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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Entity Information [Line Items]
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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		1,158,082,750
Entity Public Float			$ 2.3
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 25,224	$ 14,674
Restricted cash (includes $31,536 and $25,865, respectively, related to consolidated trusts)	36,953	30,879
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,415	27,350
Investments in securities:
Trading, at fair value (includes $1,277 and $135, respectively, pledged as collateral)	40,562	39,908
Available-for-sale, at fair value (includes $107 and $285, respectively, related to consolidated trusts)	8,363	20,230
Total investments in securities	48,925	60,138
Mortgage loans:
Loans held for sale, at lower of cost or fair value	2,899	5,361
Loans held for investment, at amortized cost (includes $12,057 and $14,075, respectively, at fair value)	3,100,319	3,042,234
Allowance for loan losses	(23,465)	(27,951)
Total loans held for investment, net of allowance	3,076,854	3,014,283
Total mortgage loans	3,079,753	3,019,644
Deferred tax assets, net	33,530	37,187
Accrued interest receivable, net (includes $7,064 and $6,974, respectively, related to consolidated trusts)	7,737	7,726
Acquired property, net	4,489	6,766
Other assets	20,942	17,553
Total assets	3,287,968	3,221,917
Liabilities:
Accrued interest payable (includes $8,285 and $8,194, respectively, related to consolidated trusts)	9,431	9,794
Other liabilities (includes $390 and $448, respectively, related to consolidated trusts)	10,150	10,393
Total liabilities	3,281,897	3,217,858
Commitments and contingencies (Note 18)	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	(124,253)	(126,942)
Accumulated other comprehensive income	759	1,407
Treasury stock, at cost, 150,679,953 shares	(7,401)	(7,401)
Total Fannie Mae stockholders’ equity	6,071	4,030
Noncontrolling interest	0	29
Total equity (See Note 1: Senior Preferred Stock and Warrant Issued to Treasury and Earnings (Loss) per Share for information on our dividend obligation to Treasury)	6,071	4,059
Total liabilities and equity	3,287,968	3,221,917
Fannie Mae [Member]
Mortgage loans:
Loans held for investment, at amortized cost (includes $12,057 and $14,075, respectively, at fair value)	204,318	233,054
Allowance for loan losses	(22,579)	(26,510)
Total mortgage loans	184,611	211,887
Liabilities:
Debt (includes $9,582 and $11,133, respectively, of debt of Fannie Mae and $36,524 and $23,609, respectively, of debt of consolidated trusts, at fair value)	327,097	386,135
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $31,536 and $25,865, respectively, related to consolidated trusts)	31,536	25,865
Investments in securities:
Available-for-sale, at fair value (includes $107 and $285, respectively, related to consolidated trusts)	107	285
Mortgage loans:
Loans held for investment, at amortized cost (includes $12,057 and $14,075, respectively, at fair value)	2,896,001	2,809,180
Allowance for loan losses	(886)	(1,441)
Total mortgage loans	2,895,142	2,807,757
Accrued interest receivable, net (includes $7,064 and $6,974, respectively, related to consolidated trusts)	7,064	6,974
Liabilities:
Accrued interest payable (includes $8,285 and $8,194, respectively, related to consolidated trusts)	8,285	8,194
Debt (includes $9,582 and $11,133, respectively, of debt of Fannie Mae and $36,524 and $23,609, respectively, of debt of consolidated trusts, at fair value)	2,935,219	2,811,536
Other liabilities (includes $390 and $448, respectively, related to consolidated trusts)	$ 390	$ 448

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Restricted cash (includes $31,536 and $25,865, respectively, related to consolidated trusts)	$ 36,953	$ 30,879
Investments in securities:
Trading, at fair value (includes $1,277 and $135, respectively, pledged as collateral)	1,277	135
Available-for-sale, at fair value (includes $107 and $285, respectively, related to consolidated trusts)	8,363	20,230
Mortgage loans:
Loans held for investment, at amortized cost of consolidated trusts (includes $12,057 and $14,075, respectively, at fair value)	12,057	14,075
Accrued interest receivable, net (includes $7,064 and $6,974, respectively, related to consolidated trusts)	7,737	7,726
Liabilities:
Accrued interest payable (includes $8,285 and $8,194, respectively, related to consolidated trusts)	9,431	9,794
Other liabilities (includes $390 and $448, respectively, related to consolidated trusts)	$ 10,150	$ 10,393
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, no par value, no maximum authorization, 1,308,762,703 shares issued	1,308,762,703	1,308,762,703
Common stock, no par value, no maximum authorization, 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
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $31,536 and $25,865, respectively, related to consolidated trusts)	$ 31,536	$ 25,865
Investments in securities:
Available-for-sale, at fair value (includes $107 and $285, respectively, related to consolidated trusts)	107	285
Mortgage loans:
Accrued interest receivable, net (includes $7,064 and $6,974, respectively, related to consolidated trusts)	7,064	6,974
Liabilities:
Accrued interest payable (includes $8,285 and $8,194, respectively, related to consolidated trusts)	8,285	8,194
Debt at fair value	36,524	23,609
Other liabilities (includes $390 and $448, respectively, related to consolidated trusts)	390	448
Fannie Mae [Member]
Liabilities:
Debt at fair value	$ 9,582	$ 11,133

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Trading securities	$ 516	$ 444	$ 553
Available-for-sale securities	620	1,156	1,622
Mortgage loans (includes $95,266, $97,971 and $101,835, respectively, related to consolidated trusts)	104,642	107,699	112,120
Other	243	143	110
Total interest income	106,021	109,442	114,405
Interest expense:
Short-term debt	206	146	94
Long-term debt (includes $77,575, $80,326 and $85,835, respectively, related to consolidated trusts)	84,520	87,887	94,343
Total interest expense	84,726	88,033	94,437
Net interest income	21,295	21,409	19,968
Benefit for credit losses	2,155	795	3,964
Net interest income after benefit for credit losses	23,450	22,204	23,932
Non-interest Income (loss):
Investment gains, net	1,256	1,336	936
Fair value losses, net	(1,081)	(1,767)	(4,833)
Fee and other income	966	1,348	5,887
Non-interest income	1,141	917	1,990
Administrative expenses:
Salaries and employee benefits	1,336	1,319	1,321
Professional services	955	984	1,076
Occupancy expenses	186	182	203
Other administrative expenses	264	565	177
Total administrative expenses	2,741	3,050	2,777
Foreclosed property expense	644	1,629	142
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees	1,845	1,621	1,375
Other expenses, net	1,028	613	478
Total expenses	6,258	6,913	4,772
Income before federal income taxes	18,333	16,208	21,150
Provision for federal income taxes	(6,020)	(5,253)	(6,941)
Net income	12,313	10,955	14,209
Other comprehensive income (loss):
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes	(642)	(763)	494
Other	(6)	437	36
Total other comprehensive income (loss)	(648)	(326)	530
Total comprehensive income	11,665	10,629	14,739
Less: Comprehensive income attributable to noncontrolling interest	0	(1)	(1)
Total comprehensive income attributable to Fannie Mae	11,665	10,628	14,738
Less: Net income attributable to noncontrolling interest	0	(1)	(1)
Net income attributable to Fannie Mae	12,313	10,954	14,208
Dividends distributed or available for distribution to senior preferred stockholder (Note 11)	(12,236)	(11,216)	(15,323)
Net income (loss) attributable to common stockholders (Note 11)	$ 77	$ (262)	$ (1,115)
Earnings (loss) per share: Basic	$ 0.01	$ (0.05)	$ (0.19)
Earnings (loss) per share: Diluted	$ 0.01	$ (0.05)	$ (0.19)
Weighted-average common shares outstanding: Basic	5,762	5,762	5,762
Weighted-average common shares outstanding: Diluted	5,893	5,762	5,762

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage loans interest income	$ 104,642	$ 107,699	$ 112,120
Long-term debt interest expense	84,520	87,887	94,343
Consolidated Trusts [Member]
Mortgage loans interest income	95,266	97,971	101,835
Long-term debt interest expense	$ 77,575	$ 80,326	$ 85,835

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows used in operating activities:
Net income	$ 12,313	$ 10,955	$ 14,209
Reconciliation of net income to net cash used in operating activities:
Amortization of cost basis adjustments	(6,821)	(6,298)	(4,265)
Benefit for credit losses	(2,155)	(795)	(3,964)
Valuation gains	(472)	(510)	(2,159)
Current and deferred federal income taxes	4,309	4,083	4,126
Net change in trading securities	(3,005)	(10,153)	(2,666)
Net gains related to the disposition of acquired property and preforeclosure sales, including credit enhancements	(3,124)	(3,055)	(4,510)
Other, net	(1,778)	(900)	(2,109)
Net cash used in operating activities	(733)	(6,673)	(1,338)
Cash flows provided by investing activities:
Proceeds from maturities and paydowns of trading securities held for investment	1,840	768	1,358
Proceeds from sales of trading securities held for investment	1,618	1,104	1,668
Proceeds from maturities and paydowns of available-for-sale securities	2,927	4,394	5,853
Proceeds from sales of available-for-sale securities	11,378	8,249	3,265
Purchases of loans held for investment	(233,935)	(187,194)	(132,650)
Net change in restricted cash	(6,074)	1,663	(3,547)
Advances to lenders	(140,147)	(118,746)	(100,045)
Proceeds from disposition of acquired property and preforeclosure sales	16,115	20,757	25,476
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	(3,065)	3,600	8,025
Other, net	116	527	197
Net cash provided by investing activities	224,979	248,324	224,667
Cash flows used in financing activities:
Payments of cash dividends on senior preferred stock to Treasury	(9,624)	(10,278)	(20,594)
Other, net	14	26	70
Net cash used in financing activities	(213,696)	(249,000)	(220,534)
Net increase (decrease) in cash and cash equivalents	10,550	(7,349)	2,795
Cash and cash equivalents at beginning of period	14,674	22,023	19,228
Cash and cash equivalents at end of period	25,224	14,674	22,023
Cash paid during the period for:
Interest	104,318	104,928	108,667
Income taxes	1,711	1,170	2,815
Non-cash activities:
Net mortgage loans acquired by assuming debt	275,710	220,168	190,151
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts	223,705	175,104	113,611
Transfers from advances to lenders to loans held for investment of consolidated trusts	130,886	114,851	93,909
Net transfers from mortgage loans to acquired property	13,768	17,534	24,742
Transfers of mortgage loans from held for investment to held for sale	3,878	8,601	2,194
Fannie Mae [Member]
Cash flows provided by investing activities:
Proceeds from repayments of loans acquired as held for investment	25,294	25,776	24,840
Proceeds from sales of loans acquired as held for investment	5,222	3,196	1,879
Cash flows used in financing activities:
Proceeds from the issuance of debt	982,272	443,371	380,282
Payments to redeem debt	(1,043,108)	(518,575)	(450,140)
Consolidated Trusts [Member]
Cash flows provided by investing activities:
Proceeds from repayments of loans acquired as held for investment	543,690	484,230	388,348
Cash flows used in financing activities:
Proceeds from the issuance of debt	437,392	347,614	275,353
Payments to redeem debt	$ (580,642)	$ (511,158)	$ (405,505)

Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock	Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling Interest
Balance (shares) at Dec. 31, 2013		1	556	1,158
Balance at Dec. 31, 2013	$ 9,591	$ 117,149	$ 19,130	$ 687	$ (121,227)	$ 1,203	$ (7,401)	$ 50
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Change in investment in noncontrolling interest	(11)							(11)
Comprehensive income:
Net income	14,209				14,208			1
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities (net of tax of $389, $151 and $30, respectively)	722					722
Reclassification adjustment for gains included in net income (net of tax of $123, $253, and $316, respectively)	(228)					(228)
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $20 and $0, respectively)	36					36
Other, net of tax	36
Total comprehensive income	14,739
Senior preferred stock dividends	(20,594)				(20,594)
Other	(5)				(5)
Balance at Dec. 31, 2014	3,720	$ 117,149	$ 19,130	$ 687	(127,618)	1,733	(7,401)	40
Balance (shares) at Dec. 31, 2014		1	556	1,158
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Change in investment in noncontrolling interest	(12)							(12)
Comprehensive income:
Net income	10,955				10,954			1
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities (net of tax of $389, $151 and $30, respectively)	(280)					(280)
Reclassification adjustment for gains included in net income (net of tax of $123, $253, and $316, respectively)	(483)					(483)
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $20 and $0, respectively)	437					437
Other, net of tax	437
Total comprehensive income	10,629
Senior preferred stock dividends	(10,278)				(10,278)
Balance at Dec. 31, 2015	4,059	$ 117,149	$ 19,130	$ 687	(126,942)	1,407	(7,401)	29
Balance (shares) at Dec. 31, 2015		1	556	1,158
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Change in investment in noncontrolling interest	(29)							(29)
Comprehensive income:
Net income	12,313				12,313			0
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities (net of tax of $389, $151 and $30, respectively)	(55)					(55)
Reclassification adjustment for gains included in net income (net of tax of $123, $253, and $316, respectively)	(587)					(587)
Other, net of tax	(6)					(6)
Total comprehensive income	11,665
Senior preferred stock dividends	(9,624)				(9,624)
Balance at Dec. 31, 2016	$ 6,071	$ 117,149	$ 19,130	$ 687	$ (124,253)	$ 759	$ (7,401)	$ 0
Balance (shares) at Dec. 31, 2016		1	556	1,158

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains on available-for-sale securities, net of tax	$ 30	$ 151	$ 389
Reclassification adjustment for gains included in net income, net of tax	$ 316	$ 253	123
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax			$ 20

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization

We are a stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). We are a government-sponsored enterprise (“GSE”), and we are subject to government oversight and regulation. Our regulators include the Federal Housing Finance Agency (“FHFA”), the U.S. Department of Housing and Urban Development (“HUD”), the U.S. Securities and Exchange Commission (“SEC”), and the U.S. Department of the Treasury (“Treasury”). The U.S. government does not guarantee our securities or other obligations.

We operate in the secondary mortgage market by purchasing mortgage loans and mortgage-related securities, including mortgage-related securities guaranteed by us, from primary mortgage market institutions, such as commercial banks, savings and loan associations, mortgage banking companies, securities dealers and other investors. We do not lend money directly to consumers in the primary mortgage market. We provide additional liquidity in the secondary mortgage market by issuing guaranteed mortgage-related securities.

We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties containing five or more residential units. We describe the management reporting and allocation process used to generate our segment results in “Note 12, Segment Reporting.”

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, including 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.

We were directed by FHFA to voluntarily delist our common stock and each listed series of our preferred stock from the New York Stock Exchange and the Chicago Stock Exchange. The last trading day for the listed securities on the New York Stock Exchange and the Chicago Stock Exchange was July 7, 2010, and since July 8, 2010, the securities have been traded on the over-the-counter market.

The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. The GSE Act, however, provides that mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae. Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations.

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, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated 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 into receivership at his discretion at any time for other reasons set forth in the GSE Act, including if we are critically undercapitalized or 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 fundamentally change our business model or capital structure in the near term.

Senior Preferred Stock and Warrant Issued to Treasury

Senior Preferred Stock

On September 7, 2008, we, through FHFA in its capacity as conservator, entered into a senior preferred stock purchase agreement with Treasury. This agreement was amended and restated on September 26, 2008. The amended and restated agreement was subsequently amended on May 6, 2009, December 24, 2009 and August 17, 2012.

Pursuant to the senior preferred stock purchase agreement, Treasury has committed to provide us with funding as described below to help us maintain a positive net worth thereby avoiding the mandatory receivership trigger described above. As consideration for Treasury’s funding commitment, we issued one million shares of senior preferred stock and a warrant to purchase shares of our common stock to Treasury. As of December 31, 2016 and 2015, we have received a total of $116.1 billion from Treasury pursuant to the senior preferred stock purchase agreement. 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 December 31, 2016. As of December 31, 2016, the amount of remaining funding available to us under the senior preferred stock purchase agreement was $117.6 billion.

In August 2012, we, through FHFA acting on our behalf in its capacity as conservator, entered into an amendment to the senior preferred stock purchase agreement with Treasury. The amendment included, among other things, the following revisions:

•

Dividends. The method for calculating the amount of dividends we are required to pay Treasury on the senior preferred stock changed as of January 1, 2013. Effective January 1, 2013, when, as and if declared, the amount of dividends payable on the senior preferred stock for a dividend period is determined based on our net worth as of the end of the immediately preceding fiscal quarter. Our net worth as defined by the agreement is the amount, if any, by which our total assets (excluding Treasury’s funding commitment and any unfunded amounts related to the commitment) exceed our total liabilities (excluding any obligation in respect of capital stock), in each case as reflected on our balance sheet prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For each dividend period from January 1, 2013 through and including December 31, 2017, the dividend amount will be the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. If our net worth does not exceed the applicable capital reserve amount as of the end of a fiscal quarter, then no dividend amount will accrue or be payable for the applicable dividend period. The capital reserve amount was $1.8 billion and $1.2 billion for dividend periods in 2015 and 2016, respectively, and decreased to $600 million for dividend periods in 2017. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.


•	Periodic Commitment Fee. Effective January 1, 2013, the periodic commitment fee provided for under the agreement will not be set, accrue or be payable, as long as the dividend payment provisions described above remain in effect.

This amendment to the senior preferred stock purchase agreement was not accounted for as an extinguishment of the existing senior preferred stock purchase agreement. As a result, we did not recognize a gain or loss upon modification of the senior preferred stock purchase agreement. Consistent with our accounting policy, dividends on the senior preferred stock are accrued upon declaration, which occurs each quarter when FHFA directs us to pay the quarterly dividend to Treasury.

On December 30, 2016, we paid Treasury a dividend of $3.0 billion based on our net worth of $4.2 billion as of September 30, 2016, less the applicable capital reserve of $1.2 billion. Based on the terms of the senior preferred stock, we expect to pay Treasury a dividend of $5.5 billion by March 31, 2017 based on our net worth of $6.1 billion as of December 31, 2016, less the applicable capital reserve of $600 million.

Warrant Issued to Treasury

On September 7, 2008, we issued a warrant to Treasury giving it the right to purchase, at a nominal price, shares of our common stock equal to 79.9% of the total common stock outstanding on a fully diluted basis on the date Treasury exercises the warrant. Treasury has the right to exercise the warrant, in whole or in part, at any time on or before September 7, 2028. We recorded the warrant at fair value in our stockholders’ equity as a component of additional paid-in-capital. The fair value of the warrant was calculated using the Black-Scholes Option Pricing Model. Since the warrant has an exercise price of $0.00001 per share, the model is insensitive to the risk-free rate and volatility assumptions used in the calculation and the share value of the warrant is equal to the price of the underlying common stock. We estimated that the fair value of the warrant at issuance was $3.5 billion based on the price of our common stock on September 8, 2008, which was after the dilutive effect of the warrant had been reflected in the market price. Subsequent changes in the fair value of the warrant are not recognized in our financial statements. If the warrant is exercised, the stated value of the common stock issued will be reclassified as “Common stock” in our consolidated balance sheets. Because the warrant’s exercise price per share is considered non-substantive (compared to the market price of our common stock), the warrant was determined to have characteristics of non-voting common stock, and thus is included in the computation of basic and diluted loss per share. The weighted-average shares of common stock outstanding for 2016, 2015 and 2014 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury.

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 fund our business primarily through the issuance of short-term and long-term debt securities in the domestic and international capital markets. Because debt issuance is our primary funding source, we are subject to “roll-over,” or refinancing, risk on our outstanding debt. Our ability to issue long-term debt has been strong primarily due to actions taken by the federal government to support us.

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. In addition, due to our reliance on the U.S. government’s support, our access to debt funding or the cost of debt funding also could be materially adversely affected by a change or perceived change in the creditworthiness of the U.S. government. A downgrade in our credit ratings could reduce demand for our debt securities and increase our borrowing costs. Future changes or disruptions in the financial markets could significantly change the amount, mix and cost of funds we obtain, which also could increase our liquidity and roll-over risk and have a material adverse impact on our liquidity, financial condition and results of operations.

The previous Administration endorsed the wind down of Fannie Mae and Freddie Mac through a responsible transition and the enactment of comprehensive housing finance reform legislation. The current Administration has not articulated a formal position on housing finance reform or the future of the GSEs; however, the Treasury Secretary indicated in his confirmation hearing that he is focused on housing finance reform and a solution to the current status of Fannie Mae and Freddie Mac.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with GAAP. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements.

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 December 31, 2016, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $117.1 billion. FHFA’s control of both us and Freddie Mac has caused us, FHFA and Freddie Mac to be deemed related parties. In October 2013, Fannie Mae and Freddie Mac established Common Securitization Solutions, LLC (“CSS”), a jointly owned limited liability company to operate a common securitization platform; therefore, CSS is deemed a related party.

Transactions with Treasury

Our administrative expenses were reduced by $57 million, $68 million and $71 million for the years ended December 31, 2016, 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 years ended December 31, 2016, 2015 and 2014, we made tax payments of $1.7 billion, $1.2 billion and $2.8 billion, respectively, to the Internal Revenue Service (“IRS”), a bureau of Treasury. We received $7 million in interest from the IRS during the year ended December 31, 2016 related to income tax periods from 2007 and prior. We received a refund of $277 million from the IRS during the year ended December 31, 2015 for income tax adjustments related to tax years 2004 through 2010.

In 2009, we entered into a memorandum of understanding with Treasury, FHFA and Freddie Mac pursuant to which we agreed to provide assistance to state and local housing finance agencies (“HFAs”) through certain programs, including a new issue bond (“NIB”) program. As of December 31, 2016, under the NIB program, Fannie Mae and Freddie Mac had $5.7 billion outstanding of pass-through securities backed by single-family and multifamily housing bonds issued by HFAs, which is less than 35% of the total original principal under the program, the amount of losses that Treasury would bear. Accordingly, we do not have a potential risk of loss under the NIB program.

In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) which, among other provisions, requires that we increase our single-family guaranty fees by at least 10 basis points and remit this increase to Treasury. Effective April 1, 2012, the guaranty fee on all single-family residential mortgages delivered to Fannie Mae on or after that date was increased by 10 basis points. FHFA and Treasury have advised us to remit this fee increase to Treasury with respect to all loans acquired by us on or after April 1, 2012 and before January 1, 2022, and to continue to remit these amounts to Treasury on and after January 1, 2022 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated.

