"Pay-fixed sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;(425)/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;900#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;(1,359)/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;885#160;/td/trtrtd height="14" width="19" align="left" mp;#160;/tdtd height="14" width="362" align="left"Receive-fixed sup/sup/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="54" align="right"#160;3,655#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;(4,250)/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="54" align="right"#160;3,682#160;/tdtd height="14" width="19" align="left"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="54" align="right"#160;(7,488)/td/trtrtd width="381" align="left" height="16" colspan="2"Interest rate caps sup/sup lt;/tdtd height="16" width="8" align="right"#160;/tdtd height="16" width="54" align="right"#160;(43)/tdtd height="16" width="9" align="left"#160;/tdtd height="16" width="12" align="right"#160;/tdtd height="16" width="54" align="right"#160;21#160;/tdtd height="16" width="11" align="left"#160;/tdtd height="16" width="9" align="right"#160;/tdtd height="16" width="54" align="right"#160;(99)/tdtd height="16" width="19" align="left"#160;/tdtd height="16" width="12" align="right"#160;/tdtd height="16" width="54" align="right"#160;21#160;/td/trtrtd width="381" align="left" height="14" colspan="2"Othersup/sup/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="8"#160;/tdtd heig ht="14" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;31#160;/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;(52)/tdtd height="14" width="11" align="left"u#160;/u/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="54"#160;37#160;/tdtd height="14" width="19" 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;(23)/td/tr ;trtd height="14" width="19" align="left"#160;/tdtd height="14" width="362" align="left"Total risk management derivatives fair value gains (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;180#160;/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;(624)/tdtd height="14" width="11" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="54"#160;(1,981)/tdt d height="14" width="19" 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;(1,992)/td/trtrtd width="381" align="left" height="14" colspan="2"Mortgage commitment derivatives fair value gains (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;(577)/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;87#160;/tdtd height="14" width="11" align="left "u#160;/u/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="54"#160;(1,178)/tdtd height="14" width="19" 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;(251)/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="362" 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: 3px double #000000;" align="right" width="54" ;#160;(397)/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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;(537)/tdtd height="15" width="11" align="left"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;(3,159)/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="54"#160;(2,243)/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 and six months ended June 30, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd width="597" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="14"bFor the Three Months Ended June 30, 2010/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;supb t;/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="268" align="center" colspan="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bInterest Rate Swaps /bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="122" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bInterest Rate Swaptions /b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="4"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="47"b#160;/b t;/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="4"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="43"b#160;/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="3"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="61"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;supb/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bReceive-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="cen ter" width="46"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="2"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bForeign/bsupb/b/sup/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bReceive-/b/tdtd height="14" width="4" align="center" b#160;/b/tdtd width="55" align="center" height="14" colspan="2"bInterest/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd height="14" width="8" align="left"b#160;/b/tdtd height="14" width="43" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="3" align="center"b#160;/b/tdtd height="14" width="9" align="left"b#160;/b/tdtd height="14" width="61" align="center"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;supb/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bBasis/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="2" align="center"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bCurrency/bs upb(1)/b/sup/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bRate Caps/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Other/bsupb(2)/b/sup/tdtd height="14 " width="3" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Total/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd width="597" align="center" height="14" colspan="31"b(Dollars in millions)/b/td/trtrtd width="122" align="left" height="14" colspan="2"Beginning notional balancesup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;315,857#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align ="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;229,293#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="46" align="right"#160;3,220#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="48" align="right"#160;1,409#160;sup/sup/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;94,725#160;/tdtd height="14" width="4" align="left"#160;/tdtd he ight="14" width="8" align="left"$/tdtd height="14" width="49" align="right"#160;73,430#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"$/tdtd height="14" width="47" align="right"#160;7,000#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"$/tdtd height="14" width="43" align="right"#160;748#160;sup/sup/tdtd height="14" width="3" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="61" align="right"#160;725,682#160;/td/trtrtd width="122" align="left" height="14" colspan="2"Additions sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="left"#160;/ tdtd height="14" width="52" align="right"#160;43,212#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right"#160;50,741#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="46" align="right"#160;-#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="48" align="right"#160;141#160;sup/sup/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right"#160;20,325#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="49" align="right"#160;20,325#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="47" align="right"#160;-#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="43" align="right"#160;-#160;sup/sup/tdtd height="14" width="3" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="61" align="right"#160;134,744#160;/td lt;/trtrtd width="122" align="left" height="14" colspan="2"Terminations supb(3)/b/sup/tdtd height="14" width="7" 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="52"#160;(41,810)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" 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="52"#160;(45,133)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" 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="46"#160;(200)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" 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="48"#160;(243)sup/sup/tdtd height="14" width="4" 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="52"#160;(11,750)/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="14" style="border-bottom: 1px soli d #000000;" align="right" width="49"#160;(8,145)/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;-#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;-#160;sup/sup/tdtd height="14" width="3" 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="61"#160;(107,281)/td/trtrtd width="122" align="le ft" height="21" colspan="2"Ending notional balancesup/sup/tdtd height="21" width="7" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;317,259#160;/tdtd height="21" width="8" align="left"#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;234,901#160;/tdtd height="21" width="8" align="left"#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="bor der-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="46"#160;3,020#160;/tdtd height="21" width="8" align="left"#160;/tdtd height="21" width="2" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;1,307#160;sup/sup/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160 ;103,300#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49"#160;85,610#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;7,000#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" a lign="right" width="43"#160;748#160;sup/sup/tdtd height="21" width="3" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;753,145#160;/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;sup/sup/tdtd height="14" width="7" 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="52"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/t dtd 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="52"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" 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="46"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" 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="48"#160;sup/sup/tdtd height="14" width="4" 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="52"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="8"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="49"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="8"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="47"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="8"#160;/tdtd height="14" style="border-top: 3px double #000000;" align="left" width="43"#160;sup ;/sup/tdtd height="14" width="3" 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="61"#160;/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd width="597" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="14"bFor the Six Months Ended June 30, 2010/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;supb/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="268" a lign="center" colspan="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bInterest Rate Swaps /bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="122" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bInterest Rate Swaptions /b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="4"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="47"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="4"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="43"b#160;/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="3"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="61"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;supb/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bReceive-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="46"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="8 "b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="2"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bForeign/bsupb/b/sup/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="4"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bReceive-/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="55" align="center" height="14" colspan="2"bInterest/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd height="14" width="8" align="left"b#160;/b/tdtd height="14" width="43" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="3" align="center"b#160;/b/tdtd height="14" width="9" align="left"b#160;/b/tdtd height="14" width="61" align="center"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;supb/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="8" align="center" b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bBasis/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="2" align="center"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bCurrency/bsupb(1)/b/sup/tdtd height="14" width="4" align="center"b#160;/b/td t;td width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="57" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bRate Caps/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Other/bsupb(2)/b/sup/tdtd height="14" width="3" align="center"b#160;/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Total/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd width="597" align="center" height="14" colspan="31"b(Dollars in millions)/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="111" align="left"#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="52" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/ tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="52" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="46" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="2" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="48" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="4" align="center"b#160;/b/tdtd height=" 14" width="9" align="center"b#160;/b/tdtd height="14" width="52" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="49" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="47" align="center"b#160;/b/tdtd height="14" width="4" align="center"b#160;/b/tdtd height="14" width="8" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="3" 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 width="122" align="left" height="14" colspan="2"Beginning notional balancesup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;382,600#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;275,417#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left" gt;$/tdtd height="14" width="46" align="right"#160;3,225#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="48" align="right"#160;1,537#160;sup/sup/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;99,300#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"$/tdtd height="14" width="49" align="right"#160;75,380#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"$/tdtd height="14" width="47" align="right"#160;7,000#160;/tdtd hei ght="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"$/tdtd height="14" width="43" align="right"#160;748#160;sup/sup/tdtd height="14" width="3" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="61" align="right"#160;845,207#160;/td/trtrtd width="122" align="left" height="14" colspan="2"Additions sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right"#160;86,352#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right"#160;86, 317#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="46" align="right"#160;55#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="48" align="right"#160;292#160;sup/sup/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right"#160;26,750#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="49" align="right"#160;26,075#16 0;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="47" align="right"#160;-#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="43" align="right"#160;-#160;sup/sup/tdtd height="14" width="3" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="61" align="right"#160;225,841#160;/td/trtrtd width="122" align="left" height="14" colspan="2"Terminations supb(3)/b/sup/tdtd height="14" width="7" 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="52"#160;(151,693)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" 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="52"#160;(126,833)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="4" 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="46"#160;(260)/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="2" 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="48"#160;(522)sup/sup/tdtd height="14" width="4" 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="52"#160;(22,750)/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(15,845)/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;- mp;#160;/tdtd height="14" width="4" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="8"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;-#160;sup/sup/tdtd height="14" width="3" 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="61"#160;(317,903)/td/trtrtd width="122" align="left" height="21" colspan="2"Ending notional balancesup/sup/tdtd height="21" width="7" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;bord er-bottom: 3px double #000000;" align="right" width="52"#160;317,259#160;/tdtd height="21" width="8" align="left"#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;234,901#160;/tdtd height="21" width="8" align="left"#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="46"#160;3,020#160;/tdtd height="21" width="8" align="left"#160;/tdtd height="21" wi dth="2" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="48"#160;1,307#160;sup/sup/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;103,300#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49" ;#160;85,610#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;7,000#160;/tdtd height="21" width="4" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="8"$/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;748#160;sup/sup/tdtd height="21" width="3" align="left"#160;/tdtd height="21" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-top: 1px solid #000000;border-b ottom: 3px double #000000;" align="right" width="61"#160;753,145#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="11" align="left"#160;/tdtd height="17" width="117" align="left"#160;sup/sup/tdtd width="604" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="17"bFor the Three Months Ended June 30, 2009/b/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="117" align="left"b#160;/bsupb/b/sup/tdtd width="264" 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 #0000 00;" align="center" width="7"b#160;/b/tdtd width="130" 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="9"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="41"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="59"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="117" align="left"b#160;/bsupb/b/sup/tdtd width="63" align="center" colspan="3" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bReceive-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd hei ght="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b#160;/b/tdtd height="14" 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="14"bForeign/bsupb/b/sup/tdtd height="14" width="7" align="center"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bReceive- /b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd width="51" align="center" height="14" colspan="2"bInterest/b/tdtd height="14" width="9" align="left"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="41" align="left"b#160;/bsupb/b/sup/tdtd height="14" width="6" align="center"b#160;/b/tdtd height="14" width="7" align="center"b#160;/b/tdtd height="14" width="59" align="left"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="117" align="left"b#160;/bsupb/b/sup/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bBasis/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bCurrency/bsupb(1)/b/sup/tdtd height="14" width="7" align="left"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" h eight="14"bFixed/b/tdtd height="14" width="6" align="left"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="6" align="left"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bRate Caps/b/tdtd height="14" width="9" align="left"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Other/b/tdtd width="12" align="left" height="14" colspan="2"b#160;/b/tdtd width="66" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Total/b/td/trtrtd height="17" width="11 " align="left"#160;/tdtd height="17" width="117" align="left"#160;sup/sup/tdtd width="604" align="center" height="17" colspan="31"b(Dollars in millions)/b/td/trtrtd width="128" align="left" height="21" colspan="2"Beginning notional balancesup/sup/tdtd height="21" width="9" align="left"$/tdtd height="21" width="54" align="right"#160;620,850#160;/tdtd height="21" width="9" align="left"#160;/tdtd height="21" width="9" align="left"$/tdtd height="21" width="52" align="right"#160;549,823#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21" width="9" align="left"$/tdtd height="21" width="52" align="right"#160;19,815#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21 " width="9" align="left"$/tdtd height="21" width="49" align="right"#160;1,222#160;sup/sup/tdtd height="21" width="7" align="left"#160;/tdtd height="21" width="9" align="left"$/tdtd height="21" width="50" align="right"#160;85,150#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21" width="9" align="left"$/tdtd height="21" width="50" align="right"#160;89,630#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21" width="9" align="left"$/tdtd height="21" width="42" align="right"#160;500#160;/tdtd height="21" width="9" align="left"#160;/tdtd height="21" width="9" align="left"$/tdtd height="21" width="41" align="right"#160;748#160;sup/sup/tdtd height="21" width="6" ali gn="left"#160;/tdtd height="21" width="7" align="left"$/tdtd height="21" width="59" align="right"#160;1,367,738#160;/td/trtrtd width="128" align="left" height="14" colspan="2"Additions sup/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="54" align="right"#160;78,509#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="52" align="right"#160;56,680#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="52" align="right"#160;2,385#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="9" align="right"#160;/td t;td height="14" width="49" align="right"#160;126#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="50" align="right"#160;8,200#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="50" align="right"#160;4,500#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="42" align="right"#160;2,500#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="41" 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="59" align="right"#160;152,900#160;/td/trtrtd width="128" align="left" height="14" colspan="2"Terminations supb(3)/b/sup/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="54"#160;(48,912)/tdtd height="14" width="9" align="right"#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="52"#160;(34,701)/tdtd height="14" width="6" align="right"#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="52"#160;-#160;/tdtd height="14" width="6" align="right"#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="49"#160;82#160;sup/sup/tdtd height="14" width="7" align="right"#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="50"#160;(7,000)/tdtd height="14" width="6" align="right"#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="50"#160;(9,450 )/tdtd height="14" width="6" align="right"#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="42"#160;-#160;/tdtd height="14" width="9" align="right"#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="41"#160;-#160;sup/sup/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="59"#160;(99,981)/td/trtrtd width="128" align="left" height="21" colspan="2"Ending notional bala ncesup/sup/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="54"#160;650,447#160;/tdtd height="21" width="9" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="52"#160;571,802#160;/tdtd height="21" width="6" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="52"#160;22,200#160;/tdtd height="21" width="6" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/td t;td height="21" style="border-bottom: 3px double #000000;" align="right" width="49"#160;1,430#160;sup/sup/tdtd height="21" width="7" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="50"#160;86,350#160;/tdtd height="21" width="6" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="50"#160;84,680#160;/tdtd height="21" width="6" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="42"#160;3,000#160;/t dtd height="21" width="9" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="41"#160;748#160;sup/sup/tdtd height="21" width="6" align="right"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="7"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="59"#160;1,420,657#160;/td/trtrtd height="18" width="11" align="left"#160;/tdtd height="18" width="117" align="left"#160;sup/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="left" width="54"#160;/tdtd height=" 18" width="9" 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="52"#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="52"#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="49"#160;sup/sup/tdtd height="18" width="7" 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="50"#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="50"#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="9" 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="41"#160;sup/sup/tdtd height="18" width="6" align="left"#160;/td td 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="59"#160;/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="117" align="left"#160;sup/sup/tdtd width="604" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="17"bFor the Six Months Ended June 30, 2009/b/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="117" align="left"b#160;/bsupb/b/sup/tdtd width="264" align="center" colspan="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"bInterest Rate Swaps /bsupb/b/sup/tdtd heigh t="17" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd width="124" 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="9"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="41"b#1 60;/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="59"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="117" align="left"b#160;/bsupb/b/sup/tdtd width="63" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b Receive-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"b#160;/b/tdtd height="14" 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="14"bForeign/bsupb/b/sup/tdtd height="14" width="7" align="center"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bPay-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9 "b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="50"bReceive-/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="51" align="center" height="14" colspan="2"bInterest/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="9" align="left"b#160;/b/tdtd height="14" width="41" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="6" align="center"b#160;/b/tdtd height="14" width="7" align="left"b#160;/b/tdtd height="14" width="59" align="center"b#160;/b/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="117" align="left"b#160;/bsupb/b/sup/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bBasis/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bCurrency/bsupb(1)/b/sup/tdtd height="14" width="7" align="center"b ;#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="59" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bFixed/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="51" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bRate Caps/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Other/bsupb#160;(2)/b/sup/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="66" align="c enter" colspan="2" style="border-bottom: 1px solid #000000;" height="14"b#160;Total/b/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="117" align="left"#160;sup/sup/tdtd width="604" align="center" height="17" colspan="31"b(Dollars in millions)/b/td/trtrtd width="128" align="left" height="14" colspan="2"Beginning notional balancesup/sup/tdtd height="14" width="9" align="left"$/tdtd height="14" width="54" align="right"#160;546,916#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="52" align="right"#160;451,081#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"$/td gt;td height="14" width="52" align="right"#160;24,560#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="49" align="right"#160;1,652#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="50" align="right"#160;79,500#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="50" align="right"#160;93,560#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"$/tdtd height="14" width="42" align="right"#160;500#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" widt h="9" align="left"$/tdtd height="14" width="41" align="right"#160;827#160;sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"$/tdtd height="14" width="59" align="right"#160;1,198,596#160;/td/trtrtd width="128" align="left" height="14" colspan="2"Additions sup/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="54" align="right"#160;177,444#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right"#160;184,638#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="52" align="right" ;#160;2,565#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="49" align="right"#160;324#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="50" align="right"#160;13,850#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="50" align="right"#160;6,700#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="42" align="right"#160;2,500#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="left" t;#160;/tdtd height="14" width="41" align="right"#160;13#160;sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="59" align="right"#160;388,034#160;/td/trtrtd width="128" align="left" height="14" colspan="2"Terminationssupb#160;(3)/b/sup/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="54"#160;(73,913)/tdtd height="14" width="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="52"#160;(63,917)/td td height="14" width="6" 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="52"#160;(4,925)/tdtd height="14" width="6" 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="49"#160;(546)sup/sup/tdtd height="14" width="7" 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="50"#160;(7,000)/tdtd height="14" width="6" 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="50"#160;(15,580)/tdtd height="14" width="6" 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="42"#160;-#160;/tdtd height="14" width="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="41"#160;(92)sup/sup/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="59 "#160;(165,973)/td/trtrtd width="128" align="left" height="21" colspan="2"Ending notional balancesup/sup/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="54"#160;650,447#160;/tdtd height="21" width="9" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="52"#160;571,802#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="52"#160;22,200#160;/tdtd height="21" width="6" align=" left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="49"#160;1,430#160;sup/sup/tdtd height="21" width="7" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="50"#160;86,350#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="50"#160;84,680#160;/tdtd height="21" width="6" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$ ;/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="42"#160;3,000#160;/tdtd height="21" width="9" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="9"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="41"#160;748#160;sup/sup/tdtd height="21" width="6" align="left"#160;/tdtd height="21" style="border-bottom: 3px double #000000;" align="left" width="7"$/tdtd height="21" style="border-bottom: 3px double #000000;" align="right" width="59"#160;1,420,657#160;/td/tr/tabletable style="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="39" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="39" 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="left"#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 and six months ended June 30, 2010 and 2009.