View Filing Data

Available-for-sale, at fair value (includes $998 and $1,191, respectively, related to consolidated trusts)

50,935

74,198

69,694

77,582

Total investments in securities

120,629

151,780

Mortgage loans:

Loans held for sale, at lower of cost or fair value (includes $72 and $66, respectively, related to consolidated trusts)

455

311

Loans held for investment, at amortized cost (includes $5,231 and $3,611, respectively, at fair value and loans pledged as collateral that may be sold or repledged of $1,126 and $798, respectively, related to consolidated trusts)

2,986,162

2,970,466

Total loans held for investment, net of allowance

(63,375)

^[1]

(72,156)

2,922,787

2,898,310

Accrued interest receivable, net (includes $8,107 and $8,466, respectively, related to consolidated trusts)

2,923,242

2,898,621

9,668

10,000

Acquired property, net

10,387

11,373

Other assets (includes cash pledged as collateral of $1,535 and $1,109, respectively)

26,981

25,374

Total assets

3,195,620

3,211,484

Liabilities:

Accrued interest payable (includes $9,018 and $9,302, respectively, related to consolidated trusts)

11,858

12,648

Federal funds purchased and securities sold under agreements to repurchase

^[2]

153

Other liabilities (includes $762 and $629, respectively, related to consolidated trusts)

16,951

13,535

Total liabilities

3,192,850

3,216,055

Commitments and contingencies (Note 13)

Fannie Mae stockholders' equity (deficit):

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

117,149

112,578

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

19,130

Common stock, no par value, no maximum authorization— 1,308,762,703 shares issued, 1,158,069,699 and 1,157,767,400 shares outstanding, respectively

687

Accumulated deficit

(126,300)

(128,381)

Accumulated other comprehensive loss

(545)

(1,235)

Treasury stock, at cost, 150,693,004 and 150,995,303 shares, respectively

(7,401)

(7,403)

Total Fannie Mae stockholders' equity (deficit)

2,720

(4,624)

Noncontrolling interest

Total equity (deficit)

2,770

(4,571)

Total liabilities and equity (deficit)

3,195,620

3,211,484

Mortgage loans:

369,660

380,134

(52,082)

(57,309)

Debt (includes $831 and $838, respectively, of debt of Fannie Mae and $4,600 and $3,939, respectively, of debt of consolidated trusts, at fair value)

317,961

323,070

Liabilities:

659,389

732,444

Restricted cash (includes $51,205 and $45,900, respectively, related to consolidated trusts)

ASSETS

51,205

45,900

Investments in securities:

Available-for-sale, at fair value (includes $998 and $1,191, respectively, related to consolidated trusts)

998

1,191

Mortgage loans:

Loans held for sale, at lower of cost or fair value (includes $72 and $66, respectively, related to consolidated trusts)

2,616,502

2,590,332

(11,293)

(14,847)

Accrued interest receivable, net (includes $8,107 and $8,466, respectively, related to consolidated trusts)

2,605,281

2,575,551

8,107

8,466

Liabilities:

Accrued interest payable (includes $9,018 and $9,302, respectively, related to consolidated trusts)

9,018

9,302

Debt (includes $831 and $838, respectively, of debt of Fannie Mae and $4,600 and $3,939, respectively, of debt of consolidated trusts, at fair value)

2,504,499

2,457,428

Other liabilities (includes $762 and $629, respectively, related to consolidated trusts)

$ 762

$ 629

[1]	Total allowance for loan losses includes $293 million and $414 million as of June 30, 2012 and 2011, respectively, for acquired credit-impaired loans.
[2]	Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Restricted cash	$ 55,985	$ 50,797
Investments in securities:
Available-for-sale, at fair value	69,694	77,582
Mortgage loans:
Loans held for sale, at lower of cost or fair value	455	311
Accrued interest receivable, net	9,668	10,000
Cash pledged as collateral included in other assets	1,535	1,109
Liabilities:
Accrued interest payable	11,858	12,648
Other liabilities	$ 16,951	$ 13,535
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	555,374,922	555,374,922
Preferred stock outstanding	555,374,922	555,374,922
Common stock issued	1,308,762,703	1,308,762,703
Common stock outstanding	1,158,069,699	1,157,767,400
Treasury stock, shares	150,693,004	150,995,303
Fannie Mae [Member]
Liabilities:
Debt at fair value	$ 831	$ 838
Consolidated Trusts [Member]
ASSETS
Restricted cash	51,205	45,900
Investments in securities:
Available-for-sale, at fair value	998	1,191
Mortgage loans:
Loans held for sale, at lower of cost or fair value	72	66
Loans at fair value included in loans held for investment, at amortized cost	5,231	3,611
Loans pledged as collateral that may be sold or repledged included in loans held for investment, at amortized cost	1,126	798
Accrued interest receivable, net	8,107	8,466
Liabilities:
Accrued interest payable	9,018	9,302
Debt at fair value	4,600	3,939
Other liabilities	$ 762	$ 629

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Interest income:

$ 73

$ 264

$ 522

$ 548

Mortgage loans (includes $28,424 and $31,613, respectively, for the three months ended and $57,425 and $63,478, respectively, for the six months ended related to consolidated trusts)

1,035

1,152

1,762

2,365

32,023

35,333

64,593

70,923

Total interest income

33,171

36,774

66,955

73,889

Interest expense:

Long-term debt (includes $24,714 and $27,919, respectively, for the three months ended and $50,074 and $55,771, respectively, for the six months ended related to consolidated trusts)

188

27,711

31,721

56,256

63,769

Total interest expense

27,743

31,802

56,330

63,957

Net interest income

5,428

4,972

10,625

9,932

Net interest income (loss) after benefit (provision) for credit losses

3,041

(6,537)

^[1]

1,041

(17,091)

^[1]

8,469

(1,565)

11,666

(7,159)

Investment gains, net

131

171

247

246

Other-than-temporary impairments

(196)

(28)

(276)

(85)

Noncredit portion of other-than-temporary impairments recognized in other comprehensive income

(403)

(28)

(387)

(15)

(599)

(56)

(663)

(100)

(2,449)

(1,634)

(2,166)

(1,345)

(93)

(43)

(127)

(30)

Non-interest income (loss)

395

265

770

502

(2,615)

(1,297)

(1,939)

(727)

Administrative expenses:

Salaries and employee benefits

292

310

598

630

Professional services

179

169

347

358

Occupancy expenses

Other administrative expenses

101

Total administrative expenses

567

569

1,131

1,174

Foreclosed property expense (income)

(70)

(478)

269

Other expenses

238

490

384

Total expenses

735

123

1,890

1,568

Income (loss) before federal income taxes

5,119

(2,985)

7,837

(9,454)

(Benefit) provision for federal income taxes

(93)

(91)

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

5,119

(2,892)

7,837

(9,363)

Other comprehensive income (loss):

320

(1)

675

178

Total other comprehensive income (loss)

328

690

183

Total comprehensive income (loss)

5,447

(2,890)

8,527

(9,180)

Less: Comprehensive (income) loss attributable to the noncontrolling interest

(5)

(1)

(4)

(1)

Total comprehensive income (loss) attributable to Fannie Mae

5,442

(2,891)

8,523

(9,181)

Less: Net (income) loss attributable to the noncontrolling interest

5,119

(2,892)

7,837

(9,363)

(5)

(1)

(4)

(1)

Preferred stock dividends

5,114

(2,893)

7,833

(9,364)

(2,929)

(2,282)

(5,746)

(4,498)

Net income (loss) attributable to common stockholders

$ 2,185

$ (5,175)

$ 2,087

$ (13,862)

Earnings (loss) per share, Basic

$ 0.38

$ (0.90)

$ 0.36

$ (2.43)

Earnings (loss) per share, Diluted

$ 0.37

$ (0.90)

$ 0.35

$ (2.43)

Weighted-average common shares outstanding, Basic

5,762

5,730

5,762

5,714

Weighted-average common shares outstanding, Diluted

5,893

5,730

5,893

5,714

[1]	Prior period amounts have been reclassified to conform to the current period presentation.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Mortgage loans	$ 32,023	$ 35,333	$ 64,593	$ 70,923
Interest expense: Long-term debt	27,711	31,721	56,256	63,769
Consolidated Trusts [Member]
Mortgage loans	28,424	31,613	57,425	63,478
Interest expense: Long-term debt	$ 24,714	$ 27,919	$ 50,074	$ 55,771

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows used in operating activities:
Net cash provided by (used in) operating activities	$ 24,135	$ (2,095)
Cash flows provided by investing activities:
Purchases of trading securities held for investment	(1,095)	(545)
Proceeds from maturities and paydowns of trading securities held for investment	1,763	1,051
Proceeds from sales of trading securities held for investment	693	516
Purchases of available-for-sale securities	(25)	(44)
Proceeds from maturities and paydowns of available-for-sale securities	5,972	6,933
Proceeds from sales of available-for-sale securities	696	1,850
Purchases of loans held for investment	(81,192)	(26,000)
Net change in restricted cash	(5,188)	26,099
Advances to lenders	(56,489)	(27,990)
Proceeds from disposition of acquired property and preforeclosure sales	20,570	24,142
Net change in federal funds sold and securities purchased under agreements to resell or similar agreements	22,000	(7,749)
Other, net	(92)	(33)
Net cash provided by investing activities	276,959	236,162
Cash flows used in financing activities:
Payments of cash dividends on senior preferred stock to Treasury	(5,750)	(4,497)
Proceeds from senior preferred stock purchase agreement with Treasury	4,571	11,100
Net change in federal funds purchased and securities sold under agreements to repurchase	153	0
Other, net	(8)	109
Net cash used in financing activities	(293,905)	(237,090)
Net increase (decrease) in cash and cash equivalents	7,189	(3,023)
Cash and cash equivalents at beginning of period	17,539	17,297
Cash and cash equivalents at end of period	24,728	14,274
Cash paid during the period for:
Cash paid during the period for interest	60,926	65,710
Fannie Mae [Member]
Cash flows provided by investing activities:
Proceeds from repayments of loans held for investment	14,236	11,722
Cash flows used in financing activities:
Proceeds from the issuance of debt	337,683	345,028
Payments to redeem debt	(408,557)	(401,125)
Consolidated Trusts [Member]
Cash flows provided by investing activities:
Proceeds from repayments of loans held for investment	355,110	226,210
Cash flows used in financing activities:
Proceeds from the issuance of debt	160,523	117,760
Payments to redeem debt	$ (382,520)	$ (305,465)

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

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”). 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 and (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.

Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, (together, the “GSE Act”), the conservator immediately succeeded to (1) 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 (2) title to the books, records and assets of any other legal custodian of Fannie Mae. 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.

The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. The GSE Act, however, provides that mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae mortgage-backed securities (“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 Fannie Mae. As of August 8, 2012, FHFA has not exercised this power.

Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. FHFA issued a rule establishing a framework for conservatorship and receivership operations for the GSEs, which became effective in 2011. The rule established procedures for conservatorship and receivership, and priorities of claims for contract parties and other claimants. This rule is part of FHFA’s implementation of the powers provided by the Federal Housing Finance Regulatory Reform Act of 2008, and does not seek to anticipate or predict future conservatorships or receiverships.

FHFA has announced that, during the conservatorship, our existing statutory and FHFA-directed regulatory capital requirements will not be binding and that FHFA will not issue quarterly capital classifications. We submit capital reports to FHFA and FHFA monitors our capital levels. The deficit of core capital over statutory minimum capital was $145.1 billion as of June 30, 2012 and $148.4 billion as of December 31, 2011.

The conservatorship has no specified termination date and there continues to be uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated. 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 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 former Director of FHFA placed us into conservatorship. Placement into receivership would have a material adverse effect on holders of our common stock, preferred stock, debt securities and Fannie Mae MBS. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results. We are not aware of any plans of FHFA to significantly change our business model or capital structure in the near term.

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 senior preferred stock purchase agreement, Treasury has committed to provide us with funding as described below to help us maintain a positive net worth thereby avoiding the mandatory receivership trigger described above. We have received a total of $116.1 billion from Treasury pursuant to the senior preferred stock purchase agreement as of June 30, 2012. The aggregate liquidation preference of the senior preferred stock, including the initial aggregate liquidation preference of $1.0 billion, remains at $117.1 billion as of June 30, 2012.

The senior preferred stock purchase agreement provides that the $200 billion maximum amount of the commitment from Treasury will increase as necessary to accommodate any net worth deficiencies attributable to periods during 2010, 2011, and 2012. If we do not have a positive net worth as of December 31, 2012, then the amount of funding available under the amended senior preferred stock purchase agreement after 2012 will be $124.8 billion ($200 billion less $75.2 billion in cumulative draws for net worth deficiencies through December 31, 2009).

In the event we have a positive net worth as of December 31, 2012, then the amount of funding available after 2012 under the amended senior preferred stock purchase agreement will depend on the size of that positive net worth relative to the cumulative draws for net worth deficiencies attributable to periods during 2010, 2011, and 2012, as follows:


•	If our positive net worth as of December 31, 2012 is less than the cumulative draws for net worth deficiencies attributable to periods during 2010, 2011, and 2012, then the amount of available funding will be $124.8 billion less our positive net worth as of December 31, 2012.


•	If our positive net worth as of December 31, 2012 is greater than the cumulative draws for net worth deficiencies attributable to periods during 2010, 2011, and 2012, then the amount of available funding will be $124.8 billion less the cumulative draws attributable to periods during 2010, 2011, and 2012.

We were scheduled to begin paying a quarterly commitment fee to Treasury under the senior preferred stock purchase agreement beginning on March 31, 2011; however, Treasury waived the quarterly commitment fee for each quarter of 2011 and the first, second and third quarters of 2012 due to the continued fragility of the U.S. mortgage market and Treasury’s belief that the imposition of the quarterly commitment fee would not generate increased compensation for taxpayers. In its notification to FHFA that it had waived the quarterly commitment fee for the third quarter of 2012, Treasury indicated that it will reevaluate the situation during the next calendar quarter to determine whether the quarterly commitment fee should then be set. The agreement provides that Treasury may waive the periodic commitment fee for up to one year at a time, in its sole discretion, based on adverse conditions in the U.S. mortgage market.

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 ability to issue long-term debt has been strong primarily due to actions taken by the federal government to support us and the financial markets.

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 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, due to our reliance on the U.S. government’s support, our access to debt funding or the cost of debt funding also could be materially adversely affected by a change or perceived change in the creditworthiness of the U.S. government. A downgrade in our credit ratings could reduce demand for our debt securities and increase our borrowing costs. Standard & Poor’s Ratings Services’ (“S&P”) downgrade of our credit rating on August 8, 2011, which was a result of a similar action on the U.S. government’s sovereign credit rating, has not adversely affected our access to debt funding or the cost of our debt funding. Future changes or disruptions in the financial markets could significantly change the amount, mix and cost of funds we obtain, which also could increase our liquidity and roll-over risk and have a material adverse impact on our liquidity, financial condition and results of operations.

In February 2011, Treasury and HUD released a report to Congress on reforming America’s housing finance market. The report provides that the Obama Administration will work with FHFA to determine the best way to responsibly reduce Fannie Mae’s and Freddie Mac’s role in the market and ultimately wind down both institutions. The report emphasizes the importance of proceeding with a careful transition plan and providing the necessary financial support to Fannie Mae and Freddie Mac during the transition period. In February 2012, Treasury Secretary Geithner stated that the Administration intended to release new details around approaches to housing finance reform, including winding down Fannie Mae and Freddie Mac, and to work with Congressional leaders to explore options for legislation, but that he does not expect housing finance reform legislation to be enacted in 2012. We cannot predict the prospects for the enactment, timing or content of legislative proposals regarding the future of the GSEs.

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. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. Results for the three and six months ended June 30, 2012 may not necessarily be indicative of the results for the year ending December 31, 2012. The unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2012 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, 2011 (“2011 Form 10-K”), filed with the SEC on February 29, 2012.

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 Treasury are deemed related parties. As of June 30, 2012, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $117.1 billion. Our administrative expenses were reduced by $26 million and $25 million for the three months ended June 30, 2012 and 2011, respectively, and $48 million and $60 million for the six months ended June 30, 2012 and 2011, respectively, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program (“HAMP”) and other initiatives under Treasury’s Making Home Affordable Program.

During the six months ended June 30, 2011, we received a refund of $1.1 billion from the Internal Revenue Service (“IRS”) related to the carryback of our 2009 operating loss to the 2008 and 2007 tax years. In addition, in June 2011, we effectively settled our 2007 and 2008 tax years with the IRS and, as a result, we recognized an income tax benefit of $90 million in our condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2011.

Under the temporary credit and liquidity facilities (“TCLF”) program, we had $2.5 billion and $3.0 billion outstanding, which includes principal and interest, of three-year standby credit and liquidity support as of June 30, 2012 and December 31, 2011, respectively. Under the new issue bond (“NIB”) program, we had $6.9 billion and $7.5 billion outstanding of pass-through securities backed by single-family and multifamily housing bonds issued by housing finance agencies (“HFAs”) as of June 30, 2012 and December 31, 2011, respectively. Treasury will bear any initial losses of principal under the TCLF program and the NIB program up to 35% of the total original principal on a combined program-wide basis, and thereafter we will bear the losses of principal that are attributable to the TCLF and the securities we have issued. Treasury will also bear any losses of unpaid interest under the two programs. As of June 30, 2012, there had been no losses of principal or interest under the TCLF program or the NIB program.

As described in “Business—Legislative and Regulatory Developments—Changes to Our Single-Family Guaranty Fee Pricing” in our 2011 Form 10-K, in December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act of 2011 which, among other provisions, required that we increase our single-family guaranty fees by at least 10 basis points and remit this increase to Treasury. Effective April 1, 2012, the guaranty fee on all single-family residential mortgages delivered to Fannie Mae and Freddie Mac on or after that date for securitization was increased by 10 basis points. The resulting fee revenue and expense are recorded in “Mortgage loans interest income” and “Other expenses,” respectively, in our condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2012, our liability to Treasury for the remittance of this guaranty fee was $26 million.

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, 2012 and December 31, 2011, we held Freddie Mac mortgage-related securities with a fair value of $14.0 billion and $15.6 billion, respectively, and accrued interest receivable of $60 million and $69 million, respectively. We recognized interest income on these securities held by us of $142 million and $172 million for the three months ended June 30, 2012 and 2011, respectively, and $295 million and $360 million for the six months ended June 30, 2012 and 2011, respectively. In addition, Freddie Mac may be an investor in variable interest entities that we have consolidated, and we may be an investor in variable interest entities that Freddie Mac has consolidated.

Use of Estimates

Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments, and other assets and liabilities, the allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates.

In the three months ended June 30, 2012, we updated our assumptions used to project cash flow estimates on our Alt-A and subprime private-label securities to incorporate recent observable market trends, which included extending the time it takes to liquidate loans underlying these securities and increasing severity rates for loans where the servicer stopped advancing payments. These updates resulted in lower net present value of cash flow projections on our Alt-A and subprime securities and increased our other-than-temporary impairment expense by approximately $500 million.

Collateral

Our liability to third party holders of Fannie Mae MBS that arises as the result of a consolidation of a securitization trust is collateralized by the underlying loans and/or mortgage related securities.

We had reverse repurchase agreements outstanding of $36.1 billion and $49.5 billion as of June 30, 2012 and December 31, 2011, respectively. The fair value of non-cash collateral we accepted was $36.2 billion and $50.1 billion as of June 30, 2012 and December 31, 2011, respectively, of which we were permitted to sell or repledge $27.1 billion and $20.0 billion as of June 30, 2012 and December 31, 2011, respectively. None of the underlying collateral was sold or repledged as of June 30, 2012 or December 31, 2011.

Allowance for Loan Losses and Reserve for Guaranty Losses

In the six months ended June 30, 2012, we identified misstatements in our consideration of the benefit for repurchase requests, as well as in the calculation used to discount the deferred payment obligation for certain mortgage insurers currently in run-off, when estimating the allowance for loan losses as of December 31, 2011. In the three months ended June 30, 2012, we identified a misstatement in the calculation of the default rate used for certain bonds to estimate the reserve for guaranty losses as of December 31, 2011.

To correct the above misstatements, we have recorded an out-of-period adjustment of $1.1 billion to “Benefit (provision) for credit losses” in our condensed consolidated statement of operations and comprehensive income (loss) for the six months ended June 30, 2012. We have evaluated the effects of these misstatements, both quantitatively and qualitatively, and concluded that no prior periods are materially misstated. We have also concluded that the misstatement is not material to our projected annual 2012 net income.

Earnings (Loss) per Share

Earnings (loss) per share (“EPS”) is presented for both basic EPS and diluted EPS. We compute basic EPS by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In addition to common shares outstanding, the computation of basic EPS includes instruments for which the holder has (or is deemed to have) the present rights as of the end of the reporting period to share in current period earnings (loss) with common stockholders (i.e., participating securities and common shares that are currently issuable for little or no cost to the holder). We include in the denominator of our basic EPS computation the weighted-average number of shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury. Diluted EPS includes all the components of basic EPS, plus the dilutive effect of common stock equivalents such as convertible securities and stock options, but excludes those common stock equivalents from the calculation of diluted EPS when the effect of inclusion, assessed individually, would be anti-dilutive. There was no impact to the numerator of our diluted EPS calculation from the dilutive convertible preferred stock for the three and six months ended June 30, 2012.

The table below presents the computations of basic and diluted weighted average common shares outstanding.



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012	2011
	(Shares in millions)
Weighted average common shares outstanding—basic		5,762		5,730	5,762	5,714
Convertible preferred stock		131		—	131	—
Weighted average common shares outstanding—diluted		5,893		5,730	5,893	5,714

Reclassifications

To conform to our current period presentation, we have reclassified certain amounts reported in our condensed consolidated financial statements.

Adoption of New Accounting Guidance

Effective January 1, 2012, we prospectively adopted guidance issued by the Financial Accounting Standards Board (“FASB”) related to fair value measurement. The new guidance does not expand the use of fair value; instead, it provides guidance about how fair value should be determined where it already is required or permitted under U.S. GAAP. The new fair value guidance changes certain fair value principles and clarifies the FASB’s intent on certain items, including a clarification that the principal market should be determined based on the market the entity has access to with the greatest volume and level of activity for the asset or liability. It also expands the disclosures about fair value measurements. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements; however, it required us to expand our fair value disclosures. See “Note 12, Fair Value,” for additional information regarding the impact upon adoption of this guidance.

Consolidations and Transfers of Financial Assets

6 Months Ended

Jun. 30, 2012

Consolidations and Transfers of Financial Assets [Abstract]

Consolidations and Transfers of Financial Assets [Text Block]

Consolidations and Transfers of Financial Assets

We have interests in various entities that are considered to be variable interest entities (“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 include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities.

As of June 30, 2012, we consolidated certain VIEs that were not consolidated as of December 31, 2011, generally due to increases in the amount of the certificates issued by the entity that are held in our portfolio (for example, when we hold a substantial portion of the securities issued by Fannie Mae multi-class resecuritization trusts). As a result of consolidating these entities, which had combined total assets of $2.8 billion in unpaid principal balance as of June 30, 2012, we derecognized our investment in these entities and recognized the assets and liabilities of the consolidated entities at fair value.

As of June 30, 2012, we also deconsolidated certain VIEs that were consolidated as of December 31, 2011, generally due to decreases in the amount of the certificates issued by the entity that are held in our portfolio. As a result of deconsolidating these entities, which had combined total assets of $102 million in unpaid principal balance as of December 31, 2011, we derecognized the assets and liabilities of the entities and recognized at fair value our retained interests as securities in our condensed consolidated balance sheets.

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization trusts, as well as other investment entities. The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated VIEs as of June 30, 2012 and December 31, 2011, as well as our maximum exposure to loss and the total assets of those unconsolidated VIEs.



	As of June 30, 2012
	Mortgage-Backed Trusts			Asset-Backed Trusts		Limited Partnership Investments
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets:
Assets:
Available-for-sale securities ⁽¹⁾	$	62,010		$	—		$	—
Trading securities ⁽¹⁾	23,285			537			—
Other assets	272			—			116
Other liabilities	(1,695		)	—			(138		)
Net carrying amount	$	83,872		$	537		$	(22	)
Maximum exposure to loss ⁽¹⁾	$	93,272		$	537		$	109
Total assets of unconsolidated VIEs ⁽¹⁾	$	636,023		$	78,306		$	11,336


	As of December 31, 2011
	Mortgage-Backed Trusts			Asset-Backed Trusts		Limited Partnership Investments
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets:
Assets:
Available-for-sale securities ⁽¹⁾	$	69,101		$	—		$	—
Trading securities ⁽¹⁾	24,292			2,111			—
Other assets	271			—			145
Other liabilities	(1,347		)	—			(153		)
Net carrying amount	$	92,317		$	2,111		$	(8	)
Maximum exposure to loss ⁽¹⁾	$	100,146		$	2,111		$	137
Total assets of unconsolidated VIEs ⁽¹⁾	$	641,346		$	256,845		$	12,256

__________


⁽¹⁾	Contains securities recognized in our condensed consolidated balance sheets due to consolidation of certain multi-class resecuritization trusts.

Our maximum exposure to loss generally represents the greater of our recorded investment in the entity or the unpaid principal balance of the assets covered by our guaranty. 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.

Transfers of Financial Assets

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, 2012 and 2011, the unpaid principal balance of portfolio securitizations was $46.4 billion and $27.3 billion, respectively. For the six months ended June 30, 2012 and 2011, the unpaid principal balance of portfolio securitizations was $88.1 billion and $56.6 billion, respectively.

The following table displays some key characteristics of the securities retained in unconsolidated portfolio securitization trusts.



	Fannie Mae Single-class MBS & Fannie Mae Megas			REMICS & SMBS⁽¹⁾
	(Dollars in millions)
As of June 30, 2012
Unpaid principal balance	$	526		$	10,407
Fair value	585			11,679
Weighted-average coupon	6.21		%	5.67		%
Weighted-average loan age	5.9		years	4.3		years
Weighted-average maturity	23.0		years	16.1		years

As of December 31, 2011
Unpaid principal balance	$	588		$	12,697
Fair value	654			14,043
Weighted-average coupon	6.21		%	5.86		%
Weighted-average loan age	5.4		years	4.5		years
Weighted-average maturity	23.5		years	18.6		years

__________


⁽¹⁾	Consists of Real Estate Mortgage Investment Conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

For the three months ended June 30, 2012 and 2011, the principal and interest received on retained interests was $636 million and $715 million, respectively. For the six months ended June 30, 2012 and 2011, the principal and interest received on retained interests was $1.3 billion and $1.5 billion, respectively.

Managed Loans

We define “managed loans” as on-balance sheet mortgage loans as well as mortgage loans that we have securitized in unconsolidated portfolio securitization trusts. The following table displays the unpaid principal balances of managed loans, including those managed loans that were delinquent as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012						December 31, 2011
	Unpaid Principal Balance			Principal Amount of Delinquent Loans⁽¹⁾			Unpaid Principal Balance			Principal Amount of Delinquent Loans⁽¹⁾
		(Dollars in millions)
Loans held for investment:
Of Fannie Mae		$	385,172		$	111,800		$	396,276		$	122,392
Of consolidated trusts		2,586,317			18,793			2,570,339			24,893
Loans held for sale		453			127			312			57
Securitized loans		2,196			2			2,273			71
Total loans managed		$	2,974,138		$	130,722		$	2,969,200		$	147,413

__________


⁽¹⁾	Represents the unpaid principal balance of loans held for investment, loans held for sale and securitized loans for which we are no longer accruing interest and loans 90 days or more delinquent which are continuing to accrue interest.

Qualifying Sales of Portfolio Securitizations

The majority of our portfolio securitization transactions do not qualify for sale treatment as we consolidate the substantial majority of our single-class MBS trusts. We report assets and liabilities of consolidated trusts created via portfolio securitization transactions that do not qualify as sales in our condensed consolidated balance sheets.

We recognize assets obtained and liabilities incurred in qualifying sales of portfolio securitizations at fair value. Proceeds from the initial sale of securities from portfolio securitizations were $163 million and $513 million for the three months ended June 30, 2012 and 2011, respectively. Proceeds from the initial sale of securities from portfolio securitizations were $296 million and $621 million for the six months ended June 30, 2012 and 2011, respectively. Our continuing involvement in the form of guaranty assets and guaranty liabilities with assets that were transferred into unconsolidated trusts is not material to our condensed consolidated financial statements.

Other Securitizations

We also completed other portfolio securitization transactions that did not qualify as sales during the six months ended June 30, 2012 and were accounted for as secured borrowings. Proceeds from these transactions were $421 million and were recorded as long-term debt of Fannie Mae in our condensed consolidated balance sheet. As of June 30, 2012, the fair value of trading securities underlying these transactions was $201 million, and the unpaid principal balance of mortgage loans of consolidated trusts underlying these transactions was $227 million. The related assets have been transferred to MBS trusts and are restricted solely for the purpose of servicing the related MBS. We did not complete any securitizations of this type during the six months ended June 30, 2011.

Mortgage Loans

6 Months Ended

Jun. 30, 2012

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans

The following table displays our mortgage loans as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012												December 31, 2011
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	316,090			$	2,475,043			$	2,791,133			$	319,496			$	2,470,533			$	2,790,029
Multifamily		69,463				111,346				180,809				77,026				99,872				176,898
Total unpaid principal balance of mortgage loans		385,553				2,586,389				2,971,942				396,522				2,570,405				2,966,927
Cost basis and fair value adjustments, net		(15,510		)		30,185				14,675				(16,143		)		19,993				3,850
Allowance for loan losses for loans held for investment		(52,082		)		(11,293		)		(63,375		)		(57,309		)		(14,847		)		(72,156		)
Total mortgage loans		$	317,961			$	2,605,281			$	2,923,242			$	323,070			$	2,575,551			$	2,898,621

During the three and six months ended June 30, 2012, we redesignated loans with a carrying value of $14 million from held for investment (“HFI”) to held for sale (“HFS”). During the three months ended June 30, 2011, there were no loans redesignated from HFI to HFS. During the six months ended June 30, 2011, we redesignated loans with a carrying value of $561 million from HFI to HFS.

Nonaccrual Loans

We discontinue accruing interest on loans when we believe collectibility of principal or interest is not reasonably assured, which for single-family loans we have determined, based on our historical experience, to be when the loan becomes 60 days or more past due according to its contractual terms. We generally place multifamily loans on nonaccrual status when the loan is deemed to be individually impaired, unless the loan is well secured such that collectibility of principal and accrued interest is reasonably assured.

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. For single-family loans, we recognize interest income for loans on nonaccrual status when cash is received. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan.

We return a single-family loan to accrual status at the point that the borrower has made sufficient payments to reduce their delinquency below our nonaccrual threshold. For modified single-family loans, the loan is not returned to accrual status until the borrower successfully makes all required payments during the trial period (generally three to four months) and the modification is made permanent. We generally return a multifamily loan to accrual status when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectibility is reasonably assured.

Aging Analysis

The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans, excluding loans for which we have elected the fair value option, by portfolio segment and class as of June 30, 2012 and December 31, 2011.



	As of June 30, 2012⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	38,978		$	12,844		$	73,084		$	124,906	$	2,387,341	$	2,512,247		$	105	$	85,781
Government⁽⁴⁾		86			42			328			456		50,884		51,340			328		—
Alt-A		6,297			2,522			25,048			33,867		131,105		164,972			16		27,549
Other⁽⁵⁾		2,911			1,158			9,829			13,898		66,441		80,339			76		10,842
Total single-family		48,272			16,566			108,289			173,127		2,635,771		2,808,898			525		124,172
Multifamily⁽⁶⁾		169			NA			540			709		182,640		183,349			—		2,072
Total		$	48,441		$	16,566		$	108,829		$	173,836	$	2,818,411	$	2,992,247		$	525	$	126,244



	As of December 31, 2011⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	43,516		$	15,282		$	80,712		$	139,510	$	2,341,646	$	2,481,156		$	111	$	95,959
Government⁽⁴⁾		109			49			327			485		51,391		51,876			327		—
Alt-A		7,155			3,054			28,323			38,532		138,880		177,412			14		31,356
Other⁽⁵⁾		3,403			1,431			11,277			16,111		73,115		89,226			96		12,533
Total single-family		54,183			19,816			120,639			194,638		2,605,032		2,799,670			548		139,848
Multifamily⁽⁶⁾		210			NA			1,105			1,315		177,906		179,221			—		2,764
Total		$	54,393		$	19,816		$	121,744		$	195,953	$	2,782,938	$	2,978,891		$	548	$	142,612

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.


⁽³⁾	Consists of mortgage loans that are not included in other loan classes.


⁽⁴⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which due to their nature are not aged and are included in the current column.


⁽⁵⁾	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.


⁽⁶⁾	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Credit Quality Indicators

The following table displays the total recorded investment in our single-family HFI loans, excluding loans for which we have elected the fair value option, by class and credit quality indicator as of June 30, 2012 and December 31, 2011. The single-family credit quality indicator is updated quarterly.



	As of
	June 30, 2012⁽¹⁾⁽²⁾							December 31, 2011⁽¹⁾⁽²⁾
	Primary⁽³⁾		Alt-A		Other⁽⁴⁾				Primary⁽³⁾		Alt-A		Other⁽⁴⁾
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽⁵⁾
Less than or equal to 80%	$	1,582,116	$	58,906		$	22,573		$	1,464,348	$	61,618		$	23,414
Greater than 80%and less than or equal to 90%	372,620		19,484			8,067			412,342		21,369			9,224
Greater than 90%and less than or equal to 100%	233,739		18,011			8,228			246,648		19,790			9,445
Greater than 100%and less than or equal to 110%	116,616		15,292			7,985			128,428		16,164			8,951
Greater than 110% and less than or equal to 120%	67,940		11,992			7,223			73,836		12,534			7,912
Greater than 120% and less than or equal to 125%	24,343		4,852			3,118			25,750		5,087			3,557
Greater than 125%	114,873		36,435			23,145			129,804		40,850			26,723
Total	$	2,512,247	$	164,972		$	80,339		$	2,481,156	$	177,412		$	89,226

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Excludes $51.3 billion and $51.9 billion as of June 30, 2012 and December 31, 2011, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV.


⁽³⁾	Consists of mortgage loans that are not included in other loan classes.


⁽⁴⁾	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.


⁽⁵⁾	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

The following table displays the total recorded investment in our multifamily HFI loans, excluding loans for which we have elected the fair value option, by credit quality indicator as of June 30, 2012 and December 31, 2011. The multifamily credit quality indicator is updated quarterly.



	As of
	June 30,			December 31,
	2012⁽¹⁾			2011⁽¹⁾
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽²⁾
Green		$	142,759		$	131,740
Yellow⁽³⁾		23,314			28,354
Orange		16,164			17,355
Red		1,112			1,772
Total		$	183,349		$	179,221

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Green (loan with acceptable risk); yellow (loan with signs of potential weakness); orange (loan with a well defined weakness that may jeopardize the timely full repayment); and red (loan with a weakness that makes timely collection or liquidation in full more questionable based on existing conditions and values).


⁽³⁾	Includes approximately $5.6 billion and $6.9 billion of unpaid principal balance as of June 30, 2012 and December 31, 2011, respectively, classified as yellow due to no available financial information.

Individually Impaired Loans

Individually impaired loans include TDRs, acquired credit-impaired loans, and multifamily loans that we have assessed as probable that we will not collect all contractual amounts due, regardless of whether we are currently accruing interest. The following tables display the total recorded investment, unpaid principal balance, and related allowance as of June 30, 2012 and December 31, 2011 and interest income recognized and average recorded investment for the three and six months ended June 30, 2012 and 2011 for individually impaired loans.



	As of
	June 30, 2012										December 31, 2011
	Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	117,485		$	110,755	$	27,183	$	568		$	116,825		$	109,684	$	29,598	$	674
Government⁽³⁾		188			185		28		4			258			258		67		8
Alt-A		34,513			31,801		10,358		225			34,318			31,516		11,121		268
Other⁽⁴⁾		16,011			15,230		4,838		80			16,181			15,363		5,353		99
Total single-family		168,197			157,971		42,407		877			167,582			156,821		46,139		1,049
Multifamily		2,475			2,498		508		13			2,832			2,855		718		32
Total individually impaired loans with related allowance recorded		170,672			160,469		42,915		890			170,414			159,676		46,857		1,081

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		11,364			8,410		—		—			9,370			6,471		—		—
Government⁽³⁾		116			112		—		—			25			17		—		—
Alt-A		3,297			1,825		—		—			3,056			1,538		—		—
Other⁽⁴⁾		749			441		—		—			680			367		—		—
Total single-family		15,526			10,788		—		—			13,131			8,393		—		—
Multifamily		1,755			1,764		—		—			1,759			1,771		—		—
Total individually impaired loans with no related allowance recorded		17,281			12,552		—		—			14,890			10,164		—		—
Total individually impaired loans⁽⁶⁾		$	187,953		$	173,021	$	42,915	$	890		$	185,304		$	169,840	$	46,857	$	1,081



	For the Three Months Ended June 30,
	2012									2011
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	110,527		$	967		$	149		$	97,984		$	911		$	326
Government⁽³⁾		204			3			—			274			3			—
Alt-A		31,600			253			35			28,862			239			96
Other⁽⁴⁾		15,218			110			16			14,158			106			41
Total single-family		157,549			1,333			200			141,278			1,259			463
Multifamily		2,499			34			1			2,055			23			2
Total individually impaired loans with related allowance recorded		160,048			1,367			201			143,333			1,282			465

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		7,367			254			61			7,399			144			31
Government⁽³⁾		88			1			—			15			3			—
Alt-A		1,672			60			13			1,959			53			7
Other⁽⁴⁾		399			20			6			541			13			3
Total single-family		9,526			335			80			9,914			213			41
Multifamily		1,712			26			—			686			10			2
Total individually impaired loans with no related allowance recorded		11,238			361			80			10,600			223			43
Total individually impaired loans		$	171,286		$	1,728		$	281		$	153,933		$	1,505		$	508



	For the Six Months Ended June 30,
	2012									2011
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	110,154		$	1,940		$	322		$	97,723		$	1,815		$	367
Government⁽³⁾		227			6			—			265			6			—
Alt-A		31,543			506			74			29,213			481			98
Other⁽⁴⁾		15,232			220			34			14,108			212			47
Total single-family		157,156			2,672			430			141,309			2,514			512
Multifamily		2,620			65			1			2,135			48			3
Total individually impaired loans with related allowance recorded		159,776			2,737			431			143,444			2,562			515

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		7,053			438			115			5,695			252			88
Government⁽³⁾		58			3			—			11			4			—
Alt-A		1,628			111			28			1,331			86			26
Other⁽⁴⁾		390			39			13			385			21			7
Total single-family		9,129			591			156			7,422			363			121
Multifamily		1,732			47			1			711			25			5
Total individually impaired loans with no related allowance recorded		10,861			638			157			8,133			388			126
Total individually impaired loans		$	170,637		$	3,375		$	588		$	151,577		$	2,950		$	641

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not

Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.


⁽⁵⁾	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.


⁽⁶⁾	Includes single-family loans restructured in a TDR with a recorded investment of $165.9 billion and $161.9 billion as of June 30, 2012 and December 31, 2011, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $1.0 billion and $956 million as of June 30, 2012 and December 31, 2011, respectively.

⁽⁷⁾

Total single-family interest income recognized of $1.7 billion and $1.5 billion for the three months ended June 30, 2012 and 2011, respectively, consists of $1.2 billion and $1.1 billion of contractual interest and $436 million and $383 million of effective yield adjustments. Total single-family interest income recognized of $3.3 billion and $2.9 billion for the six months ended June 30, 2012 and 2011, respectively, consists of $2.4 billion and $2.1 billion of contractual interest and $823 million and $735 million of effective yield adjustments.

Troubled Debt Restructurings

A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. The substantial majority of the loan modifications we complete result in term extensions, interest rate reductions or a combination of both. During the three months ended June 30, 2012 and 2011, the average term extension of a single-family modified loan was 119 and 76 months, respectively, and the average interest rate reduction was 2.34 and 3.37 percentage points, respectively. During the six months ended June 30, 2012 and 2011, the average term extension of a single-family modified loan was 124 and 71 months, respectively, and the average interest rate reduction was 2.30 and 3.46 percentage points, respectively.

The following table displays the number of loans and recorded investment in loans restructured in a TDR for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		31,886		$	5,367		35,192		$	6,365
Government⁽³⁾		92		14			122		21
Alt-A		6,293		1,286			7,292		1,586
Other⁽⁴⁾		2,193		549			3,399		851
Total single-family		40,464		7,216			46,005		8,823
Multifamily		8		65			19		109
Total troubled debt restructurings		40,472		$	7,281		46,024		$	8,932



	For the Six Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		58,770		$	9,954		71,957		$	13,189
Government⁽³⁾		202		28			296		62
Alt-A		10,938		2,253			14,790		3,267
Other⁽⁴⁾		3,853		958			6,995		1,771
Total single-family		73,763		13,193			94,038		18,289
Multifamily		21		133			29		175
Total troubled debt restructurings		73,784		$	13,326		94,067		$	18,464

__________

⁽¹⁾

Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Based on the nature of our modification programs, which do not include principal or interest forgiveness, there is not a material difference between the recorded investment in our loans pre- and post- modification, therefore amounts represent recorded investment post-modification.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.

The following table displays the number of loans and recorded investment in loans that had a payment default for the three and six months ended June 30, 2012 and 2011 and were modified in a TDR in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure or a short sale, single-family loans with completed modifications that are two or more months delinquent during the period or multifamily loans with completed modifications that are one or more months delinquent during the period.



	For the Three Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		10,704		$	1,827		16,041		$	2,822
Government⁽³⁾		49		7			104		30
Alt-A		2,016		403			3,687		813
Other⁽⁴⁾		961		235			1,673		407
Total single-family		13,730		2,472			21,505		4,072
Multifamily		1		1			5		25
Total TDRs that subsequently defaulted		13,731		$	2,473		21,510		$	4,097



	For the Six Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		22,576		$	3,901		37,987		$	6,696
Government⁽³⁾		99		17			182		51
Alt-A		4,259		869			8,696		1,879
Other⁽⁴⁾		2,156		523			3,865		937
Total single-family		29,090		5,310			50,730		9,563
Multifamily		2		3			8		49
Total TDRs that subsequently defaulted		29,092		$	5,313		50,738		$	9,612

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Represents our recorded investment in the loan at time of payment default.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.

Allowance for Loan Losses

6 Months Ended

Jun. 30, 2012

Loans and Leases Receivable, Allowance [Abstract]

Allowance for Loan Losses

Our allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in both single-family and multifamily HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. When calculating our loan loss allowance, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance and accrued interest recognized while the loan was on accrual status and any applicable cost basis adjustments. We record charge-offs as a reduction to the allowance for loan losses when losses are confirmed through the receipt of assets in full satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale.

We aggregate single-family HFI loans that are not 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. We base our allowance and reserve methodology on historical events and trends, such as loss severity (in event of default), default rates, and recoveries from mortgage insurance contracts and other credit enhancements. 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.

Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan’s original effective interest rate. However, 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 and adjusted for estimated proceeds from mortgage, flood, or hazard insurance or similar sources.

We identify multifamily loans for evaluation for impairment through a credit risk assessment process. Based on this evaluation, we determine for loans that are not in homogeneous pools whether or not a loan is individually impaired. If we determine that a multifamily loan is 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. 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.

