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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015 shares
Entity [Abstract]
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity Central Index Key	0000310522
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	1,158,082,750

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 23,860	$ 22,023
Restricted cash (includes $36,921 and $27,515, respectively, related to consolidated trusts)	41,439	32,542
Federal funds sold and securities purchased under agreements to resell or similar arrangements	20,230	30,950
Investments in securities:
Trading, at fair value	31,286	31,504
Available-for-sale, at fair value (includes $468 and $596, respectively, related to consolidated trusts)	27,732	30,654
Total investments in securities	59,018	62,158
Mortgage loans:
Loans held for sale, at lower of cost or fair value	613	331
Loans held for investment, at amortized cost	3,044,323	3,054,704
Allowance for loan losses	(31,820)	(35,541)
Total loans held for investment, net of allowance	3,012,503	3,019,163
Total mortgage loans	3,013,116	3,019,494
Accrued interest receivable, net (includes $7,259 and $7,169, respectively, related to consolidated trusts)	7,990	8,193
Acquired property, net	9,518	10,618
Deferred tax assets, net	41,983	42,206
Other assets	20,959	19,992
Total assets	3,238,113	3,248,176
Liabilities:
Accrued interest payable (includes $8,223 and $8,282, respectively, related to consolidated trusts)	10,324	10,232
Federal funds purchased and securities sold under agreements to repurchase	87	50
Other liabilities (includes $437 and $503, respectively, related to consolidated trusts)	11,475	12,019
Total liabilities	3,234,517	3,244,456
Commitments and contingencies (Note 16)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock, 1,000,000 shares issued and outstanding	117,149	117,149
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding	19,130	19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,082,750 shares outstanding	687	687
Accumulated deficit	(127,651)	(127,618)
Accumulated other comprehensive income	1,641	1,733
Treasury stock, at cost, 150,679,953 shares	(7,401)	(7,401)
Total Fannie Mae stockholders’ equity	3,555	3,680
Noncontrolling interest	41	40
Total equity (See Note 1: Impact of U.S. Government Support for information on our dividend obligation to Treasury)	3,596	3,720
Total liabilities and equity	3,238,113	3,248,176
Fannie Mae [Member]
Mortgage loans:
Loans held for investment, at amortized cost	265,700	272,360
Allowance for loan losses	(29,873)	(33,117)
Total mortgage loans	236,416	239,549
Liabilities:
Debt (includes $7,920 and $6,403, respectively, of debt of Fannie Mae at fair value and $21,373 and $19,483, respectively, of debt of consolidated trusts, at fair value)	448,740	460,443
Consolidated Trusts [Member]
Assets:
Restricted cash (includes $36,921 and $27,515, respectively, related to consolidated trusts)	36,921	27,515
Investments in securities:
Available-for-sale, at fair value (includes $468 and $596, respectively, related to consolidated trusts)	468	596
Mortgage loans:
Loans held for investment, at amortized cost	2,778,623	2,782,344
Allowance for loan losses	(1,947)	(2,424)
Total mortgage loans	2,776,700	2,779,945
Accrued interest receivable, net (includes $7,259 and $7,169, respectively, related to consolidated trusts)	7,259	7,169
Liabilities:
Accrued interest payable (includes $8,223 and $8,282, respectively, related to consolidated trusts)	8,223	8,282
Debt (includes $7,920 and $6,403, respectively, of debt of Fannie Mae at fair value and $21,373 and $19,483, respectively, of debt of consolidated trusts, at fair value)	2,763,891	2,761,712
Other liabilities (includes $437 and $503, respectively, related to consolidated trusts)	$ 437	$ 503

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Assets:
Restricted cash (includes $36,921 and $27,515, respectively, related to consolidated trusts)	$ 41,439	$ 32,542
Accrued interest receivable, net (includes $7,259 and $7,169, respectively, related to consolidated trusts)	7,990	8,193
Investments in securities:
Available-for-sale, at fair value (includes $468 and $596, respectively, related to consolidated trusts)	27,732	30,654
Liabilities:
Accrued interest payable (includes $8,223 and $8,282, respectively, related to consolidated trusts)	10,324	10,232
Other liabilities (includes $437 and $503, respectively, related to consolidated trusts)	$ 11,475	$ 12,019
Fannie Mae stockholders’ equity:
Senior preferred stock, 1,000,000 shares issued	1,000,000	1,000,000
Senior preferred stock, 1,000,000 shares outstanding	1,000,000	1,000,000
Preferred stock, 700,000,000 shares are authorized	700,000,000	700,000,000
Preferred stock, 555,374,922 shares issued	555,374,922	555,374,922
Preferred stock, 555,374,922 shares outstanding	555,374,922	555,374,922
Common stock, 1,308,762,703 shares issued	1,308,762,703	1,308,762,703
Common stock, 1,158,082,750 shares outstanding	1,158,082,750	1,158,082,750
Treasury stock, at cost, 150,679,953 shares	150,679,953	150,679,953
Fannie Mae [Member]
Liabilities:
Debt at fair value	$ 7,920	$ 6,403
Consolidated Trusts [Member]
Assets:
Restricted cash (includes $36,921 and $27,515, respectively, related to consolidated trusts)	36,921	27,515
Accrued interest receivable, net (includes $7,259 and $7,169, respectively, related to consolidated trusts)	7,259	7,169
Investments in securities:
Available-for-sale, at fair value (includes $468 and $596, respectively, related to consolidated trusts)	468	596
Mortgage loans:
Mortgage loans held for investment, at fair value	15,570	15,629
Liabilities:
Accrued interest payable (includes $8,223 and $8,282, respectively, related to consolidated trusts)	8,223	8,282
Debt at fair value	21,373	19,483
Other liabilities (includes $437 and $503, respectively, related to consolidated trusts)	$ 437	$ 503

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Trading securities	$ 115	$ 127
Available-for-sale securities	376	440
Mortgage loans (includes $24,622 and $25,954, respectively, related to consolidated trusts)	27,044	28,588
Other	33	24
Total interest income	27,568	29,179
Interest expense:
Short-term debt	29	20
Long-term debt (includes $20,515 and $22,076, respectively, related to consolidated trusts)	22,472	24,421
Total interest expense	22,501	24,441
Net interest income	5,067	4,738
Benefit for credit losses	533	774
Net interest income after benefit for credit losses	5,600	5,512
Investment gains, net	342	95
Fair value losses, net	(1,919)	(1,190)
Debt extinguishment gains, net	8	0
Fee and other income	308	4,355
Non-interest (loss) income	(1,261)	3,260
Administrative expenses:
Salaries and employee benefits	351	325
Professional services	271	242
Occupancy expenses	43	50
Other administrative expenses	58	55
Total administrative expenses	723	672
Foreclosed property expense (income)	473	(262)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	382	322
Other expenses, net	3	131
Total expenses	1,581	863
Income before federal income taxes	2,758	7,909
Provision for federal income taxes	(870)	(2,584)
Net income	1,888	5,325
Other comprehensive income:
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes	(91)	372
Other	(1)	0
Total other comprehensive (loss) income	(92)	372
Total comprehensive income attributable to Fannie Mae	1,796	5,697
Net income attributable to Fannie Mae	1,888	5,325
Dividends available for distribution to senior preferred stockholder (Note 10)	(1,796)	(5,692)
Net income (loss) attributable to common stockholders (Note 10)	$ 92	$ (367)
Earnings (loss) per share, Basic (in dollars per share)	$ 0.02	$ (0.06)
Earnings (loss) per share, Diluted (in dollars per share)	$ 0.02	$ (0.06)
Weighted-average common shares outstanding, Basic	5,762	5,762
Weighted-average common of shares outstanding, Diluted	5,893	5,762

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Mortgage loans	$ 27,044	$ 28,588
Long-term debt	22,472	24,421
Consolidated Trusts [Member]
Mortgage loans	24,622	25,954
Long-term debt	$ 20,515	$ 22,076

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net cash used in operating activities
Net cash used in operating activities	$ (1,249)	$ (1,321)
Cash flows provided by investing activities:
Proceeds from maturities and paydowns of trading securities held for investment	296	333
Proceeds from sales of trading securities held for investment	483	486
Proceeds from maturities and paydowns of available-for-sale securities	1,232	1,446
Proceeds from sales of available-for-sale securities	2,171	35
Purchases of loans held for investment	(44,460)	(24,486)
Net change in restricted cash	(8,897)	4,412
Advances to lenders	(30,804)	(20,501)
Proceeds from disposition of acquired property and preforeclosure sales	5,490	6,329
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	10,720	26,225
Other, net	154	(385)
Net cash provided by investing activities	66,582	80,721
Cash flows used in financing activities:
Payments of cash dividends on senior preferred stock to Treasury	(1,920)	(7,191)
Other, net	31	18
Net cash used in financing activities	(63,496)	(84,572)
Net increase (decrease) in cash and cash equivalents	1,837	(5,172)
Cash and cash equivalents at beginning of period	22,023	19,228
Cash and cash equivalents at end of period	23,860	14,056
Cash paid during the period for:
Interest	26,235	26,567
Income Taxes	0	425
Fannie Mae [Member]
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment of Fannie Mae	5,348	6,217
Cash flows used in financing activities:
Proceeds from issuance of debt	114,467	69,086
Payments to redeem debt	(126,608)	(117,058)
Consolidated Trusts [Member]
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment of consolidated trusts	124,849	80,610
Cash flows used in financing activities:
Proceeds from issuance of debt	68,943	58,216
Payments to redeem debt	$ (118,409)	$ (87,643)

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, what form we will have, what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. 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 set forth in the GSE Act, including if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. 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 continue to rely on support from Treasury to eliminate any net worth deficits we may experience in the future, which would otherwise trigger our being placed into receivership. Based on consideration of all the relevant conditions and events affecting our operations, including our reliance on the U.S. government, we continue to operate as a going concern and in accordance with our delegation of authority from FHFA. We believe that continued federal government support of our business, as well as our status as a GSE, are essential to maintaining our access to debt funding. Changes or perceived changes in federal government support of our business or our status as a GSE could materially and adversely affect our liquidity, financial condition and results of operations. Pursuant to the senior preferred stock purchase agreement, Treasury has committed to provide us with funding 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 March 31, 2015. The aggregate liquidation preference of the senior preferred stock, including the initial aggregate liquidation preference of $1.0 billion, was $117.1 billion as of March 31, 2015. As of March 31, 2015, the amount of remaining funding available to us under the senior preferred stock purchase agreement was $117.6 billion. Based on the terms of the senior preferred stock, we paid Treasury a dividend of $1.9 billion on March 31, 2015 based on our net worth of $3.7 billion as of December 31, 2014 less the applicable capital reserve of $1.8 billion. We expect to pay Treasury an additional dividend of $1.8 billion by June 30, 2015 based on our net worth of $3.6 billion as of March 31, 2015 less the applicable capital reserve amount of $1.8 billion. The capital reserve amount was $2.4 billion for dividend periods in 2014. The capital reserve amount will continue to be reduced by $600 million each year until it reaches zero on January 1, 2018. 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. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ condensed consolidated financial statements. Results for the three months ended March 31, 2015 may not necessarily be indicative of the results for the year ending December 31, 2015. The unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2015 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, 2014 (“2014 Form 10-K”), filed with the SEC on February 20, 2015. Changes in Accounting Principle—Nonaccrual Loans Effective January 1, 2015, we changed our policy for the treatment of interest previously accrued but not collected at the date both single-family and multifamily loans are placed on nonaccrual status. Specifically, interest previously accrued but not collected will be reversed through interest income at the date a loan is placed on nonaccrual status. Previously, when a loan was placed on nonaccrual status, interest previously accrued but not collected became part of each loan’s recorded investment and was reviewed either individually or collectively for impairment. We also changed our policy for when a non-modified single-family loan is returned to accrual status. Effective January 1, 2015, a non-modified single-family loan will be returned to accrual status at the point that the borrower brings the loan current. Previously, a non-modified single-family loan was returned to accrual status at the point that the borrower had made sufficient payments to reduce the delinquency status below our nonaccrual threshold of 60 days past due. We have concluded that these changes in accounting principle are preferable as we align our nonaccrual policy with industry practice. This alignment increases comparability of our financial statements to these entities, resulting in improved financial reporting. As these changes to our nonaccrual policy were not material to our financial statements, we wrote off the accrued interest receivable balance on our nonaccrual loans, as well as the corresponding allowance that related to that interest, as an adjustment to current period provision for loan losses and did not retrospectively adjust the condensed consolidated financial statements for this change. Change in Accounting Principle—Loans Held for Sale Effective January 1, 2015, we changed our policy for calculating the lower of cost or fair value adjustment on loans that have been designated as held for sale (“HFS”). Specifically, our lower of cost or fair value calculation will be performed at an individual loan level on the date of re-designation (if previously held for investment (“HFI”)) and for all subsequent periods in which a loan is classified as HFS. Previously, the initial lower of cost or fair value adjustment on the date of re-designation was calculated at a loan level whereas the subsequent lower of cost or fair value adjustments were calculated at a pool level. We have concluded that this change in accounting policy is preferable as it will align the unit of account that is used for both the initial and subsequent lower of cost or market measurements on our HFS portfolio. Additionally, by performing the lower of cost or fair value calculation at the loan level, the adjustment will be calculated on a more disaggregated basis. As this change in accounting policy is not material to our financial statements, we recorded the impact of this change in accounting principle as an adjustment to current period fair value losses and did not retrospectively adjust the consolidated financial statements for this change. Regulatory Capital 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 $142.2 billion as of March 31, 2015 and December 31, 2014. Under the terms of the senior preferred stock, we are required to pay Treasury a dividend each quarter, when, as and if declared, equal to the excess of our net worth as of the end of the preceding quarter over an applicable capital reserve amount. The Director of FHFA directs us to make dividend payments on the senior preferred stock on a quarterly basis. Therefore, we do not expect to eliminate our deficit of core capital over statutory minimum capital. 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 March 31, 2015, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $117.1 billion. FHFA’s control of Fannie Mae and Freddie Mac has caused us, FHFA and Freddie Mac to be deemed related parties. Our administrative expenses were reduced by $16 million and $17 million for the three months ended March 31, 2015 and 2014, 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 three months ended March 31, 2015, we did not make any tax payments to the Internal Revenue Service (“IRS”), a bureau of Treasury. We made tax payments of $425 million during the three months ended March 31, 2014. We received a refund of $135 million from the IRS during the three months ended March 31, 2015 for income tax adjustments related to tax years 2004 through 2006. Under the temporary credit and liquidity facilities (“TCLF”) program, we had $342 million and $390 million outstanding, which includes principal and interest, of standby credit and liquidity support as of March 31, 2015 and December 31, 2014, respectively. Under the new issue bond (“NIB”) program, we had $4.2 billion outstanding of pass-through securities backed by single-family and multifamily housing bonds issued by housing finance agencies (“HFAs”) as of March 31, 2015 and December 31, 2014. Treasury will bear the 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 March 31, 2015, there had been no losses of principal or interest under the TCLF program or the NIB program. The fee revenue and expense related to the Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) are recorded in “Mortgage loans interest income” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. We recognized $382 million and $322 million in TCCA fees during the three months ended March 31, 2015 and 2014, respectively, of which $382 million had not been remitted to Treasury as of March 31, 2015. In connection with the GSE Act, and for the three months ended March 31, 2015, we accrued, but have not yet paid, $18 million in expenses in connection with our funding obligation to Treasury’s Capital Magnet Fund. These expense accruals, which are classified in “Other expenses, net”, were measured as a portion of the product of 4.2 basis points and the unpaid principal balance of total new business purchases for the three months ended March 31, 2015. As of March 31, 2015 and December 31, 2014, we held Freddie Mac mortgage-related securities with a fair value of $7.0 billion and $6.9 billion, respectively. We recognized interest income on these securities held by us of $61 million and $78 million for the three months ended March 31, 2015 and 2014, 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. The Housing and Economic Recovery Act of 2008 authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, which is payable on a semi-annual basis (April and October), for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital. We recognized FHFA assessment fees, which are recorded in “Administrative expenses” in our condensed consolidated statements of operations and comprehensive income, of $28 million for the three months ended March 31, 2015 and 2014. Fannie Mae and Freddie Mac established Common Securitization Solutions, LLC (“CSS”), a jointly owned limited liability company, to operate a common securitization platform. During the three months ended March 31, 2015, we contributed $13 million of capital into CSS, and we made no contributions for the three months ended March 31, 2014. No other transactions outside of normal business activities have occurred between us and Freddie Mac during the three months ended March 31, 2015 or 2014. 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, recoverability of our deferred tax assets and allowance for loan losses. Actual results could be different from these estimates. In April 2012, FHFA issued Advisory Bulletin AB 2012-02, “Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention” (the “Advisory Bulletin”), which prescribes, among other things, classification of loans by risk category and provides guidance on when a loan should be charged off. The provisions of the Advisory Bulletin led us to re-evaluate our estimate of when a loan is deemed uncollectible. For the vast majority of our delinquent single-family loans, we will continue to charge-off the loan at the date of foreclosure or other liquidation event (such as a deed-in-lieu of foreclosure or a short sale). For a relatively small subset of delinquent loans deemed to be uncollectible prior to foreclosure based upon our historical data, we charge off the portion of the loan (including preforeclosure property taxes and insurance receivable that pertain to such loans) deemed to be uncollectible prior to the date of foreclosure or other liquidation event, which given our current credit analytics and historical data, is when the loans are excessively delinquent and the outstanding loan balance exceeds the fair value of the underlying property. This change in estimate resulted in the recognition on January 1, 2015 of (1) $1.8 billion in charge-offs of HFI loans, (2) $724 million in charge-offs of preforeclosure property taxes and insurance receivable and (3) a reduction to our allowance for loan losses and our allowance for preforeclosure property taxes and insurance receivable in amounts equal to charge-offs recognized in connection with HFI loans and preforeclosure property taxes and insurance receivable. We continue to enhance our data collection and analysis efforts to further refine our loss estimates as we obtain incremental information on the performance of our loans. Fee and Other Income Fee and other income includes transaction fees, technology fees, multifamily fees and other miscellaneous income. During the three months ended March 31, 2014, we recognized $4.1 billion in “Fee and other income” in our condensed consolidated statements of operations and comprehensive income resulting from settlement agreements resolving certain lawsuits relating to private-label mortgage-related securities (“PLS”) sold to us. There were no settlement agreements resolving PLS lawsuits during the three months ended March 31, 2015. New Accounting Guidance Effective January 1, 2015, we prospectively adopted guidance issued by the FASB clarifying when a creditor is considered to have received physical possession of residential real estate property collateralized by a consumer mortgage loan. The adoption of this guidance resulted in a clarification to our policy to align our definition of when we have taken physical possession of real estate with the new guidance; however it did not impact the timing of derecognition of loan receivable and recognition of real estate property in our financial statements. The new guidance also requires us to disclose the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. See “Note 3, Mortgage Loans” for additional information regarding the disclosure required upon adoption of this guidance. Effective January 1, 2015, we prospectively adopted guidance issued by the FASB related to the classification of government guaranteed mortgage loans upon foreclosure. The impact of the adoption was not material to the condensed consolidated balance sheets. In February 2015, the FASB issued guidance regarding consolidation of legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance removes the specialized consolidation model surrounding limited partnerships and similar entities and amends the requirements that such entities must meet to qualify as voting interest entities. In addition, the guidance eliminates certain of the conditions for evaluating whether fees paid to a decision maker or service provider represent a variable interest. The new guidance is effective for us on January 1, 2016 with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements.

Consolidations and Transfers of Financial Assets

3 Months Ended

Mar. 31, 2015

Consolidations and Transfers of Financial Assets [Abstract]

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 and mortgage-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 and limited partnerships. The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated mortgage-backed trusts, as well as our maximum exposure to loss and the total assets of these unconsolidated mortgage-backed trusts.



	As of
	March 31, 2015				December 31, 2014
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae securities		$	4,818			$	4,790
Non-Fannie Mae securities		6,938				7,073
Total trading securities		11,756				11,863
Available-for-sale securities:
Fannie Mae securities		4,939				5,043
Non-Fannie Mae securities		20,458				22,776
Total available-for-sale securities		25,397				27,819
Other assets		107				111
Other liabilities		(871		)		(1,440		)
Net carrying amount		$	36,389			$	38,353
Maximum exposure to loss		$	42,479			$	45,311
Total assets of unconsolidated mortgage-backed trusts		$	253,415			$	253,554

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.

The total assets of our unconsolidated limited partnership investments were $5.7 billion and $5.8 billion as of March 31, 2015 and December 31, 2014, respectively.

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 retained mortgage portfolio in a portfolio securitization transaction. For the three months ended March 31, 2015 and 2014, the unpaid principal balance of portfolio securitizations was $48.9 billion and $32.5 billion, respectively.

We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts. As of March 31, 2015, the unpaid principal balance of retained interests was $6.1 billion and its related fair value was $7.5 billion. The unpaid principal balance of retained interests was $6.3 billion and its related fair value was $7.6 billion as of December 31, 2014. For the three months ended March 31, 2015 and 2014, the principal and interest received on retained interests was $350 million and $340 million, respectively.

Managed Loans

Managed loans are on-balance sheet mortgage loans, as well as mortgage loans that we have securitized in unconsolidated portfolio securitization trusts. The unpaid principal balance of securitized loans in unconsolidated portfolio securitization trusts, which are primarily loans that are guaranteed or insured, in whole or in part, by the U.S. government, was $1.7 billion and $1.8 billion as of March 31, 2015 and December 31, 2014, respectively. For information on our on-balance sheet mortgage loans, see “Note 3, Mortgage Loans.”

Mortgage Loans

3 Months Ended

Mar. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans

We own single-family mortgage loans, which are secured by four or fewer residential dwelling units, and multifamily mortgage loans, which are secured by five or more residential dwelling units. We classify these loans as either HFI or HFS. We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and an allowance for loan losses. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in our condensed consolidated statements of operations and comprehensive income. We report the recorded investment of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and accrued interest receivable.

For purposes of the single-family mortgage loan disclosures below, we define “primary” class as mortgage loans that are not included in other loan classes; “government” class as 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; and “other” class as 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 carrying value of our mortgage loans as of March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015												December 31, 2014
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	258,350			$	2,558,761			$	2,817,111			$	262,116			$	2,569,884			$	2,832,000
Multifamily		20,714				170,302				191,016				23,255				164,045				187,300
Total unpaid principal balance of mortgage loans		279,064				2,729,063				3,008,127				285,371				2,733,929				3,019,300
Cost basis and fair value adjustments, net		(12,775		)		49,584				36,809				(12,705		)		48,440				35,735
Allowance for loan losses for loans held for investment		(29,873		)		(1,947		)		(31,820		)		(33,117		)		(2,424		)		(35,541		)
Total mortgage loans		$	236,416			$	2,776,700			$	3,013,116			$	239,549			$	2,779,945			$	3,019,494

During the three months ended March 31, 2015 and 2014, we redesignated loans with a carrying value of $330 million and $2.2 billion, respectively, from HFI to HFS. There were no sales of loans during the three months ended March 31, 2015. We sold loans with an unpaid principal balance of $1.0 billion during the three months ended March 31, 2014.

The recorded investment of single-family mortgage loans for which formal foreclosure proceedings are in process was $32.3 billion as of March 31, 2015. As a result of our various loss mitigation and foreclosure prevention efforts, we expect that a portion of the loans in the process of formal foreclosure proceedings will not ultimately foreclose.

Nonaccrual Policy

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

Effective January 1, 2015, we changed our policy for the treatment of interest previously accrued but not collected at the date both single-family and multifamily loans are placed on nonaccrual status. Specifically, interest previously accrued but not collected will be reversed through interest income at the date a loan is placed on nonaccrual status. Previously, when a loan was placed on nonaccrual status, interest previously accrued but not collected became part of the loan’s recorded investment and was reviewed either individually or collectively for impairment.

We also changed our policy for when a non-modified single-family loan is returned to accrual status. Effective January 1, 2015, a non-modified single-family loan will be returned to accrual status at the point that the borrower brings the loan current. Previously, a non-modified single-family loan was returned to accrual status at the point that the borrower had made sufficient payments to reduce their delinquency status below our nonaccrual threshold of 60 days past due. We did not change our policy for returning modified single-family loans to accrual status. We return modified single-family loans to accrual status at the point that the borrower successfully makes all required payments during the trial period (generally three to four months) and modification is made permanent.

See “Note 1, Summary of Significant Accounting Policies” for additional information on such changes in accounting policy.

Changes to our nonaccrual policy were limited to those described above. For most single-family loans, we continue to recognize interest income for loans on nonaccrual status when cash is received. However, if a single-family loan was charged off prior to foreclosure, all payments received are applied on a cost recovery basis to reduce principal on the mortgage loan. We stop applying the cost recovery approach on those single-family loans when they are brought current either through borrower payments or modification and there has been a sufficient performance period to demonstrate that the borrower has the ability and intent to make the remaining payments on their mortgage loans.

For multifamily loans, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan unless the loan is determined to be well secured. We generally return a multifamily loan to accrual status and stop applying the cost recovery approach when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectability is reasonably assured.

Aging Analysis

The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans by portfolio segment and class as of March 31, 2015 and December 31, 2014, excluding loans for which we have elected the fair value option.



	As of March 31, 2015
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			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		$	25,087		$	7,045		$	34,166		$	66,298	$	2,582,073	$	2,648,371		$	56	$	41,132
Government⁽²⁾		54			18			298			370		44,211		44,581			298		—
Alt-A		3,743			1,321			9,429			14,493		93,801		108,294			7		10,743
Other		1,347			446			3,103			4,896		37,397		42,293			7		3,534
Total single-family		30,231			8,830			46,996			86,057		2,757,482		2,843,539			368		55,409
Multifamily⁽³⁾		98			N/A			135			233		192,795		193,028			—		807
Total		$	30,329		$	8,830		$	47,131		$	86,290	$	2,950,277	$	3,036,567		$	368	$	56,216



	As of December 31, 2014
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			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		$	29,130		$	8,396		$	38,248		$	75,774	$	2,580,446	$	2,656,220		$	55	$	46,556
Government⁽²⁾		63			26			305			394		44,927		45,321			305		—
Alt-A		4,094			1,414			11,603			17,111		95,650		112,761			8		13,007
Other		1,520			516			3,763			5,799		38,460		44,259			6		4,259
Total single-family		34,807			10,352			53,919			99,078		2,759,483		2,858,561			374		63,822
Multifamily⁽³⁾		60			N/A			89			149		189,084		189,233			—		823
Total		$	34,867		$	10,352		$	54,008		$	99,227	$	2,948,567	$	3,047,794		$	374	$	64,645

__________


⁽¹⁾	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.


⁽²⁾	Primarily consists of reverse mortgages which, due to their nature, are not aged and are included in the current column.


⁽³⁾	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 by class and credit quality indicator as of March 31, 2015 and December 31, 2014, excluding loans for which we have elected the fair value option.



	As of
	March 31, 2015⁽¹⁾							December 31, 2014⁽¹⁾
	Primary		Alt-A		Other			Primary		Alt-A		Other
	(Dollars in millions)
Estimated mark-to-market loan-to-value ratio:⁽²⁾
Less than or equal to 80%	$	2,126,305	$	58,557		$	21,584	$	2,156,165	$	60,851		$	22,558
Greater than 80%and less than or equal to 90%	270,619		14,661			5,756		261,709		15,151			6,046
Greater than 90%and less than or equal to 100%	154,066		12,135			5,023		140,778		12,490			5,236
Greater than 100%and less than or equal to 110%	43,305		8,503			3,692		43,014		8,998			3,900
Greater than 110% and less than or equal to 120%	23,264		5,707			2,517		23,439		6,033			2,615
Greater than 120% and less than or equal to 125%	7,445		2,000			848		7,529		2,114			904
Greater than 125%	23,367		6,731			2,873		23,586		7,124			3,000
Total	$	2,648,371	$	108,294		$	42,293	$	2,656,220	$	112,761		$	44,259

__________


⁽¹⁾	Excludes $44.6 billion and $45.3 billion as of March 31, 2015 and December 31, 2014, 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 loan-to-value (“LTV”) ratio.


⁽²⁾	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 by credit quality indicator as of March 31, 2015 and December 31, 2014, excluding loans for which we have elected the fair value option.



	As of
	March 31,			December 31,
	2015			2014
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽¹⁾
Pass		$	186,052		$	182,079
Special Mention		3,015			3,070
Substandard		3,953			3,842
Doubtful		8			242
Total		$	193,028		$	189,233

_________

⁽¹⁾

Pass (loan is current and adequately protected by the current financial strength and debt service capacity of the borrower); special mention (loan with signs of potential weakness); substandard (loan with a well defined weakness that jeopardizes the timely full repayment); and doubtful (loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values).

Individually Impaired Loans

Individually impaired loans include troubled debt restructurings (“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 unpaid principal balance, recorded investment and related allowance as of March 31, 2015 and December 31, 2014, and average recorded investment and interest income recognized for the three months ended March 31, 2015 and 2014, for individually impaired loans.



	As of
	March 31, 2015									December 31, 2014
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses			Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses			Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	122,873		$	116,908		$	18,954		$	125,960		$	120,221		$	20,327		$	309
Government		282			286			58			281			285			46			12
Alt-A		33,719			30,954			6,935			35,492			32,816			7,778			136
Other		13,896			13,165			2,715			14,667			13,947			3,049			38
Total single-family		170,770			161,313			28,662			176,400			167,269			31,200			495
Multifamily		1,210			1,217			146			1,230			1,241			175			6
Total individually impaired loans with related allowance recorded		171,980			162,530			28,808			177,630			168,510			31,375			501

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		18,139			16,349			—			16,704			14,876			—			—
Government		60			55			—			61			57			—			—
Alt-A		4,737			3,881			—			3,993			3,119			—			—
Other		1,540			1,358			—			1,240			1,056			—			—
Total single-family		24,476			21,643			—			21,998			19,108			—			—
Multifamily		511			513			—			565			568			—			—
Total individually impaired loans with no related allowance recorded		24,987			22,156			—			22,563			19,676			—			—
Total individually impaired loans⁽²⁾		$	196,967		$	184,686		$	28,808		$	200,193		$	188,186		$	31,375		$	501



	For the Three Months Ended March 31,
	2015									2014
	Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	117,721		$	1,034		$	104		$	123,465		$	1,094		$	140
Government		282			3			—			238			3			—
Alt-A		31,491			251			17			34,337			270			28
Other		13,416			94			7			14,910			103			11
Total single-family		162,910			1,382			128			172,950			1,470			179
Multifamily		1,229			3			—			2,086			23			—
Total individually impaired loans with related allowance recorded		164,139			1,385			128			175,036			1,493			179

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		16,249			247			41			12,646			185			48
Government		59			1			—			93			1			—
Alt-A		3,736			44			7			2,520			41			10
Other		1,301			18			2			891			11			2
Total single-family		21,345			310			50			16,150			238			60
Multifamily		541			1			—			1,826			20			—
Total individually impaired loans with no related allowance recorded		21,886			311			50			17,976			258			60
Total individually impaired loans⁽²⁾		$	186,025		$	1,696		$	178		$	193,012		$	1,751		$	239

__________


⁽¹⁾	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.


⁽²⁾	Includes single-family loans restructured in a TDR with a recorded investment of $181.9 billion and $185.2 billion as of March 31, 2015 and December 31, 2014, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $705 million and $716 million as of March 31, 2015 and December 31, 2014, respectively.

⁽³⁾

Total single-family interest income recognized of $1.7 billion for the three months ended March 31, 2015 consists of $1.4 billion of contractual interest and $276 million of effective yield adjustments. Total single-family interest income recognized of $1.7 billion for the three months ended March 31, 2014 consists of $1.4 billion of contractual interest and $275 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. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs.

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 March 31, 2015 and 2014, the average term extension of a single-family modified loan was 161 months and 159 months, respectively, and the average interest rate reduction was 0.77 and 1.23 percentage points, respectively.

The following table displays the number of loans and recorded investment in loans restructured in a TDR for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		21,407		$	2,945		28,842		$	4,110
Government		74		8			62		8
Alt-A		2,789		438			4,396		740
Other		590		108			1,038		219
Total single-family		24,860		3,499			34,338		5,077
Multifamily		3		5			6		34
Total troubled debt restructurings		24,863		$	3,504		34,344		$	5,111

The following table displays the number of loans and our recorded investment in these loans at the time of payment default for the three months ended March 31, 2015 and 2014 for loans that were restructured 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 March 31,
	2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		6,723		$	1,003		8,598		$	1,310
Government		20		3			18		2
Alt-A		1,153		203			1,444		260
Other		304		66			504		115
Total single-family		8,200		1,275			10,564		1,687
Multifamily		2		4			4		14
Total TDRs that subsequently defaulted		8,202		$	1,279		10,568		$	1,701

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2015

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 allowance for loan losses, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance 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 establishing a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate. We base our allowance 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 and other credit enhancements.

We identify multifamily loans for evaluation for impairment through a credit risk assessment process. 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. We establish a collective loss reserve for all loans in our multifamily guaranty book of business that are not individually impaired using an internal model that applies loss factors to loans in similar risk categories. Our loss factors are developed based on our historical default and loss severity experience.

The following table displays changes in single-family, multifamily and total allowance for loan losses for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015										2014
	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	$	32,956			$	2,221		$	35,177		$	40,202			$	3,105		$	43,307
Provision (benefit) for loan losses⁽¹⁾	205				(147		)	58			(882		)		38			(844		)
Charge-offs⁽²⁾⁽⁵⁾	(5,328		)		(19		)	(5,347		)	(1,447		)		(101		)	(1,548		)
Recoveries	614				8			622			320				71			391
Transfers⁽³⁾	359				(359		)	—			420				(420		)	—
Other⁽⁴⁾	953				51			1,004			133				9			142
Ending balance	$	29,759			$	1,755		$	31,514		$	38,746			$	2,702		$	41,448
Multifamily allowance for loan losses:
Beginning balance	$	161			$	203		$	364		$	319			$	220		$	539
Benefit for loan losses⁽¹⁾	(37		)		(13		)	(50		)	(12		)		(16		)	(28		)
Charge-offs⁽²⁾⁽⁵⁾	(15		)		—			(15		)	(51		)		—			(51		)
Other⁽⁴⁾	5				2			7			2				1			3
Ending balance	$	114			$	192		$	306		$	258			$	205		$	463
Total allowance for loan losses:
Beginning balance	$	33,117			$	2,424		$	35,541		$	40,521			$	3,325		$	43,846
Provision (benefit) for loan losses⁽¹⁾	168				(160		)	8			(894		)		22			(872		)
Charge-offs⁽²⁾⁽⁵⁾	(5,343		)		(19		)	(5,362		)	(1,498		)		(101		)	(1,599		)
Recoveries	614				8			622			320				71			391
Transfers⁽³⁾	359				(359		)	—			420				(420		)	—
Other⁽⁴⁾	958				53			1,011			135				10			145
Ending balance	$	29,873			$	1,947		$	31,820		$	39,004			$	2,907		$	41,911

__________


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


⁽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. Charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.