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="15" width="19" align="left"#160;/tdtd height="15" width="240" align="left"#160;sup/sup/tdtd height="15" width="17" align="left"#160;/tdtd height="15" width="73" align="left"#160;/tdtd height="15" w idth="11" align="left"#160;/tdtd height="15" width="17" 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="17" align="left"#160;/tdtd height="15" width="69" align="left"#160;/tdtd height="15" width="10" align="left"#160;/tdtd height="15" width="18" 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"#160;sup/sup/tdtd width="401" align="center" colspan="12" style="border-bottom: 1px solid #000000;" height="17"bFor the Three Months Ended June 30, /b/td/trtr ;td height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="183" 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="189" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"b2009#160;/b/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="90" 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="11"b#160;/b/tdtd width="82" 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="86" 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="10"b#160;/b/tdtd width="93" align="center" 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="90" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCommitments /b/tdtd height="17" width="11" align="center"b#160;/b/tdtd width="82" 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="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bCommitments /b/tdtd height="17" width="10" align="center"b#160;/b/tdtd width="93" 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="401" 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="17" align="center"b#160;/b/tdtd height="17" width="73" align="center"b#160;/b/tdtd height="17" width="11" align="center"b#160;/b/tdtd height="17" width="17" 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="17" align="cent er"b#160;/b/tdtd height="17" width="69" align="center"b#160;/b/tdtd height="17" width="10" align="center"b#160;/b/tdtd height="17" width="18" 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="17" align="right"$/tdtd height="17" width="73" align="right"#160;30,554#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"$/tdtd height="17" width="65" align="right"#160;56,716#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"# 160;/tdtd height="17" width="17" align="left"$/tdtd height="17" width="69" align="right"#160;55,922#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" align="left"$/tdtd height="17" width="75" align="right"#160;71,984#160;/td/trtrtd width="259" align="left" height="17" colspan="2"Mortgage related securities:sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" 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="17" align="left" #160;/tdtd height="17" width="69" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" 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="17" align="left"#160;/tdtd height="17" width="73" align="right"#160;131,611#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="65" align="right"#160;167,075#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" a lign="left"#160;/tdtd height="17" width="69" align="right"#160;268,085#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="75" align="right"#160;296,829#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="17" align="left"#160;/tdtd height="17" width="73" align="right"#160;(120,108)/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="65" align="right"#160;(171,506)/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160; /tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="69" align="right"#160;(254,654)/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="75" align="right"#160;(258,094)/td/trtrtd width="259" align="left" height="17" colspan="2"Loans:sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" 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="17" align="left"#160;/tdt d height="17" width="69" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" 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="17" align="left"#160;/tdtd height="17" width="73" align="right"#160;16,344#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="65" align="right"#160;-#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/td gt;td height="17" width="69" align="right"#160;35,669#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" 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="17"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;(12,884)/tdtd height="17" width="11" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="17"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"#160;-#160;/td t;td 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="17"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="69"#160;(41,558)/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="18"#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)/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="17"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #0 00000;" align="right" width="73"#160;45,517#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="17"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="65"#160;52,285#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="17"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;63,464#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" w idth="18"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;110,719#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="240" align="left"#160;sup/sup/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="17"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="73"#160;/tdtd height="18" width="11" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="17"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="65"#160;/tdtd height="18" width="18" align="left"#160;/tdtd height="18" width="11" align="left"#160;/tdtd height="18" style="border - -top: 3px double #000000;" align="left" width="17"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="69"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="18"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="75"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"#160;sup/sup/tdtd width="401" align="center" colspan="12" style="border-bottom: 1px solid #000000;" height="17"bFor the Six Months Ended June 30, /b/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="240" align="left"#160;sup/sup/tdtd width="183" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2010#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="18"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="189" align="center" colspan="5" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="13"b2009#160;/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="240" align="left"#160;sup/sup/tdtd width="90" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bPurchase/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="82" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bSale/b/tdtd height="15" width="18" align="center"b#160;/b/tdtd height="15" width="11" align="center"b#160;/b/tdtd width="86" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bPurchase/b/tdtd height="15" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="93" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"bSale/b/td/trtrtd height="15" width="19" align="center"u#160;/u/tdtd height="15" width="240" align="center"bu#160;/u/bsupb/b/sup/tdtd width="90" align="center" colspan="2" style="border-botto m: 1px solid #000000;" height="15"bCommitments /b/tdtd height="15" width="11" align="center"b#160;/b/tdtd width="82" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bCommitments /b/tdtd height="15" width="18" align="center"b#160;/b/tdtd height="15" width="11" align="center"b#160;/b/tdtd width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bCommitments /b/tdtd height="15" width="10" align="center"b#160;/b/tdtd width="93" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="15"bCommitments /b/td/trtrtd height="16" width="19" align="center"u#160;/u/tdtd height="16" width="240" align="center" lt;bu#160;/u/bsupb/b/sup/tdtd width="401" align="center" height="16" colspan="12"b(Dollars in millions)/b/td/trtrtd height="15" width="19" align="left"#160;/tdtd height="15" width="240" align="left"#160;sup/sup/tdtd width="183" align="center" height="15" colspan="5"b#160;/b/tdtd height="15" width="18" align="center"b#160;/b/tdtd height="15" width="11" align="center"b#160;/b/tdtd height="15" width="17" align="center"b#160;/b/tdtd height="15" width="69" align="center"b#160;/b/tdtd height="15" width="10" align="center"b#160;/b/tdtd height="15" width="18" align="center"b#160;/b/td t;td height="15" width="75" align="center"b#160;/b/td/trtrtd width="259" align="left" height="19" colspan="2"Beginning of period notional balancesup(1)/sup/tdtd height="19" width="17" align="right"$/tdtd height="19" width="73" align="right"#160;31,416#160;/tdtd height="19" width="11" align="left"#160;/tdtd height="19" width="17" align="right"$/tdtd height="19" width="65" align="right"#160;90,531#160;/tdtd height="19" width="18" align="left"#160;/tdtd height="19" width="11" align="right"#160;/tdtd height="19" width="17" align="right"$/tdtd height="19" width="69" align="right"#160;35,004#160;/tdtd height="19" width="10" align="left"#160;/tdtd height="19" width="18" align="right"$/tdtd height="19" width="7 5" align="right"#160;36,232#160;/td/trtrtd width="259" align="left" height="18" colspan="2"Mortgage related securities:sup/sup/tdtd height="18" width="17" align="left"#160;/tdtd height="18" width="73" align="left"#160;/tdtd height="18" width="11" align="left"#160;/tdtd height="18" width="17" align="left"#160;/tdtd height="18" width="65" align="left"#160;/tdtd height="18" width="18" align="left"#160;/tdtd height="18" width="11" align="left"#160;/tdtd height="18" width="17" align="left"#160;/tdtd height="18" width="69" align="left"#160;/tdtd height="18" width="10" align="left"#160;/tdtd height="18" width="18" align="left"#160;/tdtd height="18" width="75" align="left"#160;/td/trtr ;td height="17" width="19" align="left"#160;/tdtd height="17" width="240" align="left"Open commitmentssup#160;(2)/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="73" align="right"#160;287,760#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="65" align="right"#160;401,743#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="69" align="right"#160;392,519#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="75" align="right"#1 60;462,414#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="17" align="left"#160;/tdtd height="17" width="73" align="right"#160;(276,056)/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="65" align="right"#160;(439,989)/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="69" align="right"#160;(362,662)/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width ="75" align="right"#160;(387,927)/td/trtrtd width="259" align="left" height="17" colspan="2"Loans:sup/sup/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="73" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" 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="17" align="left"#160;/tdtd height="17" width="69" align="left"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" 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="17" align="left"#160;/tdtd height="17" width="73" align="right"#160;28,215#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="65" align="right"#160;-#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="17" align="left"#160;/tdtd height="17" width="69" align="right"#160;76,435#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" width="18" align="left"#160;/tdtd height="17" width="75" align="right"#160;-#160;/td/tr t;trtd 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="17"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="73"#160;(25,818)/tdtd height="17" width="11" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="17"#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="17"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" ali gn="right" width="69"#160;(77,832)/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="18"#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)/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="17"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="73"#160;45,517#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="17"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="65"#160;52,285#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="right" width="17"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="69"#160;63,464#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="18"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;110,719#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" ali gn="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/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 and six months ended June 30, 2010 and 2009./td/trtrtd height="8" width="26" align="left" amp;#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 and six months ended June 30, 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 hi gher 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 derivative 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 June 30, 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 wi dth="530" align="center" colspan="19" style="border-bottom: 1px solid #000000;" height="17"bAs of June 30, 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 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/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="left"#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;528#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="54" align="right"#160;570#160;sup/sup/tdtd height="21" width="16" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="63" align="right"#160;1,098#160;/tdtd height="21" width="19" align="right"#160;/tdtd height="21" width="12" align="left"$/tdtd height="21" width="50" align="right"#160;111#160;sup/sup/tdtd height="21" width="13" align="right"#160;/tdtd height="21" width="12" align ="left"$/tdtd height="21" width="63" align="right"#160;1,209#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;294#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="righ t" width="54"#160;474#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;768#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;768#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;234#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;96#160;sup/sup/tdtd height="18" width="16" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;330#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="50"#160;111#160;sup/sup/tdtd height="18" width="13" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/ tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;441#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;/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;/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 #000 000;" 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;227,543#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="54" align="right"#160;524,854#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" width="12" align="left"$/tdtd height="17" width="63" align="right"#160;752,397#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$ lt;/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;753,145#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;/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/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="l eft"#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"#160;/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 hei ght="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="b order-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/tdtd 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/tdt d 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"$/tdtd height="17" width="54" align="right"#160;658#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" width="12" align="left"$/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"$/tdtd height="17" width="63" align="right"#160;1,325#160;/td/trtrtd width="176" align="left" height="17" colspan="2"Less: Collateral heldsup(4)/sup/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54" gt;#160;580#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;507#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;1,087#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="50"#160;-#160;sup/sup/tdtd height="17" width="13" align="rig ht"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="left" width="12"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;1,087#160;/td/trtrtd width="176" align="left" height="17" colspan="2"Exposure net of collateral sup/sup/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="12"$/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"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;238#160;/td/trtrtd width="176" align="left" height="17" colspan="2"Additional information:sup/sup/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="54"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="54"#160;sup/sup/tdtd height="17" width="16" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="63"#160;/tdtd height="17" width="19" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="50"#160;sup/sup/tdtd height="17" width="13" align="right"#160;/td td height="17" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="63"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="157" align="left"Notional amountsup(5)/sup/tdtd height="17" width="12" align="left"$/tdtd height="17" width="50" align="right"#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="rig ht"#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="left"$/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;/td lt;td 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;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 gt;/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" width="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="32" width="28" align="left"#160;sup#160;(2)/sup/tdtd height="32" width="621" align="lef t"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="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="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. Does not include collateral hel d in excess of exposure. We reduce 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 $5.4 billion related to our counterparties#8217; credit exposure to us as of both June 30, 2010 and December 31, 2009./td/trtrtd height="48" width="28" align="left"#160;sup#160;(5)/sup/tdtd height="48" width="621" align="left"We had exposure to 4 and 6 interest rate and foreign currency derivative counterparties in a net gain position as of June 30, 2010 and December 31, 2009, respectively. Those interest rate and foreign currency derivatives had notional balances of $351.1#160;billion and $310.0#160;billion as of June 30, 2010 and December 31, 2009, respectively. /td/tr/table/div

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2010
Notes to Consolidated Financial Statements
Income Taxes	div style="font-size:12pt"p11.#160;#160;Income Taxesbr /br /As of June 30, 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#160;and six months ended June 30, 2010, we recognized a tax#160;provision of $9 million and a tax benefit of $58 million, respectively.#160;#160;Our effective tax rates for the three and six months ended June 30, 2010#160;were#160;less than 1%. Our effective tax rates were different from the statutory rate of 35% primarily due to an increase in our valuation allowance for our net deferred tax assets. The difference in rates was also due to the reversal of a portion of the valuation allowance for deferred tax assets#160;resulting from a settlement agree ment reached with the IRS for our unrecognized tax benefits for the tax years 1999 through 2004. 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 /br /Our effective tax rates for the three and six months ended June 30, 2009 were less than 1% and 2%, respectively, and were different from the federal statutory rate of 35% due to the benefits of our holdings of tax-exempt investments, an increase to our valuation allowance for our net deferred tax assets as well as the recognition of a tax benefit for our ability to carryback net operating losses generated in 2009 to prior years./p/div

Employee Retirement Benefits	6 Months Ended
Employee Retirement Benefits	Jun. 30, 2010
Notes 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 and six months ended June 30, 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="205" align="left"b#160;/b/tdtd width="300" align="center" colspan="13" style="border-bottom: 1px solid #000000;" height="15"bFor the Three Months Ended June 30,/b/td/trtrtd height="15" width="9" align="left" #160;/tdtd height="15" width="205" align="left"b#160;/b/tdtd width="149" 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="146" 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="205" 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="59"b#160;/b/tdtd heigh t="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="59"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: 1px solid #000000;" height="17"bOther Post-/b/td/trtrtd height="15" width="9" align="left"#160;/tdtd height="15" width="205" align="left"b#160;/b/tdtd width="68" 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="68" 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 " colspan="2"bRetirement/b/td/trtrtd height="15" width="9" align="left"#160;/tdtd height="15" width="205" align="left"b#160;/b/tdtd width="68" 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="68" 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" alig n="center"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="205" align="left"#160;/tdtd width="300" align="center" height="15" colspan="13"b(Dollars in millions)/b/td/trtrtd width="214" align="left" height="17" colspan="2"Service cost /tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;11#160;/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;2#160;/tdtd height="17" width="5" align="right" #160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;9#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;2#160;/td/trtrtd width="214" align="left" height="17" colspan="2"Interest cost /tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="59" align="right"#160;17#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;2#160;/tdtd height="17" width="5" align="right"#160;/td td height="17" width="9" align="right"#160;/tdtd height="17" width="59" align="right"#160;16#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;3#160;/td/trtrtd width="214" 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="59"#160;(13)/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-b ottom: 1px solid #000000;" align="right" width="59"#160;-#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;(9)/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;(2)/td/trtrtd height="18" width="9" align="left"#160;/tdtd height="18" width="205" align="left"Net periodic benefit cost /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;15#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;4#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;16#160;/tdtd height="18" width="5" align="right"#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;3#160;/td/trtrtd width="214" align="left" height="19" colspan="2"Contributions during period/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#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"$/tdtd height="19" style="border - -top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;2#160;/tdtd height="19" width="5" align="left"#160;/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;1#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;3#160;/td/trtrtd height="18" width="9" align="left"#160;/tdtd height="18" width="205" align="left" #160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="59"#160;/tdtd height="18" width="7" align="left"#160;/tdtd height="18" width="6" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="59"#160;/tdtd height="18" width="5" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="59"#160;/tdtd height="18" width="5" align="left"#160;/tdtd height="18" width="5" align="left"#160;/tdtd height="18" style="border - -top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="59"#160;/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="205" align="left"#160;/tdtd width="300" align="center" colspan="13" style="border-bottom: 1px solid #000000;" height="17"bFor the Six Months Ended June 30,/b/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="205" align="left"#160;/tdtd width="149" align="center" colspan="6" 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="5"b#160;/b/tdtd width="146" align="center" colspan="6" style="border- top: 1px solid #000000;border-bottom: 1px solid #000000;" height="17"b2009#160;/b/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="205" align="left"#160;/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/tdtd height="17" style="border-top: 1px solid #000000;" align="center" 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="left"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/tdtd height="17" style="border-top: 1px solid #000000;" align="center" 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="3" style="border-top: 1px solid #000000;" height="17"bOther Post-/b/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="205" align="left"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bPension/b/tdtd height="17" width="7" align="left"b#160;/b/tdtd height="17" width="6" align="center" b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bRetirement/b/tdtd height="17" width="5" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bPension/b/tdtd height="17" width="5" align="left"b#160;/b/tdtd height="17" width="5" align="center"b#160;/b/tdtd width="68" align="center" height="17" colspan="2"bRetirement/b/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="205" align="left"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bPlans/b/tdtd height="17" width="7" align="center"b#160;/b/tdtd height="17" width= "6" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bPlan /b/tdtd height="17" width="5" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bPlans/b/tdtd height="17" width="5" align="center"b#160;/b/tdtd height="17" width="5" align="center"b#160;/b/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bPlan /b/td/trtrtd height="17" width="9" align="left"#160;/tdtd height="17" width="205" align="left"#160;/tdtd width="300" align="center" height="17" colspan="13"b(Dollars in millions)/b/td/trtr td width="214" align="left" height="17" colspan="2"Service cost /tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;20#160;/tdtd height="17" width="7" align="right"#160;/tdtd height="17" width="6" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;3#160;/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="59" align="right"#160;19#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;3#160;/td/trtrtd width="214" align="left" he ight="17" colspan="2"Interest cost /tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="59" align="right"#160;33#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;5#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;31#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;5#160;/td/trtrtd width="214" 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="59"#160;(25)/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="59"#160;(12)/tdtd height="17" width="5" align="right"#160;/tdtd height="17" width="5" align="right" gt;#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;(2)/td/trtrtd height="18" width="9" align="left"#160;/tdtd height="18" width="205" align="left"Net periodic benefit cost /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;28#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"$/tdtd height="18" style="border-top: 1px solid #000000;b order-bottom: 3px double #000000;" align="right" width="59"#160;7#160;/tdtd height="18" width="5" align="right"#160;/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;38#160;/tdtd height="18" width="5" align="right"#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;6#160;/td/trtrtd width="214" align="left" height="19" colspan="2"Contributions during period/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;24#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"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;4#160;/tdtd height="19" width="5" align="left"#160;/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="19" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;3#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;5#160;/td/tr/tablepDuring the remaining period of 2010, we anticipate contributing $25 million to our pension plans and $4 million to our other postretirement benefit plan./p/div

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2010
Notes 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 significantly, which reduces the comparability of our segment results with prior years. We have neither restated prior year results nor presented current year results under the old presentation as we determined that it was impracticable to do so; therefore, our segment re sults reported in the current period are not comparable with prior years.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 guarant y, 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 in o ur 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 / t;/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 Sin gle-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 inves tments 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 curr ent 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 consolid ated 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 cost b asis 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 //pulli t;Fair value gains or losses, net - Fair value gains or 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 or 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 condensed consolidated balance sheets. To reconcile to our condensed consolidated statements of operations, we include debt extinguishment gains or losses related to consolidated trusts to arrive at our total recognized debt extinguishment gains or 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 intracompany 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 and six months end ed June 30, 2010. /ptable 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 June 30, 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="ce nter" colspan="8" style="border-top: 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" amp;#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#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"#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" lt;b#160;/b/tdtd 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"$/tdtd height="15 " width="54" align="right"#160;(1,385)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="43" align="right"#160;5#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="47" align="right"#160;3,549#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="76" align="right"#160;1,282#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="75" align="right"#160;756#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width=" 9" align="right"$/tdtd height="15" width="49" align="right"#160;4,207#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;(4,319)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;24#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; lt;/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;(4,295)/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" wid th="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" style="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;(5,704)/tdtd height="15" width="6" align="right" t;#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="43"#160;29#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;3,549#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;1,282#16 0;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="75"#160;756#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;(88)/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;1,795#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;195#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;(360)/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;(1,130)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;(448)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;52#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"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(1)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;779#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;(28)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;(729)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;23#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;(137)/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;(137)/td/trtrtd width="196" align="left" height="15" colspan="3"Fair value 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;-#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="ri ght"#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;631#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;11#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;(339)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;303#160;/td/trtrtd width="196" align="left" height="15" colspan="3"Debt e xtinguishment 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;-#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;(128)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(31)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;(159)/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;(22)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right" amp;#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;(4)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;(26)/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="righ t"#160;/tdtd height="15" width="54" align="right"#160;85#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;28#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;136#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" widt h="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="49" align="right"#160;242#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;(436)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(93)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;(141)/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;(670)/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;(73)/tdtd height="15" width="6" align="right"#160; /tdtd height="15" width="9" align="right"#160;/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"#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;(69)/td/trtrtd width="196" align="left" height="15" colspan="3"Foreclosed property expensesup/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;(479)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(8)/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/td lt;td 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;(487)/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;(259)/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;(11)/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;91#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/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;(19)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;(198)/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;(5,069)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="b order-top: 1px solid #000000;" align="right" width="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="43"#160;121#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;4,420#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;97#160;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;(783)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;(1,214)/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;(1)/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; t;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;2#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;8#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/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;9#160;/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;(5,068)/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;119#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;4,412#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;97#160;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" st yle="border-top: 1px solid #000000;" align="right" width="75"#160;(783)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;(1,223)/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="177" align="left" height="15" colspan="2"Less: Net loss 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 height="15" width="19" align="left"#160;/tdtd height="15" wi dth="158" align="left"noncontrolling interestssup/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;-#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;/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;5#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;5 ;#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd 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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;(5,068)/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;119#160;/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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;4,412#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="76"#160;97#160;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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;(778)sup /sup/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49"#160;(1,218)/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="158" align="left"#160;sup/sup/tdtd height="13" width="6" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="54"#160;/tdtd height="13" width="6" align="left"#160;/tdtd height="13" style="border-top: 3 px double #000000;" align="right" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="43"#160;/tdtd height="13" width="6" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="47"#160;/tdtd height="13" width="6" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="76"#160;sup/sup/tdtd height="13" width="6" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="75" amp;#160;sup/sup/tdtd height="13" width="6" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="left" width="49"#160;/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="158" align="left"#160;sup/sup/tdtd height="13" width="6" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="6" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="left"#160;/tdtd height="13" width="6" align="left"#160 ;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="47" align="left"#160;/tdtd height="13" width="6" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="76" align="left"#160;sup/sup/tdtd height="13" width="6" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="75" align="left"#160;sup/sup/tdtd height="13" width="6" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="49" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="158" align="left"b#160;/b t;supb/b/sup/tdtd height="17" width="6" align="left"b#160;/b/tdtd width="487" align="center" colspan="19" style="border-bottom: 1px solid #000000;" height="17"bFor the Six Months Ended June 30, 2010/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="183" align="center" colspan="8" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bBusiness Segments/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="6"b#160;/b/tdtd width="201" align="center" colspa n="6" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14"bOther Activity/Reconciling Items/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="49"b#160;/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-top: 1px solid #000000;" height="14"bSingle-/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="6"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" width="43"b#160;/b/tdtd height="14" 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="14"bCapital/b/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="85" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bConsolidated/bsup/sup/tdtd height="14" 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="14"bEliminations//bsupb/b/sup/tdtd height="14" width="6" align="center"b#160;/b/tdtd width="58" align="center" height="14" 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" alig n="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"b