The following table displays changes in single-family, multifamily and total allowance for loan losses for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30,
	2012										2011
	Of Fannie Mae			Of Consolidated Trusts				Total			Of Fannie Mae			Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	56,108			$	12,630		$	68,738		$	52,671			$	13,413		$	66,084
(Benefit) provision for loan losses⁽¹⁾	(3,244		)		(70		)	(3,314		)	2,954				2,723			5,677
Charge-offs⁽²⁾⁽³⁾	(3,724		)		(208		)	(3,932		)	(5,341		)		(758		)	(6,099		)
Recoveries	441				44			485			1,819				550			2,369
Transfers⁽⁴⁾	1,607				(1,607		)	—			2,750				(2,750		)	—
Other⁽⁵⁾	134				23			157			96				(100		)	(4		)
Ending balance	$	51,322			$	10,812		$	62,134		$	54,949			$	13,078		$	68,027
Multifamily allowance for loan losses:
Beginning balance	$	893			$	478		$	1,371		$	1,037			$	436		$	1,473
(Benefit) provision for loan losses⁽¹⁾	(85		)		12			(73		)	86				39			125
Charge-offs⁽²⁾⁽³⁾	(59		)		—			(59		)	(119		)		—			(119		)
Transfers⁽⁴⁾	9				(9		)	—			12				(12		)	—
Other⁽⁵⁾	2				—			2			1				(1		)	—
Ending balance	$	760			$	481		$	1,241		$	1,017			$	462		$	1,479
Total allowance for loan losses:
Beginning balance	$	57,001			$	13,108		$	70,109		$	53,708			$	13,849		$	67,557
(Benefit) provision for loan losses⁽¹⁾	(3,329		)		(58		)	(3,387		)	3,040				2,762			5,802
Charge-offs⁽²⁾⁽³⁾	(3,783		)		(208		)	(3,991		)	(5,460		)		(758		)	(6,218		)
Recoveries	441				44			485			1,819				550			2,369
Transfers⁽⁴⁾	1,616				(1,616		)	—			2,762				(2,762		)	—
Other⁽⁵⁾	136				23			159			97				(101		)	(4		)
Ending balance⁽⁶⁾	$	52,082			$	11,293		$	63,375		$	55,966			$	13,540		$	69,506



	For the Six Months Ended June 30,
	2012												2011
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
		(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance		$	56,294			$	14,339			$	70,633			$	47,377			$	12,603			$	59,980
(Benefit) provision for loan losses⁽¹⁾		(1,844		)		550				(1,294		)		10,197				6,092				16,289
Charge-offs⁽²⁾⁽³⁾		(8,128		)		(471		)		(8,599		)		(10,964		)		(1,206		)		(12,170		)
Recoveries		862				109				971				2,349				1,502				3,851
Transfers⁽⁴⁾		3,800				(3,800		)		—				5,912				(5,912		)		—
Other⁽⁵⁾		338				85				423				78				(1		)		77
Ending balance		$	51,322			$	10,812			$	62,134			$	54,949			$	13,078			$	68,027
Multifamily allowance for loan losses:
Beginning balance		$	1,015			$	508			$	1,523			$	1,153			$	423			$	1,576
(Benefit) provision for loan losses⁽¹⁾		(102		)		(11		)		(113		)		2				98				100
Charge-offs⁽²⁾⁽³⁾		(188		)		—				(188		)		(201		)		—				(201		)
Transfers⁽⁴⁾		17				(17		)		—				57				(57		)		—
Other⁽⁵⁾		18				1				19				6				(2		)		4
Ending balance		$	760			$	481			$	1,241			$	1,017			$	462			$	1,479
Total allowance for loan losses:
Beginning balance		$	57,309			$	14,847			$	72,156			$	48,530			$	13,026			$	61,556
(Benefit) provision for loan losses⁽¹⁾		(1,946		)		539				(1,407		)		10,199				6,190				16,389
Charge-offs⁽²⁾⁽³⁾		(8,316		)		(471		)		(8,787		)		(11,165		)		(1,206		)		(12,371		)
Recoveries		862				109				971				2,349				1,502				3,851
Transfers⁽⁴⁾		3,817				(3,817		)		—				5,969				(5,969		)		—
Other⁽⁵⁾		356				86				442				84				(3		)		81
Ending balance⁽⁶⁾		$	52,082			$	11,293			$	63,375			$	55,966			$	13,540			$	69,506

__________


⁽¹⁾	(Benefit) provision for loan losses is included in benefit (provision) for credit losses in our condensed consolidated statements of operations and comprehensive income (loss).


⁽²⁾	While we purchase the substantial majority of loans that are four or more months delinquent from our MBS trusts, we do not exercise this option to purchase loans during a forbearance period. Accordingly, charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.

⁽³⁾

Total charge-offs include accrued interest of $238 million and $438 million for the three months ended June 30, 2012 and 2011, respectively and $511 million and $824 million for the six months ended June 30, 2012 and 2011, respectively. Single-family charge-offs include accrued interest of $228 million and $423 million for the three months ended June 30, 2012 and 2011, respectively and $486 million and $800 million for the six months ended June 30, 2012 and 2011, respectively. Multifamily charge-offs include accrued interest of $10 million and $15 million for the three months ended June 30, 2012 and 2011, respectively and $25 million and $24 million for the six months ended June 30, 2012 and 2011, respectively.


⁽⁴⁾	Includes transfers from trusts for delinquent loan purchases.

⁽⁵⁾

Amounts represent the net activity recorded in our allowances for accrued interest receivable and preforeclosure property taxes and insurance receivable from borrowers. The provision for credit losses, charge-offs, recoveries and transfer activity included in this table reflects all changes for both the allowance for loan losses and the valuation allowances for accrued interest and preforeclosure property taxes and insurance receivable that relate to the mortgage loans.


⁽⁶⁾	Total allowance for loan losses includes $293 million and $414 million as of June 30, 2012 and 2011, respectively, for acquired credit-impaired loans.

As of June 30, 2012, the allowance for accrued interest receivable for loans of Fannie Mae was $1.8 billion and for loans of consolidated trusts was $251 million. As of December 31, 2011, the allowance for accrued interest receivable for loans of Fannie Mae was $2.2 billion and for loans of consolidated trusts was $336 million.

The following table displays the allowance for loan losses and total recorded investment in our HFI loans, excluding loans for which we have elected the fair value option, by impairment or reserve methodology and portfolio segment as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012							December 31, 2011
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans	$	42,115		$	507	$	42,622	$	45,765		$	717	$	46,482
Collectively reserved loans	19,727			733		20,460		24,494			805		25,299
Acquired credit-impaired loans	292			1		293		374			1		375
Total allowance for loan losses	$	62,134		$	1,241	$	63,375	$	70,633		$	1,523	$	72,156

Recorded investment in loans by segment:⁽¹⁾
Individually impaired loans	$	165,938		$	4,221	$	170,159	$	161,942		$	4,579	$	166,521
Collectively reserved loans	2,640,139			179,087		2,819,226		2,634,456			174,595		2,809,051
Acquired credit-impaired loans	2,821			41		2,862		3,272			47		3,319
Total recorded investment in loans	$	2,808,898		$	183,349	$	2,992,247	$	2,799,670		$	179,221	$	2,978,891

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Investments in Securities

6 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Trading Securities

Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income (loss). The following table displays our investments in trading securities as of June 30, 2012 and December 31, 2011.



	As of
	June 30,		December 31,
	2012		2011
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae	$	6,819		$	7,424
Freddie Mac	2,974			2,732
Ginnie Mae	282			287
Alt-A private-label securities	1,296			1,349
Subprime private-label securities	1,226			1,280
CMBS	9,930			10,411
Mortgage revenue bonds	689			724
Other mortgage-related securities	118			143
Total	23,334			24,350
Non-mortgage-related securities:
U.S. Treasury securities	27,064			47,737
Asset-backed securities	537			2,111
Total	27,601			49,848
Total trading securities	$	50,935		$	74,198

The following table displays information about our net trading gains and losses for the three and six months ended June 30, 2012 and 2011.



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2012				2011		2012				2011
		(Dollars in millions)
Net trading gains (losses):
Mortgage-related securities		$	(12	)	$	131		$	284		$	360
Non-mortgage-related securities		(2		)	4			(14		)	—
Total		$	(14	)	$	135		$	270		$	360
Net trading gains (losses) recorded in the period related to securities still held at period end:
Mortgage-related securities		$	(4	)	$	131		$	330		$	354
Non-mortgage-related securities		2			7			(4		)	8
Total		$	(2	)	$	138		$	326		$	362

Available-for-Sale Securities

We measure available-for-sale (“AFS”) securities at fair value with unrealized gains and losses recorded as a component of “Other comprehensive income,” net of tax, and we record realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income (loss).

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, 2012 and 2011.



	For the Three				For the Six
	Months Ended				Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
	(Dollars in millions)
Gross realized gains	$	9	$	73	$	27	$	133
Gross realized losses	1		47		10		53
Total proceeds⁽¹⁾	132		839		400		1,229

__________


⁽¹⁾	Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and Transfers of Financial Assets.”

The following table displays the amortized cost, gross unrealized gains and losses and fair value by major security type for AFS securities we held as of June 30, 2012 and December 31, 2011.



		As of June 30, 2012
	Total Amortized Cost ⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI ⁽²⁾				Gross Unrealized Losses - Other ⁽³⁾				Total Fair Value
		(Dollars in millions)
Fannie Mae		$	12,100		$	1,101		$	(2	)		$	(11	)	$	13,188
Freddie Mac		10,143			840			—				—			10,983
Ginnie Mae		710			119			—				—			829
Alt-A private-label securities		12,187			267			(1,084		)		(187		)	11,183
Subprime private-label securities		8,695			51			(1,110		)		(406		)	7,230
CMBS⁽⁴⁾		13,251			458			—				(41		)	13,668
Mortgage revenue bonds		9,295			175			(54		)		(59		)	9,357
Other mortgage-related securities		3,524			82			(27		)		(323		)	3,256
Total		$	69,905		$	3,093		$	(2,277	)		$	(1,027	)	$	69,694



		As of December 31, 2011
	Total Amortized Cost ⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI ⁽²⁾				Gross Unrealized Losses - Other ⁽³⁾				Total Fair Value
		(Dollars in millions)
Fannie Mae		$	15,486		$	1,381		$	(3	)		$	(14	)	$	16,850
Freddie Mac		11,906			917			—				—			12,823
Ginnie Mae		775			127			—				—			902
Alt-A private-label securities		13,314			233			(1,618		)		(246		)	11,683
Subprime private-label securities		9,556			17			(1,534		)		(453		)	7,586
CMBS⁽⁴⁾		13,949			181			—				(104		)	14,026
Mortgage revenue bonds		10,172			202			(56		)		(64		)	10,254
Other mortgage-related securities		3,687			92			(39		)		(282		)	3,458
Total		$	78,845		$	3,150		$	(3,250	)		$	(1,163	)	$	77,582

__________


⁽¹⁾	Amortized cost consists of unpaid principal balance, 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 and comprehensive income (loss).


⁽²⁾	Represents the noncredit component of other-than-temporary impairment losses recorded in “Accumulated other comprehensive loss” as well as cumulative changes in fair value of securities for which we previously recognized the credit component of an other-than-temporary impairment.


⁽³⁾	Represents the gross unrealized losses on securities for which we have not recognized an other-than-temporary impairment.


⁽⁴⁾	Amortized cost includes $610 million and $686 million as of June 30, 2012 and December 31, 2011, respectively, of increase to the carrying amount from previous fair value hedge accounting.

The following table displays 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, 2012 and December 31, 2011.



		As of June 30, 2012
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
		(Dollars in millions)
Fannie Mae		$	(2	)	$	350		$	(11	)	$	248
Alt-A private-label securities		(22		)	911			(1,249		)	5,945
Subprime private-label securities		(13		)	284			(1,503		)	5,999
CMBS		(5		)	854			(36		)	526
Mortgage revenue bonds		(31		)	513			(82		)	1,085
Other mortgage-related securities		(9		)	358			(341		)	1,532
Total		$	(82	)	$	3,270		$	(3,222	)	$	15,335

		As of December 31, 2011
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
		(Dollars in millions)
Fannie Mae		$	(4	)	$	519		$	(13	)	$	208
Alt-A private-label securities		(133		)	1,414			(1,731		)	6,525
Subprime private-label securities		(73		)	471			(1,914		)	6,686
CMBS		(20		)	1,458			(84		)	2,790
Mortgage revenue bonds		(4		)	114			(116		)	1,971
Other mortgage-related securities		(21		)	547			(300		)	1,588
Total		$	(255	)	$	4,523		$	(4,158	)	$	19,768

Other-Than-Temporary Impairments

We recognize the credit component of other-than-temporary impairments of our debt securities in “Net other-than-temporary impairments” and the noncredit component in “Other comprehensive income” in our condensed consolidated statements of operations and comprehensive income (loss) 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.

The fair value of 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. As of June 30, 2012, $3.2 billion of the $3.3 billion of gross unrealized losses on AFS securities had existed for a period of 12 consecutive months or longer. Gross unrealized losses on AFS securities as of June 30, 2012 include unrealized losses on securities with other-than-temporary impairment in which a portion of the impairment remains in “Accumulated other comprehensive loss.” The securities with unrealized losses for 12 consecutive months or longer, on average, had a fair value as of June 30, 2012 that was 83% 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.

The following table displays our net other-than-temporary impairments by major security type recognized in our condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
		(Dollars in millions)
Alt-A private-label securities		$	312		$	53		$	355	$	91
Subprime private-label securities		284			—			303		—
Other		3			3			5		9
Net other-than-temporary impairments		$	599		$	56		$	663	$	100

The net other-than-temporary impairment recorded in the three and six months ended June 30, 2012 increased compared with the three and six months ended June 30, 2011, driven primarily by a decrease in the net present value of projected cash flows on our Alt-A and subprime private-label securities due to higher projected loss severity rates on loans underlying these securities. The net present value of projected cash flows decreased because we updated our assumptions due to recent observable market trends, including extending the time it takes to liquidate the loans and increasing loss severity rates for loans where the servicer stopped advancing payments.

The following table displays activity related to the unrealized credit component on debt securities held by us and recognized in our condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011. A related unrealized noncredit component has been recognized in “Other comprehensive income (loss).”



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
	(Dollars in millions)
Balance, beginning of period	$	8,870		$	8,040		$	8,915		$	8,215
Additions for the credit component on debt securities for which OTTI was not previously recognized	2			—			2			8
Additions for credit losses on debt securities for which OTTI was previously recognized	597			56			661			92
Reductions for securities no longer in portfolio at period end	(2		)	—			(2		)	—
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(101		)	(220		)	(210		)	(439		)
Balance, end of period	$	9,366		$	7,876		$	9,366		$	7,876

As of June 30, 2012, those debt securities with other-than-temporary impairment for which we recognized in our condensed consolidated statements of operations and comprehensive income (loss) the amount of loss related to credit consisted predominantly of Alt-A and subprime securities. We evaluate Alt-A (including option adjustable rate mortgage (“ARM”)) and subprime private-label securities for other-than-temporary impairment by discounting the projected cash flows from econometric models to estimate the portion of loss in value attributable to credit. Separate components of a third-party model project regional home prices, unemployment and interest rates. The model combines these factors with available current information regarding attributes of loans in pools backing the private-label mortgage-related securities to project prepayment speeds, conditional default rates, loss severities and delinquency rates. It incorporates detailed information on security-level subordination levels and cash flow priority of payments to project security level cash flows. We have recorded other-than-temporary impairments for the three and six months ended June 30, 2012 based on this analysis. For securities we determined were not other-than-temporarily impaired, we concluded that either the bond had no projected credit loss or if we projected a loss, that the present value of expected cash flows was greater than the security’s cost basis.

The following table displays the modeled attributes, including default rates and severities, which are used to determine whether our senior interests in certain non-agency mortgage-related securities will experience a cash shortfall as of June 30, 2012. Assumption of voluntary prepayment rates is also an input to the present value of expected losses.



	As of June 30, 2012
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	1,518			$	460			$	3,101			$	459			$	2,107
Weighted average collateral default⁽¹⁾	41.0		%		39.9		%		13.3		%		30.3		%		17.8		%
Weighted average collateral severities⁽²⁾	70.2				60.5				54.7				53.5				47.8
Weighted average voluntary prepayment rates⁽³⁾	6.3				5.7				11.3				6.0				8.9
Average credit enhancement⁽⁴⁾	51.3				13.6				12.1				22.9				10.0
2005
Unpaid principal balance	$	155			$	1,235			$	1,097			$	499			$	2,191
Weighted average collateral default⁽¹⁾	68.4		%		54.8		%		39.7		%		52.3		%		38.8		%
Weighted average collateral severities⁽²⁾	76.3				67.8				66.1				64.4				55.4
Weighted average voluntary prepayment rates⁽³⁾	2.3				4.4				6.8				4.9				5.6
Average credit enhancement⁽⁴⁾	65.5				22.3				1.0				14.9				4.9
2006
Unpaid principal balance	$	11,025			$	1,084			$	492			$	1,488			$	1,548
Weighted average collateral default⁽¹⁾	71.4		%		69.6		%		40.5		%		57.9		%		37.4		%
Weighted average collateral severities⁽²⁾	78.2				69.2				67.5				64.4				57.9
Weighted average voluntary prepayment rates⁽³⁾	2.2				3.1				5.6				3.8				5.5
Average credit enhancement⁽⁴⁾	15.4				16.2				0.5				0.7				—
2007 & After:
Unpaid principal balance	$	582			$	—			$	—			$	—			$	108
Weighted average collateral default⁽¹⁾	67.7		%		N/A				N/A				N/A				40.9		%
Weighted average collateral severities⁽²⁾	71.4				N/A				N/A				N/A				59.9
Weighted average voluntary prepayment rates⁽³⁾	1.9				N/A				N/A				N/A				6.5
Average credit enhancement⁽⁴⁾	31.3				N/A				N/A				N/A				24.4
Total
Unpaid principal balance	$	13,280			$	2,779			$	4,690			$	2,446			$	5,954
Weighted average collateral default⁽¹⁾	67.7		%		58.1		%		22.3		%		51.6		%		31.1		%
Weighted average collateral severities⁽²⁾	77.0				67.2				58.7				62.4				53.4
Weighted average voluntary prepayment rates⁽³⁾	2.7				4.1				9.7				4.5				6.8
Average credit enhancement⁽⁴⁾	20.8				18.5				8.3				7.7				5.8

__________


⁽¹⁾	The expected remaining cumulative default rate of the collateral pool backing the securities, as a percentage of the current collateral unpaid principal balance, weighted by security unpaid principal balance.


⁽²⁾	The expected remaining loss given default of the collateral pool backing the securities, calculated as the ratio of remaining cumulative loss divided by cumulative defaults, weighted by security unpaid principal balance.


⁽³⁾	The average monthly voluntary prepayment rate, weighted by security unpaid principal balance.


⁽⁴⁾	The average percent current credit enhancement provided by subordination of other securities. Excludes excess interest projections and monoline bond insurance.

Maturity Information

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, 2012. 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.



		As of June 30, 2012
	Total Amortized Cost			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
	Total Amortized Cost			Total Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value
	(Dollars in millions)
Fannie Mae		$	12,100	$	13,188		$	—	$	—		$	18	$	19		$	1,327	$	1,409		$	10,755	$	11,760
Freddie Mac		10,143		10,983			3		3			51		55			937		1,007			9,152		9,918
Ginnie Mae		710		829			—		—			2		2			4		4			704		823
Alt-A private-label securities		12,187		11,183			—		—			1		1			204		209			11,982		10,973
Subprime private-label securities		8,695		7,230			—		—			—		—			—		—			8,695		7,230
CMBS		13,251		13,668			62		65			9,590		9,929			3,304		3,401			295		273
Mortgage revenue bonds		9,295		9,357			56		58			338		346			711		728			8,190		8,225
Other mortgage-related securities		3,524		3,256			—		—			—		—			—		11			3,524		3,245
Total		$	69,905	$	69,694		$	121	$	126		$	10,000	$	10,352		$	6,487	$	6,769		$	53,297	$	52,447

Accumulated Other Comprehensive Loss

The following table displays our accumulated other comprehensive loss by major categories as of June 30, 2012 and December 31, 2011.



	As of
	June 30,			December 31,
	2012			2011
	(Dollars in millions)
Net unrealized gains on available-for-sale securities for which we have not recorded other-than-temporary impairment, net of tax	$	1,174			$	1,152
Net unrealized losses on available-for-sale securities for which we have recorded other-than-temporary impairment, net of tax	(1,300		)		(1,953		)
Other losses	(419		)		(434		)
Accumulated other comprehensive loss	$	(545	)		$	(1,235	)

The following table displays the activity in other comprehensive income (loss), net of tax, by major categories for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
	(Dollars in millions)
Comprehensive income (loss):
Net income (loss)	$	5,119		$	(2,892	)	$	7,837		$	(9,363	)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized (losses) gains on available-for-sale securities (net of tax of $46 and $19, respectively, for the three months ended and net of tax of $150 and $68, respectively, for the six months ended)	(64		)	(34		)	255			127
Reclassification adjustment for other-than-temporary impairments recognized in net income (loss) (net of tax of $210 and $15, respectively, for the three months ended and $232 and $28, respectively, for the six months ended)	389			40			431			72
Reclassification adjustment for gains included in net income (loss) (net of tax of $3 for the three months ended and net of tax of $6 and $11, respectively, for the six months ended)	(5		)	(7		)	(11		)	(21		)
Other	8			3			15			5
Other comprehensive income	328			2			690			183
Total comprehensive income (loss)	$	5,447		$	(2,890	)	$	8,527		$	(9,180	)

The entire disclosure for investments in certain debt and equity securities.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Financial Guarantees

6 Months Ended

Jun. 30, 2012

Guarantees [Abstract]

Financial Guarantees

We recognize a guaranty obligation for our obligation to stand ready to perform for our guarantees to unconsolidated trusts and other guaranty arrangements. These guarantees expose us to credit losses on the mortgage loans or, in the case of mortgage-related securities, the underlying mortgage loans of the related securities. The contractual terms of our guarantees range from 30 days to 40 years. However, the actual term of each guaranty may be significantly less than the contractual term based on the prepayment characteristics of the related mortgage loans.

For those guarantees recognized in our condensed consolidated balance sheets, our maximum potential exposure under these guarantees is primarily comprised of the unpaid principal balance of the underlying mortgage loans, which totaled $56.5 billion and $59.4 billion as of June 30, 2012 and December 31, 2011, respectively.

In addition, we had maximum potential exposure of $8.8 billion and $9.3 billion for other guarantees not recognized in our condensed consolidated balance sheets as of June 30, 2012 and December 31, 2011, respectively, which primarily represents the unpaid principal balance of loans underlying guarantees issued prior to the effective date of current accounting guidance on guaranty accounting.

The maximum amount we could recover through available credit enhancements and recourse with third parties on guarantees recognized in our condensed consolidated balance sheets was $13.5 billion and $14.1 billion as of June 30, 2012 and December 31, 2011, respectively. The maximum amount we could recover through available credit enhancements and recourse with third parties on guarantees not recognized in our condensed consolidated balance sheets was $3.8 billion and $4.0 billion as of June 30, 2012 and December 31, 2011, respectively. Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us.

The fair value of our guaranty obligations associated with the Fannie Mae MBS included in “Investments in securities” was $2.0 billion and $2.2 billion as of June 30, 2012 and December 31, 2011, respectively.

Risk Characteristics of our Book of Business

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 mortgage loans underlying the related securities.

For single-family loans, management monitors the serious delinquency rate, which is the percentage of single-family loans 90 days or more past due or in the foreclosure process, and loans that have higher risk characteristics, such as high mark-to-market LTV ratios.

For multifamily loans, management monitors the serious delinquency rate, which is the percentage of loans 60 days or more past due, and other loans that have higher risk characteristics, to determine our overall credit quality indicator. Higher risk characteristics include, but are not limited to, original debt service coverage ratios (“DSCR”) below 1.10, current DSCR below 1.0, and high original and current estimated LTV ratios. We stratify multifamily loans into different internal risk categories based on the credit risk inherent in each individual loan.

For single-family and multifamily loans, we use this information, in conjunction with housing market and economic conditions, to structure our pricing and our eligibility and underwriting criteria to 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.

The following tables display the current delinquency status and certain higher risk characteristics of our single-family conventional and total multifamily guaranty book of business as of June 30, 2012 and December 31, 2011.



	As of June 30, 2012⁽¹⁾						As of December 31, 2011⁽¹⁾
	30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽²⁾		30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽²⁾
Percentage of single-family conventional guaranty book of business⁽³⁾	1.76	%	0.61	%	4.01	%	1.98	%	0.73	%	4.47	%
Percentage of single-family conventional loans⁽⁴⁾	1.94		0.62		3.53		2.17		0.74		3.91



	As of
	June 30, 2012⁽¹⁾				December 31, 2011 ⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	16	%	13.44	%	18	%	13.76	%
Geographical distribution:
Arizona	3		2.82		2		3.65
California	19		2.07		19		2.46
Florida	6		11.00		6		11.80
Nevada	1		7.15		1		7.42
Select Midwest states⁽⁶⁾	10		3.83		10		4.39
All other states	61		2.93		62		3.18
Product distribution:
Alt-A	6		11.83		7		12.43
Subprime	*		21.02		*		23.18
Vintages:
2005	6		7.34		7		7.27
2006	6		11.66		7		11.81
2007	8		12.38		10		12.62
2008	6		5.98		7		5.64
All other vintages	74		1.44		69		1.59

__________


*	Represents less than 0.5% of the single-family conventional guaranty book of business.


⁽¹⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of June 30, 2012 and December 31, 2011.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process, as of June 30, 2012 and December 31, 2011.


⁽³⁾	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.


⁽⁴⁾	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.


⁽⁵⁾	Calculated based on the number of single-family conventional loans that were seriously delinquent divided by the total number of single-family conventional loans for each category included in our guaranty book of business.


⁽⁶⁾	Consists of Illinois, Indiana, Michigan, and Ohio.



	As of
	June 30, 2012⁽¹⁾ ⁽²⁾				December 31, 2011^{(1) (2)}
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.07	%	0.29	%	0.11	%	0.59	%



	As of
	June 30, 2012⁽¹⁾				December 31, 2011⁽¹⁾
	Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾		Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾
Original loan-to-value ratio:
Greater than 80%	4	%	0.51	%	5	%	2.51	%
Less than or equal to 80%	96		0.28		95		0.49
Original debt service coverage ratio:
Less than or equal to 1.10	8		0.38		8		0.24
Greater than 1.10	92		0.28		92		0.62
Current debt service coverage ratio less than 1.0⁽⁵⁾	6		2.27		7		3.66

__________


⁽¹⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of June 30, 2012 and December 31, 2011 excluding loans that have been defeased.


⁽²⁾	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.


⁽³⁾	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.


⁽⁴⁾	Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our guaranty book of business.


⁽⁵⁾	Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 6 to 18 months, as they prepare their results in the normal course of business.

Acquired Property Net

6 Months Ended

Jun. 30, 2012

Real Estate [Abstract]

Acquired Property, Net

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 the properties after initial acquisition. We classify properties as held for sale when we intend to sell the property and are actively marketing it for sale. The following table displays the activity in acquired property and the related valuation allowance for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended												For the Six Months Ended
	June 30, 2012												June 30, 2012
	Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net				Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net
		(Dollars in millions)
Balance as of beginning of period		$	11,409			$	(790	)		$	10,619			$	12,401			$	(1,028	)		$	11,373
Additions		4,282				(120		)		4,162				8,108				(241		)		7,867
Disposals		(4,656		)		395				(4,261		)		(9,474		)		913				(8,561		)
Write-downs, net of recoveries		—				(133		)		(133		)		—				(292		)		(292		)
Balance as of end of period		$	11,035			$	(648	)		$	10,387			$	11,035			$	(648	)		$	10,387



	For the Three Months Ended												For the Six Months Ended
	June 30, 2011												June 30, 2011
	Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net				Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net
		(Dollars in millions)
Balance as of beginning of period		$	16,928			$	(1,664	)		$	15,264			$	18,054			$	(1,881	)		$	16,173
Additions		4,998				(149		)		4,849				9,887				(278		)		9,609
Disposals		(7,011		)		788				(6,223		)		(13,026		)		1,518				(11,508		)
Write-downs, net of recoveries		—				(298		)		(298		)		—				(682		)		(682		)
Balance as of end of period		$	14,915			$	(1,323	)		$	13,592			$	14,915			$	(1,323	)		$	13,592

__________


⁽¹⁾	Reflects activities in the valuation allowance for acquired properties held primarily by our single-family segment.

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6375948&loc=d3e4437-111522

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=16397438&loc=d3e1424-110224

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(4))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=16397438&loc=d3e1739-110224

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-Chapter 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 11
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 15
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 9, 11, 12, 13, 14, 15, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings and Long-Term Debt

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Short-Term Borrowings

The following table displays our outstanding short-term borrowings (borrowings with an original contractual maturity of one year or less) and weighted-average interest rates of these borrowings as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012						December 31, 2011
	Outstanding			Weighted- Average Interest Rate ⁽¹⁾			Outstanding			Weighted- Average Interest Rate ⁽¹⁾
		(Dollars in millions)
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$	153		—	%		$	—		—	%

Fixed-rate short-term debt:
Discount notes⁽³⁾		$	92,424		0.14	%		$	146,301		0.13	%
Foreign exchange discount notes⁽⁴⁾		482			1.91			371			1.88
Other⁽⁵⁾		—			—			80			0.04
Total short-term debt of Fannie Mae		92,906			0.15			146,752			0.13
Debt of consolidated trusts		3,908			0.17			4,973			0.09
Total short-term debt		$	96,814		0.15	%		$	151,725		0.13	%

__________


⁽¹⁾	Includes the effects of discounts, premiums, and other cost basis adjustments.


⁽²⁾	Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.


⁽³⁾	Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.

⁽⁴⁾

Represents foreign exchange discount notes we issue in the Euro commercial paper market with maturities ranging from 5 to 360 days which enable investors to hold short-term investments in different currencies. We do not incur foreign exchange risk on these transactions, as we simultaneously enter into foreign currency swaps that have the effect of converting debt that we issue in foreign denominated currencies into U.S. dollars.


⁽⁵⁾	Includes foreign exchange discount notes denominated in U.S. dollars.

Intraday Lines of Credit

We periodically use secured and unsecured intraday funding lines of credit provided by several large financial institutions. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As these lines of credit are uncommitted intraday loan facilities, we may be unable to draw on them if and when needed. We had secured uncommitted lines of credit of $25.0 billion and unsecured uncommitted lines of credit of $500 million as of June 30, 2012 and December 31, 2011. We had no borrowings outstanding from these lines of credit as of June 30, 2012.

Long-Term Debt

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, 2012 and December 31, 2011.



	As of
	June 30, 2012						December 31, 2011
	Maturities	Outstanding			Weighted-Average Interest Rate ⁽¹⁾		Maturities	Outstanding			Weighted-Average Interest Rate ⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2012 - 2030		$	267,347	2.63	%	2012 - 2030		$	277,146	2.81	%
Medium-term notes⁽²⁾	2012 - 2022		172,877		1.40		2012 - 2021		176,886		1.61
Foreign exchange notes and bonds	2021 - 2028		669		5.27		2021 - 2028		662		5.44
Other⁽³⁾⁽⁴⁾	2012 - 2040		39,848		5.27		2012 - 2040		50,912		5.29
Total senior fixed			480,741		2.41				505,606		2.64
Senior floating:
Medium-term notes⁽²⁾	2012 - 2019		77,026		0.31		2012 - 2016		71,855		0.32
Other⁽³⁾⁽⁴⁾	2020 - 2037		377		8.63		2020 - 2037		420		8.01
Total senior floating			77,403		0.34				72,275		0.35
Subordinated fixed:
Qualifying subordinated⁽⁵⁾	2012 - 2014		4,894		5.08		2012 - 2014		4,894		5.08
Subordinated debentures	2019		3,054		9.91		2019		2,917		9.91
Total subordinated fixed			7,948		6.94				7,811		6.88
Secured borrowings⁽⁶⁾	2021 - 2022		391		1.87		—		—		—
Total long-term debt of Fannie Mae⁽⁷⁾			566,483		2.19				585,692		2.42
Debt of consolidated trusts⁽⁴⁾	2012 - 2052		2,500,591		3.93		2012 - 2051		2,452,455		4.18
Total long-term debt			$3,067,074		3.61	%			$	3,038,147	3.84	%

__________


⁽¹⁾	Includes the effects of discounts, premiums and other cost basis adjustments.


⁽²⁾	Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.


⁽³⁾	Includes long-term debt that is not included in other debt categories.


⁽⁴⁾	Includes a portion of structured debt instruments that is reported at fair value.


⁽⁵⁾	Consists of subordinated debt issued with an interest deferral feature.


⁽⁶⁾	Represents remaining liability for transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale.


⁽⁷⁾	Reported amounts include a net discount and other cost basis adjustments of $7.5 billion and $9.2 billion as of June 30, 2012 and December 31, 2011, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

6 Months Ended

Jun. 30, 2012

Derivative Instruments

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 derivatives, or they may be listed and traded on an exchange. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating actual payments or settlement amounts. The derivatives we use for interest rate risk management purposes consist primarily of interest rate swaps and interest rate options. Our foreign currency swaps are used to manage foreign exchange risk.

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.

We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and are inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets. We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows.

Notional and Fair Value Position of our Derivatives

The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments as of June 30, 2012 and December 31, 2011.



	As of June 30, 2012										As of December 31, 2011
	Asset Derivatives					Liability Derivatives					Asset Derivatives					Liability Derivatives
	Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	21,900	$	37		$	207,327	$	(19,559	)	$	30,950	$	102		$	155,807	$	(17,391	)
Receive-fixed	241,703		9,791			23,890		(14		)	170,668		8,118			59,027		(93		)
Basis	4,872		133			16,050		(8		)	382		122			9,240		(44		)
Foreign currency	621		160			530		(64		)	581		155			451		(62		)
Swaptions:
Pay-fixed	34,400		109			15,875		(81		)	48,600		165			47,750		(194		)
Receive-fixed	23,895		5,214			15,875		(2,605		)	33,695		6,371			47,750		(3,238		)
Other⁽¹⁾	8,399		55			37		—			8,214		52			75		—
Total gross risk management derivatives	335,790		15,499			279,584		(22,331		)	293,090		15,085			320,100		(21,022		)
Accrued interest receivable (payable)	—		1,087			—		(1,482		)	—		920			—		(1,238		)
Netting adjustment⁽²⁾	—		(16,352		)	—		23,525			—		(15,829		)	—		21,898
Total net risk management derivatives	$	335,790	$	234		$	279,584	$	(288	)	$	293,090	$	176		$	320,100	$	(362	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	11,825	$	63	$	4,360	$	(5	)	$	9,710	$	73	$	422	$	—
Forward contracts to purchase mortgage-related securities	43,987		281		18,566		(34		)	32,707		309		2,570		(6		)
Forward contracts to sell mortgage-related securities	14,403		24		83,078		(592		)	1,370		3		54,656		(548		)
Total mortgage commitment derivatives	$	70,215	$	368	$	106,004	$	(631	)	$	43,787	$	385	$	57,648	$	(554	)
Derivatives at fair value	$	406,005	$	602	$	385,588	$	(919	)	$	336,877	$	561	$	377,748	$	(916	)

__________


⁽¹⁾	Includes interest rate caps, futures, 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.

⁽²⁾

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, including cash collateral posted and received. Cash collateral posted was $7.2 billion and $6.8 billion as of June 30, 2012 and December 31, 2011, respectively. Cash collateral received was $3 million and $779 million as of June 30, 2012 and December 31, 2011, respectively.

A majority of our derivative instruments contain provisions that require our senior unsecured debt to maintain a minimum credit rating from S&P and Moody’s. If our senior unsecured debt were to fall below established thresholds in our governing agreements, which range from A- to BBB+, we could be required to provide additional collateral to or terminate transactions with certain counterparties. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position as of June 30, 2012 was $7.3 billion, for which we posted collateral of $7.2 billion in the normal course of business. Had all of the credit-risk-related contingency features underlying these agreements been triggered, an additional $147 million of collateral would have been required to be posted as collateral or to immediately settle our positions based on the individual agreements and our fair value position as of June 30, 2012.

The aggregate fair value of all derivatives with credit risk-related contingent features that were in a net liability position as of December 31, 2011 was $7.2 billion, for which we posted collateral of $6.8 billion in the normal course of business. Had all of the credit risk-related contingency features underlying these agreements been triggered, an additional $362 million would have been required to be posted as collateral or to immediately settle our positions based on the individual agreements and our fair value position as of December 31, 2011.

We record all derivative gains and losses, including accrued interest, in “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income (loss). The 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, 2012 and 2011.



	For the						For the
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2012			2011			2012			2011
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(5,858	)	$	(5,474	)	$	(4,683	)	$	(4,872	)
Receive-fixed	3,592			2,784			2,674			2,528
Basis	18			10			56			29
Foreign currency	8			53			9			83
Swaptions:
Pay-fixed	79			327			57			272
Receive-fixed	345			733			251			500
Other⁽¹⁾	(5		)	(49		)	(6		)	(40		)
Total risk management derivatives fair value losses, net	(1,821		)	(1,616		)	(1,642		)	(1,500		)
Mortgage commitment derivatives fair value losses, net	(562		)	(61		)	(767		)	(38		)
Total derivatives fair value losses, net	$	(2,383	)	$	(1,677	)	$	(2,409	)	$	(1,538	)

__________


⁽¹⁾	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts.

Derivative Counterparty Credit Exposure

Our derivative counterparty credit exposure relates principally to interest rate and foreign currency derivative contracts. We are exposed to the risk that a counterparty in a derivative transaction will default on payments due to us. If there is a default, we may need to acquire a replacement derivative from a different counterparty at a higher cost or may be unable to find a suitable replacement. We estimate our exposure to credit loss on derivative instruments by calculating the replacement cost, on a present value basis, to settle at current market prices all outstanding derivative contracts in a net gain position at the counterparty level where the right of legal offset exists. For derivative instruments where the right of legal offset does not exist, we calculate the replacement cost of the outstanding derivative contracts in a gain position at the transaction level. We manage our exposure by requiring counterparties to post collateral, which includes cash, U.S. Treasury securities, agency debt and agency mortgage-related securities.

The table below displays our counterparty 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, 2012 and December 31, 2011.



	As of June 30, 2012
	Credit Rating⁽¹⁾
	AA+/ AA/AA-		A+/A/A-		BBB+/BBB/BBB-		Subtotal⁽²⁾		Other⁽³⁾		Total
	(Dollars in millions)
Credit loss exposure⁽⁴⁾	$	—	$	106	$	53	$	159	$	55	$	214
Less: Collateral held⁽⁵⁾	—		106		53		159		—		159
Exposure net of collateral	$	—	$	—	$	—	$	—	$	55	$	55
Additional information:
Notional amount	$	15,032	$	555,148	$	44,705	$	614,885	$	489	$	615,374
Number of counterparties	4		14		3		21

	As of December 31, 2011
	Credit Rating⁽¹⁾
	AA+/AA/AA-		A+/A/A-		BBB+/BBB/BBB-		Subtotal⁽²⁾		Other⁽³⁾		Total
	(Dollars in millions)
Credit loss exposure⁽⁴⁾	$	—	$	885	$	—	$	885	$	51	$	936
Less: Collateral held⁽⁵⁾	—		840		—		840		—		840
Exposure net of collateral	$	—	$	45	$	—	$	45	$	51	$	96
Additional information:
Notional amount	$	63,294	$	546,967	$	—	$	610,261	$	2,929	$	613,190
Number of counterparties	6		10		—		16

__________


⁽¹⁾	We manage collateral requirements based on the lower credit rating of the legal entity, as issued by S&P and Moody’s. The credit rating reflects the equivalent S&P’s rating for any ratings based on Moody’s scale.


⁽²⁾	We had no credit loss exposure for interest rate and foreign currency derivative counterparties as of June 30, 2012. We had credit loss exposure to four counterparties for interest rate and foreign currency derivative counterparties which had notional balances of $127.5 billion as of December 31, 2011.


⁽³⁾	Includes mortgage insurance contracts and swap credit enhancements accounted for as derivatives.


⁽⁴⁾	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.


⁽⁵⁾	Represents both cash and non-cash collateral posted by our counterparties to us. Does not include collateral held 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.

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting

Our three reportable segments are: Single-Family, Multifamily, 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. During the three months ended June 30, 2012, a new chief executive officer was hired. Our new chief executive officer continues to be the chief operating decision maker who makes decisions about resources to be allocated to each segment and assesses segment performance. We are working on reorganizing our company by function rather than by business in order to improve our operational efficiencies and effectiveness. In future periods, we may change some of our management reporting and how we report our business segment results.

Under our segment reporting, the sum of the results for our three business segments does not equal our condensed consolidated statements of operations and comprehensive income (loss), as we separate the activity related to our consolidated trusts from the results generated by our three segments. Our segment financial results include directly attributable revenues and expenses. Additionally, we allocate to each of our segments: (1) capital using FHFA minimum capital requirements adjusted for over- or under-capitalization; (2) indirect administrative costs; and (3) a provision or benefit for federal income taxes. In addition, we allocate intracompany guaranty fee income as a charge from the Single-Family and Multifamily segments to Capital Markets for managing the credit risk on mortgage loans held by the Capital Markets group. We also include an eliminations/adjustments category to reconcile our business segment results and the activity related to our consolidated trusts to net income (loss) in our condensed consolidated statements of operations and comprehensive income (loss).