⁽³⁾	Includes transfers from trusts for delinquent loan purchases.


⁽⁴⁾	Amounts represent changes in other loss reserves which are offset by amounts reflected in benefit for credit losses, charge-offs and recoveries.

⁽⁵⁾

Includes for the three months ended March 31, 2015 charge-offs of (1) $1.8 billion in HFI loans and $724 million in preforeclosure property taxes and insurance receivable in connection with our adoption of the Advisory Bulletin and (2) $1.1 billion in accrued interest receivable that were charged-off in connection with the our adoption of a change in accounting principle related to the treatment of interest previously accrued, but not collected, at the date that loans are placed on nonaccrual status.

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 March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015							December 31, 2014
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	28,662		$	146	$	28,808	$	31,200		$	175	$	31,375
Collectively reserved loans	2,852			160		3,012		3,977			189		4,166
Total allowance for loan losses	$	31,514		$	306	$	31,820	$	35,177		$	364	$	35,541

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	182,956		$	1,730	$	184,686	$	186,377		$	1,809	$	188,186
Collectively reserved loans	2,660,583			191,298		2,851,881		2,672,184			187,424		2,859,608
Total recorded investment in loans	$	2,843,539		$	193,028	$	3,036,567	$	2,858,561		$	189,233	$	3,047,794

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Investments in Securities

3 Months Ended

Mar. 31, 2015

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. The following table displays our investments in trading securities.



	As of
	March 31, 2015			December 31, 2014
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	4,959		$	4,940
Freddie Mac		1,723			1,369
Ginnie Mae		214			166
Alt-A private-label securities		833			920
Subprime private-label securities		876			1,307
CMBS		2,478			2,515
Mortgage revenue bonds		742			722
Other mortgage-related securities		94			99
Total mortgage-related securities		11,919			12,038
U.S. Treasury securities		19,367			19,466
Total trading securities		$	31,286		$	31,504

The following table displays information about our net trading gains and losses.



	For the Three
	Months Ended
	March 31,
	2015		2014
	(Dollars in millions)
Net trading gains	$	36	$	145
Net trading gains recognized in the period related to securities still held at period end	29		135

Available-for-Sale Securities

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

The following table displays the gross realized gains, losses and proceeds on sales of AFS securities.



	For the Three
	Months Ended
	March 31,
	2015		2014
	(Dollars in millions)
Gross realized gains	$	400	$	3
Gross realized losses	7		2
Total proceeds⁽¹⁾	2,112		35

__________


⁽¹⁾	Excludes proceeds from the initial sale of securities from new portfolio securitizations.

The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities.



	As of March 31, 2015
	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		$	5,086		$	336		$	—			$	(15	)	$	5,407
Freddie Mac		4,842			415			—				—			5,257
Ginnie Mae		398			60			—				—			458
Alt-A private-label securities		3,649			819			(4		)		—			4,464
Subprime private-label securities		3,572			1,045			—				(9		)	4,608
CMBS		1,318			52			—				—			1,370
Mortgage revenue bonds		3,344			226			(8		)		(2		)	3,560
Other mortgage-related securities		2,421			187			—				—			2,608
Total		$	24,630		$	3,140		$	(12	)		$	(26	)	$	27,732



	As of December 31, 2014
	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		$	5,330		$	328		$	—			$	(19	)	$	5,639
Freddie Mac		5,100			428			—				—			5,528
Ginnie Mae		416			60			—				—			476
Alt-A private-label securities		4,638			1,055			(15		)		—			5,678
Subprime private-label securities		4,103			1,161			(9		)		(15		)	5,240
CMBS		1,341			56			—				—			1,397
Mortgage revenue bonds		3,859			177			(8		)		(5		)	4,023
Other mortgage-related securities		2,626			183			(23		)		(113		)	2,673
Total		$	27,413		$	3,448		$	(55	)		$	(152	)	$	30,654

__________


⁽¹⁾	Amortized cost consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments as well as net other-than-temporary impairments (“OTTI”) recognized in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.


⁽²⁾	Represents the noncredit component of other-than-temporary impairments losses recorded in “Accumulated other comprehensive income” in our condensed consolidated balance sheets, as well as cumulative changes in fair value of securities for which we previously recognized the credit component of OTTI.


⁽³⁾	Represents the gross unrealized losses on securities for which we have not recognized OTTI.

The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position.



	As of March 31, 2015
	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	)	$	188		$	(13	)	$	525
Alt-A private-label securities		(2		)	100			(2		)	30
Subprime private-label securities		—			—			(9		)	184
Mortgage revenue bonds		(2		)	55			(8		)	86
Total		$	(6	)	$	343		$	(32	)	$	825

	As of December 31, 2014
	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		$	—		$	113		$	(19	)	$	627
Alt-A private-label securities		(2		)	171			(13		)	112
Subprime private-label securities		—			—			(24		)	460
Mortgage revenue bonds		(2		)	47			(11		)	155
Other mortgage-related securities		—			8			(136		)	1,021
Total		$	(4	)	$	339		$	(203	)	$	2,375

Other-Than-Temporary Impairments

We recognized $170 million and $51 million of OTTI for the three months ended March 31, 2015 and 2014, respectively, which are included in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income. During the first three months ended March 31, 2015, other-than-temporary impairments were primarily driven by a change in our intent to sell certain securities. As a result, we recognized the entire difference between the amortized cost basis of these securities and their fair value as OTTI.

The following table displays the modeled attributes, including default rates and severities, which were used to determine as of March 31, 2015 whether our senior interests in certain non-agency mortgage-related securities (including those we intend to sell) will experience a cash shortfall. An estimate of voluntary prepayment rates is also an input to the present value of expected losses.



	As of March 31, 2015
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	105			$	108			$	758			$	115			$	296
Weighted average collateral default⁽¹⁾	25.9		%		24.9		%		8.1		%		16.5		%		11.0		%
Weighted average collateral severities⁽²⁾	54.7				55.0				44.3				38.0				33.7
Weighted average voluntary prepayment rates⁽³⁾	8.0				9.6				13.4				9.4				11.0
Average credit enhancement⁽⁴⁾	38.8				3.6				11.3				24.3				10.1
2005:
Unpaid principal balance	$	7			$	440			$	689			$	131			$	508
Weighted average collateral default⁽¹⁾	44.0		%		30.0		%		17.9		%		26.2		%		15.5		%
Weighted average collateral severities⁽²⁾	65.0				54.2				46.0				54.1				39.2
Weighted average voluntary prepayment rates⁽³⁾	3.9				7.7				10.0				8.5				10.0
Average credit enhancement⁽⁴⁾	59.5				6.8				0.7				28.1				6.1
2006:
Unpaid principal balance	$	5,850			$	318			$	363			$	653			$	786
Weighted average collateral default⁽¹⁾	46.0		%		36.3		%		21.9		%		23.3		%		10.1		%
Weighted average collateral severities⁽²⁾	63.3				35.5				53.2				37.2				38.4
Weighted average voluntary prepayment rates⁽³⁾	2.4				6.8				8.3				7.9				13.2
Average credit enhancement⁽⁴⁾	15.3				—				0.1				1.5				—
2007 & After:
Unpaid principal balance	$	322			$	—			$	—			$	—			$	—
Weighted average collateral default⁽¹⁾	43.2		%		N/A				N/A				N/A				N/A
Weighted average collateral severities⁽²⁾	20.7				N/A				N/A				N/A				N/A
Weighted average voluntary prepayment rates⁽³⁾	1.4				N/A				N/A				N/A				N/A
Average credit enhancement⁽⁴⁾	19.6				N/A				N/A				N/A				N/A
Total:
Unpaid principal balance	$	6,284			$	866			$	1,810			$	899			$	1,590
Weighted average collateral default⁽¹⁾	45.5		%		31.7		%		14.6		%		22.8		%		12.0		%
Weighted average collateral severities⁽²⁾	61.1				46.4				47.8				40.1				37.9
Weighted average voluntary prepayment rates⁽³⁾	2.5				7.6				11.0				8.1				11.8
Average credit enhancement⁽⁴⁾	15.9				3.9				5.0				8.3				3.8

__________


⁽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.

The following table displays activity related to the unrealized credit loss component on debt securities held by us and recognized in our condensed consolidated statements of operations and comprehensive income.



	For the Three Months Ended
	March 31,
	2015			2014
	(Dollars in millions)
Balance, beginning of period	$	5,260		$	7,904
Additions for the credit component on debt securities for which OTTI was not previously recognized	—			1
Additions for the credit component on debt securities for which OTTI was previously recognized	4			39
Reductions for securities no longer in portfolio at period end	(1,093		)	(53		)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis	(1,369		)	(698		)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(58		)	(97		)
Balance, end of period	$	2,744		$	7,096

Maturity Information

The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments, as of March 31, 2015. The 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 March 31, 2015
	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		$	5,086	$	5,407		$	—	$	—		$	253	$	264		$	208	$	226		$	4,625	$	4,917
Freddie Mac		4,842		5,257			—		—			260		274			444		485			4,138		4,498
Ginnie Mae		398		458			—		—			1		1			59		67			338		390
Alt-A private-label securities		3,649		4,464			—		—			—		—			—		—			3,649		4,464
Subprime private-label securities		3,572		4,608			—		—			—		—			—		—			3,572		4,608
CMBS		1,318		1,370			—		—			1,244		1,296			—		—			74		74
Mortgage revenue bonds		3,344		3,560			14		14			106		108			272		274			2,952		3,164
Other mortgage-related securities		2,421		2,608			—		—			—		—			34		38			2,387		2,570
Total		$	24,630	$	27,732		$	14	$	14		$	1,864	$	1,943		$	1,017	$	1,090		$	21,735	$	24,685

- Definition

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

+ References + Details

Financial Guarantees

3 Months Ended

Mar. 31, 2015

Guarantees [Abstract]

Financial Guarantees

We recognize a guaranty obligation for our obligation to stand ready to perform on 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 remaining contractual terms of our guarantees range from 30 days to 38 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.

The following table displays our maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the maximum potential recovery from third parties through available credit enhancements and recourse related to our financial guarantees as of March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015									December 31, 2014
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	16,703		$	209		$	9,576		$	17,184		$	214		$	9,775
Other guaranty arrangements⁽³⁾	18,254			158			4,431			18,781			168			4,447
Total	$	34,957		$	367		$	14,007		$	35,965		$	382		$	14,222

__________


⁽¹⁾	Primarily consists of the unpaid principal balance of the underlying mortgage loans.


⁽²⁾	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. For information on our mortgage insurers, see “Note 13, Concentrations of Credit Risk.”


⁽³⁾	Primarily consists of credit enhancements, long-term standby commitments, and our commitment under the TCLF program.

The fair value of our guaranty obligations associated with the Fannie Mae MBS included in “Investments in securities” in our condensed consolidated balance sheets was $769 million and $797 million as of March 31, 2015 and December 31, 2014, respectively. These Fannie Mae MBS consist primarily of private-label wraps where our guaranty arrangement is with an unconsolidated MBS trust.

Acquired Property Net

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Acquired Property, Net

Acquired property, net consists of held-for-sale foreclosed property received in 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 months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015			2014
	(Dollars in millions)
Beginning balance — Acquired property	$	11,442		$	12,307
Additions	2,935			3,772
Disposals	(4,029		)	(3,335		)
Ending balance — Acquired property	10,348			12,744
Beginning balance — Valuation allowance	(824		)	(686		)
Increase in valuation allowance	(6		)	(98		)
Ending balance — Valuation allowance	(830		)	(784		)
Ending balance — Acquired property, net	$	9,518		$	11,960

- Definition

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.

+ References

Reference 1: 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 2: 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 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=28367877&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=29634951&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=29634951&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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

+ Details

Short-Term Borrowings and Long-Term Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Short-term borrowings and long-term debt

Short-Term Borrowings and Long-Term Debt

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 March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015						December 31, 2014
	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⁾		$	87		—	%		$	50		—	%

Short-term debt of Fannie Mae		$	99,349		0.14	%		$	105,012		0.11	%
Debt of consolidated trusts		1,463			0.12			1,560			0.09
Total short-term debt		$	100,812		0.14	%		$	106,572		0.11	%

__________


⁽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.

Intraday Line of Credit

We periodically use a secured intraday funding line of credit provided by a large financial institution. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As this line of credit is an uncommitted intraday loan facility, we may be unable to draw on it if and when needed. The line of credit under this facility was $15.0 billion as of March 31, 2015 and December 31, 2014. We had no borrowings outstanding from this line of credit as of March 31, 2015.

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 March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015					December 31, 2014
	Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2015 - 2030	$	170,531	2.44	%	2015 - 2030	$	173,010	2.41	%
Medium-term notes⁽²⁾	2015 - 2025	116,246		1.44		2015 - 2024	114,556		1.42
Foreign exchange notes and bonds	2021 - 2028	590		5.37		2021 - 2028	619		5.44
Other	2015 - 2038	31,555		4.57		2015 - 2038	32,322		4.63
Total senior fixed		318,922		2.29			320,507		2.29
Senior floating:
Medium-term notes⁽²⁾	2015 - 2019	18,419		0.18		2015 - 2019	24,469		0.15
Connecticut Avenue Securities⁽³⁾	2023 - 2025	7,530		3.10		2023 - 2024	6,041		2.97
Other⁽⁴⁾	2020 - 2037	391		7.89		2020 - 2037	363		8.71
Total senior floating		26,340		1.10			30,873		0.81
Subordinated debentures	2019	3,940		9.84		2019	3,849		9.93
Secured borrowings⁽⁵⁾	2021 - 2022	189		1.91		2021 - 2022	202		1.90
Total long-term debt of Fannie Mae⁽⁶⁾		349,391		2.29			355,431		2.24
Debt of consolidated trusts⁽⁴⁾	2015 - 2054	2,762,428		2.91		2015 - 2054	2,760,152		3.02
Total long-term debt		$	3,111,819	2.84	%		$	3,115,583	2.93	%

__________


⁽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⁾	Credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to the investors in these securities. Connecticut Avenue Securities are reported at fair value.


⁽⁴⁾	Represents structured debt instruments that are reported at fair value.


⁽⁵⁾	Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.


⁽⁶⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $3.6 billion and $4.1 billion as of March 31, 2015 and December 31, 2014, respectively.

Derivative Instruments

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative instruments are an integral part of our strategy in managing interest rate risk. Derivative instruments may be privately-negotiated, bilateral contracts, or they may be listed and traded on an exchange. We refer to our derivative transactions made pursuant to bilateral contracts as our over-the-counter (“OTC”) derivative transactions and our derivative transactions accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. 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.

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. See “Note 15, Fair Value” for additional information on derivatives recorded at fair value. 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 March 31, 2015 and December 31, 2014.



	As of March 31, 2015										As of December 31, 2014
	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	$	17,739	$	114		$	144,469	$	(9,424	)	$	41,965	$	733		$	123,557	$	(7,125	)
Receive-fixed	141,195		5,508			97,104		(516		)	67,629		4,486			157,272		(1,302		)
Basis	1,769		156			9,100		(3		)	5,769		123			7,100		(2		)
Foreign currency	328		132			260		(48		)	344		144			273		(30		)
Swaptions:
Pay-fixed	7,625		52			21,700		(79		)	11,100		57			26,525		(175		)
Receive-fixed	—		—			23,275		(968		)	750		96			29,525		(816		)
Other⁽¹⁾	1,060		27			12		(1		)	1,071		28			12		(1		)
Total gross risk management derivatives	169,716		5,989			295,920		(11,039		)	128,628		5,667			344,264		(9,451		)
Accrued interest receivable (payable)	—		917			—		(1,232		)	—		749			—		(1,013		)
Netting adjustment⁽²⁾	—		(5,626		)	—		12,036			—		(5,186		)	—		10,194
Total net risk management derivatives	$	169,716	$	1,280		$	295,920	$	(235	)	$	128,628	$	1,230		$	344,264	$	(270	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	10,387	$	51	$	1,493	$	(4	)	$	6,157	$	28	$	428	$	—
Forward contracts to purchase mortgage-related securities	59,334		341		6,748		(14		)	43,533		223		6,112		(8		)
Forward contracts to sell mortgage-related securities	8,548		20		91,558		(549		)	4,886		4		57,910		(336		)
Total mortgage commitment derivatives	$	78,269	$	412	$	99,799	$	(567	)	$	54,576	$	255	$	64,450	$	(344	)
Derivatives at fair value	$	247,985	$	1,692	$	395,719	$	(802	)	$	183,204	$	1,485	$	408,714	$	(614	)

__________


⁽¹⁾	Includes 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 arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. Cash collateral posted was $6.6 billion and $5.3 billion as of March 31, 2015 and December 31, 2014, respectively. Cash collateral received was $161 million and $245 million as of March 31, 2015 and December 31, 2014, respectively.

A majority of our OTC derivative contracts 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 credit ratings were downgraded to established thresholds in these derivative contracts, 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 OTC derivatives with credit-risk-related contingent features that were in a net liability position was $3.1 billion and $2.6 billion as of March 31, 2015 and December 31, 2014, respectively, for which we posted collateral of $2.9 billion and $2.4 billion in the normal course of business as of March 31, 2015 and December 31, 2014, respectively. Had all of the credit-risk-related contingency features underlying these agreements been triggered, an additional $230 million and $269 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 March 31, 2015 and December 31, 2014, respectively. A reduction in our credit ratings may also cause derivatives clearing organizations or their members to demand that we post additional collateral for our cleared derivative contracts.

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. The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives for the three months ended March 31, 2015 and 2014.



	For the Three Months
	Ended March 31,
	2015			2014
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(3,069	)	$	(2,118	)
Receive-fixed	1,847			1,465
Basis	32			35
Foreign currency	(29		)	21
Swaptions:
Pay-fixed	91			(99		)
Receive-fixed	(159		)	(42		)
Other	2			(3		)
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(931		)	(903		)
Receive-fixed interest-rate swaps	692			691
Other	10			13
Total risk management derivatives fair value losses, net	$	(1,514	)	$	(940	)
Mortgage commitment derivatives fair value losses, net	(239		)	(345		)
Total derivatives fair value losses, net	$	(1,753	)	$	(1,285	)

Derivative Counterparty Credit Exposure

Our derivative counterparty credit exposure relates principally to interest rate derivative contracts. We are exposed to the risk that a counterparty in a derivative transaction will default on payments due to us, which may require us to seek a replacement derivative from a different counterparty. This replacement may be at a higher cost, or we may be unable to find a suitable replacement. We manage our derivative counterparty credit exposure relating to our risk management derivative transactions mainly through enforceable master netting arrangements, which allow us to net derivative assets and liabilities with the same counterparty or clearing organization and clearing member. For our risk management derivative transactions, we require counterparties to post collateral, which may include cash, U.S. Treasury securities, agency debt and agency mortgage-related securities.

See “Note 14, Netting Arrangements” for information on our rights to offset assets and liabilities.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The calculation of income available to common stockholders and earnings per share is based on the underlying premise that all income after payment of dividends on preferred shares is available to and will be distributed to common stockholders. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts are available to distribute as dividends to common or preferred stockholders (other than to Treasury as holder of the senior preferred stock).

The following table displays the computation of basic and diluted earnings (loss) per share of common stock for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015				2014
	(Dollars and shares in millions, except per share amounts)
Net income attributable to Fannie Mae		$	1,888			$	5,325
Dividends available for distribution to senior preferred stockholder⁽¹⁾		(1,796		)		(5,692		)
Net income (loss) attributable to common stockholders		$	92			$	(367	)
Weighted-average common shares outstanding—Basic⁽²⁾		5,762				5,762
Convertible preferred stock		131				—
Weighted-average common shares outstanding—Diluted⁽²⁾		5,893				5,762
Earnings (loss) per share:
Basic		$	0.02			$	(0.06	)
Diluted		0.02				(0.06		)

__________


⁽¹⁾	Dividends available for distribution for the three months ended March 31, 2015 and 2014 (relating to the dividend period for the three months ended June 30, 2015 and 2014) were calculated based on our net worth as of March 31, 2015 and 2014 less the applicable capital reserve.


⁽²⁾	Includes 4.6 billion for the three months ended March 31, 2015 and 2014 of weighted average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2015 and 2014.

Segment Reporting

3 Months Ended

Mar. 31, 2015

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. 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, as we separate the activity related to our consolidated trusts from the results generated by our three segments. Our business 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 financial results and the activity related to our consolidated trusts to net income in our condensed consolidated statements of operations and comprehensive income.

The following tables display our business segment financial results for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31, 2015
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾				Total Results
	(Dollars in millions)
Net interest income (loss)	$	9			$	(31	)	$	1,602			$	3,216			$	271		⁽³⁾	$	5,067
Benefit for credit losses	478				55			—				—				—				533
Net interest income after benefit for credit losses	487				24			1,602				3,216				271				5,600
Guaranty fee income (expense)⁽⁴⁾	3,040				340			(227		)		(1,562		)	⁽⁵⁾	(1,560		)	⁽⁵⁾	31			⁽⁵⁾
Investment gains (losses), net	—				9			1,509				(202		)		(974		)	⁽⁶⁾	342
Fair value (losses) gains, net	(4		)		—			(1,970		)		(2		)		57			⁽⁷⁾	(1,919		)
Debt extinguishment gains, net	—				—			2				6				—				8
(Losses) gains from partnership investments⁽⁸⁾	(5		)		212			—				—				—				207
Fee and other income (expense)	172				51			55				(79		)		78				277
Administrative expenses	(484		)		(88		)	(151		)		—				—				(723		)
Foreclosed property (expense) income	(485		)		12			—				—				—				(473		)
TCCA fees⁽⁴⁾	(382		)		—			—				—				—				(382		)
Other (expenses) income	(227		)		(7		)	(2		)		—				26				(210		)
Income before federal income taxes	2,112				553			818				1,377				(2,102		)		2,758
Provision for federal income taxes	(581		)		(70		)	(219		)		—				—				(870		)
Net income attributable to Fannie Mae	$	1,531			$	483		$	599			$	1,377			$	(2,102	)		$	1,888



	For the Three Months Ended March 31, 2014
	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	$	(48	)		$	(22	)	$	1,830			$	2,698			$	280		⁽³⁾	$	4,738
Benefit for credit losses	745				29			—				—				—				774
Net interest income after benefit for credit losses	697				7			1,830				2,698				280				5,512
Guaranty fee income (expense)⁽⁴⁾	2,870				311			(246		)		(1,427		)	⁽⁵⁾	(1,463		)	⁽⁵⁾	45			⁽⁵⁾
Investment gains (losses), net	—				3			1,285				(58		)		(1,135		)	⁽⁶⁾	95
Fair value (losses) gains, net	(5		)		—			(1,337		)		48				104			⁽⁷⁾	(1,190		)
Debt extinguishment (losses) gains, net	—				—			(7		)		7				—				—
Gains from partnership investments⁽⁸⁾	—				45			—				—				—				45
Fee and other income (expense)	144				24			4,133				(76		)		85				4,310
Administrative expenses	(450		)		(73		)	(149		)		—				—				(672		)
Foreclosed property income	257				5			—				—				—				262
TCCA fees⁽⁴⁾	(322		)		—			—				—				—				(322		)
Other expenses	(155		)		(1		)	(8		)		—				(12		)		(176		)
Income before federal income taxes	3,036				321			5,501				1,192				(2,141		)		7,909
(Provision) benefit for federal income taxes	(927		)		9			(1,666		)		—				—				(2,584		)
Net income attributable to Fannie Mae	$	2,109			$	330		$	3,835			$	1,192			$	(2,141	)		$	5,325

__________


⁽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 in the Capital Markets group’s retained mortgage portfolio that on a GAAP basis are eliminated.


⁽⁴⁾	Includes the impact of a 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which must be remitted to Treasury. The resulting revenue is included in guaranty fee income and the expense is recognized as “TCCA fees.”

⁽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 related to unconsolidated Fannie Mae MBS trusts and other credit enhancement arrangements is included in fee and other income in our condensed consolidated statements of operations and comprehensive income.

⁽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 in the Capital Markets group’s retained mortgage 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 in the Capital Markets group’s retained mortgage portfolio.


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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Equity

The following table displays the activity in other comprehensive income (“OCI”), net of tax, by major categories for the three months ended March 31, 2015 and 2014.



		For the Three Months Ended March 31,
		2015			2014
	(Dollars in millions)
Net income		$	1,888		$	5,325
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on AFS securities (net of tax of $13 and $184, respectively)		24			340
Reclassification adjustment for OTTI recognized in net income (net of tax of $60 and $18, respectively)		110			33
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $121 and $-, respectively)		(225		)	(1		)
Other		(1		)	—
Total other comprehensive (loss) income		(92		)	372
Total comprehensive income		$	1,796		$	5,697

The following table displays our accumulated other comprehensive income (“AOCI”) by major categories as of March 31, 2015 and December 31, 2014.



		As of
	March 31,				December 31,
	2015				2014
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax		$	667			$	592
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax		1,363				1,529
Prior service cost and actuarial losses, net of amortization, net of tax		(359		)		(358		)
Other losses		(30		)		(30		)
Accumulated other comprehensive income		$	1,641			$	1,733

The table below displays changes in AOCI, net of tax.



		For the Three Months Ended March 31,
		2015									2014
		AFS⁽¹⁾			Other⁽²⁾			Total			AFS⁽¹⁾			Other			Total
	(Dollars in millions)
Beginning balance		$	2,121		$	(388	)	$	1,733			$	1,627	$	(424	)	$	1,203
OCI before reclassifications		24			—			24				340		—			340
Amounts reclassified from OCI		(115		)	(1		)	(116		)		32		—			32
Net OCI		(91		)	(1		)	(92		)		372		—			372
Ending balance		$	2,030		$	(389	)	$	1,641			$	1,999	$	(424	)	$	1,575

__________


⁽¹⁾	The amounts reclassified from AOCI represent the gain or loss recognized in earnings due to a sale of an AFS security or the recognition of a net impairment recognized in earnings, which are recorded in “Investments gains, net” in our condensed consolidated statements of operations and comprehensive income.


⁽²⁾	The amounts reclassified from AOCI represent activity from our defined benefit pension plans, which is recorded in “Salaries and employee benefits” in our condensed consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

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-Name Staff Accounting Bulletin (SAB)
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-Section C

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-Publisher SEC
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-Number 210
-Section 04
-Article 3

+ Details

Concentrations of Credit Risk

3 Months Ended

Mar. 31, 2015

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

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 our retained mortgage 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 loan-to-value (“LTV”) ratios.

For multifamily loans, management monitors the serious delinquency rate, which is the percentage of loans, based on unpaid principal balance, that are 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, current debt service coverage ratio (“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 March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015⁽¹⁾						December 31, 2014⁽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⁾	1.11	%	0.33	%	1.87	%	1.27	%	0.38	%	1.99	%
Percentage of single-family conventional loans⁽⁴⁾	1.26		0.36		1.78		1.47		0.43		1.89



	As of
	March 31, 2015⁽¹⁾				December 31, 2014⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	5	%	10.43	%	5	%	10.98	%
Geographical distribution:
California	20		0.66		20		0.70
Florida	6		3.91		6		4.42
Illinois	4		2.20		4		2.36
New Jersey	4		5.62		4		5.78
New York	5		4.04		5		4.17
All other states	61		1.43		61		1.52
Product distribution:
Alt-A	4		7.41		4		7.77
Vintages:
2005	3		5.94		3		6.18
2006	3		9.14		3		9.61
2007	4		10.34		4		10.79
2008	2		6.05		2		6.27
All other vintages	88		0.85		88		0.88

__________


⁽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 March 31, 2015 and December 31, 2014.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2015 and December 31, 2014.


⁽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.



	As of
	March 31, 2015⁽¹⁾⁽²⁾				December 31, 2014⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.03	%	0.09	%	0.04	%	0.05	%



	As of
	March 31, 2015⁽¹⁾				December 31, 2014⁽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 LTV ratio:
Greater than 80%	3	%	0.55	%	3	%	0.31	%
Less than or equal to 80%	97		0.08		97		0.04
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		1.27		3		0.83

__________


⁽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 March 31, 2015 and December 31, 2014 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 3 to 6 months but in some cases may be longer.

Other Concentrations

Mortgage Sellers and 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 sellers and servicers are also obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies 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. However, under our revised representation and warranty framework, we no longer require repurchase for loans that have breaches of certain selling representations and warranties if they have met specified criteria for relief. Our business with mortgage servicers is concentrated. Our five largest single-family mortgage servicers, including their affiliates, serviced approximately 45% of our single-family guaranty book of business as of March 31, 2015, compared with 46% as of December 31, 2014. Our ten largest multifamily mortgage servicers, including their affiliates, serviced approximately 68% of our multifamily guaranty book of business as of March 31, 2015, compared with approximately 67% as of December 31, 2014.

If a significant mortgage seller or servicer counterparty, or a number of mortgage sellers or servicers, fails to meet their obligations to us, it could result in an increase in our credit losses and credit-related expense, and have a material adverse effect on our results of operations, liquidity, financial condition and net worth.

Mortgage Insurers. Mortgage insurance “risk in force” generally represents our maximum potential loss recovery under the applicable mortgage insurance policies. We had total mortgage insurance coverage risk in force of $110.6 billion and $109.6 billion on the single-family mortgage loans in our guaranty book of business as of March 31, 2015 and December 31, 2014, respectively, which represented 4% of our single-family guaranty book of business as of March 31, 2015 and December 31, 2014. Our primary mortgage insurance coverage risk in force was $109.8 billion and $108.7 billion as of March 31, 2015 and December 31, 2014, respectively. Our pool mortgage insurance coverage risk in force was $806 million and $852 million as of March 31, 2015 and December 31, 2014, respectively. Our top four mortgage insurance companies provided 79% of our mortgage insurance as of March 31, 2015 and December 31, 2014.

Of our largest primary mortgage insurers, PMI Mortgage Insurance Co. (“PMI”), Triad Guaranty Insurance Corporation (“Triad”) and Republic Mortgage Insurance Company (“RMIC”) are under various forms of supervised control by their state regulators and are in run-off. Entering run-off may close off a source of profits and liquidity that may have otherwise assisted a mortgage insurer in paying claims under insurance policies, and could also cause the quality and speed of its claims processing to deteriorate. These three mortgage insurers provided a combined $11.7 billion, or 11%, of our risk in force mortgage insurance coverage of our single-family guaranty book of business as of March 31, 2015.

Effective April 10, 2015, PMI increased its cash payments on policyholder claims from 67% to 70%, and subsequently paid sufficient amounts of its outstanding deferred payment obligations to bring payment on those claims to 70%. It is uncertain whether PMI will be permitted in the future to pay any remaining deferred policyholder claims or increase or decrease the amount of cash they pay on claims.

Although the financial condition of our mortgage insurer counterparties currently approved to write new business has improved in recent years, there is still risk that these counterparties may fail to fulfill their obligations to pay our 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 our mortgage insurer counterparties, it could result in an increase in our loss reserves, which could adversely affect our results of operations, liquidity, financial condition and net worth.

When we estimate the credit losses that are inherent in our mortgage loans and under the terms of our guaranty obligations we also consider the recoveries that we will receive on primary mortgage insurance, as mortgage insurance recoveries would reduce the severity of the loss associated with defaulted loans. We evaluate the financial condition of our mortgage insurer counterparties and adjust the contractually due recovery amounts to ensure that only probable losses as of the balance sheet date are included in our loss reserve estimate. As a result, if our assessment of one or more of our mortgage insurer counterparties’ ability to fulfill their respective obligations to us worsens, it could result in an increase in our loss reserves. As of March 31, 2015 and December 31, 2014, the amount by which our estimated benefit from mortgage insurance reduced our total loss reserves as of these dates was $2.9 billion and $4.1 billion, respectively.

We had outstanding receivables of $1.5 billion recorded in “Other assets” in our condensed consolidated balance sheets as of March 31, 2015 and $1.4 billion as of December 31, 2014 related to amounts claimed on insured, defaulted loans excluding government insured loans. Of this amount, $360 million as of March 31, 2015 and $269 million as of December 31, 2014 was due from our mortgage sellers or servicers. We assessed the total outstanding receivables for collectibility, and they are recorded net of a valuation allowance of $870 million as of March 31, 2015 and $799 million as of December 31, 2014. The valuation allowance reduces our claim receivable to the amount which is considered probable of collection as of March 31, 2015 and December 31, 2014.

For information on credit risk associated with our derivative transactions and repurchase agreements refer to “Note 9, Derivative Instruments” and “Note 14, Netting Arrangements.”

Netting Arrangements

3 Months Ended

Mar. 31, 2015

Offsetting [Abstract]

Netting Arrangements

We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The table below displays information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014.