Results/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="7" width="19" align="left"#160;/tdtd height="7" width="19" align="left"#160;/tdtd height="7" width="158" align="left"#160;sup/sup/tdtd height="7" width="6" align="left"#160;/tdtd height="7" width="9" align="right"#160;/tdtd height="7" width="54" align="center" b#160;/b/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="9" align="center"b#160;/b/tdtd height="7" width="43" align="center"b#160;/b/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="9" align="center"b#160;/b/tdtd height="7" width="47" align="center"b#160;/b/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="9" align="center"b#160;/b/tdtd height="7" width="76" align="center"b#160;/bsupb/b/sup/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="9" align="center"b#160;/b ;/tdtd height="7" width="75" align="center"b#160;/bsupb/b/sup/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="9" align="center"b#160;/b/tdtd height="7" 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"$/tdtd height="15" width="54" align="right"#160;(3,330)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="43" align="right"#160;9#160;/tdtd height="15" width="6" align="right"#160;/tdtd hei ght="15" width="9" align="right"$/tdtd height="15" width="47" align="right"#160;6,606#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="76" align="right"#160;2,521#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="75" align="right"#160;1,190#160;sup/sup/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"$/tdtd height="15" width="49" align="right"#160;6,996#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;(16,264)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" 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="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;(16,234)/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;/td td 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" style="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;(19,594)/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="43"#160;39#160;/tdtd height="15" w idth="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;6,606#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;2,521#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;" a lign="right" width="75"#160;1,190#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;(9,238)/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;3,563#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" widt h="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="43"#160;389#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;(639)/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;(2,327)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;(880) 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;106#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;4#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;(1)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/td td height="15" width="47" align="right"#160;1,571#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;(183)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;(1,202)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;189#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;(373)/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;(373)/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;-#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;(555)/tdtd height="15" width="6" align="right"#160;/tdtd height="1 5" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(24)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;(823)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;(1,402)/td/trtrtd width="196" align="left" height="15" colspan="3"Debt extinguishment 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;-#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;(183)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="76" align="right"#160;(100)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;(283)/td/tr ;trtd 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;(80)/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="1 5" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="75" align="right"#160;(4)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;(84)/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;132#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;63#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;240#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;(14)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;421#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;(826)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(192)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="47" align="right"#160;(257)/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;(1,275)/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;(84)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;51#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;(33)/td/trtrtd width="196" align="left" height="15" colspan="3"Foreclosed property expensesup/sup/tdtd height="15" width="6" align="left"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="54" align="right" p;#160;(449)/tdtd height="15" width="6" align="right"#160;/tdtd height="15" width="9" align="right"#160;/tdtd height="15" width="43" align="right"#160;(19)/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;(468)/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;(431)/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;(17)/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;118#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/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;(40)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 mp;#160;/u/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="49"#160;(370)/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;(17,685)/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;233#160;/tdtd height="15" width="6" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" widt h="9"#160;/tdtd height="15" style="border-top: 1px solid #000000;" align="right" width="47"#160;6,528#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;(127)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;(1,759)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="4 9"#160;(12,810)/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;(52)/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;15#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 lt;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="47"#160;(21)/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;(58)/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;(17,633)/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;218#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;6,549#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;(127)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;(1,759)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" wid th="49"#160;(12,752)/td/trtrtd height="15" width="19" align="left"#160;/tdtd width="177" align="left" height="15" colspan="2"Less: Net loss 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" al ign="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 height="15" width="19" align="left"#160;/tdtd height="15" width="158" align="left"noncontrolling interestssup/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;- mp;#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;/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/t dtd 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;4#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;4#160;/td/trtrtd height="15" width="19" align="left"#160;/tdtd 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 #000 000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;(17,633)/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"#160;218#160;/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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="47"#160;6,549#160;/tdtd height="15" width="6" align="right" #160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="76"#160;(127)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"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75"#160;(1,755)sup/sup/tdtd height="15" width="6" align="right"u#160;/u/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="49" amp;#160;(12,748)/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd width="732" align="left" height="17" colspan="3"__________/td/trtrtd height="5" width="26" align="left"#160;sup/sup/tdtd height="5" width="642" align="left"#160;/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="33" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="33" width="642" align="left"Column represents adjustments during the period used to reconcile segment results to consolidated results which include the eliminatio n 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 intracompany 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 income for Single-Family and HCD segments include trust management income./td lt;/tr/tablepThe following table displays our segment results under our previous segment reporting presentation for the three and six months ended June 30, 2009./ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="16" width="19" align="left"#160;/tdtd height="16" width="19" align="left"#160;/tdtd height="16" width="234" align="left"b#160;/bsupb/b/sup/tdtd height="16" width="3" align="left"b#160;/b/tdtd width="292" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="16"bFor the Three Months Ended June 30, 2009/b/td/trtrtd height="16" width="19" align="left"#160;/tdtd height="16" width="19" align="left"#160;/tdtd height="16" width="234" align="left"b#160;/b ;supb/b/sup/tdtd height="16" width="3" align="left"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-top: 1px solid #000000;" height="16"bSingle-/b/tdtd height="16" style="border-top: 1px solid #000000;" align="left" width="3"b#160;/b/tdtd height="16" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="16" style="border-top: 1px solid #000000;" align="left" width="58"b#160;/b/tdtd height="16" 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="16"bCapital/b/tdtd height="16" style="border-top: 1px solid #000000;" align="center" width="3"b#160;/b ;/tdtd height="16" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="16" style="border-top: 1px solid #000000;" align="left" width="62"b#160;/b/td/trtrtd height="16" width="19" align="left"#160;/tdtd height="16" width="19" align="left"#160;/tdtd height="16" width="234" align="left"b#160;/bsupb/b/sup/tdtd height="16" width="3" align="left"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bFamily /b/tdtd height="16" width="3" align="center"bu#160;/u/b/tdtd width="67" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bHCD /b/tdtd height=" 16" width="3" align="center"bu#160;/u/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"bMarkets /b/tdtd height="16" width="3" align="center"bu#160;/u/b/tdtd width="71" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"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)/b/td/trtrtd width="272" align="left" hei ght="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"$/tdtd height="17" width="66" align="right"#160;186#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="58" align="right"#160;(51)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="61" align="right"#160;3,600#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="62" align="right"#160;3,735#160;/td/trtrtd 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;1,865#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;164#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;(370)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;1,659#160;/td/trtrtd width="272" align="left" height="17" colspan="3"Trust management incomesup t;/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;13#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;13#160;/td/trtrtd width="272" align="left" height="17" colspan="3"Investment losses, net sup/sup/tdtd h eight="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="66" align="right"#160;(15)/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;(30)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(45)/td/trtrtd width="272" align="left" height="17" colspan="3"Net other-than-temporary impairmentssup/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;(753)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(753)/td/trtrtd width="272" align="left" height="17" colspan="3"Fair value gains, net sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" alig n="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;823#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;823#160;/td/trtrtd width="272" align="left" height="17" colspan="3"Debt extinguishment 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;(190)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(190)/td/trtrtd width="272" align="left" height="17" colspan="3"Losses from partnership investments sup/sup/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" wid th="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;(571)/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;(571)/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" align="right"#160;/tdtd height="17" width="66" align="right"#160;93#160; t;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;20#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;71#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;184#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;(338)/tdtd height="17" width="3 " align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(80)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(92)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(510)/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"#160;(17,844)/tdtd height="17" width="3" align="right"#160;/tdtd height= "17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(381)/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;(18,225)/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;" align="right" width="66"#160;(738)/tdtd height="17" width="3" align="right"u amp;#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;(14)/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;(125)/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;(877)/td/trtrtd width="272" align="left" height="17" colspan="3"Income (loss) before federal income taxessup/sup/t dtd 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;(16,778)/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;(913)/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;2,934#160;/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;(14,757)/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;(138)/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;43#160;/tdtd height="17" width="3" align="right"u#160;/u/tdtd height="17" style="border-b ottom: 1px solid #000000;" align="right" width="9"#160;/tdtd height="17" style="border-bottom: 1px solid #000000;" align="right" width="61"#160;118#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="62"#160;23#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="253" align="left" height="17" colspan="2"Net income (loss)sup/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="right" width="66"#160;(16,640)/tdtd height="17" wid th="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;(956)/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;2,816#160;/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;(14,780)/td/trtrtd height="17" width="19" align="left"#160;/tdtd width="253" align="left" height="17" colspa n="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="17" width="19" align="left"#160;/tdtd heig ht="17" width="19" align="left"#160;/tdtd height="17" width="234" align="left"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;26#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;26#160;/td/trtrtd height="18" width="19" align="left"#160;/tdtd width="253" align="left" height="18" colspan="2"Net income (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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="66"#160;(16,640)/tdtd height="18" width="3" align="right"u#160;/u/td t;td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="58"#160;(930)/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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;2,816#160;/tdtd height="18" width="3" align="right"u#160;/u/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="62"#160;(14,754)/td t;/trtrtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"#160;/tdtd height="18" width="234" align="left"#160;sup/sup/tdtd height="18" width="3" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="66"#160;/tdtd height="18" width="3" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="58"#160;/tdtd height="18" width="3" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px doub le #000000;" align="left" width="61"#160;/tdtd height="18" width="3" align="left"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="9"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="left" width="62"#160;/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 height="17" width="66" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="left"#160;/tdtd height="17" width="3" align=" left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="left"#160;/tdtd height="17" width="3" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="left"#160;/td/trtrtd height="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="234" align="left"b#160;/bsupb/b/sup/tdtd height="17" width="3" align="left"b#160;/b/tdtd width="292" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="17"bFor the Six Months Ended June 30, 2009/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"b#160;/bsupb/b/sup/tdtd height="17" width="3" align="left"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-top: 1px solid #000000;" height="17"bSingle-/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="3"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="58"b#160;/b/tdtd height="17" 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="17"bCapital/b/td t;td height="17" style="border-top: 1px solid #000000;" align="center" width="3"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="17" style="border-top: 1px solid #000000;" align="left" width="62"b#160;/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"b#160;/bsupb/b/sup/tdtd height="17" width="3" align="left"b#160;/b/tdtd width="75" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bFamily /b/tdtd height="17" width="3" align="center"bu#160;/u/b/tdtd width="67" align="center" co lspan="2" style="border-bottom: 1px solid #000000;" height="17"bHCD /b/tdtd height="17" width="3" align="center"bu#160;/u/b/tdtd width="70" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"bMarkets /b/tdtd height="17" width="3" align="center"bu#160;/u/b/tdtd width="71" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="17"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"b#160;/bsupb/b/sup/tdtd height="17" width="3" align="left"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="66"b#160;/b/tdtd height="17" width="3" align="center"bu#160;/u/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="58"b#160;/b/tdtd height="17" width="3" align="center"bu#160;/u/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="61"b#160;/b/tdtd height="17" width="3" align="center"bu#160;/u/b/tdtd he ight="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="62"b#160;/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)/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"$/tdt d height="17" width="66" align="right"#160;201#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="58" align="right"#160;(113)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="61" align="right"#160;6,895#160;/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="center"$/tdtd height="17" width="62" align="right"#160;6,983#160;/td/trtrtd 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="righ t"#160;3,831#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;322#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;(742)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;3,411#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;24#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;24#160;/td/trtrtd width="272" align="left" height="17" colspan="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;58#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;120#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;178#160;/td/trtrtd width="272" align="left" height="17" colspan="3"Net other-than-temporary impairmentssup/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" t;#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;(6,406)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(6,406)/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" w idth="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;(637)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(637)/td/trtrtd width="272" align="left" height="17" colspan="3"Debt extinguishment 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; t;/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;(269)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(269)/td/trtrtd width="272" align="left" height="17" colspan="3"Losses from partnership investments 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;(928)/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;(928)/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" align="right"#160;/tdtd height="17" width="66" align="right"#160;178#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;47#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;140#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;365#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;(658)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(171)/tdtd height="17" width="3" align ="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="61" align="right"#160;(204)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="62" align="right"#160;(1,033)/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"#160;(37,635)/tdtd height="17" width="3" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="58" align="right"#160;(924)/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;(38,559)/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;" align="right" width="66"#160;(1,480)/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="r ight" width="58"#160;(29)/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;(185)/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;(1,694)/td/trtrtd width="272" align="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;(35,481)/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;(1,796)/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;(1,288)/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;(38,565)/td/trtrtd width="272" align="left" height="17" colspan="3"Prov ision (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;(783)/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;211#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;(28)/tdtd height="17" width="3" al ign="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;(600)/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="right" width="66"#160;(34,698)/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" wi dth="58"#160;(2,007)/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;(1,260)/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;(37,965)/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="rig ht"#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="17" width="19" align="left"#160;/tdtd height="17" width="19" align="left"#160;/tdtd height="17" width="234" align="left"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;43#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;43#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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="66"#160;(34,698)/tdtd height="18" width="3" align="right"u#160;/u/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="58"# 160;(1,964)/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"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="61"#160;(1,260)/tdtd height="18" width="3" align="right"u#160;/u/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="62"#160;(37,922)/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="32" width="26" align="left"#160;sup#160;(2)/sup/tdtd height="32" width="673" align="left"The charge to Capital Markets represents an intracompany 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	6 Months Ended
Regulatory Capital Requirements	Jun. 30, 2010
Notes 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 June 30, 2010 and December 31, 2009, we had a minimum capital deficiency of $119.0#160;billion and $107.6#160;billion, respectively. Our minimum capital deficiency as of June 30, 2010 was determined based on guidance from FHFA, i n 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 senior 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 June 30, 2010 and December 31, 2009, we had a net worth deficit of $1.4#160;billion and $15.3#160;billion, respectively.br /br /The following table displays our regulatory capital classification measures as of June 30, 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# 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"bJune 30, 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/td t;td 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" w idth="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 ;td height="14" width="9" align="left"#160;/tdtd height="14" width="9" align="center"$/tdtd height="14" width="79" align="right"#160;(83,997)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"$/tdtd height="14" width="96" align="right"#160;(74,540)sup/sup/tdtd height="14" width="19" align="center"#160;/td/trtrtd width="385" align="left" height="14" colspan="2"Statutory minimum capital requirementsup#160;(3)/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="79"#160 ;34,967#160;sup/sup/tdtd height="14" width="19" align="center"#160;/tdtd height="14" width="9" align="center"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="96"#160;33,057#160;sup/sup/tdtd height="14" width="19" align="center"#160;/td/trtrtd width="385" align="left" height="14" colspan="2"Deficit of core capital over statutory minimum capital requirement sup/sup/tdtd height="14" width="9" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="79"#16 0;(118,964)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"(340.2)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;/tdtd he ight="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 June 30, 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	6 Months Ended
Concentrations of Credit Risk	Jun. 30, 2010
Notes to Consolidated Financial Statements
Concentrations of Credit Risk	div style="font-size:12pt"p15. Concentration of Credit Riskbr /br /Mortgage Seller/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 June 30, 2010 and December 31, 2009. Our ten largest multifamily mortgage servicers including their affiliates serviced 71% of our multifamily guaranty book of business as of June 30, 2010, compared with 75% as of December 31, 2009.br /br /If one of our principal mortgage seller/servicers fails to meet its obligations to us, it could increase ou r credit-related expenses and 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 $100.4 billion on the single-family mortgage loans in our guaranty book of business as of June 30, 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 represented $95.1#160;billion and $5.3#160;billion, respectively, as of June 30, 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 ou r mortgage insurance as of June 30, 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 June 30, 2010, our allowance for loan losses of $60.6 billion, allowance for accrued interest receivable of $4.8 billion and reserve for guaranty losses of $246 million incorporated an estimated recovery amo unt of approximately $16.6 billion 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 $18.3 billion as of June 30, 2010 and an adjustment of $1.6 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 $3.6 billion in #8220;Other assets#8221; in our condensed consolidated balance sheet as of June 30, 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 $105 million as of June 30, 2010 and $51 million as of December 31, 2009 in #8220;Other assets.#8221; These mortgage i nsurance receivables 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 June 30, 2010 and December 31, 2009. We received proceeds under our primary and pool mortgage insurance policies for single-family loans of $1.5 billion and $3.0 billion for the three and six months of June 30, 2010, respectively, and $3.6 billion for the year ended December 31, 2009. We negotiated the cancellation and restructurings of some of our mortgage insurance coverage in exchange for a fee.#160; The cash fees received of $335 million and $773 million for the three and six months ended June 30, 2010, respectively, and $668 million as of December 31, 2009 are included in our total insurance proceeds amount.br /br /Financial Guarantors.#160;#160;We were the beneficiary of financial guarantees totaling $9.2#160;billion and $9.6 billion as of June 30 , 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 eight financial guaranty insurance companies as of June 30, 2010. In addition, we are the beneficiary of financial guarantees totaling $30.6#160;billion and $51.3 billion as of June 30, 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 se curities 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. We considered the financial strength of our financial guarantors in assessing our securities for other-than-temporary impairment.br /br /Lenders with Risk Sharing. We enter into risk sharing agreements with lenders pursuant to which the lenders agree to bear all or some portion of the credit losses on the covered loans. Our maximum potential loss recovery from lenders under these risk sharing agreements on single-family loans was $17.0 billion as of June 30, 2010 and $18.3 billion as of December 31, 2009. As of June 30, 2010, 56% of our maximum potential loss recovery on single-family loans was from three lenders. As of December 31, 2009, 53% of our maximum potential loss recovery on single-family loans was from three lenders. Our maximum potential loss recovery from lenders under these risk sharing agreements on multifamily loans was $29.7 billion as of June 30, 2010 and $28.7 billion as of December 31, 2009. As of June 30, 2010, 42% of our maximum potential loss recovery on multifamily loans was from three lenders. As of December 31, 2009, 51% of our maximum potential loss recovery on multifamily loans was from three lenders.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	6 Months Ended
Fair Value	Jun. 30, 2010
Notes 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. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. For the three months ended 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 June 30, 2010 and December 31, 2009. Specifically, total assets measured at fair value on a recurring basis and classified as Level#160;3 were $37.6 billion, or 1% of #8220;Total assets,#8221; and $47.7#160;billion, or 5% of #8220;Total assets,#8221; in our condensed consolidated balance sheets as of June 30, 2010 and December 31, 2009, respectively./ptable 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="214" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="432" align="center" colspan="15" style="border-bottom: 1px solid #000000;" height="12"bFair Value Measurements as of June 30, 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="214" 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#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="64"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 #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="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="le ft"b#160;/b/tdtd height="12" width="214" 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="64" 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="cen ter"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="214" 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="73" 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;/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" lt;b#160;/b/tdtd height="12" width="214" 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="73" 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="214" 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 heigh t="12" width="12" align="center"b#160;/b/tdtd width="73" 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" 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="214" align="le ft"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="73" 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"b Estimated/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="214" 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="73" align="center" colspan="2" style="border-bottom: 1px solid #0 00000;" 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="214" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd width ="423" align="center" height="12" colspan="14"b(Dollars in millions)/b/td/trtrtd width="250" 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="64" 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 gt;/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd height="12" width="59" align="right"#160;/td/trtrtd width="250" align="left" height="12" colspan="4"Cash equivalentssup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="55" align="right"#160;14,398#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="56" align="right"#160;2,000#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"$/tdtd height="12" width="64" 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;16,398#160;/td/trtrtd width="250" 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" wi dth="9" align="center"#160;/tdtd height="12" width="64" 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="238" 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;/td td 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="64" 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="226" align="left" height="12" colspan="2"Fannie Maesup/sup/td gt;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;7,679#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;58#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;/td lt;td height="12" width="59" align="right"#160;7,737#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;1,984#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;1,988#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;/td gt;td height="12" width="56" align="right"#160;521#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;521#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;1,290#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;119#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;/td gt;td height="12" width="59" align="right"#160;1,409#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="64" align="right"#160;1,645#160;/tdtd hei ght="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;1,645#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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" t;#160;/tdtd height="12" width="56" align="right"#160;10,428#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;10,428#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;-#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;650#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;650#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="64" align="right"#160;160#160;/tdtd height="12" width="1 2" 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;160#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="238" 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 height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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="226" align="left" height="12" colspan="2"U.S. Treasury securitiessup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" a lign="center"#160;/tdtd height="12" width="55" align="right"#160;45,712#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="64" 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;45,712#160;/td/trtr td height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" align="left" height="12" colspan="2"Asset-backed 