The following tables display our segment results for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30, 2012
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments ⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(215	)		$	(6	)	$	3,443			$	1,731				$	475		(3)	$	5,428
Benefit for credit losses	2,956				85			—				—					—				3,041
Net interest income after benefit for credit losses	2,741				79			3,443				1,731					475				8,469
Guaranty fee income (expense)	1,970				252			(326		)		(1,206		)	⁽⁵⁾		(632		)	⁽⁵⁾	58			⁽⁵⁾
Investment gains, net	2				6			1,458				87					(1,422		)	⁽⁶⁾	131
Net other-than-temporary impairments	—				—			(597		)		(2		)			—				(599		)
Fair value losses, net	(3		)		—			(2,461		)		(60		)			75			⁽⁷⁾	(2,449		)
Debt extinguishment (losses) gains, net	—				—			(102		)		9					—				(93		)
Gains from partnership investments	—				18			—				—					5				23			⁽⁸⁾
Fee and other income (expense)	207				49			186				(100		)			(5		)		337
Administrative expenses	(382		)		(60		)	(125		)		—					—				(567		)
Foreclosed property income	59				11			—				—					—				70
Other (expenses) income	(240		)		3			(3		)		—					(21		)		(261		)
Net income	4,354				358			1,473				459					(1,525		)		5,119
Less: Net income attributable to noncontrolling interest	—				—			—				—					(5		)	⁽⁹⁾	(5		)
Net income attributable to Fannie Mae	$	4,354			$	358		$	1,473			$	459				$	(1,530	)		$	5,114



	For the Six Months Ended June 30, 2012
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments ⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(594	)		$	(13	)	$	6,984			$	3,300				$	948		⁽³⁾	$	10,625
Benefit for credit losses	903				138			—				—					—				1,041
Net interest income after benefit for credit losses	309				125			6,984				3,300					948				11,666
Guaranty fee income (expense)	3,881				495			(658		)		(2,365		)	⁽⁵⁾		(1,233		)	⁽⁵⁾	120			⁽⁵⁾
Investment gains, net	3				12			2,465				114					(2,347		)	⁽⁶⁾	247
Net other-than-temporary impairments	—				—			(661		)		(2		)			—				(663		)
Fair value losses, net	(4		)		—			(2,291		)		(8		)			137			⁽⁷⁾	(2,166		)
Debt extinguishment (losses) gains, net	—				—			(172		)		45					—				(127		)
Gains from partnership investments	—				29			—				—					4				33			⁽⁸⁾
Fee and other income (expense)	407				96			366				(208		)			(11		)		650
Administrative expenses	(762		)		(124		)	(245		)		—					—				(1,131		)
Foreclosed property (expense) income	(273		)		4			—				—					—				(269		)
Other expenses	(475		)		—			(11		)		—					(37		)		(523		)
Net income	3,086				637			5,777				876					(2,539		)		7,837
Less: Net income attributable to noncontrolling interest	—				—			—				—					(4		)	⁽⁹⁾	(4		)
Net income attributable to Fannie Mae	$	3,086			$	637		$	5,777			$	876				$	(2,543	)		$	7,833



	For the Three Months Ended June 30, 2011
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments ⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(680	)		$	(11	)	$	3,867			$	1,314				$	482		⁽³⁾	$	4,972
Provision for credit losses⁽⁴⁾	(6,414		)		(123		)	—				—					—				(6,537		)
Net interest (loss) income after provision for credit losses	(7,094		)		(134		)	3,867				1,314					482				(1,565		)
Guaranty fee income (expense)	1,880				216			(391		)		(1,116		)	⁽⁵⁾		(539		)	⁽⁵⁾	50			⁽⁵⁾
Investment (losses) gains, net	(6		)		1			918				(143		)			(599		)	⁽⁶⁾	171
Net other-than-temporary impairments	—				—			(55		)		(1		)			—				(56		)
Fair value losses, net	(3		)		—			(1,507		)		(72		)			(52		)	⁽⁷⁾	(1,634		)
Debt extinguishment (losses) gains, net	—				—			(55		)		12					—				(43		)
Gains from partnership investments	—				34			—				—					1				35			⁽⁸⁾
Fee and other income (expense)	114				57			109				(63		)			(2		)		215
Administrative expenses	(400		)		(64		)	(105		)		—					—				(569		)
Foreclosed property income (expense)	481				(3		)	—				—					—				478
Other (expenses) income	(77		)		36			(9		)		—					(17		)		(67		)
(Loss) income before federal income taxes	(5,105		)		143			2,772				(69		)			(726		)		(2,985		)
Benefit (provision) for federal income taxes	109				(56		)	40				—					—				93
Net (loss) income	(4,996		)		87			2,812				(69		)			(726		)		(2,892		)
Less: Net income attributable to noncontrolling interest	—				—			—				—					(1		)	⁽⁹⁾	(1		)
Net (loss) income attributable to Fannie Mae	$	(4,996	)		$	87		$	2,812			$	(69	)			$	(727	)		$	(2,893	)



	For the Six Months Ended June 30, 2011
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(1,578	)		$	(20	)	$	7,577			$	2,888				$	1,065		⁽³⁾	$	9,932
Provision for credit losses⁽⁴⁾	(17,032		)		(59		)	—				—					—				(17,091		)
Net interest (loss) income after provision for credit losses	(18,610		)		(79		)	7,577				2,888					1,065				(7,159		)
Guaranty fee income (expense)	3,751				425			(790		)		(2,226		)	⁽⁵⁾		(1,060		)	⁽⁵⁾	100			⁽⁵⁾
Investment (losses) gains, net	(5		)		5			1,788				(169		)			(1,373		)	⁽⁶⁾	246
Net other-than-temporary impairments	—				—			(99		)		(1		)			—				(100		)
Fair value losses, net	(3		)		—			(1,289		)		(105		)			52			⁽⁷⁾	(1,345		)
Debt extinguishment (losses) gains, net	—				—			(79		)		49					—				(30		)
Gains from partnership investments	—				22			—				—					1				23			⁽⁸⁾
Fee and other income (expense)	261				115			184				(155		)			(3		)		402
Administrative expenses	(816		)		(132		)	(226		)		—					—				(1,174		)
Foreclosed property expense	(7		)		(3		)	—				—					—				(10		)
Other (expenses) income	(395		)		42			(18		)		—					(36		)		(407		)
(Loss) income before federal income taxes	(15,824		)		395			7,048				281					(1,354		)		(9,454		)
Benefit (provision) for federal income taxes	107				(61		)	45				—					—				91
Net (loss) income	(15,717		)		334			7,093				281					(1,354		)		(9,363		)
Less: Net income attributable to noncontrolling interest	—				—			—				—					(1		)	⁽⁹⁾	(1		)
Net (loss) income attributable to Fannie Mae	$	(15,717	)		$	334		$	7,093			$	281				$	(1,355	)		$	(9,364	)

__________


⁽¹⁾	Represents activity related to the assets and liabilities of consolidated trusts in our condensed consolidated balance sheets.


⁽²⁾	Represents the elimination of intercompany transactions occurring between the three business segments and our consolidated trusts, as well as other adjustments to reconcile to our consolidated results.


⁽³⁾	Represents the amortization expense of cost basis adjustments on securities that we own in our portfolio that on a GAAP basis are eliminated.


⁽⁴⁾	Prior period amounts have been reclassified to conform to the current period presentation.

⁽⁵⁾

Represents the guaranty fees paid from consolidated trusts to the Single-Family and Multifamily segments. The adjustment to guaranty fee income in the Eliminations/Adjustments column represents the elimination of the amortization of deferred cash fees related to consolidated trusts that were re-established for segment reporting. Total guaranty fee income is included in fee and other income in our condensed consolidated statements of operations and comprehensive income (loss).

⁽⁶⁾

Primarily represents the removal of realized gains and losses on sales of Fannie Mae MBS classified as available-for-sale securities that are issued by consolidated trusts and retained in the Capital Markets portfolio. The adjustment also includes the removal of securitization gains (losses) recognized in the Capital Markets segment relating to portfolio securitization transactions that do not qualify for sale accounting under GAAP.


⁽⁷⁾	Represents the removal of fair value adjustments on consolidated Fannie Mae MBS classified as trading that are retained in the Capital Markets portfolio.


⁽⁸⁾	Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income (loss).


⁽⁹⁾	Represents the adjustment from equity method accounting to consolidation accounting for partnership investments that are consolidated in our condensed consolidated balance sheets.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Concentrations of Credit Risk

Concentrations of Credit Risk

6 Months Ended

Jun. 30, 2012

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Mortgage Seller/Servicers. 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 mortgage seller/servicers are also obligated to repurchase loans or foreclosed properties, or reimburse us for losses if the foreclosed property has been sold, under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if loan representations and warranties are violated or if mortgage insurers rescind coverage. Our business with mortgage servicers is concentrated. Our five largest single-family mortgage servicers, including their affiliates, serviced 61% of our single-family guaranty book of business as of June 30, 2012, compared with 63% as of December 31, 2011. Our ten largest multifamily mortgage servicers, including their affiliates, serviced 65% of our multifamily guaranty book of business as of June 30, 2012, compared with 67% as of December 31, 2011.

If a significant seller/servicer counterparty, or a number of seller/servicers fails to meet its obligations to us, it could result in a significant increase in our credit losses and have a material adverse affect on our results of operations, liquidity, financial condition and net worth.

Mortgage Insurers. Mortgage insurance “risk in force” represents our maximum potential loss recovery under the applicable mortgage insurance policies. We had total mortgage insurance coverage risk in force of $90.7 billion and $91.2 billion on the single-family mortgage loans in our guaranty book of business as of June 30, 2012 and December 31, 2011, which represented 3% of our single-family guaranty book of business. Our primary mortgage insurance coverage risk in force was $86.9 billion and $87.3 billion as of June 30, 2012 and December 31, 2011. Our pool mortgage insurance coverage risk in force was $3.7 billion and $3.9 billion as of June 30, 2012 and December 31, 2011, respectively. Our top six mortgage insurance companies provided 93% and 94% of our mortgage insurance as of June 30, 2012 and December 31, 2011.

As of August 8, 2012, of our largest mortgage insurers, one—PMI Mortgage Insurance Co. (“PMI”)—has publicly disclosed that it is in receivership, and two—Triad Guaranty Insurance Corporation (“Triad”) and Republic Mortgage Insurance Company (“RMIC”)—have publicly disclosed that they are in run-off. One mortgage insurer—Genworth Mortgage Insurance Corporation (“Genworth”)—is currently operating pursuant to a waiver it received from its regulator of the state regulatory capital requirements applicable to its main insurance writing entity. One of our mortgage insurers—Radian Guaranty, Inc. (“Radian”)—has disclosed that, in the absence of additional capital contributions to its main insurance writing entity, its capital might fall below state regulatory capital requirements in the future. Another mortgage insurer, Mortgage Guaranty Insurance Corporation (“MGIC”) has disclosed that it expects that its capital fell below state regulatory capital requirements as of June 30, 2012, and is currently operating pursuant to a waiver it received from the regulator of the state regulatory capital requirements applicable to its main insurance writing entity. These six mortgage insurers provided a combined $72.0 billion, or 79%, of our risk in force mortgage insurance coverage of our single-family guaranty book of business as of June 30, 2012.

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.

Our total loss reserves incorporate an estimated recovery amount from mortgage insurance coverage. We evaluate the financial condition of our mortgage insurer counterparties and adjust the contractually due mortgage insurance benefit for collectability in order to ensure that our total loss reserves reflect probable losses as of the balance sheet date. The following table displays our estimated benefit from mortgage insurers as of June 30, 2012 and December 31, 2011 that reduce our total loss reserves.



		As of
	June 30, 2012			December 31, 2011
		(Dollars in millions)
Contractual mortgage insurance benefit		$	13,254		$	15,099
Less: Collectability adjustment⁽¹⁾		2,043			2,867
Estimated benefit included in total loss reserves		$	11,211		$	12,232

__________


⁽¹⁾	Represents an adjustment that reduces the contractual benefit for our assessment of our mortgage insurer counterparties’ inability to fully pay the contractual mortgage insurance claims.

We had outstanding receivables of $3.8 billion recorded in “Other assets” in our condensed consolidated balance sheets as of June 30, 2012 and $3.6 billion as of December 31, 2011 related to amounts claimed on insured, defaulted loans that we have not yet received, of which $1.1 billion as of June 30, 2012 and $639 million as of December 31, 2011 was due from our mortgage seller/servicers. We assessed the total outstanding receivables for collectability, and they are recorded net of a valuation allowance of $848 million as of June 30, 2012 and $570 million as of December 31, 2011. These mortgage insurance receivables are short-term in nature, having an average duration of approximately six months, and the valuation allowance reduces our claim receivable to the amount which is considered probable of collection as of June 30, 2012 and December 31, 2011.

We received proceeds under our primary and pool mortgage insurance policies for single-family loans of $1.2 billion and $2.5 billion for the three and six months ended June 30, 2012, respectively, and $1.5 billion and $3.1 billion for the three and six months ended June 30, 2011, respectively.

Derivatives Counterparties. For information on credit risk associated with our derivatives transactions refer to “Note 9, Derivative Instruments.”

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13531-108611

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6442-108592

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Fair Value

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value [Text Block]

Fair Value

We 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.

Fair Value Measurement

Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits 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 identical 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.

Effective January 1, 2012, we adopted new accounting guidance that requires enhanced disclosures about fair value measurement. Upon adoption of the new fair value guidance, we made changes to the principal markets that we use to estimate the fair value of the following categories of mortgage loans: (a) for loans that are one month delinquent, we changed to the GSE securitization market; (b) for loans that are two and three months delinquent, we changed to the whole loan market; and (c) for loans that have been modified in a troubled debt restructuring but have been reperforming for nine months or more, we changed to the whole loan market. After making these changes, (a) the principal market for all performing loans and those loans that are one month delinquent is the GSE securitization market; and (b) the principal market for all loans that are two or more months delinquent and all loans that have been modified in a troubled debt restructuring is the whole loan market. The impact of making these changes to our principal markets was a net decrease in the estimated fair value of our loans of $24.4 billion as of March 31, 2012.

In addition, we enhanced our fair value estimation process for HARP loans as of March 31, 2012 to use the modified build-up approach, as described in “Fair Value of Financial Instruments—HARP Loans.” Previously, we measured the fair value of these loans using our standard build-up approach. The impact of this enhancement was an increase in the estimated fair value of HARP loans of $7.4 billion as of March 31, 2012.

Recurring Changes in Fair Value

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, 2012 and December 31, 2011.



		Fair Value Measurements as of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Recurring fair value measurements:
Assets:
Cash equivalents⁽²⁾		$	7,699		$	—		$	—		$	—			$	7,699
Trading securities:
Mortgage-related securities:
Fannie Mae		—			6,737			82			—				6,819
Freddie Mac		—			2,972			2			—				2,974
Ginnie Mae		—			282			—			—				282
Alt-A private-label securities		—			1,108			188			—				1,296
Subprime private-label securities		—			—			1,226			—				1,226
CMBS		—			9,930			—			—				9,930
Mortgage revenue bonds		—			—			689			—				689
Other		—			—			118			—				118
Non-mortgage-related securities:
U.S. Treasury securities		27,064			—			—			—				27,064
Asset-backed securities		—			537			—			—				537
Total trading securities		27,064			21,566			2,305			—				50,935
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			13,154			34			—				13,188
Freddie Mac		—			10,972			11			—				10,983
Ginnie Mae		—			829			—			—				829
Alt-A private-label securities		—			4,727			6,456			—				11,183
Subprime private-label securities		—			—			7,230			—				7,230
CMBS		—			13,668			—			—				13,668
Mortgage revenue bonds		—			4			9,353			—				9,357
Other		—			12			3,244			—				3,256
Total available-for-sale securities		—			43,366			26,328			—				69,694
Mortgage loans of consolidated trusts		—			2,900			2,331			—				5,231
Other assets:
Risk management derivatives:
Swaps		—			11,034			174			—				11,208
Swaptions		—			5,323			—			—				5,323
Other		—			—			55			—				55
Netting adjustment		—			—			—			(16,352		)		(16,352		)
Mortgage commitment derivatives		—			361			7			—				368
Total other assets		—			16,718			236			(16,352		)		602
Total assets at fair value		$	34,763		$	84,550		$	31,200		$	(16,352	)		$	134,161



		Fair Value Measurements as of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	419		$	—		$	—		$	419
Senior floating		—			—			412			—			412
Total of Fannie Mae		—			419			412			—			831
Of consolidated trusts		—			3,281			1,319			—			4,600
Total long-term debt		—			3,700			1,731			—			5,431
Other liabilities:
Risk management derivatives:
Swaps		—			20,968			159			—			21,127
Swaptions		—			2,686			—			—			2,686
Netting adjustment		—			—			—			(23,525		)	(23,525		)
Mortgage commitment derivatives		—			628			3			—			631
Total other liabilities		—			24,282			162			(23,525		)	919
Total liabilities at fair value		$	—		$	27,982		$	1,893		$	(23,525	)	$	6,350



		Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Assets:
Cash equivalents⁽²⁾		$	600		$	—		$	—		$	—			$	600
Trading securities:
Mortgage-related securities:
Fannie Mae		—			5,687			1,737			—				7,424
Freddie Mac		—			2,732			—			—				2,732
Ginnie Mae		—			278			9			—				287
Alt-A private-label securities		—			1,004			345			—				1,349
Subprime private-label securities		—			—			1,280			—				1,280
CMBS		—			10,411			—			—				10,411
Mortgage revenue bonds		—			—			724			—				724
Other		—			—			143			—				143
Non-mortgage-related securities:
U.S. Treasury securities		47,737			—			—			—				47,737
Asset-backed securities		—			2,111			—			—				2,111
Total trading securities		47,737			22,223			4,238			—				74,198
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			15,904			946			—				16,850
Freddie Mac		—			12,811			12			—				12,823
Ginnie Mae		—			902			—			—				902
Alt-A private-label securities		—			4,427			7,256			—				11,683
Subprime private-label securities		—			—			7,586			—				7,586
CMBS		—			14,026			—			—				14,026
Mortgage revenue bonds		—			7			10,247			—				10,254
Other		—			13			3,445			—				3,458
Total available-for-sale securities		—			48,090			29,492			—				77,582
Mortgage loans of consolidated trusts		—			1,292			2,319			—				3,611
Other assets:
Risk management derivatives:
Swaps		—			9,247			170			—				9,417
Swaptions		—			6,536			—			—				6,536
Other		—			1			51			—				52
Netting adjustment		—			—			—			(15,829		)		(15,829		)
Mortgage commitment derivatives		—			368			17			—				385
Total other assets		—			16,152			238			(15,829		)		561
Total assets at fair value		$	48,337		$	87,757		$	36,287		$	(15,829	)		$	156,552



		Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	432		$	—		$	—			$	432
Senior floating		—			—			406			—				406
Total of Fannie Mae		—			432			406			—				838
Of consolidated trusts		—			3,174			765			—				3,939
Total long-term debt		—			3,606			1,171			—				4,777
Other liabilities:
Risk management derivatives:
Swaps		—			18,661			167			—				18,828
Swaptions		—			3,432			—			—				3,432
Netting adjustment		—			—			—			(21,898		)		(21,898		)
Mortgage commitment derivatives		—			548			6			—				554
Total other liabilities		—			22,641			173			(21,898		)		916
Total liabilities at fair value		$	—		$	26,247		$	1,344		$	(21,898	)		$	5,693

__________


⁽¹⁾	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, including cash collateral posted and received.


⁽²⁾	Cash equivalents are comprised of U.S. Treasuries that are classified as Level 1.

The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2012 and 2011. 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 and comprehensive income (loss) for Level 3 assets and liabilities for the three and six months ended June 30, 2012 and 2011. When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period.



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2012

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2012⁽⁵⁾
	Balance, April 1, 2012			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3 ⁽⁴⁾			Transfers into Level 3 ⁽⁴⁾			Balance, June 30, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	89		$	(3	)		$	—		$	—	$	—		$	—		$	(4	)	$	—		$	—		$	82			$	(2	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Alt-A private-label securities	569			56				—			—		—			—			(50		)	(416		)	29			188				7
Subprime private-label securities	1,305			(37		)		—			—		—			—			(42		)	—			—			1,226				(37		)
Mortgage revenue bonds	668			28				—			—		—			—			(7		)	—			—			689				28
Other	123			(3		)		—			—		—			—			(2		)	—			—			118				(3		)
Total trading securities	$	2,756		$	41			$	—		$	—	$	—		$	—		$	(105	)	$	(416	)	$	29		$	2,305			$	(7	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	37		$	—			$	—		$	5	$	(5	)	$	—		$	(3	)	$	—		$	—		$	34			$	—
Freddie Mac	11			—				—			—		—			—			—			—			—			11				—
Alt-A private-label securities	7,136			(85		)		127			—		—			—			(275		)	(922		)	475			6,456				—
Subprime private-label securities	7,595			(230		)		203			—		—			—			(338		)	—			—			7,230				—
Mortgage revenue bonds	9,732			1				117			—		(18		)	—			(479		)	—			—			9,353				—
Other	3,342			8				(12		)	—		—			—			(94		)	—			—			3,244				—
Total available-for-sale securities	$	27,853		$	(306	)		$	435		$	5	$	(23	)	$	—		$	(1,189	)	$	(922	)	$	475		$	26,328			$	—

Mortgage loans of consolidated trusts	$	2,271		$	47			$	—		$	142	$	—		$	—		$	(110	)	$	(26	)	$	7		$	2,331			$	43
Net derivatives	44			8				—			—		—			(3		)	25			—			—			74				19
Long-term debt:
Of Fannie Mae:
Senior floating	$	(399	)	$	(13	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(412	)		$	(13	)
Of consolidated trusts	(950		)	(51		)		—			—		—			(218		)	50			—			(150		)	(1,319		)		(51		)
Total long-term debt	$	(1,349	)	$	(64	)		$	—		$	—	$	—		$	(218	)	$	50		$	—		$	(150	)	$	(1,731	)		$	(64	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2012

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2012⁽⁵⁾
	Balance, December 31, 2011			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3 ⁽⁴⁾			Transfers into Level 3 ⁽⁴⁾			Balance, June 30, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,737		$	2			$	—		$	—	$	(33	)	$	—		$	(108	)	$	(1,581	)	$	65		$	82			$	(2	)
Freddie Mac	—			—				—			—		—			—			—			—			2			2				—
Ginnie Mae	9			—				—			—		—			—			—			(9		)	—			—				—
Alt-A private label securities	345			69				—			—		—			—			(67		)	(416		)	257			188				13
Subprime private-label securities	1,280			22				—			—		—			—			(76		)	—			—			1,226				22
Mortgage revenue bonds	724			(26		)		—			—		—			—			(9		)	—			—			689				(26		)
Other	143			(22		)		—			—		—			—			(3		)	—			—			118				(22		)
Total trading securities	$	4,238		$	45			$	—		$	—	$	(33	)	$	—		$	(263	)	$	(2,006	)	$	324		$	2,305			$	(15	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	946		$	—			$	(8	)	$	6	$	(6	)	$	—		$	(19	)	$	(895	)	$	10		$	34			$	—
Freddie Mac	12			—				—			—		—			—			(1		)	—			—			11				—
Alt-A private-label securities	7,256			(102		)		293			—		—			—			(537		)	(1,907		)	1,453			6,456				—
Subprime private-label securities	7,586			(195		)		506			—		—			—			(667		)	—			—			7,230				—
Mortgage revenue bonds	10,247			3				(20		)	—		(42		)	—			(835		)	—			—			9,353				—
Other	3,445			14				(38		)	—		—			—			(177		)	—			—			3,244				—
Total available-for-sale securities	$	29,492		$	(280	)		$	733		$	6	$	(48	)	$	—		$	(2,236	)	$	(2,802	)	$	1,463		$	26,328			$	—

Mortgage loans of consolidated trusts	$	2,319		$	120			$	—		$	387	$	—		$	—		$	(169	)	$	(344	)	$	18		$	2,331			$	(10	)
Net derivatives	65			15				—			—		—			(6		)	—			—			—			74				33
Long-term debt:
Of Fannie Mae:
Senior floating	$	(406	)	$	(6	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(412	)		$	(6	)
Of consolidated trusts	(765		)	(60		)		—			—		—			(485		)	78			110			(197		)	(1,319		)		(2		)
Total long-term debt	$	(1,171	)	$	(66	)		$	—		$	—	$	—		$	(485	)	$	78		$	110		$	(197	)	$	(1,731	)		$	(8	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2011⁽⁵⁾
	Balance, April 1, 2011			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,651		$	1			$	—		$	124	$	—		$	—		$	(97	)	$	—		$	—		$	1,679			$	2
Alt- A private-label securities	20			1				—			—		—			—			(1		)	—			106			126				2
Subprime private-label securities	1,547			(41		)		—			—		—			—			(47		)	—			—			1,459				(41		)
Mortgage revenue bonds	606			21				—			—		—			—			(11		)	—			—			616				21
Other	155			1				—			—		—			—			(2		)	—			—			154				1
Non-mortgage-related:
Asset-backed securities	2			—				—			—		—			—			(2		)	—			—			—				—
Total trading securities	$	3,981		$	(17	)		$	—		$	124	$	—		$	—		$	(160	)	$	—		$	106		$	4,034			$	(15	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	546		$	—			$	8		$	473	$	(24	)	$	—		$	—		$	(368	)	$	—		$	635			$	—
Freddie Mac	12			—				—			—		—			—			—			—			—			12				—
Alt-A private-label securities	7,236			3				(26		)	—		—			—			(217		)	(747		)	403			6,652				—
Subprime private-label securities	9,660			130				(547		)	—		—			—			(334		)	—			—			8,909				—
Mortgage revenue bonds	10,532			(1		)		273			—		(64		)	—			(276		)	—			—			10,464				—
Other	3,776			2				40			—		—			—			(111		)	—			—			3,707				—
Total available-for-sale securities	$	31,762		$	134			$	(252	)	$	473	$	(88	)	$	—		$	(938	)	$	(1,115	)	$	403		$	30,379			$	—

Mortgage loans of consolidated trusts	$	2,221		$	19			$	—		$	42	$	—		$	—		$	(71	)	$	(31	)	$	185		$	2,365			$	19
Net derivatives	118			(9		)		—			—		—			(1		)	(29		)	—			—			79				(26		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(423	)	$	8			$	—		$	—	$	—		$	—		$	13		$	—		$	—		$	(402	)		$	8
Of consolidated trusts	(667		)	6				—			—		—			(40		)	26			55			(26		)	(646		)		6
Total long-term debt	$	(1,090	)	$	14			$	—		$	—	$	—		$	(40	)	$	39		$	55		$	(26	)	$	(1,048	)		$	14



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2011⁽⁵⁾
	Balance, December 31, 2010			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	2,202		$	(12	)		$	—		$	124	$	(15	)	$	—		$	(229	)	$	(391	)	$	—		$	1,679			$	(6	)
Alt-A private-label securities	20			1				—			—		—			—			(1		)	—			106			126				1
Subprime private-label securities	1,581			(30		)		—			—		—			—			(92		)	—			—			1,459				(30		)
Mortgage revenue bonds	609			21				—			—		—			—			(14		)	—			—			616				24
Other	152			5				—			—		—			—			(3		)	—			—			154				5
Non-mortgage-related:
Asset-backed securities	12			—				—			—		—			—			(5		)	(9		)	2			—				—
Total trading securities	$	4,576		$	(15	)		$	—		$	124	$	(15	)	$	—		$	(344	)	$	(400	)	$	108		$	4,034			$	(6	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	114		$	—			$	12		$	889	$	(39	)	$	—		$	(2	)	$	(469	)	$	130		$	635			$	—
Freddie Mac	3			—				—			—		—			—			—			—			9			12				—
Alt-A private-label securities	7,049			1				78			—		—			—			(475		)	(1,064		)	1,063			6,652				—
Subprime private-label securities	9,932			260				(605		)	—		—			—			(678		)	—			—			8,909				—
Mortgage revenue bonds	11,030			(3		)		294			—		(106		)	—			(751		)	—			—			10,464				—
Other	3,806			3				111			—		—			—			(213		)	—			—			3,707				—
Total available-for-sale securities	$	31,934		$	261			$	(110	)	$	889	$	(145	)	$	—		$	(2,119	)	$	(1,533	)	$	1,202		$	30,379			$	—

Mortgage loans of consolidated trusts	$	2,207		$	30			$	—		$	57	$	—		$	—		$	(150	)	$	(37	)	$	258		$	2,365			$	30
Net derivatives	104			5				—			—		—			(1		)	(29		)	—			—			79				(16		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(421	)	$	(14	)		$	—		$	—	$	—		$	—		$	33		$	—		$	—		$	(402	)		$	(14	)
Of consolidated trusts	(627		)	(29		)		—			—		—			(40		)	48			77			(75		)	(646		)		(28		)
Total long-term debt	$	(1,048	)	$	(43	)		$	—		$	—	$	—		$	(40	)	$	81		$	77		$	(75	)	$	(1,048	)		$	(42	)

_________


⁽¹⁾	Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes” in the condensed consolidated statement of operations and comprehensive income (loss).


⁽²⁾	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts.


⁽³⁾	Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts.

⁽⁴⁾

Transfers out of Level 3 consisted primarily of Fannie Mae MBS 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. 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.


⁽⁵⁾	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.

The following tables display realized and unrealized gains and losses included in our condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011, for our Level 3 assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis.



		For the Three Months Ended June 30, 2012
	Interest Income			Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	79		$	33			$	(388	)		$	2		$	(274	)
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2012		$	—		$	(9	)		$	—			$	—		$	(9	)



		For the Six Months Ended June 30, 2012
	Interest Income			Fair Value Losses, net			Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	145		$	120		$	(439	)		$	8		$	(166	)
Net unrealized gains (losses) related to Level 3 assets and liabilities still held as of June 30, 2012		$	—		$	—		$	—			$	—		$	—



		For the Three Months Ended June 30, 2011
	Interest Income				Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	135			$	8			$	(6	)		$	4		$	141
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011		$	(1	)		$	(7	)		$	—			$	—		$	(8	)



		For the Six Months Ended June 30, 2011
	Interest Income				Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	270			$	(16	)		$	(23	)		$	7		$	238
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011		$	(1	)		$	(33	)		$	—			$	—		$	(34	)

Nonrecurring Changes in Fair Value

The following table displays 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) as of June 30, 2012.



		Fair Value Measurements
		As of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
		(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	94		$	120		$	214
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			21,808			21,808
Of consolidated trusts		—			—			240			240
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,380			1,380
Acquired property, net:
Single-family		—			—			3,381			3,381
Multifamily		—			—			88			88
Other assets		—			—			303			303
Total nonrecurring fair value measurements		$	—		$	94		$	27,320		$	27,414

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.

The following table displays assets and liabilities measured in our condensed consolidated balance sheets at fair value on a nonrecurring basis and the gains or losses recognized for these assets and liabilities for the three and six months ended June 30, 2011.



														For the Three Months Ended June 30, 2011				For the Six Months Ended June 30, 2011
		Fair Value Measurements
		For the Six Months Ended June 30, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value				Total Losses				Total Losses
		(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	2		$	204		$	206	⁽¹⁾		$	(8	)		$	(13	)
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			32,970			32,970		⁽²⁾		(66		)		(1,080		)
Of consolidated trusts		—			—			749			749		⁽²⁾		(18		)		(98		)
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,365			1,365		⁽²⁾		(28		)		(108		)
Acquired property, net:
Single-family		—			—			14,806			14,806		⁽³⁾		(701		)		(1,512		)
Multifamily		—			—			227			227		⁽³⁾		(33		)		(49		)
Other assets		—			—			877			877		⁽⁴⁾		(35		)		(65		)
Total assets at fair value		$	—		$	2		$	51,198		$	51,200			$	(889	)		$	(2,925	)

_________

⁽¹⁾ Includes $56 million of mortgage loans held for sale that were sold, deconsolidated, retained as a mortgage-related security or redesignated to mortgage loans held for investment as of June 30, 2011.

⁽²⁾ Includes $3.6 billion of mortgage loans held for investment that were liquidated or transferred to foreclosed properties as of June 30, 2011.

⁽³⁾ Includes $8.4 billion of acquired properties that were sold or transferred as of June 30, 2011.

⁽⁴⁾ Includes $144 million of other assets that were sold or transferred as of June 30, 2011.

The following table displays valuation techniques and the range and weighted-average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2012.



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Level 3 Assets:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	Other						$	84
Alt-A private-label securities	Discounted Cash Flow	Default Rate (%)	7.8	-	15.0	11.7
		Prepayment Speed (%)	0.7	-	6.4	2.7
		Severity (%)	65.0	-	70.0	68.3
		Spreads (bps)	627.0	-	684.0	647.9	125
	Other						63
Total Alt-A private-label securities							188
Subprime private-label securities	Consensus	Default Rate (%)	10.9	-	24.5	16.5
		Prepayment Speed (%)	0.0	-	5.6	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	651.0	-	823.0	700.4	613
	Consensus						468
	Discounted Cash Flow	Default Rate (%)	15.6	-	20.6	17.5
		Prepayment Speed (%)	0.7	-	5.6	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	650.0	-	824.0	774.6	145
Total subprime private-label securities							1,226
Mortgage revenue bonds	Discounted Cash Flow	Spreads (bps)	275.0	-	390.0	335.4	640
	Other						49
Total mortgage revenue bonds							689
Other	Other						118
Total trading securities							$	2,305



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	Other						$	45
Alt-A private-label securities	Consensus	Default Rate (%)	0.0	-	19.5	2.8
		Prepayment Speed (%)	0.4	-	20.5	10.5
		Severity (%)	50.0	-	70.0	53.0
		Spreads (bps)	369.0	-	704.0	498.7	2,477
	Consensus						1,958
	Discounted Cash Flow	Default Rate (%)	0.0	-	15.3	7.4
		Prepayment Speed (%)	0.0	-	20.1	6.0
		Severity (%)	50.0	-	70.0	57.3
		Spreads (bps)	410.0	-	771.0	573.3	1,711
	Single Vendor						226
	Other						84
Total Alt-A private-label securities							6,456
Subprime private-label securities	Consensus	Default Rate (%)	0.0	-	26.4	16.4
		Prepayment Speed (%)	0.0	-	20.9	1.8
		Severity (%)	65.0	-	80.0	78.4
		Spreads (bps)	561.0	-	840.0	702.6	3,426
	Consensus						2,043
	Discounted Cash Flow	Default Rate (%)	0.0	-	25.5	15.9
		Prepayment Speed (%)	0.0	-	16.0	2.4
		Severity (%)	65.0	-	80.0	76.2
		Spreads (bps)	531.0	-	842.0	713.0	1,651
	Other						110
Total subprime private-label securities							7,230
Mortgage revenue bonds	Single Vendor						7,294
	Discounted Cash Flow	Spreads (bps)	134.0	-	390.0	320.3	1,835
	Other						224
Total mortgage revenue bonds							9,353
Other	Consensus						928
	Discounted Cash Flow	Default Rate (%)	0.4	-	13.0	4.9
		Prepayment Speed (%)	0.0	-	10.8	3.3
		Severity (%)	50.0	-	85.0	84.0
		Spreads (bps)	567.0	-	793.0	676.0	805
	Consensus	Default Rate (%)	5.0			5.0
		Prepayment Speed (%)	3.0			3.0
		Severity (%)	85.0			85.0
		Spreads (bps)	626.0	-	812.0	706.1	688
	Other						823
Total Other							3,244
Total available-for-sale securities							$	26,328



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	Build-Up	Default Rate (%)	0.1	-	91.9	14.5
		Prepayment Speed (%)	9.4	-	97.1	34.1
		Severity (%)	9.4	-	100.0	37.2	$	1,371
	Consensus						333
	Discounted Cash Flow	Default Rate (%)	1.4	-	14.5	8.6
		Prepayment Speed (%)	0.2	-	8.3	3.6
		Severity (%)	50.0	-	65.0	60.5
		Spreads (bps)	587.0	-	1,269.0	661.4	212
	Consensus	Default Rate (%)	2.0	-	8.4	5.6
		Prepayment Speed (%)	2.5	-	8.3	4.6
		Severity (%)	65.0	-	70.0	65.9
		Spreads (bps)	605.0	-	866.0	691.5	209
	Single Vendor						47
Total single-family							2,172
Multifamily	Build-Up	Spreads (bps)	103.0	-	423.4	199.7	159
Total mortgage loans of consolidated trusts							$	2,331
Net derivatives	Dealer Mark						$	176
	Internal Model						(102		)
Total net derivatives							$	74
Long-term debt:
Of Fannie Mae:
Senior floating	Discounted Cash Flow						$	(412	)
Of consolidated trusts	Discounted Cash Flow	Default Rate (%)	1.4	-	10.0	6.1
		Prepayment Speed (%)	0.0	-	100.0	56.0
		Severity (%)	50.0	-	65.0	57.2
		Spreads (bps)	127.1	-	1,269.0	412.0	(490		)
	Consensus						(456		)
	Consensus	Default Rate (%)	2.0	-	8.4	5.6
		Prepayment Speed (%)	2.5	-	8.3	4.5
		Severity (%)	65.0	-	70.0	65.9
		Spreads (bps)	605.0	-	866.0	691.0	(227		)
	Single Vendor						(146		)
Total of consolidated trusts							(1,319		)
Total long-term debt							$	(1,731	)

_________

⁽¹⁾

Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques those inputs are based on our validations performed at the security level.


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.

The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2012. The significant unobservable inputs related to these techniques primarily relate to collateral dependent valuations. The related ranges and weighted averages are not meaningful when aggregated as they vary significantly from property to property.



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Fair Value
	(Dollars in millions)
Nonrecurring fair value measurements:
Level 3 Assets:
Single-family mortgage loans held for sale, at lower of cost or fair value	Consensus		$	120
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		21,808
Of consolidated trusts	Internal Model		240
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Appraisals		202
	Broker Price Opinions		284
	Asset Manager Estimate		859
	Other		35
Total of Fannie Mae			1,380
Acquired property, net:
Single-family	Accepted Offers		837
	Appraisals		527
	Walk Forwards		1,111
	Internal Model		856
	Other		50
Total single-family			3,381
Multifamily	Accepted Offers		44
	Appraisals		16
	Broker Price Opinions		28
Total Multifamily			88
Other Assets	Appraisals		66
	Walk Forwards		36
	Internal Model		88
	Other		113
Total other assets			303
Total nonrecurring assets at fair value			$	27,320

We 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 we use for fair value measurement and disclosure as well as our basis of classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy.

Cash Equivalents, Trading Securities and Available-for-Sale Securities—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. Treasury Bills, whose value is based on quoted market prices in active markets for identical assets are classified as Level 1 of the valuation hierarchy.

We classify securities as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. To estimate fair value, we use vendor prices provided by as many as three third-party pricing services which are calibrated to the quoted market prices in active markets for similar securities. The single vendor valuation technique utilizes one vendor price to estimate fair value. The consensus valuation technique utilizes an average of two or more vendors’ prices to estimate fair value. 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 a discounted cash flow technique that uses inputs such as default rates, prepayment speed, loss severity and spreads based on market assumptions where available. Such instruments are generally classified as Level 2 of the valuation hierarchy.

For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation, these securities are classified as Level 3 of the valuation hierarchy.

For agency and private-label securities, an increase in unobservable prepayment speeds in isolation would generally result in an increase in fair value, and an increase in unobservable spreads, severity rates or default rates in isolation would generally result in a decrease in fair value. For mortgage revenue bonds classified as Level 3 of the valuation hierarchy, an increase in unobservable spreads would result in a decrease in fair value. Although the sensitivities of the fair value of our recurring Level 3 securities of the valuation hierarchy to various unobservable inputs are discussed above in isolation, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.

Mortgage Loans Held for Investment—The majority of HFI loans are reported in our condensed consolidated balance sheets at the principal amount outstanding, net of cost basis adjustments and an allowance for loan losses. We estimate the fair value of HFI loans using the build-up and consensus valuation techniques, as discussed below, for periodic disclosure of financial instruments as required by GAAP. For our remaining loans, which include those containing embedded derivatives that would otherwise require bifurcation and consolidated loans of senior-subordinated trust structures, we elected the fair value option and therefore, we record these loans at fair value in our condensed consolidated balance sheets. We measure these loans on a recurring basis using the build-up, consensus, discounted cash flow and single vendor price techniques. Certain impaired loans are measured at fair value on a nonrecurring basis by using the fair value of their underlying collateral. Specific techniques used include internal models, broker price opinions and appraisals.

A description of our valuation techniques is as follows:

Build-Up: The fair value of performing loans represents an estimate of the prices we would receive if we were to securitize those 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 primarily from third-party pricing services, quoted market prices in active markets for similar securities, and other observable market data as a base value. In the build-up valuation technique we start with the base value for our Fannie Mae MBS then we add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’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’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 may further adjust the model values based on our current market pricing when such transactions reflect credit characteristics that are similar to our outstanding GO. These loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant, the loans are classified as Level 3 of the valuation hierarchy.

Consensus: The fair value of single-family nonperforming loans represents an estimate of the prices we would receive if we were to sell these loans in the nonperforming whole-loan market. These nonperforming loans are either two or more months delinquent, in an open modification period, or in a closed modification state (both performing and nonperforming in accordance with the loan’s modified terms). We calculate the fair value of nonperforming loans based on assumptions about key factors, including collateral value and mortgage insurance repayment. Collateral value is derived from the current estimated mark-to-market LTV ratio of the individual loan along with a state-level distressed property sales discount. Mortgage insurance is estimated by taking the loan-level coverage and adjusting it by the probability of repayment by the associated mortgage insurer. This probability is based on the credit rating of the mortgage insurance company. Using these assumptions, along with indicative bids for a representative sample of nonperforming loans, we estimate the fair value. The bids on sample loans are obtained from multiple active market participants. Fair value is estimated from the extrapolation of these indicative sample bids plus an amount for the recovery of any associated mortgage insurance estimated through our GO valuation models as described above. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Discounted Cash Flow: We estimate the fair value of a portion of our senior-subordinated trust structures using discounted cash flow at the security level as a proxy for estimating loan fair value. This valuation technique uses unobservable inputs such as prepayment speeds, default rates, spreads, and loss severities to estimate the fair value of our securities. These inputs are weighted in a model that calculates the expected cash flow of the security which is used as the basis of fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Single Vendor: We estimate the fair value of a portion of our senior-subordinated trust structures using the single vendor valuation technique at the security level as a proxy for estimating loan fair value. This valuation technique estimates fair value based upon prices received from one specific vendor. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Internal Model: We estimate the fair value of a portion of our single-family nonperforming loans using the value of the underlying collateral. The inputs into this internal model include property level data such as prior sales prices, tax assessment values, property characteristics, and historical foreclosure sales data. This internal model takes one of two approaches when valuing foreclosed properties. The first approach relies on comparable foreclosed property sales, where the value of the target property is the weighted average price of comparable foreclosed property sales. The weights in the comparable sales approach are determined by various factors such as geographic distance, transaction time, and the value difference. The second approach relies on model calibrations that consider the target property’s attributes such as prior sales prices, tax assessment values, and property characteristics to derive the foreclosed property values. In the second approach, we build separate predictive models for each Metropolitan Statistical Area (“MSA”). Specifically, we use the data of prior sales prices, tax assessment values, property characteristics, and historical foreclosure sales to calibrate the models in each MSA. We can use the available data about that property and our MSA-level model to estimate the fair value for a given property. The majority of the internal model valuations come from the comparable sales approach. The determination of whether the internal model valuations in a particular geographic area should use the comparable sales approach or model calibration is based on the quarterly evaluation of these two approaches for valuation accuracy. The unobservable inputs used in this technique include model weights based upon geographic distance, transaction time, and metropolitan statistics. When a physical address is not available, we estimate fair value using state-average foreclosed property values. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Appraisals: For a portion of our multifamily loans, we use appraisals to estimate the fair value of the loan. There are three approaches used to estimate fair value of a specific property: (1) cost, (2) income capitalization and (3) sales comparison. This technique uses an average of the three estimates. The cost approach uses the insurable value as a basis. The unobservable inputs used in this model include the estimated cost to construct or replace multifamily properties in the closest localities available. The income capitalization approach estimates the fair value using the present value of the future cash flow expectations by applying an appropriate overall capitalization rate to the forecasted net operating income. The significant unobservable inputs used in this calculation include rental income, fees associated with rental income, expenses associated with the property including taxes, payroll, insurance and other items, and the capitalization rates which are determined through market extraction and DSCR. The sales comparison approach compares the prices paid for similar properties, the prices asked by owners and offers made. The unobservable inputs to this methodology include ratios of sales prices to annual gross income, price paid per unit and adjustments made based on financing, conditions of sale, and physical characteristics of the property. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Broker Price Opinion (“BPO”): For a portion of our multifamily loans, we use BPO to estimate the fair value of the loan. This technique uses both current property value and the property value adjusted for stabilization. These approaches compute net operating income based on current rents and expenses and use a range of market capitalization rates to estimate property value. The unobservable inputs used in this technique are property net operating income and market capitalization rates to estimate property value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Asset Manager Estimate (“AME”): For a portion of our multifamily loans, AME is used to estimate the fair value of the loan. This technique uses the net operating income and tax assessments of the specific property as well as MSA-specific market capitalization rates and average per unit sales values to estimate property fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

An increase in prepayment speeds in isolation would generally result in an increase in the fair value of our mortgage loans classified as Level 3 of the valuation hierarchy, and an increase in severity rates, default rates, or spreads in isolation would generally result in a decrease in fair value. Although the sensitivities of the fair value of mortgage loans classified as Level 3 of the valuation hierarchy to various unobservable inputs are discussed above in isolation, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.