The resulting fee revenue and expense are recorded in “Mortgage loans interest income” and “TCCA fees,” respectively, in our consolidated statements of operations and comprehensive income. We recognized $1.8 billion, $1.6 billion and $1.4 billion as TCCA fees for the years ended December 31, 2016, 2015 and 2014, respectively, of which $487 million and $429 million had not been remitted as of December 31, 2016 and 2015, respectively.

We incurred expenses in connection with certain funding obligations under the GSE Act, a portion of which is attributable to Treasury’s Capital Magnet and HOPE Reserve Funds. These expenses, recognized in “Other expenses, net” in our consolidated statements of operations and comprehensive income, were measured as the product of 4.2 basis points and the unpaid principal balance of our total new business purchases for the respective period. We recognized $137 million and $111 million in “Other expenses, net” in connection with Treasury’s Capital Magnet and HOPE Reserve Funds for the years ended December 31, 2016 and 2015, respectively. These amounts had not been remitted as of the end of the respective periods.

In addition to the transactions with Treasury mentioned above, we purchase and sell Treasury securities in the normal course of business. As of December 31, 2016 and 2015, we held Treasury securities with a fair value of $32.3 billion and $29.5 billion, respectively, and accrued interest receivable of $39 million and $15 million, respectively. We recognized interest income on these securities held by us of $157 million, $35 million and $18 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Transactions with Freddie Mac

As of December 31, 2016 and 2015, we held Freddie Mac mortgage-related securities with a fair value of $1.4 billion and $5.6 billion, respectively, and accrued interest receivable of $5 million and $22 million, respectively. We recognized interest income on these securities held by us of $112 million, $226 million and $283 million for the years ended December 31, 2016, 2015 and 2014, respectively. Freddie Mac may be an investor in variable interest entities (“VIEs”) that we have consolidated, and we may be an investor in VIEs that Freddie Mac has consolidated. Freddie Mac may also be an investor in our debt securities.

Transactions with FHFA

The GSE Act 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 consolidated statements of operations and comprehensive income, of $114 million, $112 million and $108 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Transactions with CSS

In connection with our jointly owned company with Freddie Mac, for the years ended December 31, 2016, 2015 and 2014, we contributed $118 million, $66 million and $43 million of capital into CSS, respectively. In November 2016, Fannie Mae, Freddie Mac and CSS entered into a Customer Services Agreement that sets forth the terms under which CSS will provide securitization services to us and Freddie Mac. No other transactions outside of normal business activities have occurred between us and Freddie Mac during the years ended December 31, 2016, 2015 or 2014.

Use of Estimates

Preparing 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 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 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, guidance on when a loan should be charged off. This change in estimate resulted in the recognition on January 1, 2015 of (1) $1.8 billion in charge-offs of held for investment 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 held for investment loans and preforeclosure property taxes and insurance receivable.

For the majority of our delinquent single-family loans, we 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 subset of delinquent single-family loans, we charge off the portion of the loans that is deemed uncollectible prior to foreclosure when the loans have been delinquent for a specified length of time and meet specified mark-to-market loan-to-value (“LTV”) ratios. 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.

In 2014, we updated the assumptions used to estimate cash flows for individually impaired single-family loans within our allowance for loan losses. This update resulted in a decrease to our allowance for loan losses and an incremental benefit for credit losses of approximately $600 million.

Principles of Consolidation

Our consolidated financial statements include our accounts as well as the accounts of the other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a VIE.

VIE Assessment

We have interests in various entities that are considered VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

We determine if an entity is a VIE by performing a qualitative analysis, which requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. If we cannot conclude after a qualitative analysis whether an entity is a VIE, we perform a quantitative analysis.

The primary types of VIE entities with which we are involved are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, limited partnership investments in low-income housing tax credit (“LIHTC”) and other housing partnerships, as well as mortgage and asset-backed trusts that were not created by us.

Primary Beneficiary Determination

If an entity is a VIE, we consider whether our variable interest in that entity causes us to be the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) exposure to benefits and/or losses that could potentially be significant to the entity. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities, and noncontrolling interests of the VIE in its consolidated financial statements. The assessment of which party has the power to direct the activities of the VIE may require significant management judgment when (1) more than one party has power or (2) more than one party is involved in the design of the VIE but no party has the power to direct the ongoing activities that could be significant.

We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. Examples of certain events that may change whether or not we consolidate the VIE include a change in the design of the entity or a change in our ownership in the entity such that we no longer hold substantially all of the certificates issued by a multi-class resecuritization trust.

Measurement of Consolidated Assets and Liabilities

When we are the transferor of assets into a VIE that we consolidate at the time of the transfer, we continue to recognize the assets and liabilities of the VIE at the amounts that they would have been recognized if we had not transferred them, and no gain or loss is recognized. For all other VIEs that we consolidate (that is, those for which we are not the transferor), we recognize the assets and liabilities of the VIE in our consolidated financial statements at fair value, and we recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests, and (2) the net amount of the fair value of the assets and liabilities consolidated. However, for the securitization trusts established under our lender swap program, no gain or loss is recognized if the trust is consolidated at formation as there is no difference in the respective fair value of (1) and (2) above. We record gains or losses that are associated with the consolidation of VIEs as a component of “Investment gains, net” in our consolidated statements of operations and comprehensive income.

If we cease to be deemed the primary beneficiary of a VIE, we deconsolidate the VIE. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as “Investment gains, net” in our consolidated statements of operations and comprehensive income.

Purchase/Sale of Fannie Mae Securities

We actively purchase and may subsequently sell guaranteed MBS that have been issued through our lender swap and portfolio securitization transaction programs. The accounting for the purchase and sale of our guaranteed MBS issued by the trusts differs based on the characteristics of the securitization trusts and whether the trusts are consolidated.

Single-Class Securitization Trusts

We create single-class securitization trusts to issue single-class Fannie Mae MBS that evidence an undivided interest in the mortgage loans held in the trust. Investors in single-class Fannie Mae MBS receive principal and interest payments in proportion to their percentage ownership of the MBS issuance. We guarantee to each single-class securitization trust that we will supplement amounts received by the single-class securitization trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. This guaranty exposes us to credit losses on the loans underlying Fannie Mae MBS.

Single-class securitization trusts are used for our lender swap and portfolio securitization transaction programs. A lender swap transaction occurs when a mortgage lender delivers a pool of single-family mortgage loans to us, which we immediately deposit into an MBS trust. The MBS are then issued to the lender in exchange for the mortgage loans. A portfolio securitization transaction occurs when we purchase mortgage loans from third-party sellers for cash and later deposit these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash. We consolidate single-class securitization trusts that are issued under these programs when our role as guarantor and master servicer provides us with the power to direct matters, such as the servicing of the 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 (e.g., when the loan collateral is subject to a Federal Housing Administration guaranty and related Servicing Guide).

When we purchase single-class Fannie Mae MBS issued from a consolidated trust, we account for the transaction as an extinguishment of the related debt in our consolidated financial statements. We record a gain or loss on the extinguishment of such debt to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated debt reported in our consolidated balance sheets (including unamortized premiums, discounts or the other cost basis adjustments) at the time of purchase. We account for the sale of an MBS from Fannie Mae’s portfolio that was issued from a consolidated trust as the issuance of debt in our consolidated financial statements. We amortize the related premiums, discounts and other cost basis adjustments into income over time.

To determine the order in which consolidated debt is extinguished, we have elected to use a daily convention in the application of the last-issued first-extinguished method. Under this method, we record the net daily change in each MBS holding as either the issuance of debt if there has been an increase in the position that is held by third parties, or the extinguishment of the most recently issued related debt if there has been a decrease in the position held by third parties. The impact of this method is that we record the net daily activity for an MBS as if it were a single buy or sell trade, which results in a change in our beginning debt balance if the total unpaid principal balance purchased does not match the total unpaid principal balance sold.

If a single-class securitization trust is not consolidated, we account for the purchase and subsequent sale of such securities as the transfer of an investment security in accordance with the accounting guidance for transfers of financial assets.

Single-Class Resecuritization Trusts

Single-class resecuritization trusts (Fannie Megas^®) are created by depositing Fannie Mae MBS into a new securitization trust for the purpose of aggregating multiple MBS into a single larger security. The cash flows from the new security represent an aggregation of the cash flows from the underlying MBS. We guarantee to each single-class resecuritization trust that we will supplement amounts received by the trust as required to permit timely payments of principal and interest on the related Fannie Mae securities. However, we assume no additional credit risk in such a resecuritization transaction, because the underlying assets are MBS for which we have already provided a guaranty. Additionally, our involvement with these trusts does not provide any incremental rights or power that would enable Fannie Mae to direct any activities of the trusts. As a result, we have concluded that we are not the primary beneficiaries of, and therefore do not consolidate, our single-class resecuritization trusts.

As our single-class resecuritization securities pass through all of the cash flows of the underlying MBS directly to the holders of the securities, they are deemed to be substantially the same as the underlying MBS. Therefore, we account for purchases of our single-class resecuritization securities as an extinguishment of the underlying MBS debt and the sale of these securities as an issuance of the underlying MBS debt.

Multi-Class Resecuritization Trusts

Multi-class resecuritization trusts are trusts we create to issue multi-class Fannie Mae securities, including Real Estate Mortgage Investment Conduit (“REMIC”) and interest-only and principal-only strip securities, in which the cash flows of the underlying mortgage assets are divided, creating several classes of securities, each of which represents a beneficial ownership interest in a separate portion of cash flows. We guarantee to each multi-class resecuritization trust that we will supplement amounts received by the trusts as required to permit timely payments of principal and interest, as applicable, on the related Fannie Mae securities. However, we assume no additional credit risk in such a resecuritization transaction because the underlying assets are Fannie Mae MBS for which we have already provided a guaranty. Although we may be exposed to prepayment risk via our ownership of the securities issued by these trusts, we do not have the ability via our involvement with a multi-class resecuritization trust to impact the economic risk to which we are exposed. Therefore, we do not consolidate such a multi-class resecuritization trust until we hold a substantial portion of the outstanding beneficial interests that have been issued by the trust and are therefore considered the primary beneficiary of the trust.

In contrast to our single-class resecuritization trust, the cash flows from the underlying MBS are divided between the debt securities issued by the multi-class resecuritization trust, and therefore, the debt issued by a multi-class resecuritization trust is not substantially the same as the consolidated MBS debt. As a result, if a multi-class resecuritization trust is not consolidated, we account for the purchase and sale of such securities as the transfer of an investment security in accordance with the accounting guidance for the transfers of financial assets rather than the issuance or extinguishment of the related multi-class debt. However, if a multi-class resecuritization trust is consolidated, we account for the purchase of the securities issued by consolidated multi-class resecuritization trusts as an extinguishment of the debt issued by these trusts and the subsequent sale of such securities as the issuance of multi-class debt.

When we do not consolidate a multi-class resecuritization trust, we recognize in our consolidated financial statements both our investment in the trust and the mortgage loans of the Fannie Mae MBS trusts that we consolidate that underlie the multi-class resecuritization trust. Additionally, we recognize the unsecured corporate debt issued to third parties to fund the purchase of our investments in the multi-class resecuritization trusts and the debt issued to third parties of the MBS trusts we consolidate that underlie the multi-class resecuritization trusts. This results in the recognition of interest income from investments in multi-class resecuritization trusts and interest expense from the unsecured debt issued to third parties to fund the purchase of the investments in multi-class resecuritization trusts, as well as interest income from the mortgage loans and interest expense from the debt issued to third parties from the MBS trusts we consolidate that underlie the multi-class resecuritization trusts.

Transfers of Financial Assets

We evaluate a transfer of financial assets to determine whether the transfer qualifies as a sale. If the transfer does not meet the criteria for sale treatment, the transferred assets remain in our consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with such a transfer. Transfers of financial assets for which we surrender control of the transferred assets are recorded as sales.

When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets obtained and liabilities incurred at fair value. The difference between the carrying basis of the assets transferred and the fair value of the proceeds from the sale is recorded as a component of “Investment gains, net” in our consolidated statements of operations and comprehensive income. Retained interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae MBS, REMIC certificates, guaranty assets and master servicing assets (“MSAs”). We separately describe the subsequent accounting, as well as how we determine fair value, for our retained interests in the Fannie Mae MBS included in the “Investments in Securities” section of this note.

We enter into repurchase agreements that involve contemporaneous trades to purchase and sell securities. These transactions are accounted for as secured financings since the transferor has not relinquished control over the transferred assets. These transactions are reported as securities purchased under agreements to resell and securities sold under agreements to repurchase in our consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in our consolidated balance sheets.

Cash and Cash Equivalents and Statements of Cash Flows

Short-term investments that have a maturity at the date of acquisition of three months or less and are readily convertible to known amounts of cash are generally considered cash equivalents. We also include securities purchased under agreements to resell on an overnight basis in cash and cash equivalents in our consolidated balance sheets. We may pledge as collateral certain short-term investments classified as cash equivalents.

In the presentation of our consolidated statements of cash flows, we present cash flows from derivatives that do not contain financing elements and mortgage loans held for sale at acquisition as operating activities. We present cash flows from federal funds sold and securities purchased under agreements to resell or similar arrangements as investing activities and cash flows from federal funds purchased and securities sold under agreements to repurchase as financing activities. We classify cash flows from trading securities based on their nature and purpose. We classify all cash flows from trading securities (U.S. Treasury securities and mortgage-related securities purchased subsequent to December 31, 2013) as operating activities as we do not intend to hold the securities for investment. We classify cash flows from mortgage-related trading securities purchased prior to January 1, 2014 that we intend to hold for investment as investing activities.

For consolidated trusts, we classify cash flows related to mortgage loans held by our consolidated trusts as either investing activities (for principal repayments) or operating activities (for interest received from borrowers included as a component of our net income). Cash flows related to debt securities issued by consolidated trusts are classified as either financing activities (for repayments of principal to certificateholders) or operating activities (for interest payments to certificateholders included as a component of our net income). We distinguish between the payments and proceeds related to the debt of Fannie Mae and the debt of consolidated trusts, as applicable. We present our non-cash activities in the consolidated statements of cash flows at the associated unpaid principal balance.

Restricted Cash

We and our servicers advance payments on delinquent loans to consolidated Fannie Mae MBS trusts. We recognize the cash advanced as “Restricted cash” in our consolidated balance sheets to the extent such amounts are due to, but have not yet been remitted to, the MBS certificateholders. In addition, when we or our servicers collect and hold cash that is due to certain Fannie Mae MBS trusts in advance of our requirement to remit these amounts to the trusts, we recognize the collected cash amounts as “Restricted cash.”

We also recognize “Restricted cash” as a result of restrictions related to certain consolidated partnership funds as well as for certain collateral arrangements for which we do not have the right to use the cash.

Investments in Securities

Securities Classified as Available-for-Sale or Trading

We classify and account for our securities as either available-for-sale (“AFS”) or trading. We measure AFS securities at fair value in our consolidated balance sheets, with unrealized gains and losses included in “Accumulated other comprehensive income” (“AOCI”), net of income taxes. We recognize realized gains and losses on AFS securities when securities are sold. We calculate the gains and losses using the specific identification method and record them in “Investment gains, net” in our consolidated statements of operations and comprehensive income. We measure trading securities at fair value in our consolidated balance sheets with unrealized and realized gains and losses included as a component of “Fair value losses, net” in our consolidated statements of operations and comprehensive income. We include interest and dividends on securities in our consolidated statements of operations and comprehensive income. Interest income includes the amortization of cost basis adjustments, including premiums and discounts, recognized as a yield adjustment using the interest method over the contractual term of the security. When we receive multiple deliveries of securities on the same day that are backed by the same pools of loans, we calculate the specific cost of each security as the average price of the trades that delivered those securities. As of December 31, 2016, we did not have any securities classified as held-to-maturity, although we may elect to do so in the future.

Fannie Mae MBS included in “Investments in securities”

When we own Fannie Mae MBS issued by unconsolidated trusts, we do not derecognize any components of the guaranty assets, guaranty obligations, or any other outstanding recorded amounts associated with the guaranty transaction because our contractual obligation to the MBS trust remains in force until the trust is liquidated. We determine the fair value of Fannie Mae MBS based on observable market prices because most Fannie Mae MBS are actively traded. Fannie Mae MBS receive high credit quality ratings primarily because of our guaranty. The fair value of the guaranty obligation, net of deferred profit, associated with Fannie Mae MBS included in “Investments in securities” approximates the fair value of the credit risk that exists on these Fannie Mae MBS absent our guaranty. We disclose the aggregate amount of Fannie Mae MBS held as “Investments in securities” in our consolidated balance sheets. The unamortized obligation to stand ready to perform over the term of our guaranty and any incurred credit losses that relate to Fannie Mae MBS held as “Investments in securities” is included in “Other liabilities.” Upon subsequent sale of a Fannie Mae MBS, we continue to account for any outstanding recorded amounts associated with the guaranty transaction on the same basis of accounting as prior to the sale of Fannie Mae MBS, as no new assets were retained and no new liabilities have been assumed upon the subsequent sale. The fair value of our guaranty obligations associated with the Fannie Mae MBS included in “Investments in securities” was $446 million and $488 million as of December 31, 2016 and 2015, respectively. These Fannie Mae MBS consist primarily of private-label wraps where our guaranty arrangement is with an unconsolidated MBS trust.

Other-Than-Temporary Impairment of Debt Securities

We evaluate AFS securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. OTTI is considered to have occurred when the fair value of a debt security is below its amortized cost basis and we intend to sell or it is more likely than not that we will be required to sell the security before recovery. In such cases, we recognize in “Investment gains, net” in our consolidated statements of operations and comprehensive income the entire difference between the amortized cost basis of the security and its fair value. OTTI is also considered to have occurred if we do not expect to recover the entire amortized cost basis of a debt security even if we do not intend to sell the security or it is not more likely than not we will be required to sell the security before recovery. We separate the difference between the amortized cost basis of the security and its fair value into the amount representing the credit loss, which we recognize in “Investment gains, net” in our consolidated statements of operations and comprehensive income, and the amount related to all other factors, which we recognize in “Other comprehensive income (loss),” net of taxes.

We consider guarantees, insurance contracts or other credit enhancements (such as collateral) in determining our best estimate of cash flows expected to be collected only if (1) such guarantees, insurance contracts or other credit enhancements provide for payments to be made solely to reimburse us for failure of the issuer to satisfy its required payment obligations; (2) such guarantees, insurance contracts or other credit enhancements are contractually attached to the security; and (3) collection of the amounts receivable under these agreements is deemed probable. Guarantees, insurance contracts or other credit enhancements are considered contractually attached if they are part of and trade with the security upon transfer of the security to a third party.

In periods after we recognize OTTI of debt securities, we use the prospective interest method to recognize interest income. Under the prospective interest method, we calculate a new effective yield for subsequent recognition of interest income and measurement of impairment when we determine that there has been a significant increase in expected or actual cash flows. We consider a significant increase in cash flows to be at least a 10% increase over two consecutive quarters of the expected or actual cash flows. We calculate the new effective yield by using the new cost basis and the significantly increased actual or expected cash flows.

Mortgage Loans

Loans Held for Sale

When we acquire mortgage loans that we intend to sell or securitize via trusts that will not be consolidated, we classify the loans as held for sale (“HFS”). We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains, net” in our consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level.

In the event that we reclassify held for investment (“HFI”) loans to HFS loans, based upon a change in our intent, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification through the provision for credit losses.

Loans Held for Investment

When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. When we consolidate a trust, we recognize the loans underlying the trust in our consolidated balance sheets. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgages acquired when we have the intent to securitize via trusts that are consolidated will generally be classified as HFI in our consolidated balance sheets both prior to and subsequent to their securitization.

We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured.

Nonaccrual Loans

We discontinue accruing interest on loans when we believe collectibility 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. Interest previously accrued but not collected is reversed through interest income at the date a loan is placed on nonaccrual status. We return a non-modified single-family loan to accrual status at the point that the borrower brings the loan current. We return a modified single-family loan to accrual status at the point that the borrower successfully makes all required payments during the trial period (generally three to four months) and the modification is made permanent. We place a multifamily loan on nonaccrual status when the loan becomes three months or more past due according to its contractual terms or is deemed to be individually impaired, unless the loan is well secured such that collectibility of principal and accrued interest is reasonably assured. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectibility is reasonably assured.

Restructured Loans

A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (“TDR”). Our loss mitigation programs primarily include modifications that result in the capitalization of past due amounts in combination with interest rate reductions and/or the extension of the loan’s maturity date. Such restructurings are granted to borrowers in financial difficulty on either a permanent or contingent basis, as in the case of modifications with a trial period. We consider these types of loan restructurings to be TDRs.

We generally do not include principal or past due interest forgiveness as part of our loss mitigation programs, and, as a result, we generally do not charge off any outstanding principal or accrued interest amounts at the time of loan modification. We believe that the loan underwriting activities we perform as a part of our loan modification process coupled with the borrower’s successful performance during any required trial period provide us reasonable assurance regarding the collectibility of the principal and interest due in accordance with the loan’s modified terms, which include any past due interest amounts that are capitalized as principal at the time of modification. As such, the loan is returned to accrual status when the loan modification is completed (i.e., at the end of the trial period), and we accrue interest thereafter in accordance with our interest accrual policy. If the loan was on nonaccrual status prior to entering the trial period, it remains on nonaccrual status until the borrower demonstrates performance via the trial period and the modification is finalized.

In addition to these loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans, forbearance arrangements, and the capitalization only of past due amounts. Repayment plans and forbearance arrangements are informal agreements with the borrower that do not result in the legal modification of the loan. For all of these activities, we consider the deferral or capitalization of three or fewer missed payments to represent only an insignificant delay, and thus not a TDR. If we defer or capitalize more than three missed payments, the delay is no longer considered insignificant, and the restructuring is accounted for as a TDR.

We measure impairment of a loan restructured in a TDR individually based on the excess of the recorded investment in the loan over the present value of the expected future cash inflows discounted at the loan’s original effective interest rate. Costs incurred to complete a TDR are expensed as incurred. However, when foreclosure is probable on an individually impaired loan, we measure impairment based on the difference between our recorded investment in the loan and the fair value of the underlying property, adjusted for the estimated costs to sell the property and estimated insurance or other proceeds we expect to receive.