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;-#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;7,079#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="64"#160;24#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;7,103#160;/td/trtrtd width="250" 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;45,712#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;28,981#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="64"#160;2,660#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;77,353#160;/td/trtrtd width="250" 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; t;/tdtd height="12" width="64" 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="238" 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="ce nter"#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="64" 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="226" 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;28,261#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;53#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="r ight"#160;28,314#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;20,469#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;21#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;20,490#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="56" align="right"#160;1,130#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;125#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;1,255#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" align="left" height="12" colspan="2"Alt-A private-label securitiessup/sup/tdtd height="12" wi dth="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;6,704#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;7,777#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" wid th="59" align="right"#160;14,481#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="64" align="right"#160;10,255#160;/tdtd height="12" width="12" ali gn="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;10,255#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;/td ;td height="12" width="56" align="right"#160;14,514#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;14,514#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" align="left" height="12" colspan="2"Mortgage revenue bondssup/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;14#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;12,428#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;/td lt;td height="12" width="59" align="right"#160;12,442#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;19#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" styl e="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="right" width="64"#160;3,890#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;3,909#160;/td/trtrtd width="250" align="left" height="12" colspan="4"Total available-for-sale securitiessup/sup/tdtd height="12" width="12" align="le ft"#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;71,111#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="64"#160;34,549#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="center" width="9"#160;/td t;td 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;105,660#160;/td/trtrtd width="250" 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;/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="64" 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="238" 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="lef t"#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="64" 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="226" align="left" height="12" colspan="2"Swapssup t;/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;13,020#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;201#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" t;#160;/tdtd height="12" width="59" align="right"#160;13,221#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;7,927#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;7,927#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" align="left" height="12" colspan="2"Interest rate capssup/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;30#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;30#160;/td/trtrtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd width="226" align="left" height="14" colspan="2"Othersup/sup lt;/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="64" align="right"#160;111#160;/tdtd height="14" width="12" align="left"#160;/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;/td gt;td height="14" width="59" align="right"#160;111#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="64" align="right"#160;-#160;/tdtd height="12" width="12" a lign="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="70" align="right"#160;(20,579)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;(20,579)/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="238" 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;489#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="64"#160;25#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;514#160;/td/trtrtd width="250" 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 height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;21,466#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="64"#160;337#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;(20,579)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;1,224#160;/td/trtrtd width="250" 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;/td lt;td 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="64"#160;15#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;15#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="55"#160;60,110#160;/tdtd height="12" width="12" align="left"#160;/tdtd heig ht="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;123,558#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"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="64"#160;37,561#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(20,579)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;200,650#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="214" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="432" align="center" colspan="15" style="border-bottom: 1px solid #000000;" height="12"bFair Value Measurements as of June 30, 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="214" 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#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 he ight="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="64"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 #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="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="214" 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="64" align="center"b#160;/b/td t;td 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="214" align="left"b#160;/bsupb/b/sup/tdtd height="12" width="12" align="left"b#160;/b/tdt d 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="73" 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;/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 t;/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="214" 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="73" align="center" height="12" colspan="2"bSignificant/b/tdtd height="12" width="12" align="center"b#160;/b/td gt;td 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="214" 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="73" 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" 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" p;#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"b#160;/b/tdtd height="12" width="214" 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="73" 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/b ;supb/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="214" 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="73" 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= "214" align="left"#160;sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left"#160;/tdtd width="423" 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="214" align="left"#160;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="64" 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="250" 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"#16 0;/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="64" 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="250" align="left" height="12" colspan="4"Long-term debtsup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="left" mp;#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="64" 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="238" 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="64" 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="cente r"#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="226" align="left" height="12" colspan="2"Senior fixedsup/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;497#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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;497#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" align="left" height="12" colspan="2"Senior floatingsup/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" ali gn="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;2,182#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="64"#160;585#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;2,767#160;/td/trtrtd width="250" 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;2,679#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="cent er" width="9"#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="64"#160;585#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;3,264#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="238" 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;206#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="64"#160;105#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/td ;td 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;311#160;/td/trtrtd width="250" 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;/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" t;#160;/tdtd height="12" style="border-top: 1px solid #000000;" align="right" width="56"#160;2,885#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="64"#160;690#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 ;3,575#160;/td/trtrtd width="250" 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="64" 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" alig n="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="238" 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="64" align="right"#160;/tdtd height="12" width="12" align="le ft"#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="226" 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" a lign="right"#160;25,584#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" align="right"#160;110#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;25,694#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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;824#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="center"#160;/tdtd height="12" width="64" 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" amp;#160;824#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="64" 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;(25,485)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;(25,485)/td/trtrtd height="12" width="12" align="left"#160;/tdtd width="238" 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;659#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="64"#160;1#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" wi dth="59"#160;660#160;/td/trtrtd width="250" 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;27,067#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="64"#160;111#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;(25,485)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;1,693#160;/td/trtrtd width="250" align="left" height="14" colspan="4"Other liabilities sup/sup/tdtd height="14" width="12" 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="55"#160;-#160;/tdtd height="14" width="12" 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="56"#160;8#160;/tdtd height="14" width="12" 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="64"#160;-#160;/tdtd height="14" width="12" 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="70"#160;-#160;sup/sup/tdtd height="14" width="12" align="left" gt;#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="59"#160;8#160;/td/trtrtd height="12" width="12" align="left"#160;/tdtd height="12" width="12" align="left"#160;/tdtd width="226" 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="border-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"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="56"#160;29,960#160;/tdtd height="12" width="12" align="left"#160;/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="64"#160;801#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"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(25,485)sup/sup/tdtd height="12" width="12" align="left"#160;/tdtd height ="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="12" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="59"#160;5,276#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="215" align="left"b#160;/bsupb/b/sup/tdtd height="11" width="12" align="left"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 hei ght="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="215" 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 #000000;" 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-top: 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" widt h="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="215" 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#160;/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" width="215" 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"b gt;Active/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" a lign="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="215" 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/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="215" 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"bIdentical/b/tdtd height="11" width="12" align="center" t;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" gt;#160;/tdtd height="11" width="12" align="left"b#160;/b/tdtd height="11" width="215" 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"bInputs/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="215" 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/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="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="12" align="left"#160;/tdtd height="11" width="215" align="left"#160;sup/sup/t dtd 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="251" 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" mp;#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="251" 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="cent er"#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="239" 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="227" align="left" height="13" colspan="2"Fannie Maesup/sup/tdtd height="1 3" 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;74,7 50#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="227" 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"#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="227" 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"#1 60;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="227" align="left" height="13" colspan="2"Alt-A private-label 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;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;1,3 55#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="227" align="left" height="13" colspan="2"Subprime private-label 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;-#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="227" 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="rig ht"#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="227" 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" amp;#160;600#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="227" 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" align="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="239" 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" gt;#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="227" align="left" height="13" colspan="2"Asset-backed 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;/t dtd height="13" width="12" align="left"#160;/tdtd width="227" 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"#1 60;-#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="227" 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 heig ht="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="251" 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;/t dtd 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="251" 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; t;/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="239" 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/trtr lt;td height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="227" 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 height="13" width="61" align="right"#160;596#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/td t;td 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="227" 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;27,442#160;/tdtd heig ht="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;/tdtd width="227" align="left" height="13" colspan="2"Ginnie Maesup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="ce nter"#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" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;1,353#160;/td/trtr td height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="227" align="left" height="13" colspan="2"Alt-A private-label 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;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="227" align="left" height="13" colspan="2"Subprime private-label 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; - -#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 width="227" 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"#160;/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="227" 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" width="61" align="right"#160;12,820#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" ali gn="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="227" 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" width="55"#160;-#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-bottom: 1px sol id #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="251" 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="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;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="251" align="left" height="13" colspan="4"Derivative assetssup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="55" align="right" t;#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="251" align="left" height="13" colspan="4"Guaranty assets and bu y-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="227" 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 heig ht="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 height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="cen ter" 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="251" 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;/tdtd 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="borde r-top: 3px double #000000;" align="right" width="59"#160;/td/trtrtd width="251" 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; t;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="251" 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"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="61" align="right"#160;27#160;/td t;td 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="251" 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="cent er" 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="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;270#160;/td/trtrtd height="13" width="12" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd width="227" 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" width="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"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;(22,813)sup/sup/tdtd height="13" width="12" align="left"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px doub le #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="26" width="26" align="left"#160;sup#160;(1)/sup/tdtd height="26" 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 collateral. /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 and six months ended June 30, 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 and six months ended June 30, 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;/tdtd height="8" width="10" align="left"#160;/tdtd height="8" width="10" align="left"#160;/tdtd heig ht="8" width="10" align="left"#160;/tdtd height="8" width="79" align="left"#160;/tdtd height="8" width="7" align="left"b#160;/b/tdtd width="559" align="center" height="8" colspan="25"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/tdtd height="8" width="15" align="center"b#160;/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="79" align="left"b#160;/b/tdtd height="8" style="border-bottom: 1px solid #000000;" align="left" width="7"b#160;/b /tdtd width="559" align="center" colspan="25" style="border-bottom: 1px solid #000000;" height="8"bFor the Three Months Ended June 30, 2010/b/tdtd height="8" width="15" align="center"b#160;/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="79" align="left"b#160;/b/tdtd height="8" width="7" align="left"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="58" align="center"b#160;/b/tdtd height="8" width="6" align="center" ;b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="38" align="center"b#160;/b/tdtd height="8" width="6" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="58" align="center"b#160;/b/tdtd height="8" width="6" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="44" align="center"b#160;/b/tdtd height="8" width="6" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="34" align="center"b#160;/bsupb/b/sup/ tdtd height="8" width="6" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="49" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="6" align="center"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="46" align="center"b#160;/b/tdtd height="8" width="6" align="center"b#160;/b/tdtd rowspan="3" height="56" colspan="2" align="center" width="77"bNet Unrealized Gains (Losses) Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2010/b/tdtd height="8" width="15" align="center"b#160;/bsupb/b/sup/td/trtr td height="24" width="10" align="left"#160;/tdtd height="24" width="10" align="left"#160;/tdtd height="24" width="10" align="left"b#160;/b/tdtd height="24" width="10" align="left"b#160;/b/tdtd height="24" width="79" align="left"b#160;/b/tdtd height="24" width="7" align="left"b#160;/b/tdtd height="24" width="7" align="left"#160;/tdtd height="24" width="58" align="left"b#160;/b/tdtd height="24" width="6" align="left"b#160;/b/tdtd width="116" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="24"bTotal Gains or (Losses) (Realized/Unrealized)/b/tdtd height="24" width="6" align="center"b#160;/b/tdtd rowspan="2" height="48" colspan="2" align ="center" width="51"bPurchases, Sales, Issuances, and Settlements, net/b/tdtd height="24" width="6" align="center"b#160;/b/tdtd height="24" width="7" align="center"b#160;/b/tdtd height="24" width="34" align="center"b#160;/bsupb/b/sup/tdtd height="24" width="6" align="center"b#160;/b/tdtd height="24" width="7" align="center"b#160;/b/tdtd height="24" width="49" align="center"b#160;/bsupb/b/sup/tdtd height="24" width="6" align="center"b#160;/b/tdtd height="24" width="7" align="center"b#160;/b/tdtd height="24" width="46" align="center"b#160;/b/tdtd height="24" width="6" align="center" ;b#160;/b/tdtd height="24" width="15" align="center"b#160;/bsupb/b/sup/td/trtrtd height="24" width="10" align="left"#160;/tdtd height="24" width="10" align="left"#160;/tdtd height="24" width="10" align="left"b#160;/b/tdtd height="24" width="10" align="left"b#160;/b/tdtd height="24" width="79" align="left"b#160;/b/tdtd height="24" width="7" align="left"b#160;/b/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="24"bBalance, April 1, 2010/b/tdtd height="24" 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="24"bIncluded in Net Loss/b/tdtd height="24" 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="24"bIncluded in Other Comprehensive Loss/b/tdtd height="24" width="6" align="center"b#160;/b/tdtd height="24" width="6" align="left"b#160;/b/tdtd width="41" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="24"bTransfers out of Level 3/bsupb(1)/b/sup/tdtd height="24" widt h="6" align="left"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="24"bTransfers into Level 3/bsupb(1)/b/sup/tdtd height="24" width="6" align="left"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="24"bBalance, June 30, 2010/b/tdtd height="24" width="6" align="left"#160;/tdtd height="24" width="15" align="center"b#160;/bsupb(2)/b/sup/td/trtrtd height="9" width="10" align="left"#160;/tdtd height="9" width="10" align="left"#160;/tdtd height="9" width="10" align="left"#160;/tdtd height="9" width="10" align="left"#160;/tdtd height="9" width="79" align="lef t"#160;/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="559" align="center" height="9" colspan="25"b(Dollars in millions)/b/tdtd height="9" width="15" align="center"b#160;/bsupb/b/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Trading securities:/tdtd height="14" width="7" 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="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" a lign="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 height ="14" width="70" align="left"#160;/tdtd height="14" width="15" align="left"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="109" align="left" height="14" colspan="4"Mortgage-related:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" ali gn="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="left"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup ;/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Fannie Mae/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="58" align="right"#160;4,076#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="38" align="right"#160;(34)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="44" al ign="right"#160;(111)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="34" align="right"#160;(3,873)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/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"$/tdtd height="14" width="46" align="right"#160;58#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="70" align="right"#160;(2)/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Freddie Mac/tdtd height="14" width="7" align="left"#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="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 ;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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;4#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;4#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/tr trtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Alt-A private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right" #160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="89" align="left" height="14" colspan="2"securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;153#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;9#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="1 4" width="44" align="right"#160;(12)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="right"#160;(99)sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="49" align="right"#160;68#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="right"#160;119#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="70" align="right"#160;4#160;/tdtd height="14" width="15" align="right"#160;sup/sup lt;/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Subprime private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" alig n="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="right"#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="right"#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="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" a lign="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="89" align="left" height="14" colspan="2"#160;securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;1,683#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;26#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160; /tdtd height="14" width="44" align="right"#160;(64)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="right"#160;-#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="right"#160;-#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="right"#160;1,645#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="70" align="right"#160;25#160;/tdtd height="14" width="15" align="right" mp;#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;611#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;49#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;(10)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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" align="right"#160;650#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;49#160;/tdtd hei ght="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Other/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;158#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;3#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;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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" align="right"#160;160#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;3#160; t;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="109" align="left" height="14" colspan="4"Non-mortgage-related:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdt d height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/tr trtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Asset-backed securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;43#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;1#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;(13)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#160;(7)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" align="right"#160;24#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;1#160;/tdtd height="14" width="15" align="right"#160;sup/sup t;/td/trtrtd width="119" align="left" height="14" colspan="5"Total trading securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;6,724#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;54#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width ="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="44"#160;(211)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="34"#160;(3,979)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid # 000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;72#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="46"#160;2,660#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="70"#160;80#160;/tdtd height="14" width="15" align="ri ght"#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="79" align="left"#160;/tdtd height="14" width="7" align="left"#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="58"#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" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="58"#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="44"#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="34"#160;sup/sup/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 s olid #000000;" align="right" width="49"#160;sup/sup/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="46"#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="70"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Available-for-sale securities:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" a lign="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" wi dth="49" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="109" align="left" height="14" colspan="4"Mortgage-related:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height=" 14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" align="right" p;#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Fannie Mae/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;217#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/t dtd height="14" width="38" align="right"#160;1#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;3#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;(85)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#160;(119)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;36#160;sup/sup/tdtd height="14" width="6" align="right"#1 60;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;53#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Freddie Mac/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;30#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right" gt;#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;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;(8)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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="ri ght"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;21#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Ginnie Mae/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;123#160;/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;3#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;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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" align="right"#160;125#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Alt-A private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd h eight="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" align="right" #160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="89" align="left" height="14" colspan="2"#160;securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;8,517#160;/tdtd height="14" width="6" align="left" t;#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;23#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;467#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;(363)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="right"#160;(1,245)sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="49" align="right"#160;378#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="right"#160;7,777#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Subprime private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="right"#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="right"#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="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="89" align="left" height="14" colspan="2"#160;securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;10,511#160;/tdtd hei ght="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;78#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;122#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;(456)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="34" align="right"#160;-#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=" right"#160;-#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="right"#160;10,255#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;12,5 59#160;/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;270#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;(401)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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;/t dtd 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" align="right"#160;12,428#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Other/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" al ign="right"#160;3,873#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;144#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;(126)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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" align="right"#160;3,890#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Total available-for-sale /tdtd height="14" width="7" align="left"#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="58 "#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"#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 solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="44"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="righ t" width="7"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="34"#160;sup/sup/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="49"#160;sup/sup/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="46"#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=" 70"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="109" align="left" height="14" colspan="4"securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;35,830#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;101#160;/tdtd height="1 4" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;1,008#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="44"#160;(1,440)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="34" #160;(1,364)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;414#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="46"#160;34,549#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" sty le="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="70"#160;-#160;/tdtd height="14" width="15" align="right"#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="79" align="left"#160;/tdtd height="14" width="7" align="left"#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="58"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="7"#160;/t dtd 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" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="58"#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="44"#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="34"#160;sup/sup/tdtd height="14" width="6" align="right" mp;#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="49"#160;sup/sup/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="46"#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="70"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Net derivatives/tdtd heig ht="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;140#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;132#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;(41)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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;(5)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;226#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;97#160;/tdtd height="14" width="15" align="right"#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;/td ;td height="14" width="10" align="left"#160;/tdtd height="14" width="79" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Guaranty assets and buy-ups/tdtd height="14" width="7" align="left" #160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;11#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;3#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;1#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;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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" align="right"#160;15#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;2#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Long-term debt:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd hei ght="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/td td height="14" width="49" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="109" align="left" height="14" colspan="4"Of Fannie Mae:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="right"#160;/td gt;td height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="34" align="right"#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;sup/sup/tdtd height="14" width="6" al ign="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="99" align="left" height="14" colspan="3"Senior floating /tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;(582)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right" #160;/tdtd height="14" width="38" align="right"#160;(3)/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;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#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" alig n="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;(585)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="70" align="right"#160;(3)/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="109" align="left" height="14" colspan="4"Of consolidated trusts/tdtd height="14" width="7" align="left"#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="58"#160;(71)/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;8#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="58"#160;-#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="44"#160;(38)/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 so lid #000000;" align="right" width="34"#160;2#160;sup/sup/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="49"#160;(6)sup/sup/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="46"#160;(105)/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="70"#160;8#160;/tdtd height="14" width=" 15" align="right"#160;sup/sup/td/trtrtd width="119" align="left" height="14" colspan="5"Total long-term debt /tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;(653)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;5#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000; " align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="44"#160;(38)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="34"#160;2#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000 000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;(6)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="46"#160;(690)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="70"#160;5#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td t;/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd 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="625" align="center" height="8" colspan="31"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/tdtd height="8" width="15" align="center"b#160;/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#1 60;/b/tdtd height="8" width="76" align="left"b#160;/b/tdtd width="625" align="center" colspan="31" style="border-bottom: 1px solid #000000;" height="8"bFor the Six Months Ended June 30, 2010/b/tdtd height="8" width="15" align="center"b#160;/bsupb/b/sup/td/trtrtd height="7" width="10" align="left"#160;/tdtd height="7" width="10" align="left"#160;/tdtd height="7" width="10" align="left"b#160;/b/tdtd height="7" width="10" align="left"b#160;/b/tdtd height="7" width="76" align="left"b#160;/b/tdtd height="7" width="7" align="left"b#160;/b/tdtd height="7" width="56" align="left"b#160;/b/tdtd height="7" width="6" align="le ft"b#160;/b/tdtd height="7" width="7" align="left"b#160;/b/tdtd height="7" width="51" align="left"b#160;/b/tdtd height="7" width="7" align="left"b#160;/b/tdtd height="7" width="7" align="center"b#160;/b/tdtd height="7" width="38" align="center"b#160;/b/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="7" align="center"b#160;/b/tdtd height="7" width="58" align="center"b#160;/b/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="7" align="center"b#160;/b/tdtd height="7" width="44" align="center"b#160;/b/tdtd height="7" width="6" alig n="center"b#160;/b/tdtd height="7" width="7" align="center"b#160;/b/tdtd height="7" width="43" align="center"b#160;/bsupb/b/sup/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="7" align="center"b#160;/b/tdtd height="7" width="49" align="center"b#160;/bsupb/b/sup/tdtd height="7" width="6" align="center"b#160;/b/tdtd height="7" width="7" align="center"b#160;/b/tdtd height="7" width="46" align="center"b#160;/b/tdtd height="7" width="6" align="center"b#160;/b/tdtd rowspan="3" height="50" colspan="2" align="center" width="71"bNet Unrealized Gains (Losse s) Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2010/b/tdtd height="7" width="15" align="center"b#160;/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="56" align="left"b#160;/b/tdtd height="16" width="6" align="left"b#160;/b/tdtd height="16" width="7" align="left"#160;/tdtd height="16" width="51" align="left" b#160;/b/tdtd height="16" width="7" align="left"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 rowspan="2" height="43" colspan="2" align="center" width="51"bPurchases, Sales, Issuances, and Settlements, net/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="43" 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 h eight="16" width="49" 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="46" align="center"b#160;/b/tdtd height="16" width="6" align="center"b#160;/b/tdtd height="16" width="15" align="center"b#160;/bsupb/b/sup/td/trtrtd height="27" width="10" align="left"#160;/tdtd height="27" width="10" align="left"#160;/tdtd height="27" width="10" align="left"b#160;/b/tdtd height="27" width="10" align="left"b#160;/b/tdtd height="27" width="76" align="left"b#160;/b/tdtd wi dth="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="27"bBalance, December 31, 2009/b/tdtd height="27" width="6" align="center"b#160;/b/tdtd width="58" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="27"bImpact of New Accounting Standards/b/tdtd height="27" width="7" align="left"b#160;/b/tdtd width="45" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="27"bIncluded in Net Loss/b/tdtd height="27" 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="27"bIncluded in Other Comprehensive Loss/b/tdtd height="27" width="6" a lign="center"b#160;/b/tdtd height="27" width="6" align="left"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="27"bTransfers out of Level 3/bsupb(1)/b/sup/tdtd height="27" width="6" align="left"b#160;/b/tdtd width="56" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="27"bTransfers into Level 3/bsupb(1)/b/sup/tdtd height="27" width="6" align="left"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="27"bBalance, June 30, 2010/b/tdtd height="27" width="6" align="left"#160;/tdtd height="27" width="15" align="center"b#160;/bsup ;b(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="625" align="center" height="8" colspan="31"b(Dollars in millions)/b/tdtd height="8" width="15" align="center"b#160;/bsupb/b/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Trading securities:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" 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="7" 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="43" 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 height="14" width="64" align="left"#160;/tdtd height="14" width="15" align="left"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"Mortgage-related:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" 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="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="1 4" width="49" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="left"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Fannie Mae/tdtd height="14" width="7" align="right"$/tdtd height="14" width="56" align="right"#160;5,656#160;/tdtd height="14" width="6" align="left"#160;/tdtd height ="14" width="7" align="right"$/tdtd height="14" width="51" align="right"#160;(2)/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="38" align="right"#160;4#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="44" align="right"#160;(242)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="43" align="right"#160;(5,363)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd heigh t="14" width="7" align="right"$/tdtd height="14" width="49" align="right"#160;5#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="46" align="right"#160;58#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"$/tdtd height="14" width="64" align="right"#160;(2)/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Freddie Mac/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;-#160;/td ;td height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" align="left"#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;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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;4#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;4#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3" t;Alt-A private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"# 160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="86" align="left" height="14" colspan="2"securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;564#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;62#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;32#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="left"#160;/td td height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;(48)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="43" align="right"#160;(589)sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="49" align="right"#160;98#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="right"#160;119#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="64" align="right"#160;10#160;/td lt;td height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Subprime private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" wi dth="58" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="43" align="right"#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="right"#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="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/td t;td height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="86" align="left" height="14" colspan="2"#160;securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;1,780#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;- amp;#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;-#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;(135)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="43" align="right"#160;-#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="right"#160;-#160;sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#16 0;/tdtd height="14" width="46" align="right"#160;1,645#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;600#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" wi dth="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;99#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;(49)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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" align="right"#160;650#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;96#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Other/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;154#160;/tdtd height="14" width="6" align="left"#160;/td lt;td height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;8#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)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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" align="right"#160;160#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;8#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"Non-mortgage-related:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align= "right"#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="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"# 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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Asset-backed securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;107#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" align="left"#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;(49)/tdtd height="14" width="6" align="right"# 160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#160;(47)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;13#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;24#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;2#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Total tradi ng securities/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="56"#160;8,861#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="51"#160;60#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;143#160; lt;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="44"#160;(525)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="r ight" width="43"#160;(5,999)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;120#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="46"#160;2,660#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/td ;td height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="64"#160;114#160;/tdtd height="14" width="15" align="right"#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="right" width="56"#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 s olid #000000;" align="left" width="51"#160;/tdtd height="14" width="7" align="left"#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" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="58"#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="44"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #00000 0;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="43"#160;sup/sup/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="49"#160;sup/sup/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="46"#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="64" ;#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Available-for-sale securities:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#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="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#1 60;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" w idth="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"Mortgage-related:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#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="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right "#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd h eight="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Fannie Mae/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="56" align="right"#160;596#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="51" align="right"#160;(203)/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height= "14" width="58" align="right"#160;4#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;82#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#160;(463)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;38#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;53#160;/tdtd height="14" width="6" align="right"#160;/td td height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Freddie Mac/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;27#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" align="left"#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;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;(11)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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;6#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right" #160;/tdtd height="14" width="46" align="right"#160;21#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Ginnie Mae/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;123#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" al ign="left"#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;3#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;(1)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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"#1 60;-#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;125#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Alt-A private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height ="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdt d height="14" width="7" align="right"#160;/tdtd height="14" width="49" align="right"#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="86" align="left" height="14" colspan="2"#160;securities/tdtd height="14" width="7" align="left"#160;/td t;td height="14" width="56" align="right"#160;8,312#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;471#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;19#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;734#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;(675)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="43" align="right"#160;(2,256)sup/sup/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="49" align="right"#160;1,172#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="right"#160;7,777#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left" ;#160;/tdtd width="96" align="left" height="14" colspan="3"Subprime private-label/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right" gt;#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="43" align="right"#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="right"#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="right"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#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 width="86" align="left" height="14" colspan="2"#160;securities/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;10,746#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;(118)/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="38" align="right"#160;(10)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="58" align="right"#160;585#160;/td t;td height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="44" align="right"#160;(948)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="43" align="right"#160;-#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="right"#160;-#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="right"#160;10,255#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/td td height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;12,820#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;21#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;(1)/tdtd height="14" width="6" align="right" ;#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;503#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;(915)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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" align="rig ht"#160;12,428#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd width="96" align="left" height="14" colspan="3"Other/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;3,530#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;366#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;(6)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="58" align="right"#160;254#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;(254)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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 he ight="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;3,890#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;-#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" 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="56"#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="left" width="7"#160;/td ;td height="14" style="border-bottom: 1px solid #000000;" align="right" width="51"#160;/tdtd height="14" width="7" align="left"#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"#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 solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="44"#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="43"#160;sup/sup/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="49"#160;sup/sup/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="46"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="7"#160;/td t;td height="14" style="border-bottom: 1px solid #000000;" align="right" width="64"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"securities/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="56"#160;36,154#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="51"#160;537#160;/td ;td height="14" width="7" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;1#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="58"#160;2,082#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right " width="44"#160;(2,722)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;(2,719)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;1,216#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height ="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="46"#160;34,549#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="64"#160;-#160;/tdtd height="14" width="15" align="right"#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="right" width="56"#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="right" width="51"#160;/tdtd height="14" width="7" align="left"#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" width="7"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="58"#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="44"#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="43"#160;sup/sup/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="49"#160;sup/sup/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="46"#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="64"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Net derivatives/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;123#160;/tdtd height="14" width="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;-#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;167#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;(59)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" 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;(5)sup/sup/tdtd height="14" wi dth="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;226#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;89#160;/tdtd height="14" width="15" align="right"#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" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width="6" align ="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Guaranty assets and buy-ups/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;2,577#160;/tdtd height="14" width="6" align="left"#160;/td gt;td height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;(2,568)/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#160;3#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;1#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"#160;/tdtd height="14" width="43" align="right"#160;-#160;sup/sup/tdt d 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" align="right"#160;15#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;4#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Long-term debt:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width="6" align ="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"Of Fannie Mae:/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="56" align="right"#160;/tdtd height="14" width ="6" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="51" align="right"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="38" align="right"#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;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="44" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="43" align="right"#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;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="46" align="right"#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="64" align="right"#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd height="13" width="10" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd width="96" align="left" height="13" colspan="3"Senior floating /tdtd height="13" width="7" align="left"#160;/tdtd height= "13" width="56" align="right"#160;(601)/tdtd height="13" width="6" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="51" align="right"#160;-#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="38" align="right"#160;11#160;/tdtd height="13" width="6" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="58" align="right"#160;-#160;/tdtd height="13" width="6" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="44" align="right"#160;5#160;/tdtd height="13" width="6" align="right"#160;/tdtd height="13" width="7" align="right" amp;#160;/tdtd height="13" width="43" align="right"#160;-#160;sup/sup/tdtd height="13" width="6" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="49" align="right"#160;-#160;sup/sup/tdtd height="13" width="6" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="46" align="right"#160;(585)/tdtd height="13" width="6" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="64" align="right"#160;12#160;/tdtd height="13" width="15" align="right"#160;sup/sup/td/trtrtd height="14" width="10" align="left"#160;/tdtd width="106" align="left" height="14" colspan="4"Of con solidated trusts/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="56"#160;-#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;(77)/tdtd height="14" width="7" align="left"#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;7#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="58"#160;-#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="44"#160;(38)/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="43"#160;11#160;sup/sup/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="49"#160;(8)sup/sup gt;/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="46"#160;(105)/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="64"#160;6#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/trtrtd width="116" align="left" height="14" colspan="5"Total long-term debt /tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000 ;" align="right" width="56"#160;(601)/tdtd height="14" width="6" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="51"#160;(77)/tdtd height="14" width="7" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;18#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid # 000000;" align="right" width="58"#160;-#160;/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="44"#160;(33)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;11#160;sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px so lid #000000;border-bottom: 1px solid #000000;" align="right" width="49"#160;(8)sup/sup/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="46"#160;(690)/tdtd height="14" width="6" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="7"$/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="64"#160;18#160;/tdtd height="14" width="15" align="right"#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="116" align="left"#160;/tdtd width="525" align="center" height="17" colspan="21"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/bsup/sup/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"b#160;/b/tdtd height="17" width="11" align="left"b#160;/b/tdtd height="17" width="116" align="left"b#160;/b/tdtd width="525" align="center" colspan="21" style="border-bottom: 1px solid #000000;" height="17" lt;bFor the Three Months Ended June 30, 2009/bsup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="116" align="left"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="43"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="139" align="center" colspan="5" style="border-top: 1px solid #000000;" height="14"b#160;/b/td gt;td height="14" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="52"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="41"b#160;/bsupb/b/sup/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12" ;b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="43"b#160;/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="10"b#160;/b/tdtd width="85" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bNet Unrealized/bsup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="116" align="left"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#1 60;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="139" align="center" height="14" colspan="5"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="52" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="41" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#160 ;/b/tdtd height="14" width="10" align="center"b#160;/b/tdtd width="85" align="center" height="14" colspan="2"bGains (Losses)/bsup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="116" align="left"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="139" align="center" height="14" colspan="5"bTotal Gains or (Losses)/b/t dtd height="14" width="9" align="center"b#160;/b/tdtd width="64" align="center" height="14" colspan="2"bPurchases/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="41" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#160;/b/tdtd height="14" width="10" align="center"b#160;/b/tdtd width="85" align="center" height="14" colspan="2"bIncluded in Net/bsup/sup/td/trtrtd height="14" width= "11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="11" align="left"b#160;/b/tdtd height="14" width="116" align="left"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#160;/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="139" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="14"b(Realized/Unrealized)/b/tdtd height="14" width="9" align="center"b#160;/b/tdtd width="64" align="center" height="14" colspan="2"bSales,/b/tdtd height="14" width="12" align="center"b t;#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="41" align="center"b#160;/bsupb/b/sup/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="12" align="center"b#160;/b/tdtd height="14" width="43" align="center"b#160;/b/tdtd height="14" width="10" align="center"b#160;/b/tdtd width="85" align="center" height="14" colspan="2"bLoss Related to/bsup/sup/td/trtrtd height="50" width="11" align="left"#160;/tdtd height="50" width="11" align="left"#160;/tdtd height="50" width="11" align="left"b#160;/b/tdtd height="50" width="11" align="left"b #160;/b/tdtd height="50" width="116" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bBalance, April 1, 2009/b/tdtd height="50" width="9" align="center"b#160;/b/tdtd width="50" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="50"bIncluded in Net Loss/b/tdtd height="50" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="80" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="50"bIncluded in Other Comprehensive Loss/b/tdtd height="50" width="9" align="center"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bIssuances, and Settlements, Net/b/tdtd height="50" width="12" align="left"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bTransfers in/ out of Level 3, Net/bsupb(3)/b/sup/tdtd height="50" width="12" align="left"b#160;/b/tdtd width="55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bBalance, June 30, 2009/b/tdtd height="50" width="10" align="left"#160;/tdtd width="85" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bAssets and Liabilities Still Held as of June 30, 2009/bsupb(2)/b/sup/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="116" align="left"#160;/tdtd width="525" align="center" height="17" colspan="21"b(Dollars in millions)/bsup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Trading securities:/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="43" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="38" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="68" align="left" amp;#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="52" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="41" align="left"#160;sup/sup/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="43" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="75" align="left"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd width="149" align="left" height="14" colspan="4"Mortgag e-related securities:/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="38" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="68" align="left"#160;/tdtd height="14" width="9" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="52" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="41" align="left"#160;sup/sup/tdtd height="14" widt h="12" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="left"#160;/tdtd height="14" width="10" align="left"#160;/tdtd height="14" width="10" align="center"#160;/tdtd height="14" width="75" align="left"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae single-class#160;MBS/tdtd height="14" width="12" align="center"$/tdtd height="14" width="43" align="right"#160;2#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="38" align="right"#160;-#160;/tdtd heigh t="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="52" align="right"#160;-#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="41" align="right"#160;-#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="43" align="right"#160;2#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"$/tdtd height="14" width="75" align="right"#160;- #160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae structured MBS/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;6,558#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;77#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(310)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;73#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;6,398#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;95#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae structured/tdtd height="14" wi dth="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;2,887#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;169#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(164)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(200)sup/sup/tdtd height="14" wid th="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;2,692#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;124#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;653#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#1 60;(29)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(7)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;-#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;617#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/ tdtd height="14" width="75" align="right"#160;(29)sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd width="149" align="left" height="14" colspan="4"Non-mortgage-related securities:/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#1 60;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Asset-backed securities/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" alig n="right"#160;92#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(9)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(64)sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right" gt;#160;/tdtd height="14" width="43" align="right"#160;19#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;1#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Corporate debt securities/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;116#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;1#160;/tdtd height="14" width="9" align="right"#160;/td td height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(57)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(60)sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;-#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;-#160;sup/sup /td/trtrtd width="160" align="left" height="14" colspan="5"Total trading securities/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;10,308#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;218#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="bor der-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="68"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;(547)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="41"#160;(251)sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;9,728#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="10"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="75"#160;191#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="116" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12" #160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="43"#160;/tdtd height="14" width="9" align="right"#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="38"#160;/tdtd height="14" width="9" align="right"#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="68"#160;/tdtd height="14" width="9" align="right"#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="52"#160;/tdtd height="14" width="12" align="right"#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="41"#160;sup/sup/tdtd height="14" width="12" align="right"#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="43"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="10"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="75"#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Available-for-sale securities:/tdtd height="14" width="12" align="center"#160;/td t;td height="14" width="43" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right" mp;#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd width="149" align="left" height="14" colspan="4"Mortgage-related securities:/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right" amp;#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#16 0;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae single-class#160;MBS/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;166#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(9)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right" #160;/tdtd height="14" width="41" align="right"#160;(3)sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;154#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;-#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae structured MBS/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;3,410#160;/tdtd height="14" width="9" align="right"#160; /tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;(38)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;6#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(111)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;232#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;3,499#160; t;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;-#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae single-class/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;161#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;1#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width= "68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(7)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;-#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;155#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;-#160;sup/sup/td/trtrtd height="14" width="11" align="left" p;#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae structured/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;21,647#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;(485)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;1,037#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(1,233)/tdtd height="14" width="12" align="right"#1 60;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;257#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;21,223#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;-#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;13,185 #160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;(2)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;84#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(252)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;-#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/td ;td height="14" width="43" align="right"#160;13,015#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;-#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Other/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;1,843#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #00000 0;" align="right" width="38"#160;(24)/tdtd height="14" width="9" align="right"#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="68"#160;148#160;/tdtd height="14" width="9" align="right"#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="52"#160;(98)/tdtd height="14" width="12" align="right"#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="41"#160;-#160;sup/sup/tdtd height="14" width="12" align="right"# 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="43"#160;1,869#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="10"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="75"#160;-#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Total available-for-sale securities/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;40,412#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="38"#160;(548)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="68"#160;1,275#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;( 1,710)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="41"#160;486#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;39,915#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="10"#160;/tdtd height="14" style="border-top: 1px solid #0 00000;border-bottom: 1px solid #000000;" align="right" width="75"#160;-#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="116" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="43"#160;/tdtd height="14" width="9" align="right"#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="38"#160;/tdtd height="14" width="9" align="right" #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="68"#160;/tdtd height="14" width="9" align="right"#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="52"#160;/tdtd height="14" width="12" align="right"#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="41"#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="b order-top: 1px solid #000000;" align="right" width="43"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="10"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="75"#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Net derivatives/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;308#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;(103)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="ri ght"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;25#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;2#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;232#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;(23)sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Gu aranty assets and buy-ups/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;1,179#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;(90)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;49#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;345#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;- p;#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;1,483#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;115#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Long-term debt/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="right"#160;(867)/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="38" align="right"#160;(22)/tdtd height="14" width="9" align="right"#160;/td t;td height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;-#160;/tdtd height="14" width="9" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(135)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;-#160;sup/sup/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;(1,024)/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="10" align="right"#160;/tdtd height="14" width="75" align="right"#160;(22)sup/sup lt;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="116" align="left"#160;/tdtd width="523" align="center" height="17" colspan="21"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/bsup/sup/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"b#160;/b/tdtd height="17" width="11" align="left"b#160;/b/tdtd height="17" width="116" align="left"b#1 60;/b/tdtd width="523" align="center" colspan="21" style="border-bottom: 1px solid #000000;" height="17"bFor the Six Months Ended June 30, 2009/bsup/sup/td/trtrtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="116" align="left"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="48"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="42"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="68"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="52"b#160;/b/tdtd height="8" style="border-top : 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="41"b#160;/bsupb/b/sup/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="43"b#160;/b/tdtd height="8" style="border-top: 1px solid #000000;" align="center" width="12"b#160;/b/tdtd width="89" align="center" colspan="2" style="border-top: 1px solid #000000;" height="8"bNet Unrealized/bs up/sup/td/trtrtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="116" align="left"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="48" align="center"b#160;/b/tdtd height="8" width="8" align="center"b#160;/b/tdtd width="142" align="center" height="8" colspan="5"b#160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="52" align="center"b #160;/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="41" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="43" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd width="89" align="center" height="8" colspan="2"bGains (Losses)/bsup/sup/td/trtrtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"b# 160;/b/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="116" align="left"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="48" align="center"b#160;/b/tdtd height="8" width="8" align="center"b#160;/b/tdtd width="142" align="center" height="8" colspan="5"bTotal Gains or (Losses)/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd width="64" align="center" height="8" colspan="2"bPurchases,/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="41" align="center"b#160;/bsupb /b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="43" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd width="89" align="center" height="8" colspan="2"bIncluded in Net/bsup/sup/td/trtrtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"#160;/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="11" align="left"b#160;/b/tdtd height="8" width="116" align="left"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" wi dth="48" align="center"b#160;/b/tdtd height="8" width="8" align="center"b#160;/b/tdtd width="142" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="8"b(Realized/Unrealized)/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd width="64" align="center" height="8" colspan="2"bSales/b/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="41" align="center"b#160;/bsupb/b/sup/tdtd height="8" width="7" align="center"b#160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd height="8" width="43" align="center"b# 160;/b/tdtd height="8" width="12" align="center"b#160;/b/tdtd width="89" align="center" height="8" colspan="2"bLoss Related to/bsup/sup/td/trtrtd height="50" width="11" align="left"#160;/tdtd height="50" width="11" align="left"#160;/tdtd height="50" width="11" align="left"b#160;/b/tdtd height="50" width="11" align="left"b#160;/b/tdtd height="50" width="116" align="left"b#160;/b/tdtd width="60" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bBalance, January 1, 2009/b/tdtd height="50" width="8" align="center"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="50 "bIncluded in Net Loss/b/tdtd height="50" style="border-top: 1px solid #000000;" align="center" width="8"b#160;/b/tdtd width="80" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="50"bIncluded in Other Comprehensive Loss/b/tdtd height="50" width="7" align="center"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bIssuances, and Settlements, Net/b/tdtd height="50" width="7" align="left"b#160;/b/tdtd width="53" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bTransfers in/ out of Level 3, Net/bsupb(3)/b/sup/tdtd height="50" width="7" align="left"b#160;/b/tdtd width=" 55" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bBalance, June 30, 2009/b/tdtd height="50" width="12" align="left"#160;/tdtd width="89" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="50"bAssets and Liabilities Still Held as of June 30, 2009/bsupb(2)/b/sup/td/trtrtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="11" align="left"#160;/tdtd height="17" width="116" align="left"#160;/tdtd width="523" align="center" height="17" colspan="21"b(Dollars in millions)/bsup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Trading secur ities:/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="48" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="42" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="68" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="52" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="41" align="left"#160;sup/sup/tdtd height="14" width="7" align="left" ;#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="43" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="77" align="left"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd width="149" align="left" height="14" colspan="4"Mortgage-related securities:/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="42" align="left"#160;/tdtd height="14" width="8" align="left"#160;/tdtd height="14" width="12" align="center"#160; /tdtd height="14" width="68" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="52" align="left"#160;/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="41" align="left"#160;sup/sup/tdtd height="14" width="7" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="43" align="left"#160;/tdtd height="14" width="12" align="left"#160;/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="77" align="left"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/td t;td height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae single-class#160;MBS/tdtd height="14" width="12" align="center"$/tdtd height="14" width="48" align="right"#160;2#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="42" align="right"#160;- /tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"$/tdtd height="14" width="52" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;$ /tdtd height="14" width="41" align="right"#160;- sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;$ /tdtd height="14" width="43" align="right"#160;2#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;$ /tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae structured MBS/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;6,933#160;/tdtd height="14" width="8" align="right"#160;/td t;td height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;230#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(709)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(56)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;6,398#160;/tdtd height=" 14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;248#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae single-class/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;1#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;- /tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(1)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;- sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;- /tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160 ;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae structured/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;3,602#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(64)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(330)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd he ight="14" width="41" align="right"#160;(516)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;2,692#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;(37)sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;695#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" widt h="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(71)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(7)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;- sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;617#160;/tdtd height="14" width="12" align="right" ;#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;(71)sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd width="149" align="left" height="14" colspan="4"Non-mortgage-related securities:/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right" #160;/tdtd height="14" width="52" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Asset-backed securities/tdtd height="14" width=" 12" align="center"#160;/tdtd height="14" width="48" align="right"#160;1,475#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(45)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(42)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(1,369)sup/sup/tdtd height="14" width="7" align="right" ;#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;19#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;1#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Corporate debt securities/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;57#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;3#160;/td t;td height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(116)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;56#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;- /tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" ali gn="right"#160;- sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Total trading securities/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="48"#160;12,765#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="42"#160;53#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"# 160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="68"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;(1,205)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="41"#160;(1,885)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-botto m: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;9,728#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="77"#160;141#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="116" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000 ;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="48"#160;/tdtd height="14" width="8" align="right"#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="42"#160;/tdtd height="14" width="8" align="right"#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="68"#160;/tdtd height="14" width="7" align="right"#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="52"#160;/tdtd height="14" w idth="7" align="right"#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="41"#160;sup/sup/tdtd height="14" width="7" align="right"#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="43"#160;/tdtd height="14" width="12" align="right"#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="77"#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Available-for-sale securities:/tdtd height="14" width="12" al ign="center"#160;/tdtd height="14" width="48" align="right"#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="1 4" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd width="149" align="left" height="14" colspan="4"Mortgage-related securities:/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height=" 14" width="68" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" widt h="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae single-class#160;MBS/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;2,355#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;- /tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;60#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(229)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width=" 12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(2,032)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;154#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Fannie Mae structured MBS/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;3,254#160;/tdtd height="14" width="8" align=" right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(37)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;60#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(216)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;438#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#16 0;3,499#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae single-class/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;178#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;- /tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width ="68" align="right"#160;(6)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(11)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(6)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;155#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Non-Fannie Mae structured/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;27,707#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(4,386)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;3,383#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(2,704)/tdtd height="14" width="7" align="right"#160;/tdtd hei ght="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;(2,777)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;21,223#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Mortgage revenue bonds/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;12,456#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(7)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;981#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;(415)/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;- sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right" mp;#160;13,015#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;- sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd width="138" align="left" height="14" colspan="3"Other/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="48"#160;1,887#160;/tdtd height="14" width="8" align="right"#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="42"#160;(62)/td t;td height="14" width="8" align="right"#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="68"#160;236#160;/tdtd height="14" width="7" align="right"#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="52"#160;(192)/tdtd height="14" width="7" align="right"#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="41"#160;- sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #00 0000;" align="right" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="43"#160;1,869#160;/tdtd height="14" width="12" align="right"#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="77"#160;- sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Total available-for-sale securities/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="48"#160;47,837#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" style="border-top: 1 px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="42"#160;(4,492)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="68"#160;4,714#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="52"#160;(3,767)/tdtd height="14" width="7" align="right"#160; ;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="41"#160;(4,377)sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"#160;39,915#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="77"#160;- ;sup/sup/td/trtrtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="11" align="left"#160;/tdtd height="14" width="116" align="left"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-top: 1px solid #000000;" align="right" width="48"#160;/tdtd height="14" width="8" align="right"#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="42"#160;/tdtd height="14" width="8" align="right"#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="68"#160;/tdtd height="14" width="7" align="right"#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="52"#160;/tdtd height="14" width="7" align="right"#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="41"#160;sup/sup/tdtd height="14" width="7" align="right"#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="43"#160;/tdtd height=" 14" width="12" align="right"#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="77"#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Net derivatives/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;310#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(107)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;- /tdtd height="14" width="7" align="right"#160;/td gt;td height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;28#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;1#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;232#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;(43)sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Guaranty assets and buy-ups/tdtd height="14" width="12" align="center"#160;/td lt;td height="14" width="48" align="right"#160;1,083#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;(51)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="right"#160;78#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;373#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;- sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd h eight="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;1,483#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;159#160;sup/sup/td/trtrtd width="160" align="left" height="14" colspan="5"Long-term debt/tdtd height="14" width="12" align="center"#160;/tdtd height="14" width="48" align="right"#160;(2,898)/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="42" align="right"#160;36#160;/tdtd height="14" width="8" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="68" align="righ t"#160;- /tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="52" align="right"#160;1,315#160;/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="41" align="right"#160;523#160;sup/sup/tdtd height="14" width="7" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="43" align="right"#160;(1,024)/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="12" align="right"#160;/tdtd height="14" width="77" align="right"#160;23#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;" gt;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/trtrtd height="47" width="26" align="left"#160;sup#160;(3)/sup/tdtd height="47" width="642" align="left"The net transfers to level#160;2 from level#160;3 are due to improvements in pricing transparency from recent transactions, which provided some convergence in prices obtained by thi rd party vendors for certain products, including private-label securities backed by non-fixed rate Alt-A securities. /td/trtrtd height="10" width="26" align="left"#160;sup/sup/tdtd height="10" width="642" align="left"#160;/td/tr/tablepThe following tables display realized and unrealized gains and losses recorded in our condensed consolidated statements of operations for the three and six months ended June 30, 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="14" align="left"#160;/tdtd height="14" width="248" align="left"b#160;/b/tdtd width="407" align="center" height="14" colspan="11"bFair Value M easurements Using Significant Unobservable Inputs (Level 3)/b/td/trtrtd height="14" width="14" align="left"#160;/tdtd height="14" width="248" align="left"b#160;/b/tdtd width="407" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="14"bFor the Three Months Ended June 30, 2010/b/td/trtrtd height="14" width="14" align="left"#160;/tdtd height="14" width="248" align="left"b#160;/b/tdtd width="96" 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="14"#160;/tdtd width="95" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bAvailable-For-Sale/b/tdtd height="14" style="bord er-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bNet/b/tdtd height="14" style="border-top: 1px solid #000000;" align="center" width="15"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bLong-Term/b/td/trtrtd height="14" width="14" align="left"#160;/tdtd height="14" width="248" align="left"b#160;/b/tdtd width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="14" align="left"b#160;/b/tdtd width="95" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/ b/tdtd height="14" width="11" align="center"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bDerivatives/b/tdtd height="14" width="15" align="center"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bDebt/b/td/trtrtd height="13" width="14" align="left"#160;/tdtd height="13" width="248" align="left"#160;/tdtd width="407" align="center" height="13" colspan="11"b(Dollars in millions)/b/td/trtrtd width="262" align="left" height="14" colspan="2"Realized and unrealized gains (losses) included in net loss/tdtd height="14" width="14" align="center"$/tdtd height="14" width="82" align="right"#160;10#160; /tdtd height="14" width="14" align="right"#160;/tdtd height="14" width="12" align="center"$/tdtd height="14" width="83" align="right"#160;3#160;/tdtd height="14" width="11" align="right"#160;/tdtd height="14" width="12" align="center"$/tdtd height="14" width="72" align="right"#160;(32)/tdtd height="14" width="15" align="right"#160;/tdtd height="14" width="12" align="center"$/tdtd height="14" width="80" align="right"#160;(1)/td/trtrtd width="262" align="left" height="14" colspan="2"Unrealized gains included in other comprehensive loss /tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="14"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="82"#160;-#160;/tdtd height="14" width="14" ali gn="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="83"#160;19#160;/tdtd height="14" width="11" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="14" width="15" align="right"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="14" style="border-bottom: 1px solid #000000;" align="right" width="80"#160;-#160;/td/trtrtd width="262" align="left" height="13" colspan="2"Total gains (losses)/tdtd height="13" style="border-top: 1px so lid #000000;border-bottom: 3px double #000000;" align="center" width="14"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="82"#160;10#160;/tdtd height="13" width="14" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;22#160;/tdtd height="13" width="11" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;(32)/tdtd height="13" width="15" align="right"#160;/tdtd height ="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;(1)/td/trtrtd width="262" align="left" height="13" colspan="2"Amount of Level#160;3 transfers in /tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="14"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="82"#160;72#160;/tdtd height="13" width="14" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;414 ;#160;/tdtd height="13" width="11" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;(5)/tdtd height="13" width="15" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;(6)/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="248" align="left"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="14"#160;/tdtd height="17" style="border-top: 3px doubl e #000000;" align="right" width="82"#160;/tdtd height="17" width="14" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="center" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="83"#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="72"#160;/tdtd height="17" width="15" align="right"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="12"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="right" width="80"#160;/td/trtrtd height="13" width="14" align="left"#160;/tdtd height="13" wi dth="248" align="left"b#160;/b/tdtd width="407" align="center" height="13" colspan="11"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/td/trtrtd height="13" width="14" align="left"#160;/tdtd height="13" width="248" align="left"b#160;/b/tdtd width="407" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="13"bFor the Six Months Ended June 30, 2010/b/td/trtrtd height="13" width="14" align="left"#160;/tdtd height="13" width="248" align="left"b#160;/b/tdtd width="96" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bTrading/b/tdtd height="13" style="border-top: 1px solid #000000;" align="left" width="14"#160;/tdtd width="95" align="cente r" colspan="2" style="border-top: 1px solid #000000;" height="13"bAvailable-For-Sale/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="11"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bNet/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="15"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bLong-Term/b/td/trtrtd height="13" width="14" align="left"#160;/tdtd height="13" width="248" align="left"b#160;/b/tdtd width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bSecurities/b/tdtd height="13" width="14" align="left"b#160; /b/tdtd width="95" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bSecurities/b/tdtd height="13" width="11" align="center"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bDerivatives/b/tdtd height="13" width="15" align="center"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="13"bDebt/b/td/trtrtd height="13" width="14" align="left"#160;/tdtd height="13" width="248" align="left"#160;/tdtd width="407" align="center" height="13" colspan="11"b(Dollars in millions)/b/td/trtrtd width="262" align="left" height="13" colspan="2"Realized and unrealized gains (losses) included in net l oss/tdtd height="13" width="14" align="center"$/tdtd height="13" width="82" align="right"#160;11#160;/tdtd height="13" width="14" align="right"#160;/tdtd