Acquired Property, Net and Other Assets—Acquired property, net 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 using a hierarchy based on the reliability of available information. The hierarchy for single-family acquired property includes accepted offers, appraisals, broker price opinions and proprietary home price model values. The hierarchy for multifamily acquired property includes accepted offers, appraisals, and broker price opinions. We consider an accepted offer on a specific foreclosed property to be the best estimate of its fair value. If we have not accepted an offer on the property we use the highest available valuation methodology as described in our valuation hierarchy to determine fair value. While accepted offers represent an agreement in principle to transact, a significant portion of these agreements do not get executed for various reasons, and are therefore classified as Level 3 of the valuation hierarchy.

Third-party valuations can be obtained from either an appraisal or a broker price opinion. These valuations are kept current using a monthly walk forward process that updates them for any change in the value of the property. When accepted offers or third-party valuations are not available, we generally utilize the home price values determined using an internal model.

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 costs to sell. Foreclosed properties classified as held for use, included in “Other Assets” in our condensed consolidated balance sheets, are depreciated and impaired when circumstances indicate that the carrying amount of the property is no longer recoverable. The fair values of our single-family foreclosed properties subsequent to initial measurement are determined using the same information hierarchy used for the initial fair value measurement.

The most commonly used techniques in our valuation of acquired property are proprietary home price model and appraisals (both current and walk forward). Based on the number of properties measured as of June 30, 2012, these methodologies comprised approximately 77% of our valuations, while accepted offers comprised approximately 22% of our valuations.

Acquired property is classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

A description of our valuation techniques to estimate the fair value of our acquired property is as follows.

Single-family acquired property valuation techniques

Appraisal: An appraisal is an estimate of the value of a specific property by a certified or licensed appraiser, in accordance with the Uniform Standards of Professional Appraisal Practice. Data most commonly used is from the local Multiple Listing Service and includes properties currently listed for sale, properties under contract, and closed transactions. The appraiser performs an analysis that starts with these data points and then adjusts for differences between the comparable properties and the property being appraised, to arrive at an estimated value for the specific property. Adjustments are made for differences between comparable properties for unobservable inputs such as square footage, location, and condition of the property. The appraiser typically uses recent historical data for the estimate of value.

Broker Price Opinion: This technique provides an estimate of what the property is worth based upon a real estate broker’s knowledge. The broker uses research of pertinent data in the appropriate market, and a sales comparison approach that is similar to the appraisal process. The broker typically has insight into local market trends, such as the number of and terms of offers, lack of offers, increasing supply, shortage of inventory and overall interest in buying a home. This information, all of which is unobservable, is used along with recent and pending sales and current listings of similar properties to arrive at an estimate of value.

Appraisal and Broker Price Opinion Walk Forwards (“Walk Forwards”): We use these techniques to adjust appraisal and broker price opinion valuations for changing market conditions by applying a walk forward factor based on local price movements since the time the third-party value was obtained. The majority of third-party values are updated by comparing the difference in our internal home price model from the month of the original appraisal/broker price opinion to the current period and by applying the resulting percentage change to the original value. If a price is not determinable through our internal home price model, we use our zip code level home price index to update the valuations.

Internal Model: We use an internal model to estimate fair value for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”

Multifamily acquired property valuation techniques

Appraisals: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”

Broker Price Opinions: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”

Derivatives Assets and Liabilities (collectively “Derivatives”)—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 of the valuation hierarchy. 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 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. Exchange-traded futures are valued using market quoted prices, resulting in Level 1 classification of the valuation hierarchy. Certain highly complex structured swaps primarily use a single dealer mark due to lack of transparency in the market and may be modeled using observable interest rates and volatility levels as well as significant unobservable assumptions, resulting in Level 3 classification of the valuation hierarchy. Mortgage commitment derivatives use observable market data, quotes and actual transaction price levels adjusted for market movement, and are typically classified as Level 2 of the valuation hierarchy. Mortgage commitment derivatives that include adjustments for market movement that cannot be corroborated by observable market data are classified as Level 3 of the valuation hierarchy.

Debt—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.

We use third-party pricing services that reference observable market data such as interest rates and spreads to measure the fair value of debt, and thus classify that debt as Level 2 of the valuation hierarchy.

For structured debt instruments that are not valued by third-party pricing services, cash flows are evaluated taking into consideration any structured derivatives through which we have swapped out of the structured features of the notes. The resulting cash flows are discounted to present value using a yield curve derived from market prices observed for Fannie Mae Benchmark Notes and adjusted to reflect fair values at the offer side of the market. Market swaption volatilities are also referenced for the valuation of callable structured debt instruments. Since the derivatives considered in the valuations of these structured debt instruments are classified as Level 3 of the valuation hierarchy, the valuations of the structured debt instruments result in a Level 3 classification.

Certain consolidated MBS debt with embedded derivatives is recorded in our condensed consolidated balance sheets at fair value on a recurring basis. 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. The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “Cash Equivalents, Trading Securities and Available-for-Sale Securities.”

Valuation Control Processes

We have control processes that are designed to ensure that our fair value measurements are appropriate and reliable, that they are based on observable inputs wherever possible and that our valuation approaches are consistently applied and the assumptions used are reasonable. Our control processes consist of a framework that provides for a segregation of duties and oversight of our fair value methodologies and valuations, as well as validation procedures.

The Pricing Group within our Finance Division is responsible for estimating the fair value of the majority of our financial assets and financial liabilities. These fair values are verified by our Price Verification Group, which is a control group separate from the group responsible for obtaining prices. Our Modeling and Analytics Group develops models that are used in estimating the fair value of assets and liabilities for financial reporting purposes. In addition, our Model Oversight Committee (“MOC”) facilitates the cross-functional coordination and effectiveness of our modeling efforts in terms of research, model use and risk governance. The MOC is comprised of senior representatives from Underwriting and Pricing, Capital Markets, Credit Portfolio Management, Enterprise Risk Management, Finance and Modeling & Analytics and is chaired by our Chief Risk Officer. Our Model Risk Oversight Group is responsible for establishing risk management controls and for reviewing, validating and approving models used in the determination of fair value measurements for financial reporting. Fair value measurements for acquired property and collateral dependent loans are determined by other valuation groups in the Finance division.

Our Valuation Oversight Committee (“VOC”) includes senior representation from our Capital Markets segment, our Enterprise Risk Office and our Finance division, and is responsible for providing overall governance for our valuation processes and results. The composition of the VOC is determined by the VOC chair, our Chief Financial Officer, with the objective of obtaining appropriate representation from finance, risk and select business units within Fannie Mae. Based on its review of valuation methodologies and fair value results for various financial instruments used for financial reporting, the VOC is responsible for advising the VOC Committee chair, who has the ultimate responsibility over all valuation processes and results. The VOC also reviews trend analysis for various financial assets and liabilities on a quarterly basis.

We use third-party vendor prices and dealer quotes to estimate fair value of some of our financial assets and liabilities. Third-party vendor prices are primarily used to estimate fair value for trading securities, available-for-sale securities, debt of Fannie Mae, and consolidated MBS debt. Our Pricing Group performs various review and validation procedures prior to utilizing these prices in our fair value estimation process. We verify selected prices, using a variety of methods, including corroborating the prices by reference to other independent market data, such as non-binding broker or dealer quotations, relevant benchmark indices, and prices of similar instruments. We also review prices for reasonableness based on variations from prices provided in previous periods, comparing prices to internally estimated prices, using primarily a discounted cash flow approach, and conducting relative value comparisons based on specific characteristics of securities.

We have discussions with the pricing services as part of our due diligence process in order to maintain a current understanding of the valuation processes and related assumptions and inputs that these vendors use in developing prices. The prices provided to us by third-party pricing services reflect the existence of market reliance upon credit enhancements, if any, and the current lack of liquidity in the marketplace. If we determine that a price provided to us is outside established parameters, we will further examine the price, including having follow-up discussions with the pricing service or dealer. If we conclude that a price is not valid, we will adjust the price for various factors, such as liquidity, bid-ask spreads and credit considerations. All of these procedures are executed before we use the prices in preparing our financial statements.

Our Price Verification Group is responsible for performing monthly independent price verification, primarily related to financial assets and financial liabilities that are priced by our Pricing Group. This is generally accomplished by comparing the value that the Price Verification Group obtains through its own sources and methods with values provided by the Pricing Group. Alternatively, the Price Verification Group may perform reviews of the assumptions used by the Pricing Group to estimate the fair value of products we hold that have material estimation risk because observable market-based inputs do not exist. This group provides an update to the VOC on results, relevant market information and pricing trends, and significant valuation challenges and resolution of those challenges with the Pricing Group on a quarterly basis.

We have an internal property valuation function that utilizes an internal model to compare the values received on a property and assign a risk rating based on several factors including the deviation between the various values. Property valuations with risk ratings above a specified threshold are reviewed for reasonableness by a team of property valuation experts. The internal model that is used to assign a risk rating and the threshold specified is subject to VOC oversight. In addition, our Quality Control Group reviews the overall work performed and inspects a portion of the properties in major markets, for which the third-party valuations are obtained, in order to assess the quality of the valuations.

We calibrate the performance of our proprietary internal model using actual offers on our properties and recent observed transactions. The internal model’s performance is reviewed on a monthly basis by the REO valuation team and is compared with the review performed by our Modeling and Analytics team on a quarterly basis. These review results are presented to the Model Risk Oversight Group, who performs a review and evaluation of the model performance on a quarterly basis. The results of the validation are also reviewed with the VOC on a quarterly basis.

Our Appraisal Review Group reviews appraisals to determine whether they have been performed in accordance with appraisal standards and the results are consistent with our observed transactions on similar properties. We and/or third-party servicers review broker price opinions to determine whether the values provided are consistent with our observed transactions on similar properties. We conduct quarterly portfolio reviews, annual audits and periodic reviews of the counterparties that provide services to review broker price opinions. In addition, valuation results and trend analyses are reviewed at least monthly by REO management.

Fair Value of Financial Instruments

The following table displays the carrying value and estimated fair value of our financial instruments as of June 30, 2012 and December 31, 2011. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans which are off-balance sheet financial instruments that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” 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.



	As of
	June 30, 2012															December 31, 2011
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Netting Adjust-ment			Estimated Fair Value		Carrying Value		Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	80,713		$	68,663	$	12,050		$	—	$	—		$	80,713	$	68,336	$	68,336
Federal funds sold and securities purchased under agreements to resell or similar arrangements	24,000			—		24,000			—		—			24,000		46,000		46,000
Trading securities	50,935			27,064		21,566			2,305		—			50,935		74,198		74,198
Available-for-sale securities	69,694			—		43,366			26,328		—			69,694		77,582		77,582
Mortgage loans held for sale	455			—		280			187		—			467		311		325
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	317,578			—		36,665			230,096		—			266,761		322,825		294,996
Of consolidated trusts	2,605,209			—		2,405,153			293,656		—			2,698,809		2,575,485		2,652,025
Mortgage loans held for investment	2,922,787			—		2,441,818			523,752		—			2,965,570		2,898,310		2,947,021
Advances to lenders	7,343			—		6,638			615		—			7,253		5,538		5,420
Derivative assets at fair value	602			—		16,718			236		(16,352		)	602		561		561
Guaranty assets and buy-ups	474			—		—			866		—			866		503		901
Total financial assets	$	3,157,003		$	95,727	$	2,566,436		$	554,289	$	(16,352	)	$	3,200,100	$	3,171,339	$	3,220,344

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	153		$	—	$	153		$	—	$	—		$	153	$	—	$	—
Short-term debt:
Of Fannie Mae	92,906			—		92,917			—		—			92,917		146,752		146,782
Of consolidated trusts	3,908			—		—			3,908		—			3,908		4,973		4,973
Long-term debt:
Of Fannie Mae	566,483			—		592,491			1,074		—			593,565		585,692		613,983
Of consolidated trusts	2,500,591			—		2,627,334			15,864		—			2,643,198		2,452,455		2,596,657
Derivative liabilities at fair value	919			—		24,282			162		(23,525		)	919		916		916
Guaranty obligations	758			—		—			3,543		—			3,543		811		3,944
Total financial liabilities	$	3,165,718		$	—	$	3,337,177		$	24,551	$	(23,525	)	$	3,338,203	$	3,191,599	$	3,367,255

Financial Instruments for which fair value approximates carrying value—We hold certain financial instruments that are not carried at fair value but for which 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, the majority of advances to lenders and federal funds and securities sold/purchased under agreements to repurchase/resell (exclusive of dollar roll repurchase transactions).

Federal funds and securities sold/purchased under agreements to repurchase/resell—The carrying value for the majority of these specific instruments approximates the fair value due to the short-term nature and the negligible inherent credit risk, as they involve the exchange of liquid collateral. Were we to calculate the fair value of these instruments we would use observable inputs resulting in Level 2 classification.

Mortgage Loans Held for Sale—Loans are reported at the lower of cost or fair value in our condensed consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as for our HFI loans and are described under “Fair Value Measurement—Mortgage Loans Held for Investment” and these loans are classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that significant inputs are unobservable, the loans are classified within Level 3 of the valuation hierarchy.

Advances to Lenders—The carrying value for the majority of our advances to lenders approximates fair value due to the short-term nature and the negligible inherent credit risk. Were we to calculate the fair value of these instruments we would use discounted cash flow models that use observable inputs such as spreads based on market assumptions, resulting in Level 2 classification.

Advances to lenders also include loans for which the carrying value does not approximate fair value. These loans do not qualify for Fannie Mae MBS securitization and are valued using market-based techniques including credit spreads, severities and prepayment speeds for similar loans, through third-party pricing services or through a model approach incorporating both interest rate and credit risk simulating a loan sale via a synthetic structure. We classify these valuations as Level 3 given that significant inputs are not observable or are determined by extrapolation of observable points.

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 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 3 of the fair value hierarchy.

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’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 (“OAS”) for interest-only trust securities. The interest-only OAS is calibrated using prices of a representative sample of interest-only trust securities. We believe the remitted fee income is less liquid than interest-only trust securities and more like an excess servicing strip. We take a further discount of the present value for these liquidity considerations. This discount is based on market quotes from dealers.

The fair value of the guaranty assets includes 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 “Other assets” in our condensed consolidated balance sheets.

Guaranty Obligations—The fair value of all guaranty obligations, 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’s-length transaction at the measurement date. These obligations are classified within Level 3. The valuation methodology and inputs used in estimating the fair value of the guaranty obligation are described under “Fair Value Measurement—Mortgage Loans Held for Investment, Build up.”

HARP Loans—We measure the fair value of loans that are delivered under the Home Affordable Refinance Program (“HARP”) using a modified build-up approach while the loan is performing. Under this modified approach, we set the credit component of the consolidated loans (i.e., the guaranty obligation) equal to the compensation we would currently receive for a loan delivered to us under the program because the total compensation for these loans is equal to their current exit price in the GSE securitization market. For a description of the build-up valuation methodology, refer to “Fair Value Measurement–Mortgage Loans Held for Investment.” We will continue to use this pricing methodology as long as the HARP program is available to market participants. If, subsequent to delivery, the refinanced loan becomes past due or is modified as a part of a troubled debt restructuring, the fair value of the guaranty obligation is then measured consistent with other loans that have these characteristics.

The total compensation that we receive for the delivery of a HARP loan reflects the pricing that we are willing to offer because HARP is a part of a broader government program intended to provide assistance to homeowners and prevent foreclosures. If these benefits were not reflected in the pricing for these loans (that is, if the loans were valued using our standard build-up approach), the fair value disclosed in the table above would be lower by $8.4 billion as of June 30, 2012. The total fair value of the loans in our portfolio that have been refinanced under HARP as of June 30, 2012 as presented in the table above is $168.3 billion.

Fair Value Option

We elected the fair value option for loans which contain embedded derivatives that would otherwise require bifurcation. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from the respective loan.

We elected the fair value option for all long-term structured debt instruments that are issued in response to specific investor demand and have interest rates that are based on a calculated index or formula and are economically hedged with derivatives at the time of issuance. By electing the fair value option for these instruments, we are able to eliminate the volatility in our results of operations that would otherwise result from the accounting asymmetry created by recording these structured debt instruments at cost while recording the related derivatives at fair value.

We elected the fair value option for the financial assets and liabilities of the consolidated senior-subordinate trust structures. 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 different accounting treatment between loans at cost and debt at cost.

Interest income for the mortgage loans is recorded in “Mortgage loans interest income” and interest expense for the debt instruments is recorded in “Long-term debt interest expense” in our condensed consolidated statements of operations and comprehensive income (loss).

The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections as of June 30, 2012 and December 31, 2011.



		As of
		June 30, 2012									December 31, 2011
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾
		(Dollars in millions)
Fair value		$	5,231		$	831		$	4,600		$	3,611		$	838		$	3,939
Unpaid principal balance		5,631			712			4,679			4,122			712			4,012

__________

⁽¹⁾ Includes nonaccrual loans with a fair value of $260 million and $195 million as of June 30, 2012 and December 31, 2011, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of June 30, 2012 and December 31, 2011 is $240 million and $232 million, respectively. Includes loans that are 90 days or more past due with a fair value of $382 million and $310 million as of June 30, 2012 and December 31, 2011, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of June 30, 2012 and December 31, 2011 is $270 million and $262 million, respectively.

⁽²⁾ Includes interest-only debt instruments with no unpaid principal balance and a fair value of $107 million and $115 million as of June 30, 2012 and December 31, 2011, respectively.

Changes in Fair Value under the Fair Value Option Election

The following table displays fair value gains and losses, net, including changes attributable to instrument-specific credit risk, for loans and debt for which the fair value election was made. Amounts are recorded as a component of “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30,
	2012											2011
	Loans			Long-Term Debt				Total Gains (Losses)				Loans		Long-Term Debt				Total Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	11			$	—			$	11		$	6		$	8		$	14
Other changes in fair value	(38		)		(17		)		(55		)	76			(26		)	50
Fair value (losses) gains, net	$	(27	)		$	(17	)		$	(44	)	$	82		$	(18	)	$	64



	For the Six Months Ended June 30,
	2012											2011
	Loans			Long-Term Debt				Total Gains (Losses)				Loans			Long-Term Debt			Total (Losses) Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	77			$	(2	)		$	75		$	(211	)		$	4	$	(207	)
Other changes in fair value	(103		)		43				(60		)	141				7		148
Fair value (losses) gains, net	$	(26	)		$	41			$	15		$	(70	)		$	11	$	(59	)

In determining the changes in the instrument-specific credit risk for loans, the changes in the associated credit-related components of these loans, primarily the guaranty obligation, were taken into consideration with the overall change in the fair value of the loans for which we elected the fair value option for financial instruments. In determining the changes in the instrument-specific credit risk for debt, the changes in Fannie Mae debt spreads to LIBOR that occurred during the period were taken into consideration with the overall change in the fair value of the debt for which we elected the fair value option for financial instruments. Specifically, cash flows are evaluated taking into consideration any derivatives through which Fannie Mae has swapped out of the structured features of the notes and thus created a floating-rate LIBOR-based debt instrument. The change in value of these LIBOR-based cash flows based on the Fannie Mae yield curve at the beginning and end of the period represents the instrument-specific risk.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. In some of the matters, indeterminate amounts are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. This variability in pleadings, together with our and our counsel’s actual experience in litigating or settling claims, leads us to conclude that the monetary relief that may be sought by plaintiffs bears little relevance to the merits or disposition value of claims. On a quarterly and annual basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, reserves and disclosures. Legal actions and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Accordingly, the outcome of any given matter and the amount or range of potential loss at particular points in time is frequently difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel view the evidence and applicable law. Further, FHFA adopted a regulation on June 20, 2011, which provides, in part, that while we are in conservatorship, FHFA will not pay claims by our current or former shareholders, unless the Director of FHFA determines it is in the interest of the conservatorship. The presence of this regulation and the Director of FHFA’s assertion that FHFA will not pay claims asserted in certain cases discussed below while we are in conservatorship creates additional uncertainty in those cases. We establish a reserve for those matters when a loss is probable and we can reasonably estimate the amount of such loss. Reserves have been established for certain of the matters noted below. These reserves did not have a material adverse effect on our financial statements. We note, however, that in light of the uncertainties involved in such actions and proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves we have currently accrued. For the remaining legal actions or proceedings, including those where there is only a reasonable possibility that a loss may be incurred, we are not currently able to estimate the reasonably possible losses or ranges of losses and we have not established a reserve with respect to those actions or proceedings. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek substantial or indeterminate damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. Further, as noted above, FHFA’s regulation and the Director of FHFA’s assertion creates additional uncertainty with respect to certain cases. Given the uncertainties involved in any action or proceeding, regardless of whether we have established a reserve, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period. Based on our current knowledge with respect to the matters described below, we believe we have valid defenses to the claims in these proceedings and intend to defend these matters vigorously regardless of whether or not we have recorded a loss reserve. 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 or financial condition. We have advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to indemnification agreements. In re Fannie Mae Securities Litigation Fannie Mae is a defendant in a consolidated class action lawsuit initially filed in 2004 and currently pending in the U.S. District Court for the District of Columbia. In the consolidated complaint filed on March 4, 2005, lead plaintiffs Ohio Public Employees Retirement System and 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 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder. Plaintiffs contend that Fannie Mae’s accounting statements were inconsistent with GAAP requirements relating to hedge accounting and the amortization of premiums and discounts, and seek unspecified compensatory damages, attorneys’ fees, and other fees and costs. On January 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 17, 2001 through December 22, 2004. On October 17, 2008, FHFA, as conservator for Fannie Mae, intervened in this case. On August 18, 2011, the parties filed various motions for summary judgment, which are fully briefed. As discussed above, FHFA adopted a regulation on June 20, 2011, that provides in part that while we are in conservatorship, FHFA will not pay claims by our current or former shareholders, unless the Director of FHFA determines it is in the interest of the conservatorship. FHFA’s regulation has been challenged by lead plaintiffs in a separate lawsuit also pending in the U.S. District Court for the District of Columbia. In September and December 2010, plaintiffs served expert reports claiming damages to plaintiffs under various scenarios ranging cumulatively from $2.2 billion to $8.6 billion. Given the substantial and novel legal questions that remain, including those raised by FHFA’s regulation and the Director of FHFA’s determination, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation. 2008 Class Action Lawsuits Fannie Mae is a defendant in two consolidated class actions filed in 2008 and currently pending in the U.S. District Court for the Southern District of New York—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. Given the early status of these matters, the absence of a specified demand or claim by the plaintiffs, and the substantial and novel legal questions that remain, including those raised by FHFA’s regulation and the Director of FHFA’s determination, we are currently unable to estimate the reasonably possible loss or range of loss arising from these lawsuits. In re Fannie Mae 2008 Securities Litigation In a consolidated amended 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 Sections 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 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934. Lead plaintiffs seek various forms of relief, including rescission, damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. On October 13, 2009, the Court entered an order allowing FHFA to intervene. On November 24, 2009, the Court granted the defendants’ motion to dismiss the Securities Act claims as to all defendants. On September 30, 2010, the Court granted in part and denied in part the defendants’ motions to dismiss the Securities Exchange Act claims. As a result of the partial denial, some of the Securities Exchange Act claims remained pending against us and certain of our former officers. Fannie Mae filed its answer to the consolidated complaint on December 31, 2010. On July 28, 2011, lead plaintiffs filed motions to certify 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. On February 1, 2012, plaintiffs sought leave to amend their complaint to add new factual allegations and the court granted plaintiffs’ motion. Briefing on the pending motions for class certification has been held in abeyance pending resolution of motions to dismiss the second amended complaint. Plaintiffs filed a second amended joint consolidated class action complaint on March 2, 2012 and added FHFA as a defendant. On April 4, 2012, defendants filed motions to dismiss the second amended complaint, which are fully briefed. In re 2008 Fannie Mae ERISA Litigation 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’s Benefit Plans Committee and the Compensation Committee of Fannie Mae’s Board of Directors, as fiduciaries of Fannie Mae’s Employee Stock Ownership Plan (“ESOP”), breached their duties to ESOP participants and beneficiaries by investing ESOP funds in Fannie Mae common stock when it was no longer prudent to continue to do so. Plaintiffs purport to represent a class of participants and beneficiaries of the ESOP whose accounts invested in Fannie Mae common stock beginning April 17, 2007. The plaintiffs seek unspecified damages, attorneys’ fees and other fees and costs, and injunctive and other equitable relief. On February 1, 2012, plaintiffs sought leave to amend their complaint to add new factual allegations and the court granted plaintiffs’ motion. Plaintiffs filed an amended complaint on March 2, 2012 adding two current Board members and then-CEO Michael J. Williams as defendants. On April 4, 2012, defendants filed motions to dismiss the amended complaint, which are fully briefed. Comprehensive Investment Services v. Mudd, et al. This individual securities action was originally filed on May 13, 2009, by plaintiff Comprehensive Investment Services, Inc. against certain of our former officers and directors, and certain of our underwriters in the U.S. District Court for the Southern District of Texas. On July 7, 2009, this case was transferred to the Southern District of New York for coordination with In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation. Plaintiff filed an amended complaint on May 11, 2011 against us, certain of our former officers, and certain of our underwriters. The amended complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; violations of Section 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’s May 2008 $2.0 billion offering of 8.25% non-cumulative preferred Series T stock. Plaintiff seeks relief in the form of rescission, actual damages, punitive damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. On February 1, 2012, plaintiff sought leave to amend its complaint to add new factual allegations and the court granted plaintiff’s motion. Plaintiff filed a second amended complaint on March 2, 2012. On April 4, 2012, defendants filed motions to dismiss the second amended complaint, which are fully briefed. Given the preliminary stage of this lawsuit, the absence of a specified demand or claim by the plaintiff, and the substantial and novel legal questions that remain, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation. Smith v. Fannie Mae, et al. This individual securities action was originally filed on February 25, 2010, by plaintiff Edward Smith against Fannie Mae and certain of its former officers as well as several underwriters in the U.S. District Court for the Central District of California. On April 12, 2010, this case was transferred to the Southern District of New York for coordination with In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation. Plaintiff filed an amended complaint on April 19, 2011, which alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; violations of Section 20(a) of the Securities Exchange Act of 1934; common law fraud and negligence claims; and California state law claims for misrepresentation in connection with Fannie Mae’s December 2007 $7.0 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 February 1, 2012, plaintiff sought leave to amend his complaint to add new factual allegations and the court granted plaintiff’s motion. Plaintiff filed a second amended complaint on March 2, 2012. On April 4, 2012, defendants filed motions to dismiss the second amended complaint, which are fully briefed. Given the preliminary stage of this lawsuit, the absence of a specified demand or claim by the plaintiff, and the substantial and novel legal questions that remain, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation. Transfer Tax Litigation A number of lawsuits have been filed against us in multiple states challenging our right to claim an exemption under our charter from transfer taxes in connection with the recordation of deeds upon transfers of real property by sale or foreclosure. The plaintiffs in several of these lawsuits seek to represent a nationwide class of localities. In addition, we have filed a lawsuit against the state of Illinois and four counties seeking a judgment that we are exempt from these transfer taxes. If these lawsuits are decided against us, we may be required to pay past transfer taxes, damages, fees and/or costs. Although we believe that our charter provides us with an exemption from these taxes and therefore we have a valid defense in these lawsuits, in March 2012 a federal district court in Michigan held in two cases that we are not exempt from Michigan transfer taxes under our charter. On May 21, 2012, we, along with FHFA and Freddie Mac, filed a Petition for Permission to Appeal the two Michigan decisions with the U.S. Court of Appeals for the Sixth Circuit. On June 29, 2012, the plaintiff in one of the Michigan cases filed a motion with the Judicial Panel on Multidistrict Litigation seeking an order transferring all related cases filed as of that date, as well as all subsequently filed related actions, to the U.S. District Court for the Eastern District of Michigan for coordinated or consolidated pretrial proceedings; we have opposed this motion. These lawsuits may lead to additional lawsuits relating to the more than thirty states that impose these taxes. We are currently unable to estimate the reasonably possible loss or range of losses arising from these lawsuits given the following factors: (a) taxing authorities may conclude that our charter provides us with an exemption from these taxes, (b) existing opinions from taxing authorities in some jurisdictions may preclude retroactive collection, (c) no plaintiff has demanded a stated amount of damages, and (d) the scope of permissible claims has not yet been determined in any jurisdiction.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2012
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	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. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. Results for the three and six months ended June 30, 2012 may not necessarily be indicative of the results for the year ending December 31, 2012. The unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2012 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, 2011 (“2011 Form 10-K”), filed with the SEC on February 29, 2012.
Single-Family Guaranty Fees 10 Basis Points Increase due to the Temporary Payroll Tax Cut Continuation Act of 2011 Provision [Policy Text Block]	Effective April 1, 2012, the guaranty fee on all single-family residential mortgages delivered to Fannie Mae and Freddie Mac on or after that date for securitization was increased by 10 basis points. The resulting fee revenue and expense are recorded in “Mortgage loans interest income” and “Other expenses,” respectively, in our condensed consolidated statements of operations and comprehensive income (loss).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments, and other assets and liabilities, the allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates.
Repurchase Agreements, Collateral, Policy [Policy Text Block]	Collateral Our liability to third party holders of Fannie Mae MBS that arises as the result of a consolidation of a securitization trust is collateralized by the underlying loans and/or mortgage related securities.
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) per Share Earnings (loss) per share (“EPS”) is presented for both basic EPS and diluted EPS. We compute basic EPS by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In addition to common shares outstanding, the computation of basic EPS includes instruments for which the holder has (or is deemed to have) the present rights as of the end of the reporting period to share in current period earnings (loss) with common stockholders (i.e., participating securities and common shares that are currently issuable for little or no cost to the holder). We include in the denominator of our basic EPS computation the weighted-average number of shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury. Diluted EPS includes all the components of basic EPS, plus the dilutive effect of common stock equivalents such as convertible securities and stock options, but excludes those common stock equivalents from the calculation of diluted EPS when the effect of inclusion, assessed individually, would be anti-dilutive.
Reclassification, Policy [Policy Text Block]	Reclassifications To conform to our current period presentation, we have reclassified certain amounts reported in our condensed consolidated financial statements.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Guidance Effective January 1, 2012, we prospectively adopted guidance issued by the Financial Accounting Standards Board (“FASB”) related to fair value measurement. The new guidance does not expand the use of fair value; instead, it provides guidance about how fair value should be determined where it already is required or permitted under U.S. GAAP. The new fair value guidance changes certain fair value principles and clarifies the FASB’s intent on certain items, including a clarification that the principal market should be determined based on the market the entity has access to with the greatest volume and level of activity for the asset or liability. It also expands the disclosures about fair value measurements. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements; however, it required us to expand our fair value disclosures. See “Note 12, Fair Value,” for additional information regarding the impact upon adoption of this guidance

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

Consolidations and Transfers of Financial Assets Consolidation and Transfer of Financial Assets (Policies)	6 Months Ended
	Jun. 30, 2012
Consolidations and Transfers of Financial Assets [Abstract]
Consolidations, Policy [Policy Text Block]	We have interests in various entities that are considered to be variable interest entities (“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 include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities. Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization trusts, as well as other investment entities.
Transfers and Servicing of Financial Assets, Policy [Policy Text Block]	Transfers of Financial Assets 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 Qualifying Sales of Portfolio Securitizations The majority of our portfolio securitization transactions do not qualify for sale treatment as we consolidate the substantial majority of our single-class MBS trusts. We report assets and liabilities of consolidated trusts created via portfolio securitization transactions that do not qualify as sales in our condensed consolidated balance sheets. We recognize assets obtained and liabilities incurred in qualifying sales of portfolio securitizations at fair value.

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 40
-Section 45
-URI http://asc.fasb.org/section&trid=2197723

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2197087

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.3A-02)
-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5, 6, 16-19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 96-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 97-2
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph k
-Article 1

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02, 03
-Article 3A

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-URI http://asc.fasb.org/subtopic&trid=2197735

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=13989330&loc=d3e107207-111719

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122739-111746

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122596-111746

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2197663

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122625-111746

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197591

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2197627

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15029-111544

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=13989330&loc=d3e107314-111719

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7523297&loc=d3e113969-111729

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 41
-Paragraph 3
-Subparagraph a, b, c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 17
-Subparagraph e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph B6-B12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 9-15, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Mortgage Loans Mortgage Loans Policy (Policies)	6 Months Ended
Mortgage Loans Mortgage Loans Policy (Policies)	Jun. 30, 2012
Mortgage Loans on Real Estate [Abstract]
Nonaccrual Loans [Policy Text Block]	Nonaccrual Loans We discontinue accruing interest on loans when we believe collectibility of principal or interest is not reasonably assured, which for single-family loans we have determined, based on our historical experience, to be when the loan becomes 60 days or more past due according to its contractual terms. We generally place multifamily loans on nonaccrual status when the loan is deemed to be individually impaired, unless the loan is well secured such that collectibility of principal and accrued interest is reasonably assured. 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. For single-family loans, we recognize interest income for loans on nonaccrual status when cash is received. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a single-family loan to accrual status at the point that the borrower has made sufficient payments to reduce their delinquency below our nonaccrual threshold. For modified single-family loans, the loan is not returned to accrual status until the borrower successfully makes all required payments during the trial period (generally three to four months) and the modification is made permanent. We generally return a multifamily loan to accrual status when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectibility is reasonably assured.
Troubled Debt Restructurings [Policy Text Block]	A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments.

Disclosure of accounting policy for when a loan ceases to accrue interest or other revenue because the borrower is in financial difficulty. May also describe the treatment of previously earned but uncollected interest income on loans in nonaccrual status, how cash received from borrowers is recorded on loans that are in nonaccrual status, and the policy for resuming accrual of interest. Also includes the policy for charging off uncollectible loans and trade receivables, and the policy for determining past-due or delinquency status (i.e. whether past-due status is based on how recently payments have been received or on contractual terms).

Allowance for Loan Losses Allowance for Loan Losses Policy (Policies)	6 Months Ended
	Jun. 30, 2012
Allowance for Loan Losses [Abstract]
Allowance for Loan Losses [Policy Text Block]	Our allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in both single-family and multifamily HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. When calculating our loan loss allowance, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance and accrued interest recognized while the loan was on accrual status and any applicable cost basis adjustments. We record charge-offs as a reduction to the allowance for loan losses when losses are confirmed through the receipt of assets in full satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale. We aggregate single-family HFI loans that are not 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. We base our allowance and reserve methodology on historical events and trends, such as loss severity (in event of default), default rates, and recoveries from mortgage insurance contracts and other credit enhancements. 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. Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan’s original effective interest rate. However, 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 and adjusted for estimated proceeds from mortgage, flood, or hazard insurance or similar sources. We identify multifamily loans for evaluation for impairment through a credit risk assessment process. Based on this evaluation, we determine for loans that are not in homogeneous pools whether or not a loan is individually impaired. If we determine that a multifamily loan is 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. 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.

Investments in Securities Investment in Securities Policies (Policies)	6 Months Ended
	Jun. 30, 2012
Investments, Debt and Equity Securities [Abstract]
Trading Securities, Policy [Policy Text Block]	Trading Securities Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income (loss).
Available-for-sale Securities, Policy [Policy Text Block]	Available-for-Sale Securities We measure available-for-sale (“AFS”) securities at fair value with unrealized gains and losses recorded as a component of “Other comprehensive income,” net of tax, and we record realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income (loss). Other-Than-Temporary Impairments We recognize the credit component of other-than-temporary impairments of our debt securities in “Net other-than-temporary impairments” and the noncredit component in “Other comprehensive income” in our condensed consolidated statements of operations and comprehensive income (loss) 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.

Disclosure of accounting policy for investments in debt and equity securities that are classified as available-for-sale. This policy also may describe the entity's accounting treatment for transfers between investment categories, how the entity determines whether impairments of available-for-sale securities are other than temporary, and how the fair values of such securities are determined.

Disclosure of accounting policy for investments in debt and equity securities that are classified as trading securities. This policy also may describe the entity's accounting treatment for transfers between investment categories and how the fair values of such securities are determined.

Derivative Instruments Derivative Policy (Policies)	6 Months Ended
Derivative Instruments Derivative Policy (Policies)	Jun. 30, 2012
Derivatives Policy [Abstract]
Derivatives, Policy [Policy Text Block]	We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and are inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets.

Disclosure of accounting policy for its derivative instruments and hedging activities.

Segment Reporting Segment Reporting Policy (Policies)	6 Months Ended
Segment Reporting Segment Reporting Policy (Policies)	Jun. 30, 2012
Segment Reporting [Abstract]
Segment Reporting, Policy [Policy Text Block]	Our three reportable segments are: Single-Family, Multifamily, 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. During the three months ended June 30, 2012, a new chief executive officer was hired. Our new chief executive officer continues to be the chief operating decision maker who makes decisions about resources to be allocated to each segment and assesses segment performance. We are working on reorganizing our company by function rather than by business in order to improve our operational efficiencies and effectiveness. In future periods, we may change some of our management reporting and how we report our business segment results. Under our segment reporting, the sum of the results for our three business segments does not equal our condensed consolidated statements of operations and comprehensive income (loss), as we separate the activity related to our consolidated trusts from the results generated by our three segments. Our segment financial results include directly attributable revenues and expenses. Additionally, we allocate to each of our segments: (1) capital using FHFA minimum capital requirements adjusted for over- or under-capitalization; (2) indirect administrative costs; and (3) a provision or benefit for federal income taxes. In addition, we allocate intracompany guaranty fee income as a charge from the Single-Family and Multifamily segments to Capital Markets for managing the credit risk on mortgage loans held by the Capital Markets group. We also include an eliminations/adjustments category to reconcile our business segment results and the activity related to our consolidated trusts to net income (loss) in our condensed consolidated statements of operations and comprehensive income (loss).

Fair Value Fair Value Policy (Policies)	6 Months Ended
Fair Value Fair Value Policy (Policies)	Jun. 30, 2012
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits 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 identical 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. Effective January 1, 2012, we adopted new accounting guidance that requires enhanced disclosures about fair value measurement. Upon adoption of the new fair value guidance, we made changes to the principal markets that we use to estimate the fair value of the following categories of mortgage loans: (a) for loans that are one month delinquent, we changed to the GSE securitization market; (b) for loans that are two and three months delinquent, we changed to the whole loan market; and (c) for loans that have been modified in a troubled debt restructuring but have been reperforming for nine months or more, we changed to the whole loan market. After making these changes, (a) the principal market for all performing loans and those loans that are one month delinquent is the GSE securitization market; and (b) the principal market for all loans that are two or more months delinquent and all loans that have been modified in a troubled debt restructuring is the whole loan market. The impact of making these changes to our principal markets was a net decrease in the estimated fair value of our loans of $24.4 billion as of March 31, 2012. In addition, we enhanced our fair value estimation process for HARP loans as of March 31, 2012 to use the modified build-up approach, as described in “Fair Value of Financial Instruments—HARP Loans.” Previously, we measured the fair value of these loans using our standard build-up approach. The impact of this enhancement was an increase in the estimated fair value of HARP loans of $7.4 billion as of March 31, 2012. Fair Value Option We elected the fair value option for loans which contain embedded derivatives that would otherwise require bifurcation. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from the respective loan. We elected the fair value option for all long-term structured debt instruments that are issued in response to specific investor demand and have interest rates that are based on a calculated index or formula and are economically hedged with derivatives at the time of issuance. By electing the fair value option for these instruments, we are able to eliminate the volatility in our results of operations that would otherwise result from the accounting asymmetry created by recording these structured debt instruments at cost while recording the related derivatives at fair value. We elected the fair value option for the financial assets and liabilities of the consolidated senior-subordinate trust structures. 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 different accounting treatment between loans at cost and debt at cost. Interest income for the mortgage loans is recorded in “Mortgage loans interest income” and interest expense for the debt instruments is recorded in “Long-term debt interest expense” in our condensed consolidated statements of operations and comprehensive income (loss).

Commitments and Contingencies Commitments and Contingencies Policy (Policies)	6 Months Ended
	Jun. 30, 2011
Commitments and Contingencies Policy [Abstract]
Commitments and Contingencies, Policy [Policy Text Block]	On a quarterly and annual basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, reserves and disclosures. We establish a reserve for those matters when a loss is probable and we can reasonably estimate the amount of such loss. For the remaining legal actions or proceedings, including those where there is only a reasonable possibility that a loss may be incurred, we are not currently able to estimate the reasonably possible losses or ranges of losses and we have not established a reserve with respect to those actions or proceedings.

Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 450
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6491354&loc=d3e6052-115624

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2155897

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 450
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491354&loc=d3e6049-115624

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-HCO
-Paragraph 12, 13
-IssueDate 2006-05-01
-Chapter 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Technical Bulletin (FTB)
-Number 90-1
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Technical Bulletin (FTB)
-Number 90-1
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Technical Bulletin (FTB)
-Number 90-1
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Basic and Diluted Weighted Average Common Shares Outstanding [Table Text Block]

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

The table below presents the computations of basic and diluted weighted average common shares outstanding.



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012	2011
	(Shares in millions)
Weighted average common shares outstanding—basic		5,762		5,730	5,762	5,714
Convertible preferred stock		131		—	131	—
Weighted average common shares outstanding—diluted		5,893		5,730	5,893	5,714

Consolidations and Transfers of Financial Assets (Tables)

6 Months Ended

Jun. 30, 2012

Consolidations and Transfers of Financial Assets [Abstract]

Unconsolidated Variable Interest Entities [Table Text Block]

The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated VIEs as of June 30, 2012 and December 31, 2011, as well as our maximum exposure to loss and the total assets of those unconsolidated VIEs.



	As of June 30, 2012
	Mortgage-Backed Trusts			Asset-Backed Trusts		Limited Partnership Investments
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets:
Assets:
Available-for-sale securities ⁽¹⁾	$	62,010		$	—		$	—
Trading securities ⁽¹⁾	23,285			537			—
Other assets	272			—			116
Other liabilities	(1,695		)	—			(138		)
Net carrying amount	$	83,872		$	537		$	(22	)
Maximum exposure to loss ⁽¹⁾	$	93,272		$	537		$	109
Total assets of unconsolidated VIEs ⁽¹⁾	$	636,023		$	78,306		$	11,336


	As of December 31, 2011
	Mortgage-Backed Trusts			Asset-Backed Trusts		Limited Partnership Investments
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets:
Assets:
Available-for-sale securities ⁽¹⁾	$	69,101		$	—		$	—
Trading securities ⁽¹⁾	24,292			2,111			—
Other assets	271			—			145
Other liabilities	(1,347		)	—			(153		)
Net carrying amount	$	92,317		$	2,111		$	(8	)
Maximum exposure to loss ⁽¹⁾	$	100,146		$	2,111		$	137
Total assets of unconsolidated VIEs ⁽¹⁾	$	641,346		$	256,845		$	12,256

__________


⁽¹⁾	Contains securities recognized in our condensed consolidated balance sheets due to consolidation of certain multi-class resecuritization trusts.

Key Characteristics of the Securities Retained in Unconsolidated Portfolio Securitization Trusts [Table Text Block]

The following table displays some key characteristics of the securities retained in unconsolidated portfolio securitization trusts.