	As of March 31, 2015
									Net Amount Presented in the Condensed Consolidated Balance Sheets						Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount				Gross Amount Offset⁽¹⁾										Financial Instruments⁽²⁾				Collateral⁽³⁾				Net Amount
		(Dollars in millions)
Assets:
OTC risk management derivatives		$	5,705			$	(5,705	)		$	—					$	—			$	—			$	—
Cleared risk management derivatives		1,174				79				1,253						—				—				1,253
Mortgage commitment derivatives		412				—				412						(227		)		(3		)		182
Total derivative assets		7,291				(5,626		)		1,665			⁽⁴	⁾		(227		)		(3		)		1,435
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾		39,180				—				39,180						—				(39,180		)		—
Total assets		$	46,471			$	(5,626	)		$	40,845					$	(227	)		$	(39,183	)		$	1,435
Liabilities:
OTC risk management derivatives		$	(8,658	)		$	8,424			$	(234	)				$	—			$	—			$	(234	)
Cleared risk management derivatives		(3,612		)		3,612				—						—				—				—
Mortgage commitment derivatives		(567		)		—				(567		)				227				—				(340		)
Total derivative liabilities		(12,837		)		12,036				(801		)	⁽⁴	⁾		227				—				(574		)
Securities sold under agreements to repurchase or similar arrangements		(87		)		—				(87		)				—				87				—
Total liabilities		$	(12,924	)		$	12,036			$	(888	)				$	227			$	87			$	(574	)



	As of December 31, 2014
									Net Amount Presented in the Condensed Consolidated Balance Sheets						Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount				Gross Amount Offset⁽¹⁾										Financial Instruments⁽²⁾				Collateral⁽³⁾				Net Amount
		(Dollars in millions)
Assets:
OTC risk management derivatives		$	5,461			$	(5,428	)		$	33					$	—			$	(33	)		$	—
Cleared risk management derivatives		927				242				1,169						—				—				1,169
Mortgage commitment derivatives		255				—				255						(116		)		(7		)		132
Total derivative assets		6,643				(5,186		)		1,457			⁽⁴	⁾		(116		)		(40		)		1,301
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾		47,550				—				47,550						—				(47,550		)		—
Total assets		$	54,193			$	(5,186	)		$	49,007					$	(116	)		$	(47,590	)		$	1,301
Liabilities:
OTC risk management derivatives		$	(7,836	)		$	7,567			$	(269	)				$	—			$	—			$	(269	)
Cleared risk management derivatives		(2,627		)		2,627				—						—				—				—
Mortgage commitment derivatives		(344		)		—				(344		)				116				—				(228		)
Total derivative liabilities		(10,807		)		10,194				(613		)	⁽⁴	⁾		116				—				(497		)
Securities sold under agreements to repurchase or similar arrangements		(50		)		—				(50		)				—				50				—
Total liabilities		$	(10,857	)		$	10,194			$	(663	)				$	116			$	50			$	(497	)

__________


⁽¹⁾	Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest.


⁽²⁾	Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets.

⁽³⁾

Represents collateral posted or received that has neither been recognized nor offset in our condensed consolidated balance sheets. Does not include collateral held in excess of our exposure. The fair value of non-cash collateral accepted for OTC risk management derivatives was $5 million and $51 million as of March 31, 2015 and December 31, 2014, respectively. The fair value of non-cash collateral accepted for securities purchased under agreements to resell or similar arrangements was $39.3 billion and $47.6 billion, of which $31.9 billion and $41.9 billion could be sold or repledged as of March 31, 2015 and December 31, 2014, respectively. None of the underlying collateral was sold or repledged as of March 31, 2015 or December 31, 2014. The fair value of non-cash collateral we pledged for securities sold under agreements to repurchase was $87 million and $50 million as of March 31, 2015 and December 31, 2014, respectively, which the counterparty was permitted to sell or repledge.


⁽⁴⁾	Excludes derivative assets of $27 million and $28 million as of March 31, 2015 and December 31, 2014, respectively, and derivative liabilities of $1 million as of March 31, 2015 and December 31, 2014, recognized in our condensed consolidated balance sheets that are not subject to enforceable master netting arrangements.


⁽⁵⁾	Includes $19.0 billion and $16.6 billion of securities purchased under agreements to resell or similar arrangements classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively.

Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets.

We determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and various rules and regulations that would govern the insolvency of a derivative counterparty. The following is a description, under various agreements, of the nature of those rights and their effect or potential effect on our financial position.

The terms of the majority of our contracts for OTC risk management derivatives are governed under master agreements of the International Swaps and Derivatives Association Inc. (“ISDA”). These agreements provide that all transactions entered into under the agreement with the counterparty constitute a single contractual relationship. An event of default by the counterparty allows the early termination of all outstanding transactions under the same ISDA agreement and we may offset all outstanding amounts related to the terminated transactions including collateral posted or received.

The terms of our contracts for cleared derivatives are governed under the rules of the clearing organization and the agreement between us and the clearing member of that clearing organization. In the event of a clearing organization default, all open positions at the clearing organization are closed and a net position (on a clearing member by clearing member basis) is calculated. Unless otherwise transferred, in the event of a clearing member default, all open positions cleared through that clearing member are closed and a net position is calculated.

The terms of our contracts for mortgage commitment derivatives are primarily governed by the Fannie Mae Single-Family Selling Guide (“Guide”), for Fannie Mae-approved lenders, or Master Securities Forward Transaction Agreements (“MSFTA”), for counterparties that are not Fannie Mae-approved lenders. In the event of default by the counterparty, both the Guide and the MSFTA allow us to terminate all outstanding transactions under the applicable agreement and offset all outstanding amounts related to the terminated transactions including collateral posted or received. In addition, under the Guide, upon a lender event of default, we generally may offset any amounts owed to a lender against any amounts a lender may owe us under any other existing agreement, regardless of whether or not such other agreements are in default or payments are immediately due.

The terms of our contracts for securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by Master Repurchase Agreements, which are based on the guidelines prescribed by the Securities Industry and Financial Markets Association. Master Repurchase Agreements provide that all transactions under the agreement constitute a single contractual relationship. An event of default by the counterparty allows the early termination of all outstanding transactions under the same agreement and we may offset all outstanding amounts related to the terminated transactions including collateral posted or received.

We also have securities purchased under agreements to resell which we transact through the Fixed Income Clearing Corporation (“FICC”). Under the rules of the FICC, all agreements for securities purchased under agreements to resell that are submitted to the FICC for clearing become transactions with the FICC that are subject to FICC clearing rules. In the event of a FICC default, all open positions at the FICC are closed and a net position is calculated.

Fair Value

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

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.

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 March 31, 2015 and December 31, 2014.



		Fair Value Measurements as of March 31, 2015
	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:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	4,957		$	2		$	—			$	4,959
Freddie Mac		—			1,723			—			—				1,723
Ginnie Mae		—			214			—			—				214
Alt-A private-label securities		—			261			572			—				833
Subprime private-label securities		—			—			876			—				876
CMBS		—			2,478			—			—				2,478
Mortgage revenue bonds		—			—			742			—				742
Other		—			—			94			—				94
Non-mortgage-related securities:
U.S. Treasury securities		19,367			—			—			—				19,367
Total trading securities		19,367			9,633			2,286			—				31,286
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			5,202			205			—				5,407
Freddie Mac		—			5,252			5			—				5,257
Ginnie Mae		—			458			—			—				458
Alt-A private-label securities		—			1,978			2,486			—				4,464
Subprime private-label securities		—			—			4,608			—				4,608
CMBS		—			1,370			—			—				1,370
Mortgage revenue bonds		—			—			3,560			—				3,560
Other		—			1			2,607			—				2,608
Total available-for-sale securities		—			14,261			13,471			—				27,732
Mortgage loans of consolidated trusts		—			13,760			1,810			—				15,570
Other assets:
Risk management derivatives:
Swaps		—			6,666			161			—				6,827
Swaptions		—			52			—			—				52
Other		—			—			27			—				27
Netting adjustment		—			—			—			(5,626		)		(5,626		)
Mortgage commitment derivatives		—			385			27			—				412
Total other assets		—			7,103			215			(5,626		)		1,692
Total assets at fair value		$	19,367		$	44,757		$	17,782		$	(5,626	)		$	76,280



		Fair Value Measurements as of March 31, 2015
	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 floating		$	—		$	7,529		$	391		$	—		$	7,920
Total of Fannie Mae		—			7,529			391			—			7,920
Of consolidated trusts		—			20,826			547			—			21,373
Total long-term debt		—			28,355			938			—			29,293
Other liabilities:
Risk management derivatives:
Swaps		—			11,078			145			—			11,223
Swaptions		—			1,047			—			—			1,047
Other		—			—			1			—			1
Netting adjustment		—			—			—			(12,036		)	(12,036		)
Mortgage commitment derivatives		—			564			3			—			567
Total other liabilities		—			12,689			149			(12,036		)	802
Total liabilities at fair value		$	—		$	41,044		$	1,087		$	(12,036	)	$	30,095



		Fair Value Measurements as of December 31, 2014
	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:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	4,635		$	305		$	—			$	4,940
Freddie Mac		—			1,369			—			—				1,369
Ginnie Mae		—			166			—			—				166
Alt-A private-label securities		—			323			597			—				920
Subprime private-label securities		—			—			1,307			—				1,307
CMBS		—			2,515			—			—				2,515
Mortgage revenue bonds		—			—			722			—				722
Other		—			—			99			—				99
Non-mortgage-related securities:
U.S. Treasury securities		19,466			—			—			—				19,466
Total trading securities		19,466			9,008			3,030			—				31,504
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			5,639			—			—				5,639
Freddie Mac		—			5,522			6			—				5,528
Ginnie Mae		—			476			—			—				476
Alt-A private-label securities		—			2,538			3,140			—				5,678
Subprime private-label securities		—			—			5,240			—				5,240
CMBS		—			1,397			—			—				1,397
Mortgage revenue bonds		—			—			4,023			—				4,023
Other		—			2			2,671			—				2,673
Total available-for-sale securities		—			15,574			15,080			—				30,654
Mortgage loans of consolidated trusts		—			13,796			1,833			—				15,629
Other assets:
Risk management derivatives:
Swaps		—			6,085			150			—				6,235
Swaptions		—			153			—			—				153
Other		—			—			28			—				28
Netting adjustment		—			—			—			(5,186		)		(5,186		)
Mortgage commitment derivatives		—			251			4			—				255
Total other assets		—			6,489			182			(5,186		)		1,485
Total assets at fair value		$	19,466		$	44,867		$	20,125		$	(5,186	)		$	79,272



		Fair Value Measurements as of December 31, 2014
	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 floating		$	—		$	6,040		$	363		$	—			$	6,403
Total of Fannie Mae		—			6,040			363			—				6,403
Of consolidated trusts		—			18,956			527			—				19,483
Total long-term debt		—			24,996			890			—				25,886
Other liabilities:
Risk management derivatives:
Swaps		—			9,339			133			—				9,472
Swaptions		—			991			—			—				991
Other		—			—			1			—				1
Netting adjustment		—			—			—			(10,194		)		(10,194		)
Mortgage commitment derivatives		—			341			3			—				344
Total other liabilities		—			10,671			137			(10,194		)		614
Total liabilities at fair value		$	—		$	35,667		$	1,027		$	(10,194	)		$	26,500

__________


⁽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 arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received.

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 months ended March 31, 2015 and 2014. 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 for Level 3 assets and liabilities for the three months ended March 31, 2015 and 2014. 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 March 31, 2015
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2015⁽⁵⁾
	Balance, December 31, 2014			Included in Net Income				Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾		Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, March 31, 2015
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	305		$	(27	)			$	—		$	—	$	—		$	—	$	—		$	(278	)	$	2		$	2			$	(19	)
Alt-A private-label securities	597			8					—			—		—			—		(17		)	(44		)	28			572				8
Subprime private-label securities	1,307			1					—			—		(398		)	—		(34		)	—			—			876				107
Mortgage revenue bonds	722			35					—			—		(12		)	—		(3		)	—			—			742				33
Other	99			(2		)			—			—		—			—		(3		)	—			—			94				(2		)
Total trading securities	$	3,030		$	15		(6)(7)		$	—		$	—	$	(410	)	$	—	$	(57	)	$	(322	)	$	30		$	2,286			$	127		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	239	$	(34	)	$	—	$	—		$	—		$	—		$	205			$	—
Freddie Mac	6			—					—			—		—			—		—			(1		)	—			5				—
Alt-A private-label securities	3,140			101					(78		)	—		(556		)	—		(124		)	(310		)	313			2,486				—
Subprime private-label securities	5,240			180					(101		)	—		(565		)	—		(146		)	—			—			4,608				—
Mortgage revenue bonds	4,023			23					52			—		(162		)	—		(376		)	—			—			3,560				—
Other	2,671			(138		)			140			—		—			—		(66		)	—			—			2,607				—
Total available-for-sale securities	$	15,080		$	166		(6)(8)		$	13		$	239	$	(1,317	)	$	—	$	(712	)	$	(311	)	$	313		$	13,471			$	—

Mortgage loans of consolidated trusts	$	1,833		$	34		(6)(7)		$	—		$	3	$	—		$	—	$	(77	)	$	(57	)	$	74		$	1,810			$	19		(6)(7)
Net derivatives	45			27			(7)		—			—		—			—		(6		)	—			—			66				39			(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	$	(28	)			$	—		$	—	$	—		$	—	$	—		$	—		$	—		$	(391	)		$	(28	)
Of consolidated trusts	(527		)	(13		)			—			—		—			—		9			50			(66		)	(547		)		(12		)
Total long-term debt	$	(890	)	$	(41	)	(7)		$	—		$	—	$	—		$	—	$	9		$	50		$	(66	)	$	(938	)		$	(40	)	(7)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2014
				Total (Losses) or Gains or (Realized/Unrealized)																										Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2014⁽⁵⁾
	Balance, December 31, 2013			Included in Net Income				Included in Other Comprehensive Income⁽¹⁾		Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, March 31, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	42		$	(1	)		$	—	$	—	$	—		$	—		$	(2	)	$	(39	)	$	—		$	—			$	—
Freddie Mac	2			—				—		—		—			—			—			(2		)	—			—				—
Alt-A private-label securities	618			19				—		—		—			—			(16		)	(76		)	110			655				17
Subprime private-label securities	1,448			76				—		—		—			—			(71		)	—			—			1,453				76
Mortgage revenue bonds	565			40				—		—		—			—			(4		)	—			—			601				40
Other	99			5				—		—		—			—			(2		)	—			—			102				5
Total trading securities	$	2,774		$	139		(7)	$	—	$	—	$	—		$	—		$	(95	)	$	(117	)	$	110		$	2,811			$	138		(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	7		$	—			$	—	$	—	$	—		$	—		$	—		$	(2	)	$	—		$	5			$	—
Freddie Mac	8			—				—		—		—			—			—			—			—			8				—
Alt-A private-label securities	3,791			13				73		—		—			—			(88		)	(609		)	390			3,570				—
Subprime private-label securities	7,068			33				219		—		—			—			(290		)	—			—			7,030				—
Mortgage revenue bonds	5,253			(20		)		193		—		(19		)	—			(401		)	—			—			5,006				—
Other	2,885			3				41		—		—			—			(85		)	—			—			2,844				—
Total available-for-sale securities	$	19,012		$	29		(6)(8)	$	526	$	—	$	(19	)	$	—		$	(864	)	$	(611	)	$	390		$	18,463			$	—

Mortgage loans of consolidated trusts	$	2,704		$	25		(6)(7)	$	—	$	24	$	—		$	—		$	(81	)	$	(148	)	$	84		$	2,608			$	11		(6)(7)
Net derivatives	(40		)	30			(7)	—		—		—			—			(12		)	(1		)	—			(23		)		11			(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(955	)	$	(90	)		$	—	$	—	$	—		$	(750	)	$	20		$	1,465		$	—		$	(310	)		$	(44	)
Of consolidated trusts	(518		)	(1		)		—		—		—			—			18			19			(24		)	(506		)		(1		)
Total long-term debt	$	(1,473	)	$	(91	)	(7)	$	—	$	—	$	—		$	(750	)	$	38		$	1,484		$	(24	)	$	(816	)		$	(45	)	(7)

__________


⁽¹⁾	Gains (losses) included in other comprehensive income are included in “Changes in unrealized gains on AFS, net of reclassification adjustments and taxes” in the condensed consolidated statements of operations and comprehensive income.


⁽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 private-label mortgage-related securities backed by Alt-A loans and credit risk sharing securities issued under our CAS series. Prices for these securities were obtained from multiple third-party vendors or dealers. Transfers out of Level 3 also occurred for mortgage loans of consolidated trusts for which unobservable inputs used in valuations became less significant. 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 OTTI are not considered unrealized and are not included in this amount.


⁽⁶⁾	Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income.


⁽⁷⁾	Gains (losses) are included in “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income.


⁽⁸⁾	Gains (losses) are included in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.

The following table displays valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014.



	Fair Value Measurements as of March 31, 2015
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	$	2	Other
Alt-A private-label securities⁽³⁾	95		Single Vendor	Default Rate (%)	8.8			8.8
				Prepayment Speed (%)	2.3			2.3
				Severity (%)	82.2			82.2
				Spreads (bps)	281.2			281.2
	78		Consensus	Default Rate (%)	4.7	-	14.2	6.3
				Prepayment Speed (%)	2.5	-	13.2	4.3
				Severity (%)	36.4	-	46.5	38.1
				Spreads (bps)	230.0	-	253.6	249.6
	372		Consensus
	27		Other
Total Alt-A private-label securities	572
Subprime private-label securities⁽³⁾	322		Consensus	Default Rate (%)	4.3	-	9.8	5.9
				Prepayment Speed (%)	2.0	-	3.3	2.4
				Severity (%)	65.0	-	95.0	82.9
				Spreads (bps)	255.0			255.0
	281		Consensus
	121		Discounted Cash Flow	Default Rate (%)	5.4			5.4
				Prepayment Speed (%)	2.2			2.2
				Severity (%)	60.7			60.7
				Spreads (bps)	255.0			255.0
	152		Other
Total subprime private-label securities	876
Mortgage revenue bonds	723		Discounted Cash Flow	Spreads (bps)	27.5	-	323.4	253.1
	19		Other
Total mortgage revenue bonds	742
Other	94		Single Vendor	Spreads (bps)	383.4			383.4
Total trading securities	$	2,286



	Fair Value Measurements as of March 31, 2015
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	210	Other
Alt-A private-label securities⁽³⁾	266		Single Vendor	Default Rate (%)	1.7	-	10.4	4.7
				Prepayment Speed (%)	0.4	-	9.1	4.5
				Severity (%)	34.4	-	94.9	60.7
				Spreads (bps)	190.1	-	330.0	246.5
	784		Consensus	Default Rate (%)	0.0	-	15.2	4.3
				Prepayment Speed (%)	0.2	-	34.4	12.0
				Severity (%)	15.9	-	95.0	65.3
				Spreads (bps)	144.9	-	230.0	225.8
	795		Consensus
	224		Dealer Mark
	243		Discounted Cash Flow	Default Rate (%)	1.8	-	5.4	3.0
				Prepayment Speed (%)	6.2	-	15.2	9.4
				Severity (%)	35.0	-	64.0	54.6
				Spreads (bps)	188.0	-	348.5	296.8
	174		Other
Total Alt-A private-label securities	2,486
Subprime private-label securities⁽³⁾	286		Single Vendor
	2,362		Consensus	Default Rate (%)	1.0	-	91.8	6.6
				Prepayment Speed (%)	0.1	-	21.5	2.4
				Severity (%)	28.0	-	95.0	82.8
				Spreads (bps)	145.0	-	255.0	208.9
	1,233		Consensus
	232		Dealer Mark	Default Rate (%)	8.5	-	9.0	8.8
				Prepayment Speed (%)	1.8	-	2.0	1.9
				Severity (%)	77.8	-	95.0	86.9
				Spreads (bps)	205.0			205.0
	247		Dealer Mark
	248		Other
Total subprime private-label securities	4,608
Mortgage revenue bonds	1,365		Single Vendor	Spreads (bps)	10.0	-	466.6	71.3
	229		Single Vendor
	267		Dealer Mark	Spreads (bps)	197.2	-	316.1	299.0
	1,517		Discounted Cash Flow	Spreads (bps)	10.0	-	396.6	244.6
	182		Other
Total mortgage revenue bonds	3,560
Other	713		Consensus	Default Rate (%)	0.0	-	5.0	4.2
				Prepayment Speed (%)	3.0	-	14.2	4.3
				Severity (%)	0.0	-	95.0	61.1
				Spreads (bps)	205.0	-	428.3	289.2
	206		Consensus
	364		Dealer Mark	Default Rate (%)	5.0			5.0
				Prepayment Speed (%)	3.0			3.0
				Severity (%)	85.0			85.0
				Spreads (bps)	245.4	-	410.5	299.6



	473		Dealer Mark
	600		Discounted Cash Flow	Default Rate (%)	0.0	-	1.8	0.0
				Prepayment Speed (%)	0.0	-	8.0	0.0
				Severity (%)	0.0	-	95.0	0.2
				Spreads (bps)	230.0	-	336.0	321.8
	251		Other
Total other	2,607
Total available-for-sale securities	$	13,471



	Fair Value Measurements as of March 31, 2015
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	900		Build-Up	Default Rate (%)	0.0	-	98.0	14.9
					Prepayment Speed (%)	3.8	-	99.7	16.9
					Severity (%)	0.0	-	100.0	24.1
	363			Consensus
	360			Discounted Cash Flow	Default Rate (%)	0.0	-	13.3	4.6
					Prepayment Speed (%)	0.1	-	11.6	7.3
					Severity (%)	53.3	-	95.0	80.3
					Spreads (bps)	145.0	-	655.0	212.6
	4			Other
Total single-family	1,627
Multifamily	183			Build-Up	Spreads (bps)	56.0	-	340.4	146.5
Total mortgage loans of consolidated trusts	$	1,810
Net derivatives	$	(119	)	Internal Model
	160			Dealer Mark
	25			Other
Total net derivatives	$	66
Long-term debt:
Of Fannie Mae:
Senior floating	$	(391	)	Discounted Cash Flow
Total of Fannie Mae	(391		)
Of consolidated trusts⁽⁴⁾	(290		)	Consensus
	(156		)	Discounted Cash Flow	Default Rate (%)	0.0	-	5.0	2.3
					Prepayment Speed (%)	0.1	-	100.0	30.8
					Severity (%)	60.0	-	95.0	76.9
					Spreads (bps)	66.0	-	655.0	245.8
	(101		)	Other
Total of consolidated trusts	(547		)
Total long-term debt	$	(938	)



	Fair Value Measurements as of December 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾⁽⁴⁾	$	153	Single Vendor	Prepayment Speed (%)	100.0			100.0
				Spreads (bps)	256.5	-	350.8	293.4
	130		Consensus	Prepayment Speed (%)	100.0			100.0
				Spreads (bps)	184.6	-	219.5	197.5
	22		Other
Total Agency	305
Alt-A private-label securities⁽³⁾	290		Single Vendor	Default Rate (%)	8.3	-	9.1	8.5
				Prepayment Speed (%)	2.9	-	3.2	3.1
				Severity (%)	79.5	-	95.0	90.4
				Spreads (bps)	267.2	-	308.2	279.4
	66		Consensus	Default Rate (%)	5.4			5.4
				Prepayment Speed (%)	7.0			7.0
				Severity (%)	48.8			48.8
				Spreads (bps)	264.8			264.8
	151		Consensus
	90		Other
Total Alt-A private-label securities	597
Subprime private-label securities⁽³⁾	422		Consensus	Default Rate (%)	3.5	-	11.8	7.2
				Prepayment Speed (%)	1.4	-	5.2	2.8
				Severity (%)	72.1	-	95.0	85.9
				Spreads (bps)	265.0			265.0
	549		Consensus
	290		Discounted Cash Flow	Default Rate (%)	4.3	-	6.2	5.2
				Prepayment Speed (%)	2.3	-	4.2	3.3
				Severity (%)	62.2	-	95.0	73.8
				Spreads (bps)	265.0	-	382.1	283.7
	46		Other
Total subprime private-label securities	1,307
Mortgage revenue bonds	161		Dealer Mark	Spreads (bps)	288.1			288.1
	540		Discounted Cash Flow	Spreads (bps)	6.0	-	318.0	263.0
	21		Other
Total mortgage revenue bonds	722
Other	99		Dealer Mark
Total trading securities	$	3,030



	Fair Value Measurements as of December 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾				Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	6	Other
Alt-A private-label securities⁽³⁾	322		Single Vendor	Default Rate (%)	0.2		-	13.1	4.6
				Prepayment Speed (%)	0.2		-	20.5	8.2
				Severity (%)	27.8		-	89.7	61.0
				Spreads (bps)	190.0		-	315.0	264.9
	493		Single Vendor
	1,187		Consensus	Default Rate (%)	0.4		-	31.2	5.1
				Prepayment Speed (%)	0.1		-	48.9	11.0
				Severity (%)	0.2		-	95.0	59.6
				Spreads (bps)	183.8		-	240.0	236.7
	691		Consensus
	403		Discounted Cash Flow	Default Rate (%)	5.0		-	11.5	7.0
				Prepayment Speed (%)	0.5		-	8.4	3.4
				Severity (%)	35.1		-	92.4	54.2
				Spreads (bps)	188.0		-	340.0	243.4
	44		Other
Total Alt-A private-label securities	3,140
Subprime private-label securities⁽³⁾	383		Single Vendor	Default Rate (%)	2.1		-	8.3	5.5
				Prepayment Speed (%)	1.5		-	3.3	2.1
				Severity (%)	65.4		-	95.0	78.5
				Spreads (bps)	215.0		-	262.0	230.0
	2,722		Consensus	Default Rate (%)	1.5		-	37.4	6.3
				Prepayment Speed (%)	0.1		-	17.7	2.6
				Severity (%)	1.5		-	95.0	84.4
				Spreads (bps)	155.0		-	265.0	220.0
	1,755		Consensus
	317		Discounted Cash Flow	Default Rate (%)	3.0		-	12.3	7.0
				Prepayment Speed (%)	1.1		-	9.0	4.1
				Severity (%)	28.9		-	91.8	81.2
				Spreads (bps)	155.0		-	895.0	250.5
	63		Other
Total subprime private-label securities	5,240
Mortgage revenue bonds	1,504		Single Vendor	Spreads (bps)	(11.5	)	-	361.5	52.7
	418		Single Vendor
	510		Dealer Mark	Spreads (bps)	222.8		-	322.1	265.9
	1,581		Discounted Cash Flow	Spreads (bps)	(11.5	)	-	620.2	251.4
	10		Other
Total mortgage revenue bonds	4,023
Other	337		Single Vendor	Default Rate (%)	1.7		-	5.0	4.4
				Prepayment Speed (%)	3.0		-	9.3	3.8
				Severity (%)	4.0		-	94.6	69.6
				Spreads (bps)	263.1		-	427.2	291.5
	720		Consensus	Default Rate (%)	0.1		-	6.6	3.9
				Prepayment Speed (%)	3.0		-	30.4	4.8
				Severity (%)	0.4		-	95.0	62.4
				Spreads (bps)	215.0		-	481.4	320.6
	1,215		Dealer Mark
	399		Other
Total other	2,671
Total available-for-sale securities	$	15,080



	Fair Value Measurements as of December 31, 2014
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	934		Build-Up	Default Rate (%)	0.0	-	99.0	14.9
					Prepayment Speed (%)	3.6	-	99.8	16.3
					Severity (%)	3.4	-	100.0	23.7
	279			Consensus
	402			Discounted Cash Flow	Default Rate (%)	2.7	-	13.1	5.5
					Prepayment Speed (%)	0.1	-	13.5	7.5
					Severity (%)	35.5	-	95.0	61.3
					Spreads (bps)	155.0	-	665.0	227.4
	39			Other
Total single-family	1,654
Multifamily	179			Build-Up	Spreads (bps)	59.0	-	323.4	137.3
Total mortgage loans of consolidated trusts	$	1,833
Net derivatives	$	(107	)	Internal Model
	150			Dealer Mark
	2			Other
Total net derivatives	$	45
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	Discounted Cash Flow
Of consolidated trusts⁽⁴⁾	(219		)	Consensus
	(205		)	Discounted Cash Flow	Default Rate (%)	2.7	-	11.9	4.0
					Prepayment Speed (%)	0.1	-	100.0	33.4
					Severity (%)	35.5	-	95.0	54.6
					Spreads (bps)	88.0	-	665.0	249.4
	(103		)	Other
Total of consolidated trusts	(527		)
Total long-term debt	$	(890	)

_________

⁽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 using discounted cash flows.


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.


⁽³⁾	Default Rate as disclosed represents the estimated beginning annualized rate of default and is used as a basis to forecast the future default rates that serve as an input for valuation.


⁽⁴⁾	Includes instruments for which the prepayment speed as disclosed represents the estimated annualized rate of prepayment after all prepayment penalty provisions have expired and also instruments for which prepayment speed as disclosed represents the estimated rate of prepayment over the remaining life of the instrument.

In our condensed consolidated balance sheets certain assets and liabilities are measured 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 loans for impairment). We did not have any Level 1 assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014. We held $7 million and $93 million Level 2 assets, comprised of mortgage loans held for sale, and no Level 2 liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014, respectively.

The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014. 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 (Level 3) as of
	Valuation Techniques	March 31, 2015			December 31, 2014
			(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus		$	202		$	110
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		13,540			16,654
	Consensus		271			—
Of consolidated trusts	Other		20			60
Total single-family mortgage loans held for investment, at amortized cost			13,831			16,714
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions		83			45
	Asset Manager Estimate		557			580
	Other		11			—
Total multifamily mortgage loans held for investment, at amortized cost			651			625
Acquired property, net:
Single-family	Accepted Offers		873			864
	Appraisals		1,194			1,509
	Walk Forwards		800			1,173
	Internal Model		967			1,045
	Other		172			191
Total single-family			4,006			4,782
Multifamily	Accepted Offers		13			—
	Broker Price Opinions		35			127
	Other		—			13
Total multifamily			48			140
Other assets	Other		27			45
Total nonrecurring assets at fair value			$	18,765		$	22,416

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 for classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy in more specific situations.

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.

We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy. We classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. 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.

A description of our securities valuation techniques is as follows:

Single Vendor: This valuation technique utilizes one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above.

Dealer Mark: This valuation technique utilizes one dealer price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above.

Consensus: This technique utilizes an average of two or more vendor prices for similar securities. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above.

Discounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data, we estimate the fair value of a portion of our securities using a discounted cash flow technique that uses inputs such as default rates, prepayment speeds, loss severity and spreads based on market assumptions where available.

For 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 loan valuation techniques is as follows:

Build-up: We derive the fair value of mortgage loans using a build-up valuation technique. In the build-up valuation technique we start with the base value for our Fannie Mae MBS and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We use observable market values of Fannie Mae MBS with similar characteristics, either on a pool or loan level, 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. 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 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 also estimate the fair value of the GO using our current guaranty pricing and adjust that pricing, as appropriate, for the seasoning of the collateral when such transactions reflect credit characteristics of loans held in our portfolio. As a result, the fair value of our mortgage loans will change when the pricing for our credit guaranty changes in the GSE securitization market.

Our performing 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 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 certain key factors, including collateral value, cash flow characteristics and mortgage insurance repayment. Collateral value is derived from the current estimated mark-to-market LTV ratio of the individual loan and, where appropriate, a state-level distressed property sales discount. Cash flow characteristics include attributes such as the weighted average coupon rate and loan payment history. The fair value of mortgage insurance is estimated by taking the loan level coverage and adjusting it by the expected claims paying ability of the associated mortgage insurer. The expected claims paying abilities used for estimating the fair value of mortgage insurance are consistent with our credit loss forecast. Fair value is estimated from the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

We estimate the fair value for a portion of our senior-subordinated trust structures using the average of two or more vendor prices at the security level as a proxy for estimating loan fair value. 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. We also estimate the fair value of our reverse mortgages using the single vendor valuation technique. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

Internal Model: For loans whose value it has been determined should be based on collateral value, we use an internal proprietary distressed home price model. The internal model used in this process takes one of two approaches when valuing the collateral.

The first approach relies on comparable foreclosed property sales to estimate the value of the target collateral. The comparable foreclosed property sales approach uses various factors such as geographic distance, transaction time and the value difference. The second approach referred to as the median Metropolitan Statistical Area (“MSA”) is based on the median of all the foreclosure sales of REOs in a specific MSA. Using this sales price, MSA level discount is computed and applied to the estimated non distressed value to derive an estimated fair value. If there are not enough REO sales in a specific MSA, a median state level foreclosure discount is used to estimate the fair value.

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 median MSA is based on historical accuracy. 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. 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 capitalization rates, which are determined through market extraction and the debt service coverage ratio. 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 and market conditions. 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 next highest priority valuation methodology available, 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 March 31, 2015, these methodologies comprised approximately 71% of our valuations, while accepted offers comprised approximately 25% of our valuations. Based on the number of properties measured as of December 31, 2014, these methodologies comprised approximately 77% of our valuations, while accepted offers comprised approximately 19% of our valuations.

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

A description of our acquired property significant valuation techniques 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.

We review the appraisals and broker price opinions received to determine if they have been performed in accordance with applicable standards and if the results are consistent with our observed transactions on similar properties. We make necessary adjustments as required.

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.

A description of our derivatives valuation techniques is as follows:

Internal Model: We use internal models to value interest rate swaps which 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 an internal 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.

Dealer Mark: 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 that use observable market data, quotes and actual transaction price levels adjusted for market movement are typically classified as Level 2 of the valuation hierarchy. To the extent mortgage commitment derivatives include adjustments for market movement that cannot be corroborated by observable market data, we classify them 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 Fannie Mae debt instruments and debt of consolidated trusts with embedded derivatives, which are recorded in our condensed consolidated balance sheets at fair value on a recurring basis.

We classify debt instruments that have quoted market prices in active markets for similar liabilities when traded as assets as Level 2 of the valuation hierarchy. For all valuation techniques used for debts instruments where there is limited activity or less transparency around these inputs to the valuation, these debt instruments are classified as Level 3 of the valuation hierarchy.

A description of our debt valuation techniques is as follows:

Consensus: We estimate the fair value of debt of Fannie Mae and our debt of consolidated trusts using an average of two or more vendor prices or dealer marks that represents estimated fair value for similar liabilities when traded as assets.

Single Vendor: We estimate the fair value of debt of Fannie Mae and our debt of consolidated trusts using a single vendor price that represents estimated fair value for these liabilities when traded as assets.

Discounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data, we estimate the fair value of a portion of the debt of Fannie Mae and our debt of consolidated trusts using a discounted cash flow technique that uses spreads based on market assumptions where available.