height="13" width="12" align="center"$/tdtd height="13" width="83" align="right"#160;14#160;/tdtd height="13" width="11" align="right"#160;/tdtd height="13" width="12" align="center"$/tdtd height="13" width="72" align="right"#160;(32)/tdtd height="13" width="15" align="right"#160;/tdtd height="13" width="12" align="center"$/tdtd height="13" width="80" align="right"#160;(1)/td/trtrtd width="262" align="left" height="13" colspan="2"Unrealized losses included in other comprehensive loss /tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="14"#160;/tdt d height="13" style="border-bottom: 1px solid #000000;" align="right" width="82"#160;-#160;/tdtd height="13" width="14" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="83"#160;10#160;/tdtd height="13" width="11" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="13" width="15" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="80"#160;-#160;/td/t rtrtd width="262" align="left" height="13" colspan="2"Total gains (losses)/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="14"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="82"#160;11#160;/tdtd height="13" width="14" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;24#160;/tdtd height="13" width="11" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px do uble #000000;" align="right" width="72"#160;(32)/tdtd height="13" width="15" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;(1)/td/trtrtd width="262" align="left" height="13" colspan="2"Amount of Level#160;3 transfers in /tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="14"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="82"#160;120#160;/tdtd height="13" width="14" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12" $/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;1,216#160;/tdtd height="13" width="11" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;(5)/tdtd height="13" width="15" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="13" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;(8)/td/trtrtd height="19" width="14" align="left"#160;/tdtd height="19" width="248" align="left"#160;/td td height="19" style="border-top: 3px double #000000;" align="right" width="14"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="left" width="82"#160;/tdtd height="19" width="14" align="left"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="right" width="12"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="left" width="83"#160;/tdtd height="19" width="11" align="left"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="left" width="72"#160;/tdtd height="19" width="15" align="left"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="left" width="12"#160;/tdtd height="19" style="border-top: 3px double #000000;" align="left" wid th="80"#160;/td/trtrtd height="17" width="14" align="left"#160;/tdtd height="17" width="248" align="left"b#160;/b/tdtd width="407" align="center" height="17" colspan="11"bFair Value Measurements Using Significant Unobservable Inputs (Level 3)/b/td/trtrtd height="15" width="14" align="left"#160;/tdtd height="15" width="248" align="left"b#160;/b/tdtd width="205" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bFor the Three Months Ended June 30, 2009/b/tdtd height="15" width="11" align="left"b#160;/b/tdtd width="191" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="15"bFor the Six Months Ended June 30, 2009/b/td/trtrtd height="14" width="1 4" align="left"#160;/tdtd height="14" width="248" align="left"b#160;/b/tdtd width="96" 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="14"b#160;/b/tdtd width="95" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bAvailable-For-Sale/b/tdtd height="14" width="11" align="center"b#160;/b/tdtd width="84" 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="15"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"bAvailable-For-Sale/b ;/td/trtrtd height="14" width="14" align="left"#160;/tdtd height="14" width="248" align="left"b#160;/b/tdtd width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="14" align="left"b#160;/b/tdtd width="95" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="11" align="center"b#160;/b/tdtd width="84" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/tdtd height="14" width="15" align="left"b#160;/b/tdtd width="92" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"bSecurities/b/td/tr gt;trtd height="14" width="14" align="left"#160;/tdtd height="14" width="248" align="left"#160;/tdtd width="407" align="center" height="14" colspan="11"b(Dollars in millions)/b/td/trtrtd width="262" align="left" height="15" colspan="2"Realized and unrealized gains (losses) included in net loss/tdtd height="15" width="14" align="center"$/tdtd height="15" width="82" align="right"#160;6#160;/tdtd height="15" width="14" align="right"#160;/tdtd height="15" width="12" align="center"$/tdtd height="15" width="83" align="right"#160;328#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" width="12" align="center"$/tdtd height="15" width="72" align="right"#160;(2)/tdtd height="15" width="15" align="right"#160;/td gt;td height="15" width="12" align="center"$/tdtd height="15" width="80" align="right"#160;131#160;/td/trtrtd width="262" align="left" height="15" colspan="2"Unrealized losses included in other comprehensive loss /tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="14"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="82"#160;-#160;/tdtd height="15" width="14" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="83"#160;(235)/tdtd height="15" width="11" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="15" style="bo rder-bottom: 1px solid #000000;" align="right" width="72"#160;-#160;/tdtd height="15" width="15" align="right"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="center" width="12"#160;/tdtd height="15" style="border-bottom: 1px solid #000000;" align="right" width="80"#160;(6)/td/trtrtd width="262" align="left" height="15" colspan="2"Total gains (losses)/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="14"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="82"#160;6#160;/tdtd height="15" width="14" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;93#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;(2)/tdtd height="15" width="15" align="right"#160;/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="80"#160;125#160;/td/trtrtd width="262" align="left" height="15" colspan="2"Amount of Level#160;3 transfers in /tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px doub le #000000;" align="center" width="14"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="82"#160;129#160;/tdtd height="15" width="14" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="83"#160;3,260#160;/tdtd height="15" width="11" align="right"#160;/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="center" width="12"$/tdtd height="15" style="border-top: 3px double #000000;border-bottom: 3px double #000000;" align="right" width="72"#160;365#160;/tdtd height="15" width="15" align="right"#160;/tdtd height="15" style="bord er-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="80"#160;4,987#160;/td/tr/tablepThe following tables display realized and unrealized gains and losses included in our condensed consolidated statements of operations for the three and six months ended June 30, 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="195" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="451" align="center" colspan="20" style="border - -bottom: 1px solid #000000;" height="11"bFor the Three Months Ended June 30, 2010/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="9"bInterest/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="43"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9 " style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="54"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="9" style="border-top: 1px solid #000000;" align="left" width="45"#160;/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="55"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="9 "b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="9"bInterest/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="40"b#160;/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bIncome/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="52" align="cente r" height="9" colspan="2"bGuaranty/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="63" align="center" height="9" colspan="2"bInvestment/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="54" align="center" height="9" colspan="2"bFair Value/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bOther-than-/b/tdtd height="9" width="9" align="center"b#160;/b/tdtd width="61" align="center" height="9" colspan="2"bExpense /b/tdtd height="9" width="7" align="right"b#160;/b/tdtd height="9" width="9" align="right"b#160;/b/tdtd height="9" width="40" align="center" b#160;/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bInvestments in/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="52" align="center" height="9" colspan="2"bFee/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="63" align="center" height="9" colspan="2"bGains/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="54" align="center" height="9" colspan="2"bGains/b/tdtd height="9" width="7" align="center"b#160;/b/td ;td width="64" align="center" height="9" colspan="2"bTemporary-/b/tdtd height="9" width="9" align="center"b#160;/b/tdtd width="61" align="center" height="9" colspan="2"bLong-Term/b/tdtd height="9" width="7" align="right"b#160;/b/tdtd height="9" width="9" align="right"b#160;/b/tdtd height="9" width="40" align="center"b#160;/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bSecurities/b/tdtd height="9" width="7" align="center"b#160;/b/td t;td width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bIncome/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"b#160;(Losses), net/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"b(Losses), net/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bImpairments/b/tdtd height="9" width="9" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9" ;bDebt/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="49" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bTotal /b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="195" align="left"#160;/tdtd height="11" width="7" align="left"#160;/tdtd width="451" align="center" height="11" colspan="20"b(Dollars in millions)/b/td/trtrtd width="222" align="left" height="13" colspan="2"Total realized and unrealized gains (losses) /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54" align="center"b#160;/b/tdtd height="13" width="7" align="center"b#160;/b t;/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="54" 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/tdtd height="13" width="7" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height=" 13" width="52" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="center"b#160;/b/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="195" align="left"included in net loss/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="center"$/tdtd height="13" width="54" align="right"#160;101#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;3#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="54" align="right" gt;#160;3#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="45" align="right"#160;192#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="55" align="right"#160;(7)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="52" align="right"#160;3#160;/tdtd height="13" width="7" align="center"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="40" align="right"#160;295#160;/td/trtrtd width="222" align="left" height="13" colspan="2"Net unrealized gains related to Level#160;3 assets/tdtd height="13" width= "7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="54" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="45" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="ri ght"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="195" align="left"and liabilities still held as of/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd heigh t="13" width="9" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="45" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="left"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd he ight="13" width="195" align="right"June 30, 2010/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="center"$/tdtd height="13" width="54" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;2#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="54" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="45" align="right"#160;182#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd heigh t="13" width="55" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="7" align="center"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="40" align="right"#160;184#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="195" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="left"#1 60;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="45" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="left"#160;/td /trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="195" align="left"b#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="451" align="center" colspan="20" style="border-bottom: 1px solid #000000;" height="11"bFor the Six Months Ended June 30, 2010/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-top: 1px solid #000000;" height="9"bInterest/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width= "9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="43"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="54"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="left" width="9"#160;/tdtd height="9" style="border-top: 1px solid #000000;" align="left" width="45"#160;/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="7"b#160;/b/tdtd height="9 " style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="55"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="9"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-top: 1px solid #000000;" height="9"bInterest/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="7"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="9" style="border-top: 1px solid #000000;" align="center" width="40"b#160;/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160; t;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bIncome/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="52" align="center" height="9" colspan="2"bGuaranty/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="63" align="center" height="9" colspan="2"bInvestment/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="54" align="center" height="9" colspan="2"bFair Value/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bOther-than-/b/tdtd height="9" width="9" align="center"b#160;/b/td td width="61" align="center" height="9" colspan="2"bExpense /b/tdtd height="9" width="7" align="right"b#160;/b/tdtd height="9" width="9" align="right"b#160;/b/tdtd height="9" width="40" align="center"b#160;/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bInvestments in/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="52" align="center" height="9" colspan="2"bFee/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="63" align="center" height="9" c olspan="2"bGains/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="54" align="center" height="9" colspan="2"bGains/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="64" align="center" height="9" colspan="2"bTemporary-/b/tdtd height="9" width="9" align="center"b#160;/b/tdtd width="61" align="center" height="9" colspan="2"bLong-Term/b/tdtd height="9" width="7" align="right"b#160;/b/tdtd height="9" width="9" align="right"b#160;/b/tdtd height="9" width="40" align="center"b#160;/b/td/trtrtd height="9" width="27" align="left"#160;/tdtd height="9" width="195" align="left"b#160;/b/t dtd height="9" width="7" align="left"b#160;/b/tdtd width="64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bSecurities/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="52" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bIncome/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"b#160;(Losses), net/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width="54" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"b(Losses), net/b/tdtd height="9" width="7" align="center"b#160;/b/tdtd width=" 64" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bImpairments/b/tdtd height="9" width="9" align="center"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bDebt/b/tdtd height="9" width="7" align="left"b#160;/b/tdtd width="49" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="9"bTotal /b/td/trtrtd height="11" width="27" align="left"#160;/tdtd height="11" width="195" align="left"#160;/tdtd height="11" width="7" align="left"#160;/tdtd width="451" align="center" height="11" colspan="20"b(Dollars in millions)/b/td/trtrtd width="222" align="left" height="13" colspan="2"Total realized and unrealized gains (l osses) /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54" 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="54" 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/tdtd height="13" width="7" align="center"b amp;#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="center"b#160;/b/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="195" align="left"included in net loss/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="center"$/tdtd height="13" width="54" align="right"#160;212#160;/tdtd height="13" width="7" align="right"#160;/ tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;3#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="54" align="right"#160;4#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="45" align="right"#160;325#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="55" align="right"#160;(219)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="52" align="right"#160;7#160;/tdtd height="13" width="7" align="center"#160;/t dtd height="13" width="9" align="center"$/tdtd height="13" width="40" align="right"#160;332#160;/td/trtrtd width="222" align="left" height="13" colspan="2"Net unrealized gains related to Level#160;3 assets/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="54" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160; ;/tdtd height="13" width="45" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="195" align="left"and liabilities still held as of /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="54 " align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="45" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="55" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="right" mp;#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="40" align="left"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="195" align="right"June 30, 2010/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="10" align="center"$/tdtd height="13" width="54" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;4#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="54" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="45" align="right"#160;221#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="55" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="7" align="center"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="40" align="right"#160;225#160;/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="11" width="27" align="left"#160;/tdtd height="11" width="212" align="left"b mp;#160;/b/tdtd height="11" width="7" align="left"b#160;/b/tdtd width="433" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="11"bFor the Three Months Ended June 30, 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"b#160;/b/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="right" width="9"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" width="43" 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 #000000;" align="center" width="61"b#160;/b/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"b#160;/b/tdtd height="11" style="border-top: 1px solid #000000;" align="center" wi dth="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="58"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"b#160;/b/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"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"bOther-than-/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="58" 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"b#160;/b/tdtd width="70" align="center" height="11" colspan="2"bInvestments in/b/tdtd height=" 11" width="7" align="center"b#160;/b/tdtd width="52" align="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"bGains/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bGain/b/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="58" 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"b#160;/b/tdtd width="70" 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="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"b#160;(Losses), 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(Lo sses), net/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bImpairment/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="67" 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="433" align="center" height="13" colspan="17"b(Dollars in millions)/b/td/trtrtd width="239" align="left" height="13" colspan="2"Total realized and unrealized gains (losses) included /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/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="58" align="center"b#160;/b/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"in net loss /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;55#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;157#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="1 3" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;(249)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;97#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;(605)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="58" align="right"#160;(545)/td/trtrtd width="239" align="left" height="13" colspan="2"Net unrealized gains related to Level#160;3 assets/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width ="61" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="right"#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="right"#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="right"#160;/tdtd height="13" width="58" align=" right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"and liabilities still held as of /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="56" align="left"#160;/tdtd height ="13" width="7" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="65" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="58" align="left"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="right"June 30, 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"$/tdtd height="13" width="43" align="right"#160;115#160;/tdtd height="13" width="7" align="right"#160;/td ;td height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;146#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="58" align="right"#160;261#160;/td/trtrtd height="17" width="27" align="left"#160;/tdtd height="17" width="212" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="right" gt;#160;/tdtd height="17" width="61" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="43" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="center"#160;/tdtd height="17" width="61" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="56" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="65" align="left"#160;/tdtd height="17" width="7" align="left"#160;/tdtd height="17" width="9" align="right"#160;/td ;td height="17" width="58" align="left"#160;/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="433" align="center" colspan="17" style="border-bottom: 1px solid #000000;" height="11"bFor the Six Months Ended June 30, 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;/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="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"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 #000000;" align="center" width="58"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" a lign="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"bOther-than-/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="58" 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"b Investments/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="52" align="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"bGains/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="65" align="center" height="11" colspan="2"bGain/b/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="58" 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"b(Losses), 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;" he ight="11"b(Losses), net/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bImpairments/b/tdtd height="11" width="7" align="center"b#160;/b/tdtd width="67" 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="433" 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 hei ght="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/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="58" align="center"b#160;/b/td/trtrtd width="239" align="left" height="13" colspan="2"Total realized and unrealized gains (losses) included /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#1 60;/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" align="center"b#160;/b/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="58" align="center"b#160;/b/td/trtrtd height="13" width="27" align="left"#160;/tdtd hei ght="13" width="212" align="left"in net loss /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;390#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="43" align="right"#160;(51)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;(1)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;(12)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="r ight"#160;(4,887)/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="58" align="right"#160;(4,561)/td/trtrtd width="239" align="left" height="13" colspan="2"Net unrealized gains related to Level#160;3 assets/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" al ign="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="58" align="right"#160;/td/trtrtd height="13" width="27" align="left"#160;/tdtd height="13" width="212" align="left"and liabilities still held as of /tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="left"#160;/tdtd height="13" width="7" align="left"#160;/td lt;td height="13" width="9" align="right"#160;/tdtd height="13" width="43" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="61" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="56" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="65" align="left"#160;/tdtd height="13" width="7" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="58" align="left"#160;/td/trtrtd height="13" width="27" align="left"#160;/td ;td height="13" width="212" align="right"June 30, 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"$/tdtd height="13" width="43" align="right"#160;159#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="61" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;121#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdt d height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="7" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="58" align="right"#160;280#160;/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. These valuation techniques are also used to estimate#160;the#160;fair value#160;of#160;financial instruments not carried at fair value#160;but disclosed as part of#160;the#160;fair value of financial instruments.br /br /Cash Equivalents, Trading Securities a nd 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 identical 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 as Level 2 of the valuation hierarchy. In the absence of prices provided by third-party pricing services supported by observable market data, fair values are estimated using quoted prices of securities with similar characteristics or discounted cash flow models that use inputs such as spread,#160;prepayment speed, yield, and loss seve rity based on market assumptions where available. 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 volatility 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 amp;#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 fair 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-on ly 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 /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 mp;#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 in to 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 #8220;Cash Equivalents, Trading#160;Securities and#160;Available-for-Sale Securities.#8221; 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 adjustments in certain circumstances (for example, when we evaluate for impairment), and the gains or losses recognized for these assets and liabilities for the three and six months ended June 30, 2010 and 2009, as a result of fair value measurements.br //ptable style="border-collapse: collapse; margin-top: 20px;"trtd height="18" width="19" align="left"#160;/tdtd height="18" width="19" align="left"b#160;/b/tdtd height="18" width="137" align="left"b#160;/b/tdtd height="18" width="9" align="right"b#160;/b/td ;td height="18" width="65" align="left"b#160;/b/tdtd height="18" width="8" align="left"b#160;/b/tdtd height="18" width="9" align="left"b#160;/b/tdtd height="18" width="52" align="left"b#160;/b/tdtd height="18" width="9" align="left"b#160;/b/tdtd height="18" width="9" align="left"b#160;/b/tdtd height="18" width="70" align="left"b#160;/b/tdtd height="18" width="12" align="left"b#160;/b/tdtd height="18" width="9" align="left"b#160;/b/tdtd height="18" width="60" align="left"b#160;/b/tdtd height="18" width="27" align="left"b#160;/bsup/sup/tdtd width="68" align="center" height="18" colspan="2" t;bFor the/b/tdtd height="18" width="12" align="center"b#160;/b/tdtd width="65" align="center" height="18" colspan="2"bFor the/b/tdtd height="18" width="13" align="left"b#160;/bsup/sup/td/trtrtd height="11" width="19" align="left"#160;/tdtd height="11" width="19" align="left"b#160;/b/tdtd height="11" width="137" align="left"b#160;/b/tdtd width="312" align="center" height="11" colspan="11"b#160;/b/tdtd height="11" width="27" align="center"b#160;/bsupb/b/sup/tdtd width="68" align="center" height="11" colspan="2"bThree Months Ended/b/tdtd height="11" width="12" align="center"#160;/tdtd width="65" al ign="center" height="11" colspan="2"bSix Months Ended/b/tdtd height="11" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="11" width="19" align="left"#160;/tdtd height="11" width="19" align="left"b#160;/b/tdtd height="11" width="137" align="left"b#160;/b/tdtd width="312" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="11"bFair Value Measurements for the Six Months Ended June 30, 2010/b/tdtd height="11" width="27" align="center"b#160;/bsupb/b/sup/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bJune 30, 2010/b/tdtd height="11" width="12" align="left"#160;/tdtd width="65" align="ce nter" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bJune 30, 2010/b/tdtd height="11" width="13" 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="137" align="left"b#160;/b/tdtd width="74" 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="8"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="52"b#160;/b/tdtd height="12" s tyle="border-top: 1px solid #000000;" align="center" width="9"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="27" 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="borde r-top: 1px solid #000000;" align="center" width="59"b#160;/b/tdtd height="12" width="12" align="left"#160;/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="56"b#160;/b/tdtd height="12" width="13" 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="137" align="left"b#160;/b/tdtd width="74" align="center" height="12" colspan="2"bPrices in/b/tdtd height="12" width="8" align="center"b#160;/b/tdtd height="12" width="9" align="right" b#160;/b/tdtd height="12" width="52" align="center"b#160;/b/tdtd height="12" width="9" 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="27" align="center"b#160;/bsupb/b/sup/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/tdtd height="12" width="12" align="left"#160;/tdt d height="12" width="9" align="right"b#160;/b/tdtd height="12" width="56" align="center"b#160;/b/tdtd height="12" width="13" 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="137" align="left"b#160;/b/tdtd width="74" align="center" height="12" colspan="2"bActive/b/tdtd height="12" width="8" align="center"b#160;/b/tdtd width="61" align="center" height="12" colspan="2"bSignificant/b/tdtd height="12" width="9" 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="27" align="center"b#160;/bsupb/b/sup/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="56" align="center"b#160;/b/tdtd height="12" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="12" wi dth="19" align="left"#160;/tdtd height="12" width="19" align="left"b#160;/b/tdtd height="12" width="137" align="left"b#160;/b/tdtd width="74" align="center" height="12" colspan="2"bMarkets for/b/tdtd height="12" width="8" align="center"b#160;/b/tdtd width="61" align="center" height="12" colspan="2"bOther/b/tdtd height="12" width="9" align="center"b#160;/b/tdtd width="79" 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="60" align="center"b#160;/b/tdtd height="12" width="27" align="center"b#160; /bsupb/b/sup/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="59" align="center"b#160;/b/tdtd height="12" width="12" align="left"#160;/tdtd height="12" width="9" align="right"b#160;/b/tdtd height="12" width="56" align="center"b#160;/b/tdtd height="12" width="13" 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="137" align="left"b#160;/b/tdtd width="74" align="center" height="12" colspan="2"bIdentical/b/tdtd height="12" width="8" align="center"b#160;/b t;/tdtd width="61" align="center" height="12" colspan="2"bObservable/b/tdtd height="12" width="9" 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="69" align="center" height="12" colspan="2"bEstimated/b/tdtd height="12" width="27" align="center"b#160;/bsupb/b/sup/tdtd width="68" align="center" height="12" colspan="2"bTotal/b/tdtd height="12" width="12" align="left"#160;/tdtd width="65" align="center" height="12" colspan="2"bTotal/b/tdtd height="12" width="13" 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="137" align="left"b#160;/b/tdtd width="74" align="center" height="12" colspan="2"bAssets/b/tdtd height="12" width="8" align="center"b#160;/b/tdtd width="61" align="center" height="12" colspan="2"bInputs/b/tdtd height="12" width="9" 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 width="69" align="center" height="12" colspan="2"bFair/b/tdtd height="12" width="27" align="center"b#160;/bsupb/b/sup/tdtd width="68" align="cen ter" height="12" colspan="2"bGains/b/tdtd height="12" width="12" align="left"#160;/tdtd width="65" align="center" height="12" colspan="2"bGains/b/tdtd height="12" width="13" align="left"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="137" align="left"b#160;/b/tdtd width="74" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 1)/b/tdtd height="12" width="8" align="left"b#160;/b/tdtd width="61" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 2)/b/tdtd height="12" width="9" align="left"b p;#160;/b/tdtd width="79" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 3)/b/tdtd height="12" width="12" align="left"b#160;/b/tdtd width="69" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/tdtd height="12" width="27" align="center"b#160;/bsupb/b/sup/tdtd width="68" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Losses)/b/tdtd height="12" width="12" align="left"#160;/tdtd width="65" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Losses)/b/tdtd height="12" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="10" wid th="19" align="left"#160;/tdtd height="10" width="19" align="left"#160;/tdtd height="10" width="137" align="left"#160;/tdtd width="519" align="center" height="10" colspan="18"b(Dollars in millions)/b/tdtd height="10" width="13" align="left"#160;sup/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Assets:/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="left"#160;/tdtd height="13" width="8" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="70" align="left"#160;/tdtd h