	Fannie Mae Single-class MBS & Fannie Mae Megas			REMICS & SMBS⁽¹⁾
	(Dollars in millions)
As of June 30, 2012
Unpaid principal balance	$	526		$	10,407
Fair value	585			11,679
Weighted-average coupon	6.21		%	5.67		%
Weighted-average loan age	5.9		years	4.3		years
Weighted-average maturity	23.0		years	16.1		years

As of December 31, 2011
Unpaid principal balance	$	588		$	12,697
Fair value	654			14,043
Weighted-average coupon	6.21		%	5.86		%
Weighted-average loan age	5.4		years	4.5		years
Weighted-average maturity	23.5		years	18.6		years

__________


⁽¹⁾	Consists of Real Estate Mortgage Investment Conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

Managed Loans [Table Text Block]

The following table displays the unpaid principal balances of managed loans, including those managed loans that were delinquent as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012						December 31, 2011
	Unpaid Principal Balance			Principal Amount of Delinquent Loans⁽¹⁾			Unpaid Principal Balance			Principal Amount of Delinquent Loans⁽¹⁾
		(Dollars in millions)
Loans held for investment:
Of Fannie Mae		$	385,172		$	111,800		$	396,276		$	122,392
Of consolidated trusts		2,586,317			18,793			2,570,339			24,893
Loans held for sale		453			127			312			57
Securitized loans		2,196			2			2,273			71
Total loans managed		$	2,974,138		$	130,722		$	2,969,200		$	147,413

__________


⁽¹⁾	Represents the unpaid principal balance of loans held for investment, loans held for sale and securitized loans for which we are no longer accruing interest and loans 90 days or more delinquent which are continuing to accrue interest.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5747-111685

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228884-111685

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5728-111685

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Variable Interest Entity
-URI http://asc.fasb.org/extlink&oid=6528138

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6759159-111685

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 35
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 2, 14, 15, 16, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Paragraph 24
-Appendix D

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph C4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Paragraph 22B
-Appendix D

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Paragraph 23A
-Appendix D

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Paragraph 22E
-Appendix D

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph g
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2012

Loans in Mortgage Portfolio [Table Text Block]

The following table displays our mortgage loans as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012												December 31, 2011
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	316,090			$	2,475,043			$	2,791,133			$	319,496			$	2,470,533			$	2,790,029
Multifamily		69,463				111,346				180,809				77,026				99,872				176,898
Total unpaid principal balance of mortgage loans		385,553				2,586,389				2,971,942				396,522				2,570,405				2,966,927
Cost basis and fair value adjustments, net		(15,510		)		30,185				14,675				(16,143		)		19,993				3,850
Allowance for loan losses for loans held for investment		(52,082		)		(11,293		)		(63,375		)		(57,309		)		(14,847		)		(72,156		)
Total mortgage loans		$	317,961			$	2,605,281			$	2,923,242			$	323,070			$	2,575,551			$	2,898,621

Aging Analysis [Table Text Block]



	As of June 30, 2012⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	38,978		$	12,844		$	73,084		$	124,906	$	2,387,341	$	2,512,247		$	105	$	85,781
Government⁽⁴⁾		86			42			328			456		50,884		51,340			328		—
Alt-A		6,297			2,522			25,048			33,867		131,105		164,972			16		27,549
Other⁽⁵⁾		2,911			1,158			9,829			13,898		66,441		80,339			76		10,842
Total single-family		48,272			16,566			108,289			173,127		2,635,771		2,808,898			525		124,172
Multifamily⁽⁶⁾		169			NA			540			709		182,640		183,349			—		2,072
Total		$	48,441		$	16,566		$	108,829		$	173,836	$	2,818,411	$	2,992,247		$	525	$	126,244



	As of December 31, 2011⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	43,516		$	15,282		$	80,712		$	139,510	$	2,341,646	$	2,481,156		$	111	$	95,959
Government⁽⁴⁾		109			49			327			485		51,391		51,876			327		—
Alt-A		7,155			3,054			28,323			38,532		138,880		177,412			14		31,356
Other⁽⁵⁾		3,403			1,431			11,277			16,111		73,115		89,226			96		12,533
Total single-family		54,183			19,816			120,639			194,638		2,605,032		2,799,670			548		139,848
Multifamily⁽⁶⁾		210			NA			1,105			1,315		177,906		179,221			—		2,764
Total		$	54,393		$	19,816		$	121,744		$	195,953	$	2,782,938	$	2,978,891		$	548	$	142,612

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.


⁽³⁾	Consists of mortgage loans that are not included in other loan classes.


⁽⁴⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which due to their nature are not aged and are included in the current column.


⁽⁵⁾	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.


⁽⁶⁾	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Individually Impaired Loans [Table Text Block]

The following tables display the total recorded investment, unpaid principal balance, and related allowance as of June 30, 2012 and December 31, 2011 and interest income recognized and average recorded investment for the three and six months ended June 30, 2012 and 2011 for individually impaired loans.



	As of
	June 30, 2012										December 31, 2011
	Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	117,485		$	110,755	$	27,183	$	568		$	116,825		$	109,684	$	29,598	$	674
Government⁽³⁾		188			185		28		4			258			258		67		8
Alt-A		34,513			31,801		10,358		225			34,318			31,516		11,121		268
Other⁽⁴⁾		16,011			15,230		4,838		80			16,181			15,363		5,353		99
Total single-family		168,197			157,971		42,407		877			167,582			156,821		46,139		1,049
Multifamily		2,475			2,498		508		13			2,832			2,855		718		32
Total individually impaired loans with related allowance recorded		170,672			160,469		42,915		890			170,414			159,676		46,857		1,081

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		11,364			8,410		—		—			9,370			6,471		—		—
Government⁽³⁾		116			112		—		—			25			17		—		—
Alt-A		3,297			1,825		—		—			3,056			1,538		—		—
Other⁽⁴⁾		749			441		—		—			680			367		—		—
Total single-family		15,526			10,788		—		—			13,131			8,393		—		—
Multifamily		1,755			1,764		—		—			1,759			1,771		—		—
Total individually impaired loans with no related allowance recorded		17,281			12,552		—		—			14,890			10,164		—		—
Total individually impaired loans⁽⁶⁾		$	187,953		$	173,021	$	42,915	$	890		$	185,304		$	169,840	$	46,857	$	1,081



	For the Three Months Ended June 30,
	2012									2011
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	110,527		$	967		$	149		$	97,984		$	911		$	326
Government⁽³⁾		204			3			—			274			3			—
Alt-A		31,600			253			35			28,862			239			96
Other⁽⁴⁾		15,218			110			16			14,158			106			41
Total single-family		157,549			1,333			200			141,278			1,259			463
Multifamily		2,499			34			1			2,055			23			2
Total individually impaired loans with related allowance recorded		160,048			1,367			201			143,333			1,282			465

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		7,367			254			61			7,399			144			31
Government⁽³⁾		88			1			—			15			3			—
Alt-A		1,672			60			13			1,959			53			7
Other⁽⁴⁾		399			20			6			541			13			3
Total single-family		9,526			335			80			9,914			213			41
Multifamily		1,712			26			—			686			10			2
Total individually impaired loans with no related allowance recorded		11,238			361			80			10,600			223			43
Total individually impaired loans		$	171,286		$	1,728		$	281		$	153,933		$	1,505		$	508



	For the Six Months Ended June 30,
	2012									2011
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	110,154		$	1,940		$	322		$	97,723		$	1,815		$	367
Government⁽³⁾		227			6			—			265			6			—
Alt-A		31,543			506			74			29,213			481			98
Other⁽⁴⁾		15,232			220			34			14,108			212			47
Total single-family		157,156			2,672			430			141,309			2,514			512
Multifamily		2,620			65			1			2,135			48			3
Total individually impaired loans with related allowance recorded		159,776			2,737			431			143,444			2,562			515

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		7,053			438			115			5,695			252			88
Government⁽³⁾		58			3			—			11			4			—
Alt-A		1,628			111			28			1,331			86			26
Other⁽⁴⁾		390			39			13			385			21			7
Total single-family		9,129			591			156			7,422			363			121
Multifamily		1,732			47			1			711			25			5
Total individually impaired loans with no related allowance recorded		10,861			638			157			8,133			388			126
Total individually impaired loans		$	170,637		$	3,375		$	588		$	151,577		$	2,950		$	641

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not

Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.


⁽⁵⁾	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.


⁽⁶⁾	Includes single-family loans restructured in a TDR with a recorded investment of $165.9 billion and $161.9 billion as of June 30, 2012 and December 31, 2011, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $1.0 billion and $956 million as of June 30, 2012 and December 31, 2011, respectively.

⁽⁷⁾

Troubled Debt Restructurings Activity [Table Text Block]

The following table displays the number of loans and recorded investment in loans restructured in a TDR for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		31,886		$	5,367		35,192		$	6,365
Government⁽³⁾		92		14			122		21
Alt-A		6,293		1,286			7,292		1,586
Other⁽⁴⁾		2,193		549			3,399		851
Total single-family		40,464		7,216			46,005		8,823
Multifamily		8		65			19		109
Total troubled debt restructurings		40,472		$	7,281		46,024		$	8,932



	For the Six Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		58,770		$	9,954		71,957		$	13,189
Government⁽³⁾		202		28			296		62
Alt-A		10,938		2,253			14,790		3,267
Other⁽⁴⁾		3,853		958			6,995		1,771
Total single-family		73,763		13,193			94,038		18,289
Multifamily		21		133			29		175
Total troubled debt restructurings		73,784		$	13,326		94,067		$	18,464

__________

⁽¹⁾


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.



	For the Three Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		10,704		$	1,827		16,041		$	2,822
Government⁽³⁾		49		7			104		30
Alt-A		2,016		403			3,687		813
Other⁽⁴⁾		961		235			1,673		407
Total single-family		13,730		2,472			21,505		4,072
Multifamily		1		1			5		25
Total TDRs that subsequently defaulted		13,731		$	2,473		21,510		$	4,097



	For the Six Months Ended June 30,
	2012					2011
	Number of Loans		RecordedInvestment ⁽¹⁾			Number of Loans		RecordedInvestment ⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		22,576		$	3,901		37,987		$	6,696
Government⁽³⁾		99		17			182		51
Alt-A		4,259		869			8,696		1,879
Other⁽⁴⁾		2,156		523			3,865		937
Total single-family		29,090		5,310			50,730		9,563
Multifamily		2		3			8		49
Total TDRs that subsequently defaulted		29,092		$	5,313		50,738		$	9,612

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Represents our recorded investment in the loan at time of payment default.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.

Credit Quality Indicators [Table Text Block]



	As of
	June 30, 2012⁽¹⁾⁽²⁾							December 31, 2011⁽¹⁾⁽²⁾
	Primary⁽³⁾		Alt-A		Other⁽⁴⁾				Primary⁽³⁾		Alt-A		Other⁽⁴⁾
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽⁵⁾
Less than or equal to 80%	$	1,582,116	$	58,906		$	22,573		$	1,464,348	$	61,618		$	23,414
Greater than 80%and less than or equal to 90%	372,620		19,484			8,067			412,342		21,369			9,224
Greater than 90%and less than or equal to 100%	233,739		18,011			8,228			246,648		19,790			9,445
Greater than 100%and less than or equal to 110%	116,616		15,292			7,985			128,428		16,164			8,951
Greater than 110% and less than or equal to 120%	67,940		11,992			7,223			73,836		12,534			7,912
Greater than 120% and less than or equal to 125%	24,343		4,852			3,118			25,750		5,087			3,557
Greater than 125%	114,873		36,435			23,145			129,804		40,850			26,723
Total	$	2,512,247	$	164,972		$	80,339		$	2,481,156	$	177,412		$	89,226

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Excludes $51.3 billion and $51.9 billion as of June 30, 2012 and December 31, 2011, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV.


⁽³⁾	Consists of mortgage loans that are not included in other loan classes.


⁽⁴⁾	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.


⁽⁵⁾	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

Credit Quality Indicators [Table Text Block]



	As of
	June 30,			December 31,
	2012⁽¹⁾			2011⁽¹⁾
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽²⁾
Green		$	142,759		$	131,740
Yellow⁽³⁾		23,314			28,354
Orange		16,164			17,355
Red		1,112			1,772
Total		$	183,349		$	179,221

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Green (loan with acceptable risk); yellow (loan with signs of potential weakness); orange (loan with a well defined weakness that may jeopardize the timely full repayment); and red (loan with a weakness that makes timely collection or liquidation in full more questionable based on existing conditions and values).


⁽³⁾	Includes approximately $5.6 billion and $6.9 billion of unpaid principal balance as of June 30, 2012 and December 31, 2011, respectively, classified as yellow due to no available financial information.

Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2012

Loans and Leases Receivable, Allowance [Abstract]

Allowance for Loan Losses Rollforward by Segment [Table Text Block]

The following table displays changes in single-family, multifamily and total allowance for loan losses for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30,
	2012										2011
	Of Fannie Mae			Of Consolidated Trusts				Total			Of Fannie Mae			Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	56,108			$	12,630		$	68,738		$	52,671			$	13,413		$	66,084
(Benefit) provision for loan losses⁽¹⁾	(3,244		)		(70		)	(3,314		)	2,954				2,723			5,677
Charge-offs⁽²⁾⁽³⁾	(3,724		)		(208		)	(3,932		)	(5,341		)		(758		)	(6,099		)
Recoveries	441				44			485			1,819				550			2,369
Transfers⁽⁴⁾	1,607				(1,607		)	—			2,750				(2,750		)	—
Other⁽⁵⁾	134				23			157			96				(100		)	(4		)
Ending balance	$	51,322			$	10,812		$	62,134		$	54,949			$	13,078		$	68,027
Multifamily allowance for loan losses:
Beginning balance	$	893			$	478		$	1,371		$	1,037			$	436		$	1,473
(Benefit) provision for loan losses⁽¹⁾	(85		)		12			(73		)	86				39			125
Charge-offs⁽²⁾⁽³⁾	(59		)		—			(59		)	(119		)		—			(119		)
Transfers⁽⁴⁾	9				(9		)	—			12				(12		)	—
Other⁽⁵⁾	2				—			2			1				(1		)	—
Ending balance	$	760			$	481		$	1,241		$	1,017			$	462		$	1,479
Total allowance for loan losses:
Beginning balance	$	57,001			$	13,108		$	70,109		$	53,708			$	13,849		$	67,557
(Benefit) provision for loan losses⁽¹⁾	(3,329		)		(58		)	(3,387		)	3,040				2,762			5,802
Charge-offs⁽²⁾⁽³⁾	(3,783		)		(208		)	(3,991		)	(5,460		)		(758		)	(6,218		)
Recoveries	441				44			485			1,819				550			2,369
Transfers⁽⁴⁾	1,616				(1,616		)	—			2,762				(2,762		)	—
Other⁽⁵⁾	136				23			159			97				(101		)	(4		)
Ending balance⁽⁶⁾	$	52,082			$	11,293		$	63,375		$	55,966			$	13,540		$	69,506



	For the Six Months Ended June 30,
	2012												2011
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
		(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance		$	56,294			$	14,339			$	70,633			$	47,377			$	12,603			$	59,980
(Benefit) provision for loan losses⁽¹⁾		(1,844		)		550				(1,294		)		10,197				6,092				16,289
Charge-offs⁽²⁾⁽³⁾		(8,128		)		(471		)		(8,599		)		(10,964		)		(1,206		)		(12,170		)
Recoveries		862				109				971				2,349				1,502				3,851
Transfers⁽⁴⁾		3,800				(3,800		)		—				5,912				(5,912		)		—
Other⁽⁵⁾		338				85				423				78				(1		)		77
Ending balance		$	51,322			$	10,812			$	62,134			$	54,949			$	13,078			$	68,027
Multifamily allowance for loan losses:
Beginning balance		$	1,015			$	508			$	1,523			$	1,153			$	423			$	1,576
(Benefit) provision for loan losses⁽¹⁾		(102		)		(11		)		(113		)		2				98				100
Charge-offs⁽²⁾⁽³⁾		(188		)		—				(188		)		(201		)		—				(201		)
Transfers⁽⁴⁾		17				(17		)		—				57				(57		)		—
Other⁽⁵⁾		18				1				19				6				(2		)		4
Ending balance		$	760			$	481			$	1,241			$	1,017			$	462			$	1,479
Total allowance for loan losses:
Beginning balance		$	57,309			$	14,847			$	72,156			$	48,530			$	13,026			$	61,556
(Benefit) provision for loan losses⁽¹⁾		(1,946		)		539				(1,407		)		10,199				6,190				16,389
Charge-offs⁽²⁾⁽³⁾		(8,316		)		(471		)		(8,787		)		(11,165		)		(1,206		)		(12,371		)
Recoveries		862				109				971				2,349				1,502				3,851
Transfers⁽⁴⁾		3,817				(3,817		)		—				5,969				(5,969		)		—
Other⁽⁵⁾		356				86				442				84				(3		)		81
Ending balance⁽⁶⁾		$	52,082			$	11,293			$	63,375			$	55,966			$	13,540			$	69,506

__________


⁽¹⁾	(Benefit) provision for loan losses is included in benefit (provision) for credit losses in our condensed consolidated statements of operations and comprehensive income (loss).


⁽²⁾	While we purchase the substantial majority of loans that are four or more months delinquent from our MBS trusts, we do not exercise this option to purchase loans during a forbearance period. Accordingly, charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.

⁽³⁾


⁽⁴⁾	Includes transfers from trusts for delinquent loan purchases.

⁽⁵⁾


⁽⁶⁾	Total allowance for loan losses includes $293 million and $414 million as of June 30, 2012 and 2011, respectively, for acquired credit-impaired loans.

Allowance for Loan Losses and Total Recorded Investment in HFI Loans [Table Text Block]



	As of
	June 30, 2012							December 31, 2011
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans	$	42,115		$	507	$	42,622	$	45,765		$	717	$	46,482
Collectively reserved loans	19,727			733		20,460		24,494			805		25,299
Acquired credit-impaired loans	292			1		293		374			1		375
Total allowance for loan losses	$	62,134		$	1,241	$	63,375	$	70,633		$	1,523	$	72,156

Recorded investment in loans by segment:⁽¹⁾
Individually impaired loans	$	165,938		$	4,221	$	170,159	$	161,942		$	4,579	$	166,521
Collectively reserved loans	2,640,139			179,087		2,819,226		2,634,456			174,595		2,809,051
Acquired credit-impaired loans	2,821			41		2,862		3,272			47		3,319
Total recorded investment in loans	$	2,808,898		$	183,349	$	2,992,247	$	2,799,670		$	179,221	$	2,978,891

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Investments in Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities as of June 30, 2012 and December 31, 2011.



	As of
	June 30,		December 31,
	2012		2011
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae	$	6,819		$	7,424
Freddie Mac	2,974			2,732
Ginnie Mae	282			287
Alt-A private-label securities	1,296			1,349
Subprime private-label securities	1,226			1,280
CMBS	9,930			10,411
Mortgage revenue bonds	689			724
Other mortgage-related securities	118			143
Total	23,334			24,350
Non-mortgage-related securities:
U.S. Treasury securities	27,064			47,737
Asset-backed securities	537			2,111
Total	27,601			49,848
Total trading securities	$	50,935		$	74,198

Schedule of Trading Securities Gains (Losses), Net [Table Text Block]

The following table displays information about our net trading gains and losses for the three and six months ended June 30, 2012 and 2011.



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2012				2011		2012				2011
		(Dollars in millions)
Net trading gains (losses):
Mortgage-related securities		$	(12	)	$	131		$	284		$	360
Non-mortgage-related securities		(2		)	4			(14		)	—
Total		$	(14	)	$	135		$	270		$	360
Net trading gains (losses) recorded in the period related to securities still held at period end:
Mortgage-related securities		$	(4	)	$	131		$	330		$	354
Non-mortgage-related securities		2			7			(4		)	8
Total		$	(2	)	$	138		$	326		$	362

Schedule of Realized Gain (Loss) [Table Text Block]

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, 2012 and 2011.



	For the Three				For the Six
	Months Ended				Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
	(Dollars in millions)
Gross realized gains	$	9	$	73	$	27	$	133
Gross realized losses	1		47		10		53
Total proceeds⁽¹⁾	132		839		400		1,229

__________


⁽¹⁾	Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and Transfers of Financial Assets.”

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The following table displays the amortized cost, gross unrealized gains and losses and fair value by major security type for AFS securities we held as of June 30, 2012 and December 31, 2011.



		As of June 30, 2012
	Total Amortized Cost ⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI ⁽²⁾				Gross Unrealized Losses - Other ⁽³⁾				Total Fair Value
		(Dollars in millions)
Fannie Mae		$	12,100		$	1,101		$	(2	)		$	(11	)	$	13,188
Freddie Mac		10,143			840			—				—			10,983
Ginnie Mae		710			119			—				—			829
Alt-A private-label securities		12,187			267			(1,084		)		(187		)	11,183
Subprime private-label securities		8,695			51			(1,110		)		(406		)	7,230
CMBS⁽⁴⁾		13,251			458			—				(41		)	13,668
Mortgage revenue bonds		9,295			175			(54		)		(59		)	9,357
Other mortgage-related securities		3,524			82			(27		)		(323		)	3,256
Total		$	69,905		$	3,093		$	(2,277	)		$	(1,027	)	$	69,694



		As of December 31, 2011
	Total Amortized Cost ⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI ⁽²⁾				Gross Unrealized Losses - Other ⁽³⁾				Total Fair Value
		(Dollars in millions)
Fannie Mae		$	15,486		$	1,381		$	(3	)		$	(14	)	$	16,850
Freddie Mac		11,906			917			—				—			12,823
Ginnie Mae		775			127			—				—			902
Alt-A private-label securities		13,314			233			(1,618		)		(246		)	11,683
Subprime private-label securities		9,556			17			(1,534		)		(453		)	7,586
CMBS⁽⁴⁾		13,949			181			—				(104		)	14,026
Mortgage revenue bonds		10,172			202			(56		)		(64		)	10,254
Other mortgage-related securities		3,687			92			(39		)		(282		)	3,458
Total		$	78,845		$	3,150		$	(3,250	)		$	(1,163	)	$	77,582

__________


⁽¹⁾	Amortized cost consists of unpaid principal balance, 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 and comprehensive income (loss).


⁽²⁾	Represents the noncredit component of other-than-temporary impairment losses recorded in “Accumulated other comprehensive loss” as well as cumulative changes in fair value of securities for which we previously recognized the credit component of an other-than-temporary impairment.


⁽³⁾	Represents the gross unrealized losses on securities for which we have not recognized an other-than-temporary impairment.


⁽⁴⁾	Amortized cost includes $610 million and $686 million as of June 30, 2012 and December 31, 2011, respectively, of increase to the carrying amount from previous fair value hedge accounting.

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]



		As of June 30, 2012
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
		(Dollars in millions)
Fannie Mae		$	(2	)	$	350		$	(11	)	$	248
Alt-A private-label securities		(22		)	911			(1,249		)	5,945
Subprime private-label securities		(13		)	284			(1,503		)	5,999
CMBS		(5		)	854			(36		)	526
Mortgage revenue bonds		(31		)	513			(82		)	1,085
Other mortgage-related securities		(9		)	358			(341		)	1,532
Total		$	(82	)	$	3,270		$	(3,222	)	$	15,335

		As of December 31, 2011
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
		(Dollars in millions)
Fannie Mae		$	(4	)	$	519		$	(13	)	$	208
Alt-A private-label securities		(133		)	1,414			(1,731		)	6,525
Subprime private-label securities		(73		)	471			(1,914		)	6,686
CMBS		(20		)	1,458			(84		)	2,790
Mortgage revenue bonds		(4		)	114			(116		)	1,971
Other mortgage-related securities		(21		)	547			(300		)	1,588
Total		$	(255	)	$	4,523		$	(4,158	)	$	19,768

Schedule of Gains (Losses) on Investments, Other-than-temporary Impairments [Table Text Block]



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
		(Dollars in millions)
Alt-A private-label securities		$	312		$	53		$	355	$	91
Subprime private-label securities		284			—			303		—
Other		3			3			5		9
Net other-than-temporary impairments		$	599		$	56		$	663	$	100

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
	(Dollars in millions)
Balance, beginning of period	$	8,870		$	8,040		$	8,915		$	8,215
Additions for the credit component on debt securities for which OTTI was not previously recognized	2			—			2			8
Additions for credit losses on debt securities for which OTTI was previously recognized	597			56			661			92
Reductions for securities no longer in portfolio at period end	(2		)	—			(2		)	—
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(101		)	(220		)	(210		)	(439		)
Balance, end of period	$	9,366		$	7,876		$	9,366		$	7,876

Schedule of Modeled Attributes Used to Determine Potential Cash Shortfalls [Table Text Block]



	As of June 30, 2012
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	1,518			$	460			$	3,101			$	459			$	2,107
Weighted average collateral default⁽¹⁾	41.0		%		39.9		%		13.3		%		30.3		%		17.8		%
Weighted average collateral severities⁽²⁾	70.2				60.5				54.7				53.5				47.8
Weighted average voluntary prepayment rates⁽³⁾	6.3				5.7				11.3				6.0				8.9
Average credit enhancement⁽⁴⁾	51.3				13.6				12.1				22.9				10.0
2005
Unpaid principal balance	$	155			$	1,235			$	1,097			$	499			$	2,191
Weighted average collateral default⁽¹⁾	68.4		%		54.8		%		39.7		%		52.3		%		38.8		%
Weighted average collateral severities⁽²⁾	76.3				67.8				66.1				64.4				55.4
Weighted average voluntary prepayment rates⁽³⁾	2.3				4.4				6.8				4.9				5.6
Average credit enhancement⁽⁴⁾	65.5				22.3				1.0				14.9				4.9
2006
Unpaid principal balance	$	11,025			$	1,084			$	492			$	1,488			$	1,548
Weighted average collateral default⁽¹⁾	71.4		%		69.6		%		40.5		%		57.9		%		37.4		%
Weighted average collateral severities⁽²⁾	78.2				69.2				67.5				64.4				57.9
Weighted average voluntary prepayment rates⁽³⁾	2.2				3.1				5.6				3.8				5.5
Average credit enhancement⁽⁴⁾	15.4				16.2				0.5				0.7				—
2007 & After:
Unpaid principal balance	$	582			$	—			$	—			$	—			$	108
Weighted average collateral default⁽¹⁾	67.7		%		N/A				N/A				N/A				40.9		%
Weighted average collateral severities⁽²⁾	71.4				N/A				N/A				N/A				59.9
Weighted average voluntary prepayment rates⁽³⁾	1.9				N/A				N/A				N/A				6.5
Average credit enhancement⁽⁴⁾	31.3				N/A				N/A				N/A				24.4
Total
Unpaid principal balance	$	13,280			$	2,779			$	4,690			$	2,446			$	5,954
Weighted average collateral default⁽¹⁾	67.7		%		58.1		%		22.3		%		51.6		%		31.1		%
Weighted average collateral severities⁽²⁾	77.0				67.2				58.7				62.4				53.4
Weighted average voluntary prepayment rates⁽³⁾	2.7				4.1				9.7				4.5				6.8
Average credit enhancement⁽⁴⁾	20.8				18.5				8.3				7.7				5.8

__________


⁽¹⁾	The expected remaining cumulative default rate of the collateral pool backing the securities, as a percentage of the current collateral unpaid principal balance, weighted by security unpaid principal balance.


⁽²⁾	The expected remaining loss given default of the collateral pool backing the securities, calculated as the ratio of remaining cumulative loss divided by cumulative defaults, weighted by security unpaid principal balance.


⁽³⁾	The average monthly voluntary prepayment rate, weighted by security unpaid principal balance.


⁽⁴⁾	The average percent current credit enhancement provided by subordination of other securities. Excludes excess interest projections and monoline bond insurance.

Investments Classified by Contractual Maturity Date [Table Text Block]



		As of June 30, 2012
	Total Amortized Cost			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
	Total Amortized Cost			Total Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value
	(Dollars in millions)
Fannie Mae		$	12,100	$	13,188		$	—	$	—		$	18	$	19		$	1,327	$	1,409		$	10,755	$	11,760
Freddie Mac		10,143		10,983			3		3			51		55			937		1,007			9,152		9,918
Ginnie Mae		710		829			—		—			2		2			4		4			704		823
Alt-A private-label securities		12,187		11,183			—		—			1		1			204		209			11,982		10,973
Subprime private-label securities		8,695		7,230			—		—			—		—			—		—			8,695		7,230
CMBS		13,251		13,668			62		65			9,590		9,929			3,304		3,401			295		273
Mortgage revenue bonds		9,295		9,357			56		58			338		346			711		728			8,190		8,225
Other mortgage-related securities		3,524		3,256			—		—			—		—			—		11			3,524		3,245
Total		$	69,905	$	69,694		$	121	$	126		$	10,000	$	10,352		$	6,487	$	6,769		$	53,297	$	52,447

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table displays our accumulated other comprehensive loss by major categories as of June 30, 2012 and December 31, 2011.



	As of
	June 30,			December 31,
	2012			2011
	(Dollars in millions)
Net unrealized gains on available-for-sale securities for which we have not recorded other-than-temporary impairment, net of tax	$	1,174			$	1,152
Net unrealized losses on available-for-sale securities for which we have recorded other-than-temporary impairment, net of tax	(1,300		)		(1,953		)
Other losses	(419		)		(434		)
Accumulated other comprehensive loss	$	(545	)		$	(1,235	)

Schedule of Comprehensive Income (Loss) [Table Text Block]

The following table displays the activity in other comprehensive income (loss), net of tax, by major categories for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
	(Dollars in millions)
Comprehensive income (loss):
Net income (loss)	$	5,119		$	(2,892	)	$	7,837		$	(9,363	)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized (losses) gains on available-for-sale securities (net of tax of $46 and $19, respectively, for the three months ended and net of tax of $150 and $68, respectively, for the six months ended)	(64		)	(34		)	255			127
Reclassification adjustment for other-than-temporary impairments recognized in net income (loss) (net of tax of $210 and $15, respectively, for the three months ended and $232 and $28, respectively, for the six months ended)	389			40			431			72
Reclassification adjustment for gains included in net income (loss) (net of tax of $3 for the three months ended and net of tax of $6 and $11, respectively, for the six months ended)	(5		)	(7		)	(11		)	(21		)
Other	8			3			15			5
Other comprehensive income	328			2			690			183
Total comprehensive income (loss)	$	5,447		$	(2,890	)	$	8,527		$	(9,180	)

Financial Guarantees (Tables)

6 Months Ended

Jun. 30, 2012

Delinquency Status Guaranty Book of Business [Table Text Block]

Guarantor Obligations [Line Items]



	As of June 30, 2012⁽¹⁾						As of December 31, 2011⁽¹⁾
	30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽²⁾		30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽²⁾
Percentage of single-family conventional guaranty book of business⁽³⁾	1.76	%	0.61	%	4.01	%	1.98	%	0.73	%	4.47	%
Percentage of single-family conventional loans⁽⁴⁾	1.94		0.62		3.53		2.17		0.74		3.91

Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	June 30, 2012⁽¹⁾				December 31, 2011 ⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	16	%	13.44	%	18	%	13.76	%
Geographical distribution:
Arizona	3		2.82		2		3.65
California	19		2.07		19		2.46
Florida	6		11.00		6		11.80
Nevada	1		7.15		1		7.42
Select Midwest states⁽⁶⁾	10		3.83		10		4.39
All other states	61		2.93		62		3.18
Product distribution:
Alt-A	6		11.83		7		12.43
Subprime	*		21.02		*		23.18
Vintages:
2005	6		7.34		7		7.27
2006	6		11.66		7		11.81
2007	8		12.38		10		12.62
2008	6		5.98		7		5.64
All other vintages	74		1.44		69		1.59

__________


*	Represents less than 0.5% of the single-family conventional guaranty book of business.


⁽¹⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of June 30, 2012 and December 31, 2011.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process, as of June 30, 2012 and December 31, 2011.


⁽³⁾	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.


⁽⁴⁾	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.


⁽⁵⁾	Calculated based on the number of single-family conventional loans that were seriously delinquent divided by the total number of single-family conventional loans for each category included in our guaranty book of business.


⁽⁶⁾	Consists of Illinois, Indiana, Michigan, and Ohio.

Delinquency Status Guaranty Book of Business [Table Text Block]

Guarantor Obligations [Line Items]



	As of
	June 30, 2012⁽¹⁾ ⁽²⁾				December 31, 2011^{(1) (2)}
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.07	%	0.29	%	0.11	%	0.59	%

Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	June 30, 2012⁽¹⁾				December 31, 2011⁽¹⁾
	Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾		Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾
Original loan-to-value ratio:
Greater than 80%	4	%	0.51	%	5	%	2.51	%
Less than or equal to 80%	96		0.28		95		0.49
Original debt service coverage ratio:
Less than or equal to 1.10	8		0.38		8		0.24
Greater than 1.10	92		0.28		92		0.62
Current debt service coverage ratio less than 1.0⁽⁵⁾	6		2.27		7		3.66

__________


⁽¹⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of June 30, 2012 and December 31, 2011 excluding loans that have been defeased.


⁽²⁾	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.


⁽³⁾	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.


⁽⁴⁾	Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our guaranty book of business.


⁽⁵⁾	Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 6 to 18 months, as they prepare their results in the normal course of business.

Acquired Property Net (Tables)

6 Months Ended

Jun. 30, 2012

Real Estate [Abstract]

Activity in acquired property and the related valuation allowance [Table Text Block]

The following table displays the activity in acquired property and the related valuation allowance for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended												For the Six Months Ended
	June 30, 2012												June 30, 2012
	Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net				Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net
		(Dollars in millions)
Balance as of beginning of period		$	11,409			$	(790	)		$	10,619			$	12,401			$	(1,028	)		$	11,373
Additions		4,282				(120		)		4,162				8,108				(241		)		7,867
Disposals		(4,656		)		395				(4,261		)		(9,474		)		913				(8,561		)
Write-downs, net of recoveries		—				(133		)		(133		)		—				(292		)		(292		)
Balance as of end of period		$	11,035			$	(648	)		$	10,387			$	11,035			$	(648	)		$	10,387



	For the Three Months Ended												For the Six Months Ended
	June 30, 2011												June 30, 2011
	Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net				Acquired Property				ValuationAllowance⁽¹⁾				Acquired Property, Net
		(Dollars in millions)
Balance as of beginning of period		$	16,928			$	(1,664	)		$	15,264			$	18,054			$	(1,881	)		$	16,173
Additions		4,998				(149		)		4,849				9,887				(278		)		9,609
Disposals		(7,011		)		788				(6,223		)		(13,026		)		1,518				(11,508		)
Write-downs, net of recoveries		—				(298		)		(298		)		—				(682		)		(682		)
Balance as of end of period		$	14,915			$	(1,323	)		$	13,592			$	14,915			$	(1,323	)		$	13,592

__________


⁽¹⁾	Reflects activities in the valuation allowance for acquired properties held primarily by our single-family segment.

Short-Term Borrowings and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Short-Term Borrowings [Table Text Block]



	As of
	June 30, 2012						December 31, 2011
	Outstanding			Weighted- Average Interest Rate ⁽¹⁾			Outstanding			Weighted- Average Interest Rate ⁽¹⁾
		(Dollars in millions)
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$	153		—	%		$	—		—	%

Fixed-rate short-term debt:
Discount notes⁽³⁾		$	92,424		0.14	%		$	146,301		0.13	%
Foreign exchange discount notes⁽⁴⁾		482			1.91			371			1.88
Other⁽⁵⁾		—			—			80			0.04
Total short-term debt of Fannie Mae		92,906			0.15			146,752			0.13
Debt of consolidated trusts		3,908			0.17			4,973			0.09
Total short-term debt		$	96,814		0.15	%		$	151,725		0.13	%

__________


⁽¹⁾	Includes the effects of discounts, premiums, and other cost basis adjustments.


⁽²⁾	Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.


⁽³⁾	Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.

⁽⁴⁾


⁽⁵⁾	Includes foreign exchange discount notes denominated in U.S. dollars.

Long-Term Debt [Table Text Block]

The following table displays our outstanding long-term debt as of June 30, 2012 and December 31, 2011.



	As of
	June 30, 2012						December 31, 2011
	Maturities	Outstanding			Weighted-Average Interest Rate ⁽¹⁾		Maturities	Outstanding			Weighted-Average Interest Rate ⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2012 - 2030		$	267,347	2.63	%	2012 - 2030		$	277,146	2.81	%
Medium-term notes⁽²⁾	2012 - 2022		172,877		1.40		2012 - 2021		176,886		1.61
Foreign exchange notes and bonds	2021 - 2028		669		5.27		2021 - 2028		662		5.44
Other⁽³⁾⁽⁴⁾	2012 - 2040		39,848		5.27		2012 - 2040		50,912		5.29
Total senior fixed			480,741		2.41				505,606		2.64
Senior floating:
Medium-term notes⁽²⁾	2012 - 2019		77,026		0.31		2012 - 2016		71,855		0.32
Other⁽³⁾⁽⁴⁾	2020 - 2037		377		8.63		2020 - 2037		420		8.01
Total senior floating			77,403		0.34				72,275		0.35
Subordinated fixed:
Qualifying subordinated⁽⁵⁾	2012 - 2014		4,894		5.08		2012 - 2014		4,894		5.08
Subordinated debentures	2019		3,054		9.91		2019		2,917		9.91
Total subordinated fixed			7,948		6.94				7,811		6.88
Secured borrowings⁽⁶⁾	2021 - 2022		391		1.87		—		—		—
Total long-term debt of Fannie Mae⁽⁷⁾			566,483		2.19				585,692		2.42
Debt of consolidated trusts⁽⁴⁾	2012 - 2052		2,500,591		3.93		2012 - 2051		2,452,455		4.18
Total long-term debt			$3,067,074		3.61	%			$	3,038,147	3.84	%

__________


⁽¹⁾	Includes the effects of discounts, premiums and other cost basis adjustments.


⁽²⁾	Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.


⁽³⁾	Includes long-term debt that is not included in other debt categories.


⁽⁴⁾	Includes a portion of structured debt instruments that is reported at fair value.


⁽⁵⁾	Consists of subordinated debt issued with an interest deferral feature.


⁽⁶⁾	Represents remaining liability for transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale.


⁽⁷⁾	Reported amounts include a net discount and other cost basis adjustments of $7.5 billion and $9.2 billion as of June 30, 2012 and December 31, 2011, respectively.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Notional and Fair Value Position [Table Text Block]

The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments as of June 30, 2012 and December 31, 2011.



	As of June 30, 2012										As of December 31, 2011
	Asset Derivatives					Liability Derivatives					Asset Derivatives					Liability Derivatives
	Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value			Notional Amount		Estimated Fair Value
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	21,900	$	37		$	207,327	$	(19,559	)	$	30,950	$	102		$	155,807	$	(17,391	)
Receive-fixed	241,703		9,791			23,890		(14		)	170,668		8,118			59,027		(93		)
Basis	4,872		133			16,050		(8		)	382		122			9,240		(44		)
Foreign currency	621		160			530		(64		)	581		155			451		(62		)
Swaptions:
Pay-fixed	34,400		109			15,875		(81		)	48,600		165			47,750		(194		)
Receive-fixed	23,895		5,214			15,875		(2,605		)	33,695		6,371			47,750		(3,238		)
Other⁽¹⁾	8,399		55			37		—			8,214		52			75		—
Total gross risk management derivatives	335,790		15,499			279,584		(22,331		)	293,090		15,085			320,100		(21,022		)
Accrued interest receivable (payable)	—		1,087			—		(1,482		)	—		920			—		(1,238		)
Netting adjustment⁽²⁾	—		(16,352		)	—		23,525			—		(15,829		)	—		21,898
Total net risk management derivatives	$	335,790	$	234		$	279,584	$	(288	)	$	293,090	$	176		$	320,100	$	(362	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	11,825	$	63	$	4,360	$	(5	)	$	9,710	$	73	$	422	$	—
Forward contracts to purchase mortgage-related securities	43,987		281		18,566		(34		)	32,707		309		2,570		(6		)
Forward contracts to sell mortgage-related securities	14,403		24		83,078		(592		)	1,370		3		54,656		(548		)
Total mortgage commitment derivatives	$	70,215	$	368	$	106,004	$	(631	)	$	43,787	$	385	$	57,648	$	(554	)
Derivatives at fair value	$	406,005	$	602	$	385,588	$	(919	)	$	336,877	$	561	$	377,748	$	(916	)

__________


⁽¹⁾	Includes interest rate caps, futures, 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.

⁽²⁾

Fair Value Gain (Loss), Net [Table Text Block]

The 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, 2012 and 2011.



	For the						For the
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2012			2011			2012			2011
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(5,858	)	$	(5,474	)	$	(4,683	)	$	(4,872	)
Receive-fixed	3,592			2,784			2,674			2,528
Basis	18			10			56			29
Foreign currency	8			53			9			83
Swaptions:
Pay-fixed	79			327			57			272
Receive-fixed	345			733			251			500
Other⁽¹⁾	(5		)	(49		)	(6		)	(40		)
Total risk management derivatives fair value losses, net	(1,821		)	(1,616		)	(1,642		)	(1,500		)
Mortgage commitment derivatives fair value losses, net	(562		)	(61		)	(767		)	(38		)
Total derivatives fair value losses, net	$	(2,383	)	$	(1,677	)	$	(2,409	)	$	(1,538	)

__________


⁽¹⁾	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts.

Derivative Counterparty Credit Exposure [Table Text Block]



	As of June 30, 2012
	Credit Rating⁽¹⁾
	AA+/ AA/AA-		A+/A/A-		BBB+/BBB/BBB-		Subtotal⁽²⁾		Other⁽³⁾		Total
	(Dollars in millions)
Credit loss exposure⁽⁴⁾	$	—	$	106	$	53	$	159	$	55	$	214
Less: Collateral held⁽⁵⁾	—		106		53		159		—		159
Exposure net of collateral	$	—	$	—	$	—	$	—	$	55	$	55
Additional information:
Notional amount	$	15,032	$	555,148	$	44,705	$	614,885	$	489	$	615,374
Number of counterparties	4		14		3		21

	As of December 31, 2011
	Credit Rating⁽¹⁾
	AA+/AA/AA-		A+/A/A-		BBB+/BBB/BBB-		Subtotal⁽²⁾		Other⁽³⁾		Total
	(Dollars in millions)
Credit loss exposure⁽⁴⁾	$	—	$	885	$	—	$	885	$	51	$	936
Less: Collateral held⁽⁵⁾	—		840		—		840		—		840
Exposure net of collateral	$	—	$	45	$	—	$	45	$	51	$	96
Additional information:
Notional amount	$	63,294	$	546,967	$	—	$	610,261	$	2,929	$	613,190
Number of counterparties	6		10		—		16

__________


⁽¹⁾	We manage collateral requirements based on the lower credit rating of the legal entity, as issued by S&P and Moody’s. The credit rating reflects the equivalent S&P’s rating for any ratings based on Moody’s scale.


⁽²⁾	We had no credit loss exposure for interest rate and foreign currency derivative counterparties as of June 30, 2012. We had credit loss exposure to four counterparties for interest rate and foreign currency derivative counterparties which had notional balances of $127.5 billion as of December 31, 2011.


⁽³⁾	Includes mortgage insurance contracts and swap credit enhancements accounted for as derivatives.


⁽⁴⁾	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.


⁽⁵⁾	Represents both cash and non-cash collateral posted by our counterparties to us. Does not include collateral held 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.