The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “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 and Verification Group is responsible for the estimation and verification of the fair value for the majority of our financial assets and financial liabilities, including review of material assumptions used when market-based inputs do not exist. The Pricing and Verification Group also provides a quarterly update to the Valuation Oversight Committee (“VOC”) on relevant market information, pricing trends, significant valuation challenges and the resolution of those challenges. The Pricing and Verification Group resides within our Finance Division and is independent of any trading or market related activities. Fair value measurements for acquired property and collateral dependent loans are determined by other valuation groups in the Finance Division.

Our 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, models 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, Enterprise Risk Management 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 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 and Verification 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 vendors 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.

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 oversight from the Model Risk Management Group, which is responsible for establishing risk management controls and for reviewing models used in the determination of fair value measurements for financial reporting. 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 distressed home price model using actual offers in recently observed transactions. The model’s performance is reviewed on a monthly basis by the REO valuation team and compared quarterly to specific model performance thresholds. The results of the validation are regularly reviewed with the VOC.

Our Property Valuation Review Group reviews appraisals and broker price opinions to determine the most appropriate value by comparing data within these products with current comparable properties and market data. We conduct regular performance reviews of the counterparties that provide products and services for this process. In addition, valuation results and trend analyses are reviewed regularly by management responsible for valuing and disposing of real estate.

Fair Value of Financial Instruments

The following table displays the carrying value and estimated fair value of our financial instruments as of March 31, 2015 and December 31, 2014. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans 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 March 31, 2015
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	65,299	$	46,349	$	18,950	$	—	$	—		$	65,299
Federal funds sold and securities purchased under agreements to resell or similar arrangements	20,230		—		20,230		—		—			20,230
Trading securities	31,286		19,367		9,633		2,286		—			31,286
Available-for-sale securities	27,732		—		14,261		13,471		—			27,732
Mortgage loans held for sale	613		—		153		567		—			720
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	235,827		—		31,127		214,493		—			245,620
Of consolidated trusts	2,776,676		—		2,644,458		204,706		—			2,849,164
Mortgage loans held for investment	3,012,503		—		2,675,585		419,199		—			3,094,784
Advances to lenders	6,361		—		5,901		443		—			6,344
Derivative assets at fair value	1,692		—		7,103		215		(5,626		)	1,692
Guaranty assets and buy-ups	201		—		—		599		—			599
Total financial assets	$	3,165,917	$	65,716	$	2,751,816	$	436,780	$	(5,626	)	$	3,248,686

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	87	$	—	$	87	$	—	$	—		$	87
Short-term debt:
Of Fannie Mae	99,349		—		99,361		—		—			99,361
Of consolidated trusts	1,463		—		—		1,463		—			1,463
Long-term debt:
Of Fannie Mae	349,391		—		363,358		994		—			364,352
Of consolidated trusts	2,762,428		—		2,830,632		22,826		—			2,853,458
Derivative liabilities at fair value	802		—		12,689		149		(12,036		)	802
Guaranty obligations	367		—		—		1,536		—			1,536
Total financial liabilities	$	3,213,887	$	—	$	3,306,127	$	26,968	$	(12,036	)	$	3,321,059



	As of December 31, 2014
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	54,565	$	37,965	$	16,600	$	—	$	—		$	54,565
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950		—		30,950		—		—			30,950
Trading securities	31,504		19,466		9,008		3,030		—			31,504
Available-for-sale securities	30,654		—		15,574		15,080		—			30,654
Mortgage loans held for sale	331		—		169		169		—			338
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	239,243		—		29,896		217,064		—			246,960
Of consolidated trusts	2,779,920		—		2,657,863		183,263		—			2,841,126
Mortgage loans held for investment	3,019,163		—		2,687,759		400,327		—			3,088,086
Advances to lenders	5,559		—		5,079		470		—			5,549
Derivative assets at fair value	1,485		—		6,489		182		(5,186		)	1,485
Guaranty assets and buy-ups	210		—		—		616		—			616
Total financial assets	$	3,174,421	$	57,431	$	2,771,628	$	419,874	$	(5,186	)	$	3,243,747

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	50	$	—	$	50	$	—	$	—		$	50
Short-term debt:
Of Fannie Mae	105,012		—		105,022		—		—			105,022
Of consolidated trusts	1,560		—		—		1,560		—			1,560
Long-term debt:
Of Fannie Mae	355,431		—		367,703		982		—			368,685
Of consolidated trusts	2,760,152		—		2,815,843		19,334		—			2,835,177
Derivative liabilities at fair value	614		—		10,671		137		(10,194		)	614
Guaranty obligations	382		—		—		1,579		—			1,579
Total financial liabilities	$	3,223,201	$	—	$	3,299,289	$	23,592	$	(10,194	)	$	3,312,687

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.

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 collateral that is easily traded. 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.” 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.

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 (that is, 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 similar 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 $3.5 billion as of March 31, 2015 and $3.3 billion as of December 31, 2014. The total fair value of our mortgage loans that have been refinanced under HARP as presented in the table above was $310.2 billion as of March 31, 2015 and $314.0 billion as of December 31, 2014.

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. If we were 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 inputs.

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 as Level 3. 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 also classified as Level 3.

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 an option-adjusted spread that is calibrated using a representative sample of interest-only swaps that reference Fannie Mae MBS. We believe the remitted fee income is less liquid than interest-only swaps and more like an excess servicing strip. Therefore, we take a further discount of the present value for these liquidity considerations. This discount is based on market quotes from third-party pricing services.

The fair value of the guaranty assets includes the fair value of any associated buy-ups.

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 as Level 3. The valuation methodology and inputs used in estimating the fair value of the guaranty obligations are described under “Fair Value Measurement—Mortgage Loans Held for Investment, Build-up.”

Fair Value Option

We elected the fair value option for our credit risk sharing debt securities issued under our CAS series and certain loans of consolidated trusts that 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 such instruments.

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

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 March 31, 2015 and December 31, 2014.



		As of
		March 31, 2015									December 31, 2014
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	15,570		$	7,920		$	21,373		$	15,629		$	6,403		$	19,483
Unpaid principal balance		14,817			7,803			19,364			15,001			6,512			17,810

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $235 million and $240 million as of March 31, 2015 and December 31, 2014, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of March 31, 2015 and December 31, 2014 was $68 million and $75 million, respectively. Includes loans that are 90 days or more past due with a fair value of $261 million and $271 million as of March 31, 2015 and December 31, 2014, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of March 31, 2015 and December 31, 2014 was $74 million and $78 million, 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 for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015											2014
	Loans			Long-Term Debt				Total Losses				Loans		Long-Term Debt				Total (Losses)Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	(12	)		$	(193	)		$	(205	)	$	9		$	(51	)		$	(42	)
Other changes in fair value	167				(188		)		(21		)	123			(116		)		7
Fair value gains (losses), net	$	155			$	(381	)		$	(226	)	$	132		$	(167	)		$	(35	)

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.

- Definition

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.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
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 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 have substantial and valid defenses to the claims in the proceedings described below and intend to defend these matters vigorously. However, 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 courts will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel may view the evidence and applicable law. Further, FHFA adopted a regulation in 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 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 matters when a loss is probable and we can reasonably estimate the amount of such loss. For legal actions or proceedings where there is only a reasonable possibility that a loss may be incurred, or where we are not currently able to estimate the reasonably possible loss or range of loss, we do not establish a reserve. 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 indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. 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. 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 also advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to our bylaws and indemnification agreements. 2008 Class Action Lawsuits and Related Proceedings In re Fannie Mae 2008 Securities Litigation In a consolidated amended complaint filed in 2009 in the U.S. District Court for the Southern District of New York, lead plaintiffs Massachusetts Pension Reserves Investment Management Board and Boston Retirement Board (for common shareholders) and Tennessee Consolidated Retirement System (for preferred shareholders) alleged 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 alleged 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 sought various forms of relief, including rescission, damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. On July 15, 2014, the parties reached an agreement in principle to settle the litigation. On March 3, 2015, the court granted final approval of the settlement and entered an order and judgment effecting the settlement. The settlement amount did not materially impact our results of operations or financial condition. The time for filing an appeal has expired, and this matter is concluded with respect to Fannie Mae. In re 2008 Fannie Mae ERISA Litigation In a consolidated complaint filed in 2009 in the U.S. District Court for the Southern District of New York, plaintiffs alleged that certain of our current and former officers and directors, including members of Fannie Mae’s Benefit Plans Committee and the Compensation Committee of Fannie Mae’s Board of Directors during the relevant time periods, 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 purported to represent a class of participants and beneficiaries of the ESOP whose accounts invested in Fannie Mae common stock beginning April 17, 2007. Plaintiffs sought unspecified damages, attorneys’ fees and other fees and costs, and injunctive and other equitable relief. On October 31, 2014, we reached an agreement in principle with plaintiffs that would resolve this matter on behalf of all parties. The proposed settlement amount did not impact our results of operations or financial condition. On April 17, 2015, plaintiffs filed a motion for preliminary approval of the settlement, which the court granted on May 5, 2015. Comprehensive Investment Services v. Mudd 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 U.S. District Court for 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 alleged 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 sought relief in the form of rescission, actual damages, punitive damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. On February 26, 2015, Fannie Mae and plaintiff reached an agreement in principle to settle the litigation. The settlement amount did not materially impact our results of operations or financial condition. As a result of the settlement and at the request of the parties, the court dismissed the case with prejudice on April 28, 2015. Smith v. Fannie Mae This individual securities action was originally filed on February 25, 2010, by plaintiff Edward Smith against us, certain of our former officers, and certain of our underwriters, in the U.S. District Court for the Central District of California. On April 12, 2010, this case was transferred to the U.S. District Court for 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 alleged 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 sought relief in the form of rescission, actual damages (including interest), and exemplary and punitive damages. On December 9, 2014, Fannie Mae and plaintiff reached an agreement in principle to settle the litigation. The settlement amount did not materially impact our results of operations or financial condition. As a result of the settlement and at the request of the parties, the court dismissed the case with prejudice on April 27, 2015. Senior Preferred Stock Purchase Agreements Litigation A number of putative class action lawsuits were filed in the U.S. District Court for the District of Columbia against us, FHFA as our conservator, Treasury and Freddie Mac from July through September 2013 by shareholders of Fannie Mae and/or Freddie Mac challenging the August 2012 amendment to each company’s senior preferred stock purchase agreement with Treasury. These lawsuits were consolidated and, on December 3, 2013, plaintiffs (preferred and common shareholders of Fannie Mae and/or Freddie Mac) filed a consolidated class action complaint in the U.S. District Court for the District of Columbia against us, FHFA as our conservator, Treasury and Freddie Mac (“In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations”). The preferred shareholder plaintiffs allege that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments to the senior preferred stock purchase agreements nullified certain of the shareholders’ rights, particularly the right to receive dividends. The common shareholder plaintiffs allege that the August 2012 amendments constituted a taking of their property by requiring that all future profits of Fannie Mae and Freddie Mac be paid to Treasury. Plaintiffs allege claims for breach of contract and breach of the implied covenant of good faith and fair dealing against us, FHFA and Freddie Mac, a takings claim against FHFA and Treasury, and a breach of fiduciary duty claim derivatively on our and Freddie Mac’s behalf against FHFA and Treasury. Plaintiffs seek to represent several classes of preferred and/or common shareholders of Fannie Mae and/or Freddie Mac who held stock as of the public announcement of the August 2012 amendments. Plaintiffs seek unspecified damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. A non-class action suit, Arrowood Indemnity Company v. Fannie Mae, was filed in the U.S. District Court for the District of Columbia on September 20, 2013 by preferred shareholders against us, FHFA as our conservator, the Director of FHFA (in his official capacity), Treasury, the Secretary of the Treasury (in his official capacity) and Freddie Mac. Plaintiffs bring claims for breach of contract and breach of the implied covenant of good faith and fair dealing against us, FHFA and Freddie Mac, and claims for violation of the Administrative Procedure Act against the FHFA and Treasury defendants, alleging that the net worth sweep provisions nullified certain rights of the preferred shareholders, particularly the right to receive dividends. Plaintiffs seek damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. On September 30, 2014, the court dismissed both lawsuits and plaintiffs in both suits filed timely notices of appeal. On October 27, 2014, the U.S. Court of Appeals for the D.C. Circuit consolidated these appeals with appeals in two other cases involving the same subject matter, but to which we are not a party. Given the stage of these lawsuits, the substantial and novel legal questions that remain, and our substantial defenses, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
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. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ condensed consolidated financial statements. Results for the three months ended March 31, 2015 may not necessarily be indicative of the results for the year ending December 31, 2015. The unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2015 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, 2014 (“2014 Form 10-K”), filed with the SEC on February 20, 2015. Changes in Accounting Principle—Nonaccrual Loans Effective January 1, 2015, we changed our policy for the treatment of interest previously accrued but not collected at the date both single-family and multifamily loans are placed on nonaccrual status. Specifically, interest previously accrued but not collected will be reversed through interest income at the date a loan is placed on nonaccrual status. Previously, when a loan was placed on nonaccrual status, interest previously accrued but not collected became part of each loan’s recorded investment and was reviewed either individually or collectively for impairment. We also changed our policy for when a non-modified single-family loan is returned to accrual status. Effective January 1, 2015, a non-modified single-family loan will be returned to accrual status at the point that the borrower brings the loan current. Previously, a non-modified single-family loan was returned to accrual status at the point that the borrower had made sufficient payments to reduce the delinquency status below our nonaccrual threshold of 60 days past due. We have concluded that these changes in accounting principle are preferable as we align our nonaccrual policy with industry practice. This alignment increases comparability of our financial statements to these entities, resulting in improved financial reporting. As these changes to our nonaccrual policy were not material to our financial statements, we wrote off the accrued interest receivable balance on our nonaccrual loans, as well as the corresponding allowance that related to that interest, as an adjustment to current period provision for loan losses and did not retrospectively adjust the condensed consolidated financial statements for this change. Change in Accounting Principle—Loans Held for Sale Effective January 1, 2015, we changed our policy for calculating the lower of cost or fair value adjustment on loans that have been designated as held for sale (“HFS”). Specifically, our lower of cost or fair value calculation will be performed at an individual loan level on the date of re-designation (if previously held for investment (“HFI”)) and for all subsequent periods in which a loan is classified as HFS. Previously, the initial lower of cost or fair value adjustment on the date of re-designation was calculated at a loan level whereas the subsequent lower of cost or fair value adjustments were calculated at a pool level. We have concluded that this change in accounting policy is preferable as it will align the unit of account that is used for both the initial and subsequent lower of cost or market measurements on our HFS portfolio. Additionally, by performing the lower of cost or fair value calculation at the loan level, the adjustment will be calculated on a more disaggregated basis. As this change in accounting policy is not material to our financial statements, we recorded the impact of this change in accounting principle as an adjustment to current period fair value losses and did not retrospectively adjust the consolidated financial statements for this change.
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, recoverability of our deferred tax assets and allowance for loan losses. Actual results could be different from these estimates. In April 2012, FHFA issued Advisory Bulletin AB 2012-02, “Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention” (the “Advisory Bulletin”), which prescribes, among other things, classification of loans by risk category and provides guidance on when a loan should be charged off. The provisions of the Advisory Bulletin led us to re-evaluate our estimate of when a loan is deemed uncollectible. For the vast majority of our delinquent single-family loans, we will continue to charge-off the loan at the date of foreclosure or other liquidation event (such as a deed-in-lieu of foreclosure or a short sale). For a relatively small subset of delinquent loans deemed to be uncollectible prior to foreclosure based upon our historical data, we charge off the portion of the loan (including preforeclosure property taxes and insurance receivable that pertain to such loans) deemed to be uncollectible prior to the date of foreclosure or other liquidation event, which given our current credit analytics and historical data, is when the loans are excessively delinquent and the outstanding loan balance exceeds the fair value of the underlying property. This change in estimate resulted in the recognition on January 1, 2015 of (1) $1.8 billion in charge-offs of HFI loans, (2) $724 million in charge-offs of preforeclosure property taxes and insurance receivable and (3) a reduction to our allowance for loan losses and our allowance for preforeclosure property taxes and insurance receivable in amounts equal to charge-offs recognized in connection with HFI loans and preforeclosure property taxes and insurance receivable. We continue to enhance our data collection and analysis efforts to further refine our loss estimates as we obtain incremental information on the performance of our loans.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Guidance Effective January 1, 2015, we prospectively adopted guidance issued by the FASB clarifying when a creditor is considered to have received physical possession of residential real estate property collateralized by a consumer mortgage loan. The adoption of this guidance resulted in a clarification to our policy to align our definition of when we have taken physical possession of real estate with the new guidance; however it did not impact the timing of derecognition of loan receivable and recognition of real estate property in our financial statements. The new guidance also requires us to disclose the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. See “Note 3, Mortgage Loans” for additional information regarding the disclosure required upon adoption of this guidance. Effective January 1, 2015, we prospectively adopted guidance issued by the FASB related to the classification of government guaranteed mortgage loans upon foreclosure. The impact of the adoption was not material to the condensed consolidated balance sheets. In February 2015, the FASB issued guidance regarding consolidation of legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance removes the specialized consolidation model surrounding limited partnerships and similar entities and amends the requirements that such entities must meet to qualify as voting interest entities. In addition, the guidance eliminates certain of the conditions for evaluating whether fees paid to a decision maker or service provider represent a variable interest. The new guidance is effective for us on January 1, 2016 with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements.

Consolidation and Transfer of Financial Assets (Policies)	3 Months Ended
	Mar. 31, 2015
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 and mortgage-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 and limited partnerships.
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 retained mortgage portfolio in a portfolio securitization transaction.

- Definition

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.

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Mortgage Loans Policy (Policies)	3 Months Ended
Mortgage Loans Policy (Policies)	Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block]	We report the recorded investment of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and accrued interest receivable. We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and an allowance for loan losses.
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block]	We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in our condensed consolidated statements of operations and comprehensive income.
Nonaccrual Loans [Policy Text Block]	Nonaccrual Policy We discontinue accruing interest on loans when we believe collectability of principal or interest is not reasonably assured, which for a single-family loan we have determined, based on our historical experience, to be when the loan becomes two months or more past due according to its contractual terms. We generally place a multifamily loan on nonaccrual status when the loan is deemed to be individually impaired, unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. Effective January 1, 2015, we changed our policy for the treatment of interest previously accrued but not collected at the date both single-family and multifamily loans are placed on nonaccrual status. Specifically, interest previously accrued but not collected will be reversed through interest income at the date a loan is placed on nonaccrual status. Previously, when a loan was placed on nonaccrual status, interest previously accrued but not collected became part of the loan’s recorded investment and was reviewed either individually or collectively for impairment. We also changed our policy for when a non-modified single-family loan is returned to accrual status. Effective January 1, 2015, a non-modified single-family loan will be returned to accrual status at the point that the borrower brings the loan current. Previously, a non-modified single-family loan was returned to accrual status at the point that the borrower had made sufficient payments to reduce their delinquency status below our nonaccrual threshold of 60 days past due. We did not change our policy for returning modified single-family loans to accrual status. We return modified single-family loans to accrual status at the point that the borrower successfully makes all required payments during the trial period (generally three to four months) and modification is made permanent. See “Note 1, Summary of Significant Accounting Policies” for additional information on such changes in accounting policy. Changes to our nonaccrual policy were limited to those described above. For most single-family loans, we continue to recognize interest income for loans on nonaccrual status when cash is received. However, if a single-family loan was charged off prior to foreclosure, all payments received are applied on a cost recovery basis to reduce principal on the mortgage loan. We stop applying the cost recovery approach on those single-family loans when they are brought current either through borrower payments or modification and there has been a sufficient performance period to demonstrate that the borrower has the ability and intent to make the remaining payments on their mortgage loans. For multifamily loans, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan unless the loan is determined to be well secured. We generally return a multifamily loan to accrual status and stop applying the cost recovery approach when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectability is reasonably assured.
Troubled Debt Restructurings [Policy Text Block]	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. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs.

- Definition

Disclosure of accounting policy for those finance, loan and lease receivables classified as held for investment. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the allowance for loan and lease losses is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of commitment and other fees and loan origination costs (including, if applicable, how the entity accounts for fees and costs associated with credit cards that are either purchased or originated) (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status (for impaired loans, the policy for recognizing interest income on such loans, including how cash receipts are recorded) and (7) the treatment of foreclosures or repossessions.

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Allowance for Loan Losses Policy (Policies)	3 Months Ended
Allowance for Loan Losses Policy (Policies)	Mar. 31, 2015
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 allowance for loan losses, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance 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 establishing a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate. We base our allowance 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 and other credit enhancements. We identify multifamily loans for evaluation for impairment through a credit risk assessment process. 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. We establish a collective loss reserve for all loans in our multifamily guaranty book of business that are not individually impaired using an internal model that applies loss factors to loans in similar risk categories. Our loss factors are developed based on our historical default and loss severity experience.

Investment in Securities Policies (Policies)	3 Months Ended
Investment in Securities Policies (Policies)	Mar. 31, 2015
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.
Marketable Securities, 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 net of tax, as a component of “Other comprehensive income” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.

Acquired Property Net (Policies)	3 Months Ended
Acquired Property Net (Policies)	Mar. 31, 2015
Real Estate [Abstract]
Acquired Property Held-For-Sale Foreclosed Assets Policy [Policy Text Block]	Acquired property, net consists of held-for-sale foreclosed property received in 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.

Derivative Instruments (Policies)	3 Months Ended
Derivative Instruments (Policies)	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [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. See “Note 15, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows. 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.

- Definition

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

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Segment Reporting Policy (Policies)	3 Months Ended
Segment Reporting Policy (Policies)	Mar. 31, 2015
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. 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, as we separate the activity related to our consolidated trusts from the results generated by our three segments. Our business 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 financial results and the activity related to our consolidated trusts to net income in our condensed consolidated statements of operations and comprehensive income.

Netting Arrangements (Policies)	3 Months Ended
Netting Arrangements (Policies)	Mar. 31, 2015
Offsetting [Abstract]
Derivatives, Offsetting Policy [Policy Text Block]	We determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and various rules and regulations that would govern the insolvency of a derivative counterparty. Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets.

Fair Value (Policies)	3 Months Ended
Fair Value (Policies)	Mar. 31, 2015
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. Fair Value Option We elected the fair value option for our credit risk sharing debt securities issued under our CAS series and certain loans of consolidated trusts that 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 such instruments. 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 “Interest income—Mortgage loans” and interest expense for the debt instruments is recorded in “Interest expense—Long-term debt” in our condensed consolidated statements of operations and comprehensive income.

Commitments and Contingencies Policy (Policies)	3 Months Ended
Commitments and Contingencies Policy (Policies)	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Policy [Policy Text Block]	On a quarterly 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 matters when a loss is probable and we can reasonably estimate the amount of such loss. For legal actions or proceedings where there is only a reasonable possibility that a loss may be incurred, or where we are not currently able to estimate the reasonably possible loss or range of loss, we do not establish a reserve.

Consolidations and Transfers of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2015

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 mortgage-backed trusts, as well as our maximum exposure to loss and the total assets of these unconsolidated mortgage-backed trusts.



	As of
	March 31, 2015				December 31, 2014
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae securities		$	4,818			$	4,790
Non-Fannie Mae securities		6,938				7,073
Total trading securities		11,756				11,863
Available-for-sale securities:
Fannie Mae securities		4,939				5,043
Non-Fannie Mae securities		20,458				22,776
Total available-for-sale securities		25,397				27,819
Other assets		107				111
Other liabilities		(871		)		(1,440		)
Net carrying amount		$	36,389			$	38,353
Maximum exposure to loss		$	42,479			$	45,311
Total assets of unconsolidated mortgage-backed trusts		$	253,415			$	253,554

- Definition

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.

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Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2015

Mortgage Loans on Real Estate [Line Items]

Loans in Mortgage Portfolio [Table Text Block]

The following table displays the carrying value of our mortgage loans as of March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015												December 31, 2014
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	258,350			$	2,558,761			$	2,817,111			$	262,116			$	2,569,884			$	2,832,000
Multifamily		20,714				170,302				191,016				23,255				164,045				187,300
Total unpaid principal balance of mortgage loans		279,064				2,729,063				3,008,127				285,371				2,733,929				3,019,300
Cost basis and fair value adjustments, net		(12,775		)		49,584				36,809				(12,705		)		48,440				35,735
Allowance for loan losses for loans held for investment		(29,873		)		(1,947		)		(31,820		)		(33,117		)		(2,424		)		(35,541		)
Total mortgage loans		$	236,416			$	2,776,700			$	3,013,116			$	239,549			$	2,779,945			$	3,019,494

Aging Analysis [Table Text Block]



	As of March 31, 2015
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			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		$	25,087		$	7,045		$	34,166		$	66,298	$	2,582,073	$	2,648,371		$	56	$	41,132
Government⁽²⁾		54			18			298			370		44,211		44,581			298		—
Alt-A		3,743			1,321			9,429			14,493		93,801		108,294			7		10,743
Other		1,347			446			3,103			4,896		37,397		42,293			7		3,534
Total single-family		30,231			8,830			46,996			86,057		2,757,482		2,843,539			368		55,409
Multifamily⁽³⁾		98			N/A			135			233		192,795		193,028			—		807
Total		$	30,329		$	8,830		$	47,131		$	86,290	$	2,950,277	$	3,036,567		$	368	$	56,216



	As of December 31, 2014
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			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		$	29,130		$	8,396		$	38,248		$	75,774	$	2,580,446	$	2,656,220		$	55	$	46,556
Government⁽²⁾		63			26			305			394		44,927		45,321			305		—
Alt-A		4,094			1,414			11,603			17,111		95,650		112,761			8		13,007
Other		1,520			516			3,763			5,799		38,460		44,259			6		4,259
Total single-family		34,807			10,352			53,919			99,078		2,759,483		2,858,561			374		63,822
Multifamily⁽³⁾		60			N/A			89			149		189,084		189,233			—		823
Total		$	34,867		$	10,352		$	54,008		$	99,227	$	2,948,567	$	3,047,794		$	374	$	64,645

__________


⁽¹⁾	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.


⁽²⁾	Primarily consists of reverse mortgages which, due to their nature, are not aged and are included in the current column.


⁽³⁾	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 unpaid principal balance, recorded investment and related allowance as of March 31, 2015 and December 31, 2014, and average recorded investment and interest income recognized for the three months ended March 31, 2015 and 2014, for individually impaired loans.



	As of
	March 31, 2015									December 31, 2014
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses			Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses			Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	122,873		$	116,908		$	18,954		$	125,960		$	120,221		$	20,327		$	309
Government		282			286			58			281			285			46			12
Alt-A		33,719			30,954			6,935			35,492			32,816			7,778			136
Other		13,896			13,165			2,715			14,667			13,947			3,049			38
Total single-family		170,770			161,313			28,662			176,400			167,269			31,200			495
Multifamily		1,210			1,217			146			1,230			1,241			175			6
Total individually impaired loans with related allowance recorded		171,980			162,530			28,808			177,630			168,510			31,375			501

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		18,139			16,349			—			16,704			14,876			—			—
Government		60			55			—			61			57			—			—
Alt-A		4,737			3,881			—			3,993			3,119			—			—
Other		1,540			1,358			—			1,240			1,056			—			—
Total single-family		24,476			21,643			—			21,998			19,108			—			—
Multifamily		511			513			—			565			568			—			—
Total individually impaired loans with no related allowance recorded		24,987			22,156			—			22,563			19,676			—			—
Total individually impaired loans⁽²⁾		$	196,967		$	184,686		$	28,808		$	200,193		$	188,186		$	31,375		$	501



	For the Three Months Ended March 31,
	2015									2014
	Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	117,721		$	1,034		$	104		$	123,465		$	1,094		$	140
Government		282			3			—			238			3			—
Alt-A		31,491			251			17			34,337			270			28
Other		13,416			94			7			14,910			103			11
Total single-family		162,910			1,382			128			172,950			1,470			179
Multifamily		1,229			3			—			2,086			23			—
Total individually impaired loans with related allowance recorded		164,139			1,385			128			175,036			1,493			179

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		16,249			247			41			12,646			185			48
Government		59			1			—			93			1			—
Alt-A		3,736			44			7			2,520			41			10
Other		1,301			18			2			891			11			2
Total single-family		21,345			310			50			16,150			238			60
Multifamily		541			1			—			1,826			20			—
Total individually impaired loans with no related allowance recorded		21,886			311			50			17,976			258			60
Total individually impaired loans⁽²⁾		$	186,025		$	1,696		$	178		$	193,012		$	1,751		$	239

__________


⁽¹⁾	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.


⁽²⁾	Includes single-family loans restructured in a TDR with a recorded investment of $181.9 billion and $185.2 billion as of March 31, 2015 and December 31, 2014, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $705 million and $716 million as of March 31, 2015 and December 31, 2014, respectively.

⁽³⁾

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 months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		21,407		$	2,945		28,842		$	4,110
Government		74		8			62		8
Alt-A		2,789		438			4,396		740
Other		590		108			1,038		219
Total single-family		24,860		3,499			34,338		5,077
Multifamily		3		5			6		34
Total troubled debt restructurings		24,863		$	3,504		34,344		$	5,111



	For the Three Months Ended March 31,
	2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		6,723		$	1,003		8,598		$	1,310
Government		20		3			18		2
Alt-A		1,153		203			1,444		260
Other		304		66			504		115
Total single-family		8,200		1,275			10,564		1,687
Multifamily		2		4			4		14
Total TDRs that subsequently defaulted		8,202		$	1,279		10,568		$	1,701

Single-Family [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]



	As of
	March 31, 2015⁽¹⁾							December 31, 2014⁽¹⁾
	Primary		Alt-A		Other			Primary		Alt-A		Other
	(Dollars in millions)
Estimated mark-to-market loan-to-value ratio:⁽²⁾
Less than or equal to 80%	$	2,126,305	$	58,557		$	21,584	$	2,156,165	$	60,851		$	22,558
Greater than 80%and less than or equal to 90%	270,619		14,661			5,756		261,709		15,151			6,046
Greater than 90%and less than or equal to 100%	154,066		12,135			5,023		140,778		12,490			5,236
Greater than 100%and less than or equal to 110%	43,305		8,503			3,692		43,014		8,998			3,900
Greater than 110% and less than or equal to 120%	23,264		5,707			2,517		23,439		6,033			2,615
Greater than 120% and less than or equal to 125%	7,445		2,000			848		7,529		2,114			904
Greater than 125%	23,367		6,731			2,873		23,586		7,124			3,000
Total	$	2,648,371	$	108,294		$	42,293	$	2,656,220	$	112,761		$	44,259

__________


⁽¹⁾	Excludes $44.6 billion and $45.3 billion as of March 31, 2015 and December 31, 2014, 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 loan-to-value (“LTV”) ratio.


⁽²⁾	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.

Multifamily [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]



	As of
	March 31,			December 31,
	2015			2014
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽¹⁾
Pass		$	186,052		$	182,079
Special Mention		3,015			3,070
Substandard		3,953			3,842
Doubtful		8			242
Total		$	193,028		$	189,233

_________

⁽¹⁾

Allowance for Loan Losses Table (Tables)

3 Months Ended

Mar. 31, 2015

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 months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015										2014
	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	$	32,956			$	2,221		$	35,177		$	40,202			$	3,105		$	43,307
Provision (benefit) for loan losses⁽¹⁾	205				(147		)	58			(882		)		38			(844		)
Charge-offs⁽²⁾⁽⁵⁾	(5,328		)		(19		)	(5,347		)	(1,447		)		(101		)	(1,548		)
Recoveries	614				8			622			320				71			391
Transfers⁽³⁾	359				(359		)	—			420				(420		)	—
Other⁽⁴⁾	953				51			1,004			133				9			142
Ending balance	$	29,759			$	1,755		$	31,514		$	38,746			$	2,702		$	41,448
Multifamily allowance for loan losses:
Beginning balance	$	161			$	203		$	364		$	319			$	220		$	539
Benefit for loan losses⁽¹⁾	(37		)		(13		)	(50		)	(12		)		(16		)	(28		)
Charge-offs⁽²⁾⁽⁵⁾	(15		)		—			(15		)	(51		)		—			(51		)
Other⁽⁴⁾	5				2			7			2				1			3
Ending balance	$	114			$	192		$	306		$	258			$	205		$	463
Total allowance for loan losses:
Beginning balance	$	33,117			$	2,424		$	35,541		$	40,521			$	3,325		$	43,846
Provision (benefit) for loan losses⁽¹⁾	168				(160		)	8			(894		)		22			(872		)
Charge-offs⁽²⁾⁽⁵⁾	(5,343		)		(19		)	(5,362		)	(1,498		)		(101		)	(1,599		)
Recoveries	614				8			622			320				71			391
Transfers⁽³⁾	359				(359		)	—			420				(420		)	—
Other⁽⁴⁾	958				53			1,011			135				10			145
Ending balance	$	29,873			$	1,947		$	31,820		$	39,004			$	2,907		$	41,911

__________


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


⁽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. Charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.


⁽³⁾	Includes transfers from trusts for delinquent loan purchases.


⁽⁴⁾	Amounts represent changes in other loss reserves which are offset by amounts reflected in benefit for credit losses, charge-offs and recoveries.

⁽⁵⁾

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



	As of
	March 31, 2015							December 31, 2014
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	28,662		$	146	$	28,808	$	31,200		$	175	$	31,375
Collectively reserved loans	2,852			160		3,012		3,977			189		4,166
Total allowance for loan losses	$	31,514		$	306	$	31,820	$	35,177		$	364	$	35,541

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	182,956		$	1,730	$	184,686	$	186,377		$	1,809	$	188,186
Collectively reserved loans	2,660,583			191,298		2,851,881		2,672,184			187,424		2,859,608
Total recorded investment in loans	$	2,843,539		$	193,028	$	3,036,567	$	2,858,561		$	189,233	$	3,047,794

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Investments in Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities [Table Text Block]

The following table displays our investments in trading securities.