Allowance for Loan Losses and Reserve for Guaranty 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 satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale. Additionally, we record charge-offs as a reduction to our allowance for loan losses when a loan is determined to be uncollectible, upon the redesignation of loans from HFI to HFS and pursuant to the charge-off provisions of the Advisory Bulletin.

The reserve for guaranty losses is a liability account which is a component of “Other liabilities” in our consolidated balance sheets that reflects an estimate of incurred credit losses related to our guaranty to each unconsolidated Fannie Mae MBS trust that we will supplement amounts received by the Fannie Mae MBS trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS and our agreements to purchase credit-impaired loans from lenders under the terms of our long-term standby commitments. As a result, the reserve for guaranty losses considers not only the principal and interest due on the loan at the current balance sheet date, but also any additional interest payments due to the trust from the current balance sheet date until the point of loan acquisition or foreclosure. The reserve for guaranty losses was $370 million and $639 million as of December 31, 2016 and 2015, respectively.

We recognize incurred losses by recording a charge to the provision for guaranty losses, which is a component of “Benefit for credit losses,” in our consolidated statements of operations and comprehensive income.

Single-Family Loans

We recognize credit losses related to groups of similar single-family HFI loans that are not individually impaired when (1) available information as of each balance sheet date indicates that it is probable a loss has occurred and (2) the amount of the loss can be reasonably estimated. We aggregate such loans, based on similar risk characteristics, for purposes of estimating incurred credit losses and establish a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate. The estimate takes into account multiple factors which include but are not limited to origination year, loan product type, mark-to-market LTV ratio, and delinquency status. Once loans are aggregated, there typically is not a single, distinct event that would result in an individual loan or pool of loans being impaired. In determining our collective reserve, 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 that provide loan level loss coverage and are either contractually attached to a loan or that were entered into contemporaneously with and in contemplation of a guaranty or loan purchase transaction. We use recent regional historical sales and appraisal information, including the sales of our own foreclosed properties, to develop our loss severity estimates for all loan categories. Our allowance calculation also incorporates a loss confirmation period (the anticipated time lag between a credit loss event and the confirmation of the credit loss resulting from that event) to ensure our allowance estimate captures credit losses that have been incurred as of the balance sheet date but have not been confirmed. In addition, management performs a review of the observable data used in its estimate to ensure it is representative of prevailing economic conditions and other events existing as of the balance sheet date.

We record charge-offs as a reduction to the allowance for loan losses or reserve for guaranty losses when losses are confirmed through the receipt of assets in full satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale. Additionally, we record charge-offs as a reduction to our allowance for loan losses when a loan is determined to be uncollectible, upon the redesignation of loans from HFI to HFS and pursuant to the charge-off provisions of the Advisory Bulletin. The excess of a loan’s unpaid principal balance, accrued interest, and any applicable cost basis adjustments (“our total exposure”) over the fair value of the assets is treated as a charge-off loss that is deducted from the allowance for loan losses or reserve for guaranty losses. The amount charged off also considers estimated proceeds from primary mortgage insurance or other credit enhancements that are either contractually attached to a loan or that were entered into contemporaneously with and in contemplation of a guaranty or loan purchase transaction as a recovery of our total exposure, up to the amount of loss recognized as a charge-off. We record additional proceeds from primary mortgage insurance and credit enhancements in excess of our total exposure as a recovery of any forgone contractually past due interest, and then as an offset to the expenses recorded in “Foreclosed property expense” in our consolidated statements of operations and comprehensive income when received.

Individually Impaired Single-Family Loans

Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. We consider a loan to be impaired when, based on current information, it is probable that we will not receive all amounts due, including interest, in accordance with the contractual terms of the loan agreement. When making our assessment as to whether a loan is impaired, we also take into account more than insignificant delays in payment and shortfalls in amounts received. Determination of whether a delay in payment or shortfall in amount is more than insignificant requires management’s judgment as to the facts and circumstances surrounding the loan.

Our measurement of impairment on an individually impaired loan follows the method that is most consistent with our expectations of recovery of our recorded investment in the loan. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan’s original effective interest rate. If we expect to recover our recorded investment in an individually impaired loan through probable foreclosure of the underlying collateral, we measure impairment based on the fair value of the collateral, reduced by estimated disposal costs on a discounted basis and adjusted for estimated proceeds from mortgage, flood, or hazard insurance or similar sources. For individually impaired loans that we believe are probable of foreclosure, we take into consideration the sales prices of foreclosed properties in determining the value of the underlying real estate collateral.

We use internal models to project cash flows used to assess impairment of individually impaired loans, and generally update the market and loan characteristic inputs we use in these models monthly, using month-end data. Market inputs include information such as interest rates, volatility and spreads, while loan characteristic inputs include information such as mark-to-market LTV ratios and delinquency status. The loan characteristic inputs are key factors that affect the predicted rate of default for loans evaluated for impairment through our internal cash flow models. For example, loans with an unsuccessful trial modification, which are often accompanied by high delinquency rates, have much higher predicted default rates compared to performing loans with completed modifications, particularly those with a significant payment reduction in the borrower’s required monthly payment. We evaluate the reasonableness of our models by comparing the results with actual performance and our assessment of current market conditions. In addition, we review our models at least annually for reasonableness and predictive ability in accordance with our corporate model review policy. Accordingly, we believe the projected cash flows generated by our models that we use to assess impairment appropriately reflect the expected future performance of the loans.

Multifamily Loans

We identify multifamily loans for evaluation for impairment through a credit risk 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. For groups of smaller-balance homogeneous multifamily loans, we evaluate collectively for impairment. We establish a collective multifamily 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.

We categorize loan credit risk based on relevant observable data about a borrower’s ability to pay, including multifamily market economic fundamentals, review of available current borrower financial information, operating statements on the underlying collateral, current debt service coverage ratios (“DSCRs”), historical payment experience, estimates of the current collateral values and other related credit documentation. For each risk category, certain observed default probability and loss severity (in event of default) factors, based on historical performance of loans in the same risk category, are applied against our recorded investment in the loans to determine an appropriate allowance. Such performance data reflect historical delinquencies and charge-offs, as well as loan size. In addition, we consider any credit enhancements such as letters of credit or loss sharing arrangements with our lenders.

Advances to Lenders

Advances to lenders represent our payments of cash in exchange for the receipt of mortgage loans from lenders in a transfer that is accounted for as a secured lending arrangement. These transfers primarily occur when we provide early funding to lenders for loans that they will subsequently either sell to us or securitize into a Fannie Mae MBS that they will deliver to us. We individually negotiate early lender funding advances with our lender customers. Early lender funding advances have terms up to 60 days and earn a short-term market rate of interest.

We report cash outflows from advances to lenders as an investing activity in our consolidated statements of cash flows. Settlements of the advances to lenders, other than through lender repurchases of loans, are not collected in cash, but rather in the receipt of either loans or Fannie Mae MBS. Accordingly, this activity is reflected as a non-cash transfer in our consolidated statements of cash flows in the line item entitled “Transfers from advances to lenders to loans held for investment of consolidated trusts.”

Acquired Property, Net

We recognize foreclosed property (i.e., “Acquired property, net”) upon the earlier of the loan foreclosure event or when we take physical possession of the property (i.e., through a deed-in-lieu of foreclosure transaction). We initially measure foreclosed property at its fair value less its estimated costs to sell. We treat any excess of our recorded investment in the loan over the fair value less estimated costs to sell the property as a charge-off to the “Allowance for loan losses.” Any excess of the fair value less estimated costs to sell the property over our recorded investment in the loan is recognized first to recover any forgone, contractually due interest, then to “Foreclosed property expense” in our consolidated statements of operations and comprehensive income.

We classify foreclosed properties as HFS when we intend to sell the property and the following conditions are met at either acquisition or within a relatively short period thereafter: we are actively marketing the property and it is available for immediate sale in its current condition such that the sale is reasonably expected to take place within one year. We report these properties at the lower of their carrying amount or fair value less estimated selling costs. We do not depreciate these properties.

We recognize a loss for any subsequent write-down of the property to its fair value less its estimated costs to sell through a valuation allowance with an offsetting charge to “Foreclosed property expense” in our consolidated statements of operations and comprehensive income. We recognize a recovery for any subsequent increase in fair value less estimated costs to sell up to the cumulative loss previously recognized through the valuation allowance. We recognize gains or losses on sales of foreclosed property through “Foreclosed property expense” in our consolidated statements of operations and comprehensive income.

Properties that do not meet the criteria to be classified as HFS are classified as held for use and are recorded in “Other assets” in our consolidated balance sheets. These properties are depreciated and are evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable.

Commitments to Purchase and Sell Mortgage Loans and Securities

We enter into commitments to purchase and sell mortgage-backed securities and to purchase single-family and multifamily mortgage loans. Certain commitments to purchase or sell mortgage-backed securities and to purchase single-family mortgage loans are generally accounted for as derivatives. Our commitments to purchase multifamily loans are not accounted for as derivatives because they do not meet the criteria for net settlement.

When derivative purchase commitments settle, we include the fair value on the settlement date in the cost basis of the loan or unconsolidated security we purchase. When derivative commitments to sell securities settle, we include the fair value of the commitment on the settlement date in the cost basis of the security we sell. Purchases and sales of securities issued by our consolidated MBS trusts are treated as extinguishment or issuance of debt, respectively. For commitments to purchase and sell securities issued by our consolidated MBS trusts, we recognize the fair value of the commitment on the settlement date as a component of debt extinguishment gains and losses or in the cost basis of the debt issued, respectively.

Regular-way securities trades provide for delivery of securities within the time generally established by regulations or conventions in the market in which the trade occurs and are exempt from application of derivative accounting. Commitments to purchase or sell securities that we account for on a trade-date basis are also exempt from the derivative accounting requirements. We record the purchase and sale of an existing security on its trade date when the commitment to purchase or sell the existing security settles within the period of time that is customary in the market in which those trades take place.

Additionally, contracts for the forward purchase or sale of when-issued and to-be-announced (“TBA”) securities are exempt from the derivative accounting requirements if there is no other way to purchase or sell that security, delivery of that security and settlement will occur within the shortest period possible for that type of security, and it is probable at inception and throughout the term of the individual contract that physical delivery of the security will occur. Since our commitments for the purchase of when-issued and TBA securities can be net settled and we do not document that physical settlement is probable, we account for all such commitments as derivatives.

Derivative Instruments

We recognize all derivatives as either assets or liabilities in our consolidated balance sheets at their fair value on a trade date basis. We report derivatives in a gain position after offsetting by counterparty in “Other assets” and derivatives in a loss position after offsetting by counterparty in “Other liabilities” in our consolidated balance sheets.

We offset the carrying amounts of certain derivatives that are in gain positions and loss positions with the same counterparty as well as cash collateral receivables and payables associated with derivative positions under master netting arrangements. We offset these amounts only when we have the legal right to offset under the contract and we have met all of the offsetting conditions.

We evaluate financial instruments that we purchase or issue and other financial and non-financial contracts for embedded derivatives. To identify embedded derivatives that we must account for separately, we determine if: (1) the economic characteristics of the embedded derivative are not clearly and closely related to the economic characteristics of the financial instrument or other contract (i.e., the host contract); (2) the financial instrument or other contract itself is not already measured at fair value with changes in fair value included in earnings; and (3) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. If the embedded derivative meets all three of these conditions we elect to carry the hybrid contract in its entirety at fair value with changes in fair value recorded in earnings.

Collateral

We enter into various transactions where we pledge and accept collateral, the most common of which are our derivative transactions. Required collateral levels vary depending on the credit rating and type of counterparty. We also pledge and receive collateral under our repurchase and reverse repurchase agreements. In order to reduce potential exposure to repurchase counterparties, a third-party custodian typically maintains the collateral and any margin. We monitor the fair value of the collateral received from our counterparties, and we may require additional collateral from those counterparties, as we deem appropriate.

Cash Collateral

We record cash collateral accepted from a counterparty that we have the right to use as “Cash and cash equivalents” and cash collateral accepted from a counterparty that we do not have the right to use as “Restricted cash” in our consolidated balance sheets. We net our obligation to return cash collateral pledged to us against the fair value of derivatives in a gain position recorded in “Other assets” in our consolidated balance sheets as part of our counterparty netting calculation.

For derivative positions with the same counterparty under master netting arrangements where we pledge cash collateral, we remove it from “Cash and cash equivalents” and net the right to receive it against the fair value of derivatives in a loss position recorded in “Other liabilities” in our consolidated balance sheets as a part of our counterparty netting calculation.

Non-Cash Collateral

We classify securities pledged to counterparties as either “Investments in securities” or “Cash and cash equivalents” in our consolidated balance sheets. Securities pledged to counterparties that have been consolidated with the underlying assets recognized as loans are included as “Mortgage loans” in our consolidated balance sheets.

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

Debt

Our consolidated balance sheets contain debt of Fannie Mae as well as debt of consolidated trusts. We report debt issued by us as “Debt of Fannie Mae” and by consolidated trusts as “Debt of consolidated trusts.” Debt issued by us represents debt that we issue to third parties to fund our general business activities and our credit risk-sharing securities. The debt of consolidated trusts represents the amount of Fannie Mae MBS issued from such trusts which is held by third-party certificateholders and prepayable without penalty at any time. We report deferred items, including premiums, discounts and other cost basis adjustments, as adjustments to the related debt balances in our consolidated balance sheets. We remeasure the carrying amount, accrued interest and basis adjustments of debt denominated in a foreign currency into U.S. dollars using foreign exchange spot rates as of the balance sheet dates and report any associated gains or losses as a component of “Fair value losses, net” in our consolidated statements of operations and comprehensive income.

We classify interest expense as either short-term or long-term based on the contractual maturity of the related debt. We recognize the amortization of premiums, discounts and other cost basis adjustments through interest expense using the effective interest method usually over the contractual term of the debt. Amortization of premiums, discounts and other cost basis adjustments begins at the time of debt issuance. We remeasure interest expense for debt denominated in a foreign currency into U.S. dollars using the daily spot rates. The difference in rates arising from the month-end spot exchange rate used to calculate the interest accruals and the daily spot rates used to record the interest expense is a foreign currency transaction gain or loss for the period and is recognized as a component of “Fair value losses, net” in our consolidated statements of operations and comprehensive income.

When we purchase a Fannie Mae MBS issued from a consolidated single-class securitization trust, we extinguish the related debt of the consolidated trust as the MBS debt is no longer owed to a third-party. We record debt extinguishment gains or losses related to debt of consolidated trusts to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated MBS debt reported in our consolidated balance sheets (including unamortized premiums, discounts and other cost basis adjustments) at the time of purchase as a component of “Other expenses, net” in our consolidated statements of operations and comprehensive income.

Income Taxes

We recognize deferred tax assets and liabilities based on the differences in the book and tax bases of assets and liabilities. We measure deferred tax assets and liabilities using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust deferred tax assets and liabilities for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. We reduce our deferred tax assets by an allowance if, based on the weight of available positive and negative evidence, it is more likely than not (a probability of greater than 50%) that we will not realize some portion, or all, of the deferred tax asset.

We account for uncertain tax positions using a two-step approach whereby we recognize an income tax benefit if, based on the technical merits of a tax position, it is more likely than not that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation. We then measure the recognized tax benefit based on the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. We recognize interest expense and penalties on unrecognized tax benefits as “Other expenses, net” in our consolidated statements of operations and comprehensive income.

Earnings (Loss) per Share

Earnings (loss) per share (“EPS”) is presented for both basic EPS and diluted EPS. We compute basic EPS by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In addition to common shares outstanding, the computation of basic EPS includes instruments for which the holder has (or is deemed to have) the present rights as of the end of the reporting period to share in current period earnings (loss) with common stockholders (i.e., participating securities and common shares that are currently issuable for little or no cost to the holder). We include in the denominator of our basic EPS computation the weighted-average number of shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury. Diluted EPS includes all the components of basic EPS, plus the dilutive effect of common stock equivalents such as convertible securities and stock options, but excludes those common stock equivalents from the calculation of diluted EPS when the effect of inclusion, assessed individually, would be anti-dilutive. The calculation of income available to common stockholders and EPS is based on the underlying premise that all income after payment of dividends on preferred shares is available to and will be distributed to the common stockholders. However, as a result of our conservatorship status and the terms of the senior preferred stock purchase agreement with Treasury, no amounts are available to distribute as dividends to common or preferred stockholders (other than to Treasury as holder of the senior preferred stock).

Compensatory Fees

We charge our primary servicers a compensatory fee for servicing delays within their control when they fail to comply with our established loss mitigation and foreclosure timelines. Compensatory fees are intended to compensate us for damages attributed to such servicing delays and to emphasize the importance of servicer performance.

We recognize a compensatory fee receivable when the amounts are chargeable per our guidelines and are considered reasonably assured of collection. We subsequently establish a valuation allowance for any amounts we estimate to be uncollectible. If such fees are not reasonably assured of collection, we recognize them on a cash basis when received. The income associated with these fees is recognized as a component of “Foreclosed property expense” in our consolidated statements of operations and comprehensive income.

Fee and Other Income

Fee and other income includes transaction fees, multifamily fees, technology fees and other miscellaneous income. During the years ended December 31, 2016, 2015 and 2014, we recognized $245 million, $21 million and $4.8 billion, respectively, in “Fee and other income” in our consolidated statements of operations and comprehensive income resulting from settlement agreements resolving certain claims relating to private-label securities (“PLS”) sold to us or that we have guaranteed.

Employee Retirement Benefits

Our defined benefit pension plans were amended in 2013 to cease the accrual of benefits for all employees and the plans were subsequently terminated, effective December 31, 2013. In 2015, we settled our defined pension benefit obligations and transferred plan assets to an annuity provider and distributed lump sum payments to participants based on their elections. The actuarial losses of $305 million, previously recorded in “Accumulated other comprehensive income,” were recognized in “Administrative expenses” and the associated tax amounts were recognized in “Provision for federal income taxes” in our consolidated statements of operations and comprehensive income for the year ended December 31, 2015.

New Accounting Guidance

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on revenue from contracts with customers. The standard outlines a single model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The following contracts with customers are excluded from the scope of the new standard and will continue to be accounted for under existing guidance: leases, insurance, financial instruments (e.g., receivables, investments, liabilities, debt and derivatives) and guarantees. The new guidance is effective for us on January 1, 2018. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

In January 2016, the FASB issued guidance which makes limited amendments to the accounting related to the classification and measurement of financial instruments. The new guidance revises the accounting requirements related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The new guidance is effective for us on January 1, 2018. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

Effective January 1, 2016, we adopted guidance issued by the FASB regarding consolidation of legal entities such as limited partnerships, limited liability corporations and securitization structures. The impact of the adoption was not material to our consolidated financial statements.

In February 2016, the FASB issued guidance on leases. The guidance clarified the definition of a lease and requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a corresponding lease liability for all leases with terms greater than 12 months. This guidance supersedes the existing lease guidance; however, we must continue to classify leases to determine how to recognize lease-related expense in our consolidated statements of operations and comprehensive income. The new guidance is effective for us on January 1, 2019. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

In June 2016, the FASB issued guidance that changes the impairment model for most financial assets and certain other instruments. For loans, held-to-maturity debt securities and other financial assets recorded at amortized cost, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowance for loan losses. The guidance is effective on January 1, 2020 with early adoption permitted on January 1, 2019. We will recognize the impact of the new guidance through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are continuing to evaluate the impact of this guidance on our consolidated financial statements, including the timing of the adoption. The adoption of this guidance will decrease, perhaps substantially, our retained earnings and increase our allowance for loan losses.

In August 2016, the FASB issued guidance regarding classification of certain items within the statement of cash flows in order to reduce diversity in practice with respect to cash flow classifications. The guidance is effective for us on January 1, 2018 and will be applied retrospectively for each period presented. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

In November 2016, the FASB issued guidance regarding the presentation of restricted cash in the statement of cash flows. The new guidance reduces diversity in how entities present changes in restricted cash and restricted cash equivalents with respect to the statements of cash flow. The guidance is effective for us on January 1, 2018 and will be applied retrospectively for each period presented. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

Consolidations and Transfers of Financial Assets

12 Months Ended

Dec. 31, 2016

Consolidations and Transfers of Financial Assets [Abstract]

Consolidations and Transfers of Financial Assets

We have interests in various entities that are considered to be VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions 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.

Types of VIEs

Securitization Trusts

Under our lender swap and portfolio securitization transactions, mortgage loans are transferred to a trust specifically for the purpose of issuing a single class of guaranteed securities that are collateralized by the underlying mortgage loans. The trust’s permitted activities include receiving the transferred assets, issuing beneficial interests, establishing the guaranty and servicing the underlying mortgage loans. In our capacity as issuer, master servicer, trustee and guarantor, we earn fees for our obligations to each trust. Additionally, we may retain or purchase a portion of the securities issued by each trust. We have securitized mortgage loans since 1981.

In our structured securitization transactions, we earn fees for assisting lenders and dealers with the design and issuance of structured mortgage-related securities. The trusts created in these transactions have permitted activities that are similar to those for our lender swap and portfolio securitization transactions. The assets of these trusts may include mortgage-related securities and/or mortgage loans. The trusts created for Fannie Megas issue single-class securities while the trusts created for REMIC, grantor trust and stripped mortgage-backed securities (“SMBS”) issue single-class and multi-class securities, the latter of which separate the cash flows from underlying assets into separately tradable interests. Our obligations and continued involvement in these trusts are similar to those described for lender swap and portfolio securitization transactions. We have securitized mortgage assets in structured transactions since 1986.

We also invest in mortgage-backed securities that have been issued via private-label trusts. These trusts are structured to provide investors with a beneficial interest in a pool of receivables or other financial assets, typically mortgage loans. The trusts act as vehicles to allow loan originators to securitize assets. Securities are structured from the underlying pool of assets to provide for varying degrees of risk. The originators of the financial assets or the underwriters of the transaction create the trusts and typically own the residual interest in the trusts’ assets. Our involvement in these entities is typically limited to our recorded investment in the beneficial interests that we have purchased. We have invested in these vehicles since 1987.

Limited Partnerships

We have historically made equity investments in various limited partnerships that sponsor affordable housing projects utilizing the low-income housing tax credit pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to increase the supply of affordable housing in the United States and to serve communities in need. In addition, our investments in LIHTC partnerships generate both tax credits and net operating losses that may reduce our federal income tax liability. Our LIHTC investments primarily represent limited partnership interests in entities that have been organized by a fund manager who acts as the general partner. These fund investments seek out equity investments in LIHTC operating partnerships that have been established to identify, develop and operate multifamily housing that is leased to qualifying residential tenants.