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Segment results [Table Text Block]

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

The following tables display our segment results for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30, 2012
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments ⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(215	)		$	(6	)	$	3,443			$	1,731				$	475		(3)	$	5,428
Benefit for credit losses	2,956				85			—				—					—				3,041
Net interest income after benefit for credit losses	2,741				79			3,443				1,731					475				8,469
Guaranty fee income (expense)	1,970				252			(326		)		(1,206		)	⁽⁵⁾		(632		)	⁽⁵⁾	58			⁽⁵⁾
Investment gains, net	2				6			1,458				87					(1,422		)	⁽⁶⁾	131
Net other-than-temporary impairments	—				—			(597		)		(2		)			—				(599		)
Fair value losses, net	(3		)		—			(2,461		)		(60		)			75			⁽⁷⁾	(2,449		)
Debt extinguishment (losses) gains, net	—				—			(102		)		9					—				(93		)
Gains from partnership investments	—				18			—				—					5				23			⁽⁸⁾
Fee and other income (expense)	207				49			186				(100		)			(5		)		337
Administrative expenses	(382		)		(60		)	(125		)		—					—				(567		)
Foreclosed property income	59				11			—				—					—				70
Other (expenses) income	(240		)		3			(3		)		—					(21		)		(261		)
Net income	4,354				358			1,473				459					(1,525		)		5,119
Less: Net income attributable to noncontrolling interest	—				—			—				—					(5		)	⁽⁹⁾	(5		)
Net income attributable to Fannie Mae	$	4,354			$	358		$	1,473			$	459				$	(1,530	)		$	5,114



	For the Six Months Ended June 30, 2012
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments ⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(594	)		$	(13	)	$	6,984			$	3,300				$	948		⁽³⁾	$	10,625
Benefit for credit losses	903				138			—				—					—				1,041
Net interest income after benefit for credit losses	309				125			6,984				3,300					948				11,666
Guaranty fee income (expense)	3,881				495			(658		)		(2,365		)	⁽⁵⁾		(1,233		)	⁽⁵⁾	120			⁽⁵⁾
Investment gains, net	3				12			2,465				114					(2,347		)	⁽⁶⁾	247
Net other-than-temporary impairments	—				—			(661		)		(2		)			—				(663		)
Fair value losses, net	(4		)		—			(2,291		)		(8		)			137			⁽⁷⁾	(2,166		)
Debt extinguishment (losses) gains, net	—				—			(172		)		45					—				(127		)
Gains from partnership investments	—				29			—				—					4				33			⁽⁸⁾
Fee and other income (expense)	407				96			366				(208		)			(11		)		650
Administrative expenses	(762		)		(124		)	(245		)		—					—				(1,131		)
Foreclosed property (expense) income	(273		)		4			—				—					—				(269		)
Other expenses	(475		)		—			(11		)		—					(37		)		(523		)
Net income	3,086				637			5,777				876					(2,539		)		7,837
Less: Net income attributable to noncontrolling interest	—				—			—				—					(4		)	⁽⁹⁾	(4		)
Net income attributable to Fannie Mae	$	3,086			$	637		$	5,777			$	876				$	(2,543	)		$	7,833



	For the Three Months Ended June 30, 2011
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments ⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(680	)		$	(11	)	$	3,867			$	1,314				$	482		⁽³⁾	$	4,972
Provision for credit losses⁽⁴⁾	(6,414		)		(123		)	—				—					—				(6,537		)
Net interest (loss) income after provision for credit losses	(7,094		)		(134		)	3,867				1,314					482				(1,565		)
Guaranty fee income (expense)	1,880				216			(391		)		(1,116		)	⁽⁵⁾		(539		)	⁽⁵⁾	50			⁽⁵⁾
Investment (losses) gains, net	(6		)		1			918				(143		)			(599		)	⁽⁶⁾	171
Net other-than-temporary impairments	—				—			(55		)		(1		)			—				(56		)
Fair value losses, net	(3		)		—			(1,507		)		(72		)			(52		)	⁽⁷⁾	(1,634		)
Debt extinguishment (losses) gains, net	—				—			(55		)		12					—				(43		)
Gains from partnership investments	—				34			—				—					1				35			⁽⁸⁾
Fee and other income (expense)	114				57			109				(63		)			(2		)		215
Administrative expenses	(400		)		(64		)	(105		)		—					—				(569		)
Foreclosed property income (expense)	481				(3		)	—				—					—				478
Other (expenses) income	(77		)		36			(9		)		—					(17		)		(67		)
(Loss) income before federal income taxes	(5,105		)		143			2,772				(69		)			(726		)		(2,985		)
Benefit (provision) for federal income taxes	109				(56		)	40				—					—				93
Net (loss) income	(4,996		)		87			2,812				(69		)			(726		)		(2,892		)
Less: Net income attributable to noncontrolling interest	—				—			—				—					(1		)	⁽⁹⁾	(1		)
Net (loss) income attributable to Fannie Mae	$	(4,996	)		$	87		$	2,812			$	(69	)			$	(727	)		$	(2,893	)



	For the Six Months Ended June 30, 2011
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(1,578	)		$	(20	)	$	7,577			$	2,888				$	1,065		⁽³⁾	$	9,932
Provision for credit losses⁽⁴⁾	(17,032		)		(59		)	—				—					—				(17,091		)
Net interest (loss) income after provision for credit losses	(18,610		)		(79		)	7,577				2,888					1,065				(7,159		)
Guaranty fee income (expense)	3,751				425			(790		)		(2,226		)	⁽⁵⁾		(1,060		)	⁽⁵⁾	100			⁽⁵⁾
Investment (losses) gains, net	(5		)		5			1,788				(169		)			(1,373		)	⁽⁶⁾	246
Net other-than-temporary impairments	—				—			(99		)		(1		)			—				(100		)
Fair value losses, net	(3		)		—			(1,289		)		(105		)			52			⁽⁷⁾	(1,345		)
Debt extinguishment (losses) gains, net	—				—			(79		)		49					—				(30		)
Gains from partnership investments	—				22			—				—					1				23			⁽⁸⁾
Fee and other income (expense)	261				115			184				(155		)			(3		)		402
Administrative expenses	(816		)		(132		)	(226		)		—					—				(1,174		)
Foreclosed property expense	(7		)		(3		)	—				—					—				(10		)
Other (expenses) income	(395		)		42			(18		)		—					(36		)		(407		)
(Loss) income before federal income taxes	(15,824		)		395			7,048				281					(1,354		)		(9,454		)
Benefit (provision) for federal income taxes	107				(61		)	45				—					—				91
Net (loss) income	(15,717		)		334			7,093				281					(1,354		)		(9,363		)
Less: Net income attributable to noncontrolling interest	—				—			—				—					(1		)	⁽⁹⁾	(1		)
Net (loss) income attributable to Fannie Mae	$	(15,717	)		$	334		$	7,093			$	281				$	(1,355	)		$	(9,364	)

__________


⁽¹⁾	Represents activity related to the assets and liabilities of consolidated trusts in our condensed consolidated balance sheets.


⁽²⁾	Represents the elimination of intercompany transactions occurring between the three business segments and our consolidated trusts, as well as other adjustments to reconcile to our consolidated results.


⁽³⁾	Represents the amortization expense of cost basis adjustments on securities that we own in our portfolio that on a GAAP basis are eliminated.


⁽⁴⁾	Prior period amounts have been reclassified to conform to the current period presentation.

⁽⁵⁾

⁽⁶⁾


⁽⁷⁾	Represents the removal of fair value adjustments on consolidated Fannie Mae MBS classified as trading that are retained in the Capital Markets portfolio.


⁽⁸⁾	Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income (loss).


⁽⁹⁾	Represents the adjustment from equity method accounting to consolidation accounting for partnership investments that are consolidated in our condensed consolidated balance sheets.

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

Estimated Benefit from Mortgage Insurers [Table Text Block]

Concentrations of Credit Risk (Tables)

6 Months Ended

Jun. 30, 2012

Risks and Uncertainties [Abstract]

The following table displays our estimated benefit from mortgage insurers as of June 30, 2012 and December 31, 2011 that reduce our total loss reserves.



		As of
	June 30, 2012			December 31, 2011
		(Dollars in millions)
Contractual mortgage insurance benefit		$	13,254		$	15,099
Less: Collectability adjustment⁽¹⁾		2,043			2,867
Estimated benefit included in total loss reserves		$	11,211		$	12,232

__________


⁽¹⁾	Represents an adjustment that reduces the contractual benefit for our assessment of our mortgage insurer counterparties’ inability to fully pay the contractual mortgage insurance claims.

Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value [Table Text Block]



		Fair Value Measurements as of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Recurring fair value measurements:
Assets:
Cash equivalents⁽²⁾		$	7,699		$	—		$	—		$	—			$	7,699
Trading securities:
Mortgage-related securities:
Fannie Mae		—			6,737			82			—				6,819
Freddie Mac		—			2,972			2			—				2,974
Ginnie Mae		—			282			—			—				282
Alt-A private-label securities		—			1,108			188			—				1,296
Subprime private-label securities		—			—			1,226			—				1,226
CMBS		—			9,930			—			—				9,930
Mortgage revenue bonds		—			—			689			—				689
Other		—			—			118			—				118
Non-mortgage-related securities:
U.S. Treasury securities		27,064			—			—			—				27,064
Asset-backed securities		—			537			—			—				537
Total trading securities		27,064			21,566			2,305			—				50,935
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			13,154			34			—				13,188
Freddie Mac		—			10,972			11			—				10,983
Ginnie Mae		—			829			—			—				829
Alt-A private-label securities		—			4,727			6,456			—				11,183
Subprime private-label securities		—			—			7,230			—				7,230
CMBS		—			13,668			—			—				13,668
Mortgage revenue bonds		—			4			9,353			—				9,357
Other		—			12			3,244			—				3,256
Total available-for-sale securities		—			43,366			26,328			—				69,694
Mortgage loans of consolidated trusts		—			2,900			2,331			—				5,231
Other assets:
Risk management derivatives:
Swaps		—			11,034			174			—				11,208
Swaptions		—			5,323			—			—				5,323
Other		—			—			55			—				55
Netting adjustment		—			—			—			(16,352		)		(16,352		)
Mortgage commitment derivatives		—			361			7			—				368
Total other assets		—			16,718			236			(16,352		)		602
Total assets at fair value		$	34,763		$	84,550		$	31,200		$	(16,352	)		$	134,161



		Fair Value Measurements as of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	419		$	—		$	—		$	419
Senior floating		—			—			412			—			412
Total of Fannie Mae		—			419			412			—			831
Of consolidated trusts		—			3,281			1,319			—			4,600
Total long-term debt		—			3,700			1,731			—			5,431
Other liabilities:
Risk management derivatives:
Swaps		—			20,968			159			—			21,127
Swaptions		—			2,686			—			—			2,686
Netting adjustment		—			—			—			(23,525		)	(23,525		)
Mortgage commitment derivatives		—			628			3			—			631
Total other liabilities		—			24,282			162			(23,525		)	919
Total liabilities at fair value		$	—		$	27,982		$	1,893		$	(23,525	)	$	6,350



		Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Assets:
Cash equivalents⁽²⁾		$	600		$	—		$	—		$	—			$	600
Trading securities:
Mortgage-related securities:
Fannie Mae		—			5,687			1,737			—				7,424
Freddie Mac		—			2,732			—			—				2,732
Ginnie Mae		—			278			9			—				287
Alt-A private-label securities		—			1,004			345			—				1,349
Subprime private-label securities		—			—			1,280			—				1,280
CMBS		—			10,411			—			—				10,411
Mortgage revenue bonds		—			—			724			—				724
Other		—			—			143			—				143
Non-mortgage-related securities:
U.S. Treasury securities		47,737			—			—			—				47,737
Asset-backed securities		—			2,111			—			—				2,111
Total trading securities		47,737			22,223			4,238			—				74,198
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			15,904			946			—				16,850
Freddie Mac		—			12,811			12			—				12,823
Ginnie Mae		—			902			—			—				902
Alt-A private-label securities		—			4,427			7,256			—				11,683
Subprime private-label securities		—			—			7,586			—				7,586
CMBS		—			14,026			—			—				14,026
Mortgage revenue bonds		—			7			10,247			—				10,254
Other		—			13			3,445			—				3,458
Total available-for-sale securities		—			48,090			29,492			—				77,582
Mortgage loans of consolidated trusts		—			1,292			2,319			—				3,611
Other assets:
Risk management derivatives:
Swaps		—			9,247			170			—				9,417
Swaptions		—			6,536			—			—				6,536
Other		—			1			51			—				52
Netting adjustment		—			—			—			(15,829		)		(15,829		)
Mortgage commitment derivatives		—			368			17			—				385
Total other assets		—			16,152			238			(15,829		)		561
Total assets at fair value		$	48,337		$	87,757		$	36,287		$	(15,829	)		$	156,552



		Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	432		$	—		$	—			$	432
Senior floating		—			—			406			—				406
Total of Fannie Mae		—			432			406			—				838
Of consolidated trusts		—			3,174			765			—				3,939
Total long-term debt		—			3,606			1,171			—				4,777
Other liabilities:
Risk management derivatives:
Swaps		—			18,661			167			—				18,828
Swaptions		—			3,432			—			—				3,432
Netting adjustment		—			—			—			(21,898		)		(21,898		)
Mortgage commitment derivatives		—			548			6			—				554
Total other liabilities		—			22,641			173			(21,898		)		916
Total liabilities at fair value		$	—		$	26,247		$	1,344		$	(21,898	)		$	5,693

__________


⁽¹⁾	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, including cash collateral posted and received.


⁽²⁾	Cash equivalents are comprised of U.S. Treasuries that are classified as Level 1.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block]



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2012

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2012⁽⁵⁾
	Balance, April 1, 2012			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3 ⁽⁴⁾			Transfers into Level 3 ⁽⁴⁾			Balance, June 30, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	89		$	(3	)		$	—		$	—	$	—		$	—		$	(4	)	$	—		$	—		$	82			$	(2	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Alt-A private-label securities	569			56				—			—		—			—			(50		)	(416		)	29			188				7
Subprime private-label securities	1,305			(37		)		—			—		—			—			(42		)	—			—			1,226				(37		)
Mortgage revenue bonds	668			28				—			—		—			—			(7		)	—			—			689				28
Other	123			(3		)		—			—		—			—			(2		)	—			—			118				(3		)
Total trading securities	$	2,756		$	41			$	—		$	—	$	—		$	—		$	(105	)	$	(416	)	$	29		$	2,305			$	(7	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	37		$	—			$	—		$	5	$	(5	)	$	—		$	(3	)	$	—		$	—		$	34			$	—
Freddie Mac	11			—				—			—		—			—			—			—			—			11				—
Alt-A private-label securities	7,136			(85		)		127			—		—			—			(275		)	(922		)	475			6,456				—
Subprime private-label securities	7,595			(230		)		203			—		—			—			(338		)	—			—			7,230				—
Mortgage revenue bonds	9,732			1				117			—		(18		)	—			(479		)	—			—			9,353				—
Other	3,342			8				(12		)	—		—			—			(94		)	—			—			3,244				—
Total available-for-sale securities	$	27,853		$	(306	)		$	435		$	5	$	(23	)	$	—		$	(1,189	)	$	(922	)	$	475		$	26,328			$	—

Mortgage loans of consolidated trusts	$	2,271		$	47			$	—		$	142	$	—		$	—		$	(110	)	$	(26	)	$	7		$	2,331			$	43
Net derivatives	44			8				—			—		—			(3		)	25			—			—			74				19
Long-term debt:
Of Fannie Mae:
Senior floating	$	(399	)	$	(13	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(412	)		$	(13	)
Of consolidated trusts	(950		)	(51		)		—			—		—			(218		)	50			—			(150		)	(1,319		)		(51		)
Total long-term debt	$	(1,349	)	$	(64	)		$	—		$	—	$	—		$	(218	)	$	50		$	—		$	(150	)	$	(1,731	)		$	(64	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2012

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2012⁽⁵⁾
	Balance, December 31, 2011			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3 ⁽⁴⁾			Transfers into Level 3 ⁽⁴⁾			Balance, June 30, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,737		$	2			$	—		$	—	$	(33	)	$	—		$	(108	)	$	(1,581	)	$	65		$	82			$	(2	)
Freddie Mac	—			—				—			—		—			—			—			—			2			2				—
Ginnie Mae	9			—				—			—		—			—			—			(9		)	—			—				—
Alt-A private label securities	345			69				—			—		—			—			(67		)	(416		)	257			188				13
Subprime private-label securities	1,280			22				—			—		—			—			(76		)	—			—			1,226				22
Mortgage revenue bonds	724			(26		)		—			—		—			—			(9		)	—			—			689				(26		)
Other	143			(22		)		—			—		—			—			(3		)	—			—			118				(22		)
Total trading securities	$	4,238		$	45			$	—		$	—	$	(33	)	$	—		$	(263	)	$	(2,006	)	$	324		$	2,305			$	(15	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	946		$	—			$	(8	)	$	6	$	(6	)	$	—		$	(19	)	$	(895	)	$	10		$	34			$	—
Freddie Mac	12			—				—			—		—			—			(1		)	—			—			11				—
Alt-A private-label securities	7,256			(102		)		293			—		—			—			(537		)	(1,907		)	1,453			6,456				—
Subprime private-label securities	7,586			(195		)		506			—		—			—			(667		)	—			—			7,230				—
Mortgage revenue bonds	10,247			3				(20		)	—		(42		)	—			(835		)	—			—			9,353				—
Other	3,445			14				(38		)	—		—			—			(177		)	—			—			3,244				—
Total available-for-sale securities	$	29,492		$	(280	)		$	733		$	6	$	(48	)	$	—		$	(2,236	)	$	(2,802	)	$	1,463		$	26,328			$	—

Mortgage loans of consolidated trusts	$	2,319		$	120			$	—		$	387	$	—		$	—		$	(169	)	$	(344	)	$	18		$	2,331			$	(10	)
Net derivatives	65			15				—			—		—			(6		)	—			—			—			74				33
Long-term debt:
Of Fannie Mae:
Senior floating	$	(406	)	$	(6	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(412	)		$	(6	)
Of consolidated trusts	(765		)	(60		)		—			—		—			(485		)	78			110			(197		)	(1,319		)		(2		)
Total long-term debt	$	(1,171	)	$	(66	)		$	—		$	—	$	—		$	(485	)	$	78		$	110		$	(197	)	$	(1,731	)		$	(8	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2011⁽⁵⁾
	Balance, April 1, 2011			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,651		$	1			$	—		$	124	$	—		$	—		$	(97	)	$	—		$	—		$	1,679			$	2
Alt- A private-label securities	20			1				—			—		—			—			(1		)	—			106			126				2
Subprime private-label securities	1,547			(41		)		—			—		—			—			(47		)	—			—			1,459				(41		)
Mortgage revenue bonds	606			21				—			—		—			—			(11		)	—			—			616				21
Other	155			1				—			—		—			—			(2		)	—			—			154				1
Non-mortgage-related:
Asset-backed securities	2			—				—			—		—			—			(2		)	—			—			—				—
Total trading securities	$	3,981		$	(17	)		$	—		$	124	$	—		$	—		$	(160	)	$	—		$	106		$	4,034			$	(15	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	546		$	—			$	8		$	473	$	(24	)	$	—		$	—		$	(368	)	$	—		$	635			$	—
Freddie Mac	12			—				—			—		—			—			—			—			—			12				—
Alt-A private-label securities	7,236			3				(26		)	—		—			—			(217		)	(747		)	403			6,652				—
Subprime private-label securities	9,660			130				(547		)	—		—			—			(334		)	—			—			8,909				—
Mortgage revenue bonds	10,532			(1		)		273			—		(64		)	—			(276		)	—			—			10,464				—
Other	3,776			2				40			—		—			—			(111		)	—			—			3,707				—
Total available-for-sale securities	$	31,762		$	134			$	(252	)	$	473	$	(88	)	$	—		$	(938	)	$	(1,115	)	$	403		$	30,379			$	—

Mortgage loans of consolidated trusts	$	2,221		$	19			$	—		$	42	$	—		$	—		$	(71	)	$	(31	)	$	185		$	2,365			$	19
Net derivatives	118			(9		)		—			—		—			(1		)	(29		)	—			—			79				(26		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(423	)	$	8			$	—		$	—	$	—		$	—		$	13		$	—		$	—		$	(402	)		$	8
Of consolidated trusts	(667		)	6				—			—		—			(40		)	26			55			(26		)	(646		)		6
Total long-term debt	$	(1,090	)	$	14			$	—		$	—	$	—		$	(40	)	$	39		$	55		$	(26	)	$	(1,048	)		$	14



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2011⁽⁵⁾
	Balance, December 31, 2010			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	2,202		$	(12	)		$	—		$	124	$	(15	)	$	—		$	(229	)	$	(391	)	$	—		$	1,679			$	(6	)
Alt-A private-label securities	20			1				—			—		—			—			(1		)	—			106			126				1
Subprime private-label securities	1,581			(30		)		—			—		—			—			(92		)	—			—			1,459				(30		)
Mortgage revenue bonds	609			21				—			—		—			—			(14		)	—			—			616				24
Other	152			5				—			—		—			—			(3		)	—			—			154				5
Non-mortgage-related:
Asset-backed securities	12			—				—			—		—			—			(5		)	(9		)	2			—				—
Total trading securities	$	4,576		$	(15	)		$	—		$	124	$	(15	)	$	—		$	(344	)	$	(400	)	$	108		$	4,034			$	(6	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	114		$	—			$	12		$	889	$	(39	)	$	—		$	(2	)	$	(469	)	$	130		$	635			$	—
Freddie Mac	3			—				—			—		—			—			—			—			9			12				—
Alt-A private-label securities	7,049			1				78			—		—			—			(475		)	(1,064		)	1,063			6,652				—
Subprime private-label securities	9,932			260				(605		)	—		—			—			(678		)	—			—			8,909				—
Mortgage revenue bonds	11,030			(3		)		294			—		(106		)	—			(751		)	—			—			10,464				—
Other	3,806			3				111			—		—			—			(213		)	—			—			3,707				—
Total available-for-sale securities	$	31,934		$	261			$	(110	)	$	889	$	(145	)	$	—		$	(2,119	)	$	(1,533	)	$	1,202		$	30,379			$	—

Mortgage loans of consolidated trusts	$	2,207		$	30			$	—		$	57	$	—		$	—		$	(150	)	$	(37	)	$	258		$	2,365			$	30
Net derivatives	104			5				—			—		—			(1		)	(29		)	—			—			79				(16		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(421	)	$	(14	)		$	—		$	—	$	—		$	—		$	33		$	—		$	—		$	(402	)		$	(14	)
Of consolidated trusts	(627		)	(29		)		—			—		—			(40		)	48			77			(75		)	(646		)		(28		)
Total long-term debt	$	(1,048	)	$	(43	)		$	—		$	—	$	—		$	(40	)	$	81		$	77		$	(75	)	$	(1,048	)		$	(42	)

_________


⁽¹⁾	Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes” in the condensed consolidated statement of operations and comprehensive income (loss).


⁽²⁾	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts.


⁽³⁾	Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts.

⁽⁴⁾


⁽⁵⁾	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.

Realized and Unrealized Gain and Losses for Level 3 Assets and Liabilities Measured on Recurring Basis [Table Text Block]



		For the Three Months Ended June 30, 2012
	Interest Income			Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	79		$	33			$	(388	)		$	2		$	(274	)
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2012		$	—		$	(9	)		$	—			$	—		$	(9	)



		For the Six Months Ended June 30, 2012
	Interest Income			Fair Value Losses, net			Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	145		$	120		$	(439	)		$	8		$	(166	)
Net unrealized gains (losses) related to Level 3 assets and liabilities still held as of June 30, 2012		$	—		$	—		$	—			$	—		$	—



		For the Three Months Ended June 30, 2011
	Interest Income				Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	135			$	8			$	(6	)		$	4		$	141
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011		$	(1	)		$	(7	)		$	—			$	—		$	(8	)



		For the Six Months Ended June 30, 2011
	Interest Income				Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	270			$	(16	)		$	(23	)		$	7		$	238
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011		$	(1	)		$	(33	)		$	—			$	—		$	(34	)

Nonrecurring Changes in Fair Value [Table Text Block]



		Fair Value Measurements
		As of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
		(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	94		$	120		$	214
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			21,808			21,808
Of consolidated trusts		—			—			240			240
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,380			1,380
Acquired property, net:
Single-family		—			—			3,381			3,381
Multifamily		—			—			88			88
Other assets		—			—			303			303
Total nonrecurring fair value measurements		$	—		$	94		$	27,320		$	27,414

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.



														For the Three Months Ended June 30, 2011				For the Six Months Ended June 30, 2011
		Fair Value Measurements
		For the Six Months Ended June 30, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value				Total Losses				Total Losses
		(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	2		$	204		$	206	⁽¹⁾		$	(8	)		$	(13	)
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			32,970			32,970		⁽²⁾		(66		)		(1,080		)
Of consolidated trusts		—			—			749			749		⁽²⁾		(18		)		(98		)
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,365			1,365		⁽²⁾		(28		)		(108		)
Acquired property, net:
Single-family		—			—			14,806			14,806		⁽³⁾		(701		)		(1,512		)
Multifamily		—			—			227			227		⁽³⁾		(33		)		(49		)
Other assets		—			—			877			877		⁽⁴⁾		(35		)		(65		)
Total assets at fair value		$	—		$	2		$	51,198		$	51,200			$	(889	)		$	(2,925	)

_________

⁽²⁾ Includes $3.6 billion of mortgage loans held for investment that were liquidated or transferred to foreclosed properties as of June 30, 2011.

⁽³⁾ Includes $8.4 billion of acquired properties that were sold or transferred as of June 30, 2011.

⁽⁴⁾ Includes $144 million of other assets that were sold or transferred as of June 30, 2011.

Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities [Table Text Block]



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Level 3 Assets:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	Other						$	84
Alt-A private-label securities	Discounted Cash Flow	Default Rate (%)	7.8	-	15.0	11.7
		Prepayment Speed (%)	0.7	-	6.4	2.7
		Severity (%)	65.0	-	70.0	68.3
		Spreads (bps)	627.0	-	684.0	647.9	125
	Other						63
Total Alt-A private-label securities							188
Subprime private-label securities	Consensus	Default Rate (%)	10.9	-	24.5	16.5
		Prepayment Speed (%)	0.0	-	5.6	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	651.0	-	823.0	700.4	613
	Consensus						468
	Discounted Cash Flow	Default Rate (%)	15.6	-	20.6	17.5
		Prepayment Speed (%)	0.7	-	5.6	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	650.0	-	824.0	774.6	145
Total subprime private-label securities							1,226
Mortgage revenue bonds	Discounted Cash Flow	Spreads (bps)	275.0	-	390.0	335.4	640
	Other						49
Total mortgage revenue bonds							689
Other	Other						118
Total trading securities							$	2,305



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	Other						$	45
Alt-A private-label securities	Consensus	Default Rate (%)	0.0	-	19.5	2.8
		Prepayment Speed (%)	0.4	-	20.5	10.5
		Severity (%)	50.0	-	70.0	53.0
		Spreads (bps)	369.0	-	704.0	498.7	2,477
	Consensus						1,958
	Discounted Cash Flow	Default Rate (%)	0.0	-	15.3	7.4
		Prepayment Speed (%)	0.0	-	20.1	6.0
		Severity (%)	50.0	-	70.0	57.3
		Spreads (bps)	410.0	-	771.0	573.3	1,711
	Single Vendor						226
	Other						84
Total Alt-A private-label securities							6,456
Subprime private-label securities	Consensus	Default Rate (%)	0.0	-	26.4	16.4
		Prepayment Speed (%)	0.0	-	20.9	1.8
		Severity (%)	65.0	-	80.0	78.4
		Spreads (bps)	561.0	-	840.0	702.6	3,426
	Consensus						2,043
	Discounted Cash Flow	Default Rate (%)	0.0	-	25.5	15.9
		Prepayment Speed (%)	0.0	-	16.0	2.4
		Severity (%)	65.0	-	80.0	76.2
		Spreads (bps)	531.0	-	842.0	713.0	1,651
	Other						110
Total subprime private-label securities							7,230
Mortgage revenue bonds	Single Vendor						7,294
	Discounted Cash Flow	Spreads (bps)	134.0	-	390.0	320.3	1,835
	Other						224
Total mortgage revenue bonds							9,353
Other	Consensus						928
	Discounted Cash Flow	Default Rate (%)	0.4	-	13.0	4.9
		Prepayment Speed (%)	0.0	-	10.8	3.3
		Severity (%)	50.0	-	85.0	84.0
		Spreads (bps)	567.0	-	793.0	676.0	805
	Consensus	Default Rate (%)	5.0			5.0
		Prepayment Speed (%)	3.0			3.0
		Severity (%)	85.0			85.0
		Spreads (bps)	626.0	-	812.0	706.1	688
	Other						823
Total Other							3,244
Total available-for-sale securities							$	26,328



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	Build-Up	Default Rate (%)	0.1	-	91.9	14.5
		Prepayment Speed (%)	9.4	-	97.1	34.1
		Severity (%)	9.4	-	100.0	37.2	$	1,371
	Consensus						333
	Discounted Cash Flow	Default Rate (%)	1.4	-	14.5	8.6
		Prepayment Speed (%)	0.2	-	8.3	3.6
		Severity (%)	50.0	-	65.0	60.5
		Spreads (bps)	587.0	-	1,269.0	661.4	212
	Consensus	Default Rate (%)	2.0	-	8.4	5.6
		Prepayment Speed (%)	2.5	-	8.3	4.6
		Severity (%)	65.0	-	70.0	65.9
		Spreads (bps)	605.0	-	866.0	691.5	209
	Single Vendor						47
Total single-family							2,172
Multifamily	Build-Up	Spreads (bps)	103.0	-	423.4	199.7	159
Total mortgage loans of consolidated trusts							$	2,331
Net derivatives	Dealer Mark						$	176
	Internal Model						(102		)
Total net derivatives							$	74
Long-term debt:
Of Fannie Mae:
Senior floating	Discounted Cash Flow						$	(412	)
Of consolidated trusts	Discounted Cash Flow	Default Rate (%)	1.4	-	10.0	6.1
		Prepayment Speed (%)	0.0	-	100.0	56.0
		Severity (%)	50.0	-	65.0	57.2
		Spreads (bps)	127.1	-	1,269.0	412.0	(490		)
	Consensus						(456		)
	Consensus	Default Rate (%)	2.0	-	8.4	5.6
		Prepayment Speed (%)	2.5	-	8.3	4.5
		Severity (%)	65.0	-	70.0	65.9
		Spreads (bps)	605.0	-	866.0	691.0	(227		)
	Single Vendor						(146		)
Total of consolidated trusts							(1,319		)
Total long-term debt							$	(1,731	)

_________

⁽¹⁾


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.

Level 3 Assets Measured on Nonrecurring Basis [Table Text Block]



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Fair Value
	(Dollars in millions)
Nonrecurring fair value measurements:
Level 3 Assets:
Single-family mortgage loans held for sale, at lower of cost or fair value	Consensus		$	120
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		21,808
Of consolidated trusts	Internal Model		240
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Appraisals		202
	Broker Price Opinions		284
	Asset Manager Estimate		859
	Other		35
Total of Fannie Mae			1,380
Acquired property, net:
Single-family	Accepted Offers		837
	Appraisals		527
	Walk Forwards		1,111
	Internal Model		856
	Other		50
Total single-family			3,381
Multifamily	Accepted Offers		44
	Appraisals		16
	Broker Price Opinions		28
Total Multifamily			88
Other Assets	Appraisals		66
	Walk Forwards		36
	Internal Model		88
	Other		113
Total other assets			303
Total nonrecurring assets at fair value			$	27,320

Fair Value of Financial Instruments [Table Text Block]

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.



	As of
	June 30, 2012															December 31, 2011
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Netting Adjust-ment			Estimated Fair Value		Carrying Value		Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	80,713		$	68,663	$	12,050		$	—	$	—		$	80,713	$	68,336	$	68,336
Federal funds sold and securities purchased under agreements to resell or similar arrangements	24,000			—		24,000			—		—			24,000		46,000		46,000
Trading securities	50,935			27,064		21,566			2,305		—			50,935		74,198		74,198
Available-for-sale securities	69,694			—		43,366			26,328		—			69,694		77,582		77,582
Mortgage loans held for sale	455			—		280			187		—			467		311		325
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	317,578			—		36,665			230,096		—			266,761		322,825		294,996
Of consolidated trusts	2,605,209			—		2,405,153			293,656		—			2,698,809		2,575,485		2,652,025
Mortgage loans held for investment	2,922,787			—		2,441,818			523,752		—			2,965,570		2,898,310		2,947,021
Advances to lenders	7,343			—		6,638			615		—			7,253		5,538		5,420
Derivative assets at fair value	602			—		16,718			236		(16,352		)	602		561		561
Guaranty assets and buy-ups	474			—		—			866		—			866		503		901
Total financial assets	$	3,157,003		$	95,727	$	2,566,436		$	554,289	$	(16,352	)	$	3,200,100	$	3,171,339	$	3,220,344

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	153		$	—	$	153		$	—	$	—		$	153	$	—	$	—
Short-term debt:
Of Fannie Mae	92,906			—		92,917			—		—			92,917		146,752		146,782
Of consolidated trusts	3,908			—		—			3,908		—			3,908		4,973		4,973
Long-term debt:
Of Fannie Mae	566,483			—		592,491			1,074		—			593,565		585,692		613,983
Of consolidated trusts	2,500,591			—		2,627,334			15,864		—			2,643,198		2,452,455		2,596,657
Derivative liabilities at fair value	919			—		24,282			162		(23,525		)	919		916		916
Guaranty obligations	758			—		—			3,543		—			3,543		811		3,944
Total financial liabilities	$	3,165,718		$	—	$	3,337,177		$	24,551	$	(23,525	)	$	3,338,203	$	3,191,599	$	3,367,255

Fair Value Option [Table Text Block]

The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections as of June 30, 2012 and December 31, 2011.



		As of
		June 30, 2012									December 31, 2011
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾
		(Dollars in millions)
Fair value		$	5,231		$	831		$	4,600		$	3,611		$	838		$	3,939
Unpaid principal balance		5,631			712			4,679			4,122			712			4,012

__________

⁽²⁾ Includes interest-only debt instruments with no unpaid principal balance and a fair value of $107 million and $115 million as of June 30, 2012 and December 31, 2011, respectively.



	For the Three Months Ended June 30,
	2012											2011
	Loans			Long-Term Debt				Total Gains (Losses)				Loans		Long-Term Debt				Total Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	11			$	—			$	11		$	6		$	8		$	14
Other changes in fair value	(38		)		(17		)		(55		)	76			(26		)	50
Fair value (losses) gains, net	$	(27	)		$	(17	)		$	(44	)	$	82		$	(18	)	$	64



	For the Six Months Ended June 30,
	2012											2011
	Loans			Long-Term Debt				Total Gains (Losses)				Loans			Long-Term Debt			Total (Losses) Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	77			$	(2	)		$	75		$	(211	)		$	4	$	(207	)
Other changes in fair value	(103		)		43				(60		)	141				7		148
Fair value (losses) gains, net	$	(26	)		$	41			$	15		$	(70	)		$	11	$	(59	)

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (c)(2),(d),(e)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a),(c)(1),(d)(1)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 22
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph d, e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Deficit of core capital over statutory minimum capital requirement

Summary of Significant Accounting Policies Narratives(Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Dec. 31, 2009

Accounting Policies [Abstract]

$ 145,100,000,000

$ 148,400,000,000

Number of days FHFA must place us into receivership

60 days

Home Affordable Modification Program administrative expense reimbursements

$ 26,000,000

$ 25,000,000

$ 48,000,000

$ 60,000,000

Interest receivable

9,668,000,000

10,000,000,000

Securities Received as Collateral [Abstract]

Collateral held on reverse repurchase agreements

36,100,000,000

49,500,000,000

Fair value of non-cash collateral

36,200,000,000

50,100,000,000

Fair value of non-cash collateral that can be sold or repledged

27,100,000,000

20,000,000,000

Fair value of securities received as collateral that have been sold or repledged

Out-of-period adjustment to (Benefit) Provision for Credit Losses

(3,041,000,000)

6,537,000,000

^[1]

(1,041,000,000)

17,091,000,000

^[1]

Out Of Period Adjustment [Member]

Securities Received as Collateral [Abstract]

Out-of-period adjustment to (Benefit) Provision for Credit Losses

1,100,000,000

US Treasury [Member]

Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement

116,100,000,000

$ 75,200,000,000

Initial aggregate liquidation preference of senior preferred stock held by US Treasury

1,000,000,000

Aggregate liquidation preference of senior preferred stock

117,100,000,000

Maximum commitment from US Treasury pursuant to the senior preferred stock purchase agreement

200,000,000,000

Total available funding from US Treasury pursuant to the senior preferred stock agreement after 2012

$ 124,800,000,000

Percentage of common shares attributable to warrants issued to US Treasury as percentage to total diluted common shares

79.90%

Proceeds from income tax refunds

1,100,000,000

Income tax benefit recognized from our settlement of 2007 and 2008 tax years with the IRS

90,000,000

Percentage of initial principal loss US Treasury will bear for Temporary Credit and Liquidity Facilities and New Issue Bond Programs

35.00%

Loss of principal or interest under Treasury's Temporary Credit and Liquid Facilitiy and New Issue Bond Progams

$ 0

Increase of guarantee fee rate resulting from the Temporary Payroll Tax Cut Continuation Act of 2011.

0.10%

Liability To Treasury Related To Increase In Single-Family Guaranty Fee Resulting From Temporary Payroll Tax Cut Continuation Act Of 2011

$ 26,000,000

US Treasury [Member] | Temporary Credit and Liquidity Facilities Program [Member]

Principal and Interest Outstanding

2,500,000,000

3,000,000,000

US Treasury [Member] | New Issue Bond [Member]

Principal and Interest Outstanding

6,900,000,000

7,500,000,000

Freddie Mac [Member] | Freddie Mac [Member]

Fair value of mortgage-backed securities

14,000,000,000

15,600,000,000

Interest receivable

60,000,000

$ 69,000,000

Investment Income, Interest

142,000,000

$ 172,000,000

$ 295,000,000

$ 360,000,000

Net Other-than-Temporary Impairments [Member]

Increase in other-than-temporary impairment expense due to change in assumptions used to project cash flow estimate on Alt-A and supbrime private-label securities

$ 500,000,000

[1]	Prior period amounts have been reclassified to conform to the current period presentation.

Summary of Significant Accounting Policies EPS (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Accounting Policies [Abstract]
Weighted average common shares outstanding--basic	5,762	5,730	5,762	5,714
Convertible preferred stock	131	0	131	0
Weighted average common shares outstanding--diluted	5,893	5,730	5,893	5,714

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Assets and liabilities recorded in our condensed consolidated balance sheets [Abstract]

Consolidations and Transfers of Financial Assets Types of VIE (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Consolidated VIEs [Member]
Variable Interest Entities [Line Items]
Unpaid principal balance, consolidation of previously unconsolidated VIE	$ 2,800
Unconsolidated VIEs [Member]
Variable Interest Entities [Line Items]
Unpaid principal balance, deconsolidation of previously consolidated VIE		$ 102

Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

$ 69,694

$ 77,582

50,935

74,198

26,981

25,374

Unconsolidated VIEs [Member] | Mortgage-Backed Trusts [Member]

(16,951)

(13,535)

Assets and liabilities recorded in our condensed consolidated balance sheets [Abstract]

^[1]

62,010

69,101

^[1]

23,285

24,292

272

271

Total assets of unconsolidated VIEs

(1,695)

(1,347)

Net carrying amount

83,872

92,317

Maximum exposure to loss

^[1]

93,272

100,146

^[1]

636,023

641,346

Unconsolidated VIEs [Member] | Asset-Backed Trusts [Member]

Assets and liabilities recorded in our condensed consolidated balance sheets [Abstract]

^[1]

^[1]

537

2,111

Total assets of unconsolidated VIEs

Net carrying amount

537

2,111

Maximum exposure to loss

^[1]

537

2,111

^[1]

78,306

256,845

Unconsolidated VIEs [Member] | Limited Partnership Investments [Member]

Assets and liabilities recorded in our condensed consolidated balance sheets [Abstract]

^[1]

^[1]

116

145

Total assets of unconsolidated VIEs

(138)

(153)

Net carrying amount

(22)

(8)

Maximum exposure to loss

^[1]

109

137

^[1]

$ 11,336

$ 12,256

[1]	Contains securities recognized in our condensed consolidated balance sheets due to consolidation of certain multi-class resecuritization trusts.

Consolidations and Transfers of Financial Assets Transfers of Financial Assets (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Unpaid principal balance portfolio securitizations

$ 46,400

$ 27,300

$ 88,100

$ 56,600

Unconsolidated VIEs [Member]

Principal and interest received on retained interest

636

$ 715

1,300

$ 1,500

Unconsolidated VIEs [Member] | Fannie Mae Single-class MBS & Fannie Mae Megas [Member]

Weighted-average loan age

526

$ 588

Fair value

585

$ 585

$ 654

Weighted-average coupon

6.21%

5 years 11 months

5 years 5 months

Weighted-average maturity

23 years

23 years 6 months

Unconsolidated VIEs [Member] | REMICS & SMBS [Member]

Weighted-average loan age

^[1]

10,407

$ 10,407

$ 12,697

Fair value

^[1]

$ 11,679

$ 14,043

Weighted-average coupon

^[1]

5.67%

5.86%

^[1]

4 years 4 months

4 years 6 months

Weighted-average maturity

^[1]

16 years 1 month

18 years 7 months

[1]	Consists of Real Estate Mortgage Investment Conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

Consolidations and Transfers of Financial Assets Managed Loans (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

Loans held for sale, unpaid principal balance

$ 453

$ 312

Securitized loans, unpaid principal balance

2,196

2,273

Total loans managed, unpaid principal balance

2,974,138

2,969,200

Loans held for investment, unpaid principal balance

385,172

396,276

Loans held for investment, unpaid principal balance

2,586,317

2,570,339

Principal Amount of Delinquent Loans [Member]

Loans held for sale, unpaid principal balance

^[1]

127

Securitized loans, unpaid principal balance

^[1]

Total loans managed, unpaid principal balance

^[1]

130,722

147,413

Principal Amount of Delinquent Loans [Member] | Fannie Mae [Member]

Loans held for investment, unpaid principal balance

^[1]

111,800

122,392

Principal Amount of Delinquent Loans [Member] | Consolidated Trusts [Member]

Loans held for investment, unpaid principal balance

^[1]

$ 18,793

$ 24,893

Single-Family [Member] | Minimum [Member]

Serious delinquency and accruing, days past due

90 days

[1]	Represents the unpaid principal balance of loans held for investment, loans held for sale and securitized loans for which we are no longer accruing interest and loans 90 days or more delinquent which are continuing to accrue interest.

Consolidations and Transfers of Financial Assets Qualifying Sales of Portfolio Securitizations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Transfers and Servicing [Abstract]
Proceeds from the initial sale of securities from portfolio securitizations	$ 163	$ 513	$ 296	$ 621
Proceeds from portfolio securitizations accounted for as secured borrowings			421	$ 0
Fair value of trading securities underlying the portfolio securitizations accounted for as secured borrowings	201		201
Unpaid principal balance of mortgage loans of consolidated trusts underlying the portfolio securitizations accounted for as secured borrowings	$ 227		$ 227

Mortgage Loans Loans in Mortgage Portfolio (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Cost basis and fair value adjustments, net

$ 2,971,942

$ 2,966,927

14,675

3,850

Allowance for loan losses for loans held for investment

(63,375)

^[1]

$ (70,109)

(72,156)

$ (69,506)

^[1]

$ (67,557)

$ (61,556)

2,923,242

2,898,621

2,791,133

2,790,029

180,809

176,898

Cost basis and fair value adjustments, net

385,553

396,522

(15,510)

(16,143)

Allowance for loan losses for loans held for investment

(52,082)

(57,001)

(57,309)

(55,966)

(53,708)

(48,530)

Fannie Mae [Member] | Single-Family [Member]

317,961

323,070

Fannie Mae [Member] | Multifamily [Member]

316,090

319,496

69,463

77,026

Cost basis and fair value adjustments, net

2,586,389

2,570,405

30,185

19,993

Allowance for loan losses for loans held for investment

(11,293)

$ (13,108)

(14,847)

$ (13,540)

$ (13,849)

$ (13,026)

Consolidated Trusts [Member] | Single-Family [Member]

2,605,281

2,575,551

Consolidated Trusts [Member] | Multifamily [Member]

2,475,043

2,470,533

Financing Receivable, Recorded Investment, Past Due [Line Items]

$ 111,346

$ 99,872

[1]	Total allowance for loan losses includes $293 million and $414 million as of June 30, 2012 and 2011, respectively, for acquired credit-impaired loans.