eight="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="60" align="left"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="59" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="56" align="left"#160;/tdtd height="13" width="13" align="left"#160;sup/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Mortgage loans held for sale, at/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="65" align="left"#160;/tdtd height="13" width="8" align="left"#160; ;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="52" align="left"#160;/tdtd height="13" width="9" 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" width="9" align="right"#160;/tdtd height="13" width="60" align="left"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="59" align="left"#160;/tdtd height="13" width="12" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="56" align="left"#160;/tdtd height="13" width="13" align="left"#160 ;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="156" align="left" height="13" colspan="2"lower of cost or fair value/tdtd height="13" width="9" align="center"$/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="52" align="right"#160;6,869#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="70" align="right"#160;540#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="60" align="right"#160;7,409#160;/tdtd height="13" width="27" align="le ft"#160;sup(1)(5)/sup/tdtd height="13" width="9" align="center"$/tdtd height="13" width="59" align="right"#160;(21)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="56" align="right"#160;(90)/tdtd height="13" width="13" align="left"#160;sup(5)/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Single-family mortgage loans held for/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd he ight="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="156" align="left" height="13" colspan="2"investment, at amortized cost:/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/tdtd height="13" width="12" alig n="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="13" align="left"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="137" align="left"Of Fannie Mae/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="righ t"#160;14,733#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;14,733#160;/tdtd height="13" width="27" align="left"#160;sup(2)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;(917)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;(808)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="137" align="left"Of consolidated trusts t;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;348#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;348#160;/tdtd height="13" width="27" align="left"#160;sup(2)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;(1 03)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;(103)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Multifamily mortgage loans held for/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;/tdtd height="13" width="12" align="righ t"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="156" align="left" height="13" colspan="2"investment, at amortized cost:/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height=" 13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/td t;td height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd height="13" width="19" align="left"#160;/tdtd height="13" width="137" align="left"Of Fannie Mae/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;1,730#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160; /tdtd height="13" width="60" align="right"#160;1,730#160;/tdtd height="13" width="27" align="left"#160;sup(2)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;(146)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;(237)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Acquired property, net:/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd hei ght="13" width="52" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="1 3" width="19" align="left"#160;/tdtd width="156" align="left" height="13" colspan="2"Single-family/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;9,995#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;9,995#160;/tdtd height="13" width="27" align="left"#160;sup(3)/sup/td t;td height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;(672)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;(1,004)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="156" align="left" height="13" colspan="2"Multifamily/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="9" align="right" mp;#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;133#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;133#160;/tdtd height="13" width="27" align="left"#160;sup(3)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;(17)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;(32)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Guaranty assets/td td height="13" width="9" align="center"#160;/tdtd height="13" width="65" align="right"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="52" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="70" align="right"#160;24#160;/tdtd height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;24#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="59" align="right"#160;(1)/td t;td height="13" width="12" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="56" align="right"#160;(4)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="175" align="left" height="13" colspan="3"Partnership investments/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="65"#160;-#160;/tdtd height="13" width="8" 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="52"#160;-#160;/tdtd height="13" width="9" 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;85#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;85#160;/tdtd height="13" width="27" 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="59"#160;(26)/tdtd height="13" width="12" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd height="1 3" style="border-bottom: 1px solid #000000;" align="right" width="56"#160;(89)/tdtd height="13" width="13" align="left"#160;sup(4)/sup/td/trtrtd height="13" width="19" align="left"#160;/tdtd width="156" 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="65"#160;-#160;/tdtd height="13" width="8" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="52"#160;6,869#160;/tdtd he ight="13" width="9" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="70"#160;27,588#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"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="60"#160;34,457#160;/tdtd height="13" width="27" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align ="right" width="59"#160;(1,903)/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="56"#160;(2,367)/tdtd height="13" width="13" align="right"#160;sup/sup/td/tr/tabletable style="border-collapse: collapse; margin-top: 20px;"trtd height="18" width="13" align="left"#160;/tdtd height="18" width="148" align="left"b#160;/b/tdtd height="18" width="2" align="left"b#160;/b/tdtd height="18" width="9" align="right"b#160;/b/tdtd width="314" align="left" height="18" colspan="10"b#160;/b/tdtd height="18" width="15" align="left"b#160;/bsup/sup/tdtd width="69" align="center" height="18" colspan="2"bFor the/b/tdtd height="18" width="9" align="left"b#160;/b/tdtd width="72" align="center" height="18" colspan="2"bFor the/b/tdtd height="18" width="13" align="left"#160;sup/sup/td/trtrtd height="11" width="13" align="left"#160;/tdtd height="11" width="148" align="left"b#160;/b/tdtd height="11" width="2" align="left"b#160;/b/tdtd width="323" align="center" height="11" colspan="11"b#160;/b/tdtd height="11" width="15" align="center"b#160;/bsupb/b/sup/tdtd width="69" align="center" height="11" colspan="2" bThree Months Ended/b/tdtd height="11" width="9" align="center"#160;/tdtd width="72" align="center" height="11" colspan="2"bSix Months Ended/b/tdtd height="11" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="11" width="13" align="left"#160;/tdtd height="11" width="148" align="left"b#160;/b/tdtd height="11" width="2" align="left"b#160;/b/tdtd width="323" align="center" colspan="11" style="border-bottom: 1px solid #000000;" height="11"bFair Value Measurements for the Six Months Ended June 30, 2009/b/tdtd height="11" width="15" align="center"b#160;/bsupb/b/sup/tdtd width="69" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11" t;bJune 30, 2009/b/tdtd height="11" width="9" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="11"bJune 30, 2009/b/tdtd height="11" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd height="13" width="148" align="left"b#160;/b/tdtd height="13" width="2" align="left"b#160;/b/tdtd width="76" align="center" colspan="2" style="border-top: 1px solid #000000;" height="13"bQuoted/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="10"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="center" width="63"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="9"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="center" width="74"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="10"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="center" width="54"b#160;/b/tdtd height="13" width="15" align="center"b#160;/bsupb/b/sup/tdtd height="13" sty le="border-top: 1px solid #000000;" align="right" width="9"b#160;/b/tdtd height="13" style="border-top: 1px solid #000000;" align="center" width="60"b#160;/b/tdtd height="13" width="9" align="left"#160;/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="center" width="63"b#160;/b/tdtd height="13" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd height="13" width="148" align="left"b#160;/b/tdtd height="13" width="2" align="left"b#160;/b/tdtd width="76" align="center" height="13" colspan="2"bPrices in/b/tdt d height="13" width="10" align="center"b#160;/b/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="63" align="center"b#160;/b/tdtd height="13" width="9" align="center"b#160;/b/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="74" align="center"b#160;/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="54" align="center"b#160;/b/tdtd height="13" width="15" align="center"b#160;/bsupb/b/sup/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="6 0" align="center"b#160;/b/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="63" align="center"b#160;/b/tdtd height="13" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd height="13" width="148" align="left"b#160;/b/tdtd height="13" width="2" align="left"b#160;/b/tdtd width="76" align="center" height="13" colspan="2"bActive/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd width="72" align="center" height="13" colspan="2"bSignificant/b/tdtd height="13" width="9" align="center"b#160; /b/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="74" align="center"b#160;/b/tdtd height="13" width="10" align="center"b#160;/b/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="54" align="center"b#160;/b/tdtd height="13" width="15" align="center"b#160;/bsupb/b/sup/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="60" align="center"b#160;/b/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"b#160;/b/tdtd height="13" width="63" align="center"b#160;/b/tdtd height="13" wid th="13" align="center"b#160;/bsup/sup/td/trtrtd height="10" width="13" align="left"#160;/tdtd height="10" width="148" align="left"b#160;/b/tdtd height="10" width="2" align="left"b#160;/b/tdtd width="76" align="center" height="10" colspan="2"bMarkets for/b/tdtd height="10" width="10" align="center"b#160;/b/tdtd width="72" align="center" height="10" colspan="2"bOther/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd width="83" align="center" height="10" colspan="2"bSignificant/b/tdtd height="10" width="10" align="center"b#160;/b/tdtd height="10" width="9" align="right"b#160;/b/tdtd height="10" width="54 " align="center"b#160;/b/tdtd height="10" width="15" align="center"b#160;/bsupb/b/sup/tdtd height="10" width="9" align="right"b#160;/b/tdtd height="10" width="60" align="center"b#160;/b/tdtd height="10" width="9" align="left"#160;/tdtd height="10" width="9" align="right"b#160;/b/tdtd height="10" width="63" align="center"b#160;/b/tdtd height="10" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="10" width="13" align="left"#160;/tdtd height="10" width="148" align="left"b#160;/b/tdtd height="10" width="2" align="left"b#160;/b/tdtd width="76" align="center" height="10" col span="2"bIdentical/b/tdtd height="10" width="10" align="center"b#160;/b/tdtd width="72" align="center" height="10" colspan="2"bObservable/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd width="83" align="center" height="10" colspan="2"bUnobservable/b/tdtd height="10" width="10" align="center"b#160;/b/tdtd width="63" align="center" height="10" colspan="2"bEstimated/b/tdtd height="10" width="15" align="center"b#160;/bsupb/b/sup/tdtd width="69" align="center" height="10" colspan="2"bTotal/b/tdtd height="10" width="9" align="left"#160;/tdtd height="10" width="9" align="right"b#160;/b/tdtd height="10" width="63" a lign="center"b#160;/b/tdtd height="10" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="10" width="13" align="left"#160;/tdtd height="10" width="148" align="left"b#160;/b/tdtd height="10" width="2" align="left"b#160;/b/tdtd width="76" align="center" height="10" colspan="2"bAssets/b/tdtd height="10" width="10" align="center"b#160;/b/tdtd width="72" align="center" height="10" colspan="2"bInputs/b/tdtd height="10" width="9" align="center"b#160;/b/tdtd width="83" align="center" height="10" colspan="2"bInputs/b/tdtd height="10" width="10" align="center"b#160;/b/tdtd width="63" align="center" height="10" colspan="2"bFair/b/tdtd height="10" width="15" align="center"b#160;/bsupb/b/sup/tdtd width="69" align="center" height="10" colspan="2"bGains/b/tdtd height="10" width="9" align="left"#160;/tdtd width="72" align="center" height="10" colspan="2"bTotal/b/tdtd height="10" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="12" width="13" align="left"#160;/tdtd height="12" width="148" align="left"b#160;/b/tdtd height="12" width="2" align="left"b#160;/b/tdtd width="76" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 1)/b/tdtd height="12" width="10" align="left"b#160;/b /tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 2)/b/tdtd height="12" width="9" align="left"b#160;/b/tdtd width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Level 3)/b/tdtd height="12" width="10" align="left"b#160;/b/tdtd width="63" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bValue/b/tdtd height="12" width="15" align="center"b#160;/bsupb/b/sup/tdtd width="69" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"b(Losses)/b/tdtd height="12" width="9" align="left"#160;/tdtd width="72" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="12"bLosses/b/tdtd height="12" width="13" align="center"b#160;/bsup/sup/td/trtrtd height="14" width="13" align="left"#160;/tdtd height="14" width="148" align="left"#160;/tdtd height="14" width="2" align="left"#160;/tdtd width="506" align="center" height="14" colspan="18"b(Dollars in millions)/b/tdtd height="14" width="13" align="left"#160;sup/sup/td/trtrtd width="161" 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="67" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd height="13" width="9" align="right"#160;/td ;td height="13" width="63" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="74" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="60" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="left"#160;/tdtd height="13" width="13" align="left"#160;sup/sup/td/trtrtd width="161" alig n="left" height="13" colspan="2"Mortgage loans held for sale,/tdtd height="13" width="2" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="67" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="74" align="left"#160;/tdtd height="13" width="10" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="54" align="left"#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" width="9" align="right"#160 ;/tdtd height="13" width="60" align="left"#160;/tdtd height="13" width="9" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="63" align="left"#160;/tdtd height="13" width="13" align="left"#160;sup/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd width="150" align="left" height="13" colspan="2"at lower of cost or fair value/tdtd height="13" width="9" align="center"$/tdtd height="13" width="67" align="right"#160;-#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="63" align="right"#160;14,828#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$ t;/tdtd height="13" width="74" align="right"#160;2,409#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="54" align="right"#160;17,237#160;/tdtd height="13" width="15" align="left"#160;sup(1)/sup/tdtd height="13" width="9" align="center"$/tdtd height="13" width="60" align="right"#160;(359)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"$/tdtd height="13" width="63" align="right"#160;(564)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" 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="67" align="right"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="74" align="right"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="54" align="right"#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="left"#160;/tdtd height="13" width="9" align="right"#160;/tdtd he ight="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd width="150" align="left" height="13" colspan="2"investment, at amortized cost/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="67" align="right"#160;-#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;330#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="74" align="right"#160;2,364#160;/tdtd height="13" width="10" align= "right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="54" align="right"#160;2,694#160;/tdtd height="13" width="15" align="left"#160;sup(2)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;(478)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;(534)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" 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="67" align="right"#160;- mp;#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="74" align="right"#160;8,769#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="54" align="right"#160;8,769#160;/tdtd height="13" width="15" align="left"#160;sup(3)/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;49#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center" gt;#160;/tdtd height="13" width="63" align="right"#160;(289)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" 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="67" align="right"#160;-#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="74" align="right"#160;1,882#160;/tdtd height="13" width="10" align="right"#160;/tdtd height=" 13" width="9" align="center"#160;/tdtd height="13" width="54" align="right"#160;1,882#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;(47)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;(183)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" 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="67" align="right"#160;-#160;/tdtd height="13" width="10" a lign="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="right"#160;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="74" align="right"#160;280#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="54" align="right"#160;280#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="60" align="right"#160;(256)/tdtd height="13" width="9" align="right"#160;/tdtd height="13" width="9" align="center"#160;/tdtd height="13" width="63" align="rig ht"#160;(395)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" 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="67"#160;-#160;/tdtd height="13" width="10" 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;-#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"#160;/tdtd heigh t="13" style="border-bottom: 1px solid #000000;" align="right" width="74"#160;4,808#160;/tdtd height="13" width="10" 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="54"#160;4,808#160;/tdtd height="13" width="15" 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="60"#160;(302)/tdtd height="13" width="9" 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;(449)/td td height="13" width="13" align="right"#160;sup(4)/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd width="150" 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="67"#160;-#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;15,158#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="74"#160;20,512#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;35,670#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="60"#160;(1,393)/tdtd height="13" width="9" align="right" t;#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;(2,414)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" align="left" height="13" colspan="2"Liabilities:/tdtd height="13" width="2" align="left"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="67"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="ri ght" width="63"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="74"#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="54"#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" style="border-top: 3px double #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="60"#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" style="border-top: 3px d ouble #000000;" align="center" width="9"#160;/tdtd height="13" style="border-top: 3px double #000000;" align="right" width="63"#160;/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd width="161" align="left" height="13" colspan="2"Master servicing liabilities/tdtd height="13" width="2" align="left"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="67"#160;-#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="63"#160;-#160;/tdtd height="13" width="9" align="right"#160;/t dtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="74"#160;49#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="54"#160;49#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style="border-bottom: 1px solid #000000;" align="right" width="60"#160;2#160;/tdtd height="13" width="9" align="right"#160;/tdtd height="13" style="border-bottom: 1px solid #000000;" align="center" width="9"$/tdtd height="13" style ="border-bottom: 1px solid #000000;" align="right" width="63"#160;(11)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="13" width="13" align="left"#160;/tdtd width="150" align="left" height="13" colspan="2"Total liabilities at fair value/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="67"#160;-#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="63"#160;-#160;/tdtd height="13 " width="9" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="74"#160;49#160;/tdtd height="13" width="10" align="right"#160;/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="54"#160;49#160;/tdtd height="13" width="15" align="left"#160;sup/sup/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="9"$/tdtd height="13" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width=" 60"#160;2#160;/tdtd height="13" width="9" 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;(11)/tdtd height="13" width="13" align="right"#160;sup/sup/td/trtrtd height="17" width="13" align="left"#160;/tdtd height="17" width="148" 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="67"#160;/tdtd height="17" width="10" align="left"#160;/tdtd height="17" style="border-top: 3px doub le #000000;" align="right" width="9"#160;/tdtd height="17" style="border-top: 3px double #000000;" align="left" width="63"#160;/tdtd height="17" width="9" 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="74"#160;/tdtd height="17" width="10" 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="54"#160;/tdtd height="17" width="15" 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="60"#160; lt;/tdtd height="17" width="9" 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="13" 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 $14.2 billion of mortgage loans held for sale that were sold, retained as a mor tgage-related security or redesignated to mortgage loans held for investment as of June 30, 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 $508#160;million and $465#160;million of mortgage loans held for investment that were redesignated to mortgage loans held for sale, liquidated or transferred to foreclosed properties as of June 30, 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 t;/tdtd height="17" width="642" align="left"Includes $4.0#160;billion and $4.1 billion of acquired properties that were sold as of June 30, 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./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;(5)/sup/tdtd height="17" width="642" align="left"I ncludes $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 pursuant to the valuation hierarchy established under this guidance. We also use these valuation techniques to estimate#160;the#160;fair value#160;of#160;financial instruments not carried at fair value#160;but disclosed as part of#160;the#160;fair value of financial instruments.br /br /Mortgage Loans Held for Sale #8211; HFS loans are repo rted 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 al lowance 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 t hat 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 calibrated fair value. The bids on sample loans are obtained from multiple active market participants. Generally, fair value for loans that are#160 ;four or more months delinquent is estimated directly from a model calibrated to these indicative bids.#160;Fair value for loans that are#160;one to#160;three months delinquent is estimated by an interpolation method using three inputs: (1) the fair value estimate#160;as a#160;performing#160;loan; (2) the fair value estimate as a nonperforming loan; and (3)#160;the delinquency transition rate corresponding to the loan#8217;s current delinquency status.br /br /Fair value of a portion of our single family nonperforming loans is measured using the value of the underlying collateral. These valuations leverage our proprietary distressed home price model. The model assigns a value using comparable transaction data. In determining what comparables to use in its calculations, the model measures three key characteristics relative to the target property: (1) distance from target property, (2) time of the transaction and (3) comparability of the nondistressed val ue.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 net of a valuation allowance. 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 interior appraisals or independent broker opinions, when available. When third-party interior appraisals or broker opinions are not available, we estimate the majority of fair values based on factors such as prices for similar properties in similar geographical areas 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 material change in the fair v alue. Master servicing assets and liabilities are classified within Level 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 valuations 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 instruments as of June 30, 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; lt;/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"bJune 30, 2010/b/tdtd height="14" style="border-top: 1px solid #000000;" align="left" wi dth="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"bEstima ted/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-bottom: 1px solid #000000;" height="15" t;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" w idth="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"66,699#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"$/tdtd height="17" width="78" align="right"66,699#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"9,882#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd heigh t="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="right"#160;/tdtd height="17" width="78" align="left"#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" t;#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"37,608#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="78" align="right"37,608#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;/tdtd height="17" width="9" align="left"#160; lt;/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"77,353#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="78" align="right"77,353#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"105,660#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="78" align="right"105,660#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="left"#160;/tdtd height="17" width="78" align="right"2 37,728#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"1,025#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="78" align="right"1,048#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;/tdtd height="17" width="78" align="right"18,615#160;sup t;/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="right"#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/trtr td 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="right"#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"363,154#160;/tdtd height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"319,828#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 height="17" width="9" align="left"#160;/tdtd height="17" width="78" ali gn="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;2,556,280#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;2,630,889#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" style="border-bot tom: 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 held for investmentsup/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: 1px solid #000000;" align="right" width="78"2,919,434#160;/td td height="17" width="4" 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="78"2,950,717#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/td ;td height="17" width="4" align="left"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"4,849#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="78" align="right"4,584#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"Derivative 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"1,224#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="right"#160;/tdtd height="17" width="78" align="right"1,224#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-ups 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"428#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"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: 1px 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"3,214,280#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="9"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"3,245,703#160;/tdtd height="17" width="1 2" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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/sup/tdtd height="18" width="4" align="left"#160;/tdtd height="18" styl e="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"#160;/tdtd height="18" style="border-top: 3px double #000000;" align="right" width="78"#16 0;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"#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" wi dth="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;142#160;/tdtd height="17" width="4" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;142#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;-#160;/tdtd height="17" width="11" align="right"#160;/tdtd height="17" width="9" align="left"$/tdtd height="17" width="78" align="right"#160;-#160;sup/sup/td/tr ;trtd 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"#160;sup/sup/td/trtrtd height="17" width="19" align="left"#160; t;/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"256,066#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;256,211#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 t;/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;5,987#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;5,987#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" width="11" align="right"#160;/tdtd height="17" width="9" align="left"#160;/td td 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 height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"#160; lt;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"586,437#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;614,101#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"2,376,774#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;2,517,643#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" alig n="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"1,693#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;1,693#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" width="9" align="left"#160;/tdtd height="17" width="78" align="right"1,029#160;/tdtd height="17" width="11" align="right" mp;#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"765#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;4,004#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"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"3,227,864 amp;#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"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="78"#160;3,399,781#160;/tdtd height="17" width="12" align="right"#160;/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="left" width="9"$/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"$/tdtd height="17" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="rig ht" 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 $38.9#160;billion and $3.1 billion as of June 30, 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/tr ;trtd 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 current mark-to-market LTV ratios, future house prices, default rates, 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 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 r ates 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 recording these structured debt instruments at cost while recording the related derivatives at fair value.br /br /As of both June 30, 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 /Long-term debt of consolidated trustsbr /br /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 wo uld 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 debt instrument.br /#160;br /As of June 30, 2010, these instruments had an aggregate fair value and unpaid principal balance of $311 million and $99 million, respectively, recorded in #8220;Long-term debt of consolidated trusts,#8221; in our condensed consolidated balance sheet. Included in this amount are interest-only debt#160;instruments#160;with no#160;unpaid principal balance#160;and#160;fair value of $182 million as of June 30, 2010. /p/div

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2010
Notes to Consolidated Financial Statements
Commitments and Contingencies	div style="font-size:12pt"p17.#160;#160;Commitments and Contingencies br /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 a mounts 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 o f 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 Li tigationbr /br /In a consolidated complaint filed on March 4, 2005, lead plaintiffs Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio 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 /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 and on August 2, 2010, the court approved the settlement.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 the reunder) 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. Those motions are fully briefed and argued and remain pending.br /br /An individual plaintiff, Daniel Kramer, is seeking to have his Securities Act case heard in state court. Although the Court denied his m otion 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, plaintiffs 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 Employee Stock Ownership Plan (#8220;ESOP#8221;), 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 unspecifi ed 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 coordinated 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 la w 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 order 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 w ith 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 received 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 apartment 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 inter est, 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 was argued on August 3, 2010, and remains pending. /p/div