We no longer recognize net operating losses or impairment on our LIHTC partnership investments as the carrying value is zero. We did not make any LIHTC investments in 2016, 2015 or 2014, other than pursuant to existing prior commitments.

Consolidated VIEs

If an entity is a VIE, we consider whether our variable interest in that entity causes us to be the primary beneficiary. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities and noncontrolling interests of the VIE in its consolidated financial statements. An enterprise is deemed to be the primary beneficiary when the enterprise has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and exposure to benefits and/or losses could potentially be significant to the entity. In general, the investors in the obligations of consolidated VIEs have recourse only to the assets of those VIEs and do not have recourse to us, except where we provide a guaranty to the VIE.

We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. As of December 31, 2016, we consolidated certain VIEs that were not consolidated as of December 31, 2015. As a result of consolidating these entities, which had combined total assets of $145 million in unpaid principal balance as of December 31, 2016, we derecognized our investment in these entities and recognized the assets and liabilities of the consolidated entities at fair value. As of December 31, 2016, we also deconsolidated certain VIEs that were consolidated and had combined total assets of $5.3 billion in unpaid principal balance as of December 31, 2015. The majority of this activity related to the deconsolidation of multi-class resecuritization trusts containing consolidated Fannie Mae MBS, which resulted in the recognition of the debt issued to third parties of the MBS trusts we consolidated and the fair value of our retained interests as securities in our consolidated balance sheets.

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization trusts 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 of December 31,
	2016				2015
	(Dollars in millions)
Assets and liabilities recorded in our consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae		$	4,642			$	4,704
Non-Fannie Mae		3,473				5,596
Total trading securities		8,115				10,300
Available-for-sale securities:
Fannie Mae		2,447				3,936
Non-Fannie Mae		4,879				14,644
Total available-for-sale securities		7,326				18,580
Other assets		77				100
Other liabilities		(528		)		(827		)
Net carrying amount		$	14,990			$	28,153

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 maximum exposure to loss related to unconsolidated mortgage-backed trusts was approximately $21 billion and $34 billion as of December 31, 2016 and 2015, respectively. The total assets of our unconsolidated mortgage-backed trusts were approximately $150 billion and $220 billion as of December 31, 2016 and 2015, respectively.

The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of low-income housing tax credit investments, community investments and other entities, was $118 million and the related carrying value was $92 million as of December 31, 2016. As of December 31, 2015, the maximum exposure to loss was $12 million and the related carrying value was a deficit of $24 million. The total assets of these limited partnership investments were $3.9 billion and $4.9 billion as of December 31, 2016 and 2015, respectively.

The unpaid principal balance of our multifamily loan portfolio was $229.9 billion as of December 31, 2016. As our lending relationship does not provide us with a controlling financial interest in the borrower entity, we do not consolidate these borrowers regardless of their status as either a VIE or a voting interest entity. We have excluded these entities from our VIE disclosures. However, the disclosures we have provided in “Note 3, Mortgage Loans,” “Note 4, Allowance for Loan Losses” and “Note 6, Financial Guarantees” with respect to this population are consistent with the FASB’s stated objectives for the disclosures related to unconsolidated VIEs.

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 years ended December 31, 2016, 2015 and 2014, the unpaid principal balance of portfolio securitizations was $264.7 billion, $212.0 billion and $160.4 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 December 31, 2016, the unpaid principal balance of retained interests was $4.4 billion and its related fair value was $5.8 billion. The unpaid principal balance of retained interests was $5.5 billion and its related fair value was $6.8 billion as of December 31, 2015. For the years ended December 31, 2016, 2015 and 2014, the principal and interest received on retained interests was $1.2 billion, $1.2 billion and $1.5 billion, 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 $1.4 billion and $1.6 billion as of December 31, 2016 and 2015, respectively. For information on our on-balance sheet mortgage loans, see “Note 3, Mortgage Loans.”

Mortgage Loans

12 Months Ended

Dec. 31, 2016

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 “Investment gains, net” in our consolidated statements of operations and comprehensive income. We define the recorded investment of HFI loans as 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 December 31,
	2016									2015
	Of Fannie Mae			Of Consolidated Trusts			Total			Of Fannie Mae			Of Consolidated Trusts			Total
	(Dollars in millions)
Single-family	$	209,168		$	2,624,582		$	2,833,750		$	238,237		$	2,574,174		$	2,812,411
Multifamily	9,379			220,517			229,896			13,099			185,243			198,342
Total unpaid principal balance of mortgage loans	218,547			2,845,099			3,063,646			251,336			2,759,417			3,010,753
Cost basis and fair value adjustments, net	(11,357		)	50,929			39,572			(12,939		)	49,781			36,842
Allowance for loan losses for loans held for investment	(22,579		)	(886		)	(23,465		)	(26,510		)	(1,441		)	(27,951		)
Total mortgage loans	$	184,611		$	2,895,142		$	3,079,753		$	211,887		$	2,807,757		$	3,019,644

For the years ended December 31, 2016, 2015 and 2014, we redesignated loans with a carrying value of $3.9 billion, $8.6 billion and $2.2 billion, respectively, from HFI to HFS. For the year ended December 31, 2014, we redesignated loans with a carrying value of $285 million from HFS to HFI. We sold loans with an unpaid principal balance of $6.7 billion, $3.6 billion and $1.9 billion, respectively, during the years ended December 31, 2016, 2015 and 2014.

The recorded investment of single-family mortgage loans for which formal foreclosure proceedings are in process was $18.3 billion and $25.6 billion as of December 31, 2016 and 2015, respectively. 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.

Aging Analysis

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



	As of December 31, 2016
	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		$	31,631		$	7,910		$	21,761		$	61,302	$	2,654,195	$	2,715,497		$	22	$	33,448
Government⁽²⁾		56			22			256			334		36,814		37,148			256		—
Alt-A		3,629			1,194			4,221			9,044		72,903		81,947			2		6,019
Other		1,349			438			1,582			3,369		25,974		29,343			5		2,238
Total single-family		36,665			9,564			27,820			74,049		2,789,886		2,863,935			285		41,705
Multifamily⁽³⁾		44			N/A			129			173		231,708		231,881			—		403
Total		$	36,709		$	9,564		$	27,949		$	74,222	$	3,021,594	$	3,095,816		$	285	$	42,108



	As of December 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		$	29,154		$	7,937		$	26,346		$	63,437	$	2,598,756	$	2,662,193		$	46	$	34,216
Government⁽²⁾		58			24			291			373		40,461		40,834			291		—
Alt-A		4,085			1,272			6,141			11,498		84,603		96,101			6		7,407
Other		1,494			484			2,160			4,138		32,272		36,410			6		2,632
Total single-family		34,791			9,717			34,938			79,446		2,756,092		2,835,538			349		44,255
Multifamily⁽³⁾		23			N/A			123			146		200,028		200,174			—		591
Total		$	34,814		$	9,717		$	35,061		$	79,592	$	2,956,120	$	3,035,712		$	349	$	44,846

__________


⁽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, excluding loans for which we have elected the fair value option.



	As of December 31,
	2016⁽¹⁾						2015⁽¹⁾
	Primary		Alt-A		Other		Primary		Alt-A		Other
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽²⁾
Less than or equal to 80%	$	2,321,201	$	56,250	$	19,382	$	2,228,533	$	59,000	$	21,274
Greater than 80%and less than or equal to 90%	244,231		9,787		3,657		250,373		12,588		4,936
Greater than 90%and less than or equal to 100%	114,412		6,731		2,627		122,939		9,345		3,861
Greater than 100%	35,653		9,179		3,677		60,348		15,168		6,339
Total	$	2,715,497	$	81,947	$	29,343	$	2,662,193	$	96,101	$	36,410

__________


⁽¹⁾	Excludes $37.1 billion and $40.8 billion as of December 31, 2016 and 2015, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV 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, excluding loans for which we have elected the fair value option.



	As of December 31,
	2016			2015
	(Dollars in millions)
Credit risk profile by internally assigned grade:
Non-classified		$	228,749	$	197,334
Classified:⁽¹⁾
Substandard		3,129		2,833
Doubtful		3		7
Total classified		3,132		2,840
Total		$	231,881	$	200,174

__________


⁽¹⁾	A loan classified as “Substandard” has a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a 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 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, excluding loans classified as HFS. The following tables display the total unpaid principal balance, recorded investment, related allowance, average recorded investment and interest income recognized for individually impaired loans.



	As of December 31,
	2016								2015
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses		Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	105,113		$	99,825	$	14,462		$	116,477		$	110,502	$	16,745
Government		302			305		59			322			327		59
Alt-A		28,599			26,059		5,365			31,888			29,103		6,217
Other		11,087			10,465		2,034			12,893			12,179		2,416
Total single-family		145,101			136,654		21,920			161,580			152,111		25,437
Multifamily		320			323		33			650			654		80
Total individually impaired loans with related allowance recorded		145,421			136,977		21,953			162,230			152,765		25,517
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		15,733			14,758		—			15,891			14,725		—
Government		63			59		—			58			54		—
Alt-A		3,511			3,062		—			3,721			3,169		—
Other		1,159			1,065		—			1,222			1,102		—
Total single-family		20,466			18,944		—			20,892			19,050		—
Multifamily		266			266		—			353			354		—
Total individually impaired loans with no related allowance recorded		20,732			19,210		—			21,245			19,404		—
Total individually impaired loans⁽²⁾		$	166,153		$	156,187	$	21,953		$	183,475		$	172,169	$	25,517



	For the Year Ended December 31,
	2016									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			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		$	105,076		$	4,004		$	325		$	114,737		$	4,190		$	318		$	121,926		$	4,321		$	494
Government		314			12			—			299			12			—			270			13			—
Alt-A		27,512			1,010			54			30,453			1,034			54			33,676			1,066			100
Other		11,382			365			20			12,863			376			21			14,490			402			36
Total single-family		144,284			5,391			399			158,352			5,612			393			170,362			5,802			630
Multifamily		508			29			—			973			16			—			1,699			80			1
Total individually impaired loans with related allowance recorded		144,792			5,420			399			159,325			5,628			393			172,061			5,882			631
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		15,293			1,236			91			15,796			1,039			91			13,852			864			215
Government		59			4			—			55			4			—			67			5			—
Alt-A		3,293			309			9			3,647			218			11			2,799			189			47
Other		1,116			108			3			1,259			75			3			974			56			12
Total single-family		19,761			1,657			103			20,757			1,336			105			17,692			1,114			274
Multifamily		317			13			—			442			10			—			1,472			64			—
Total individually impaired loans with no related allowance recorded		20,078			1,670			103			21,199			1,346			105			19,164			1,178			274
Total individually impaired loans		$	164,870		$	7,090		$	502		$	180,524		$	6,974		$	498		$	191,225		$	7,060		$	905

__________


⁽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 $155.0 billion and $170.3 billion as of December 31, 2016 and 2015, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $248 million and $451 million as of December 31, 2016 and 2015, respectively.

⁽³⁾

Total single-family interest income recognized of $7.0 billion for the year ended December 31, 2016 consists of $5.7 billion of contractual interest and $1.3 billion of effective yield adjustments. Total single-family interest income recognized of $6.9 billion for the year ended December 31, 2015 consists of $5.7 billion of contractual interest and $1.2 billion of effective yield adjustments. Total single-family interest income recognized of $6.9 billion for the year ended December 31, 2014 consists of $5.8 billion of contractual interest and $1.1 billion 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. The average term extension of a single-family modified loan was 157 months for the year ended December 31, 2016 and 161 months for the years ended December 31, 2015 and 2014. The average interest rate reduction was 0.79, 0.74 and 0.99 percentage points for the years ended December 31, 2016, 2015 and 2014, respectively.

The following table displays the number of loans and recorded investment in loans restructured in a TDR.



	For the Year Ended December 31,
	2016					2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		61,586		$	8,405		71,293		$	9,713		100,956		$	14,301
Government		186		20			241		27			365		47
Alt-A		6,647		946			9,037		1,374			14,715		2,441
Other		1,381		244			1,835		333			3,357		686
Total single-family		69,800		9,615			82,406		11,447			119,393		17,475
Multifamily		11		66			12		40			19		853
Total TDRs		69,811		$	9,681		82,418		$	11,487		119,412		$	18,328

The following table displays the number of loans and our recorded investment in these loans at the time of payment default 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 Year Ended December 31,
	2016					2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		20,810		$	2,938		26,206		$	3,808		33,853		$	5,095
Government		95		11			118		16			124		15
Alt-A		3,131		500			4,128		706			5,392		960
Other		1,002		172			1,229		247			1,738		387
Total single-family		25,038		3,621			31,681		4,777			41,107		6,457
Multifamily		5		46			3		6			9		42
Total TDRs that subsequently defaulted		25,043		$	3,667		31,684		$	4,783		41,116		$	6,499

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Allowance for Loan Losses

We maintain an allowance for loan losses for HFI loans held by Fannie Mae and loans backing Fannie Mae MBS issued from consolidated trusts. When calculating our allowance for loan losses, we consider our net recorded investment in the loan at the balance sheet date, which includes unpaid principal balance, net of amortized premiums and discounts, and other cost basis adjustments.

The following table displays changes in single-family, multifamily and total allowance for loan losses.



	For the Year Ended December 31,
	2016										2015										2014
	Of Fannie Mae			Of Consolidated Trusts				Total			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	$	26,439			$	1,270		$	27,709		$	32,956			$	2,221		$	35,177		$	40,202			$	3,105		$	43,307
Provision (benefit) for loan losses⁽¹⁾	(1,692		)		(12		)	(1,704		)	(258		)		190			(68		)	(4,334		)		553			(3,781		)
Charge-offs⁽²⁾⁽³⁾	(3,163		)		(91		)	(3,254		)	(9,647		)		(84		)	(9,731		)	(6,168		)		(225		)	(6,393		)
Recoveries	412				30			442			1,120				16			1,136			1,190				250			1,440
Transfers⁽⁴⁾	470				(470		)	—			1,123				(1,123		)	—			1,513				(1,513		)	—
Other⁽⁵⁾	90				—			90			1,145				50			1,195			553				51			604
Ending balance	$	22,556			$	727		$	23,283		$	26,439			$	1,270		$	27,709		$	32,956			$	2,221		$	35,177
Multifamily allowance for loan losses:
Beginning balance	$	71			$	171		$	242		$	161			$	203		$	364		$	319			$	220		$	539
Benefit for loan losses⁽¹⁾	(49		)		(6		)	(55		)	(63		)		(27		)	(90		)	(91		)		(13		)	(104		)
Charge-offs⁽²⁾⁽³⁾	(11		)		(1		)	(12		)	(40		)		(3		)	(43		)	(76		)		—			(76		)
Recoveries	7				—			7			4				—			4			—				—			—
Transfers⁽⁴⁾	5				(5		)	—			4				(4		)	—			4				(4		)	—
Other⁽⁵⁾	—				—			—			5				2			7			5				—			5
Ending balance	$	23			$	159		$	182		$	71			$	171		$	242		$	161			$	203		$	364
Total allowance for loan losses:
Beginning balance	$	26,510			$	1,441		$	27,951		$	33,117			$	2,424		$	35,541		$	40,521			$	3,325		$	43,846
Provision (benefit) for loan losses⁽¹⁾	(1,741		)		(18		)	(1,759		)	(321		)		163			(158		)	(4,425		)		540			(3,885		)
Charge-offs⁽²⁾⁽³⁾	(3,174		)		(92		)	(3,266		)	(9,687		)		(87		)	(9,774		)	(6,244		)		(225		)	(6,469		)
Recoveries	419				30			449			1,124				16			1,140			1,190				250			1,440
Transfers⁽⁴⁾	475				(475		)	—			1,127				(1,127		)	—			1,517				(1,517		)	—
Other⁽⁵⁾	90				—			90			1,150				52			1,202			558				51			609
Ending balance	$	22,579			$	886		$	23,465		$	26,510			$	1,441		$	27,951		$	33,117			$	2,424		$	35,541

__________


⁽¹⁾	Provision (benefit) for loan losses is included in “Benefit for credit losses” in our 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, for the year ended December 31, 2015, charge-offs of (1) $1.8 billion in loans held for investment and $724 million in preforeclosure property taxes and insurance receivable in connection with our adoption of the Advisory Bulletin on January 1, 2015 and (2) $1.1 billion in accrued interest receivable in connection with our adoption of a change in accounting policy on January 1, 2015 related to the treatment of interest previously accrued, but not collected, at the date that loans are placed on nonaccrual status.


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


⁽⁵⁾	Amounts represent changes in other loss reserves which are reflected in provision (benefit) for loan losses, charge-offs, and recoveries.

The following table displays the allowance for loan losses and 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 December 31,
	2016							2015
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	21,920		$	33	$	21,953	$	25,437		$	80	$	25,517
Collectively reserved loans	1,363			149		1,512		2,272			162		2,434
Total allowance for loan losses	$	23,283		$	182	$	23,465	$	27,709		$	242	$	27,951

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	155,598		$	589	$	156,187	$	171,161		$	1,008	$	172,169
Collectively reserved loans	2,708,337			231,292		2,939,629		2,664,377			199,166		2,863,543
Total recorded investment in loans	$	2,863,935		$	231,881	$	3,095,816	$	2,835,538		$	200,174	$	3,035,712

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Investments in Securities

12 Months Ended

Dec. 31, 2016

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 consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities.



	As of December 31,
	2016		2015
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae	$	4,769	$	4,813
Freddie Mac	936		1,314
Ginnie Mae	1,122		426
Alt-A private-label securities	317		436
Subprime private-label securities	319		644
Commercial mortgage-backed securities (“CMBS”)	761		2,341
Mortgage revenue bonds	21		449
Total mortgage-related securities	8,245		10,423
U.S. Treasury securities	32,317		29,485
Total trading securities	$	40,562	$	39,908

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



	For the Year Ended December 31,
	2016				2015			2014
	(Dollars in millions)
Net trading gains (losses)		$	28		$	(368	)		$	485
Net trading gains (losses) recognized in the period related to securities still held at period end		(19		)	(453		)		420

Available-for-Sale Securities

We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our 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 Year Ended December 31,
	2016		2015		2014
	(Dollars in millions)
Gross realized gains	$	1,043	$	1,066	$	569
Gross realized losses	17		70		5
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	10,993		8,023		3,265

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



	As of December 31, 2016
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	2,445		$	137		$	(28	)	$	2,554
Freddie Mac		474			35			—			509
Ginnie Mae		34			4			—			38
Alt-A private-label securities		747			544			—			1,291
Subprime private-label securities		1,070			351			(3		)	1,418
CMBS		815			4			—			819
Mortgage revenue bonds		1,245			36			(9		)	1,272
Other mortgage-related securities		431			31			—			462
Total		$	7,261		$	1,142		$	(40	)	$	8,363



	As of December 31, 2015
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	4,008		$	243		$	(30	)	$	4,221
Freddie Mac		4,000			299			—			4,299
Ginnie Mae		343			48			—			391
Alt-A private-label securities		2,029			653			(4		)	2,678
Subprime private-label securities		2,526			759			(4		)	3,281
CMBS		1,235			20			—			1,255
Mortgage revenue bonds		2,639			99			(37		)	2,701
Other mortgage-related securities		1,361			49			(6		)	1,404
Total		$	18,141		$	2,170		$	(81	)	$	20,230

__________


⁽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 consolidated statements of operations and comprehensive income.


⁽²⁾	Represents the gross unrealized losses on securities for which we have not recognized OTTI, as well as the noncredit component of OTTI and cumulative changes in fair value of securities for which we previously recognized the credit component of OTTI in “Accumulated other comprehensive income” in our consolidated balance sheets.

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 December 31, 2016
	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	)	$	139		$	(26	)	$	477
Subprime private-label securities		—			—			(3		)	73
Mortgage revenue bonds		(7		)	78			(2		)	6
Total		$	(9	)	$	217		$	(31	)	$	556

	As of December 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		$	(8	)	$	659		$	(22	)	$	491
Alt-A private-label securities		(1		)	26			(3		)	54
Subprime private-label securities		—			12			(4		)	91
Mortgage revenue bonds		(35		)	631			(2		)	22
Other mortgage-related securities		(6		)	224			—			—
Total		$	(50	)	$	1,552		$	(31	)	$	658

Other-Than-Temporary Impairments

For AFS securities, OTTI is considered to have occurred when the fair value of a debt security is below its amortized cost basis and we intend to sell or it is more likely than not that we will be required to sell the security before recovery. Additionally, OTTI is considered to have occurred if we do not expect to recover the entire amortized cost basis of a debt security even if we do not intend to sell the security or it is not more likely than not we will be required to sell the security before recovery.

We recognized $35 million, $196 million and $90 million of OTTI for the years ended December 31, 2016, 2015 and 2014, respectively, which are included in “Investment gains, net” in our consolidated statements of operations and comprehensive income. OTTI recognized for the year ended December 31, 2015 was higher than OTTI recognized for the years ended December 31, 2016 and 2014 primarily due to a change in our intent to sell certain securities during 2015. 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 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 December 31, 2016
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Unpaid principal balance	$	2,026			$	317			$	214			$	524			$	530
Weighted average collateral default⁽¹⁾	36.8		%		25.3		%		16.5		%		19.2		%		7.1		%
Weighted average collateral severities⁽²⁾	45.8				25.7				59.2				36.5				33.5
Weighted average voluntary prepayment rates⁽³⁾	2.8				8.3				7.2				8.3				13.1
Average credit enhancement⁽⁴⁾	12.7				1.1				0.2				2.1				1.6

__________


⁽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 consolidated statements of operations and comprehensive income.