Mortgage Loans Aging (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

^[1]

$ 48,441

$ 54,393

^[1]

16,566

19,816

^[1],[2]

108,829

121,744

^[1]

173,836

195,953

^[1]

2,818,411

2,782,938

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[3]

2,992,247

2,978,891

^[1]

525

548

^[1]

126,244

142,612

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1]

48,272

54,183

^[1]

16,566

19,816

^[1],[2]

108,289

120,639

^[1]

173,127

194,638

^[1]

2,635,771

2,605,032

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[3]

2,808,898

2,799,670

^[1]

525

548

Single-Family [Member] | Primary [Member]

^[1]

124,172

139,848

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[4]

38,978

43,516

^[1],[4]

12,844

15,282

^[1],[2],[4]

73,084

80,712

^[1],[4]

124,906

139,510

^[1],[4]

2,387,341

2,341,646

Recorded investment in loans 90 days or more delinquent and accruing interest

^{[1],[4],[5],[6],[7],[8]}

2,512,247

2,481,156

^[1],[4]

105

111

Single-Family [Member] | Government [Member]

^[1],[4]

85,781

95,959

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[9]

109

^[1],[9]

^[1],[2],[9]

328

327

^[1],[9]

456

485

^[1],[9]

50,884

51,391

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[9]

51,340

51,876

^[1],[9]

328

327

Single-Family [Member] | Alt-A [Member]

^[1],[9]

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1]

6,297

7,155

^[1]

2,522

3,054

^[1],[2]

25,048

28,323

^[1]

33,867

38,532

^[1]

131,105

138,880

Recorded investment in loans 90 days or more delinquent and accruing interest

^{[1],[6],[7],[8]}

164,972

177,412

^[1]

Single-Family [Member] | Other [Member]

^[1]

27,549

31,356

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[10]

2,911

3,403

^[1],[10]

1,158

1,431

^[1],[2],[10]

9,829

11,277

^[1],[10]

13,898

16,111

^[1],[10]

66,441

73,115

Recorded investment in loans 90 days or more delinquent and accruing interest

^{[1],[6],[7],[8],[10],[11]}

80,339

89,226

^[1],[10]

^[1],[10]

10,842

12,533

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[12]

169

210

^[1],[2],[12]

540

1,105

^[1],[12]

709

1,315

^[1],[12]

182,640

177,906

Recorded investment in loans 90 days or more delinquent and accruing interest

^{[1],[3],[12],[13],[14]}

183,349

179,221

^[1],[12]

Minimum [Member] | Single-Family [Member]

^[1],[12]

$ 2,072

$ 2,764

Minimum [Member] | Multifamily [Member]

90 days

Financing Receivable, Recorded Investment [Line Items]

60 days

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.
[3]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Consists of mortgage loans that are not included in other loan classes.
[6]	Excludes $51.3 billion and $51.9 billion as of June 30, 2012 and December 31, 2011, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV.
[7]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[8]	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.
[9]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which due to their nature are not aged and are included in the current column.
[10]	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
[11]	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
[12]	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
[13]	Green (loan with acceptable risk); yellow (loan with signs of potential weakness); orange (loan with a well defined weakness that may jeopardize the timely full repayment); and red (loan with a weakness that makes timely collection or liquidation in full more questionable based on existing conditions and values).
[14]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Mortgage Loans Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Mortgage Loans Narratives (Details) - USD ($) $ in Millions	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Mortgage Loans on Real Estate [Abstract]
Minimum Days Past Due of Single Family Nonaccrual Loans	60 days		60 days		60 days
Carrying value of loans redesignated from HFI to HFS	$ 14	$ 0	$ 14	$ 561
Average term extension of a single-family modified loan	119 months	76 months	124 months	71 months
Average interest rate reduction of a single-family modified loan	2.34%	3.37%	2.30%	3.46%

Mortgage Loans Credit Quality Indicators - SF (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

^[1],[2]

$ 2,992,247

$ 2,978,891

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member]

^[1],[2]

2,808,898

2,799,670

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Less Than or Equal to 80% [Member]

^{[2],[3],[4],[5],[6],[7]}

2,512,247

2,481,156

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 80% and Less Than or Equal to 90% [Member]

^{[4],[5],[6],[7]}

1,582,116

1,464,348

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 90% and Less Than or Equal to 100% [Member]

^{[4],[5],[6],[7]}

372,620

412,342

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% and Less Than or Equal to 110% [Member]

^{[4],[5],[6],[7]}

233,739

246,648

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 110% and Less Than or Equal to 120% [Member]

^{[4],[5],[6],[7]}

116,616

128,428

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 120% and Less Than or Equal to 125% [Member]

^{[4],[5],[6],[7]}

67,940

73,836

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 125% [Member]

^{[4],[5],[6],[7]}

24,343

25,750

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member]

^{[4],[5],[6],[7]}

114,873

129,804

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Less Than or Equal to 80% [Member]

^{[2],[5],[6],[7]}

164,972

177,412

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 80% and Less Than or Equal to 90% [Member]

^[5],[6],[7]

58,906

61,618

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 90% and Less Than or Equal to 100% [Member]

^[5],[6],[7]

19,484

21,369

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% and Less Than or Equal to 110% [Member]

^[5],[6],[7]

18,011

19,790

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 110% and Less Than or Equal to 120% [Member]

^[5],[6],[7]

15,292

16,164

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 120% and Less Than or Equal to 125% [Member]

^[5],[6],[7]

11,992

12,534

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 125% [Member]

^[5],[6],[7]

4,852

5,087

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member]

^[5],[6],[7]

36,435

40,850

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Less Than or Equal to 80% [Member]

^{[2],[5],[6],[7],[8],[9]}

80,339

89,226

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 80% and Less Than or Equal to 90% [Member]

^{[5],[6],[7],[9]}

22,573

23,414

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 90% and Less Than or Equal to 100% [Member]

^{[5],[6],[7],[9]}

8,067

9,224

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% and Less Than or Equal to 110% [Member]

^{[5],[6],[7],[9]}

8,228

9,445

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 110% and Less Than or Equal to 120% [Member]

^{[5],[6],[7],[9]}

7,985

8,951

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 120% and Less Than or Equal to 125% [Member]

^{[5],[6],[7],[9]}

7,223

7,912

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 125% [Member]

^{[5],[6],[7],[9]}

3,118

3,557

Financing Receivable, Recorded Investment [Line Items]

Single-Family [Member] | Government [Member]

^{[5],[6],[7],[9]}

23,145

26,723

Financing Receivable, Recorded Investment [Line Items]

Financing Receivable, Recorded Investment [Line Items]

^[2],[10]

$ 51,340

$ 51,876

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[3]	Consists of mortgage loans that are not included in other loan classes.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Excludes $51.3 billion and $51.9 billion as of June 30, 2012 and December 31, 2011, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV.
[6]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[7]	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.
[8]	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
[9]	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
[10]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which due to their nature are not aged and are included in the current column.

Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

^[1],[2]

$ 2,992,247

$ 2,978,891

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Credit Risk Profile by Internally Assigned Grade: Green [Member]

^{[1],[2],[3],[4],[5]}

183,349

179,221

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Credit Risk Profile by Internally Assigned Grade: Yellow [Member]

^[3],[5]

142,759

131,740

Financing Receivable, Recorded Investment [Line Items]

Unpaid principal balance loans with no available financial information surrounding credit quality

^[3],[5],[6]

23,314

28,354

5,600

6,900

Multifamily [Member] | Credit Risk Profile by Internally Assigned Grade: Orange [Member]

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Credit Risk Profile by Internally Assigned Grade: Red [Member]

^[3],[5]

16,164

17,355

Financing Receivable, Recorded Investment [Line Items]

^[3],[5]

$ 1,112

$ 1,772

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[3]	Green (loan with acceptable risk); yellow (loan with signs of potential weakness); orange (loan with a well defined weakness that may jeopardize the timely full repayment); and red (loan with a weakness that makes timely collection or liquidation in full more questionable based on existing conditions and values).
[4]	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
[5]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[6]	Includes approximately $5.6 billion and $6.9 billion of unpaid principal balance as of June 30, 2012 and December 31, 2011, respectively, classified as yellow due to no available financial information.

Mortgage Loans Individually Impaired Loans (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

Individually impaired loans with related allowance recorded: unpaid principal balance

$ 170,672

$ 170,414

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

160,469

159,676

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[2]

42,915

46,857

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3]

17,281

14,890

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

12,552

10,164

Total individually impaired loans: unpaid principal balance

^[2]

187,953

185,304

Total individually impaired loans: total recorded investment

^[1],[2]

173,021

169,840

Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[2]

890

1,081

Individually impaired loans with related allowance recorded: unpaid principal balance

168,197

167,582

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

157,971

156,821

Individually impaired loans with related allowance recorded: related allowance for loan losses

42,407

46,139

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3]

15,526

13,131

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

10,788

8,393

Troubled debt restructuring recorded investment

165,900

161,900

Single-Family [Member] | Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

877

1,049

Individually impaired loans with related allowance recorded: unpaid principal balance

2,475

2,832

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

2,498

2,855

Individually impaired loans with related allowance recorded: related allowance for loan losses

508

718

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3]

1,755

1,759

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

1,764

1,771

Troubled debt restructuring recorded investment

1,000

956

Multifamily [Member] | Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

Primary [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: unpaid principal balance

^[4]

117,485

116,825

Individually impaired loans with related allowance recorded: total recorded investment

^[1],[4]

110,755

109,684

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[4]

27,183

29,598

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3],[4]

11,364

9,370

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3],[4]

8,410

6,471

Primary [Member] | Single-Family [Member] | Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[4]

568

674

Government [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: unpaid principal balance

^[5]

188

258

Individually impaired loans with related allowance recorded: total recorded investment

^[1],[5]

185

258

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[5]

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3],[5]

116

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3],[5]

112

Government [Member] | Single-Family [Member] | Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[5]

Alt-A [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: unpaid principal balance

34,513

34,318

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

31,801

31,516

Individually impaired loans with related allowance recorded: related allowance for loan losses

10,358

11,121

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3]

3,297

3,056

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

1,825

1,538

Alt-A [Member] | Single-Family [Member] | Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

225

268

Other [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: unpaid principal balance

^[6]

16,011

16,181

Individually impaired loans with related allowance recorded: total recorded investment

^[1],[6]

15,230

15,363

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[6]

4,838

5,353

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[3],[6]

749

680

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3],[6]

441

367

Other [Member] | Single-Family [Member] | Interest Receivable [Member]

Individually impaired loans with related allowance recorded: related allowance for loan losses

^[6]

$ 80

$ 99

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Includes single-family loans restructured in a TDR with a recorded investment of $165.9 billion and $161.9 billion as of June 30, 2012 and December 31, 2011, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $1.0 billion and $956 million as of June 30, 2012 and December 31, 2011, respectively.
[3]	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[6]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.

Mortgage Loans Individually Impaired Loans - 2 (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Individually impaired loans with related allowance recorded: average recorded investment

$ 160,048

$ 143,333

$ 159,776

$ 143,444

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

1,367

1,282

2,737

2,562

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

201

465

431

515

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

11,238

10,600

10,861

8,133

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

361

223

638

388

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

157

126

Individually impaired loans: average recorded investment

171,286

153,933

170,637

151,577

Individually impaired loans: total interest income recognized

^[1]

1,728

1,505

3,375

2,950

Individually impaired loans: interest income recognized on a cash basis

281

508

588

641

Individually impaired loans with related allowance recorded: average recorded investment

157,549

141,278

157,156

141,309

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

1,333

1,259

2,672

2,514

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

200

463

430

512

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

9,526

9,914

9,129

7,422

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

335

213

591

363

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

156

121

Individually impaired loans: total interest income recognized

1,700

1,500

3,300

2,900

Individually impaired loans: contractual interest income

1,200

1,100

2,400

2,100

Individually impaired loans: effective yield adjustments

436

383

823

735

Individually impaired loans with related allowance recorded: average recorded investment

2,499

2,055

2,620

2,135

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

1,712

686

1,732

711

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

Primary [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: average recorded investment

^[3]

110,527

97,984

110,154

97,723

Individually impaired loans with related allowance recorded: total interest income recognized

^[1],[3]

967

911

1,940

1,815

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

^[3]

149

326

322

367

Individually impaired loans with no related allowance recorded: average recorded investment

^[2],[3]

7,367

7,399

7,053

5,695

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2],[3]

254

144

438

252

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2],[3]

115

Government [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: average recorded investment

^[4]

204

274

227

265

Individually impaired loans with related allowance recorded: total interest income recognized

^[1],[4]

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

^[4]

Individually impaired loans with no related allowance recorded: average recorded investment

^[2],[4]

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2],[4]

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2],[4]

Alt-A [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: average recorded investment

31,600

28,862

31,543

29,213

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

253

239

506

481

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

1,672

1,959

1,628

1,331

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

111

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

Other [Member] | Single-Family [Member]

Individually impaired loans with related allowance recorded: average recorded investment

^[5]

15,218

14,158

15,232

14,108

Individually impaired loans with related allowance recorded: total interest income recognized

^[1],[5]

110

106

220

212

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

^[5]

Individually impaired loans with no related allowance recorded: average recorded investment

^[2],[5]

399

541

390

385

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2],[5]

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2],[5]

$ 6

$ 3

$ 13

$ 7

[1]	Total single-family interest income recognized of $1.7 billion and $1.5 billion for the three months ended June 30, 2012 and 2011, respectively, consists of $1.2 billion and $1.1 billion of contractual interest and $436 million and $383 million of effective yield adjustments. Total single-family interest income recognized of $3.3 billion and $2.9 billion for the six months ended June 30, 2012 and 2011, respectively, consists of $2.4 billion and $2.1 billion of contractual interest and $823 million and $735 million of effective yield adjustments.
[2]	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.
[3]	Consists of mortgage loans that are not included in other loan classes.
[4]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[5]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.

Mortgage Loans TDR (Details)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

USD ($)

contracts

Jun. 30, 2011

USD ($)

contracts

Jun. 30, 2012

USD ($)

contracts

Jun. 30, 2011

USD ($)

contracts

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

40,472

46,024

73,784

94,067

Recorded investment troubled debt restructurings activity | $

^[1]

$ 7,281

$ 8,932

$ 13,326

$ 18,464

Number of loans troubled debt restructurings subsequent default | contracts

13,731

21,510

29,092

50,738

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 2,473

$ 4,097

$ 5,313

$ 9,612

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

40,464

46,005

73,763

94,038

Recorded investment troubled debt restructurings activity | $

^[1]

$ 7,216

$ 8,823

$ 13,193

$ 18,289

Number of loans troubled debt restructurings subsequent default | contracts

13,730

21,505

29,090

50,730

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 2,472

$ 4,072

$ 5,310

$ 9,563

Single-Family [Member] | Primary [Member]

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

^[3]

31,886

35,192

58,770

71,957

Recorded investment troubled debt restructurings activity | $

^[1],[3]

$ 5,367

$ 6,365

$ 9,954

$ 13,189

Number of loans troubled debt restructurings subsequent default | contracts

^[4]

10,704

16,041

22,576

37,987

Recorded investment troubled debt restructurings subsequent default | $

^[2],[4]

$ 1,827

$ 2,822

$ 3,901

$ 6,696

Single-Family [Member] | Government [Member]

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

^[5]

122

202

296

Recorded investment troubled debt restructurings activity | $

^[1],[5]

$ 14

$ 21

$ 28

$ 62

Number of loans troubled debt restructurings subsequent default | contracts

^[6]

104

182

Recorded investment troubled debt restructurings subsequent default | $

^[2],[6]

$ 7

$ 30

$ 17

$ 51

Single-Family [Member] | Alt-A [Member]

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

6,293

7,292

10,938

14,790

Recorded investment troubled debt restructurings activity | $

^[1]

$ 1,286

$ 1,586

$ 2,253

$ 3,267

Number of loans troubled debt restructurings subsequent default | contracts

2,016

3,687

4,259

8,696

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 403

$ 813

$ 869

$ 1,879

Single-Family [Member] | Other [Member]

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

^[7]

2,193

3,399

3,853

6,995

Recorded investment troubled debt restructurings activity | $

^[1],[7]

$ 549

$ 851

$ 958

$ 1,771

Number of loans troubled debt restructurings subsequent default | contracts

^[8]

961

1,673

2,156

3,865

Recorded investment troubled debt restructurings subsequent default | $

^[2],[8]

$ 235

$ 407

$ 523

$ 937

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

Recorded investment troubled debt restructurings activity | $

^[1]

$ 65

$ 109

$ 133

$ 175

Number of loans troubled debt restructurings subsequent default | contracts

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 1

$ 25

$ 3

$ 49

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Based on the nature of our modification programs, which do not include principal or interest forgiveness, there is not a material difference between the recorded investment in our loans pre- and post- modification, therefore amounts represent recorded investment post-modification.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Represents our recorded investment in the loan at time of payment default.
[3]	Consists of mortgage loans that are not included in other loan classes.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[6]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[7]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.
[8]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans that are neither government nor Alt-A.

Allowance for Loan Losses Allowance Rollforward (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

$ 70,109

$ 67,557

$ 72,156

$ 61,556

^[1]

(3,387)

5,802

(1,407)

16,389

^[2],[3]

(3,991)

(6,218)

(8,787)

(12,371)

485

2,369

971

3,851

^[4]

^[5]

159

(4)

442

Allowance for loan losses for acquired credit-impaired loans

^[6]

63,375

69,506

63,375

69,506

293

414

293

414

$ 375

Interest Receivable [Member]

(238)

(438)

(511)

(824)

57,001

53,708

57,309

48,530

^[1]

(3,329)

3,040

(1,946)

10,199

^[2],[3]

(3,783)

(5,460)

(8,316)

(11,165)

441

1,819

862

2,349

^[4]

1,616

2,762

3,817

5,969

^[5]

136

356

Fannie Mae [Member] | Interest Receivable [Member]

52,082

55,966

52,082

55,966

2,200

1,800

13,108

13,849

14,847

13,026

^[1]

(58)

2,762

539

6,190

^[2],[3]

(208)

(758)

(471)

(1,206)

550

109

1,502

^[4]

(1,616)

(2,762)

(3,817)

(5,969)

^[5]

(101)

(3)

Consolidated Trusts [Member] | Interest Receivable [Member]

11,293

13,540

11,293

13,540

336

251

68,738

66,084

70,633

59,980

^[1]

(3,314)

5,677

(1,294)

16,289

^[2],[3]

(3,932)

(6,099)

(8,599)

(12,170)

485

2,369

971

3,851

^[4]

^[5]

157

(4)

423

Allowance for loan losses for acquired credit-impaired loans

62,134

68,027

62,134

68,027

292

374

Single-Family [Member] | Interest Receivable [Member]

Single-Family [Member] | Fannie Mae [Member]

(228)

(423)

(486)

(800)

56,108

52,671

56,294

47,377

^[1]

(3,244)

2,954

(1,844)

10,197

^[2],[3]

(3,724)

(5,341)

(8,128)

(10,964)

441

1,819

862

2,349

^[4]

1,607

2,750

3,800

5,912

^[5]

134

338

Single-Family [Member] | Consolidated Trusts [Member]

51,322

54,949

51,322

54,949

12,630

13,413

14,339

12,603

^[1]

(70)

2,723

550

6,092

^[2],[3]

(208)

(758)

(471)

(1,206)

550

109

1,502

^[4]

(1,607)

(2,750)

(3,800)

(5,912)

^[5]

(100)

(1)

10,812

13,078

10,812

13,078

1,371

1,473

1,523

1,576

^[1]

(73)

125

(113)

100

^[2],[3]

(59)

(119)

(188)

(201)

^[4]

^[5]

Allowance for loan losses for acquired credit-impaired loans

1,241

1,479

1,241

1,479

$ 1

Multifamily [Member] | Interest Receivable [Member]

Multifamily [Member] | Fannie Mae [Member]

(10)

(15)

(25)

(24)

893

1,037

1,015

1,153

^[1]

(85)

(102)

^[2],[3]

(59)

(119)

(188)

(201)

^[4]

^[5]

Multifamily [Member] | Consolidated Trusts [Member]

760

1,017

760

1,017

478

436

508

423

^[1]

(11)

^[2],[3]

^[4]

(9)

(12)

(17)

(57)

^[5]

(1)

(2)

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 481

$ 462

$ 481

$ 462

[1]	(Benefit) provision for loan losses is included in benefit (provision) for credit losses in our condensed consolidated statements of operations and comprehensive income (loss).
[2]	Total charge-offs include accrued interest of $238 million and $438 million for the three months ended June 30, 2012 and 2011, respectively and $511 million and $824 million for the six months ended June 30, 2012 and 2011, respectively. Single-family charge-offs include accrued interest of $228 million and $423 million for the three months ended June 30, 2012 and 2011, respectively and $486 million and $800 million for the six months ended June 30, 2012 and 2011, respectively. Multifamily charge-offs include accrued interest of $10 million and $15 million for the three months ended June 30, 2012 and 2011, respectively and $25 million and $24 million for the six months ended June 30, 2012 and 2011, respectively.
[3]	While we purchase the substantial majority of loans that are four or more months delinquent from our MBS trusts, we do not exercise this option to purchase loans during a forbearance period. Accordingly, charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.
[4]	Includes transfers from trusts for delinquent loan purchases.
[5]	Amounts represent the net activity recorded in our allowances for accrued interest receivable and preforeclosure property taxes and insurance receivable from borrowers. The provision for credit losses, charge-offs, recoveries and transfer activity included in this table reflects all changes for both the allowance for loan losses and the valuation allowances for accrued interest and preforeclosure property taxes and insurance receivable that relate to the mortgage loans.
[6]	Total allowance for loan losses includes $293 million and $414 million as of June 30, 2012 and 2011, respectively, for acquired credit-impaired loans.

Allowance for Loan Losses Allowance at Recorded Investment (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Allowance for loan losses for individually impaired loans

$ 42,622

$ 46,482

Allowance for loan losses for collectively reserved loans

20,460

25,299

Allowance for loan losses for acquired credit-impaired loans

293

375

$ 414

Recorded investment in individually impaired loans

63,375

^[1]

$ 70,109

72,156

69,506

^[1]

$ 67,557

$ 61,556

^[2]

170,159

166,521

Recorded investment in collectively reserved loans

^[2]

2,819,226

2,809,051

Recorded investment in acquired credit-impaired loans

^[2]

2,862

3,319

Recorded investment in loans

^[2],[3]

2,992,247

2,978,891

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for loan losses for individually impaired loans

42,115

45,765

Allowance for loan losses for collectively reserved loans

19,727

24,494

Allowance for loan losses for acquired credit-impaired loans

292

374

Recorded investment in individually impaired loans

62,134

68,738

70,633

68,027

66,084

59,980

^[2]

165,938

161,942

Recorded investment in collectively reserved loans

^[2]

2,640,139

2,634,456

Recorded investment in acquired credit-impaired loans

^[2]

2,821

3,272

Recorded investment in loans

^[2],[3]

2,808,898

2,799,670

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for loan losses for individually impaired loans

507

717

Allowance for loan losses for collectively reserved loans

733

805

Allowance for loan losses for acquired credit-impaired loans

Recorded investment in individually impaired loans

1,241

$ 1,371

1,523

$ 1,479

$ 1,473

$ 1,576

^[2]

4,221

4,579

Recorded investment in collectively reserved loans

^[2]

179,087

174,595

Recorded investment in acquired credit-impaired loans

^[2]

Recorded investment in loans

^{[2],[3],[4],[5],[6]}

$ 183,349

$ 179,221

[1]	Total allowance for loan losses includes $293 million and $414 million as of June 30, 2012 and 2011, respectively, for acquired credit-impaired loans.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[3]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[4]	Green (loan with acceptable risk); yellow (loan with signs of potential weakness); orange (loan with a well defined weakness that may jeopardize the timely full repayment); and red (loan with a weakness that makes timely collection or liquidation in full more questionable based on existing conditions and values).
[5]	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
[6]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Investments in Securities Trading 1 (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 50,935	$ 74,198
Mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	23,334	24,350
Fannie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	6,819	7,424
Freddie Mac [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	2,974	2,732
Ginnie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	282	287
Alt-A private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,296	1,349
Subprime private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,226	1,280
CMBS [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	9,930	10,411
Mortgage revenue bonds [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	689	724
Other mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	118	143
Non-mortgage-related Securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	27,601	49,848
U.S. Treasury Securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	27,064	47,737
Asset-backed securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 537	$ 2,111

Investments in Securities Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Schedule of Trading Securities and Other Trading Assets [Line Items]
Net trading gains (losses)	$ (14)	$ 135	$ 270	$ 360
Net trading gains (losses) recorded in the period related to securities still held at period end	(2)	138	326	362
Mortgage-related securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Net trading gains (losses)	(12)	131	284	360
Net trading gains (losses) recorded in the period related to securities still held at period end	(4)	131	330	354
Non-mortgage-related Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Net trading gains (losses)	(2)	4	(14)	0
Net trading gains (losses) recorded in the period related to securities still held at period end	$ 2	$ 7	$ (4)	$ 8

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of trading securities held at each balance sheet date, that was included in earnings for the period. Trading securities are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) and the change in net unrealized holding gain (loss) is included in earnings for the period.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(c))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=16383099&loc=d3e24584-111560

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Schedule of Available-for-sale Securities [Line Items]

Investments in Securities Available-for-sale Securities 1 (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Gross realized gains

$ 9

$ 73

$ 27

$ 133

Gross realized losses

Total proceeds

^[1]

$ 132

$ 839

$ 400

$ 1,229

[1]	Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and Transfers of Financial Assets.”

Investments in Securities Available-for-sale Securities 2 (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

Schedule of Available-for-sale Securities [Line Items]

^[1]

$ 69,905

$ 78,845

3,093

3,150

^[2]

(2,277)

(3,250)

^[3]

(1,027)

(1,163)

69,694

77,582

Schedule of Available-for-sale Securities [Line Items]

^[1]

12,100

15,486

1,101

1,381

^[2]

(2)

(3)

^[3]

(11)

(14)

Schedule of Available-for-sale Securities [Line Items]

13,188

16,850

Freddie Mac [Member]

^[1]

10,143

11,906

840

917

^[2]

^[3]

Schedule of Available-for-sale Securities [Line Items]

10,983

12,823

Ginnie Mae [Member]

^[1]

710

775

119

127

^[2]

^[3]

Alt-A private-label securities [Member]

829

902

Schedule of Available-for-sale Securities [Line Items]

^[1]

12,187

13,314

267

233

^[2]

(1,084)

(1,618)

^[3]

(187)

(246)

Subprime private-label securities [Member]

11,183

11,683

Schedule of Available-for-sale Securities [Line Items]

^[1]

8,695

9,556

^[2]

(1,110)

(1,534)

^[3]

(406)

(453)

Schedule of Available-for-sale Securities [Line Items]

7,230

7,586

CMBS [Member]

^[1],[4]

13,251

13,949

458

181

^[2]

^[3]

(41)

(104)

Deferred (gain) loss on discontinuation of fair value hedge

13,668

14,026

610

686

Mortgage revenue bonds [Member]

Schedule of Available-for-sale Securities [Line Items]

^[1]

9,295

10,172

175

202

^[2]

(54)

(56)

^[3]

(59)

(64)

Other mortgage-related securities [Member]

9,357

10,254

Schedule of Available-for-sale Securities [Line Items]

^[1]

3,524

3,687

^[2]

(27)

(39)

^[3]

(323)

(282)

Subprime private-label securities [Member]

$ 3,256

$ 3,458

[1]	Amortized cost consists of unpaid principal balance, 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 and comprehensive income (loss).
[2]	Represents the noncredit component of other-than-temporary impairment losses recorded in “Accumulated other comprehensive loss” as well as cumulative changes in fair value of securities for which we previously recognized the credit component of an other-than-temporary impairment.
[3]	Represents the gross unrealized losses on securities for which we have not recognized an other-than-temporary impairment.
[4]	Amortized cost includes $610 million and $686 million as of June 30, 2012 and December 31, 2011, respectively, of increase to the carrying amount from previous fair value hedge accounting.

Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	$ (82)	$ (255)
Less Than 12 Consecutive Months, Fair Value	3,270	4,523
12 Consecutive Months or Longer, Gross Unrealized Losses	(3,222)	(4,158)
12 Consecutive Months or Longer, Fair Value	15,335	19,768
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(2)	(4)
Less Than 12 Consecutive Months, Fair Value	350	519
12 Consecutive Months or Longer, Gross Unrealized Losses	(11)	(13)
12 Consecutive Months or Longer, Fair Value	248	208
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(22)	(133)
Less Than 12 Consecutive Months, Fair Value	911	1,414
12 Consecutive Months or Longer, Gross Unrealized Losses	(1,249)	(1,731)
12 Consecutive Months or Longer, Fair Value	5,945	6,525
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(13)	(73)
Less Than 12 Consecutive Months, Fair Value	284	471
12 Consecutive Months or Longer, Gross Unrealized Losses	(1,503)	(1,914)
12 Consecutive Months or Longer, Fair Value	5,999	6,686
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(5)	(20)
Less Than 12 Consecutive Months, Fair Value	854	1,458
12 Consecutive Months or Longer, Gross Unrealized Losses	(36)	(84)
12 Consecutive Months or Longer, Fair Value	526	2,790
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(31)	(4)
Less Than 12 Consecutive Months, Fair Value	513	114
12 Consecutive Months or Longer, Gross Unrealized Losses	(82)	(116)
12 Consecutive Months or Longer, Fair Value	1,085	1,971
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(9)	(21)
Less Than 12 Consecutive Months, Fair Value	358	547
12 Consecutive Months or Longer, Gross Unrealized Losses	(341)	(300)
12 Consecutive Months or Longer, Fair Value	$ 1,532	$ 1,588

Investments in Securities Other-than-temporary Impairments 1 (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract]
12 Consecutive Months or Longer, Gross Unrealized Losses	$ 3,222	$ 4,158
Aggregate Losses in Continuous Unrealized Loss Position	$ 3,300
Fair value of securities with unrealized losses for 12 consecutive months or longer as percentage of cost basis	83.00%

Investments in Securities Other-than-temporary Impairments 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Schedule of Available-for-sale Securities [Line Items]
Net other-than-temporary impairments	$ 599	$ 56	$ 663	$ 100
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Net other-than-temporary impairments	312	53	355	91
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Net other-than-temporary impairments	284	0	303	0
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Net other-than-temporary impairments	$ 3	$ 3	$ 5	$ 9

Investments in Securities Other-than-temporary Impairments 3 (Details) - Available-for-sale Securities [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 8,870	$ 8,040	$ 8,915	$ 8,215
Additions for the credit component on debt securities for which OTTI was not previously recognized	2	0	2	8
Additions for credit losses on debt securities for which OTTI was previously recognized	597	56	661	92
Reductions for securities no longer in portfolio at period end	(2)	0	(2)	0
Reductions for amortizations resulting from changes in cash flows expected to be collected over the remaining life of the securities	(101)	(220)	(210)	(439)
Balance, end of period	$ 9,366	$ 7,876	$ 9,366	$ 7,876

Investments in Securities Other-than-temporary Impairments 4 (Details)
$ in Millions

Jun. 30, 2012

USD ($)

$ 13,280

67.70%

^[1]

77.00%

^[2]

2.70%

^[3]

Alt-A Option ARM [Member]

20.80%

^[4]

$ 2,779

58.10%

^[1]

67.20%

^[2]

4.10%

^[3]

Alt-A Fixed Rate [Member]

18.50%

^[4]

$ 4,690

22.30%

^[1]

58.70%

^[2]

9.70%

^[3]

Alt-A Variable Rate [Member]

8.30%

^[4]

$ 2,446

51.60%

^[1]

62.40%

^[2]

4.50%

^[3]

Alt-A Hybrid Rate [Member]

7.70%

^[4]

$ 5,954

31.10%

^[1]

53.40%

^[2]

6.80%

^[3]

2004 and Prior [Member] | Subprime private-label securities [Member]

5.80%

^[4]

$ 1,518

41.00%

^[1]

70.20%

^[2]

6.30%

^[3]

2004 and Prior [Member] | Alt-A Option ARM [Member]

51.30%

^[4]

$ 460

39.90%

^[1]

60.50%

^[2]

5.70%

^[3]

2004 and Prior [Member] | Alt-A Fixed Rate [Member]

13.60%

^[4]

$ 3,101

13.30%

^[1]

54.70%

^[2]

11.30%

^[3]

2004 and Prior [Member] | Alt-A Variable Rate [Member]

12.10%

^[4]

$ 459

30.30%

^[1]

53.50%

^[2]

6.00%

^[3]

2004 and Prior [Member] | Alt-A Hybrid Rate [Member]

22.90%

^[4]

$ 2,107

17.80%

^[1]

47.80%

^[2]

8.90%

^[3]

2005 [Member] | Subprime private-label securities [Member]

10.00%

^[4]

$ 155

68.40%

^[1]

76.30%

^[2]

2.30%

^[3]

2005 [Member] | Alt-A Option ARM [Member]

65.50%

^[4]

$ 1,235

54.80%

^[1]

67.80%

^[2]

4.40%

^[3]

2005 [Member] | Alt-A Fixed Rate [Member]

22.30%

^[4]

$ 1,097

39.70%

^[1]

66.10%

^[2]

6.80%

^[3]

2005 [Member] | Alt-A Variable Rate [Member]

1.00%

^[4]

$ 499

52.30%

^[1]

64.40%

^[2]

4.90%

^[3]

2005 [Member] | Alt-A Hybrid Rate [Member]

14.90%

^[4]

$ 2,191

38.80%

^[1]

55.40%

^[2]

5.60%

^[3]

2006 [Member] | Subprime private-label securities [Member]

4.90%

^[4]

$ 11,025

71.40%

^[1]

78.20%

^[2]

2.20%

^[3]

2006 [Member] | Alt-A Option ARM [Member]

15.40%

^[4]

$ 1,084

69.60%

^[1]

69.20%

^[2]

3.10%

^[3]

2006 [Member] | Alt-A Fixed Rate [Member]

16.20%

^[4]

$ 492

40.50%

^[1]

67.50%

^[2]

5.60%

^[3]

2006 [Member] | Alt-A Variable Rate [Member]

0.50%

^[4]

$ 1,488

57.90%

^[1]

64.40%

^[2]

3.80%

^[3]

2006 [Member] | Alt-A Hybrid Rate [Member]

0.70%

^[4]

$ 1,548

37.40%

^[1]

57.90%

^[2]

5.50%

^[3]

2007 and After [Member] | Subprime private-label securities [Member]

0.00%

^[4]

$ 582

67.70%

^[1]

71.40%

^[2]

1.90%

^[3]

2007 and After [Member] | Alt-A Option ARM [Member]

31.30%

^[4]

2007 and After [Member] | Alt-A Fixed Rate [Member]

$ 0

2007 and After [Member] | Alt-A Variable Rate [Member]

2007 and After [Member] | Alt-A Hybrid Rate [Member]

$ 108

40.90%

^[1]

59.90%

^[2]

6.50%

^[3]

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

24.40%

^[4]

[1]	The expected remaining cumulative default rate of the collateral pool backing the securities, as a percentage of the current collateral unpaid principal balance, weighted by security unpaid principal balance.
[2]	The expected remaining loss given default of the collateral pool backing the securities, calculated as the ratio of remaining cumulative loss divided by cumulative defaults, weighted by security unpaid principal balance.
[3]	The average monthly voluntary prepayment rate, weighted by security unpaid principal balance.
[4]	The average percent current credit enhancement provided by subordination of other securities. Excludes excess interest projections and monoline bond insurance.

Investments in Securities Maturity Information (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

^[1]

$ 69,905

$ 78,845

69,694

77,582

121

126

10,000

10,352

6,487

6,769

53,297

52,447

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

12,100

15,486

13,188

16,850

1,327

1,409

10,755

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

11,760

Freddie Mac [Member]

^[1]

10,143

11,906

10,983

12,823

937

1,007

9,152

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

9,918

Ginnie Mae [Member]

^[1]

710

775

829

902

704

Alt-A private-label securities [Member]

823

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

12,187

13,314

11,183

11,683

204

209

11,982

Subprime private-label securities [Member]

10,973

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

8,695

9,556

7,230

7,586

8,695

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

7,230

CMBS [Member]

^[1],[2]

13,251

13,949

13,668

14,026

9,590

9,929

3,304

3,401

295

Mortgage revenue bonds [Member]

273

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

9,295

10,172

9,357

10,254

338

346

711

728

8,190

Other mortgage-related securities [Member]

8,225

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

3,524

3,687

3,256

$ 3,458

3,524

$ 3,245

[1]	Amortized cost consists of unpaid principal balance, 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 and comprehensive income (loss).
[2]	Amortized cost includes $610 million and $686 million as of June 30, 2012 and December 31, 2011, respectively, of increase to the carrying amount from previous fair value hedge accounting.

Investments in Securities Accumulated Other Comprehensive Income 1 (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains on available-for-sale securities for which we have not recorded other-than-temporary impairment, net of tax	$ 1,174	$ 1,152
Net unrealized losses on available-for-sale securities for which we have recorded other-than-temporary impairment, net of tax	(1,300)	(1,953)
Other losses	(419)	(434)
Accumulated other comprehensive loss	$ (545)	$ (1,235)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Guaranty Book of Business [Member] | Conventional Loan [Member]

Investments in Securities Accumulated Other Comprehensive Income 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Investments, Debt and Equity Securities [Abstract]
Net income (loss)	$ 5,119	$ (2,892)	$ 7,837	$ (9,363)
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized (losses) gains on available-for-sale securities (net of tax of $46 and $19, respectively, for the three months ended and net of tax of $150 and $68, respectively, for the six months ended)	(64)	(34)	255	127
Reclassification adjustment for other-than-temporary impairments recognized in net income (loss) (net of tax of $210 and $15, respectively, for the three months ended and $232 and $28, respectively, for the six months ended)	389	40	431	72
Reclassification adjustment for gains included in net income (loss) (net of tax of $3 for the three months ended and net of tax of $6 and $11, respectively, for the six months ended)	(5)	(7)	(11)	(21)
Other	8	3	15	5
Other comprehensive income	328	2	690	183
Total comprehensive income (loss)	5,447	(2,890)	8,527	(9,180)
Other Comprehensive Income (Loss), Tax [Abstract]
Changes in net unrealized (losses) gains on available-for-sale securities, tax benefit (expense)	46	19	(150)	(68)
Reclassification adjustment for other-than-temporary impairments recognized in net income (loss), tax benefit (expense)	(210)	(15)	(232)	(28)
Reclassification adjustment for gains included in net income (loss), tax benefit (expense)	$ 3	$ 3	$ 6	$ 11

Financial Guarantees (Narratives) (Details) $ in Billions	Jun. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)
Guarantor Obligations [Line Items]
Maximum potential exposure under guarantees recognized in our consolidated balance sheets	$ 56.5	$ 59.4
Maximum potential exposure under guarantees not recognized in our consolidated balance sheets	8.8	9.3
Maximum amount recoverable for on-balance sheet guarantees through available credit enhancements and recourse with third parties	13.5	14.1
Maximum amount recoverable for off-balance sheet guarantees through available credit enhancements and recourse with third parties	3.8	4.0
Fair value of guaranty obligation	$ 2.0	$ 2.2
Minimum [Member]
Guarantor Obligations [Line Items]
Contractual terms of our guarantees	30 days	30 days
Maximum [Member]
Guarantor Obligations [Line Items]
Contractual terms of our guarantees	40 years	40 years
Loans with higher risk characteristics (original debt service coverage ratio)	1.10	1.10
Loans with higher risk characteristics (current debt service coverage ratio)	1.0	1.0
Single-Family [Member] \| Minimum [Member]
Guarantor Obligations [Line Items]
Serious delinquency, days past due	90 days	90 days
Multifamily [Member] \| Minimum [Member]
Guarantor Obligations [Line Items]
Serious delinquency, days past due	60 days	60 days

Financial Guarantees Delinquency Status - Single-Family (Details) - Single-Family [Member]

Jun. 30, 2012

Dec. 31, 2011

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 days delinquent, percentage (unpaid principal balance)

^[1],[2]

1.76%

1.98%

60 days delinquent, percentage (unpaid principal balance)

^[1],[2]

0.61%

0.73%

Seriously delinquent, percentage (unpaid principal balance)

^[1],[2],[3]

4.01%

4.47%

30 days delinquent, percentage (loan count)

^[2],[4]

1.94%

2.17%

60 days delinquent, percentage (loan count)

^[2],[4]

0.62%

0.74%

Percentage of loans with detailed loan level information

^[2],[3],[4]

3.53%

3.91%

99.00%

Accounts, Notes, Loans and Financing Receivable [Line Items]

Guaranty Book of Business [Member] | Conventional Loan [Member]

90 days

[1]	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.
[2]	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of June 30, 2012 and December 31, 2011.
[3]	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process, as of June 30, 2012 and December 31, 2011.
[4]	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.

Financial Guarantees Risk Characteristics - Single-Family (Details) - Single-Family [Member]

Jun. 30, 2012

Dec. 31, 2011

Accounts, Notes, Loans and Financing Receivable [Line Items]

Percentage of loans with detailed loan level information

^[1],[2],[3]

3.53%

3.91%

99.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | 2005 [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

6.00%

7.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | 2006 [Member]

^[2],[3],[5]

7.34%

7.27%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

6.00%

7.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | 2007 [Member]

^[2],[3],[5]

11.66%

11.81%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

8.00%

10.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | 2008 [Member]

^[2],[3],[5]

12.38%

12.62%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

6.00%

7.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | All Other Vintages [Member]

^[2],[3],[5]

5.98%

5.64%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

74.00%

69.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | Alt-A [Member]

^[2],[3],[5]

1.44%

1.59%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

6.00%

7.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | Subprime [Member]

^[2],[3],[5]

11.83%

12.43%

Accounts, Notes, Loans and Financing Receivable [Line Items]

Guaranty Book of Business [Member] | Conventional Loan [Member] | Arizona

^[2],[3],[5]

21.02%

23.18%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

3.00%

2.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | California

^[2],[3],[5]

2.82%

3.65%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

19.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | Florida

^[2],[3],[5]

2.07%

2.46%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

6.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | Nevada

^[2],[3],[5]

11.00%

11.80%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

1.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | Select Midwest States [Member]

^[2],[3],[5]

7.15%

7.42%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4],[6]

10.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | All Other States [Member]

^{[2],[3],[5],[6]}

3.83%

4.39%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

61.00%

62.00%

Guaranty Book of Business [Member] | Conventional Loan [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% [Member]

^[2],[3],[5]

2.93%

3.18%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

16.00%

18.00%

Maximum [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member] | Subprime [Member]

^[2],[3],[5]

13.44%

13.76%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4],[7]

0.50%

Accounts, Notes, Loans and Financing Receivable [Line Items]

Guaranty Book of Business [Member]

90 days

[1]	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.
[2]	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process, as of June 30, 2012 and December 31, 2011.
[3]	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of June 30, 2012 and December 31, 2011.
[4]	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.
[5]	Calculated based on the number of single-family conventional loans that were seriously delinquent divided by the total number of single-family conventional loans for each category included in our guaranty book of business.
[6]	Consists of Illinois, Indiana, Michigan, and Ohio.
[7]	Represents less than 0.5% of the single-family conventional guaranty book of business.