	As of
	March 31, 2015			December 31, 2014
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	4,959		$	4,940
Freddie Mac		1,723			1,369
Ginnie Mae		214			166
Alt-A private-label securities		833			920
Subprime private-label securities		876			1,307
CMBS		2,478			2,515
Mortgage revenue bonds		742			722
Other mortgage-related securities		94			99
Total mortgage-related securities		11,919			12,038
U.S. Treasury securities		19,367			19,466
Total trading securities		$	31,286		$	31,504

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
	Months Ended
	March 31,
	2015		2014
	(Dollars in millions)
Net trading gains	$	36	$	145
Net trading gains recognized in the period related to securities still held at period end	29		135

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
	Months Ended
	March 31,
	2015		2014
	(Dollars in millions)
Gross realized gains	$	400	$	3
Gross realized losses	7		2
Total proceeds⁽¹⁾	2,112		35

__________


⁽¹⁾	Excludes proceeds from the initial sale of securities from new portfolio securitizations.

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

The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities.



	As of March 31, 2015
	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		$	5,086		$	336		$	—			$	(15	)	$	5,407
Freddie Mac		4,842			415			—				—			5,257
Ginnie Mae		398			60			—				—			458
Alt-A private-label securities		3,649			819			(4		)		—			4,464
Subprime private-label securities		3,572			1,045			—				(9		)	4,608
CMBS		1,318			52			—				—			1,370
Mortgage revenue bonds		3,344			226			(8		)		(2		)	3,560
Other mortgage-related securities		2,421			187			—				—			2,608
Total		$	24,630		$	3,140		$	(12	)		$	(26	)	$	27,732



	As of December 31, 2014
	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		$	5,330		$	328		$	—			$	(19	)	$	5,639
Freddie Mac		5,100			428			—				—			5,528
Ginnie Mae		416			60			—				—			476
Alt-A private-label securities		4,638			1,055			(15		)		—			5,678
Subprime private-label securities		4,103			1,161			(9		)		(15		)	5,240
CMBS		1,341			56			—				—			1,397
Mortgage revenue bonds		3,859			177			(8		)		(5		)	4,023
Other mortgage-related securities		2,626			183			(23		)		(113		)	2,673
Total		$	27,413		$	3,448		$	(55	)		$	(152	)	$	30,654

__________


⁽¹⁾	Amortized cost consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments as well as net other-than-temporary impairments (“OTTI”) recognized in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.


⁽²⁾	Represents the noncredit component of other-than-temporary impairments losses recorded in “Accumulated other comprehensive income” in our condensed consolidated balance sheets, as well as cumulative changes in fair value of securities for which we previously recognized the credit component of OTTI.


⁽³⁾	Represents the gross unrealized losses on securities for which we have not recognized OTTI.

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

The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position.



	As of March 31, 2015
	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	)	$	188		$	(13	)	$	525
Alt-A private-label securities		(2		)	100			(2		)	30
Subprime private-label securities		—			—			(9		)	184
Mortgage revenue bonds		(2		)	55			(8		)	86
Total		$	(6	)	$	343		$	(32	)	$	825

	As of December 31, 2014
	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		$	—		$	113		$	(19	)	$	627
Alt-A private-label securities		(2		)	171			(13		)	112
Subprime private-label securities		—			—			(24		)	460
Mortgage revenue bonds		(2		)	47			(11		)	155
Other mortgage-related securities		—			8			(136		)	1,021
Total		$	(4	)	$	339		$	(203	)	$	2,375

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



	As of March 31, 2015
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	105			$	108			$	758			$	115			$	296
Weighted average collateral default⁽¹⁾	25.9		%		24.9		%		8.1		%		16.5		%		11.0		%
Weighted average collateral severities⁽²⁾	54.7				55.0				44.3				38.0				33.7
Weighted average voluntary prepayment rates⁽³⁾	8.0				9.6				13.4				9.4				11.0
Average credit enhancement⁽⁴⁾	38.8				3.6				11.3				24.3				10.1
2005:
Unpaid principal balance	$	7			$	440			$	689			$	131			$	508
Weighted average collateral default⁽¹⁾	44.0		%		30.0		%		17.9		%		26.2		%		15.5		%
Weighted average collateral severities⁽²⁾	65.0				54.2				46.0				54.1				39.2
Weighted average voluntary prepayment rates⁽³⁾	3.9				7.7				10.0				8.5				10.0
Average credit enhancement⁽⁴⁾	59.5				6.8				0.7				28.1				6.1
2006:
Unpaid principal balance	$	5,850			$	318			$	363			$	653			$	786
Weighted average collateral default⁽¹⁾	46.0		%		36.3		%		21.9		%		23.3		%		10.1		%
Weighted average collateral severities⁽²⁾	63.3				35.5				53.2				37.2				38.4
Weighted average voluntary prepayment rates⁽³⁾	2.4				6.8				8.3				7.9				13.2
Average credit enhancement⁽⁴⁾	15.3				—				0.1				1.5				—
2007 & After:
Unpaid principal balance	$	322			$	—			$	—			$	—			$	—
Weighted average collateral default⁽¹⁾	43.2		%		N/A				N/A				N/A				N/A
Weighted average collateral severities⁽²⁾	20.7				N/A				N/A				N/A				N/A
Weighted average voluntary prepayment rates⁽³⁾	1.4				N/A				N/A				N/A				N/A
Average credit enhancement⁽⁴⁾	19.6				N/A				N/A				N/A				N/A
Total:
Unpaid principal balance	$	6,284			$	866			$	1,810			$	899			$	1,590
Weighted average collateral default⁽¹⁾	45.5		%		31.7		%		14.6		%		22.8		%		12.0		%
Weighted average collateral severities⁽²⁾	61.1				46.4				47.8				40.1				37.9
Weighted average voluntary prepayment rates⁽³⁾	2.5				7.6				11.0				8.1				11.8
Average credit enhancement⁽⁴⁾	15.9				3.9				5.0				8.3				3.8

__________


⁽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.

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



	For the Three Months Ended
	March 31,
	2015			2014
	(Dollars in millions)
Balance, beginning of period	$	5,260		$	7,904
Additions for the credit component on debt securities for which OTTI was not previously recognized	—			1
Additions for the credit component on debt securities for which OTTI was previously recognized	4			39
Reductions for securities no longer in portfolio at period end	(1,093		)	(53		)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis	(1,369		)	(698		)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(58		)	(97		)
Balance, end of period	$	2,744		$	7,096

Investments Classified by Contractual Maturity Date [Table Text Block]



	As of March 31, 2015
	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		$	5,086	$	5,407		$	—	$	—		$	253	$	264		$	208	$	226		$	4,625	$	4,917
Freddie Mac		4,842		5,257			—		—			260		274			444		485			4,138		4,498
Ginnie Mae		398		458			—		—			1		1			59		67			338		390
Alt-A private-label securities		3,649		4,464			—		—			—		—			—		—			3,649		4,464
Subprime private-label securities		3,572		4,608			—		—			—		—			—		—			3,572		4,608
CMBS		1,318		1,370			—		—			1,244		1,296			—		—			74		74
Mortgage revenue bonds		3,344		3,560			14		14			106		108			272		274			2,952		3,164
Other mortgage-related securities		2,421		2,608			—		—			—		—			34		38			2,387		2,570
Total		$	24,630	$	27,732		$	14	$	14		$	1,864	$	1,943		$	1,017	$	1,090		$	21,735	$	24,685

Financial Guarantees (Tables)

3 Months Ended

Mar. 31, 2015

Guarantees [Abstract]

Financial Guarantees and Maximum Recovery [Table Text Block]



	As of
	March 31, 2015									December 31, 2014
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	16,703		$	209		$	9,576		$	17,184		$	214		$	9,775
Other guaranty arrangements⁽³⁾	18,254			158			4,431			18,781			168			4,447
Total	$	34,957		$	367		$	14,007		$	35,965		$	382		$	14,222

__________


⁽¹⁾	Primarily consists of the unpaid principal balance of the underlying mortgage loans.


⁽²⁾	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. For information on our mortgage insurers, see “Note 13, Concentrations of Credit Risk.”


⁽³⁾	Primarily consists of credit enhancements, long-term standby commitments, and our commitment under the TCLF program.

Acquired Property Net (Tables)

3 Months Ended

Mar. 31, 2015

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 months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015			2014
	(Dollars in millions)
Beginning balance — Acquired property	$	11,442		$	12,307
Additions	2,935			3,772
Disposals	(4,029		)	(3,335		)
Ending balance — Acquired property	10,348			12,744
Beginning balance — Valuation allowance	(824		)	(686		)
Increase in valuation allowance	(6		)	(98		)
Ending balance — Valuation allowance	(830		)	(784		)
Ending balance — Acquired property, net	$	9,518		$	11,960

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

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Short-term borrowings [Table Text Block]



	As of
	March 31, 2015						December 31, 2014
	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⁾		$	87		—	%		$	50		—	%

Short-term debt of Fannie Mae		$	99,349		0.14	%		$	105,012		0.11	%
Debt of consolidated trusts		1,463			0.12			1,560			0.09
Total short-term debt		$	100,812		0.14	%		$	106,572		0.11	%

__________


⁽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.

Long-term debt [Table Text Block]

The following table displays our outstanding long-term debt as of March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015					December 31, 2014
	Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2015 - 2030	$	170,531	2.44	%	2015 - 2030	$	173,010	2.41	%
Medium-term notes⁽²⁾	2015 - 2025	116,246		1.44		2015 - 2024	114,556		1.42
Foreign exchange notes and bonds	2021 - 2028	590		5.37		2021 - 2028	619		5.44
Other	2015 - 2038	31,555		4.57		2015 - 2038	32,322		4.63
Total senior fixed		318,922		2.29			320,507		2.29
Senior floating:
Medium-term notes⁽²⁾	2015 - 2019	18,419		0.18		2015 - 2019	24,469		0.15
Connecticut Avenue Securities⁽³⁾	2023 - 2025	7,530		3.10		2023 - 2024	6,041		2.97
Other⁽⁴⁾	2020 - 2037	391		7.89		2020 - 2037	363		8.71
Total senior floating		26,340		1.10			30,873		0.81
Subordinated debentures	2019	3,940		9.84		2019	3,849		9.93
Secured borrowings⁽⁵⁾	2021 - 2022	189		1.91		2021 - 2022	202		1.90
Total long-term debt of Fannie Mae⁽⁶⁾		349,391		2.29			355,431		2.24
Debt of consolidated trusts⁽⁴⁾	2015 - 2054	2,762,428		2.91		2015 - 2054	2,760,152		3.02
Total long-term debt		$	3,111,819	2.84	%		$	3,115,583	2.93	%

__________


⁽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⁾	Credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to the investors in these securities. Connecticut Avenue Securities are reported at fair value.


⁽⁴⁾	Represents structured debt instruments that are reported at fair value.


⁽⁵⁾	Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.


⁽⁶⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $3.6 billion and $4.1 billion as of March 31, 2015 and December 31, 2014, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2015 and December 31, 2014.



	As of March 31, 2015										As of December 31, 2014
	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	$	17,739	$	114		$	144,469	$	(9,424	)	$	41,965	$	733		$	123,557	$	(7,125	)
Receive-fixed	141,195		5,508			97,104		(516		)	67,629		4,486			157,272		(1,302		)
Basis	1,769		156			9,100		(3		)	5,769		123			7,100		(2		)
Foreign currency	328		132			260		(48		)	344		144			273		(30		)
Swaptions:
Pay-fixed	7,625		52			21,700		(79		)	11,100		57			26,525		(175		)
Receive-fixed	—		—			23,275		(968		)	750		96			29,525		(816		)
Other⁽¹⁾	1,060		27			12		(1		)	1,071		28			12		(1		)
Total gross risk management derivatives	169,716		5,989			295,920		(11,039		)	128,628		5,667			344,264		(9,451		)
Accrued interest receivable (payable)	—		917			—		(1,232		)	—		749			—		(1,013		)
Netting adjustment⁽²⁾	—		(5,626		)	—		12,036			—		(5,186		)	—		10,194
Total net risk management derivatives	$	169,716	$	1,280		$	295,920	$	(235	)	$	128,628	$	1,230		$	344,264	$	(270	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	10,387	$	51	$	1,493	$	(4	)	$	6,157	$	28	$	428	$	—
Forward contracts to purchase mortgage-related securities	59,334		341		6,748		(14		)	43,533		223		6,112		(8		)
Forward contracts to sell mortgage-related securities	8,548		20		91,558		(549		)	4,886		4		57,910		(336		)
Total mortgage commitment derivatives	$	78,269	$	412	$	99,799	$	(567	)	$	54,576	$	255	$	64,450	$	(344	)
Derivatives at fair value	$	247,985	$	1,692	$	395,719	$	(802	)	$	183,204	$	1,485	$	408,714	$	(614	)

__________


⁽¹⁾	Includes 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 months ended March 31, 2015 and 2014.



	For the Three Months
	Ended March 31,
	2015			2014
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(3,069	)	$	(2,118	)
Receive-fixed	1,847			1,465
Basis	32			35
Foreign currency	(29		)	21
Swaptions:
Pay-fixed	91			(99		)
Receive-fixed	(159		)	(42		)
Other	2			(3		)
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(931		)	(903		)
Receive-fixed interest-rate swaps	692			691
Other	10			13
Total risk management derivatives fair value losses, net	$	(1,514	)	$	(940	)
Mortgage commitment derivatives fair value losses, net	(239		)	(345		)
Total derivatives fair value losses, net	$	(1,753	)	$	(1,285	)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted [Table Text Block]

The following table displays the computation of basic and diluted earnings (loss) per share of common stock for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015				2014
	(Dollars and shares in millions, except per share amounts)
Net income attributable to Fannie Mae		$	1,888			$	5,325
Dividends available for distribution to senior preferred stockholder⁽¹⁾		(1,796		)		(5,692		)
Net income (loss) attributable to common stockholders		$	92			$	(367	)
Weighted-average common shares outstanding—Basic⁽²⁾		5,762				5,762
Convertible preferred stock		131				—
Weighted-average common shares outstanding—Diluted⁽²⁾		5,893				5,762
Earnings (loss) per share:
Basic		$	0.02			$	(0.06	)
Diluted		0.02				(0.06		)

__________


⁽¹⁾	Dividends available for distribution for the three months ended March 31, 2015 and 2014 (relating to the dividend period for the three months ended June 30, 2015 and 2014) were calculated based on our net worth as of March 31, 2015 and 2014 less the applicable capital reserve.


⁽²⁾	Includes 4.6 billion for the three months ended March 31, 2015 and 2014 of weighted average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2015 and 2014.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment results [Table Text Block]

The following tables display our business segment financial results for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31, 2015
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾				Total Results
	(Dollars in millions)
Net interest income (loss)	$	9			$	(31	)	$	1,602			$	3,216			$	271		⁽³⁾	$	5,067
Benefit for credit losses	478				55			—				—				—				533
Net interest income after benefit for credit losses	487				24			1,602				3,216				271				5,600
Guaranty fee income (expense)⁽⁴⁾	3,040				340			(227		)		(1,562		)	⁽⁵⁾	(1,560		)	⁽⁵⁾	31			⁽⁵⁾
Investment gains (losses), net	—				9			1,509				(202		)		(974		)	⁽⁶⁾	342
Fair value (losses) gains, net	(4		)		—			(1,970		)		(2		)		57			⁽⁷⁾	(1,919		)
Debt extinguishment gains, net	—				—			2				6				—				8
(Losses) gains from partnership investments⁽⁸⁾	(5		)		212			—				—				—				207
Fee and other income (expense)	172				51			55				(79		)		78				277
Administrative expenses	(484		)		(88		)	(151		)		—				—				(723		)
Foreclosed property (expense) income	(485		)		12			—				—				—				(473		)
TCCA fees⁽⁴⁾	(382		)		—			—				—				—				(382		)
Other (expenses) income	(227		)		(7		)	(2		)		—				26				(210		)
Income before federal income taxes	2,112				553			818				1,377				(2,102		)		2,758
Provision for federal income taxes	(581		)		(70		)	(219		)		—				—				(870		)
Net income attributable to Fannie Mae	$	1,531			$	483		$	599			$	1,377			$	(2,102	)		$	1,888



	For the Three Months Ended March 31, 2014
	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	$	(48	)		$	(22	)	$	1,830			$	2,698			$	280		⁽³⁾	$	4,738
Benefit for credit losses	745				29			—				—				—				774
Net interest income after benefit for credit losses	697				7			1,830				2,698				280				5,512
Guaranty fee income (expense)⁽⁴⁾	2,870				311			(246		)		(1,427		)	⁽⁵⁾	(1,463		)	⁽⁵⁾	45			⁽⁵⁾
Investment gains (losses), net	—				3			1,285				(58		)		(1,135		)	⁽⁶⁾	95
Fair value (losses) gains, net	(5		)		—			(1,337		)		48				104			⁽⁷⁾	(1,190		)
Debt extinguishment (losses) gains, net	—				—			(7		)		7				—				—
Gains from partnership investments⁽⁸⁾	—				45			—				—				—				45
Fee and other income (expense)	144				24			4,133				(76		)		85				4,310
Administrative expenses	(450		)		(73		)	(149		)		—				—				(672		)
Foreclosed property income	257				5			—				—				—				262
TCCA fees⁽⁴⁾	(322		)		—			—				—				—				(322		)
Other expenses	(155		)		(1		)	(8		)		—				(12		)		(176		)
Income before federal income taxes	3,036				321			5,501				1,192				(2,141		)		7,909
(Provision) benefit for federal income taxes	(927		)		9			(1,666		)		—				—				(2,584		)
Net income attributable to Fannie Mae	$	2,109			$	330		$	3,835			$	1,192			$	(2,141	)		$	5,325

__________


⁽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 in the Capital Markets group’s retained mortgage portfolio that on a GAAP basis are eliminated.


⁽⁴⁾	Includes the impact of a 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which must be remitted to Treasury. The resulting revenue is included in guaranty fee income and the expense is recognized as “TCCA fees.”

⁽⁵⁾

⁽⁶⁾


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


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

Equity (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

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

The following table displays the activity in other comprehensive income (“OCI”), net of tax, by major categories for the three months ended March 31, 2015 and 2014.



		For the Three Months Ended March 31,
		2015			2014
	(Dollars in millions)
Net income		$	1,888		$	5,325
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on AFS securities (net of tax of $13 and $184, respectively)		24			340
Reclassification adjustment for OTTI recognized in net income (net of tax of $60 and $18, respectively)		110			33
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $121 and $-, respectively)		(225		)	(1		)
Other		(1		)	—
Total other comprehensive (loss) income		(92		)	372
Total comprehensive income		$	1,796		$	5,697

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

The following table displays our accumulated other comprehensive income (“AOCI”) by major categories as of March 31, 2015 and December 31, 2014.



		As of
	March 31,				December 31,
	2015				2014
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax		$	667			$	592
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax		1,363				1,529
Prior service cost and actuarial losses, net of amortization, net of tax		(359		)		(358		)
Other losses		(30		)		(30		)
Accumulated other comprehensive income		$	1,641			$	1,733

The table below displays changes in AOCI, net of tax.



		For the Three Months Ended March 31,
		2015									2014
		AFS⁽¹⁾			Other⁽²⁾			Total			AFS⁽¹⁾			Other			Total
	(Dollars in millions)
Beginning balance		$	2,121		$	(388	)	$	1,733			$	1,627	$	(424	)	$	1,203
OCI before reclassifications		24			—			24				340		—			340
Amounts reclassified from OCI		(115		)	(1		)	(116		)		32		—			32
Net OCI		(91		)	(1		)	(92		)		372		—			372
Ending balance		$	2,030		$	(389	)	$	1,641			$	1,999	$	(424	)	$	1,575

__________


⁽¹⁾	The amounts reclassified from AOCI represent the gain or loss recognized in earnings due to a sale of an AFS security or the recognition of a net impairment recognized in earnings, which are recorded in “Investments gains, net” in our condensed consolidated statements of operations and comprehensive income.


⁽²⁾	The amounts reclassified from AOCI represent activity from our defined benefit pension plans, which is recorded in “Salaries and employee benefits” in our condensed consolidated statements of operations and comprehensive income.

Concentrations of Credit Risk (Tables)

3 Months Ended

Mar. 31, 2015

Single-Family [Member]

Concentration Risk [Line Items]

Schedule of Delinquency Status Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2015⁽¹⁾						December 31, 2014⁽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⁾	1.11	%	0.33	%	1.87	%	1.27	%	0.38	%	1.99	%
Percentage of single-family conventional loans⁽⁴⁾	1.26		0.36		1.78		1.47		0.43		1.89

Schedule of Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2015⁽¹⁾				December 31, 2014⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	5	%	10.43	%	5	%	10.98	%
Geographical distribution:
California	20		0.66		20		0.70
Florida	6		3.91		6		4.42
Illinois	4		2.20		4		2.36
New Jersey	4		5.62		4		5.78
New York	5		4.04		5		4.17
All other states	61		1.43		61		1.52
Product distribution:
Alt-A	4		7.41		4		7.77
Vintages:
2005	3		5.94		3		6.18
2006	3		9.14		3		9.61
2007	4		10.34		4		10.79
2008	2		6.05		2		6.27
All other vintages	88		0.85		88		0.88

__________


⁽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 March 31, 2015 and December 31, 2014.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2015 and December 31, 2014.


⁽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.

Multifamily [Member]

Concentration Risk [Line Items]

Schedule of Delinquency Status Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2015⁽¹⁾⁽²⁾				December 31, 2014⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.03	%	0.09	%	0.04	%	0.05	%

Schedule of Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2015⁽¹⁾				December 31, 2014⁽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 LTV ratio:
Greater than 80%	3	%	0.55	%	3	%	0.31	%
Less than or equal to 80%	97		0.08		97		0.04
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		1.27		3		0.83

__________


⁽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 March 31, 2015 and December 31, 2014 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 3 to 6 months but in some cases may be longer.

Netting Arrangements (Tables)

3 Months Ended

Mar. 31, 2015

Offsetting [Abstract]

Offsetting [Table Text Block]

The table below displays information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014.



	As of March 31, 2015
									Net Amount Presented in the Condensed Consolidated Balance Sheets						Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount				Gross Amount Offset⁽¹⁾										Financial Instruments⁽²⁾				Collateral⁽³⁾				Net Amount
		(Dollars in millions)
Assets:
OTC risk management derivatives		$	5,705			$	(5,705	)		$	—					$	—			$	—			$	—
Cleared risk management derivatives		1,174				79				1,253						—				—				1,253
Mortgage commitment derivatives		412				—				412						(227		)		(3		)		182
Total derivative assets		7,291				(5,626		)		1,665			⁽⁴	⁾		(227		)		(3		)		1,435
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾		39,180				—				39,180						—				(39,180		)		—
Total assets		$	46,471			$	(5,626	)		$	40,845					$	(227	)		$	(39,183	)		$	1,435
Liabilities:
OTC risk management derivatives		$	(8,658	)		$	8,424			$	(234	)				$	—			$	—			$	(234	)
Cleared risk management derivatives		(3,612		)		3,612				—						—				—				—
Mortgage commitment derivatives		(567		)		—				(567		)				227				—				(340		)
Total derivative liabilities		(12,837		)		12,036				(801		)	⁽⁴	⁾		227				—				(574		)
Securities sold under agreements to repurchase or similar arrangements		(87		)		—				(87		)				—				87				—
Total liabilities		$	(12,924	)		$	12,036			$	(888	)				$	227			$	87			$	(574	)



	As of December 31, 2014
									Net Amount Presented in the Condensed Consolidated Balance Sheets						Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount				Gross Amount Offset⁽¹⁾										Financial Instruments⁽²⁾				Collateral⁽³⁾				Net Amount
		(Dollars in millions)
Assets:
OTC risk management derivatives		$	5,461			$	(5,428	)		$	33					$	—			$	(33	)		$	—
Cleared risk management derivatives		927				242				1,169						—				—				1,169
Mortgage commitment derivatives		255				—				255						(116		)		(7		)		132
Total derivative assets		6,643				(5,186		)		1,457			⁽⁴	⁾		(116		)		(40		)		1,301
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾		47,550				—				47,550						—				(47,550		)		—
Total assets		$	54,193			$	(5,186	)		$	49,007					$	(116	)		$	(47,590	)		$	1,301
Liabilities:
OTC risk management derivatives		$	(7,836	)		$	7,567			$	(269	)				$	—			$	—			$	(269	)
Cleared risk management derivatives		(2,627		)		2,627				—						—				—				—
Mortgage commitment derivatives		(344		)		—				(344		)				116				—				(228		)
Total derivative liabilities		(10,807		)		10,194				(613		)	⁽⁴	⁾		116				—				(497		)
Securities sold under agreements to repurchase or similar arrangements		(50		)		—				(50		)				—				50				—
Total liabilities		$	(10,857	)		$	10,194			$	(663	)				$	116			$	50			$	(497	)

__________


⁽¹⁾	Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest.


⁽²⁾	Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets.

⁽³⁾


⁽⁴⁾	Excludes derivative assets of $27 million and $28 million as of March 31, 2015 and December 31, 2014, respectively, and derivative liabilities of $1 million as of March 31, 2015 and December 31, 2014, recognized in our condensed consolidated balance sheets that are not subject to enforceable master netting arrangements.


⁽⁵⁾	Includes $19.0 billion and $16.6 billion of securities purchased under agreements to resell or similar arrangements classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively.

Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value [Table Text Block]



		Fair Value Measurements as of March 31, 2015
	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:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	4,957		$	2		$	—			$	4,959
Freddie Mac		—			1,723			—			—				1,723
Ginnie Mae		—			214			—			—				214
Alt-A private-label securities		—			261			572			—				833
Subprime private-label securities		—			—			876			—				876
CMBS		—			2,478			—			—				2,478
Mortgage revenue bonds		—			—			742			—				742
Other		—			—			94			—				94
Non-mortgage-related securities:
U.S. Treasury securities		19,367			—			—			—				19,367
Total trading securities		19,367			9,633			2,286			—				31,286
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			5,202			205			—				5,407
Freddie Mac		—			5,252			5			—				5,257
Ginnie Mae		—			458			—			—				458
Alt-A private-label securities		—			1,978			2,486			—				4,464
Subprime private-label securities		—			—			4,608			—				4,608
CMBS		—			1,370			—			—				1,370
Mortgage revenue bonds		—			—			3,560			—				3,560
Other		—			1			2,607			—				2,608
Total available-for-sale securities		—			14,261			13,471			—				27,732
Mortgage loans of consolidated trusts		—			13,760			1,810			—				15,570
Other assets:
Risk management derivatives:
Swaps		—			6,666			161			—				6,827
Swaptions		—			52			—			—				52
Other		—			—			27			—				27
Netting adjustment		—			—			—			(5,626		)		(5,626		)
Mortgage commitment derivatives		—			385			27			—				412
Total other assets		—			7,103			215			(5,626		)		1,692
Total assets at fair value		$	19,367		$	44,757		$	17,782		$	(5,626	)		$	76,280



		Fair Value Measurements as of March 31, 2015
	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 floating		$	—		$	7,529		$	391		$	—		$	7,920
Total of Fannie Mae		—			7,529			391			—			7,920
Of consolidated trusts		—			20,826			547			—			21,373
Total long-term debt		—			28,355			938			—			29,293
Other liabilities:
Risk management derivatives:
Swaps		—			11,078			145			—			11,223
Swaptions		—			1,047			—			—			1,047
Other		—			—			1			—			1
Netting adjustment		—			—			—			(12,036		)	(12,036		)
Mortgage commitment derivatives		—			564			3			—			567
Total other liabilities		—			12,689			149			(12,036		)	802
Total liabilities at fair value		$	—		$	41,044		$	1,087		$	(12,036	)	$	30,095



		Fair Value Measurements as of December 31, 2014
	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:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	4,635		$	305		$	—			$	4,940
Freddie Mac		—			1,369			—			—				1,369
Ginnie Mae		—			166			—			—				166
Alt-A private-label securities		—			323			597			—				920
Subprime private-label securities		—			—			1,307			—				1,307
CMBS		—			2,515			—			—				2,515
Mortgage revenue bonds		—			—			722			—				722
Other		—			—			99			—				99
Non-mortgage-related securities:
U.S. Treasury securities		19,466			—			—			—				19,466
Total trading securities		19,466			9,008			3,030			—				31,504
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			5,639			—			—				5,639
Freddie Mac		—			5,522			6			—				5,528
Ginnie Mae		—			476			—			—				476
Alt-A private-label securities		—			2,538			3,140			—				5,678
Subprime private-label securities		—			—			5,240			—				5,240
CMBS		—			1,397			—			—				1,397
Mortgage revenue bonds		—			—			4,023			—				4,023
Other		—			2			2,671			—				2,673
Total available-for-sale securities		—			15,574			15,080			—				30,654
Mortgage loans of consolidated trusts		—			13,796			1,833			—				15,629
Other assets:
Risk management derivatives:
Swaps		—			6,085			150			—				6,235
Swaptions		—			153			—			—				153
Other		—			—			28			—				28
Netting adjustment		—			—			—			(5,186		)		(5,186		)
Mortgage commitment derivatives		—			251			4			—				255
Total other assets		—			6,489			182			(5,186		)		1,485
Total assets at fair value		$	19,466		$	44,867		$	20,125		$	(5,186	)		$	79,272



		Fair Value Measurements as of December 31, 2014
	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 floating		$	—		$	6,040		$	363		$	—			$	6,403
Total of Fannie Mae		—			6,040			363			—				6,403
Of consolidated trusts		—			18,956			527			—				19,483
Total long-term debt		—			24,996			890			—				25,886
Other liabilities:
Risk management derivatives:
Swaps		—			9,339			133			—				9,472
Swaptions		—			991			—			—				991
Other		—			—			1			—				1
Netting adjustment		—			—			—			(10,194		)		(10,194		)
Mortgage commitment derivatives		—			341			3			—				344
Total other liabilities		—			10,671			137			(10,194		)		614
Total liabilities at fair value		$	—		$	35,667		$	1,027		$	(10,194	)		$	26,500

__________


⁽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 arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received.

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 March 31, 2015
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2015⁽⁵⁾
	Balance, December 31, 2014			Included in Net Income				Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾		Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, March 31, 2015
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	305		$	(27	)			$	—		$	—	$	—		$	—	$	—		$	(278	)	$	2		$	2			$	(19	)
Alt-A private-label securities	597			8					—			—		—			—		(17		)	(44		)	28			572				8
Subprime private-label securities	1,307			1					—			—		(398		)	—		(34		)	—			—			876				107
Mortgage revenue bonds	722			35					—			—		(12		)	—		(3		)	—			—			742				33
Other	99			(2		)			—			—		—			—		(3		)	—			—			94				(2		)
Total trading securities	$	3,030		$	15		(6)(7)		$	—		$	—	$	(410	)	$	—	$	(57	)	$	(322	)	$	30		$	2,286			$	127		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	239	$	(34	)	$	—	$	—		$	—		$	—		$	205			$	—
Freddie Mac	6			—					—			—		—			—		—			(1		)	—			5				—
Alt-A private-label securities	3,140			101					(78		)	—		(556		)	—		(124		)	(310		)	313			2,486				—
Subprime private-label securities	5,240			180					(101		)	—		(565		)	—		(146		)	—			—			4,608				—
Mortgage revenue bonds	4,023			23					52			—		(162		)	—		(376		)	—			—			3,560				—
Other	2,671			(138		)			140			—		—			—		(66		)	—			—			2,607				—
Total available-for-sale securities	$	15,080		$	166		(6)(8)		$	13		$	239	$	(1,317	)	$	—	$	(712	)	$	(311	)	$	313		$	13,471			$	—

Mortgage loans of consolidated trusts	$	1,833		$	34		(6)(7)		$	—		$	3	$	—		$	—	$	(77	)	$	(57	)	$	74		$	1,810			$	19		(6)(7)
Net derivatives	45			27			(7)		—			—		—			—		(6		)	—			—			66				39			(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	$	(28	)			$	—		$	—	$	—		$	—	$	—		$	—		$	—		$	(391	)		$	(28	)
Of consolidated trusts	(527		)	(13		)			—			—		—			—		9			50			(66		)	(547		)		(12		)
Total long-term debt	$	(890	)	$	(41	)	(7)		$	—		$	—	$	—		$	—	$	9		$	50		$	(66	)	$	(938	)		$	(40	)	(7)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2014
				Total (Losses) or Gains or (Realized/Unrealized)																										Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2014⁽⁵⁾
	Balance, December 31, 2013			Included in Net Income				Included in Other Comprehensive Income⁽¹⁾		Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, March 31, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	42		$	(1	)		$	—	$	—	$	—		$	—		$	(2	)	$	(39	)	$	—		$	—			$	—
Freddie Mac	2			—				—		—		—			—			—			(2		)	—			—				—
Alt-A private-label securities	618			19				—		—		—			—			(16		)	(76		)	110			655				17
Subprime private-label securities	1,448			76				—		—		—			—			(71		)	—			—			1,453				76
Mortgage revenue bonds	565			40				—		—		—			—			(4		)	—			—			601				40
Other	99			5				—		—		—			—			(2		)	—			—			102				5
Total trading securities	$	2,774		$	139		(7)	$	—	$	—	$	—		$	—		$	(95	)	$	(117	)	$	110		$	2,811			$	138		(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	7		$	—			$	—	$	—	$	—		$	—		$	—		$	(2	)	$	—		$	5			$	—
Freddie Mac	8			—				—		—		—			—			—			—			—			8				—
Alt-A private-label securities	3,791			13				73		—		—			—			(88		)	(609		)	390			3,570				—
Subprime private-label securities	7,068			33				219		—		—			—			(290		)	—			—			7,030				—
Mortgage revenue bonds	5,253			(20		)		193		—		(19		)	—			(401		)	—			—			5,006				—
Other	2,885			3				41		—		—			—			(85		)	—			—			2,844				—
Total available-for-sale securities	$	19,012		$	29		(6)(8)	$	526	$	—	$	(19	)	$	—		$	(864	)	$	(611	)	$	390		$	18,463			$	—

Mortgage loans of consolidated trusts	$	2,704		$	25		(6)(7)	$	—	$	24	$	—		$	—		$	(81	)	$	(148	)	$	84		$	2,608			$	11		(6)(7)
Net derivatives	(40		)	30			(7)	—		—		—			—			(12		)	(1		)	—			(23		)		11			(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(955	)	$	(90	)		$	—	$	—	$	—		$	(750	)	$	20		$	1,465		$	—		$	(310	)		$	(44	)
Of consolidated trusts	(518		)	(1		)		—		—		—			—			18			19			(24		)	(506		)		(1		)
Total long-term debt	$	(1,473	)	$	(91	)	(7)	$	—	$	—	$	—		$	(750	)	$	38		$	1,484		$	(24	)	$	(816	)		$	(45	)	(7)

__________


⁽¹⁾	Gains (losses) included in other comprehensive income are included in “Changes in unrealized gains on AFS, net of reclassification adjustments and taxes” in the condensed consolidated statements of operations and comprehensive income.