	For the Year Ended
	December 31,
	2016			2015
	(Dollars in millions)
Beginning balance	$	2,421		$	5,260
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	7			8
Reductions for securities no longer in portfolio at period end	(175		)	(1,171		)
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	(254		)	(1,492		)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(133		)	(184		)
Ending balance	$	1,867		$	2,421

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. 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 December 31, 2016
	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		$	2,445	$	2,554		$	—		$	—		$	26	$	26		$	62	$	67		$	2,357	$	2,461
Freddie Mac		474		509			2			2			53		54			78		83			341		370
Ginnie Mae		34		38			—			—			1		1			2		2			31		35
Alt-A private-label securities		747		1,291			—			—			—		—			—		—			747		1,291
Subprime private-label securities		1,070		1,418			—			—			—		—			—		—			1,070		1,418
CMBS		815		819			766			770			29		30			—		—			20		19
Mortgage revenue bonds		1,245		1,272			14			15			82		82			138		139			1,011		1,036
Other mortgage-related securities		431		462			—			—			—		—			2		3			429		459
Total		$	7,261	$	8,363		$	782		$	787		$	191	$	193		$	282	$	294		$	6,006	$	7,089
Weighted average yield⁽¹⁾		6.78%					4.03		%				5.18%					6.92%					7.18%

__________


⁽¹⁾	Yields are determined by dividing interest income (including amortization and accretion of premiums, discounts and other cost basis adjustments) by amortized cost balances as of year-end. Yields on tax-exempt obligations have been computed on a tax equivalent basis.

- Definition

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

+ References + Details

Financial Guarantees

12 Months Ended

Dec. 31, 2016

Guarantees [Abstract]

Financial Guarantees

We generate revenue by absorbing the credit risk of mortgage loans in unconsolidated trusts in exchange for a guaranty fee. We also provide credit enhancements on taxable or tax-exempt mortgage revenue bonds issued by state and local governmental entities to finance multifamily housing for low- and moderate-income families. Additionally, we issue long-term standby commitments that generally require us to purchase loans from lenders if the loans meet certain delinquency criteria.

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 1 day to 36 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 consolidated balance sheets and the maximum potential recovery from third parties through available credit enhancements and recourse related to our financial guarantees.



	As of December 31,
	2016									2015
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	12,607		$	143		$	8,048		$	15,069		$	194		$	8,857
Other guaranty arrangements⁽³⁾	15,335			137			2,663			16,504			135			2,869
Total	$	27,942		$	280		$	10,711		$	31,573		$	329		$	11,726

__________


⁽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 and financial guarantors, see “Note 15, Concentrations of Credit Risk.”


⁽³⁾	Primarily consists of credit enhancements and long-term standby commitments.

Acquired Property, Net

12 Months Ended

Dec. 31, 2016

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, are actively marketing it and it is ready for immediate sale in its current condition. The following table displays the activity in acquired property, and related valuation allowance.



	For the Year Ended December 31,
	2016				2015				2014
		(Dollars in millions)
Beginning balance — Acquired property		$	7,481			$	11,442			$	12,307
Additions		6,076				9,382				13,100
Disposals		(8,724		)		(13,343		)		(13,965		)
Ending balance — Acquired property		4,833				7,481				11,442
Valuation allowance		(344		)		(715		)		(824		)
Ending balance — Acquired property, net		$	4,489			$	6,766			$	10,618

We classify as held for use those properties that we do not intend to sell or that are not ready for immediate sale in their current condition, which are included in “Other assets” in our consolidated balance sheets. For the years ended December 31, 2016, 2015 and 2014, the carrying amount of acquired property held for use was $55 million, $85 million and $135 million, respectively.

- 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=68051746&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=68051746&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=65884687&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 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(c)(Schedule III))
-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 8: 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 9: 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(8))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Short-Term Borrowings and Long-Term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

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 December 31,
	2016				2015
	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⁾	$	—	—	%	$	62	—	%

Short-term debt of Fannie Mae	$	34,995	0.49	%	$	71,007	0.26	%
Debt of consolidated trusts	584		0.48		943		0.19
Total short-term debt	$	35,579	0.49	%	$	71,950	0.26	%

__________


⁽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 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 December 31, 2016 and 2015. We had no borrowings outstanding under this line of credit as of December 31, 2016.

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 December 31,
	2016					2015
	Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2017 - 2030	$	153,983	2.16	%	2016 - 2030	$	154,057	2.49	%
Medium-term notes⁽²⁾	2017 - 2026	82,230		1.40		2016 - 2025	96,997		1.53
Other⁽³⁾	2017 - 2038	12,800		6.74		2016 - 2038	27,772		4.88
Total senior fixed		249,013		2.14			278,826		2.39
Senior floating:
Medium-term notes⁽²⁾	2017 - 2019	21,476		0.71		2016 - 2019	20,791		0.27
Connecticut Avenue Securities⁽⁴⁾	2023 - 2029	16,511		4.77		2023 - 2028	10,764		3.84
Other⁽⁵⁾	2020 - 2037	346		6.75		2020 - 2037	368		10.46
Total senior floating		38,333		2.48			31,923		1.58
Subordinated debentures	2019	4,645		9.93		2019	4,227		9.93
Secured borrowings⁽⁶⁾	2021 - 2022	111		1.44		2021 - 2022	152		1.47
Total long-term debt of Fannie Mae⁽⁷⁾		292,102		2.31			315,128		2.41
Debt of consolidated trusts	2017 - 2056	2,934,635		2.57		2016 - 2054	2,810,593		2.94
Total long-term debt		$	3,226,737	2.54	%		$	3,125,721	2.88	%

__________


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


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


⁽³⁾	Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.


⁽⁴⁾	Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value.


⁽⁵⁾	Consists of structured debt instruments that are reported at fair value.


⁽⁶⁾	Represents our remaining liability resulting from the transfer of financial assets from our consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.


⁽⁷⁾	Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $1.8 billion and $3.2 billion as of December 31, 2016 and 2015, respectively.

Our long-term debt includes a variety of debt types. We issue fixed and floating-rate medium-term notes with maturities greater than one year that are issued through dealer banks. We also offer Benchmark Notes in regularly-scheduled issuances that provide increased efficiency, liquidity and tradability to the market. Additionally, we have issued notes and bonds denominated in several foreign currencies. We effectively convert all foreign currency-denominated transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our mortgage assets. Our long-term debt also includes Connecticut Avenue Securities (“CAS”), which are credit risk-sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to investors in these securities.

Our other long-term debt includes callable and non-callable securities, which include all long-term non-Benchmark securities, such as zero-coupon bonds, fixed rate and other long-term securities, and are generally negotiated underwritings with one or more dealers or dealer banks.

Characteristics of Debt

As of December 31, 2016 and 2015, the face amount of our debt securities of Fannie Mae was $328.9 billion and $389.4 billion, respectively. As of December 31, 2016 and 2015, we had zero-coupon debt with a face amount of $45.9 billion and $82.1 billion, respectively, which had an effective interest rate of 2.43% and 1.26%, respectively.

We issue callable debt instruments to manage the duration and prepayment risk of expected cash flows of the mortgage assets we own. Our outstanding debt as of December 31, 2016 and 2015 included $77.3 billion and $96.2 billion, respectively, of callable debt that could be redeemed in whole or in part at our option any time on or after a specified date.

The following table displays the amount of our long-term debt as of December 31, 2016 by year of maturity for each of the years 2017 through 2021 and thereafter. The first column assumes that we pay off this debt at maturity or on the call date if the call has been announced, while the second column assumes that we redeem our callable debt at the next available call date.



	Long-Term Debt by Year of Maturity			Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2017		$	68,016		$	135,025
2018		55,086			43,451
2019		63,948			38,348
2020		29,414			16,734
2021		24,745			13,357
Thereafter		50,893			45,187
Total debt of Fannie Mae⁽¹⁾		292,102			292,102
Debt of consolidated trusts⁽²⁾		2,934,635			2,934,635
Total long-term debt		$	3,226,737		$	3,226,737

__________


⁽¹⁾	Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $1.8 billion.


⁽²⁾	Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying loans generally have the right to prepay their obligations at any time.

Derivative Instruments

12 Months Ended

Dec. 31, 2016

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 derivative contracts we use for interest rate risk management purposes fall into these broad categories:


•	Interest rate swap contracts. An interest rate swap is a transaction between two parties in which each party agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally based on a notional amount of principal. The types of interest rate swaps we use include pay-fixed swaps, receive-fixed swaps and basis swaps.


•	Interest rate option contracts. These contracts primarily include pay-fixed swaptions, receive-fixed swaptions, cancelable swaps and interest rate caps. A swaption is an option contract that allows us or a counterparty to enter into a pay-fixed or receive-fixed swap at some point in the future.


•	Foreign currency swaps. These swaps convert debt that we issue in foreign denominated currencies into U.S. dollars. We enter into foreign currency swaps only to the extent that we hold foreign currency debt.


•	Futures. These are standardized exchange-traded contracts that either obligate a buyer to buy an asset at a predetermined date and price or a seller to sell an asset at a predetermined date and price. The types of futures contracts we enter into include Eurodollar, U.S. Treasury and swaps.

We enter into various forms of credit risk-sharing agreements, including credit risk transfer transactions, swap credit enhancements and mortgage insurance contracts, that we account for as derivatives. The majority of our credit-related derivatives are credit risk transfer transactions, whereby a portion of the credit risk associated with losses on a reference pool of mortgage loans is transferred to a third party.

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 consolidated balance sheets at their fair value. See “Note 17, Fair Value” for additional information on derivatives recorded at fair value.

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 December 31, 2016										As of December 31, 2015
	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	$	29,540	$	660		$	94,584	$	(4,396	)	$	33,154	$	267		$	123,106	$	(6,920	)
Receive-fixed	30,207		2,696			135,470		(1,552		)	59,796		3,436			143,209		(753		)
Basis	1,624		115			15,600		(11		)	1,864		141			17,100		(15		)
Foreign currency	214		40			216		(85		)	295		95			258		(52		)
Swaptions:
Pay-fixed	9,600		241			4,850		(82		)	7,050		45			14,950		(26		)
Receive-fixed	—		—			10,100		(257		)	2,000		8			13,950		(171		)
Other⁽¹⁾	15,087		33			655		(2		)	9,196		28			—		(2		)
Total gross risk management derivatives	86,272		3,785			261,475		(6,385		)	113,355		4,020			312,573		(7,939		)
Accrued interest receivable (payable)	—		785			—		(937		)	—		758			—		(977		)
Netting adjustment⁽²⁾	—		(4,514		)	—		6,844			—		(4,024		)	—		8,650
Total net risk management derivatives	$	86,272	$	56		$	261,475	$	(478	)	$	113,355	$	754		$	312,573	$	(266	)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	4,753	$	28		$	3,039	$	(49	)	$	4,815	$	9		$	2,960	$	(9	)
Forward contracts to purchase mortgage-related securities	31,635		198			27,297		(388		)	31,273		66			19,418		(57		)
Forward contracts to sell mortgage-related securities	34,103		405			47,645		(300		)	26,224		65			40,753		(92		)
Total mortgage commitment derivatives	70,491		631			77,981		(737		)	62,312		140			63,131		(158		)
Derivatives at fair value	$	156,763	$	687		$	339,456	$	(1,215	)	$	175,667	$	894		$	375,704	$	(424	)

__________


⁽¹⁾	Includes futures and swap credit enhancements, as well as credit risk transfer transactions and mortgage insurance contracts that we account for as derivatives.

⁽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 $2.9 billion and $4.9 billion as of December 31, 2016 and 2015, respectively. Cash collateral received was $535 million and $314 million as of December 31, 2016 and 2015, 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 as of December 31, 2016 and 2015, respectively, was $1.6 billion and $2.4 billion, for which we posted collateral of $1.4 billion and $2.2 billion in the normal course of business. Had all of the credit-risk-related contingency features underlying these agreements been triggered, an additional $258 million and $257 million would have been required to be posted as collateral or to immediately settle our positions based on the individual agreements and our fair value position as of December 31, 2016 and 2015, 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 derivatives contracts.

We record all derivative gains and losses, including accrued interest, in “Fair value losses, net” in our 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 Year Ended December 31,
	2016			2015			2014
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	757		$	(746	)	$	(7,703	)
Receive-fixed	(751		)	625			4,229
Basis	(21		)	4			85
Foreign currency	(76		)	(60		)	27
Swaptions:
Pay-fixed	163			135			(4		)
Receive-fixed	(230		)	(93		)	(197		)
Other	160			(25		)	1
Net accrual of periodic settlements	(1,125		)	(960		)	(1,062		)
Total risk management derivatives fair value losses, net	(1,123		)	(1,120		)	(4,624		)
Mortgage commitment derivatives fair value gains (losses), net	288			(393		)	(1,140		)
Total derivatives fair value losses, net	$	(835	)	$	(1,513	)	$	(5,764	)

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 OTC 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 16, Netting Arrangements” for information on our rights to offset assets and liabilities as of December 31, 2016 and 2015.

- 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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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Tax

Income Taxes

Provision for Federal Income Taxes

We are subject to federal income tax, but we are exempt from state and local income taxes. The following table displays the components of our provision for federal income taxes.



	For the Year Ended December 31,
	2016			2015				2014
	(Dollars in millions)
Current income tax provision (benefit)		$	2,014		$	(271	)		$	1,879
Deferred income tax provision⁽¹⁾		4,006			5,524				5,062
Provision for federal income taxes		$	6,020		$	5,253			$	6,941

__________


⁽¹⁾	Amount excludes the income tax effect of items recognized directly in “Fannie Mae stockholders’ equity.”

The following table displays the difference between our effective tax rate and the statutory federal tax rate.



	For the Year Ended December 31,
	2016				2015				2014
Statutory corporate tax rate		35.0		%		35.0		%		35.0		%
Equity investments in affordable housing projects		(1.9	)			(2.6	)			(1.8	)
Other		(0.3	)			0.9				1.4
Valuation allowance		—				(0.9	)			(1.8	)
Effective tax rate		32.8		%		32.4		%		32.8		%

Our effective tax rate is the provision for federal income taxes expressed as a percentage of income or loss before federal income taxes. Our effective tax rate was different from the federal statutory rate of 35% for the years ended December 31, 2016, 2015 and 2014 primarily due to the benefits of our investments in housing projects eligible for low-income housing tax credits. The decrease in our deferred tax valuation allowance in 2015 reflects the utilization of our capital loss carryforwards due to recognition of net capital gains, which allowed us to release the corresponding valuation allowance against our capital loss carryforwards. The decrease in our deferred tax valuation allowance in 2014 reflects the expiration of certain capital loss carryforwards that are included as a component of “Other” in the table above.

Deferred Tax Assets and Liabilities

We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases.

We evaluate our deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including our historical profitability and projections of future taxable income.

As of December 31, 2016, we continued to conclude that the positive evidence in favor of the recoverability of our deferred tax asset outweighed the negative evidence and that it is more likely than not that our deferred tax assets will be realized. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, including the sustainability of recent profitability required to realize the deferred tax assets; the cumulative net income or losses in our consolidated statements of operations and comprehensive income in recent years; unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years; the funding available to us under the senior preferred stock purchase agreement; and the carryforward periods for any carryforwards of net operating losses, capital losses and tax credits.

The following table displays our deferred tax assets and deferred tax liabilities.



	As of December 31,
	2016			2015
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$	17,130		$	16,956
Allowance for loan losses and basis in acquired property, net		9,496			11,760
Debt and derivative instruments		2,989			3,512
Partnership credits		1,968			3,402
Partnership and other equity investments		667			745
Other, net		1,665			1,543
Total deferred tax assets		33,915			37,918
Deferred tax liabilities:
Unrealized gains on AFS securities, net		385			731
Total deferred tax liabilities		385			731
Deferred tax assets, net		$	33,530		$	37,187

As of December 31, 2016, we had no net operating loss carryforwards and no capital loss carryforwards. We had a remaining balance of $2.0 billion of partnership tax credit carryforwards that expire in various years through 2036 and $302 million of alternative minimum tax credit carryforwards that have an indefinite carryforward period.

Unrecognized Tax Benefits

The following table displays the changes in our unrecognized tax benefits.



	For the Year Ended December 31,
	2016			2015				2014
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	—		$	213			$	514
Gross decreases—tax positions in prior years		—			(213		)		(301		)
Unrecognized tax benefits as of December 31⁽¹⁾		$	—		$	—			$	213

__________


⁽¹⁾	Amounts exclude tax credits of $91 million as of December 31, 2014.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The following table displays the computation of basic and diluted earnings (loss) per share of common stock.



	For the Year Ended December 31,
	2016			2015			2014
	(Dollars and shares in millions, except per share amounts)
Net income	$	12,313		$	10,955		$	14,209
Less: Net income attributable to noncontrolling interest	—			(1		)	(1		)
Net income attributable to Fannie Mae	12,313			10,954			14,208
Dividends distributed or available for distribution to senior preferred stockholder⁽¹⁾	(12,236		)	(11,216		)	(15,323		)
Net income (loss) attributable to common stockholders	$	77		$	(262	)	$	(1,115	)
Weighted-average common shares outstanding—Basic⁽²⁾	5,762			5,762			5,762
Convertible preferred stock	131			—			—
Weighted-average common shares outstanding—Diluted⁽²⁾	5,893			5,762			5,762
Earnings (loss) per share:
Basic	$	0.01		$	(0.05	)	$	(0.19	)
Diluted	0.01			(0.05		)	(0.19		)

__________


⁽¹⁾	Dividends distributed or available for distribution were calculated based on our net worth as of the end of the fiscal quarters for each respective year, less the applicable capital reserve. See “Note 1, Summary of Significant Accounting Policies” for additional information on our senior preferred stock agreement and our payment of dividends to Treasury.


⁽²⁾	Includes 4.6 billion for the years ended December 31, 2016, 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 December 31, 2016, 2015 and 2014, respectively.

Segment Reporting

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

We have two reportable business segments: Single-Family and Multifamily. Our CEO is the chief operating decision maker and allocates resources and assesses performance based on these two business segments. In the fourth quarter of 2016, our CEO changed the way he allocates resources and evaluates operating results. This change resulted in realigning the composition of our reportable business segments to incorporate the activities of the Capital Markets group, which was previously a separate reportable business segment, into the Single-Family or Multifamily segments. The Capital Markets group’s activities relating to single-family mortgage assets were incorporated into the Single-Family segment, and its activities relating to multifamily mortgage assets were incorporated into the Multifamily segment. Mortgage assets, debt funding those assets and associated revenues and expenses previously reported in the Capital Markets group segment are now reported in the Single-Family or Multifamily segments based on whether the underlying mortgage asset is a single-family or multifamily mortgage asset. Administrative expenses previously reported in the Capital Markets group segment have been allocated either directly, where applicable, or indirectly, based on the size of each segment’s mortgage credit book of business. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. Under our new segment reporting, we have no reconciling items; therefore, the sum of the results for our two business segments equals our consolidated results of operations. We have revised the presentation of our segment results for prior years to be consistent with the current year presentation.

The section below provides a discussion of our business segments.

Single-Family Business Segment


•	Works with our lender customers to acquire and securitize single-family mortgage loans delivered to us by lenders into Fannie Mae MBS.


•	Issues structured Fannie Mae MBS backed by single-family mortgage assets and provides other services to our lender customers.


•	Prices and manages the credit risk on loans in our single-family guaranty book of business. Also enters into transactions that transfer a portion of the credit risk on some of the loans in our single-family guaranty book of business.


•	Works to reduce costs of defaulted single-family loans through home retention solutions and foreclosure alternatives, management of foreclosures and our REO inventory, selling nonperforming loans and pursuing contractual remedies from lenders, servicers and providers of credit enhancement.

Multifamily Business Segment


•	Works with our lender customers to acquire and securitize multifamily mortgage loans delivered to us by lenders into Fannie Mae MBS.


•	Issues structured Fannie Mae MBS backed by multifamily mortgage assets and provides other services to our lender customers.


•	Prices and manages the credit risk on loans in our multifamily guaranty book of business. Lenders retain a portion of the credit risk in most multifamily transactions.


•	Works to reduce costs of defaulted multifamily loans through foreclosure alternatives, management of foreclosures and our REO inventory, and pursuing contractual remedies from lenders, servicers and providers of credit enhancement.

Segment Allocations and Results

Revenues and expenses directly associated with each respective business segment are included in determining its operating results. Other revenues and expenses, including administrative expenses, that are not directly attributable to a particular business segment are allocated based on the size of each segment’s mortgage credit book of business. The substantial majority of our gains and losses associated with our risk management derivatives are allocated to our Single-Family business segment.



	For the Year Ended December 31, 2016
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	19,010		$	2,285		$	21,295
Fee and other income⁽²⁾	521			445			966
Net revenues	19,531			2,730			22,261
Investment gains, net⁽³⁾	944			312			1,256
Fair value losses, net⁽⁴⁾	(1,040		)	(41		)	(1,081		)
Administrative expenses	(2,418		)	(323		)	(2,741		)
Credit-related income:⁽⁵⁾
Benefit for credit losses	2,092			63			2,155
Foreclosed property income (expense)	(653		)	9			(644		)
Total credit-related income	1,439			72			1,511
TCCA fees⁽⁶⁾	(1,845		)	—			(1,845		)
Other expenses, net	(1,012		)	(16		)	(1,028		)
Income before federal income taxes	15,599			2,734			18,333
Provision for federal income taxes	(5,417		)	(603		)	(6,020		)
Net income attributable to Fannie Mae	$	10,182		$	2,131		$	12,313



	For the Year Ended December 31, 2015
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	19,301		$	2,108		$	21,409
Fee and other income⁽²⁾	636			712			1,348
Net revenues	19,937			2,820			22,757
Investment gains, net⁽³⁾	970			366			1,336
Fair value losses, net⁽⁴⁾	(1,505		)	(262		)	(1,767		)
Administrative expenses	(2,711		)	(339		)	(3,050		)
Credit-related income (expense):⁽⁵⁾
Benefit for credit losses	688			107			795
Foreclosed property income (expense)	(1,723		)	94			(1,629		)
Total credit-related income (expense)	(1,035		)	201			(834		)
TCCA fees⁽⁶⁾	(1,621		)	—			(1,621		)
Other income (expenses), net	(831		)	218			(613		)
Income before federal income taxes	13,204			3,004			16,208
Provision for federal income taxes	(4,593		)	(660		)	(5,253		)
Net income	8,611			2,344			10,955
Less: Net income attributable to noncontrolling interest	—			(1		)	(1		)
Net income attributable to Fannie Mae	$	8,611		$	2,343		$	10,954



	For the Year Ended December 31, 2014
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,204		$	1,764		$	19,968
Fee and other income⁽²⁾	5,393			494			5,887
Net revenues	23,597			2,258			25,855
Investment gains, net⁽³⁾	675			261			936
Fair value losses, net⁽⁴⁾	(4,788		)	(45		)	(4,833		)
Administrative expenses	(2,467		)	(310		)	(2,777		)
Credit-related income:⁽⁵⁾
Benefit for credit losses	3,850			114			3,964
Foreclosed property income (expense)	(225		)	83			(142		)
Total credit-related income	3,625			197			3,822
TCCA fees⁽⁶⁾	(1,375		)	—			(1,375		)
Other income (expenses), net	(718		)	240			(478		)
Income before federal income taxes	18,549			2,601			21,150
Provision for federal income taxes	(6,410		)	(531		)	(6,941		)
Net income	12,139			2,070			14,209
Less: Net income attributable to noncontrolling interest	—			(1		)	(1		)
Net income attributable to Fannie Mae	$	12,139		$	2,069		$	14,208

__________

⁽¹⁾

Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees we implemented in 2012 pursuant to TCCA.