Financial Guarantees Delinquency Status - Multifamily (Details) - Multifamily [Member]

Jun. 30, 2012

Dec. 31, 2011

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 days delinquent, percentage (unpaid principal balance)

^[1],[2]

0.07%

0.11%

Seriously delinquent, percentage (unpaid principal balance)

^[1],[2],[3]

0.29%

0.59%

Percentage of loans with detailed loan level information

99.00%

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 days

[1]	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.
[2]	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of June 30, 2012 and December 31, 2011 excluding loans that have been defeased.
[3]	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.

Financial Guarantees Risk Characteristics - Multifamily (Details) - Multifamily [Member]

Jun. 30, 2012

Dec. 31, 2011

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current debt service coverage ratio reporting lag

60 days

6 months

Maximum [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current debt service coverage ratio reporting lag

18 months

Guaranty Book of Business [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Percentage of loans with detailed loan level information

99.00%

Guaranty Book of Business [Member] | Original Debt Service Coverage Ratio Less Than or Equal to 1.1 [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1],[2]

8.00%

Guaranty Book of Business [Member] | Original Debt Service Coverage Ratio Greater Than 1.1 [Member]

^[2],[3],[4]

0.38%

0.24%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1],[2]

92.00%

Guaranty Book of Business [Member] | Current Debt Service Coverage Ratio Less Than 1.0 [Member]

^[2],[3],[4]

0.28%

0.62%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1],[2],[5]

6.00%

7.00%

Guaranty Book of Business [Member] | Original Loan to Value Ratio Greater Than 80% [Member]

^{[2],[3],[4],[5]}

2.27%

3.66%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1],[2]

4.00%

5.00%

Guaranty Book of Business [Member] | Original Loan to Value Ratio Less Than or Equal to 80% [Member]

^[2],[3],[4]

0.51%

2.51%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1],[2]

96.00%

95.00%

Acquired Property, Beginning Balance

^[2],[3],[4]

0.28%

0.49%

[1]	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.
[2]	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of June 30, 2012 and December 31, 2011 excluding loans that have been defeased.
[3]	Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our guaranty book of business.
[4]	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.
[5]	Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 6 to 18 months, as they prepare their results in the normal course of business.

Acquired Property Net (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Acquired Property [Roll Forward]

$ 11,409

$ 16,928

$ 12,401

$ 18,054

Acquired Property, Additions

4,282

4,998

8,108

9,887

Acquired Property, Disposals

(4,656)

(7,011)

(9,474)

(13,026)

Acquired Property, Ending Balance

11,035

14,915

11,035

14,915

Valuation Allowance [Roll Forward]

Valuation Allowance, Beginning Balance

^[1]

(790)

(1,664)

(1,028)

(1,881)

Valuation Allowance, Additions

^[1]

(120)

(149)

(241)

(278)

Valuation Allowance, Disposals

^[1]

395

788

913

1,518

Valuation Allowance, Write-downs, net of recoveries

^[1]

(133)

(298)

(292)

(682)

Valuation Allowance, Ending Balance

^[1]

(648)

(1,323)

(648)

(1,323)

Acquired Property, Net [Roll Forward]

Acquired Property, Net Beginning Balance

10,619

15,264

11,373

16,173

Acquired Property, Net Additions

4,162

4,849

7,867

9,609

Acquired Property, Net Disposals

(4,261)

(6,223)

(8,561)

(11,508)

Valuation Allowance, Write-downs, net of recoveries

^[1]

(133)

(298)

(292)

(682)

Acquired Property, Net Ending Balance

$ 10,387

$ 13,592

$ 10,387

$ 13,592

[1]	Reflects activities in the valuation allowance for acquired properties held primarily by our single-family segment.

Short-Term Borrowings and Long-Term Debt Short-term Debt (Details) - USD ($)

Jun. 30, 2012

Dec. 31, 2011

Federal funds purchased and securities sold under agreements to repurchase

^[1]

$ 153,000,000

$ 0

Federal funds purchased and securities sold under agreements to repurchase, Weighted-average interest rate

^[1],[2]

0.00%

$ 96,814,000,000

$ 151,725,000,000

Line of credit amount outstanding

^[2]

0.15%

0.13%

$ 0

Secured Uncommitted Line of Credit [Member]

Line of credit maximum borrowing capacity

25,000,000,000

$ 25,000,000,000

Unsecured Uncommitted Line of Credit [Member]

Line of credit maximum borrowing capacity

500,000,000

$ 92,906,000,000

$ 146,752,000,000

Fannie Mae [Member] | Fixed-Rate Discount Notes [Member]

^[2]

0.15%

0.13%

^[3]

$ 92,424,000,000

$ 146,301,000,000

Fannie Mae [Member] | Fixed-Rate Foreign Exchange Discount Notes [Member]

^[2],[3]

0.14%

0.13%

^[4]

$ 482,000,000

$ 371,000,000

Fannie Mae [Member] | Fixed-Rate Other Debt [Member]

^[2],[4]

1.91%

1.88%

^[5]

$ 0

$ 80,000,000

^[2],[5]

0.00%

0.04%

$ 3,908,000,000

$ 4,973,000,000

Minimum [Member] | Fannie Mae [Member] | Fixed-Rate Discount Notes [Member]

^[2]

0.17%

0.09%

Minimum [Member] | Fannie Mae [Member] | Fixed-Rate Foreign Exchange Discount Notes [Member]

^[3]

0 days

Maximum [Member] | Fannie Mae [Member] | Fixed-Rate Discount Notes [Member]

^[4]

5 days

Maximum [Member] | Fannie Mae [Member] | Fixed-Rate Foreign Exchange Discount Notes [Member]

^[3]

360 days

^[4]

360 days

[1]	Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.
[2]	Includes the effects of discounts, premiums, and other cost basis adjustments.
[3]	Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.
[4]	Represents foreign exchange discount notes we issue in the Euro commercial paper market with maturities ranging from 5 to 360 days which enable investors to hold short-term investments in different currencies. We do not incur foreign exchange risk on these transactions, as we simultaneously enter into foreign currency swaps that have the effect of converting debt that we issue in foreign denominated currencies into U.S. dollars.
[5]	Includes foreign exchange discount notes denominated in U.S. dollars.

Short-Term Borrowings and Long-Term Debt Long-term Debt (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

$ 3,067,074

$ 3,038,147

^[1]

3.61%

3.84%

^[2]

$ 566,483

$ 585,692

Net discount and other cost basis adjustments

^[1],[2]

2.19%

2.42%

^[2]

$ 7,500

$ 9,200

Fannie Mae [Member] | Senior Fixed [Member]

$ 480,741

$ 505,606

Fannie Mae [Member] | Senior Fixed Benchmark Notes and Bonds [Member]

^[1]

2.41%

2.64%

$ 267,347

$ 277,146

Fannie Mae [Member] | Senior Fixed Medium-Term Notes [Member]

^[1]

2.63%

2.81%

^[3]

$ 172,877

$ 176,886

Fannie Mae [Member] | Senior Fixed Foreign Exchange Notes and Bonds [Member]

^[1],[3]

1.40%

1.61%

$ 669

$ 662

Fannie Mae [Member] | Senior Fixed Other Debt [Member]

^[1]

5.27%

5.44%

^[4],[5]

$ 39,848

$ 50,912

Fannie Mae [Member] | Senior Floating [Member]

^[1],[4],[5]

5.27%

5.29%

$ 77,403

$ 72,275

Fannie Mae [Member] | Senior Foating Medium-Term Notes [Member]

^[1]

0.34%

0.35%

^[3]

$ 77,026

$ 71,855

Fannie Mae [Member] | Senior Floating Other Debt [Member]

^[1],[3]

0.31%

0.32%

^[4],[5]

$ 377

$ 420

Fannie Mae [Member] | Subordinated Fixed [Member]

^[1],[4],[5]

8.63%

8.01%

$ 7,948

$ 7,811

Fannie Mae [Member] | Subordinated Fixed Qualifying Subordinated [Member]

^[1]

6.94%

6.88%

^[6]

$ 4,894

Fannie Mae [Member] | Subordinated Fixed Subordinated Debentures [Member]

^[1],[6]

5.08%

$ 3,054

$ 2,917

Fannie Mae [Member] | Secured Borrowings [Member]

^[1]

9.91%

^[7]

$ 391

$ 0

^[1],[7]

1.87%

0.00%

^[4]

$ 2,500,591

$ 2,452,455

Minimum [Member] | Fannie Mae [Member]

^[1],[4]

3.93%

4.18%

Medium-term notes original contractual maturity

^[3]

1 year

Maximum [Member] | Fannie Mae [Member]

Medium-term notes original contractual maturity

^[3]

10 years

[1]	Includes the effects of discounts, premiums and other cost basis adjustments.
[2]	Reported amounts include a net discount and other cost basis adjustments of $7.5 billion and $9.2 billion as of June 30, 2012 and December 31, 2011, respectively.
[3]	Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.
[4]	Includes a portion of structured debt instruments that is reported at fair value.
[5]	Includes long-term debt that is not included in other debt categories.
[6]	Consists of subordinated debt issued with an interest deferral feature.
[7]	Represents remaining liability for transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale.

Derivative Instruments Notional and FV Position (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

$ 406,005

$ 336,877

602

561

385,588

377,748

(919)

(916)

Risk Management Derivatives [Member]

Cash collateral posted

7,200

6,800

Cash collateral received

779

335,790

293,090

Accrued interest receivable

15,499

15,085

1,087

920

Netting adjustment

^[1]

(16,352)

(15,829)

Total net risk management derivatives

234

176

279,584

320,100

Total net risk management derivatives

(22,331)

(21,022)

Accrued interest payable

(1,482)

(1,238)

Netting adjustment

^[1]

23,525

21,898

(288)

(362)

Risk Management Derivatives [Member] | Pay-fixed Swap [Member]

21,900

30,950

102

207,327

155,807

Risk Management Derivatives [Member] | Receive-fixed Swap [Member]

(19,559)

(17,391)

241,703

170,668

9,791

8,118

23,890

59,027

Risk Management Derivatives [Member] | Basis Swap [Member]

(14)

(93)

4,872

382

133

122

16,050

9,240

Risk Management Derivatives [Member] | Foreign Currency Swap [Member]

(8)

(44)

621

581

160

155

530

451

Risk Management Derivatives [Member] | Pay-fixed Swaption [Member]

(64)

(62)

34,400

48,600

109

165

15,875

47,750

Risk Management Derivatives [Member] | Receive-fixed Swaption [Member]

(81)

(194)

23,895

33,695

5,214

6,371

15,875

47,750

Risk Management Derivatives [Member] | Other [Member]

(2,605)

(3,238)

^[2]

8,399

8,214

^[2]

^[2]

Mortgage Commitment Derivatives [Member]

^[2]

70,215

43,787

368

385

106,004

57,648

Mortgage Commitment Derivatives [Member] | Mortgage Commitments to Purchase Whole Loans [Member]

(631)

(554)

11,825

9,710

4,360

422

Mortgage Commitment Derivatives [Member] | Forward Contracts to Purchase Mortgage-related Securities [Member]

(5)

43,987

32,707

281

309

18,566

2,570

Mortgage Commitment Derivatives [Member] | Forward Contracts to Sell Mortgage-related Securities [Member]

(34)

(6)

14,403

1,370

83,078

54,656

Derivative Instruments, Gain (Loss) [Line Items]

$ (592)

$ (548)

[1]

[2]

Includes interest rate caps, futures, 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.

Derivative Instruments (Narratives) (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position	$ 7,300	$ 7,200
Collateral posted for derivatives instruments with credit-risk-related contingent features	7,200	6,800
Additional collateral required or amount required to immediately settle our position if the credit-risk-related contingent features were triggered	$ 147	$ 362

Derivative Instruments FV Gains and Losses (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Risk Management Derivatives [Member]

$ (2,383)

$ (1,677)

$ (2,409)

$ (1,538)

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Pay-fixed Swap [Member]

(1,821)

(1,616)

(1,642)

(1,500)

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Receive-fixed Swap [Member]

(5,858)

(5,474)

(4,683)

(4,872)

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Basis Swap [Member]

3,592

2,784

2,674

2,528

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Foreign Currency Swap [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Pay-fixed Swaption [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Receive-fixed Swaption [Member]

327

272

Derivative Instruments, Gain (Loss) [Line Items]

Risk Management Derivatives [Member] | Other [Member]

345

733

251

500

Derivative Instruments, Gain (Loss) [Line Items]

Mortgage Commitment Derivatives [Member]

^[1]

(5)

(49)

(6)

(40)

Derivative Instruments, Gain (Loss) [Line Items]

$ (562)

$ (61)

$ (767)

$ (38)

[1]	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts.

Derivative Instruments Counterparty Credit Exposure (Details)
$ in Millions

Jun. 30, 2012

USD ($)

counterparties

Dec. 31, 2011

USD ($)

counterparties

^[1]

$ 214

$ 936

^[2]

159

840

Interest Rate and Foreign Currency Exchange Derivatives [Member]

615,374

613,190

$ 127,500

External Credit Rating, Lower of Standard & Poor's and Moody's [Member]

^[1],[3]

159

$ 885

^[2],[3]

159

840

^[3]

^[3]

$ 614,885

$ 610,261

AA Plus / AA / A A Minus Rating [Member]

^[3]

^[1],[4]

$ 0

^[2],[4]

^[4]

^[4]

$ 15,032

$ 63,294

A Plus / A / A Minus Rating [Member]

^[4]

^[1],[4]

$ 106

$ 885

^[2],[4]

106

840

^[4]

^[4]

$ 555,148

$ 546,967

BBB Plus / BBB / BBB Minus Rating [Member]

^[4]

^[1],[4]

$ 53

$ 0

^[2],[4]

^[4]

^[4]

$ 44,705

$ 0

^[4]

Other [Member]

^[1],[5]

$ 55

$ 51

^[2],[5]

^[5]

^[5]

$ 489

$ 2,929

[1]	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.
[2]	Represents both cash and non-cash collateral posted by our counterparties to us. Does not include collateral held 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.
[3]	We had no credit loss exposure for interest rate and foreign currency derivative counterparties as of June 30, 2012. We had credit loss exposure to four counterparties for interest rate and foreign currency derivative counterparties which had notional balances of $127.5 billion as of December 31, 2011.
[4]	We manage collateral requirements based on the lower credit rating of the legal entity, as issued by S&P and Moody’s. The credit rating reflects the equivalent S&P’s rating for any ratings based on Moody’s scale.
[5]	Includes mortgage insurance contracts and swap credit enhancements accounted for as derivatives.

Segment Reporting (Narrative) (Details)	6 Months Ended
Segment Reporting (Narrative) (Details)	Jun. 30, 2012 segments
Segment Reporting [Abstract]
Number of Reportable Segments	3

Segment Reporting (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

$ 5,428

$ 4,972

$ 10,625

$ 9,932

Net interest income (loss) after benefit (provision) for credit losses

3,041

(6,537)

^[1]

1,041

(17,091)

^[1]

8,469

(1,565)

11,666

(7,159)

^[2]

120

100

131

171

247

246

(599)

(56)

(663)

(100)

(2,449)

(1,634)

(2,166)

(1,345)

(93)

(43)

(127)

(30)

^[3]

337

215

650

402

(567)

(569)

(1,131)

(1,174)

478

(269)

(10)

(261)

(67)

(523)

(407)

5,119

(2,985)

7,837

(9,454)

Less: Net (income) loss attributable to the noncontrolling interest

5,119

(2,892)

7,837

(9,363)

(5)

(1)

(4)

(1)

5,114

(2,893)

7,833

(9,364)

(215)

(680)

(594)

(1,578)

Net interest income (loss) after benefit (provision) for credit losses

2,956

(6,414)

^[1]

903

(17,032)

^[1]

2,741

(7,094)

309

(18,610)

1,970

1,880

3,881

3,751

(6)

(5)

(3)

(4)

(3)

207

114

407

261

(382)

(400)

(762)

(816)

481

(273)

(7)

(240)

(77)

(475)

(395)

(5,105)

(15,824)

109

107

Less: Net (income) loss attributable to the noncontrolling interest

4,354

(4,996)

3,086

(15,717)

4,354

(4,996)

3,086

(15,717)

(6)

(11)

(13)

(20)

Net interest income (loss) after benefit (provision) for credit losses

(123)

^[1]

138

(59)

^[1]

(134)

125

(79)

252

216

495

425

115

(60)

(64)

(124)

(132)

(3)

143

395

(56)

(61)

Less: Net (income) loss attributable to the noncontrolling interest

358

637

334

358

637

334

Capital Markets [Member]

3,443

3,867

6,984

7,577

Net interest income (loss) after benefit (provision) for credit losses

^[1]

3,443

3,867

6,984

7,577

(326)

(391)

(658)

(790)

1,458

918

2,465

1,788

(597)

(55)

(661)

(99)

(2,461)

(1,507)

(2,291)

(1,289)

(102)

(55)

(172)

(79)

186

109

366

184

(125)

(105)

(245)

(226)

(3)

(9)

(11)

(18)

2,772

7,048

Less: Net (income) loss attributable to the noncontrolling interest

1,473

2,812

5,777

7,093

1,473

2,812

5,777

7,093

^[4]

1,731

1,314

3,300

2,888

Net interest income (loss) after benefit (provision) for credit losses

^[4]

^[1]

^[4]

1,731

1,314

3,300

2,888

^[2],[4]

(1,206)

(1,116)

(2,365)

(2,226)

^[4]

(143)

114

(169)

^[4]

(2)

(1)

(2)

(1)

^[4]

(60)

(72)

(8)

(105)

^[4]

^[4]

^[4]

(100)

(63)

(208)

(155)

^[4]

^[4]

^[4]

^[4]

(69)

281

^[4]

Less: Net (income) loss attributable to the noncontrolling interest

^[4]

459

(69)

876

281

^[4]

Eliminations/Adjustments [Member]

^[4]

459

(69)

876

281

^[5],[6]

475

482

948

1,065

Net interest income (loss) after benefit (provision) for credit losses

^[6]

^[1]

^[6]

475

482

948

1,065

^[2],[6]

(632)

(539)

(1,233)

(1,060)

^[6],[7]

(1,422)

(599)

(2,347)

(1,373)

^[6]

^[6],[8]

(52)

137

^[6]

^[6]

^[6]

(5)

(2)

(11)

(3)

^[6]

^[6]

^[6]

(21)

(17)

(37)

(36)

^[6]

(726)

(1,354)

^[6]

Less: Net (income) loss attributable to the noncontrolling interest

^[6]

(1,525)

(726)

(2,539)

(1,354)

^[6],[9]

(5)

(1)

(4)

(1)

Contractual mortgage insurance benefit

^[6]

$ (1,530)

$ (727)

$ (2,543)

$ (1,355)

[1]	Prior period amounts have been reclassified to conform to the current period presentation.
[2]	Represents the guaranty fees paid from consolidated trusts to the Single-Family and Multifamily segments. The adjustment to guaranty fee income in the Eliminations/Adjustments column represents the elimination of the amortization of deferred cash fees related to consolidated trusts that were re-established for segment reporting. Total guaranty fee income is included in fee and other income in our condensed consolidated statements of operations and comprehensive income (loss).
[3]	Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income (loss).
[4]	Represents activity related to the assets and liabilities of consolidated trusts in our condensed consolidated balance sheets.
[5]	Represents the amortization expense of cost basis adjustments on securities that we own in our portfolio that on a GAAP basis are eliminated.
[6]	Represents the elimination of intercompany transactions occurring between the three business segments and our consolidated trusts, as well as other adjustments to reconcile to our consolidated results.
[7]	Primarily represents the removal of realized gains and losses on sales of Fannie Mae MBS classified as available-for-sale securities that are issued by consolidated trusts and retained in the Capital Markets portfolio. The adjustment also includes the removal of securitization gains (losses) recognized in the Capital Markets segment relating to portfolio securitization transactions that do not qualify for sale accounting under GAAP.
[8]	Represents the removal of fair value adjustments on consolidated Fannie Mae MBS classified as trading that are retained in the Capital Markets portfolio.
[9]	Represents the adjustment from equity method accounting to consolidation accounting for partnership investments that are consolidated in our condensed consolidated balance sheets.

Concentrations of Credit Risk Concentration of Credit Risk (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012 USD ($) insurers servicers	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) insurers servicers	Jun. 30, 2011 USD ($)	Aug. 08, 2012 insurers	Dec. 31, 2011 USD ($) insurers servicers
Concentration of Credit Risk [Line Items]
Number of mortgage insurers in receivership \| insurers					1
Number of Mortgage Insurers Publicly Disclosed That Are in Run-off \| insurers					2
Number of mortgage insurers operating pursuant to a waiver from its regulator \| insurers					1
Number of mortgage insurers with possible future noncompliance with state regulatory capital requirements \| insurers					1
Number of mortgage insurers with credit quality deterioration \| insurers	6		6
Receivable from claims on insured defaulted loans	$ 3,800		$ 3,800			$ 3,600
Allowance for mortgage insurance receivable	$ 848		$ 848			$ 570
Average duration of mortgage insurance receivable	6 months		6 months			6 months
Single-Family [Member]
Concentration of Credit Risk [Line Items]
Proceeds received from primary and pool mortgage insurance policies	$ 1,200	$ 1,500	$ 2,500	$ 3,100
Mortgage Sellers and Servicers [Member]
Concentration of Credit Risk [Line Items]
Receivable from claims on insured defaulted loans	$ 1,100		$ 1,100			$ 639
Guaranty Book of Business [Member] \| Single-Family [Member]
Concentration of Credit Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers	5		5			5
Mortgage insurance coverage risk in force	$ 90,700		$ 90,700			$ 91,200
Mortgage insurance coverage risk in force as percentage	3.00%		3.00%
Primary mortgage insurance coverage risk in force	$ 86,900		$ 86,900			87,300
Pool mortgage insurance coverage risk in force	$ 3,700		$ 3,700			$ 3,900
Number of mortgage insurance companies provided majority of our mortgage insurance \| insurers	6		6			6
Guaranty Book of Business [Member] \| Single-Family [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration of Credit Risk [Line Items]
Mortgage insurance coverage risk in force, insurers with credit quality deterioration	$ 72,000		$ 72,000
Guaranty Book of Business [Member] \| Single-Family [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Largest Mortgage Servicers, Including Their Affiliates [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	61.00%		61.00%			63.00%
Guaranty Book of Business [Member] \| Single-Family [Member] \| Mortgage Insurance Coverage [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	79.00%		79.00%
Guaranty Book of Business [Member] \| Single-Family [Member] \| Mortgage Insurance Coverage [Member] \| Insurance Service Provider Concentration Risk [Member] \| Mortgage Insurance Companies [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	93.00%		93.00%			94.00%
Guaranty Book of Business [Member] \| Multifamily [Member]
Concentration of Credit Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers	10		10			10
Guaranty Book of Business [Member] \| Multifamily [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Largest Mortgage Servicers, Including Their Affiliates [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	65.00%		65.00%			67.00%

Concentrations of Credit Risk Estimated Benefit from Mortgage Insurers (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

Risks and Uncertainties [Abstract]

$ 13,254

$ 15,099

Less: Collectability adjustment

^[1]

2,043

2,867

Estimated benefit included in total loss reserves

$ 11,211

$ 12,232

[1]	Represents an adjustment that reduces the contractual benefit for our assessment of our mortgage insurer counterparties’ inability to fully pay the contractual mortgage insurance claims.

Fair Value Fair Value Measurement (Narratives) (Details) - USD ($) $ in Billions	Jun. 30, 2012	Mar. 31, 2012
Changes due to new accounting guidance or enhanced fair value estimation process [Line Items]
Loans in portfolio that have been refinanced under HARP	$ 168.3
HARP loans [Member] \| Fair Value Estimation Process [Member]
Changes due to new accounting guidance or enhanced fair value estimation process [Line Items]
Changes in estimated fair value	$ 8.4	$ 7.4
Fair Value Measurement (Topic 820) Amendment [Member] \| Mortgage Loans [Member]
Changes due to new accounting guidance or enhanced fair value estimation process [Line Items]
Changes in estimated fair value		$ (24.4)

Fair Value Recurring Changes in Fair Value (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

$ 27,064

95,727

Significant Other Observable Inputs (Level 2) [Member]

21,566

43,366

2,441,818

16,718

2,566,436

24,282

Significant Unobservable Inputs (Level 3) [Member]

3,337,177

2,305

26,328

523,752

236

554,289

162

Netting adjustment [Member]

24,551

(16,352)

(16,352)

(23,525)

Estimated Fair Value [Member]

(23,525)

50,935

$ 74,198

69,694

77,582

2,965,570

2,947,021

602

561

3,200,100

3,220,344

919

916

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

3,338,203

3,367,255

^[1]

7,699

600

27,064

47,737

34,763

48,337

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swap [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaption [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Netting adjustment [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Commitment Derivatives [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fannie Mae [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Freddie Mac [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Ginnie Mae [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alt-A private-label securities [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Subprime private-label securities [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CMBS [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage revenue bonds [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member]

Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-Backed Securities [Member]

27,064

47,737

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]

^[1]

21,566

22,223

43,366

48,090

16,718

16,152

84,550

87,757

3,700

3,606

24,282

22,641

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Swap [Member]

27,982

26,247

11,034

9,247

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Swaption [Member]

20,968

18,661

5,323

6,536

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]

2,686

3,432

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Netting adjustment [Member]

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Commitment Derivatives [Member]

361

368

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fannie Mae [Member]

628

548

6,737

5,687

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Freddie Mac [Member]

13,154

15,904

2,972

2,732

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Ginnie Mae [Member]

10,972

12,811

282

278

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Alt-A private-label securities [Member]

829

902

1,108

1,004

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Subprime private-label securities [Member]

4,727

4,427

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | CMBS [Member]

9,930

10,411

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage revenue bonds [Member]

13,668

14,026

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member]

Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member]

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member]

537

2,111

^[1]

2,305

4,238

26,328

29,492

236

238

31,200

36,287

1,731

1,171

162

173

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Swap [Member]

1,893

1,344

174

170

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Swaption [Member]

159

167

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member]

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Netting adjustment [Member]

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Commitment Derivatives [Member]

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fannie Mae [Member]

1,737

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Freddie Mac [Member]

946

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Ginnie Mae [Member]

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alt-A private-label securities [Member]

188

345

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Subprime private-label securities [Member]

6,456

7,256

1,226

1,280

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | CMBS [Member]

7,230

7,586

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage revenue bonds [Member]

689

724

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member]

9,353

10,247

118

143

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member]

3,244

3,445

Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed Securities [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member]

^[1]

^[2]

(16,352)

(15,829)

^[2]

(16,352)

(15,829)

^[2]

(23,525)

(21,898)

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Swap [Member]

^[2]

(23,525)

(21,898)

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Swaption [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Other [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Netting adjustment [Member]

^[2]

(16,352)

(15,829)

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Mortgage Commitment Derivatives [Member]

^[2]

(23,525)

(21,898)

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Fannie Mae [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Freddie Mac [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Ginnie Mae [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Alt-A private-label securities [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Subprime private-label securities [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | CMBS [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Mortgage revenue bonds [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Other [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | U.S. Treasury Securities [Member]

Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Asset-Backed Securities [Member]

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member]

^[1]

7,699

600

50,935

74,198

69,694

77,582

602

561

134,161

156,552

5,431

4,777

919

916

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Swap [Member]

6,350

5,693

11,208

9,417

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Swaption [Member]

21,127

18,828

5,323

6,536

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Other [Member]

2,686

3,432

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Netting adjustment [Member]

(16,352)

(15,829)

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Mortgage Commitment Derivatives [Member]

(23,525)

(21,898)

368

385

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Fannie Mae [Member]

631

554

6,819

7,424

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Freddie Mac [Member]

13,188

16,850

2,974

2,732

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Ginnie Mae [Member]

10,983

12,823

282

287

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Alt-A private-label securities [Member]

829

902

1,296

1,349

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Subprime private-label securities [Member]

11,183

11,683

1,226

1,280

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | CMBS [Member]

7,230

7,586

9,930

10,411

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Mortgage revenue bonds [Member]

13,668

14,026

689

724

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Other [Member]

9,357

10,254

118

143

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | U.S. Treasury Securities [Member]

3,256

3,458

Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Asset-Backed Securities [Member]

27,064

47,737

537

2,111

Fannie Mae [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

831

838

Fannie Mae [Member] | Significant Other Observable Inputs (Level 2) [Member]

36,665

Fannie Mae [Member] | Significant Unobservable Inputs (Level 3) [Member]

592,491

230,096

Fannie Mae [Member] | Netting adjustment [Member]

1,074

Fannie Mae [Member] | Estimated Fair Value [Member]

266,761

294,996

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

593,565

613,983

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Senior Fixed [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Senior Floating [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Fixed [Member]

419

432

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Floating [Member]

419

432

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Senior Fixed [Member]

412

406

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Senior Floating [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Netting adjustment [Member]

412

406

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Senior Fixed [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Netting adjustment [Member] | Senior Floating [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member]

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Senior Fixed [Member]

831

838

Fannie Mae [Member] | Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member] | Senior Floating [Member]

419

432

412

406

5,231

3,611

Consolidated Trusts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

4,600

3,939

Consolidated Trusts [Member] | Significant Other Observable Inputs (Level 2) [Member]

2,405,153

Consolidated Trusts [Member] | Significant Unobservable Inputs (Level 3) [Member]

2,627,334

293,656

Consolidated Trusts [Member] | Netting adjustment [Member]

15,864

Consolidated Trusts [Member] | Estimated Fair Value [Member]

2,698,809

2,652,025

Consolidated Trusts [Member] | Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

2,643,198

2,596,657

Consolidated Trusts [Member] | Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]

2,900

1,292

Consolidated Trusts [Member] | Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member]

3,281

3,174

2,331

2,319

Consolidated Trusts [Member] | Recurring Fair Value Measurements [Member] | Netting adjustment [Member]

1,319

765

Consolidated Trusts [Member] | Recurring Fair Value Measurements [Member] | Estimated Fair Value [Member]

5,231

3,611

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

$ 4,600

$ 3,939

[1]	Cash equivalents are comprised of U.S. Treasuries that are classified as Level 1.
[2]	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, including cash collateral posted and received.

Fair Value Level 3 Reconciliation (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

$ (274)

$ 141

$ (166)

$ 238

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

(9)

(8)

(34)

Interest Income [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

135

145

270

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

(1)

Fair Value Losses, Net [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

120

(16)

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

(9)

(7)

(33)

Net Other-than-Temporary Impairments [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

(388)

(6)

(439)

(23)

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

Trading securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

2,756

3,981

4,238

4,576

(17)

(15)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

124

^[2]

(33)

(15)

^[3]

^[3]

(105)

(160)

(263)

(344)

^[4]

(416)

(2,006)

(400)

^[4]

106

324

108

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

2,305

4,034

2,305

4,034

^[5]

(7)

(15)

(6)

Trading securities [Member] | Fannie Mae [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

1,651

1,737

2,202

(3)

(12)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

124

^[2]

(33)

(15)

^[3]

^[3]

(4)

(97)

(108)

(229)

^[4]

(1,581)

(391)

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

1,679

^[5]

(2)

(6)

Trading securities [Member] | Ginnie Mae [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

^[4]

(9)

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

^[5]

Trading securities [Member] | Freddie Mac [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[2]

^[3]

^[3]

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

^[5]

Trading securities [Member] | Alt-A private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

569

345

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(50)

(1)

(67)

(1)

^[4]

(416)

^[4]

106

257

106

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

188

126

188

126

^[5]

Trading securities [Member] | Subprime private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

1,305

1,547

1,280

1,581

(37)

(41)

(30)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(42)

(47)

(76)

(92)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

1,226

1,459

1,226

1,459

^[5]

(37)

(41)

(30)

Trading securities [Member] | Mortgage revenue bonds [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

668

606

724

609

(26)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(7)

(11)

(9)

(14)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

689

616

689

616

^[5]

(26)

Trading securities [Member] | Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

123

155

143

152

(3)

(22)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(2)

(3)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

118

154

118

154

^[5]

(3)

(22)

Trading securities [Member] | Asset-Backed Securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(2)

(5)

^[4]

(9)

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

^[5]

Available-for-sale securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

27,853

31,762

29,492

31,934

(306)

134

(280)

261

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

435

(252)

733

(110)

^[2]

473

889

^[2]

(23)

(88)

(48)

(145)

^[3]

^[3]

(1,189)

(938)

(2,236)

(2,119)

^[4]

(922)

(1,115)

(2,802)

(1,533)

^[4]

475

403

1,463

1,202

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

26,328

30,379

26,328

30,379

^[5]

Available-for-sale securities [Member] | Fannie Mae [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

546

946

114

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

(8)

^[2]

473

889

^[2]

(5)

(24)

(6)

(39)

^[3]

^[3]

(3)

(19)

(2)

^[4]

(368)

(895)

(469)

^[4]

130

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

635

^[5]

Available-for-sale securities [Member] | Freddie Mac [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(1)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

^[5]

Available-for-sale securities [Member] | Alt-A private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

7,136

7,236

7,256

7,049

(85)

(102)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

127

(26)

293

^[2]

^[2]

^[3]

^[3]

(275)

(217)

(537)

(475)

^[4]

(922)

(747)

(1,907)

(1,064)

^[4]

475

403

1,453

1,063

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

6,456

6,652

6,456

6,652

^[5]

Available-for-sale securities [Member] | Subprime private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

7,595

9,660

7,586

9,932

(230)

130

(195)

260

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

203

(547)

506

(605)

^[2]

^[2]

^[3]

^[3]

(338)

(334)

(667)

(678)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

7,230

8,909

7,230

8,909

^[5]

Available-for-sale securities [Member] | Mortgage revenue bonds [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

9,732

10,532

10,247

11,030

(1)

(3)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

117

273

(20)

294

^[2]

^[2]

(18)

(64)

(42)

(106)

^[3]

^[3]

(479)

(276)

(835)

(751)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

9,353

10,464

9,353

10,464

^[5]

Available-for-sale securities [Member] | Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

3,342

3,776

3,445

3,806

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

(12)

(38)

111

^[2]

^[2]

^[3]

^[3]

(94)

(111)

(177)

(213)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

3,244

3,707

3,244

3,707

^[5]

Mortgage Loans [Member] | Consolidated Trusts [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

2,271

2,221

2,319

2,207

120

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

142

387

^[2]

^[3]

^[3]

(110)

(71)

(169)

(150)

^[4]

(26)

(31)

(344)

(37)

^[4]

185

258

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

2,331

2,365

2,331

2,365

^[5]

(10)

Net derivatives [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) (Realized/Unrealized) Included in Net Income (Loss)

118

104

(9)

Total Gains or (Losses) (Realized/Unrealized) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

(3)

(1)

(6)

(1)

^[3]

(29)

^[4]

^[4]

Net Unrealized Gains (Losses) Included in Net Loss Related to Assets Still Held

^[5]

(26)

(16)

Long-term debt [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gain (Loss) (Realized/Unrealized) Included in Net Loss

(1,349)

(1,090)

(1,171)

(1,048)

(64)

(66)

(43)

Total Gains or (Lossed) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

(218)

(40)

(485)

(40)

^[3]

^[4]

110

^[4]

(150)

(26)

(197)

(75)

Net Unrealized Gain (Loss) Included in Net Loss Related to Liabilities Still Held

(1,731)

(1,048)

(1,731)

(1,048)

^[5]

(64)

(8)

(42)

Long-term debt [Member] | Fannie Mae [Member] | Senior Floating [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gain (Loss) (Realized/Unrealized) Included in Net Loss

(399)

(423)

(406)

(421)

(13)

(6)

(14)

Total Gains or (Lossed) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

^[4]

^[4]

Net Unrealized Gain (Loss) Included in Net Loss Related to Liabilities Still Held

(412)

(402)

(412)

(402)

^[5]

(13)

(6)

(14)

Long-term debt [Member] | Consolidated Trusts [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gain (Loss) (Realized/Unrealized) Included in Net Loss

(950)

(667)

(765)

(627)

(51)

(60)

(29)

Total Gains or (Lossed) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

(218)

(40)

(485)

(40)

^[3]

^[4]

110

^[4]

(150)

(26)

(197)

(75)

Net Unrealized Gain (Loss) Included in Net Loss Related to Liabilities Still Held

(1,319)

(646)

(1,319)

(646)

^[5]

$ (51)

$ 6

$ (2)

$ (28)

[1]	Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes” in the condensed consolidated statement of operations and comprehensive income (loss).
[2]	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts.
[3]	Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts.
[4]	Transfers out of Level 3 consisted primarily of Fannie Mae MBS 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. 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.
[5]	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.

Fair Value Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Carrying Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	$ 80,713	$ 68,336
Federal funds sold and purchased under agreements to resell or similar aggrangements	24,000	46,000
Trading securities	50,935	74,198
Available-for-sale securities	69,694	77,582
Mortgage loans held for sale	455	311
Mortgage loans held for investment	2,922,787	2,898,310
Advances to lenders	7,343	5,538
Derivatives assets at fair value	602	561
Guaranty assets and buy-ups	474	503
Total financial assets	3,157,003	3,171,339
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	153	0
Derivative liabilities at fair value	919	916
Guaranty obligations	758	811
Total financial liabilities	3,165,718	3,191,599
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	68,663
Federal funds sold and purchased under agreements to resell or similar aggrangements	0
Trading securities	27,064
Available-for-sale securities	0
Mortgage loans held for sale	0
Mortgage loans held for investment	0
Advances to lenders	0
Derivatives assets at fair value	0
Guaranty assets and buy-ups	0
Total financial assets	95,727
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	0
Derivative liabilities at fair value	0
Guaranty obligations	0
Total financial liabilities	0
Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	12,050
Federal funds sold and purchased under agreements to resell or similar aggrangements	24,000
Trading securities	21,566
Available-for-sale securities	43,366
Mortgage loans held for sale	280
Mortgage loans held for investment	2,441,818
Advances to lenders	6,638
Derivatives assets at fair value	16,718
Guaranty assets and buy-ups	0
Total financial assets	2,566,436
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	153
Derivative liabilities at fair value	24,282
Guaranty obligations	0
Total financial liabilities	3,337,177
Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	0
Federal funds sold and purchased under agreements to resell or similar aggrangements	0
Trading securities	2,305
Available-for-sale securities	26,328
Mortgage loans held for sale	187
Mortgage loans held for investment	523,752
Advances to lenders	615
Derivatives assets at fair value	236
Guaranty assets and buy-ups	866
Total financial assets	554,289
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	0
Derivative liabilities at fair value	162
Guaranty obligations	3,543
Total financial liabilities	24,551
Netting Adjustment [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	0
Federal funds sold and purchased under agreements to resell or similar aggrangements	0
Trading securities	0
Available-for-sale securities	0
Mortgage loans held for sale	0
Mortgage loans held for investment	0
Advances to lenders	0
Derivatives assets at fair value	(16,352)
Guaranty assets and buy-ups	0
Total financial assets	(16,352)
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	0
Derivative liabilities at fair value	(23,525)
Guaranty obligations	0
Total financial liabilities	(23,525)
Estimated Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	80,713	68,336
Federal funds sold and purchased under agreements to resell or similar aggrangements	24,000	46,000
Trading securities	50,935	74,198
Available-for-sale securities	69,694	77,582
Mortgage loans held for sale	467	325
Mortgage loans held for investment	2,965,570	2,947,021
Advances to lenders	7,253	5,420
Derivatives assets at fair value	602	561
Guaranty assets and buy-ups	866	901
Total financial assets	3,200,100	3,220,344
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	153	0
Derivative liabilities at fair value	919	916
Guaranty obligations	3,543	3,944
Total financial liabilities	3,338,203	3,367,255
Fannie Mae [Member]
Financial liabilities [Abstract]
Long-term debt	831	838
Fannie Mae [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment	317,578	322,825
Financial liabilities [Abstract]
Short-term debt	92,906	146,752
Long-term debt	566,483	585,692
Fannie Mae [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	0
Financial liabilities [Abstract]
Short-term debt	0
Long-term debt	0
Fannie Mae [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	36,665
Financial liabilities [Abstract]
Short-term debt	92,917
Long-term debt	592,491
Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	230,096
Financial liabilities [Abstract]
Short-term debt	0
Long-term debt	1,074
Fannie Mae [Member] \| Netting Adjustment [Member]
Financial assets [Abstract]
Mortgage loans held for investment	0
Financial liabilities [Abstract]
Short-term debt	0
Long-term debt	0
Fannie Mae [Member] \| Estimated Fair Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment	266,761	294,996
Financial liabilities [Abstract]
Short-term debt	92,917	146,782
Long-term debt	593,565	613,983
Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment	5,231	3,611
Financial liabilities [Abstract]
Long-term debt	4,600	3,939
Consolidated Trusts [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment	2,605,209	2,575,485
Financial liabilities [Abstract]
Short-term debt	3,908	4,973
Long-term debt	2,500,591	2,452,455
Consolidated Trusts [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	0
Financial liabilities [Abstract]
Short-term debt	0
Long-term debt	0
Consolidated Trusts [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	2,405,153
Financial liabilities [Abstract]
Short-term debt	0
Long-term debt	2,627,334
Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	293,656
Financial liabilities [Abstract]
Short-term debt	3,908
Long-term debt	15,864
Consolidated Trusts [Member] \| Netting Adjustment [Member]
Financial assets [Abstract]
Mortgage loans held for investment	0
Financial liabilities [Abstract]
Short-term debt	0
Long-term debt	0
Consolidated Trusts [Member] \| Estimated Fair Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment	2,698,809	2,652,025
Financial liabilities [Abstract]
Short-term debt	3,908	4,973
Long-term debt	$ 2,643,198	$ 2,596,657

Fair Value Fair Value Option (Details) - USD ($)
$ in Millions

Jun. 30, 2012

Dec. 31, 2011

Fair Value, Option, Quantitative Disclosures [Line Items]

Fair value of nonaccrual loans

$ 260

$ 195

Difference between unpaid principal balance and the fair value of nonaccrual loans

240

232

Fair value of loans that are 90 days past due

382

310

Difference between unpaid principal balance and the fair value of these 90 days or more days past due loans

270

262

Fair Value, Option, Quantitative Disclosures [Line Items]

5,231

3,611

Loans, Unpaid principal balance

4,600

3,939

2,586,317

2,570,339

Fair Value, Option, Quantitative Disclosures [Line Items]

Loans, Unpaid principal balance

831

838

385,172

396,276

Interest-only debt instruments [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]

Loans [Member] | Consolidated Trusts [Member]

107

115

Fair Value, Option, Quantitative Disclosures [Line Items]

Loans, Unpaid principal balance

^[1]

5,231

3,611

^[1]

5,631

4,122

Long-term Debt [Member] | Consolidated Trusts [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]

Long-Term Debt, Unpaid principal balance

^[2]

4,600

3,939

^[2]

4,679

4,012

Long-term Debt [Member] | Fannie Mae [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]