⁽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 OTTI are not considered unrealized and are not included in this amount.


⁽⁶⁾	Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income.


⁽⁷⁾	Gains (losses) are included in “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income.


⁽⁸⁾	Gains (losses) are included in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.

Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities [Table Text Block]



	Fair Value Measurements as of March 31, 2015
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	$	2	Other
Alt-A private-label securities⁽³⁾	95		Single Vendor	Default Rate (%)	8.8			8.8
				Prepayment Speed (%)	2.3			2.3
				Severity (%)	82.2			82.2
				Spreads (bps)	281.2			281.2
	78		Consensus	Default Rate (%)	4.7	-	14.2	6.3
				Prepayment Speed (%)	2.5	-	13.2	4.3
				Severity (%)	36.4	-	46.5	38.1
				Spreads (bps)	230.0	-	253.6	249.6
	372		Consensus
	27		Other
Total Alt-A private-label securities	572
Subprime private-label securities⁽³⁾	322		Consensus	Default Rate (%)	4.3	-	9.8	5.9
				Prepayment Speed (%)	2.0	-	3.3	2.4
				Severity (%)	65.0	-	95.0	82.9
				Spreads (bps)	255.0			255.0
	281		Consensus
	121		Discounted Cash Flow	Default Rate (%)	5.4			5.4
				Prepayment Speed (%)	2.2			2.2
				Severity (%)	60.7			60.7
				Spreads (bps)	255.0			255.0
	152		Other
Total subprime private-label securities	876
Mortgage revenue bonds	723		Discounted Cash Flow	Spreads (bps)	27.5	-	323.4	253.1
	19		Other
Total mortgage revenue bonds	742
Other	94		Single Vendor	Spreads (bps)	383.4			383.4
Total trading securities	$	2,286



	Fair Value Measurements as of March 31, 2015
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	210	Other
Alt-A private-label securities⁽³⁾	266		Single Vendor	Default Rate (%)	1.7	-	10.4	4.7
				Prepayment Speed (%)	0.4	-	9.1	4.5
				Severity (%)	34.4	-	94.9	60.7
				Spreads (bps)	190.1	-	330.0	246.5
	784		Consensus	Default Rate (%)	0.0	-	15.2	4.3
				Prepayment Speed (%)	0.2	-	34.4	12.0
				Severity (%)	15.9	-	95.0	65.3
				Spreads (bps)	144.9	-	230.0	225.8
	795		Consensus
	224		Dealer Mark
	243		Discounted Cash Flow	Default Rate (%)	1.8	-	5.4	3.0
				Prepayment Speed (%)	6.2	-	15.2	9.4
				Severity (%)	35.0	-	64.0	54.6
				Spreads (bps)	188.0	-	348.5	296.8
	174		Other
Total Alt-A private-label securities	2,486
Subprime private-label securities⁽³⁾	286		Single Vendor
	2,362		Consensus	Default Rate (%)	1.0	-	91.8	6.6
				Prepayment Speed (%)	0.1	-	21.5	2.4
				Severity (%)	28.0	-	95.0	82.8
				Spreads (bps)	145.0	-	255.0	208.9
	1,233		Consensus
	232		Dealer Mark	Default Rate (%)	8.5	-	9.0	8.8
				Prepayment Speed (%)	1.8	-	2.0	1.9
				Severity (%)	77.8	-	95.0	86.9
				Spreads (bps)	205.0			205.0
	247		Dealer Mark
	248		Other
Total subprime private-label securities	4,608
Mortgage revenue bonds	1,365		Single Vendor	Spreads (bps)	10.0	-	466.6	71.3
	229		Single Vendor
	267		Dealer Mark	Spreads (bps)	197.2	-	316.1	299.0
	1,517		Discounted Cash Flow	Spreads (bps)	10.0	-	396.6	244.6
	182		Other
Total mortgage revenue bonds	3,560
Other	713		Consensus	Default Rate (%)	0.0	-	5.0	4.2
				Prepayment Speed (%)	3.0	-	14.2	4.3
				Severity (%)	0.0	-	95.0	61.1
				Spreads (bps)	205.0	-	428.3	289.2
	206		Consensus
	364		Dealer Mark	Default Rate (%)	5.0			5.0
				Prepayment Speed (%)	3.0			3.0
				Severity (%)	85.0			85.0
				Spreads (bps)	245.4	-	410.5	299.6



	473		Dealer Mark
	600		Discounted Cash Flow	Default Rate (%)	0.0	-	1.8	0.0
				Prepayment Speed (%)	0.0	-	8.0	0.0
				Severity (%)	0.0	-	95.0	0.2
				Spreads (bps)	230.0	-	336.0	321.8
	251		Other
Total other	2,607
Total available-for-sale securities	$	13,471



	Fair Value Measurements as of March 31, 2015
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	900		Build-Up	Default Rate (%)	0.0	-	98.0	14.9
					Prepayment Speed (%)	3.8	-	99.7	16.9
					Severity (%)	0.0	-	100.0	24.1
	363			Consensus
	360			Discounted Cash Flow	Default Rate (%)	0.0	-	13.3	4.6
					Prepayment Speed (%)	0.1	-	11.6	7.3
					Severity (%)	53.3	-	95.0	80.3
					Spreads (bps)	145.0	-	655.0	212.6
	4			Other
Total single-family	1,627
Multifamily	183			Build-Up	Spreads (bps)	56.0	-	340.4	146.5
Total mortgage loans of consolidated trusts	$	1,810
Net derivatives	$	(119	)	Internal Model
	160			Dealer Mark
	25			Other
Total net derivatives	$	66
Long-term debt:
Of Fannie Mae:
Senior floating	$	(391	)	Discounted Cash Flow
Total of Fannie Mae	(391		)
Of consolidated trusts⁽⁴⁾	(290		)	Consensus
	(156		)	Discounted Cash Flow	Default Rate (%)	0.0	-	5.0	2.3
					Prepayment Speed (%)	0.1	-	100.0	30.8
					Severity (%)	60.0	-	95.0	76.9
					Spreads (bps)	66.0	-	655.0	245.8
	(101		)	Other
Total of consolidated trusts	(547		)
Total long-term debt	$	(938	)



	Fair Value Measurements as of December 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾⁽⁴⁾	$	153	Single Vendor	Prepayment Speed (%)	100.0			100.0
				Spreads (bps)	256.5	-	350.8	293.4
	130		Consensus	Prepayment Speed (%)	100.0			100.0
				Spreads (bps)	184.6	-	219.5	197.5
	22		Other
Total Agency	305
Alt-A private-label securities⁽³⁾	290		Single Vendor	Default Rate (%)	8.3	-	9.1	8.5
				Prepayment Speed (%)	2.9	-	3.2	3.1
				Severity (%)	79.5	-	95.0	90.4
				Spreads (bps)	267.2	-	308.2	279.4
	66		Consensus	Default Rate (%)	5.4			5.4
				Prepayment Speed (%)	7.0			7.0
				Severity (%)	48.8			48.8
				Spreads (bps)	264.8			264.8
	151		Consensus
	90		Other
Total Alt-A private-label securities	597
Subprime private-label securities⁽³⁾	422		Consensus	Default Rate (%)	3.5	-	11.8	7.2
				Prepayment Speed (%)	1.4	-	5.2	2.8
				Severity (%)	72.1	-	95.0	85.9
				Spreads (bps)	265.0			265.0
	549		Consensus
	290		Discounted Cash Flow	Default Rate (%)	4.3	-	6.2	5.2
				Prepayment Speed (%)	2.3	-	4.2	3.3
				Severity (%)	62.2	-	95.0	73.8
				Spreads (bps)	265.0	-	382.1	283.7
	46		Other
Total subprime private-label securities	1,307
Mortgage revenue bonds	161		Dealer Mark	Spreads (bps)	288.1			288.1
	540		Discounted Cash Flow	Spreads (bps)	6.0	-	318.0	263.0
	21		Other
Total mortgage revenue bonds	722
Other	99		Dealer Mark
Total trading securities	$	3,030



	Fair Value Measurements as of December 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾				Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	6	Other
Alt-A private-label securities⁽³⁾	322		Single Vendor	Default Rate (%)	0.2		-	13.1	4.6
				Prepayment Speed (%)	0.2		-	20.5	8.2
				Severity (%)	27.8		-	89.7	61.0
				Spreads (bps)	190.0		-	315.0	264.9
	493		Single Vendor
	1,187		Consensus	Default Rate (%)	0.4		-	31.2	5.1
				Prepayment Speed (%)	0.1		-	48.9	11.0
				Severity (%)	0.2		-	95.0	59.6
				Spreads (bps)	183.8		-	240.0	236.7
	691		Consensus
	403		Discounted Cash Flow	Default Rate (%)	5.0		-	11.5	7.0
				Prepayment Speed (%)	0.5		-	8.4	3.4
				Severity (%)	35.1		-	92.4	54.2
				Spreads (bps)	188.0		-	340.0	243.4
	44		Other
Total Alt-A private-label securities	3,140
Subprime private-label securities⁽³⁾	383		Single Vendor	Default Rate (%)	2.1		-	8.3	5.5
				Prepayment Speed (%)	1.5		-	3.3	2.1
				Severity (%)	65.4		-	95.0	78.5
				Spreads (bps)	215.0		-	262.0	230.0
	2,722		Consensus	Default Rate (%)	1.5		-	37.4	6.3
				Prepayment Speed (%)	0.1		-	17.7	2.6
				Severity (%)	1.5		-	95.0	84.4
				Spreads (bps)	155.0		-	265.0	220.0
	1,755		Consensus
	317		Discounted Cash Flow	Default Rate (%)	3.0		-	12.3	7.0
				Prepayment Speed (%)	1.1		-	9.0	4.1
				Severity (%)	28.9		-	91.8	81.2
				Spreads (bps)	155.0		-	895.0	250.5
	63		Other
Total subprime private-label securities	5,240
Mortgage revenue bonds	1,504		Single Vendor	Spreads (bps)	(11.5	)	-	361.5	52.7
	418		Single Vendor
	510		Dealer Mark	Spreads (bps)	222.8		-	322.1	265.9
	1,581		Discounted Cash Flow	Spreads (bps)	(11.5	)	-	620.2	251.4
	10		Other
Total mortgage revenue bonds	4,023
Other	337		Single Vendor	Default Rate (%)	1.7		-	5.0	4.4
				Prepayment Speed (%)	3.0		-	9.3	3.8
				Severity (%)	4.0		-	94.6	69.6
				Spreads (bps)	263.1		-	427.2	291.5
	720		Consensus	Default Rate (%)	0.1		-	6.6	3.9
				Prepayment Speed (%)	3.0		-	30.4	4.8
				Severity (%)	0.4		-	95.0	62.4
				Spreads (bps)	215.0		-	481.4	320.6
	1,215		Dealer Mark
	399		Other
Total other	2,671
Total available-for-sale securities	$	15,080



	Fair Value Measurements as of December 31, 2014
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	934		Build-Up	Default Rate (%)	0.0	-	99.0	14.9
					Prepayment Speed (%)	3.6	-	99.8	16.3
					Severity (%)	3.4	-	100.0	23.7
	279			Consensus
	402			Discounted Cash Flow	Default Rate (%)	2.7	-	13.1	5.5
					Prepayment Speed (%)	0.1	-	13.5	7.5
					Severity (%)	35.5	-	95.0	61.3
					Spreads (bps)	155.0	-	665.0	227.4
	39			Other
Total single-family	1,654
Multifamily	179			Build-Up	Spreads (bps)	59.0	-	323.4	137.3
Total mortgage loans of consolidated trusts	$	1,833
Net derivatives	$	(107	)	Internal Model
	150			Dealer Mark
	2			Other
Total net derivatives	$	45
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	Discounted Cash Flow
Of consolidated trusts⁽⁴⁾	(219		)	Consensus
	(205		)	Discounted Cash Flow	Default Rate (%)	2.7	-	11.9	4.0
					Prepayment Speed (%)	0.1	-	100.0	33.4
					Severity (%)	35.5	-	95.0	54.6
					Spreads (bps)	88.0	-	665.0	249.4
	(103		)	Other
Total of consolidated trusts	(527		)
Total long-term debt	$	(890	)

_________

⁽¹⁾


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.


⁽³⁾	Default Rate as disclosed represents the estimated beginning annualized rate of default and is used as a basis to forecast the future default rates that serve as an input for valuation.


⁽⁴⁾	Includes instruments for which the prepayment speed as disclosed represents the estimated annualized rate of prepayment after all prepayment penalty provisions have expired and also instruments for which prepayment speed as disclosed represents the estimated rate of prepayment over the remaining life of the instrument.

Level 3 Assets Measured on Nonrecurring Basis [Table Text Block]

March 31, 2015 and December 31, 2014. 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 (Level 3) as of
	Valuation Techniques	March 31, 2015			December 31, 2014
			(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus		$	202		$	110
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		13,540			16,654
	Consensus		271			—
Of consolidated trusts	Other		20			60
Total single-family mortgage loans held for investment, at amortized cost			13,831			16,714
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions		83			45
	Asset Manager Estimate		557			580
	Other		11			—
Total multifamily mortgage loans held for investment, at amortized cost			651			625
Acquired property, net:
Single-family	Accepted Offers		873			864
	Appraisals		1,194			1,509
	Walk Forwards		800			1,173
	Internal Model		967			1,045
	Other		172			191
Total single-family			4,006			4,782
Multifamily	Accepted Offers		13			—
	Broker Price Opinions		35			127
	Other		—			13
Total multifamily			48			140
Other assets	Other		27			45
Total nonrecurring assets at fair value			$	18,765		$	22,416

Fair Value of Financial Instruments [Table Text Block]



	As of March 31, 2015
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	65,299	$	46,349	$	18,950	$	—	$	—		$	65,299
Federal funds sold and securities purchased under agreements to resell or similar arrangements	20,230		—		20,230		—		—			20,230
Trading securities	31,286		19,367		9,633		2,286		—			31,286
Available-for-sale securities	27,732		—		14,261		13,471		—			27,732
Mortgage loans held for sale	613		—		153		567		—			720
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	235,827		—		31,127		214,493		—			245,620
Of consolidated trusts	2,776,676		—		2,644,458		204,706		—			2,849,164
Mortgage loans held for investment	3,012,503		—		2,675,585		419,199		—			3,094,784
Advances to lenders	6,361		—		5,901		443		—			6,344
Derivative assets at fair value	1,692		—		7,103		215		(5,626		)	1,692
Guaranty assets and buy-ups	201		—		—		599		—			599
Total financial assets	$	3,165,917	$	65,716	$	2,751,816	$	436,780	$	(5,626	)	$	3,248,686

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	87	$	—	$	87	$	—	$	—		$	87
Short-term debt:
Of Fannie Mae	99,349		—		99,361		—		—			99,361
Of consolidated trusts	1,463		—		—		1,463		—			1,463
Long-term debt:
Of Fannie Mae	349,391		—		363,358		994		—			364,352
Of consolidated trusts	2,762,428		—		2,830,632		22,826		—			2,853,458
Derivative liabilities at fair value	802		—		12,689		149		(12,036		)	802
Guaranty obligations	367		—		—		1,536		—			1,536
Total financial liabilities	$	3,213,887	$	—	$	3,306,127	$	26,968	$	(12,036	)	$	3,321,059



	As of December 31, 2014
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	54,565	$	37,965	$	16,600	$	—	$	—		$	54,565
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950		—		30,950		—		—			30,950
Trading securities	31,504		19,466		9,008		3,030		—			31,504
Available-for-sale securities	30,654		—		15,574		15,080		—			30,654
Mortgage loans held for sale	331		—		169		169		—			338
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	239,243		—		29,896		217,064		—			246,960
Of consolidated trusts	2,779,920		—		2,657,863		183,263		—			2,841,126
Mortgage loans held for investment	3,019,163		—		2,687,759		400,327		—			3,088,086
Advances to lenders	5,559		—		5,079		470		—			5,549
Derivative assets at fair value	1,485		—		6,489		182		(5,186		)	1,485
Guaranty assets and buy-ups	210		—		—		616		—			616
Total financial assets	$	3,174,421	$	57,431	$	2,771,628	$	419,874	$	(5,186	)	$	3,243,747

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	50	$	—	$	50	$	—	$	—		$	50
Short-term debt:
Of Fannie Mae	105,012		—		105,022		—		—			105,022
Of consolidated trusts	1,560		—		—		1,560		—			1,560
Long-term debt:
Of Fannie Mae	355,431		—		367,703		982		—			368,685
Of consolidated trusts	2,760,152		—		2,815,843		19,334		—			2,835,177
Derivative liabilities at fair value	614		—		10,671		137		(10,194		)	614
Guaranty obligations	382		—		—		1,579		—			1,579
Total financial liabilities	$	3,223,201	$	—	$	3,299,289	$	23,592	$	(10,194	)	$	3,312,687

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 March 31, 2015 and December 31, 2014.



		As of
		March 31, 2015									December 31, 2014
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	15,570		$	7,920		$	21,373		$	15,629		$	6,403		$	19,483
Unpaid principal balance		14,817			7,803			19,364			15,001			6,512			17,810

__________

⁽¹⁾



	For the Three Months Ended March 31,
	2015											2014
	Loans			Long-Term Debt				Total Losses				Loans		Long-Term Debt				Total (Losses)Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	(12	)		$	(193	)		$	(205	)	$	9		$	(51	)		$	(42	)
Other changes in fair value	167				(188		)		(21		)	123			(116		)		7
Fair value gains (losses), net	$	155			$	(381	)		$	(226	)	$	132		$	(167	)		$	(35	)

- Definition

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.

+ References + Details

Summary of Significant Accounting Policies Narratives(Details) - USD ($)			3 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jan. 01, 2015
Related Parties [Line Items]
Number of days after which we have not been paying debts or liabilities exceed assets FHFA must place us into receivership			60 days
Payments of cash dividends on senior preferred stock to Treasury		$ 1,900,000,000	$ 1,920,000,000	$ 7,191,000,000
Net worth		3,596,000,000	3,596,000,000		$ 3,720,000,000
Minimum Days Past Due of Single Family Nonaccrual Loans 1					60 days
Deficit of core capital over statutory minimum capital requirement		$ 142,200,000,000	142,200,000,000		$ 142,200,000,000
Home Affordable Modification Program administrative expense reimbursements from Treasury and Freddie Mac			16,000,000	17,000,000
Income Taxes Paid			0	425,000,000
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees			382,000,000	322,000,000
Other expense			$ 3,000,000	131,000,000
Basis points of each dollar of unpaid principal balance		0.042%	0.042%
Advisory Bulletin Impact for Loans Held for Investment						$ 1,800,000,000
Advisory Bulletin Impact for Taxes and Insurance Receivables						$ 724,000,000
Fee and other income			$ 308,000,000	4,355,000,000
Mortgage Backed Private Label Securities and Repurchase Request Resolution Agreement [Member]
Related Parties [Line Items]
Fee and other income			0	4,100,000,000
Scenario, Forecast [Member]
Related Parties [Line Items]
Expected undeclared dividends payable on senior preferred stock for the next quarter	$ 1,800,000,000
US Treasury [Member]
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		$ 116,100,000,000	116,100,000,000
Initial aggregate liquidation preference of senior preferred stock held by US Treasury		1,000,000,000	1,000,000,000
Aggregate liquidation preference of senior preferred stock		117,100,000,000	117,100,000,000
Total available funding from US Treasury pursuant to the senior preferred stock agreement		117,600,000,000	117,600,000,000
Capital Reserve Amount, current year, Senior Preferred Stock Purchase Agreement, Amendment		1,800,000,000	1,800,000,000
Capital Reserve Amount, prior year, Senior Preferred Stock Purchase Agreement, Amendment					2,400,000,000
Annual Reduction of Capital Reserve Amount from 2013 to 2018, Senior Preferred Stock Purchase Agreement, Amendment		$ 600,000,000	$ 600,000,000
Percentage of common shares attributable to warrants issued to US Treasury as percentage to total diluted common shares		79.90%	79.90%
Income Taxes Paid				425,000,000
Proceeds from Income Tax Refunds			$ 135,000,000
Percentage of initial principal loss US Treasury will bear for Temporary Credit and Liquidity Facilities and New Issue Bond Programs		35.00%	35.00%
Loss of principal or interest under Treasury's Temporary Credit and Liquidity Facility and New Issue Bond Programs		$ 0	$ 0
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees			382,000,000	322,000,000
US Treasury [Member] \| Capital Magnet Fund [Member]
Related Parties [Line Items]
Other expense			18,000,000
US Treasury [Member] \| Single-Family [Member]
Related Parties [Line Items]
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees			382,000,000	322,000,000
Recognized TCCA fees that had not been remitted to Treasury as of period end		382,000,000	382,000,000
US Treasury [Member] \| Temporary Credit and Liquidity Facilities Program [Member]
Related Parties [Line Items]
Principal and interest outstanding		342,000,000	342,000,000		390,000,000
US Treasury [Member] \| New Issue Bond Program [Member]
Related Parties [Line Items]
Principal and interest outstanding		4,200,000,000	4,200,000,000		4,200,000,000
Freddie Mac [Member] \| Freddie Mac [Member]
Related Parties [Line Items]
Fair value of mortgage-related securities		$ 7,000,000,000	7,000,000,000		$ 6,900,000,000
Interest income recognized			61,000,000	78,000,000
Federal Housing Finance Agency [Member]
Related Parties [Line Items]
FHFA assessment fees			28,000,000	28,000,000
Common Securitization Solutions [Member]
Related Parties [Line Items]
Payments to Acquire Equity Method Investments			$ 13,000,000	$ 0

Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]
Trading, at fair value	$ 31,286	$ 31,504
Available-for-sale, at fair value	27,732	30,654
Other assets	20,959	19,992
Other liabilities	(11,475)	(12,019)
Unconsolidated VIEs [Member] \| Mortgage-Backed Trusts [Member]
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]
Trading, at fair value	11,756	11,863
Available-for-sale, at fair value	25,397	27,819
Other assets	107	111
Other liabilities	(871)	(1,440)
Net carrying amount	36,389	38,353
Maximum exposure to loss	42,479	45,311
Total assets of unconsolidated mortgage-backed trusts	253,415	253,554
Unconsolidated VIEs [Member] \| Limited Partnership Investments [Member]
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]
Total assets of unconsolidated mortgage-backed trusts	5,700	5,800
Fannie Mae Securities [Member]
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]
Trading, at fair value	4,818	4,790
Available-for-sale, at fair value	4,939	5,043
Non-Fannie Mae Securities [Member]
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]
Trading, at fair value	6,938	7,073
Available-for-sale, at fair value	$ 20,458	$ 22,776

Transfers of Financial Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Transfers of Financial Assets [Line Items]
Unpaid principal balance portfolio securitizations	$ 48,900	$ 32,500
Unconsolidated VIEs [Member]
Transfers of Financial Assets [Line Items]
Principal and interest received on retained interests	350	$ 340
Unconsolidated VIEs [Member] \| Single Class MBS, REMIC & Megas [Member]
Transfers of Financial Assets [Line Items]
Unpaid principal balance	6,100		$ 6,300
Fair value	$ 7,500		$ 7,600

Consolidations and Transfers of Financial Assets Managed Loans (Details) - USD ($) $ in Billions	Mar. 31, 2015	Dec. 31, 2014
Consolidations and Transfers of Financial Assets [Abstract]
Securitized loans in unconsolidated portfolio securitization trusts, unpaid principle balance	$ 1.7	$ 1.8

Mortgage Loans Loans in Mortgage Portfolio (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 3,008,127,000,000		$ 3,019,300,000,000
Cost basis and fair value adjustments, net	36,809,000,000		35,735,000,000
Allowance for loan losses for loans held for investment	(31,820,000,000)	$ (41,911,000,000)	(35,541,000,000)	$ (43,846,000,000)
Total mortgage loans	3,013,116,000,000		$ 3,019,494,000,000
Carrying value of loans redesignated from HFI to HFS	330,000,000	2,200,000,000
Sale of loans, unpaid principal balance	0	1,000,000,000
Minimum Days Past Due of Single Family Nonaccrual Loans 1			60 days
Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,817,111,000,000		$ 2,832,000,000,000
Recorded investment of mortgage loans referred to foreclosure	32,300,000,000
Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	191,016,000,000		187,300,000,000
Fannie Mae [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	279,064,000,000		285,371,000,000
Cost basis and fair value adjustments, net	(12,775,000,000)		(12,705,000,000)
Allowance for loan losses for loans held for investment	(29,873,000,000)	(39,004,000,000)	(33,117,000,000)	(40,521,000,000)
Total mortgage loans	236,416,000,000		239,549,000,000
Fannie Mae [Member] \| Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	258,350,000,000		262,116,000,000
Fannie Mae [Member] \| Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	20,714,000,000		23,255,000,000
Consolidated Trusts [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,729,063,000,000		2,733,929,000,000
Cost basis and fair value adjustments, net	49,584,000,000		48,440,000,000
Allowance for loan losses for loans held for investment	(1,947,000,000)	$ (2,907,000,000)	(2,424,000,000)	$ (3,325,000,000)
Total mortgage loans	2,776,700,000,000		2,779,945,000,000
Consolidated Trusts [Member] \| Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,558,761,000,000		2,569,884,000,000
Consolidated Trusts [Member] \| Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 170,302,000,000		$ 164,045,000,000

Mortgage Loans Aging (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Mortgage Loans Aging (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	$ 30,329	$ 34,867
60 - 89 days delinquent	8,830	10,352
Seriously delinquent	47,131	54,008
Total delinquent	86,290	99,227
Current	2,950,277	2,948,567
Total recorded investment in loans	3,036,567	3,047,794
Recorded investment in loans 90 days or more delinquent and accruing interest	368	374
Recorded investment in nonaccrual loans	56,216	64,645
Government [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total recorded investment in loans	44,600	45,300
Single-Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	30,231	34,807
60 - 89 days delinquent	8,830	10,352
Seriously delinquent	46,996	53,919
Total delinquent	86,057	99,078
Current	2,757,482	2,759,483
Total recorded investment in loans	2,843,539	2,858,561
Recorded investment in loans 90 days or more delinquent and accruing interest	368	374
Recorded investment in nonaccrual loans	$ 55,409	$ 63,822
Single-Family [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious delinquency, days past due	90 days	90 days
Single-Family [Member] \| Primary [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	$ 25,087	$ 29,130
60 - 89 days delinquent	7,045	8,396
Seriously delinquent	34,166	38,248
Total delinquent	66,298	75,774
Current	2,582,073	2,580,446
Total recorded investment in loans	2,648,371	2,656,220
Recorded investment in loans 90 days or more delinquent and accruing interest	56	55
Recorded investment in nonaccrual loans	41,132	46,556
Single-Family [Member] \| Government [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	54	63
60 - 89 days delinquent	18	26
Seriously delinquent	298	305
Total delinquent	370	394
Current	44,211	44,927
Total recorded investment in loans	44,581	45,321
Recorded investment in loans 90 days or more delinquent and accruing interest	298	305
Recorded investment in nonaccrual loans	0	0
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	3,743	4,094
60 - 89 days delinquent	1,321	1,414
Seriously delinquent	9,429	11,603
Total delinquent	14,493	17,111
Current	93,801	95,650
Total recorded investment in loans	108,294	112,761
Recorded investment in loans 90 days or more delinquent and accruing interest	7	8
Recorded investment in nonaccrual loans	10,743	13,007
Single-Family [Member] \| Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	1,347	1,520
60 - 89 days delinquent	446	516
Seriously delinquent	3,103	3,763
Total delinquent	4,896	5,799
Current	37,397	38,460
Total recorded investment in loans	42,293	44,259
Recorded investment in loans 90 days or more delinquent and accruing interest	7	6
Recorded investment in nonaccrual loans	3,534	4,259
Multifamily [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	98	60
Seriously delinquent	135	89
Total delinquent	233	149
Current	192,795	189,084
Total recorded investment in loans	193,028	189,233
Recorded investment in loans 90 days or more delinquent and accruing interest	0	0
Recorded investment in nonaccrual loans	$ 807	$ 823
Multifamily [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious delinquency, days past due	60 days	60 days
Multifamily [Member] \| Maximum [Member]
Table Footnote [Abstract]
Serious delinquency, days past due	89 days	89 days

Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment in loans	$ 3,036,567	$ 3,047,794
Multifamily [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment in loans	193,028	189,233
Multifamily [Member] \| Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment in loans	186,052	182,079
Multifamily [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment in loans	3,015	3,070
Multifamily [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment in loans	3,953	3,842
Multifamily [Member] \| Doubtful [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment in loans	$ 8	$ 242

Mortgage Loans Individually Impaired Loans (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	$ 171,980	$ 177,630
Individually impaired loans with related allowance recorded: total recorded investment	162,530	168,510
Related allowance for loan losses	28,808	31,375
Individually impaired loans with no related allowance recorded: unpaid principal balance	24,987	22,563
Individually impaired loans with no related allowance recorded: total recorded investment	22,156	19,676
Total individually impaired loans: unpaid principal balance	196,967	200,193
Total individually impaired loans: total recorded investment	184,686	188,186
Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		501
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	170,770	176,400
Individually impaired loans with related allowance recorded: total recorded investment	161,313	167,269
Related allowance for loan losses	28,662	31,200
Individually impaired loans with no related allowance recorded: unpaid principal balance	24,476	21,998
Individually impaired loans with no related allowance recorded: total recorded investment	21,643	19,108
Single-Family [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		495
Single-Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	122,873	125,960
Individually impaired loans with related allowance recorded: total recorded investment	116,908	120,221
Related allowance for loan losses	18,954	20,327
Individually impaired loans with no related allowance recorded: unpaid principal balance	18,139	16,704
Individually impaired loans with no related allowance recorded: total recorded investment	16,349	14,876
Single-Family [Member] \| Primary [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		309
Single-Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	282	281
Individually impaired loans with related allowance recorded: total recorded investment	286	285
Related allowance for loan losses	58	46
Individually impaired loans with no related allowance recorded: unpaid principal balance	60	61
Individually impaired loans with no related allowance recorded: total recorded investment	55	57
Single-Family [Member] \| Government [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		12
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	33,719	35,492
Individually impaired loans with related allowance recorded: total recorded investment	30,954	32,816
Related allowance for loan losses	6,935	7,778
Individually impaired loans with no related allowance recorded: unpaid principal balance	4,737	3,993
Individually impaired loans with no related allowance recorded: total recorded investment	3,881	3,119
Single-Family [Member] \| Alt-A [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		136
Single-Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	13,896	14,667
Individually impaired loans with related allowance recorded: total recorded investment	13,165	13,947
Related allowance for loan losses	2,715	3,049
Individually impaired loans with no related allowance recorded: unpaid principal balance	1,540	1,240
Individually impaired loans with no related allowance recorded: total recorded investment	1,358	1,056
Single-Family [Member] \| Other [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		38
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	1,210	1,230
Individually impaired loans with related allowance recorded: total recorded investment	1,217	1,241
Related allowance for loan losses	146	175
Individually impaired loans with no related allowance recorded: unpaid principal balance	511	565
Individually impaired loans with no related allowance recorded: total recorded investment	$ 513	568
Multifamily [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses		$ 6

Mortgage Loans Individually Impaired Loans - 2 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	$ 164,139	$ 175,036
Individually impaired loans with related allowance recorded: total interest income recognized	1,385	1,493
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	128	179
Individually impaired loans with no related allowance recorded: average recorded investment	21,886	17,976
Individually impaired loans with no related allowance recorded: total interest income recognized	311	258
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	50	60
Individually impaired loans: average recorded investment	186,025	193,012
Individually impaired loans: total interest income recognized	1,696	1,751
Individually impaired loans: interest income recognized on a cash basis	178	239
Table Footnote [Abstract]
Individually impaired loans: total interest income recognized	1,696	1,751
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans: total interest income recognized	1,700
Table Footnote [Abstract]
Individually impaired loans: total interest income recognized	1,700
Individually impaired loans: contractual interest income		1,400
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	162,910	172,950
Individually impaired loans with related allowance recorded: total interest income recognized	1,382	1,470
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	128	179
Individually impaired loans with no related allowance recorded: average recorded investment	21,345	16,150
Individually impaired loans with no related allowance recorded: total interest income recognized	310	238
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	50	60
Individually impaired loans: total interest income recognized		1,700
Table Footnote [Abstract]
Troubled debt restructuring recorded investment	181,900		$ 185,200
Individually impaired loans: total interest income recognized		1,700
Individually impaired loans: contractual interest income	1,400
Individually impaired loans: effective yield adjustments	276	275
Single-Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	117,721	123,465
Individually impaired loans with related allowance recorded: total interest income recognized	1,034	1,094
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	104	140
Individually impaired loans with no related allowance recorded: average recorded investment	16,249	12,646
Individually impaired loans with no related allowance recorded: total interest income recognized	247	185
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	41	48
Single-Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	282	238
Individually impaired loans with related allowance recorded: total interest income recognized	3	3
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	0	0
Individually impaired loans with no related allowance recorded: average recorded investment	59	93
Individually impaired loans with no related allowance recorded: total interest income recognized	1	1
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	0	0
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	31,491	34,337
Individually impaired loans with related allowance recorded: total interest income recognized	251	270
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	17	28
Individually impaired loans with no related allowance recorded: average recorded investment	3,736	2,520
Individually impaired loans with no related allowance recorded: total interest income recognized	44	41
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	7	10
Single-Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	13,416	14,910
Individually impaired loans with related allowance recorded: total interest income recognized	94	103
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	7	11
Individually impaired loans with no related allowance recorded: average recorded investment	1,301	891
Individually impaired loans with no related allowance recorded: total interest income recognized	18	11
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	2	2
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	1,229	2,086
Individually impaired loans with related allowance recorded: total interest income recognized	3	23
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	0	0
Individually impaired loans with no related allowance recorded: average recorded investment	541	1,826
Individually impaired loans with no related allowance recorded: total interest income recognized	1	20
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	0	$ 0
Table Footnote [Abstract]
Troubled debt restructuring recorded investment	$ 705		$ 716