⁽²⁾

Single-Family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services, and income resulting from settlement agreements resolving certain claims relating to PLS sold to us or that we have guaranteed. Multifamily fee and other income consists of fees associated with multifamily business activities, including yield maintenance income.


⁽³⁾	Investment gains and losses primarily consists of gains and losses on the sale of mortgage assets for the respective business segment.

⁽⁴⁾

Single-Family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities and other financial instruments associated with our single-family mortgage credit book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily mortgage credit book of business.


⁽⁵⁾	Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property expense on loans underlying the segment’s guaranty book of business.


⁽⁶⁾	Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA.

The following table displays total assets by segment.



	As of December 31,
	2016		2015		2014
	(Dollars in millions)
Single-Family	$	3,029,727	2,993,495		3,031,019
Multifamily	258,241		228,422		217,157
Total assets	$	3,287,968	$	3,221,917	$	3,248,176

We operate our business solely in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories.

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Equity

Common Stock

Shares of common stock outstanding, net of shares held as treasury stock, totaled 1.2 billion as of December 31, 2016 and 2015.

During conservatorship, the rights and powers of shareholders are suspended. Accordingly, our common shareholders have no ability to elect directors or to vote on other matters during the conservatorship unless FHFA elects to delegate this authority to them. The senior preferred stock purchase agreement with Treasury prohibits the payment of dividends on common stock without the prior written consent of Treasury. The conservator also has eliminated common stock dividends. In addition, we issued a warrant to Treasury that provides Treasury with the right to purchase for a nominal price shares of our common stock equal to 79.9% of the total number of shares of common stock outstanding on a fully diluted basis on the date of exercise, which would substantially dilute the ownership in Fannie Mae of our common stockholders at the time of exercise. Refer to the “Senior Preferred Stock and Common Stock Warrant” section of this note for more information.

Preferred Stock

The following table displays our senior preferred stock and preferred stock outstanding.



		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2016
		2016			2015			Stated Value per Share
Title	Issue Date	Shares	Amount		Shares	Amount		Stated Value per Share					Redeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2	September 8, 2008	1	$	117,149	1	$	117,149	$	117,149	⁽¹⁾	N/A	⁽²⁾	N/A	⁽³⁾

Preferred Stock
Series D	September 30, 1998	3	$	150	3	$	150	$	50		5.250	%	September 30, 1999
Series E	April 15, 1999	3	150		3	150		50			5.100		April 15, 2004
Series F	March 20, 2000	14	690		14	690		50			0.730	⁽⁴⁾	March 31, 2002	⁽⁵⁾
Series G	August 8, 2000	6	288		6	288		50			0.610	⁽⁶⁾	September 30, 2002	⁽⁵⁾
Series H	April 6, 2001	8	400		8	400		50			5.810		April 6, 2006
Series I	October 28, 2002	6	300		6	300		50			5.375		October 28, 2007
Series L	April 29, 2003	7	345		7	345		50			5.125		April 29, 2008
Series M	June 10, 2003	9	460		9	460		50			4.750		June 10, 2008
Series N	September 25, 2003	5	225		5	225		50			5.500		September 25, 2008
Series O	December 30, 2004	50	2,500		50	2,500		50			7.000	⁽⁷⁾	December 31, 2007
Convertible Series 2004-I⁽⁸⁾	December 30, 2004	—	2,492		—	2,492		100,000			5.375		January 5, 2008
Series P	September 28, 2007	40	1,000		40	1,000		25			4.500	⁽⁹⁾	September 30, 2012
Series Q	October 4, 2007	15	375		15	375		25			6.750		September 30, 2010
Series R⁽¹⁰⁾	November 21, 2007	21	530		21	530		25			7.625		November 21, 2012
Series S	December 11, 2007	280	7,000		280	7,000		25			7.750	⁽¹¹⁾	December 31, 2010	⁽¹²⁾
Series T⁽¹³⁾	May 19, 2008	89	2,225		89	2,225		25			8.250		May 20, 2013
Total		556	$	19,130	556	$	19,130

__________


⁽¹⁾	Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2016 was $117,149.

⁽²⁾

For the dividend period ended December 31, 2016, the dividend is calculated based on our net worth as of September 30, 2016, less the applicable capital reserve amount of $1.2 billion. The capital reserve amount is $600 million for each dividend period in 2017. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.


⁽³⁾	Any liquidation preference of our senior preferred stock in excess of $1.0 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1.0 billion liquidation preference may be repaid only in conjunction with termination of the senior preferred stock purchase agreement.


⁽⁴⁾	Rate effective March 31, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.


⁽⁵⁾	Represents initial call date. Redeemable every two years thereafter.


⁽⁶⁾	Rate effective September 30, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.


⁽⁷⁾	Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.00% or 10-year CMT rate plus 2.375%.


⁽⁸⁾	Issued and outstanding shares were 24,922 as of December 31, 2016 and 2015.


⁽⁹⁾	Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.50% or 3-Month LIBOR plus 0.75%.


⁽¹⁰⁾	On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance.


⁽¹¹⁾	Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.


⁽¹²⁾	Represents initial call date. Redeemable every five years thereafter.


⁽¹³⁾	On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2.0 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance.

As described under “Senior Preferred Stock and Common Stock Warrant,” we issued senior preferred stock that ranks senior to all other series of preferred stock as to both dividends and distributions upon dissolution, liquidation or winding up of the company. The senior preferred stock purchase agreement with Treasury also prohibits the payment of dividends on preferred stock (other than the senior preferred stock) without the prior written consent of Treasury. The conservator also has eliminated preferred stock dividends, other than dividends on the senior preferred stock.

Each series of our preferred stock has no par value, is non-participating, is non-voting and has a liquidation preference equal to the stated value per share. None of our preferred stock is convertible into or exchangeable for any of our other stock or obligations, with the exception of the Convertible Series 2004-1.

Shares of the Convertible Series 2004-1 Preferred Stock are convertible at any time, at the option of the holders, into shares of Fannie Mae common stock at a conversion price of $94.31 per share of common stock (equivalent to a conversion rate of 1,060.3329 shares of common stock for each share of Series 2004-1 Preferred Stock). The conversion price is adjustable, as necessary, to maintain the stated conversion rate into common stock. Events which may trigger an adjustment to the conversion price include certain changes in our common stock dividend rate, subdivisions of our outstanding common stock into a greater number of shares, combinations of our outstanding common stock into a smaller number of shares and issuances of any shares by reclassification of our common stock. No such events have occurred.

Holders of preferred stock (other than the senior preferred stock) are entitled to receive non-cumulative, quarterly dividends when, and if, declared by our Board of Directors, but have no right to require redemption of any shares of preferred stock. Payment of dividends on preferred stock (other than the senior preferred stock) is not mandatory, but has priority over payment of dividends on common stock, which are also declared by the Board of Directors. If dividends on the preferred stock are not paid or set aside for payment for a given dividend period, dividends may not be paid on our common stock for that period. There were no dividends declared or paid on preferred stock (other than the senior preferred stock) for the years ended December 31, 2016 or 2015.

After a specified period, we have the option to redeem preferred stock (other than the senior preferred stock) at its redemption price plus the dividend (whether or not declared) for the then-current period accrued to, but excluding, the date of redemption. The redemption price is equal to the stated value for all issues of preferred stock except Series O, which has a redemption price of $50 to $52.50 depending on the year of redemption and Convertible Series 2004-1, which has a redemption price of $105,000 per share.

Our preferred stock is traded in the over-the-counter market.

Senior Preferred Stock and Common Stock Warrant

On September 8, 2008, we issued to Treasury one million shares of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2 (“senior preferred stock”), with an aggregate stated value and initial liquidation preference of $1.0 billion. On September 7, 2008, we issued a warrant to purchase common stock to Treasury. The warrant gives Treasury the right to purchase shares of our common stock equal to 79.9% of the total number of shares of common stock outstanding on a fully diluted basis on the date of exercise. The senior preferred stock and the warrant were issued to Treasury as an initial commitment fee in consideration of the commitment from Treasury to provide funds to us under the terms and conditions set forth in the senior preferred stock purchase agreement. We did not receive any cash proceeds as a result of issuing these shares or the warrant. We have assigned a value of $4.5 billion to Treasury’s commitment, which has been recorded as a reduction to additional paid-in-capital and was partially offset by the aggregate fair value of the warrant. There was no impact to the total balance of stockholders’ equity as a result of the issuance.

Variable Liquidation Preference Senior Preferred Stock, Series 2008-2

Shares of the senior preferred stock have no par value and have a stated value and initial liquidation preference equal to $1,000 per share. The liquidation preference of the senior preferred stock is subject to adjustment. To the extent dividends payable in any period are not paid in cash, the dividends will accrue and be added to the liquidation preference of the senior preferred stock. In addition, any amounts Treasury pays to us pursuant to its funding commitment provided in the senior preferred stock purchase agreement and any quarterly commitment fee payable under the senior preferred stock purchase agreement that is not paid in cash to or waived by Treasury will be added to the liquidation preference of the senior preferred stock. As of December 31, 2016, we have received a total of $116.1 billion under Treasury’s funding commitment and the aggregate liquidation preference of the senior preferred stock was $117.1 billion.

Treasury, as holder of the senior preferred stock, is entitled to receive, when, as and if declared, out of legally available funds, cumulative quarterly cash dividends. Dividends declared and paid on our senior preferred stock were $9.6 billion, $10.3 billion and $20.6 billion for the years ended December 31, 2016, 2015 and 2014, respectively. Effective January 1, 2013, the amount of dividends payable on the senior preferred stock for a dividend period is determined based on our net worth as of the end of the immediately preceding fiscal quarter. For each dividend period from January 1, 2013 through and including December 31, 2017, the dividend amount will be the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. The capital reserve amount was $1.8 billion and $1.2 billion for dividend periods in 2015 and 2016, respectively, and decreased to $600 million for dividend periods in 2017. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.

As a result of these dividend payment provisions and quarterly directives from our conservator, when we have quarterly earnings that result in a net worth greater than the applicable capital reserve amount, we will be required to pay dividends to Treasury in the next quarter; but if our net worth does not exceed the applicable capital reserve amount as of the end of a quarter, then we will not be required to accrue or pay any dividends in the next quarter.

The senior preferred stock ranks prior to our common stock and all other outstanding series of our preferred stock, as well as any capital stock we issue in the future, as to both dividends and rights upon liquidation. The senior preferred stock provides that we may not declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any common stock or other securities ranking junior to the senior preferred stock unless (1) full cumulative dividends on the outstanding senior preferred stock (including any unpaid dividends added to the liquidation preference) have been declared and paid in cash, and (2) all amounts required to be paid with the net proceeds of any issuance of capital stock for cash (as described in the following paragraph) have been paid in cash. In addition, as described below under “Senior Preferred Stock Purchase Agreement with Treasury—Covenants,” the covenants under the senior preferred stock purchase agreement require that we obtain Treasury’s prior written consent before declaring or paying any dividends or other distributions with respect to our equity securities (other than the senior preferred stock or the warrant) and before redeeming, purchasing, retiring or otherwise acquiring any of our equity securities (other than the senior preferred stock or the warrant). Shares of the senior preferred stock are not convertible. Shares of the senior preferred stock have no general or special voting rights, other than those set forth in the certificate of designation for the senior preferred stock or otherwise required by law. The consent of holders of at least two-thirds of all outstanding shares of senior preferred stock is generally required to amend the terms of the senior preferred stock or to create any class or series of stock that ranks prior to or on parity with the senior preferred stock.

We are not permitted to redeem the senior preferred stock prior to the termination of Treasury’s funding commitment under the senior preferred stock purchase agreement. Moreover, we are not permitted to pay down the liquidation preference of the outstanding shares of senior preferred stock except to the extent of (1) accrued and unpaid dividends previously added to the liquidation preference and not previously paid down; and (2) quarterly commitment fees previously added to the liquidation preference and not previously paid down. In addition to these exceptions, if we issue any shares of capital stock for cash while the senior preferred stock is outstanding (which requires Treasury’s approval), we are required to use the net proceeds of the issuance to pay down the liquidation preference of the senior preferred stock; however, the liquidation preference of each share of senior preferred stock may not be paid down below $1,000 per share prior to the termination of Treasury’s funding commitment. Following the termination of Treasury’s funding commitment, we may pay down the liquidation preference of all outstanding shares of senior preferred stock at any time, in whole or in part.

Common Stock Warrant

The warrant gives Treasury the right to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis on the date of exercise. The warrant may be exercised in whole or in part at any time on or before September 7, 2028, by delivery to Fannie Mae of: (a) a notice of exercise; (b) payment of the exercise price of $0.00001 per share; and (c) the warrant. If the market price of one share of common stock is greater than the exercise price, in lieu of exercising the warrant by payment of the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. If the warrant is exercised, the stated value of the common stock issued will be reclassified as “Common stock” in our consolidated balance sheets. As of February 17, 2017, Treasury has not exercised the warrant.

Senior Preferred Stock Purchase Agreement with Treasury

Funding Commitment

Under the senior preferred stock purchase agreement, Treasury made a commitment to provide funding, under certain conditions, to eliminate deficits in our net worth. We have received a total of $116.1 billion from Treasury pursuant to the senior preferred stock purchase agreement as of December 31, 2016. The aggregate liquidation preference of the senior preferred stock, including the initial aggregate liquidation preference of $1.0 billion, remained at $117.1 billion as of December 31, 2016.

While we had a positive net worth as of December 31, 2016, in some future periods we could have a net worth deficit and, if so, will be required to obtain additional funding from Treasury pursuant to the senior preferred stock purchase agreement. As of December 31, 2016, the remaining amount of funding available to us under the agreement was $117.6 billion.

If we were to draw additional funds from Treasury under the agreement in a future period, the amount of remaining funding under the agreement would be reduced by the amount of our draw. Dividend payments we make to Treasury do not restore or increase the amount of funding available to us under the agreement.

The senior preferred stock purchase agreement provides that the deficiency amount will be calculated differently if we become subject to receivership or other liquidation process. The deficiency amount may be increased above the otherwise applicable amount upon our mutual written agreement with Treasury. In addition, if the Director of FHFA determines that the Director will be mandated by law to appoint a receiver for us unless our capital is increased by receiving funds under the commitment in an amount up to the deficiency amount (subject to the maximum amount that may be funded under the agreement), then FHFA, in its capacity as our conservator, may request that Treasury provide funds to us in such amount. The senior preferred stock purchase agreement also provides that, if we have a deficiency amount as of the date of completion of the liquidation of our assets, we may request funds from Treasury in an amount up to the deficiency amount (subject to the maximum amount that may be funded under the agreement). Any amounts that we draw under the senior preferred stock purchase agreement will be added to the liquidation preference of the senior preferred stock. No additional shares of senior preferred stock are required to be issued under the senior preferred stock purchase agreement.

Commitment Fee

Pursuant to the August 2012 amendment to the senior preferred stock purchase agreement described in “Note 1, Summary of Significant Accounting Policies,” effective January 1, 2013, the periodic commitment fee under the agreement will not be set, accrue or be payable, as long as the dividend payment provisions described above remain in effect.

Covenants

The senior preferred stock purchase agreement provides that, until the senior preferred stock is repaid or redeemed in full, we may not, without the prior written consent of Treasury:


•	Declare or pay any dividend (preferred or otherwise) or make any other distribution with respect to any Fannie Mae equity securities (other than with respect to the senior preferred stock or warrant);


•	Redeem, purchase, retire or otherwise acquire any Fannie Mae equity securities (other than the senior preferred stock or warrant);


•	Sell or issue any Fannie Mae equity securities (other than the common stock issuable upon exercise of the warrant or as required by the terms of any binding agreement in effect on the date of the senior preferred stock purchase agreement);


•	Terminate the conservatorship (other than in connection with a receivership);

•

Sell, transfer, lease or otherwise dispose of any assets, other than dispositions for fair market value: (a) to a limited life regulated entity (in the context of receivership); (b) of assets and properties in the ordinary course of business, consistent with past practice; (c) of assets and properties having fair market value individually or in aggregate less than $250 million in one transaction or a series of related transactions; (d) in connection with a liquidation of Fannie Mae by a receiver; (e) of cash or cash equivalents for cash or cash equivalents; or (f) to the extent necessary to comply with the covenant described below relating to the reduction of our mortgage assets;


•	Incur indebtedness that would result in our aggregate indebtedness exceeding $479.0 billion through December 31, 2016. For every year thereafter, our debt cap will equal 120% of the amount of mortgage assets we are allowed to own under the senior preferred stock purchase agreement on December 31 of the immediately preceding calendar year;


•	Issue any subordinated debt;


•	Enter into a corporate reorganization, recapitalization, merger, acquisition or similar event; or

•

Engage in transactions with affiliates unless the transaction is (a) pursuant to the senior preferred stock purchase agreement, the senior preferred stock or the warrant, (b) upon arm’s-length terms or (c) a transaction undertaken in the ordinary course or pursuant to a contractual obligation or customary employment arrangement in existence on the date of the senior preferred stock purchase agreement.

The agreement, as amended, also provides that we may not own mortgage assets in excess of $339.3 billion as of December 31, 2016. On each December 31 thereafter, we are required to reduce our mortgage assets to 85% of the maximum allowable amount that we were permitted to own as of December 31 of the immediately preceding calendar year, until the amount of our mortgage assets reaches $250 billion. In 2014, FHFA requested that we revise our portfolio plan to cap the portfolio each year at 90% of the annual limit under our senior preferred stock purchase agreement with Treasury. FHFA’s request noted that we may seek FHFA permission to increase this cap up to 95% of the annual limit under our senior preferred stock purchase agreement with Treasury upon written request and with a documented basis for exception, such as changed market conditions.

Under the agreement, the effect of changes in generally accepted accounting principles that occurred subsequent to the date of the agreement and that require us to recognize additional mortgage assets in our consolidated balance sheets are not considered for purposes of evaluating our compliance with the limitation on the amount of mortgage assets we may own. In addition, the definition of indebtedness in the agreement was revised to clarify that it also does not give effect to any change that may be made in respect of the FASB guidance on accounting for transfers of financial assets or any similar accounting guidance.

In addition, the agreement provides that we may not enter into any new compensation arrangements with, or increase amounts or benefits payable under existing compensation arrangements of, any named executive officer or other executive officer (each as defined by SEC rules) without the consent of the Director of FHFA, in consultation with the Secretary of the Treasury. As of December 31, 2016, we were in compliance with the senior preferred stock purchase agreement covenants.

We are required to provide an annual risk management plan to Treasury each year we remain in conservatorship. Each plan is required to set out our strategy for reducing our risk profile, describe the actions we will take to reduce the financial and operational risk associated with each of our business segments, and include an assessment of our performance against the planned actions described in the prior year’s plan. We submitted our most recent annual risk management plan to Treasury in December 2016.

Termination Provisions

The senior preferred stock purchase agreement provides that Treasury’s funding commitment will terminate under any the following circumstances: (1) the completion of our liquidation and fulfillment of Treasury’s obligations under its funding commitment at that time, (2) the payment in full of, or reasonable provision for, all of our liabilities (whether or not contingent, including mortgage guaranty obligations), or (3) the funding by Treasury of the maximum amount under the agreement. In addition, Treasury may terminate its funding commitment and declare the senior preferred stock purchase agreement null and void if a court vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of the conservator or otherwise curtails the conservator’s powers. Treasury may not terminate its funding commitment solely by reason of our being in conservatorship, receivership or other insolvency proceeding, or due to our financial condition or any adverse change in our financial condition.

Waivers and Amendments

The senior preferred stock purchase agreement provides that most provisions of the agreement may be waived or amended by mutual written agreement of the parties. No waiver or amendment of the agreement, however, may decrease Treasury’s aggregate funding commitment or add conditions to Treasury’s funding commitment if the waiver or amendment would adversely affect in any material respect the holders of our debt securities or guaranteed Fannie Mae MBS.

Third-party Enforcement Rights

If we default on payments with respect to our debt securities or guaranteed Fannie Mae MBS and Treasury fails to perform its obligations under its funding commitment, and if we and/or the conservator are not diligently pursuing remedies in respect of that failure, the holders of these debt securities or Fannie Mae MBS may file a claim for relief in the United States Court of Federal Claims. The relief, if granted, would require Treasury to fund to us the lesser of (1) the amount necessary to cure the payment defaults on our debt and Fannie Mae MBS and (2) the lesser of (a) the deficiency amount and (b) the maximum amount available under the agreement less the aggregate amount of funding previously provided under the commitment. Any payment that Treasury makes under those circumstances would be treated for all purposes as a draw under the senior preferred stock purchase agreement that would increase the liquidation preference of the senior preferred stock.

Accumulated Other Comprehensive Income

The following table displays our accumulated other comprehensive income.



	As of December 31,
	2016		2015		2014
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax	$	135	$	455	$	592
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax	581		903		1,529
Prior service credit (cost) and actuarial gains (losses), net of amortization, and other, net of tax	43		49		(388		)
Accumulated other comprehensive income	$	759	$	1,407	$	1,733

The table below displays changes in accumulated other comprehensive income, net of tax.



	For the Year Ended December 31,
	2016									2015
	AFS Securities⁽¹⁾			Other			Total			AFS Securities⁽¹⁾			Other⁽²⁾			Total

Beginning balance	$	1,358		$	49		$	1,407		$	2,121		$	(388	)	$	1,733
Other comprehensive income (loss) before reclassifications	(55		)	2			(53		)	(280		)	17			(263		)
Amounts reclassified from other comprehensive income (loss)	(587		)	(8		)	(595		)	(483		)	420			(63		)
Net other comprehensive income (loss)	(642		)	(6		)	(648		)	(763		)	437			(326		)
Ending balance	$	716		$	43		$	759		$	1,358		$	49		$	1,407

__________


⁽¹⁾	The amounts reclassified from accumulated other comprehensive income 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 consolidated statements of operations and comprehensive income.