Mortgage Loans TDR (Details) $ in Millions	3 Months Ended
Mortgage Loans TDR (Details) $ in Millions	Mar. 31, 2015 USD ($) contracts	Mar. 31, 2014 USD ($) contracts
Financing Receivable, Modifications [Line Items]
Average term extension of a single-family modified loan	161 months	159 months
Average interest rate reduction of a single-family modified loan	0.77%	1.23%
Number of loans troubled debt restructurings activity \| contracts	24,863	34,344
Recorded investment troubled debt restructurings activity \| $	$ 3,504	$ 5,111
Number of loans troubled debt restructurings subsequent default \| contracts	8,202	10,568
Recorded investment troubled debt restructurings subsequent default \| $	$ 1,279	$ 1,701
Single-Family [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	24,860	34,338
Recorded investment troubled debt restructurings activity \| $	$ 3,499	$ 5,077
Number of loans troubled debt restructurings subsequent default \| contracts	8,200	10,564
Recorded investment troubled debt restructurings subsequent default \| $	$ 1,275	$ 1,687
Single-Family [Member] \| Primary [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	21,407	28,842
Recorded investment troubled debt restructurings activity \| $	$ 2,945	$ 4,110
Number of loans troubled debt restructurings subsequent default \| contracts	6,723	8,598
Recorded investment troubled debt restructurings subsequent default \| $	$ 1,003	$ 1,310
Single-Family [Member] \| Government [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	74	62
Recorded investment troubled debt restructurings activity \| $	$ 8	$ 8
Number of loans troubled debt restructurings subsequent default \| contracts	20	18
Recorded investment troubled debt restructurings subsequent default \| $	$ 3	$ 2
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	2,789	4,396
Recorded investment troubled debt restructurings activity \| $	$ 438	$ 740
Number of loans troubled debt restructurings subsequent default \| contracts	1,153	1,444
Recorded investment troubled debt restructurings subsequent default \| $	$ 203	$ 260
Single-Family [Member] \| Other [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	590	1,038
Recorded investment troubled debt restructurings activity \| $	$ 108	$ 219
Number of loans troubled debt restructurings subsequent default \| contracts	304	504
Recorded investment troubled debt restructurings subsequent default \| $	$ 66	$ 115
Multifamily [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	3	6
Recorded investment troubled debt restructurings activity \| $	$ 5	$ 34
Number of loans troubled debt restructurings subsequent default \| contracts	2	4
Recorded investment troubled debt restructurings subsequent default \| $	$ 4	$ 14

Allowance for Loan Losses Rollforward by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 01, 2015
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ 35,541	$ 43,846
Provision (benefit) for loan losses	8	(872)
Charge-offs	(5,362)	(1,599)
Recoveries	622	391
Transfers	0	0
Other	1,011	145
Ending balance	31,820	41,911
Table Footnote [Abstract]
Advisory Bulletin Impact for Loans Held for Investment			$ 1,800
Advisory Bulletin Impact for Taxes and Insurance Receivables			724
Nonaccrual Policy [Member]
Table Footnote [Abstract]
Allowance for Accrued Interest Receivables, Write Offs			$ 1,100
Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	33,117	40,521
Provision (benefit) for loan losses	168	(894)
Charge-offs	(5,343)	(1,498)
Recoveries	614	320
Transfers	359	420
Other	958	135
Ending balance	29,873	39,004
Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	2,424	3,325
Provision (benefit) for loan losses	(160)	22
Charge-offs	(19)	(101)
Recoveries	8	71
Transfers	(359)	(420)
Other	53	10
Ending balance	1,947	2,907
Single-Family [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	35,177	43,307
Provision (benefit) for loan losses	58	(844)
Charge-offs	(5,347)	(1,548)
Recoveries	622	391
Transfers	0	0
Other	1,004	142
Ending balance	31,514	41,448
Single-Family [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	32,956	40,202
Provision (benefit) for loan losses	205	(882)
Charge-offs	(5,328)	(1,447)
Recoveries	614	320
Transfers	359	420
Other	953	133
Ending balance	29,759	38,746
Single-Family [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	2,221	3,105
Provision (benefit) for loan losses	(147)	38
Charge-offs	(19)	(101)
Recoveries	8	71
Transfers	(359)	(420)
Other	51	9
Ending balance	1,755	2,702
Multifamily [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	364	539
Provision (benefit) for loan losses	(50)	(28)
Charge-offs	(15)	(51)
Other	7	3
Ending balance	306	463
Multifamily [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	161	319
Provision (benefit) for loan losses	(37)	(12)
Charge-offs	(15)	(51)
Other	5	2
Ending balance	114	258
Multifamily [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	203	220
Provision (benefit) for loan losses	(13)	(16)
Charge-offs	0	0
Other	2	1
Ending balance	$ 192	$ 205

Allowance for Loan Losses and Total Recorded Investment in HFI Loans (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	$ 28,808	$ 31,375
Allowance for loan losses for collectively reserved loans	3,012	4,166
Allowance for loan losses	31,820	35,541	$ 41,911	$ 43,846
Recorded investment in individually impaired loans	184,686	188,186
Recorded investment in collectively reserved loans	2,851,881	2,859,608
Total recorded investment in loans	3,036,567	3,047,794
Single-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	28,662	31,200
Allowance for loan losses for collectively reserved loans	2,852	3,977
Allowance for loan losses	31,514	35,177	41,448	43,307
Recorded investment in individually impaired loans	182,956	186,377
Recorded investment in collectively reserved loans	2,660,583	2,672,184
Total recorded investment in loans	2,843,539	2,858,561
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	146	175
Allowance for loan losses for collectively reserved loans	160	189
Allowance for loan losses	306	364	$ 463	$ 539
Recorded investment in individually impaired loans	1,730	1,809
Recorded investment in collectively reserved loans	191,298	187,424
Total recorded investment in loans	$ 193,028	$ 189,233

Investments in Securities Trading 1 (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 31,286	$ 31,504
Mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	11,919	12,038
Fannie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	4,959	4,940
Freddie Mac [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,723	1,369
Ginnie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	214	166
Alt-A private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	833	920
Subprime private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	876	1,307
CMBS [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	2,478	2,515
Mortgage revenue bonds [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	742	722
Other mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	94	99
U.S. Treasury securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 19,367	$ 19,466

Investments in Securities Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Net trading gains	$ 36	$ 145
Net trading gains recognized in the period related to securities still held at period end	$ 29	$ 135

Investments in Securities Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 400	$ 3
Gross realized losses	7	2
Total proceeds	$ 2,112	$ 35

Investments in Securities Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 24,630	$ 27,413
Gross unrealized gains	3,140	3,448
Gross unrealized losses - OTTI	(12)	(55)
Gross unrealized losses - Other	(26)	(152)
Total Available-for-Sale, at Fair Value	27,732	30,654
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	5,086	5,330
Gross unrealized gains	336	328
Gross unrealized losses - OTTI	0	0
Gross unrealized losses - Other	(15)	(19)
Total Available-for-Sale, at Fair Value	5,407	5,639
Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	4,842	5,100
Gross unrealized gains	415	428
Gross unrealized losses - OTTI	0	0
Gross unrealized losses - Other	0	0
Total Available-for-Sale, at Fair Value	5,257	5,528
Ginnie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	398	416
Gross unrealized gains	60	60
Gross unrealized losses - OTTI	0	0
Gross unrealized losses - Other	0	0
Total Available-for-Sale, at Fair Value	458	476
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	3,649	4,638
Gross unrealized gains	819	1,055
Gross unrealized losses - OTTI	(4)	(15)
Gross unrealized losses - Other	0	0
Total Available-for-Sale, at Fair Value	4,464	5,678
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	3,572	4,103
Gross unrealized gains	1,045	1,161
Gross unrealized losses - OTTI	0	(9)
Gross unrealized losses - Other	(9)	(15)
Total Available-for-Sale, at Fair Value	4,608	5,240
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,318	1,341
Gross unrealized gains	52	56
Gross unrealized losses - OTTI	0	0
Gross unrealized losses - Other	0	0
Total Available-for-Sale, at Fair Value	1,370	1,397
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	3,344	3,859
Gross unrealized gains	226	177
Gross unrealized losses - OTTI	(8)	(8)
Gross unrealized losses - Other	(2)	(5)
Total Available-for-Sale, at Fair Value	3,560	4,023
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	2,421	2,626
Gross unrealized gains	187	183
Gross unrealized losses - OTTI	0	(23)
Gross unrealized losses - Other	0	(113)
Total Available-for-Sale, at Fair Value	$ 2,608	$ 2,673

Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	$ (6)	$ (4)
Less than 12 Consecutive Months, Fair Value	343	339
12 Consecutive Months or Longer, Gross Unrealized Losses	(32)	(203)
12 Consecutive Months or Longer, Fair Value	825	2,375
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(2)	0
Less than 12 Consecutive Months, Fair Value	188	113
12 Consecutive Months or Longer, Gross Unrealized Losses	(13)	(19)
12 Consecutive Months or Longer, Fair Value	525	627
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(2)	(2)
Less than 12 Consecutive Months, Fair Value	100	171
12 Consecutive Months or Longer, Gross Unrealized Losses	(2)	(13)
12 Consecutive Months or Longer, Fair Value	30	112
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	0	0
Less than 12 Consecutive Months, Fair Value	0	0
12 Consecutive Months or Longer, Gross Unrealized Losses	(9)	(24)
12 Consecutive Months or Longer, Fair Value	184	460
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(2)	(2)
Less than 12 Consecutive Months, Fair Value	55	47
12 Consecutive Months or Longer, Gross Unrealized Losses	(8)	(11)
12 Consecutive Months or Longer, Fair Value	$ 86	155
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses		0
Less than 12 Consecutive Months, Fair Value		8
12 Consecutive Months or Longer, Gross Unrealized Losses		(136)
12 Consecutive Months or Longer, Fair Value		$ 1,021

Investments in Securities Other-than-temporary Impairments 1 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]
OTTI recognized in Investment gains, net	$ 170	$ 51
Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 6,284
Weighted average collateral default	45.50%
Weighted average collateral severities	61.10%
Weighted average voluntary prepayment rates	2.50%
Average credit enhancement	15.90%
Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 866
Weighted average collateral default	31.70%
Weighted average collateral severities	46.40%
Weighted average voluntary prepayment rates	7.60%
Average credit enhancement	3.90%
Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 1,810
Weighted average collateral default	14.60%
Weighted average collateral severities	47.80%
Weighted average voluntary prepayment rates	11.00%
Average credit enhancement	5.00%
Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 899
Weighted average collateral default	22.80%
Weighted average collateral severities	40.10%
Weighted average voluntary prepayment rates	8.10%
Average credit enhancement	8.30%
Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 1,590
Weighted average collateral default	12.00%
Weighted average collateral severities	37.90%
Weighted average voluntary prepayment rates	11.80%
Average credit enhancement	3.80%
2004 and Prior [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 105
Weighted average collateral default	25.90%
Weighted average collateral severities	54.70%
Weighted average voluntary prepayment rates	8.00%
Average credit enhancement	38.80%
2004 and Prior [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 108
Weighted average collateral default	24.90%
Weighted average collateral severities	55.00%
Weighted average voluntary prepayment rates	9.60%
Average credit enhancement	3.60%
2004 and Prior [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 758
Weighted average collateral default	8.10%
Weighted average collateral severities	44.30%
Weighted average voluntary prepayment rates	13.40%
Average credit enhancement	11.30%
2004 and Prior [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 115
Weighted average collateral default	16.50%
Weighted average collateral severities	38.00%
Weighted average voluntary prepayment rates	9.40%
Average credit enhancement	24.30%
2004 and Prior [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 296
Weighted average collateral default	11.00%
Weighted average collateral severities	33.70%
Weighted average voluntary prepayment rates	11.00%
Average credit enhancement	10.10%
2005 [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 7
Weighted average collateral default	44.00%
Weighted average collateral severities	65.00%
Weighted average voluntary prepayment rates	3.90%
Average credit enhancement	59.50%
2005 [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 440
Weighted average collateral default	30.00%
Weighted average collateral severities	54.20%
Weighted average voluntary prepayment rates	7.70%
Average credit enhancement	6.80%
2005 [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 689
Weighted average collateral default	17.90%
Weighted average collateral severities	46.00%
Weighted average voluntary prepayment rates	10.00%
Average credit enhancement	0.70%
2005 [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 131
Weighted average collateral default	26.20%
Weighted average collateral severities	54.10%
Weighted average voluntary prepayment rates	8.50%
Average credit enhancement	28.10%
2005 [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 508
Weighted average collateral default	15.50%
Weighted average collateral severities	39.20%
Weighted average voluntary prepayment rates	10.00%
Average credit enhancement	6.10%
2006 [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 5,850
Weighted average collateral default	46.00%
Weighted average collateral severities	63.30%
Weighted average voluntary prepayment rates	2.40%
Average credit enhancement	15.30%
2006 [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 318
Weighted average collateral default	36.30%
Weighted average collateral severities	35.50%
Weighted average voluntary prepayment rates	6.80%
Average credit enhancement	0.00%
2006 [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 363
Weighted average collateral default	21.90%
Weighted average collateral severities	53.20%
Weighted average voluntary prepayment rates	8.30%
Average credit enhancement	0.10%
2006 [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 653
Weighted average collateral default	23.30%
Weighted average collateral severities	37.20%
Weighted average voluntary prepayment rates	7.90%
Average credit enhancement	1.50%
2006 [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 786
Weighted average collateral default	10.10%
Weighted average collateral severities	38.40%
Weighted average voluntary prepayment rates	13.20%
Average credit enhancement	0.00%
2007 and After [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 322
Weighted average collateral default	43.20%
Weighted average collateral severities	20.70%
Weighted average voluntary prepayment rates	1.40%
Average credit enhancement	19.60%
2007 and After [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 0
2007 and After [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	0
2007 and After [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	0
2007 and After [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 0

Investments in Securities Other-than-temporary Impairments 2 (Details) - Available-for-sale securities [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 5,260	$ 7,904
Additions for the credit component on debt securities for which OTTI was not previously recognized	0	1
Additions for the credit component on debt securities for which OTTI was previously recognized	4	39
Reductions for securities no longer in portfolio at period end	(1,093)	(53)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis	(1,369)	(698)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(58)	(97)
Balance, end of period	$ 2,744	$ 7,096

Investments in Securities Maturity Information (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	$ 24,630	$ 27,413
Total Available-for-Sale, at Fair Value	27,732	30,654
One Year or Less, Amortized Cost	14
One Year or Less, Fair Value	14
After One Year through Five Years, Amortized Cost	1,864
After One Year through Five Years, Fair Value	1,943
After Five Years through Ten Years, Amortized Cost	1,017
After Five Years through Ten Years, Fair Value	1,090
After Ten Years, Amortized Cost	21,735
After Ten Years, Fair Value	24,685
Fannie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	5,086	5,330
Total Available-for-Sale, at Fair Value	5,407	5,639
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	253
After One Year through Five Years, Fair Value	264
After Five Years through Ten Years, Amortized Cost	208
After Five Years through Ten Years, Fair Value	226
After Ten Years, Amortized Cost	4,625
After Ten Years, Fair Value	4,917
Freddie Mac [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	4,842	5,100
Total Available-for-Sale, at Fair Value	5,257	5,528
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	260
After One Year through Five Years, Fair Value	274
After Five Years through Ten Years, Amortized Cost	444
After Five Years through Ten Years, Fair Value	485
After Ten Years, Amortized Cost	4,138
After Ten Years, Fair Value	4,498
Ginnie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	398	416
Total Available-for-Sale, at Fair Value	458	476
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	1
After One Year through Five Years, Fair Value	1
After Five Years through Ten Years, Amortized Cost	59
After Five Years through Ten Years, Fair Value	67
After Ten Years, Amortized Cost	338
After Ten Years, Fair Value	390
Alt-A private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	3,649	4,638
Total Available-for-Sale, at Fair Value	4,464	5,678
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	0
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	3,649
After Ten Years, Fair Value	4,464
Subprime private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	3,572	4,103
Total Available-for-Sale, at Fair Value	4,608	5,240
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	0
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	3,572
After Ten Years, Fair Value	4,608
CMBS [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	1,318	1,341
Total Available-for-Sale, at Fair Value	1,370	1,397
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	1,244
After One Year through Five Years, Fair Value	1,296
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	74
After Ten Years, Fair Value	74
Mortgage revenue bonds [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	3,344	3,859
Total Available-for-Sale, at Fair Value	3,560	4,023
One Year or Less, Amortized Cost	14
One Year or Less, Fair Value	14
After One Year through Five Years, Amortized Cost	106
After One Year through Five Years, Fair Value	108
After Five Years through Ten Years, Amortized Cost	272
After Five Years through Ten Years, Fair Value	274
After Ten Years, Amortized Cost	2,952
After Ten Years, Fair Value	3,164
Other mortgage-related securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total Amortized Cost	2,421	2,626
Total Available-for-Sale, at Fair Value	2,608	$ 2,673
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	0
After Five Years through Ten Years, Amortized Cost	34
After Five Years through Ten Years, Fair Value	38
After Ten Years, Amortized Cost	2,387
After Ten Years, Fair Value	$ 2,570

Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	$ 34,957	$ 35,965
Guaranty Obligation	367	382
Maximum Recovery	14,007	14,222
Fair Value of Guaranty obligations in Investments in Securities	769	797
Unconsolidated VIEs [Member] \| Unconsolidated Fannie Mae MBS [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	16,703	17,184
Guaranty Obligation	209	214
Maximum Recovery	9,576	9,775
Unconsolidated VIEs [Member] \| Other guaranty arrangements [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	18,254	18,781
Guaranty Obligation	158	168
Maximum Recovery	$ 4,431	$ 4,447
Minimum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Remaining contractual terms of our guarantees	30 days
Maximum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Remaining contractual terms of our guarantees	38 years

Acquired Property Net (Details) - USD ($) $ in Millions	3 Months Ended
Acquired Property Net (Details) - USD ($) $ in Millions	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Acquired Property [Roll Forward]
Acquired Property, Beginning Balance	$ 11,442	$ 12,307
Acquired Property, Additions	2,935	3,772
Acquired Property, Disposals	(4,029)	(3,335)
Acquired Property, Ending Balance	10,348	12,744
Real Estate Owned Valuation Allowance [Roll Forward]
Valuation Allowance, Beginning Balance	(824)	(686)
Increase in Valuation Allowance	(6)	(98)
Valuation Allowance, Ending Balance	(830)	(784)
Acquired property, net	$ 9,518	$ 11,960	$ 10,618

Short-Term Borrowings and Long-Term Debt Short-term Debt (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Short-term Borrowings [Line Items]
Federal funds purchased and securities sold under agreements to repurchase	$ 87,000,000	$ 50,000,000
Federal funds purchased and securities sold under agreements to repurchase, weighted-average interest rate	0.00%	0.00%
Short-term debt, outstanding	$ 100,812,000,000	$ 106,572,000,000
Short-term debt, weighted-average interest rate	0.14%	0.11%
Secured uncommitted line of credit [Member]
Short-term Borrowings [Line Items]
Line of credit maximum borrowing capacity	$ 15,000,000,000.0	$ 15,000,000,000.0
Line of credit amount outstanding	0
Fannie Mae [Member]
Short-term Borrowings [Line Items]
Short-term debt, outstanding	$ 99,349,000,000	$ 105,012,000,000
Short-term debt, weighted-average interest rate	0.14%	0.11%
Consolidated Trusts [Member]
Short-term Borrowings [Line Items]
Short-term debt, outstanding	$ 1,463,000,000	$ 1,560,000,000
Short-term debt, weighted-average interest rate	0.12%	0.09%

Short-Term Borrowings and Long-Term Debt Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,111,819	$ 3,115,583
Long-term debt, weighted-average interest rate	2.84%	2.93%
Fannie Mae [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 349,391	$ 355,431
Long-term debt, weighted-average interest rate	2.29%	2.24%
Unamortized discount, fair value adjustments and other cost basis adjustments	$ 3,600	$ 4,100
Fannie Mae [Member] \| Senior Fixed [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 318,922	$ 320,507
Long-term debt, weighted-average interest rate	2.29%	2.29%
Fannie Mae [Member] \| Senior fixed benchmark notes and bonds [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 170,531	$ 173,010
Long-term debt, weighted-average interest rate	2.44%	2.41%
Fannie Mae [Member] \| Senior fixed medium-term notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 116,246	$ 114,556
Long-term debt, weighted-average interest rate	1.44%	1.42%
Fannie Mae [Member] \| Senior fixed foreign exchange notes and bonds [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 590	$ 619
Long-term debt, weighted-average interest rate	5.37%	5.44%
Fannie Mae [Member] \| Senior fixed other debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 31,555	$ 32,322
Long-term debt, weighted-average interest rate	4.57%	4.63%
Fannie Mae [Member] \| Senior Floating [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 26,340	$ 30,873
Long-term debt, weighted-average interest rate	1.10%	0.81%
Fannie Mae [Member] \| Senior floating medium-term notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 18,419	$ 24,469
Long-term debt, weighted-average interest rate	0.18%	0.15%
Fannie Mae [Member] \| Senior floating Connecticut Avenue Security [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 7,530	$ 6,041
Long-term debt, weighted-average interest rate	3.10%	2.97%
Fannie Mae [Member] \| Senior floating other debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 391	$ 363
Long-term debt, weighted-average interest rate	7.89%	8.71%
Fannie Mae [Member] \| Subordinated debentures [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,940	$ 3,849
Long-term debt, weighted-average interest rate	9.84%	9.93%
Fannie Mae [Member] \| Secured borrowings [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 189	$ 202
Long-term debt, weighted-average interest rate	1.91%	1.90%
Consolidated Trusts [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,762,428	$ 2,760,152
Long-term debt, weighted-average interest rate	2.91%	3.02%
Minimum [Member] \| Fannie Mae [Member]
Long-Term Debt [Line Items]
Medium-term notes original contractual maturity	1 year	1 year
Maximum [Member] \| Fannie Mae [Member]
Long-Term Debt [Line Items]
Medium-term notes original contractual maturity	10 years	10 years

Derivative Instruments Derivatives 1 - Notional and FV Position (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Asset Derivatives [Abstract]
Notional amount	$ 247,985	$ 183,204
Derivative asset, estimated fair value	1,692	1,485
Netting adjustment	(5,626)	(5,186)
Liability Derivatives [Abstract]
Notional amount	395,719	408,714
Derivative liability, estimated fair value	(802)	(614)
Netting adjustment	12,036	10,194
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	6,600	5,300
Cash collateral received for derivative instruments	161	245
Risk Management Derivatives [Member]
Asset Derivatives [Abstract]
Notional amount	169,716	128,628
Derivative asset, estimated fair value	5,989	5,667
Accrued interest receivable, estimated fair value	917	749
Netting adjustment	(5,626)	(5,186)
Total net risk management derivatives	1,280	1,230
Liability Derivatives [Abstract]
Notional amount	295,920	344,264
Derivative liability, estimated fair value	(11,039)	(9,451)
Accrued interest payable, estimated fair value	(1,232)	(1,013)
Netting adjustment	12,036	10,194
Total net risk management derivatives	(235)	(270)
Risk Management Derivatives [Member] \| Pay-fixed Swap [Member]
Asset Derivatives [Abstract]
Notional amount	17,739	41,965
Derivative asset, estimated fair value	114	733
Liability Derivatives [Abstract]
Notional amount	144,469	123,557
Derivative liability, estimated fair value	(9,424)	(7,125)
Risk Management Derivatives [Member] \| Receive-fixed Swap [Member]
Asset Derivatives [Abstract]
Notional amount	141,195	67,629
Derivative asset, estimated fair value	5,508	4,486
Liability Derivatives [Abstract]
Notional amount	97,104	157,272
Derivative liability, estimated fair value	(516)	(1,302)
Risk Management Derivatives [Member] \| Basis Swap [Member]
Asset Derivatives [Abstract]
Notional amount	1,769	5,769
Derivative asset, estimated fair value	156	123
Liability Derivatives [Abstract]
Notional amount	9,100	7,100
Derivative liability, estimated fair value	(3)	(2)
Risk Management Derivatives [Member] \| Foreign Currency Swap [Member]
Asset Derivatives [Abstract]
Notional amount	328	344
Derivative asset, estimated fair value	132	144
Liability Derivatives [Abstract]
Notional amount	260	273
Derivative liability, estimated fair value	(48)	(30)
Risk Management Derivatives [Member] \| Pay-fixed Swaption [Member]
Asset Derivatives [Abstract]
Notional amount	7,625	11,100
Derivative asset, estimated fair value	52	57
Liability Derivatives [Abstract]
Notional amount	21,700	26,525
Derivative liability, estimated fair value	(79)	(175)
Risk Management Derivatives [Member] \| Receive-fixed Swaption [Member]
Asset Derivatives [Abstract]
Notional amount	0	750
Derivative asset, estimated fair value	0	96
Liability Derivatives [Abstract]
Notional amount	23,275	29,525
Derivative liability, estimated fair value	(968)	(816)
Risk Management Derivatives [Member] \| Other [Member]
Asset Derivatives [Abstract]
Notional amount	1,060	1,071
Derivative asset, estimated fair value	27	28
Liability Derivatives [Abstract]
Notional amount	12	12
Derivative liability, estimated fair value	(1)	(1)
Mortgage commitment derivatives [Member]
Asset Derivatives [Abstract]
Notional amount	78,269	54,576
Derivative asset, estimated fair value	412	255
Netting adjustment	0	0
Liability Derivatives [Abstract]
Notional amount	99,799	64,450
Derivative liability, estimated fair value	(567)	(344)
Netting adjustment	0	0
Mortgage commitment derivatives [Member] \| Mortgage Commitments to Purchase Whole Loans [Member]
Asset Derivatives [Abstract]
Notional amount	10,387	6,157
Derivative asset, estimated fair value	51	28
Liability Derivatives [Abstract]
Notional amount	1,493	428
Derivative liability, estimated fair value	(4)	0
Mortgage commitment derivatives [Member] \| Forward Contracts to Purchase Mortgage-related Securities [Member]
Asset Derivatives [Abstract]
Notional amount	59,334	43,533
Derivative asset, estimated fair value	341	223
Liability Derivatives [Abstract]
Notional amount	6,748	6,112
Derivative liability, estimated fair value	(14)	(8)
Mortgage commitment derivatives [Member] \| Forward Contracts to Sell Mortgage-related Securities [Member]
Asset Derivatives [Abstract]
Notional amount	8,548	4,886
Derivative asset, estimated fair value	20	4
Liability Derivatives [Abstract]
Notional amount	91,558	57,910
Derivative liability, estimated fair value	$ (549)	$ (336)

Derivative Instruments (Narratives) (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate fair value of all OTC derivatives with credit-risk-related contingent features that were in a net liability position	$ 3,100	$ 2,600
Aggregate fair value of collateral posted	2,900	2,400
Additional collateral required or amount required to immediately settle our positions if all of the credit-risk-related contingent features were triggered	$ 230	$ 269

Derivative Instruments Derivatives 2 - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	$ (1,753)	$ (1,285)
Accrual of periodic settlements	5,067	4,738
Risk Management Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(1,514)	(940)
Risk Management Derivatives [Member] \| Pay-fixed Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(3,069)	(2,118)
Accrual of periodic settlements	(931)	(903)
Risk Management Derivatives [Member] \| Receive-fixed Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	1,847	1,465
Accrual of periodic settlements	692	691
Risk Management Derivatives [Member] \| Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	32	35
Risk Management Derivatives [Member] \| Foreign Currency Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(29)	21
Risk Management Derivatives [Member] \| Pay-fixed Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	91	(99)
Risk Management Derivatives [Member] \| Receive-fixed Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(159)	(42)
Risk Management Derivatives [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	2	(3)
Accrual of periodic settlements	10	13
Mortgage commitment derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	$ (239)	$ (345)

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to Fannie Mae	$ 1,888	$ 5,325
Dividends available for distribution to senior preferred stockholder	(1,796)	(5,692)
Net income (loss) attributable to common stockholders	$ 92	$ (367)
Weighted-average common shares outstanding, Basic	5,762	5,762
Convertible Preferred Stock	131	0
Weighted-average common of shares outstanding, Diluted	5,893	5,762
Earnings (loss) per share, Basic (in dollars per share)	$ 0.02	$ (0.06)
Earnings (loss) per share, Diluted (in dollars per share)	$ 0.02	$ (0.06)
Weighted average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury	4,600	4,600

Segment Reporting (Narrative) (Details)	3 Months Ended
Segment Reporting (Narrative) (Details)	Mar. 31, 2015 segments
Segment Reporting [Abstract]
Number of Reportable Segments	3

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Net interest income (loss)	$ 5,067	$ 4,738
Benefit for credit losses	533	774
Net interest income after benefit for credit losses	5,600	5,512
Guaranty fee income (expense)	31	45
Investment gains (losses), net	342	95
Fair value (losses) gains, net	(1,919)	(1,190)
Debt extinguishment gains, net	8	0
(Losses) gains from partnership investments	207	45
Fee and other income (expense)	277	4,310
Administrative expenses	(723)	(672)
Foreclosed property (expense) income	(473)	262
TCCA Fees	(382)	(322)
Other (expenses) income	(210)	(176)
Income before federal income taxes	2,758	7,909
Provision for federal income taxes	(870)	(2,584)
Net income attributable to Fannie Mae	1,888	5,325
Single-Family [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)	9	(48)
Benefit for credit losses	478	745
Net interest income after benefit for credit losses	487	697
Guaranty fee income (expense)	3,040	2,870
Investment gains (losses), net	0	0
Fair value (losses) gains, net	(4)	(5)
Debt extinguishment gains, net	0	0
(Losses) gains from partnership investments	(5)	0
Fee and other income (expense)	172	144
Administrative expenses	(484)	(450)
Foreclosed property (expense) income	(485)	257
Other (expenses) income	(227)	(155)
Income before federal income taxes	2,112	3,036
Provision for federal income taxes	(581)	(927)
Net income attributable to Fannie Mae	1,531	2,109
Multifamily [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)	(31)	(22)
Benefit for credit losses	55	29
Net interest income after benefit for credit losses	24	7
Guaranty fee income (expense)	340	311
Investment gains (losses), net	9	3
Fair value (losses) gains, net	0	0
Debt extinguishment gains, net	0	0
(Losses) gains from partnership investments	212	45
Fee and other income (expense)	51	24
Administrative expenses	(88)	(73)
Foreclosed property (expense) income	12	5
Other (expenses) income	(7)	(1)
Income before federal income taxes	553	321
Provision for federal income taxes	(70)	9
Net income attributable to Fannie Mae	483	330
Capital Markets [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)	1,602	1,830
Benefit for credit losses	0	0
Net interest income after benefit for credit losses	1,602	1,830
Guaranty fee income (expense)	(227)	(246)
Investment gains (losses), net	1,509	1,285
Fair value (losses) gains, net	(1,970)	(1,337)
Debt extinguishment gains, net	2	(7)
(Losses) gains from partnership investments	0	0
Fee and other income (expense)	55	4,133
Administrative expenses	(151)	(149)
Foreclosed property (expense) income	0	0
Other (expenses) income	(2)	(8)
Income before federal income taxes	818	5,501
Provision for federal income taxes	(219)	(1,666)
Net income attributable to Fannie Mae	599	3,835
Consolidated Trusts [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)	3,216	2,698
Benefit for credit losses	0	0
Net interest income after benefit for credit losses	3,216	2,698
Guaranty fee income (expense)	(1,562)	(1,427)
Investment gains (losses), net	(202)	(58)
Fair value (losses) gains, net	(2)	48
Debt extinguishment gains, net	6	7
(Losses) gains from partnership investments	0	0
Fee and other income (expense)	(79)	(76)
Administrative expenses	0	0
Foreclosed property (expense) income	0	0
Other (expenses) income	0	0
Income before federal income taxes	1,377	1,192
Provision for federal income taxes	0	0
Net income attributable to Fannie Mae	1,377	1,192
Eliminations/Adjustments [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)	271	280
Benefit for credit losses	0	0
Net interest income after benefit for credit losses	271	280
Guaranty fee income (expense)	(1,560)	(1,463)
Investment gains (losses), net	(974)	(1,135)
Fair value (losses) gains, net	57	104
Debt extinguishment gains, net	0	0
(Losses) gains from partnership investments	0	0
Fee and other income (expense)	78	85
Administrative expenses	0	0
Foreclosed property (expense) income	0	0
Other (expenses) income	26	(12)
Income before federal income taxes	(2,102)	(2,141)
Provision for federal income taxes	0	0
Net income attributable to Fannie Mae	(2,102)	(2,141)
US Treasury [Member]
Segment Reporting Information [Line Items]
TCCA Fees	(382)	(322)
US Treasury [Member] \| Single-Family [Member]
Segment Reporting Information [Line Items]
TCCA Fees	$ (382)	$ (322)

Equity Activity in OCI (Details) - USD ($) $ in Millions	3 Months Ended
Equity Activity in OCI (Details) - USD ($) $ in Millions	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Net income	$ 1,888	$ 5,325
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on AFS securities (net of tax of $13 and $184, respectively)	24	340
Reclassification adjustment for OTTI recognized in net income (net of tax of $60 and $18, respectively)	110	33
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $121 and $-, respectively)	(225)	(1)
Other	(1)	0
Total other comprehensive (loss) income	(92)	372
Total comprehensive income	1,796	5,697
Other Comprehensive (Income) Loss Parenthetical Disclosures [Abstract]
Changes in net unrealized gains on AFS securities, tax	13	184
Reclassification adjustment for OTTI recognized in net income, tax	60	18
Reclassification adjustment for gains on AFS securities included in net income, tax	$ 121	$ 0

Equity AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax	$ 667	$ 592
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax	1,363	1,529
Prior service cost and actuarial losses, net of amortization, net of tax	(359)	(358)
Other losses	(30)	(30)
Accumulated other comprehensive income	$ 1,641	$ 1,733	$ 1,575	$ 1,203

- Definition

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.