⁽²⁾

The amounts reclassified from accumulated other comprehensive income in 2015 includes a reclassification adjustment related to the termination of the defined benefit pension plans, which is recorded in “Administrative expenses” and “Provision for federal income taxes,” in our consolidated statements of operations and comprehensive income. The defined benefit pension plans were terminated and all remaining benefits were distributed during the third quarter of 2015.

- 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

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2016

Regulatory Capital Requirements [Abstract]

Regulatory Capital Requirements

FHFA stated that, during conservatorship, our existing statutory and FHFA-directed regulatory capital requirements will not be binding and FHFA will not issue quarterly capital classifications. We submit capital reports to FHFA and FHFA monitors our capital levels. FHFA has stated that it does not intend to report our critical capital, risk-based capital or subordinated debt levels during the conservatorship. Our regulatory capital classification measures are determined based on guidance from FHFA, in which FHFA (1) directed us, for loans backing Fannie Mae MBS held by third parties, to continue reporting our minimum capital requirements based on 0.45% of the unpaid principal balance and critical capital based on 0.25% of the unpaid principal balance, regardless of whether these loans have been consolidated pursuant to accounting rules, and (2) issued a regulatory interpretation stating that our minimum capital requirements are not automatically affected by the consolidation accounting guidance. Additionally, our regulatory capital classification measures exclude the funds provided to us by Treasury pursuant to the senior preferred stock purchase agreement, as the senior preferred stock does not qualify as core capital due to its cumulative dividend provisions.

Pursuant to the GSE Act, if the Director of FHFA makes a written determination that our total assets are less than our total obligations (a net worth deficit) for a period of 60 days, FHFA is mandated by law to appoint a receiver for Fannie Mae. Treasury’s funding commitment under the senior preferred stock purchase agreement is intended to ensure that we avoid a net worth deficit, in order to avoid this mandatory trigger of receivership. In order to avoid a net worth deficit, our conservator may request funds on our behalf from Treasury under the senior preferred stock purchase agreement.

FHFA has directed us, during the time we are under conservatorship, to focus on managing to a positive net worth. We had a positive net worth of $6.1 billion and $4.1 billion as of December 31, 2016 and 2015, respectively.

The following table displays our regulatory capital classification measures.



	As of December 31,
	2016			2015
	(Dollars in millions)
Core capital⁽¹⁾	$	(111,836	)	$	(114,526	)
Statutory minimum capital requirement⁽²⁾	24,351			25,144
Deficit of core capital over statutory minimum capital requirement	$	(136,187	)	$	(139,670	)

__________


⁽¹⁾	The sum of (a) the stated value of our outstanding common stock (common stock less treasury stock); (b) the stated value of our outstanding non-cumulative perpetual preferred stock; (c) our paid-in capital; and (d) our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income or (b) senior preferred stock.


⁽²⁾	Generally, the sum of (a) 2.50% of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties; (b) 0.45% of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties; and (c) up to 0.45% of other off-balance sheet obligations, which may be adjusted by the Director of FHFA under certain circumstances.

Our critical capital requirement is generally equal to the sum of: (1) 1.25% of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties; (2) 0.25% of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties; and (3) 0.25% of other off-balance sheet obligations, which may be adjusted by the Director of FHFA under certain circumstances.

As of December 31, 2016 and 2015, we had a minimum capital deficiency of $136.2 billion and $139.7 billion, respectively. Under the terms of the senior preferred stock purchase agreement with Treasury, beginning January 1, 2013, we are required to pay Treasury each quarter dividends when, as and if declared, equal to the excess of our net worth as of the end of the immediately preceding fiscal quarter over an applicable capital reserve amount. As a result, in periods in which we have net worth, our minimum capital deficiency will decline to the extent of our net worth but the deficiency will increase in the subsequent period as we pay Treasury the corresponding senior preferred stock dividend. See “Note 13, Equity” for more information on capital and the terms of our senior preferred stock purchase agreement with Treasury. Set forth below are additional restrictions related to our capital requirements.

Restrictions on Capital Distributions and Dividends

Statutory Restrictions. Under the GSE Act, FHFA has authority to prohibit capital distributions, including payment of dividends, if we fail to meet our capital requirements. If FHFA classifies us as significantly undercapitalized, we must obtain the approval of the Director of FHFA for any dividend payment. Under the Charter Act and the GSE Act, we are not permitted to make a capital distribution if, after making the distribution, we would be undercapitalized. The Director of FHFA, however, may permit us to repurchase shares if the repurchase is made in connection with the issuance of additional shares or obligations in at least an equivalent amount and will reduce our financial obligations or otherwise improve our financial condition.

Restrictions Relating to Conservatorship. Our conservator announced on September 7, 2008 that we would not pay any dividends on the common stock or on any series of preferred stock, other than the senior preferred stock. In addition, FHFA’s regulations relating to conservatorship and receivership operations prohibit us from paying any dividends while in conservatorship unless authorized by the Director of FHFA. The Director of FHFA has directed us to make dividend payments on the senior preferred stock on a quarterly basis.

Restrictions Under Senior Preferred Stock Purchase Agreement. The senior preferred stock purchase agreement prohibits us from declaring or paying any dividends on Fannie Mae equity securities (other than the senior preferred stock) without the prior written consent of Treasury. In addition, in 2012 the terms of the senior preferred stock purchase agreement and the senior preferred stock were amended to require that we pay Treasury each quarter any dividends declared consisting of the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount, which will decrease to zero in 2018. As a result, our net income is not available to common stockholders. For more information on the terms of the senior preferred stock purchase agreement and senior preferred stock, see “Note 13, Equity.”

Additional Restrictions Relating to Preferred Stock. Payment of dividends on our common stock is also subject to the prior payment of dividends on our preferred stock and our senior preferred stock. Payment of dividends on all outstanding preferred stock, other than the senior preferred stock, is also subject to the prior payment of dividends on the senior preferred stock.

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2016

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

Concentrations of credit risk arise when a number of customers and counterparties engage in similar activities or have similar economic characteristics that make them susceptible to similar changes in industry conditions, which could affect their ability to meet their contractual obligations. Based on our assessment of business conditions that could impact our financial results, we have determined that concentrations of credit risk exist among single-family and multifamily borrowers (including geographic concentrations and loans with certain higher-risk characteristics), mortgage sellers and servicers, mortgage insurers, financial guarantors, multifamily lenders with risk sharing, derivative counterparties and parties associated with our off-balance sheet transactions. Concentrations for each of these groups are discussed below.

Single-Family Loan Borrowers

Regional economic conditions may affect a borrower’s ability to repay his or her mortgage loan and the property value underlying the loan. Geographic concentrations increase the exposure of our portfolio to changes in credit risk. Single-family borrowers are primarily affected by home prices and interest rates.

To manage credit risk and comply with legal requirements, we typically require primary mortgage insurance or other credit enhancements if the current LTV ratio (i.e., the ratio of the unpaid principal balance of a loan to the current value of the property that serves as collateral) of a single-family conventional mortgage loan is greater than 80% when the loan is delivered to us.

Multifamily Loan Borrowers

Numerous factors affect a multifamily borrower’s ability to repay the loan and the value of the property underlying the loan. The most significant factors affecting credit risk are rental income, capitalization rates for the mortgaged property, and general economic conditions. The average unpaid principal balance for multifamily loans is significantly larger than for single-family borrowers and, therefore, individual defaults for multifamily borrowers can result in more significant losses. However, we continually monitor the performance and risk characteristics of our multifamily loans, underlying properties and borrowers on an ongoing basis.

As part of our multifamily risk management activities, we perform detailed loan reviews that evaluate borrower and geographic concentrations, lender qualifications, counterparty risk, property performance and contract compliance. We generally require mortgage servicers to submit periodic property operating information and condition reviews, allowing us to monitor the performance of individual loans. We use this information to evaluate the credit quality of our portfolio, identify potential problem loans and initiate appropriate loss mitigation activities.

The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty book of business, measured by the unpaid principal balance of the loans.



	Geographic Concentration⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽²⁾						Percentage of Multifamily Guaranty Book of Business⁽³⁾
	As of December 31,						As of December 31,
	2016			2015			2016			2015
Midwest		15	%		15	%		9	%		9	%
Northeast		18			19			16			17
Southeast		22			22			25			23
Southwest		17			16			22			21
West		28			28			28			30
Total		100	%		100	%		100	%		100	%

__________


⁽¹⁾	Midwest consists of IL, IN, IA, MI, MN, NE, ND, OH, SD, WI; Northeast consists of CT, DE, ME, MA, NH, NJ, NY, PA, PR, RI, VT, VI; Southeast consists of AL, DC, FL, GA, KY, MD, MS, NC, SC, TN, VA, WV; Southwest consists of AZ, AR, CO, KS, LA, MO, NM, OK, TX, UT; West consists of AK, CA, GU, HI, ID, MT, NV, OR, WA and WY.


⁽²⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted over 99% of our total single-family conventional guaranty book of business as of December 31, 2016 and 2015.


⁽³⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted 99% of our total multifamily guaranty book of business as of December 31, 2016 and 2015.

Risk Characteristics of our Guaranty Book of Business

One of the measures by which we gauge our performance risk under our guaranty is 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 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 DSCR below 1.0 and high original 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 delinquency status and serious delinquency rates for specified loan categories of our single-family conventional and total multifamily guaranty book of business.



	As of December 31,
	2016⁽¹⁾						2015⁽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⁾	1.30	%	0.36	%	1.18	%	1.27	%	0.37	%	1.59	%
Percentage of single-family conventional loans⁽⁴⁾	1.51		0.41		1.20		1.46		0.41		1.55



	As of December 31,
	2016⁽¹⁾				2015⁽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%	2	%	10.44	%	3	%	10.76	%
Geographical distribution:
California	19		0.50		20		0.58
Florida	6		1.89		6		2.86
New Jersey	4		3.07		4		4.87
New York	5		2.65		5		3.55
All other states	66		1.11		65		1.34
Product distribution:
Alt-A	3		5.00		4		6.53
Vintages:
2004 and prior	5		2.82		5		3.06
2005-2008	8		6.39		10		7.60
2009-2016	87		0.36		85		0.36

__________


⁽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 December 31, 2016 and 2015.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of December 31, 2016 and 2015.


⁽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 December 31,
	2016⁽¹⁾⁽²⁾				2015⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.02	%	0.05	%	0.03	%	0.07	%



	As of December 31,
	2016⁽¹⁾				2015⁽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%	2	%	0.22	%	3	%	0.40	%
Less than or equal to 80%	98		0.05		97		0.06
Current DSCR less than 1.0⁽⁵⁾	2		1.96		2		1.51

__________


⁽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 December 31, 2016 and 2015, 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.

Alt-A Loans and Securities

We own and guarantee Alt-A mortgage loans and mortgage-related securities. An Alt-A mortgage loan generally refers to a mortgage loan that has been underwritten with reduced or alternative documentation than that required for a full documentation mortgage loan but may also include other alternative product features. As a result, Alt-A mortgage loans generally have a higher risk of default than non-Alt-A mortgage loans. In reporting our Alt-A exposure, we have classified mortgage loans as Alt-A if and only if the lenders that deliver the mortgage loans to us have classified the loans as Alt-A, based on documentation or other product features. We have classified private-label mortgage-related securities held in our investment portfolio as Alt-A if the securities were labeled as such when issued.

We apply our classification criteria in order to discuss our exposure to Alt-A loans. However, there is no universally accepted definition of Alt-A loans. Our single-family conventional guaranty book of business includes loans with some features that are similar to Alt-A loans that we have not classified as Alt-A because they do not meet our classification criteria. We reduce our risk associated with some of these loans through credit enhancements, as described below under “Mortgage Insurers.” We do not rely solely on our classifications of loans as Alt-A to evaluate the credit risk exposure relating to these loans in our single-family conventional guaranty book of business.

The Alt-A mortgage loans and Fannie Mae MBS backed by Alt-A loans of $87.4 billion in unpaid principal balance represented 3% of our single-family mortgage credit book of business as of December 31, 2016, compared with $103.1 billion in unpaid principal balance which represented 4% of our single-family mortgage credit book of business as of December 31, 2015.

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 may also be obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if certain 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 39% of our single-family guaranty book of business as of December 31, 2016, compared with approximately 44% as of December 31, 2015. Our five largest multifamily mortgage servicers, including their affiliates, serviced approximately 47% of our multifamily guaranty book of business as of December 31, 2016, compared with approximately 45% as of December 31, 2015.

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 an adverse effect on our results of operations and financial condition.

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 $126.2 billion and $117.9 billion on the single-family mortgage loans in our guaranty book of business as of December 31, 2016 and 2015, respectively, which represented 4% of our single-family guaranty book of business as of December 31, 2016 and 2015. Our primary mortgage insurance coverage risk in force was $125.6 billion and $117.2 billion as of December 31, 2016 and 2015, respectively. Our pool mortgage insurance coverage risk in force was $617 million and $736 million as of December 31, 2016 and 2015, respectively. Our top three mortgage insurance companies provided 66% of our mortgage insurance coverage risk in force as of December 31, 2016 and 68% as of December 31, 2015.

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 $8.0 billion, or 6%, of our risk in force mortgage insurance coverage of our single-family guaranty book of business as of December 31, 2016.

PMI and Triad have been paying only a portion of policyholder claims and deferring the remaining portion. PMI is currently paying 71.5% of claims under its mortgage insurance policies in cash and is deferring the remaining 28.5%, and Triad is currently paying 75% of claims in cash and deferring the remaining 25%. It is uncertain whether PMI or Triad will be permitted in the future to pay any remaining deferred policyholder claims and/or increase or decrease the amount of cash they pay on claims. RMIC is no longer deferring payments on policyholder claims and has paid us amounts of its previously outstanding deferred payment obligations to bring payment on our claims to 100%; however, RMIC remains in run-off and under the supervisory control of its state regulator. We were not paid interest to compensate us for the amount of time RMIC’s deferred payment obligations were outstanding.

Although the financial condition of our mortgage insurer counterparties currently approved to write new business has improved in recent years, there is still a 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 December 31, 2016 and 2015, the amount by which our estimated benefit from mortgage insurance reduced our total loss reserves was $1.4 billion and $2.3 billion, respectively.

We had outstanding receivables of $1.0 billion recorded in “Other assets” in our consolidated balance sheets as of December 31, 2016 and $1.2 billion as of December 31, 2015 related to amounts claimed on insured, defaulted loans excluding government insured loans. Of this amount, $141 million as of December 31, 2016 and $241 million as of December 31, 2015 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 $638 million as of December 31, 2016 and $770 million as of December 31, 2015. The valuation allowance reduces our claim receivable to the amount which is considered probable of collection as of December 31, 2016 and 2015.

Financial Guarantors. We are the beneficiary of non-governmental financial guarantees on non-agency securities held in our retained mortgage portfolio and on non-agency securities that have been resecuritized to include a Fannie Mae guaranty and sold to third parties. The total unpaid principal balance of guaranteed non-agency securities in our retained mortgage portfolio was $1.4 billion and $3.2 billion as of December 31, 2016 and 2015, respectively.

If a financial guarantor fails to meet its obligations to us with respect to the securities for which we have obtained financial guarantees, it could reduce the fair value of our mortgage-related securities and result in financial losses to us, which could have an adverse effect on our earnings, liquidity, financial condition and net worth. With the exception of Ambac Assurance Corporation (“Ambac”), which is operating under a deferred payment obligation and paying 45% on policyholder claims, none of our remaining non-governmental financial guarantor counterparties has failed to repay us for claims under guaranty contracts. Ambac provided coverage on $707 million, or 50%, of our total non-governmental financial guarantees on non-agency securities held in our retained mortgage portfolio as of December 31, 2016. When assessing our securities for impairment, we consider the benefit of non-governmental financial guarantees from those guarantors that we determine are creditworthy, although we continue to seek collection of any amounts due to us from all counterparties.

We are also the beneficiary of financial guarantees included in securities issued by Freddie Mac, the federal government and its agencies that totaled $11.6 billion as of December 31, 2016 and $16.7 billion as of December 31, 2015.

Multifamily Lenders with Risk Sharing. We enter into risk sharing agreements with lenders pursuant to which the lenders agree to bear all or some portion of the credit losses on the covered loans. Our maximum potential loss recovery from lenders under these risk sharing agreements on both Delegated Underwriting and Servicing (“DUS”) and non-DUS multifamily loans was $54.8 billion as of December 31, 2016, compared with $46.2 billion as of December 31, 2015. As of December 31, 2016, 43% of our maximum potential loss recovery on multifamily loans was from four DUS lenders, compared with 40% as of December 31, 2015.

Parties Associated with Our Off-Balance Sheet Transactions. We enter into financial instrument transactions that create off-balance sheet credit risk in the normal course of our business. These transactions are designed to meet the financial needs of our customers, and manage our credit, market or liquidity risks.

We have entered into guarantees for which we have not recognized a guaranty obligation in our consolidated balance sheets relating to periods prior to 2003, the effective date of accounting guidance related to guaranty accounting. Our maximum potential exposure under these guarantees was $4.7 billion as of December 31, 2016 and $5.6 billion as of December 31, 2015. If we were required to make payments under these guarantees, we would pursue recovery through our right to the collateral backing the underlying loans, available credit enhancements and recourse with third parties that provided a maximum coverage of $2.0 billion as of December 31, 2016 and $2.4 billion as of December 31, 2015.

Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 9, Derivative Instruments” and “Note 16, Netting Arrangements.”

Netting Arrangements

12 Months Ended

Dec. 31, 2016

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 tables below display 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 consolidated balance sheets.



	As of December 31, 2016
						Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	3,688	$	(3,667	)		$	21				$	—		$	—		$	21
Cleared risk management derivatives	849		(847		)		2					—			—			2
Mortgage commitment derivatives	631		—				631					(357		)	(22		)	252
Total derivative assets	5,168		(4,514		)		654		⁽⁴	⁾		(357		)	(22		)	275
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	51,115		—				51,115					—			(51,115		)	—
Total assets	$	56,283	$	(4,514	)		$	51,769				$	(357	)	$	(51,137	)	$	275



Liabilities:
OTC risk management derivatives	$	(4,905	)	$	4,520	$	(385	)			$	—	$	—	$	(385	)
Cleared risk management derivatives	(2,415		)	2,324		(91		)			—		91		—
Mortgage commitment derivatives	(737		)	—		(737		)			357		16		(364		)
Total derivative liabilities	(8,057		)	6,844		(1,213		)	⁽⁴	⁾	357		107		(749		)
Total liabilities	$	(8,057	)	$	6,844	$	(1,213	)			$	357	$	107	$	(749	)



	As of December 31, 2015
						Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	4,042	$	(4,021	)		$	21				$	—		$	(18	)	$	3
Cleared risk management derivatives	708		(3		)		705					—			—			705
Mortgage commitment derivatives	140		—				140					(119		)	(3		)	18
Total derivative assets	4,890		(4,024		)		866		⁽⁴	⁾		(119		)	(21		)	726
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	37,950		—				37,950					—			(37,950		)	—
Total assets	$	42,840	$	(4,024	)		$	38,816				$	(119	)	$	(37,971	)	$	726



Liabilities:
OTC risk management derivatives	$	(6,118	)	$	5,861	$	(257	)			$	—	$	—		$	(257	)
Cleared risk management derivatives	(2,796		)	2,789		(7		)			—		—			(7		)
Mortgage commitment derivatives	(158		)	—		(158		)			119		(1		)	(40		)
Total derivative liabilities	(9,072		)	8,650		(422		)	⁽⁴	⁾	119		(1		)	(304		)
Securities sold under agreements to repurchase or similar arrangements	(62		)	—		(62		)			—		62			—
Total liabilities	$	(9,134	)	$	8,650	$	(484	)			$	119	$	61		$	(304	)

________


⁽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 consolidated balance sheets.

⁽³⁾

Represents non-cash collateral received that has not been recognized and not offset in our consolidated balance sheets as well as non-cash collateral posted which has been recognized but not offset in our consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged was $1.3 billion and $197 million as of December 31, 2016 and December 31, 2015, respectively, which the counterparty was permitted to sell or repledge. The fair value of non-cash collateral received was $51.2 billion and $38.0 billion, of which $45.5 billion and $36.2 billion could be sold or repledged as of December 31, 2016 and December 31, 2015, respectively. None of the underlying collateral was sold or repledged as of December 31, 2016 and December 31, 2015.


⁽⁴⁾	Excludes derivative assets of $33 million and $28 million as of December 31, 2016 and 2015, respectively, and derivative liabilities of $2 million recognized in our consolidated balance sheets as of December 31, 2016 and 2015, that are not subject to enforceable master netting arrangements.


⁽⁵⁾	Includes $20.7 billion and $10.6 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2016 and 2015, 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 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. 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

12 Months Ended

Dec. 31, 2016

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 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.