+ References + Details

Equity Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
Equity Changes in AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2015	Mar. 31, 2014
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 1,733	$ 1,203
OCI before reclassifications	24	340
Amounts reclassified from OCI	(116)	32
Total other comprehensive (loss) income	(92)	372
Ending balance	1,641	1,575
Available-for-Sale Securities [Member]
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	2,121	1,627
OCI before reclassifications	24	340
Amounts reclassified from OCI	(115)	32
Total other comprehensive (loss) income	(91)	372
Ending balance	2,030	1,999
Accumulated Other Comprehensive Income (Loss), Other [Member]
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(388)	(424)
OCI before reclassifications	0	0
Amounts reclassified from OCI	(1)	0
Total other comprehensive (loss) income	(1)	0
Ending balance	$ (389)	$ (424)

- Definition

+ References + Details

Concentrations of Credit Risk Risk Characteristics - SF (Details) - Single-Family [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Guaranty Book of Business [Member] \| Conventional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent, percentage (unpaid principal balance)	1.11%	1.27%
60 days delinquent, percentage (unpaid principal balance)	0.33%	0.38%
Seriously delinquent, percentage (unpaid principal balance)	1.87%	1.99%
30 days delinquent, percentage (loan count)	1.26%	1.47%
60 days delinquent, percentage (loan count)	0.36%	0.43%
Seriously delinquent, percentage (loan count)	1.78%	1.89%
Percentage of loans with detailed loan level information	99.00%	99.00%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| 2005 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	3.00%
Seriously delinquent, percentage (loan count)	5.94%	6.18%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| 2006 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	3.00%
Seriously delinquent, percentage (loan count)	9.14%	9.61%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| 2007 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	4.00%
Seriously delinquent, percentage (loan count)	10.34%	10.79%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| 2008 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	2.00%	2.00%
Seriously delinquent, percentage (loan count)	6.05%	6.27%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| All other vintages [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	88.00%	88.00%
Seriously delinquent, percentage (loan count)	0.85%	0.88%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| Alt-A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	4.00%
Seriously delinquent, percentage (loan count)	7.41%	7.77%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	20.00%	20.00%
Seriously delinquent, percentage (loan count)	0.66%	0.70%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	6.00%	6.00%
Seriously delinquent, percentage (loan count)	3.91%	4.42%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	4.00%
Seriously delinquent, percentage (loan count)	2.20%	2.36%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	4.00%
Seriously delinquent, percentage (loan count)	5.62%	5.78%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	5.00%	5.00%
Seriously delinquent, percentage (loan count)	4.04%	4.17%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| All other states [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	61.00%	61.00%
Seriously delinquent, percentage (loan count)	1.43%	1.52%
Guaranty Book of Business [Member] \| Conventional Loan [Member] \| Estimated Mark to Market Loan to Value Ratio Greater Than 100% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	5.00%	5.00%
Seriously delinquent, percentage (loan count)	10.43%	10.98%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days	90 days

Concentrations of Credit Risk Risk Characteristics - MF (Details) - Multifamily [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	60 days	60 days
Current debt service coverage ratio reporting lag	3 months	3 months
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current debt service coverage ratio, higher risk loans	1.0
Serious delinquency, days past due	89 days	89 days
Current debt service coverage ratio reporting lag	6 months	6 months
Guaranty Book of Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent, percentage (unpaid principal balance)	0.03%	0.04%
Seriously delinquent, percentage (unpaid principal balance)	0.09%	0.05%
Percentage of loans with detailed loan level information	99.00%	99.00%
Guaranty Book of Business [Member] \| Current Debt Service Coverage Ratio Less Than 1.0 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	3.00%
Loans seriously delinquent, percentage by unpaid principal balance	1.27%	0.83%
Guaranty Book of Business [Member] \| Original Loan to Value Ratio Greater than 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	3.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.55%	0.31%
Guaranty Book of Business [Member] \| Original Loan to Value Ratio Less than or Equal to 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	97.00%	97.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.08%	0.04%

Concentration of Credit Risk (Narrative) (Details) $ in Millions	Apr. 10, 2015	Apr. 09, 2015	Mar. 31, 2015 USD ($) servicers insurers	Dec. 31, 2014 USD ($) servicers insurers
Concentration Risk [Line Items]
Estimated benefit included in total loss reserves			$ 2,900	$ 4,100
Receivable from claims on insured, defaulted loans excluding government insured loans			1,500	1,400
Allowance for mortgage insurance receivable			870	799
Mortgage Sellers and Servicers [Member]
Concentration Risk [Line Items]
Receivable from claims on insured, defaulted loans excluding government insured loans			$ 360	$ 269
Subsequent Event [Member] \| PMI Mortgage Insurance Co. [Member]
Concentration Risk [Line Items]
Percentage of mortgage guaranty insurance policy claims to be paid by insurer	70.00%	67.00%
Guaranty Book of Business [Member] \| Single-Family [Member]
Concentration Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers			5	5
Number of mortgage insurance companies provided majority of our mortgage insurance \| insurers			4	4
Number of mortgage Insurers publicly disclosed credit quality deterioration \| insurers			3
Guaranty Book of Business [Member] \| Single-Family [Member] \| Unpaid Principal Balance [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force			$ 110,600	$ 109,600
Mortgage insurance coverage risk in force as percentage			4.00%	4.00%
Primary mortgage insurance coverage risk in force			$ 109,800	$ 108,700
Pool mortgage insurance coverage risk in force			$ 806	$ 852
Guaranty Book of Business [Member] \| Single-Family [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Largest Mortgage Servicers, Including Their Affiliates [Member]
Concentration Risk [Line Items]
Percentage of concentration risk			45.00%	46.00%
Guaranty Book of Business [Member] \| Single-Family [Member] \| Unpaid Principal Balance [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentration risk			11.00%
Mortgage insurance coverage risk in force, insurers with credit quality deterioration			$ 11,700
Guaranty Book of Business [Member] \| Single-Family [Member] \| Unpaid Principal Balance [Member] \| Insurance Service Provider Concentration Risk [Member] \| Mortgage Insurance Companies [Member]
Concentration Risk [Line Items]
Percentage of concentration risk			79.00%	79.00%
Guaranty Book of Business [Member] \| Multifamily [Member]
Concentration Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers			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 Risk [Line Items]
Percentage of concentration risk			68.00%	67.00%

Netting Arrangements (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Assets
Derivative assets, gross amount	$ 7,291	$ 6,643
Derivative assets, gross amount offset	(5,626)	(5,186)
Derivative assets, net amount presented in the condensed consolidated balance sheets	1,665	1,457
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	(227)	(116)
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	(3)	(40)
Derivative assets, net amount	1,435	1,301
Securities purchased under agreements to resell or similar arrangements, gross amount	39,180	47,550
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, net amount presented in the condensed consolidated balance sheets	39,180	47,550
Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in the condensed consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	(39,180)	(47,550)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	46,471	54,193
Total assets, gross amount offset	(5,626)	(5,186)
Total assets, net amount presented in the condensed consolidated balance sheets	40,845	49,007
Total assets, under master netting arrangements, not offset in the condensed consolidated balance sheets, financial instruments	(227)	(116)
Total assets, under master netting arrangements, not offset in the condensed consolidated balance sheets, collateral	(39,183)	(47,590)
Total assets, net amount	1,435	1,301
Liabilities:
Derivative liabilities, gross amount	(12,837)	(10,807)
Derivative liabilities, gross amount offset	12,036	10,194
Derivative liabilities, net amount presented in the condensed consolidated balance sheets	(801)	(613)
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	227	116
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(574)	(497)
Securities sold under agreements to repurchase, gross amount	(87)	(50)
Securities sold under agreements to repurchase, gross amount offset	0	0
Securities sold under agreements to repurchase, net amount presented in the condensed consolidated balance sheets	(87)	(50)
Securities sold under agreements to repurchase, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	0	0
Securities sold under agreements to repurchase, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	87	50
Securities sold under agreements to repurchase, net amount	0	0
Total liabilities, gross amount	(12,924)	(10,857)
Total liabilities, gross amount offset	12,036	10,194
Total liabilities, net amount presented in the condensed consolidated balance sheets	(888)	(663)
Total liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	227	116
Total liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	87	50
Total liabilities, net amount	(574)	(497)
Risk Management Derivatives [Member]
Assets
Derivative assets, gross amount offset	(5,626)	(5,186)
Liabilities:
Derivative liabilities, gross amount offset	12,036	10,194
Risk Management Derivatives [Member] \| OTC Risk Management Derivatives [Member]
Assets
Derivative assets, gross amount	5,705	5,461
Derivative assets, gross amount offset	(5,705)	(5,428)
Derivative assets, net amount presented in the condensed consolidated balance sheets	0	33
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	0	(33)
Derivative assets, net amount	0	0
Liabilities:
Derivative liabilities, gross amount	(8,658)	(7,836)
Derivative liabilities, gross amount offset	8,424	7,567
Derivative liabilities, net amount presented in the condensed consolidated balance sheets	(234)	(269)
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(234)	(269)
Risk Management Derivatives [Member] \| Cleared Risk Management Derivatives [Member]
Assets
Derivative assets, gross amount	1,174	927
Derivative assets, gross amount offset	79	242
Derivative assets, net amount presented in the condensed consolidated balance sheets	1,253	1,169
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	0	0
Derivative assets, net amount	1,253	1,169
Liabilities:
Derivative liabilities, gross amount	(3,612)	(2,627)
Derivative liabilities, gross amount offset	3,612	2,627
Derivative liabilities, net amount presented in the condensed consolidated balance sheets	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	0	0
Mortgage commitment derivatives [Member]
Assets
Derivative assets, gross amount	412	255
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in the condensed consolidated balance sheets	412	255
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	(227)	(116)
Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	(3)	(7)
Derivative assets, net amount	182	132
Liabilities:
Derivative liabilities, gross amount	(567)	(344)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in the condensed consolidated balance sheets	(567)	(344)
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments	227	116
Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	$ (340)	$ (228)

Netting Arrangements Narratives (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets not subject to an enforceable master netting arrangement or similar agreement	$ 27,000,000	$ 28,000,000
Derivative liabilities not subject to an enforceable master netting arrangement or similar agreement	1,000,000	1,000,000
Cash and Cash Equivalents [Member]
Derivative [Line Items]
Securities purchased under agreements to resell or similar arrangements	19,000,000,000	16,600,000,000
Securities purchased under agreements to resell [Member]
Derivative [Line Items]
Fair value of non-cash collateral accepted	39,300,000,000	47,600,000,000
Fair value of non-cash collateral accepted that can be sold or repledged	31,900,000,000	41,900,000,000
Fair value of securities accepted as collateral that have been sold or repledged	0	0
Securities sold under agreements to repurchase [Member]
Derivative [Line Items]
Fair value of non-cash collateral pledged	87,000,000	50,000,000
OTC Risk Management Derivatives [Member]
Derivative [Line Items]
Fair value of non-cash collateral accepted	$ 5,000,000	$ 51,000,000

Fair Value Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Trading Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 3,030	$ 2,774
Total (losses) or gains (realized/unrealized) Included in Net Income	15	139
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	(410)	0
Issues	0	0
Settlements	(57)	(95)
Transfers out of Level 3	(322)	(117)
Transfers into Level 3	30	110
Ending Balance	2,286	2,811
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	127	138
Trading Securities [Member] \| Fannie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	305	42
Total (losses) or gains (realized/unrealized) Included in Net Income	(27)	(1)
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	0	(2)
Transfers out of Level 3	(278)	(39)
Transfers into Level 3	2	0
Ending Balance	2	0
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	(19)	0
Trading Securities [Member] \| Freddie Mac [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		2
Total (losses) or gains (realized/unrealized) Included in Net Income		0
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income		0
Purchases		0
Sales		0
Issues		0
Settlements		0
Transfers out of Level 3		(2)
Transfers into Level 3		0
Ending Balance		0
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end		0
Trading Securities [Member] \| Alt-A private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	597	618
Total (losses) or gains (realized/unrealized) Included in Net Income	8	19
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(17)	(16)
Transfers out of Level 3	(44)	(76)
Transfers into Level 3	28	110
Ending Balance	572	655
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	8	17
Trading Securities [Member] \| Subprime private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,307	1,448
Total (losses) or gains (realized/unrealized) Included in Net Income	1	76
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	(398)	0
Issues	0	0
Settlements	(34)	(71)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	876	1,453
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	107	76
Trading Securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	722	565
Total (losses) or gains (realized/unrealized) Included in Net Income	35	40
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	(12)	0
Issues	0	0
Settlements	(3)	(4)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	742	601
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	33	40
Trading Securities [Member] \| Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	99	99
Total (losses) or gains (realized/unrealized) Included in Net Income	(2)	5
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(3)	(2)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	94	102
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	(2)	5
Available-for-sale securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	15,080	19,012
Total (losses) or gains (realized/unrealized) Included in Net Income	166	29
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	13	526
Purchases	239	0
Sales	(1,317)	(19)
Issues	0	0
Settlements	(712)	(864)
Transfers out of Level 3	(311)	(611)
Transfers into Level 3	313	390
Ending Balance	13,471	18,463
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Available-for-sale securities [Member] \| Fannie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	7
Total (losses) or gains (realized/unrealized) Included in Net Income	0	0
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	239	0
Sales	(34)	0
Issues	0	0
Settlements	0	0
Transfers out of Level 3	0	(2)
Transfers into Level 3	0	0
Ending Balance	205	5
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Available-for-sale securities [Member] \| Freddie Mac [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	6	8
Total (losses) or gains (realized/unrealized) Included in Net Income	0	0
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	0	0
Transfers out of Level 3	(1)	0
Transfers into Level 3	0	0
Ending Balance	5	8
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Available-for-sale securities [Member] \| Alt-A private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,140	3,791
Total (losses) or gains (realized/unrealized) Included in Net Income	101	13
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	(78)	73
Purchases	0	0
Sales	(556)	0
Issues	0	0
Settlements	(124)	(88)
Transfers out of Level 3	(310)	(609)
Transfers into Level 3	313	390
Ending Balance	2,486	3,570
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Available-for-sale securities [Member] \| Subprime private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,240	7,068
Total (losses) or gains (realized/unrealized) Included in Net Income	180	33
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	(101)	219
Purchases	0	0
Sales	(565)	0
Issues	0	0
Settlements	(146)	(290)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	4,608	7,030
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Available-for-sale securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	4,023	5,253
Total (losses) or gains (realized/unrealized) Included in Net Income	23	(20)
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	52	193
Purchases	0	0
Sales	(162)	(19)
Issues	0	0
Settlements	(376)	(401)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	3,560	5,006
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Available-for-sale securities [Member] \| Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,671	2,885
Total (losses) or gains (realized/unrealized) Included in Net Income	(138)	3
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	140	41
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(66)	(85)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	2,607	2,844
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	0	0
Mortgage Loans [Member] \| Consolidated Trusts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,833	2,704
Total (losses) or gains (realized/unrealized) Included in Net Income	34	25
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	3	24
Sales	0	0
Issues	0	0
Settlements	(77)	(81)
Transfers out of Level 3	(57)	(148)
Transfers into Level 3	74	84
Ending Balance	1,810	2,608
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	19	11
Net derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	45	(40)
Total (losses) or gains (realized/unrealized) Included in Net Income	27	30
Total (Losses) or gains (realized/unrealized) Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(6)	(12)
Transfers out of Level 3	0	(1)
Transfers into Level 3	0	0
Ending Balance	66	(23)
Net unrealized (losses) gains included in net income related to assets and liabilities still held at period end	39	11
Long-term debt [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(890)	(1,473)
Total (Losses) Gains (Realized/Unrealized) Included in Net Loss	(41)	(91)
Total Gains or (Losses) Included in Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	(750)
Settlements	9	38
Transfers out of Level 3	50	1,484
Transfers into Level 3	(66)	(24)
Ending Balance	(938)	(816)
Net Unrealized (Loss) Gain Included in Net Loss Related to Liabilities Still Held at period end	(40)	(45)
Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(527)	(518)
Total (Losses) Gains (Realized/Unrealized) Included in Net Loss	(13)	(1)
Total Gains or (Losses) Included in Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	9	18
Transfers out of Level 3	50	19
Transfers into Level 3	(66)	(24)
Ending Balance	(547)	(506)
Net Unrealized (Loss) Gain Included in Net Loss Related to Liabilities Still Held at period end	(12)	(1)
Long-term debt [Member] \| Senior Floating [Member] \| Fannie Mae [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(363)	(955)
Total (Losses) Gains (Realized/Unrealized) Included in Net Loss	(28)	(90)
Total Gains or (Losses) Included in Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	(750)
Settlements	0	20
Transfers out of Level 3	0	1,465
Transfers into Level 3	0	0
Ending Balance	(391)	(310)
Net Unrealized (Loss) Gain Included in Net Loss Related to Liabilities Still Held at period end	$ (28)	$ (44)

Fair Value Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Fair Value Measurement [Domain]
Financial assets [Abstract]
Derivative assets, gross amount offset	$ (5,626)	$ (5,186)
Financial liabilities [Abstract]
Derivative liabilities, gross amount offset	(12,036)	(10,194)
Derivative assets, gross amount offset	(5,626)	(5,186)
Derivative liabilities, gross amount offset	(12,036)	(10,194)
Carrying Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	65,299	54,565
Federal funds sold and securities purchased under agreements to resell or similar arrangements	20,230	30,950
Trading Securities	31,286	31,504
Available-for-sale securities	27,732	30,654
Mortgage loans held for sale	613	331
Mortgage loans held for investment, at fair value	3,012,503	3,019,163
Advances to lenders	6,361	5,559
Derivatives assets at fair value	1,692	1,485
Guaranty assets and buy-ups	201	210
Total financial assets	3,165,917	3,174,421
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase	87	50
Derivative liabilities at fair value	802	614
Guaranty obligations	367	382
Total financial liabilities	3,213,887	3,223,201
Estimated Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	65,299	54,565
Federal funds sold and securities purchased under agreements to resell or similar arrangements	20,230	30,950
Trading Securities	31,286	31,504
Available-for-sale securities	27,732	30,654
Mortgage loans held for sale	720	338
Mortgage loans held for investment, at fair value	3,094,784	3,088,086
Advances to lenders	6,344	5,549
Derivatives assets at fair value	1,692	1,485
Guaranty assets and buy-ups	599	616
Total financial assets	3,248,686	3,243,747
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase	87	50
Derivative liabilities at fair value	802	614
Guaranty obligations	1,536	1,579
Total financial liabilities	3,321,059	3,312,687
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	46,349	37,965
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading Securities	19,367	19,466
Available-for-sale securities	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment, at fair value	0	0
Advances to lenders	0	0
Derivatives assets at fair value	0	0
Guaranty assets and buy-ups	0	0
Total financial assets	65,716	57,431
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase	0	0
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	18,950	16,600
Federal funds sold and securities purchased under agreements to resell or similar arrangements	20,230	30,950
Trading Securities	9,633	9,008
Available-for-sale securities	14,261	15,574
Mortgage loans held for sale	153	169
Mortgage loans held for investment, at fair value	2,675,585	2,687,759
Advances to lenders	5,901	5,079
Derivatives assets at fair value	7,103	6,489
Guaranty assets and buy-ups	0	0
Total financial assets	2,751,816	2,771,628
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase	87	50
Derivative liabilities at fair value	12,689	10,671
Guaranty obligations	0	0
Total financial liabilities	3,306,127	3,299,289
Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	0	0
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading Securities	2,286	3,030
Available-for-sale securities	13,471	15,080
Mortgage loans held for sale	567	169
Mortgage loans held for investment, at fair value	419,199	400,327
Advances to lenders	443	470
Derivatives assets at fair value	215	182
Guaranty assets and buy-ups	599	616
Total financial assets	436,780	419,874
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase	0	0
Derivative liabilities at fair value	149	137
Guaranty obligations	1,536	1,579
Total financial liabilities	26,968	23,592
Fannie Mae [Member]
Financial liabilities [Abstract]
Long-term debt	7,920	6,403
Fannie Mae [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	235,827	239,243
Financial liabilities [Abstract]
Short-term debt	99,349	105,012
Long-term debt	349,391	355,431
Fannie Mae [Member] \| Estimated Fair Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	245,620	246,960
Financial liabilities [Abstract]
Short-term debt	99,361	105,022
Long-term debt	364,352	368,685
Fannie Mae [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Fannie Mae [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	31,127	29,896
Financial liabilities [Abstract]
Short-term debt	99,361	105,022
Long-term debt	363,358	367,703
Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	214,493	217,064
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	994	982
Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	15,570	15,629
Financial liabilities [Abstract]
Long-term debt	21,373	19,483
Consolidated Trusts [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,776,676	2,779,920
Financial liabilities [Abstract]
Short-term debt	1,463	1,560
Long-term debt	2,762,428	2,760,152
Consolidated Trusts [Member] \| Estimated Fair Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,849,164	2,841,126
Financial liabilities [Abstract]
Short-term debt	1,463	1,560
Long-term debt	2,853,458	2,835,177
Consolidated Trusts [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Consolidated Trusts [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,644,458	2,657,863
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	2,830,632	2,815,843
Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	204,706	183,263
Financial liabilities [Abstract]
Short-term debt	1,463	1,560
Long-term debt	22,826	19,334
HARP loans [Member]
Financial liabilities [Abstract]
Loans Receivable Refinanced under Home Affordable Refinance Program, Fair Value Disclosure	310,200	314,000
HARP loans [Member] \| Fair Value Estimation Process [Member]
Financial liabilities [Abstract]
Change In Estimated Fair Value Resulting From Change In Principal Market	$ 3,500	$ 3,300

Fair Value Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of nonaccrual loans	$ 235	$ 240
Difference between unpaid principal balance and the fair value of nonaccrual loans	68	75
Fair value of loans that are 90 days or more past due	261	271
Difference between unpaid principal balance and the fair value of these 90 days or more days past due loans	74	78
Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, at fair value	15,570	15,629
Long-term debt, fair value	21,373	19,483
Fannie Mae [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	7,920	6,403
Loans [Member] \| Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, at fair value	15,570	15,629
Loans, unpaid principal balance	14,817	15,001
Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	21,373	19,483
Long-term debt, unpaid principal balance	19,364	17,810
Long-term debt [Member] \| Fannie Mae [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	7,920	6,403
Long-term debt, unpaid principal balance	$ 7,803	$ 6,512
Minimum [Member] \| Single-Family [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Serious delinquency, days past due	90 days	90 days

Fair Value Changes in FV under the FV Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Total	$ (205)	$ (42)
Other changes in fair value	(21)	7
Fair value (losses) gains, net	(226)	(35)
Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Loans	(12)	9
Other changes in fair value	167	123
Fair value (losses) gains, net	155	132
Long-term debt [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Long-Term Debt	(193)	(51)
Other changes in fair value	(188)	(116)
Fair value (losses) gains, net	$ (381)	$ (167)

Commitments and Contingencies (Details) - Pending Litigation [Member] - USD ($) $ in Billions	1 Months Ended
	May 31, 2008	Dec. 31, 2007
Series T Preferred Stock [Member] \| Comprehensive Investment Services v. Mudd, et al. [Member]
Loss Contingencies [Line Items]
Preferred stock offering amount	$ 2.0
Preferred stock, annual dividend rate	8.25%
Series S Preferred Stock [Member] \| Smith v. Fannie Mae, et al. [Member]
Loss Contingencies [Line Items]
Preferred stock offering amount		$ 7.0
Preferred stock, annual dividend rate		7.75%

Fair Value Recurring Changes in Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Other assets [Abstract]
Derivative assets, gross amount offset	$ (5,626)	$ (5,186)
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	(12,036)	(10,194)
Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivative assets, gross amount offset	0	0
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	0	0
Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	7,920	6,403
Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	15,570	15,629
Liabilities [Abstract]
Long-term debt, fair value	21,373	19,483
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading Securities	19,367	19,466
Available-for-sale securities	0	0
Mortgage loans held for investment, at fair value	0	0
Total assets at fair value	65,716	57,431
Other assets [Abstract]
Derivatives assets at fair value	0	0
Liabilities [Abstract]
Total liabilities at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Liabilities [Abstract]
Long-term debt, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Liabilities [Abstract]
Long-term debt, fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading Securities	9,633	9,008
Available-for-sale securities	14,261	15,574
Mortgage loans held for investment, at fair value	2,675,585	2,687,759
Total assets at fair value	2,751,816	2,771,628
Other assets [Abstract]
Derivatives assets at fair value	7,103	6,489
Liabilities [Abstract]
Total liabilities at fair value	3,306,127	3,299,289
Other liabilities [Abstract]
Derivative liabilities at fair value	12,689	10,671
Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	31,127	29,896
Liabilities [Abstract]
Long-term debt, fair value	363,358	367,703
Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	2,644,458	2,657,863
Liabilities [Abstract]
Long-term debt, fair value	2,830,632	2,815,843
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading Securities	2,286	3,030
Available-for-sale securities	13,471	15,080
Mortgage loans held for investment, at fair value	419,199	400,327
Total assets at fair value	436,780	419,874
Other assets [Abstract]
Derivatives assets at fair value	215	182
Liabilities [Abstract]
Total liabilities at fair value	26,968	23,592
Other liabilities [Abstract]
Derivative liabilities at fair value	149	137
Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	214,493	217,064
Liabilities [Abstract]
Long-term debt, fair value	994	982
Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	204,706	183,263
Liabilities [Abstract]
Long-term debt, fair value	22,826	19,334
Recurring Fair Value Measurements [Member]
Assets [Abstract]
Trading Securities	31,286	31,504
Available-for-sale securities	27,732	30,654
Total assets at fair value	76,280	79,272
Other assets [Abstract]
Derivatives assets at fair value	1,692	1,485
Derivative assets, gross amount offset	(5,626)	(5,186)
Liabilities [Abstract]
Long-term debt, fair value	29,293	25,886
Total liabilities at fair value	30,095	26,500
Other liabilities [Abstract]
Derivative liabilities at fair value	802	614
Derivative liabilities, gross amount offset	(12,036)	(10,194)
Recurring Fair Value Measurements [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	6,827	6,235
Other liabilities [Abstract]
Derivative liabilities at fair value	11,223	9,472
Recurring Fair Value Measurements [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivatives assets at fair value	52	153
Other liabilities [Abstract]
Derivative liabilities at fair value	1,047	991
Recurring Fair Value Measurements [Member] \| Other [Member]
Other assets [Abstract]
Derivatives assets at fair value	27	28
Other liabilities [Abstract]
Derivative liabilities at fair value	1	1
Recurring Fair Value Measurements [Member] \| Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivatives assets at fair value	412	255
Other liabilities [Abstract]
Derivative liabilities at fair value	567	344
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	7,920	6,403
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member] \| Senior Floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	7,920	6,403
Recurring Fair Value Measurements [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	15,570	15,629
Liabilities [Abstract]
Long-term debt, fair value	21,373	19,483
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading Securities	4,959	4,940
Available-for-sale securities	5,407	5,639
Recurring Fair Value Measurements [Member] \| Freddie Mac [Member]
Assets [Abstract]
Trading Securities	1,723	1,369
Available-for-sale securities	5,257	5,528
Recurring Fair Value Measurements [Member] \| Ginnie Mae [Member]
Assets [Abstract]
Trading Securities	214	166
Available-for-sale securities	458	476
Recurring Fair Value Measurements [Member] \| Alt-A private-label securities [Member]
Assets [Abstract]
Trading Securities	833	920
Available-for-sale securities	4,464	5,678
Recurring Fair Value Measurements [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading Securities	876	1,307
Available-for-sale securities	4,608	5,240
Recurring Fair Value Measurements [Member] \| CMBS [Member]
Assets [Abstract]
Trading Securities	2,478	2,515
Available-for-sale securities	1,370	1,397
Recurring Fair Value Measurements [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Trading Securities	742	722
Available-for-sale securities	3,560	4,023
Recurring Fair Value Measurements [Member] \| Other [Member]
Assets [Abstract]
Trading Securities	94	99
Available-for-sale securities	2,608	2,673
Recurring Fair Value Measurements [Member] \| U.S. Treasury securities [Member]
Assets [Abstract]
Trading Securities	19,367	19,466
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading Securities	19,367	19,466
Available-for-sale securities	0	0
Total assets at fair value	19,367	19,466
Other assets [Abstract]
Derivatives assets at fair value	0	0
Liabilities [Abstract]
Long-term debt, fair value	0	0
Total liabilities at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivatives assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Other [Member]
Other assets [Abstract]
Derivatives assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivatives assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member] \| Senior Floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Liabilities [Abstract]
Long-term debt, fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Freddie Mac [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Ginnie Mae [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Alt-A private-label securities [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| CMBS [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Other [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. Treasury securities [Member]
Assets [Abstract]
Trading Securities	19,367	19,466
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading Securities	9,633	9,008
Available-for-sale securities	14,261	15,574
Total assets at fair value	44,757	44,867
Other assets [Abstract]
Derivatives assets at fair value	7,103	6,489
Liabilities [Abstract]
Long-term debt, fair value	28,355	24,996
Total liabilities at fair value	41,044	35,667
Other liabilities [Abstract]
Derivative liabilities at fair value	12,689	10,671
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	6,666	6,085
Other liabilities [Abstract]
Derivative liabilities at fair value	11,078	9,339
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivatives assets at fair value	52	153
Other liabilities [Abstract]
Derivative liabilities at fair value	1,047	991
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other [Member]
Other assets [Abstract]
Derivatives assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivatives assets at fair value	385	251
Other liabilities [Abstract]
Derivative liabilities at fair value	564	341
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	7,529	6,040
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member] \| Senior Floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	7,529	6,040
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	13,760	13,796
Liabilities [Abstract]
Long-term debt, fair value	20,826	18,956
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading Securities	4,957	4,635
Available-for-sale securities	5,202	5,639
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Freddie Mac [Member]
Assets [Abstract]
Trading Securities	1,723	1,369
Available-for-sale securities	5,252	5,522
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Ginnie Mae [Member]
Assets [Abstract]
Trading Securities	214	166
Available-for-sale securities	458	476
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Alt-A private-label securities [Member]
Assets [Abstract]
Trading Securities	261	323
Available-for-sale securities	1,978	2,538
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| CMBS [Member]
Assets [Abstract]
Trading Securities	2,478	2,515
Available-for-sale securities	1,370	1,397
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	1	2
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. Treasury securities [Member]
Assets [Abstract]
Trading Securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading Securities	2,286	3,030
Available-for-sale securities	13,471	15,080
Total assets at fair value	17,782	20,125
Other assets [Abstract]
Derivatives assets at fair value	215	182
Liabilities [Abstract]
Long-term debt, fair value	938	890
Total liabilities at fair value	1,087	1,027
Other liabilities [Abstract]
Derivative liabilities at fair value	149	137
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	161	150
Other liabilities [Abstract]
Derivative liabilities at fair value	145	133
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivatives assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other [Member]
Other assets [Abstract]
Derivatives assets at fair value	27	28
Other liabilities [Abstract]
Derivative liabilities at fair value	1	1
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivatives assets at fair value	27	4
Other liabilities [Abstract]
Derivative liabilities at fair value	3	3
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	391	363
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member] \| Senior Floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	391	363
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	1,810	1,833
Liabilities [Abstract]
Long-term debt, fair value	547	527
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading Securities	2	305
Available-for-sale securities	205	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Freddie Mac [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	5	6
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Ginnie Mae [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Alt-A private-label securities [Member]
Assets [Abstract]
Trading Securities	572	597
Available-for-sale securities	2,486	3,140
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading Securities	876	1,307
Available-for-sale securities	4,608	5,240
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| CMBS [Member]
Assets [Abstract]
Trading Securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Trading Securities	742	722
Available-for-sale securities	3,560	4,023
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other [Member]
Assets [Abstract]
Trading Securities	94	99
Available-for-sale securities	2,607	2,671
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. Treasury securities [Member]
Assets [Abstract]
Trading Securities	$ 0	$ 0

Fair Value Level 3 Valuation - Nonrecurring (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	$ 153	$ 169
Mortgage loans held for investment, at fair value	2,675,585	2,687,759
Total assets at fair value	2,751,816	2,771,628
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	7	93
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	567	169
Mortgage loans held for investment, at fair value	419,199	400,327
Total assets at fair value	436,780	419,874
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Total assets at fair value	18,765	22,416
Fannie Mae [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	31,127	29,896
Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	214,493	217,064
Consolidated Trusts [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	15,570	15,629
Consolidated Trusts [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	2,644,458	2,657,863
Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	204,706	183,263
Single-Family [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	13,831	16,714
Acquired property, net	4,006	4,782
Multifamily [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	651	625
Acquired property, net	$ 48	$ 140
Proprietary Home Price Model and Appraisals [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of Acquired Properties Valuated, Percentage	71.00%	77.00%
Consensus without Inputs [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	$ 202	$ 110
Consensus without Inputs [Member] \| Single-Family [Member] \| Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	271	0
Internal Model [Member] \| Single-Family [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	967	1,045
Internal Model [Member] \| Single-Family [Member] \| Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	13,540	16,654
Appraisals [Member] \| Single-Family [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	1,194	1,509
Walk Forwards [Member] \| Single-Family [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	800	1,173
Other Valuation Technique [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Other assets	27	45
Other Valuation Technique [Member] \| Single-Family [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	172	191
Other Valuation Technique [Member] \| Single-Family [Member] \| Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	20	60
Other Valuation Technique [Member] \| Multifamily [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	11	0
Acquired property, net	0	13
Broker Price Opinions [Member] \| Multifamily [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	83	45
Acquired property, net	35	127
Asset Manager Estimate [Member] \| Multifamily [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	$ 557	$ 580
Accepted Offers [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of Acquired Properties Valuated, Percentage	25.00%	19.00%
Accepted Offers [Member] \| Single-Family [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 873	$ 864
Accepted Offers [Member] \| Multifamily [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 13	$ 0