	Fair Value Measurements as of December 31, 2016
	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		$	—		$	3,934		$	835		$	—			$	4,769
Freddie Mac		—			936			—			—				936
Ginnie Mae		—			1,122			—			—				1,122
Alt-A private-label securities		—			46			271			—				317
Subprime private-label securities		—			319			—			—				319
CMBS		—			761			—			—				761
Mortgage revenue bonds		—			—			21			—				21
Non-mortgage-related securities:
U.S. Treasury securities		32,317			—			—			—				32,317
Total trading securities		32,317			7,118			1,127			—				40,562
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			2,324			230			—				2,554
Freddie Mac		—			504			5			—				509
Ginnie Mae		—			38			—			—				38
Alt-A private-label securities		—			1,119			172			—				1,291
Subprime private-label securities		—			1,373			45			—				1,418
CMBS		—			819			—			—				819
Mortgage revenue bonds		—			—			1,272			—				1,272
Other		—			33			429			—				462
Total available-for-sale securities		—			6,210			2,153			—				8,363
Mortgage loans		—			10,860			1,197			—				12,057
Other assets:
Risk management derivatives:
Swaps		—			4,159			137			—				4,296
Swaptions		—			241			—			—				241
Other		—			—			33			—				33
Netting adjustment		—			—			—			(4,514		)		(4,514		)
Mortgage commitment derivatives		—			619			12			—				631
Total other assets		—			5,019			182			(4,514		)		687
Total assets at fair value		$	32,317		$	29,207		$	4,659		$	(4,514	)		$	61,669



	Fair Value Measurements as of December 31, 2016
	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		$	—		$	9,235		$	347		$	—		$	9,582
Total of Fannie Mae		—			9,235			347			—			9,582
Of consolidated trusts		—			36,283			241			—			36,524
Total long-term debt		—			45,518			588			—			46,106
Other liabilities:
Risk management derivatives:
Swaps		—			6,933			48			—			6,981
Swaptions		—			339			—			—			339
Other		—			—			2			—			2
Netting adjustment		—			—			—			(6,844		)	(6,844		)
Mortgage commitment derivatives		—			649			88			—			737
Total other liabilities		—			7,921			138			(6,844		)	1,215
Total liabilities at fair value		$	—		$	53,439		$	726		$	(6,844	)	$	47,321



	Fair Value Measurements as of December 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)
Assets:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	4,813		$	—		$	—			$	4,813
Freddie Mac		—			1,314			—			—				1,314
Ginnie Mae		—			426			—			—				426
Alt-A private-label securities		—			131			305			—				436
Subprime private-label securities		—			—			644			—				644
CMBS		—			2,341			—			—				2,341
Mortgage revenue bonds		—			—			449			—				449
Non-mortgage-related securities:
U.S. Treasury securities		29,485			—			—			—				29,485
Total trading securities		29,485			9,025			1,398			—				39,908
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			4,221			—			—				4,221
Freddie Mac		—			4,295			4			—				4,299
Ginnie Mae		—			391			—			—				391
Alt-A private-label securities		—			1,637			1,041			—				2,678
Subprime private-label securities		—			—			3,281			—				3,281
CMBS		—			1,255			—			—				1,255
Mortgage revenue bonds		—			—			2,701			—				2,701
Other		—			—			1,404			—				1,404
Total available-for-sale securities		—			11,799			8,431			—				20,230
Mortgage loans		—			12,598			1,477			—				14,075
Other assets:
Risk management derivatives:
Swaps		—			4,541			156			—				4,697
Swaptions		—			53			—			—				53
Other		—			—			28			—				28
Netting adjustment		—			—			—			(4,024		)		(4,024		)
Mortgage commitment derivatives		—			135			5			—				140
Total other assets		—			4,729			189			(4,024		)		894
Total assets at fair value		$	29,485		$	38,151		$	11,495		$	(4,024	)		$	75,107



	Fair Value Measurements as of December 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		$	—		$	10,764		$	369		$	—			$	11,133
Total of Fannie Mae		—			10,764			369			—				11,133
Of consolidated trusts		—			23,113			496			—				23,609
Total long-term debt		—			33,877			865			—				34,742
Other liabilities:
Risk management derivatives:
Swaps		—			8,697			20			—				8,717
Swaptions		—			197			—			—				197
Other		—			—			2			—				2
Netting adjustment		—			—			—			(8,650		)		(8,650		)
Mortgage commitment derivatives		—			148			10			—				158
Total other liabilities		—			9,042			32			(8,650		)		424
Total liabilities at fair value		$	—		$	42,919		$	897		$	(8,650	)		$	35,166

__________


⁽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). The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. 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 Year Ended December 31, 2016
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2016⁽⁵⁾⁽⁶⁾
	Balance, December 31, 2015			Included in Net Income				Included in Total Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2016
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	—	$	—		$	—		$	(1	)	$	(24	)	$	860		$	835			$	—
Freddie Mac	—			—					—			—		—			—			—			(1		)	1			—				—
Alt-A private-label securities	305			(1		)			—			—		—			—			(33		)	—			—			271				(1		)
Subprime private-label securities	644			(32		)			—			—		(231		)	—			(18		)	(363		)	—			—				—
Mortgage revenue bonds	449			33					—			—		(448		)	—			(13		)	—			—			21				(2		)
Total trading securities	$	1,398		$	—		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	(679	)	$	—		$	(65	)	$	(388	)	$	861		$	1,127			$	(3	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	—	$	—		$	—		$	—		$	(1	)	$	231		$	230			$	—
Freddie Mac	4			—					—			—		—			—			—			(4		)	5			5				—
Alt-A private-label securities	1,041			14					(24		)	—		(291		)	—			(52		)	(516		)	—			172				—
Subprime private-label securities	3,281			170					(209		)	—		(706		)	—			(168		)	(2,323		)	—			45				—
Mortgage revenue bonds	2,701			132					(34		)	—		(1,129		)	—			(398		)	—			—			1,272				—
Other	1,404			—					(12		)	—		(605		)	—			(74		)	(284		)	—			429				—
Total available-for-sale securities	$	8,431		$	316		⁽⁷⁾⁽⁸⁾		$	(279	)	$	—	$	(2,731	)	$	—		$	(692	)	$	(3,128	)	$	236		$	2,153			$	—

Mortgage loans	$	1,477		$	129		⁽⁶⁾⁽⁷⁾		$	—		$	36	$	(392	)	$	—		$	(255	)	$	(77	)	$	279		$	1,197			$	17
Net derivatives	157			15			⁽⁶⁾		—			—		—			(8		)	(122		)	2			—			44				(132		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(369	)	$	22				$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(347	)		$	22
Of consolidated trusts	(496		)	(75		)			—			—		—			(74		)	378			215			(189		)	(241		)		(9		)
Total long-term debt	$	(865	)	$	(53	)	⁽⁶⁾		$	—		$	—	$	—		$	(74	)	$	378		$	215		$	(189	)	$	(588	)		$	13



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2015
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2015⁽⁵⁾⁽⁶⁾
	Balance, December 31, 2014			Included in Net Income				Included in Total Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2015
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	305		$	(27	)			$	—		$	—	$	(2	)	$	—		$	—		$	(278	)	$	2		$	—			$	—
Alt-A private-label securities	597			36					—			—		(267		)	—			(45		)	(44		)	28			305				15
Subprime private-label securities	1,307			36					—			—		(611		)	—			(88		)	—			—			644				10
Mortgage revenue bonds	722			(41		)			—			—		(220		)	—			(12		)	—			—			449				(33		)
Other	99			4					—			—		(100		)	—			(3		)	—			—			—				—
Total trading securities	$	3,030		$	8		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	(1,200	)	$	—		$	(148	)	$	(322	)	$	30		$	1,398			$	(8	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	421	$	(425	)	$	—		$	(8	)	$	—		$	12		$	—			$	—
Freddie Mac	6			—					—			—		—			—			(1		)	(2		)	1			4				—
Alt-A private-label securities	3,140			215					(173		)	—		(1,504		)	—			(436		)	(538		)	337			1,041				—
Subprime private-label securities	5,240			599					(382		)	—		(1,575		)	—			(601		)	—			—			3,281				—
Mortgage revenue bonds	4,023			51					(104		)	—		(410		)	—			(859		)	—			—			2,701				—
Other	2,671			(26		)			(2		)	—		(1,012		)	—			(227		)	—			—			1,404				—
Total available-for-sale securities	$	15,080		$	839		⁽⁷⁾⁽⁸⁾		$	(661	)	$	421	$	(4,926	)	$	—		$	(2,132	)	$	(540	)	$	350		$	8,431			$	—

Mortgage loans	$	1,833		$	57		⁽⁶⁾⁽⁷⁾		$	—		$	5	$	—		$	—		$	(350	)	$	(377	)	$	309		$	1,477			$	(20	)
Net derivatives	45			(55		)	⁽⁶⁾		—			—		—			(4		)	169			(7		)	9			157				(2		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	$	(6	)			$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(369	)		$	(6	)
Of consolidated trusts	(527		)	(9		)			—			—		—			(66		)	57			228			(179		)	(496		)		17
Total long-term debt	$	(890	)	$	(15	)	⁽⁶⁾		$	—		$	—	$	—		$	(66	)	$	57		$	228		$	(179	)	$	(865	)		$	11



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2014
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2014⁽⁵⁾⁽⁶⁾
	Balance, December 31, 2013			Included in Net Income				Included in Total Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	42		$	(27	)			$	—		$	6	$	—		$	—		$	(2	)	$	(39	)	$	325		$	305			$	(18	)
Freddie Mac	2			—					—			—		—			—			—			(2		)	—			—				—
Alt-A private-label securities	618			88					—			—		(58		)	—			(81		)	(226		)	256			597				97
Subprime private-label securities	1,448			270					—			—		(241		)	—			(170		)	—			—			1,307				234
Mortgage revenue bonds	565			168					—			—		—			—			(11		)	—			—			722				160
Other	99			13					—			—		—			—			(13		)	—			—			99				13
Total trading securities	$	2,774		$	512		⁽⁶⁾⁽⁷⁾		$	—		$	6	$	(299	)	$	—		$	(277	)	$	(267	)	$	581		$	3,030			$	486

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	7		$	—				$	—		$	—	$	—		$	—		$	(1	)	$	(8	)	$	2		$	—			$	—
Freddie Mac	8			—					—			—		—			—			(1		)	(2		)	1			6				—
Alt-A private-label securities	3,791			172					(26		)	—		(393		)	—			(471		)	(1,738		)	1,805			3,140				—
Subprime private-label securities	7,068			447					301			—		(1,730		)	—			(846		)	—			—			5,240				—
Mortgage revenue bonds	5,253			(32		)			554			—		(70		)	—			(1,682		)	—			—			4,023				—
Other	2,885			19					103			—		—			—			(336		)	—			—			2,671				—
Total available-for-sale securities	$	19,012		$	606		⁽⁷⁾⁽⁸⁾		$	932		$	—	$	(2,193	)	$	—		$	(3,337	)	$	(1,748	)	$	1,808		$	15,080			$	—

Mortgage loans	$	2,704		$	260		⁽⁶⁾⁽⁷⁾		$	—		$	36	$	—		$	—		$	(344	)	$	(1,113	)	$	290		$	1,833			$	53
Net derivatives	(40		)	103			⁽⁶⁾		—			—		—			—			(21		)	(2		)	5			45				77
Long-term debt:
Of Fannie Mae:
Senior floating	$	(955	)	$	(142	)			$	—		$	—	$	—		$	(750	)	$	19		$	1,465		$	—		$	(363	)		$	(97	)
Of consolidated trusts	(518		)	(53		)			—			—		—			(1		)	62			111			(128		)	(527		)		(49		)
Total long-term debt	$	(1,473	)	$	(195	)	⁽⁶⁾		$	—		$	—	$	—		$	(751	)	$	81		$	1,576		$	(128	)	$	(890	)		$	(146	)

__________


⁽¹⁾	Gains (losses) included in other comprehensive income are included in “Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes” in the 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 and credit risk sharing securities issued under our CAS series. Prices for these securities are obtained from multiple third-party vendors or dealers and have demonstrated an increased and sustained level of observability over time. Transfers out of Level 3 also occurred for mortgage loans for which unobservable inputs used in valuations became less significant. Transfers into Level 3 consisted primarily of Fannie Mae securities backed by private-label mortgage-related securities and 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 “Fair value losses, net” in our consolidated statements of operations and comprehensive income.


⁽⁷⁾	Gains (losses) are included in “Net interest income” in our consolidated statements of operations and comprehensive income.


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

The following tables display 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.



	Fair Value Measurements as of December 31, 2016
	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⁾	$	809	Consensus
	26		Other
Total agency	835
Alt-A private-label securities	232		Consensus	Default Rate (%)	0.4	-	10.9	8.2
				Prepayment Speed (%)	4.3	-	7.4	6.6
				Severity (%)	71.0	-	95.0	88.9
				Spreads (bps)	244.6	-	253.9	251.5
	39		Consensus
Total Alt-A private-label securities	271
Mortgage revenue bonds	19		Discounted Cash Flow	Spreads (bps)	13.0	-	268.2	252.2
	2		Other
Total mortgage revenue bonds	21
Total trading securities	$	1,127



	Fair Value Measurements as of December 31, 2016
	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⁾	$	129		Single Vendor	Prepayment Speed (%)	124.8		-	165.5	142.4
					Spreads (bps)	175.0		-	210.0	182.5
	72			Consensus
	34			Other
Total agency	235
Alt-A private-label securities	93			Single Vendor	Default Rate (%)	2.5		-	8.0	3.8
					Prepayment Speed (%)	3.0		-	11.0	4.9
					Severity (%)	38.0		-	80.0	48.1
					Spreads (bps)	266.1		-	306.8	297.1
	45			Discounted Cash Flow	Spreads (bps)	361.0		-	450.0	406.0
	34			Other
Total Alt-A private-label securities	172
Subprime private-label securities	45			Other
Mortgage revenue bonds	684			Single Vendor	Spreads (bps)	(16.8	)	-	336.9	44.3
	126			Single Vendor
	435			Discounted Cash Flow	Spreads (bps)	(16.8	)	-	391.1	260.0
	27			Other
Total mortgage revenue bonds	1,272
Other	47			Consensus	Default Rate (%)	0.5		-	3.5	3.5
					Prepayment Speed (%)	2.5		-	6.0	2.5
					Severity (%)	20.0		-	88.0	87.5
					Spreads (bps)	221.6		-	300.2	237.7
	348			Discounted Cash Flow	Default Rate (%)	2.3				2.3
					Prepayment Speed (%)	0.5				0.5
					Severity (%)	95.0				95.0
					Spreads (bps)	190.0		-	450.0	449.1
	34			Other
Total other	429
Total available-for-sale securities	$	2,153
Mortgage loans:
Single-family	$	516		Build-Up
	300			Consensus
	218			Other
Total single-family	1,034
Multifamily	163			Build-Up	Spreads (bps)	55.0		-	305.2	140.2
Total mortgage loans	$	1,197
Net derivatives	$	10		Internal Model
	89			Dealer Mark
	21			Discounted Cash Flow
	(76		)	Other
Total net derivatives	$	44
Long-term debt:
Of Fannie Mae:
Senior floating	$	(347	)	Discounted Cash Flow
Of consolidated trusts	(241		)	Other
Total long-term debt	$	(588	)



	Fair Value Measurements as of December 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:
Alt-A private-label securities	$	305	Consensus	Default Rate (%)	1.3	-	4.9	3.6
				Prepayment Speed (%)	2.2	-	4.5	3.7
				Severity (%)	20.5	-	95.0	69.3
				Spreads (bps)	219.0	-	263.3	253.1
Total Alt-A private-label securities	305
Subprime private-label securities	526		Consensus	Default Rate (%)	4.2	-	8.4	5.9
				Prepayment Speed (%)	0.4	-	5.3	3.3
				Severity (%)	55.9	-	95.0	73.7
				Spreads (bps)	285.0			285.0
	73		Consensus
	45		Other
Total subprime private-label securities	644
Mortgage revenue bonds	437		Discounted Cash Flow	Spreads (bps)	1.5	-	376.2	298.9
	12		Other
Total mortgage revenue bonds	449
Total trading securities	$	1,398



	Fair Value Measurements as of December 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⁾	$	4	Other
Alt-A private-label securities	671		Consensus	Default Rate (%)	0.5		-	40.7	3.4
				Prepayment Speed (%)	1.7		-	72.6	13.5
				Severity (%)	1.4		-	95.0	58.5
				Spreads (bps)	225.6		-	280.4	260.0
	201		Consensus
	169		Discounted Cash Flow	Default Rate (%)	4.0		-	5.0	4.8
				Prepayment Speed (%)	4.0		-	7.5	6.4
				Severity (%)	50.0		-	64.0	59.2
				Spreads (bps)	260.0		-	369.4	296.5
Total Alt-A private-label securities	1,041
Subprime private-label securities	343		Single Vendor	Default Rate (%)	2.5		-	7.5	4.8
				Prepayment Speed (%)	1.9		-	5.7	3.3
				Severity (%)	67.6		-	85.7	72.7
				Spreads (bps)	285.0		-	340.0	299.6
	1,848		Consensus	Default Rate (%)	0.5		-	11.3	5.9
				Prepayment Speed (%)	0.5		-	11.2	3.8
				Severity (%)	20.0		-	95.0	79.0
				Spreads (bps)	255.0		-	285.0	283.3
	945		Consensus
	145		Other
Total subprime private-label securities	3,281
Mortgage revenue bonds	991		Single Vendor	Spreads (bps)	(33.1	)	-	386.8	37.9
	1,462		Discounted Cash Flow	Spreads (bps)	(15.8	)	-	379.1	283.8
	248		Other
Total mortgage revenue bonds	2,701
Other	683		Consensus	Default Rate (%)	0.5		-	4.6	3.4
				Prepayment Speed (%)	2.5		-	15.5	4.7
				Severity (%)	6.6		-	95.0	65.7
				Spreads (bps)	200.0		-	454.4	315.6
	520		Discounted Cash Flow	Default Rate (%)	0.0		-	1.8	0.0
				Prepayment Speed (%)	0.0		-	0.5	0.0
				Severity (%)	95.0				95.0
				Spreads (bps)	260.0		-	350.0	323.6
	201		Other
Total other	1,404
Total available-for-sale securities	$	8,431



	Fair Value Measurements as of December 31, 2015
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans:
Single-family	$	127		Build-Up	Default Rate (%)	0.0	-	99.2	34.8
					Prepayment Speed (%)	3.0	-	100.0	10.4
					Severity (%)	0.0	-	100.0	39.9
	632			Build-Up
	234			Consensus	Default Rate (%)	0.5	-	5.0	3.7
					Prepayment Speed (%)	2.5	-	26.0	6.4
					Severity (%)	20.0	-	89.1	69.0
					Spreads (bps)	255.0	-	277.6	264.6
	274			Consensus
	54			Other
Total single-family	1,321
Multifamily	156			Build-Up	Spreads (bps)	70.0	-	327.2	158.8
Total mortgage loans	$	1,477
Net derivatives	$	17		Internal Model
	136			Dealer Mark
	4			Other
Total net derivatives	$	157
Long-term debt:
Of Fannie Mae:
Senior floating	$	(369	)	Discounted Cash Flow
Of consolidated trusts	(181		)	Consensus	Default Rate (%)	0.5	-	3.8	3.4
					Prepayment Speed (%)	2.5	-	26.0	5.6
					Severity (%)	20.0	-	80.6	67.8
					Spreads (bps)	255.0	-	270.0	265.8

	(149		)	Consensus
	(166		)	Other
Total of consolidated trusts	(496		)
Total long-term debt	$	(865	)

_________

⁽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. The prepayment speed used for available-for-sale agency securities is the Public Securities Association (“PSA”) prepayment speed, which can be greater than 100%. For all other securities, the Conditional Prepayment Rate (“CPR”) is used as the prepayment speed, which can be between 0%-100%.


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.

In our 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 December 31, 2016 or December 31, 2015. We held $250 million and $17 million in 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 December 31, 2016 and December 31, 2015, respectively.

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



		Fair Value Measurements as of December 31,
	Valuation Techniques	2016		2015
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	1,025	$	3,651
	Single Vendor	54		336
	Other	9		4
Total mortgage loans held for sale, at lower of cost or fair value		1,088		3,991
Single-family mortgage loans held for investment, at amortized cost	Internal Model	2,816		6,379
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions	25		82
	Asset Manager Estimate	170		236
	Other	3		5
Total multifamily mortgage loans held for investment, at amortized cost		198		323
Acquired property, net:⁽¹⁾
Single-family	Accepted Offers	340		541
	Appraisals	571		1,117
	Walk Forwards	306		433
	Internal Model	476		986
	Other	99		134
Total single-family		1,792		3,211
Other assets	Other	12		30
Total nonrecurring assets at fair value		$	5,906	$	13,934

_________

⁽¹⁾

The most commonly used techniques in our valuation of acquired property are proprietary home price model and third-party valuations (both current and walk forward). Based on the number of properties measured as of December 31, 2016, these methodologies comprised approximately 75% of our valuations, while accepted offers comprised approximately 19% of our valuations. Based on the number of properties measured as of December 31, 2015, these methodologies comprised approximately 77% of our valuations, while accepted offers comprised approximately 18% of our valuations.

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.



Instruments	Valuation Techniques	Classification
U.S Treasury Securities	We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy.	Level 1
Trading Securities and Available-for-Sale Securities	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. Single Vendor: Uses 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: Uses 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: Uses 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.	Level 2 and 3
	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	Build-up: We derive the fair value of performing mortgage loans using a build-up valuation technique starting with the base value for our Fannie Mae MBS with similar characteristics and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’s length transaction at the measurement date. The fair value of the GO is estimated based on our current guaranty pricing for loans underwritten after 2008 and our internal valuation models considering management’s best estimate of key loan characteristics for loans underwritten before 2008. 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.	Level 2 and 3
	Consensus: Calculated through the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance, the estimated fair value using the Consensus method represents an estimate of the prices we would receive if we were to sell these single-family nonperforming and certain reperforming loans in the whole-loan market. The fair value of any mortgage insurance is estimated by taking the loan level coverage and adjusting it by the expected claims paying ability of the associated mortgage insurer. 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.
	Single Vendor: We estimate the fair value of our reverse mortgages using the single vendor valuation technique. Internal Model: The internal model used in this process applies one of following two approaches when valuing the collateral depending on the historical accuracy of the two approaches. (1) The comparable foreclosed property sales approach is used in the majority of the internal model valuations. The comparable foreclosed property sales approach uses various factors such as geographic distance, transaction time and the value difference. (2) The median Metropolitan Statistical Area (“MSA”) approach is based on the median of all the foreclosure sales of REOs in a specific MSA or state when there is not enough REO sales in a specific MSA. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.



Instruments	Valuation Techniques	Classification
Mortgage Loans Held for Investment	Appraisals: Uses appraisals to estimate the fair value for a portion of our multifamily loans based on either estimated replacement cost, the present value of future cash flows, or sales of similar properties. Significant unobservable inputs include estimated replacement or construction costs, property net operating income, capitalization rates, and adjustments made to sales of comparable properties based on characteristics such as financing, conditions of sale, and physical characteristics of the property. Broker Price Opinion (“BPO”): Uses BPO to estimate the fair value for a portion of our multifamily loans. This technique uses both current property value and the property value adjusted for stabilization and market conditions. The unobservable inputs used in this technique are property net operating income and market capitalization rates to estimate property value. Asset Manager Estimate (“AME”): 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.	Level 2 and 3
	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	Single-family acquired property valuation techniques Appraisal: An appraisal is an estimate based on recent historical data of the value of a specific property by a certified or licensed appraiser. Adjustments are made for differences between comparable properties for unobservable inputs such as square footage, location, and condition of the property. Broker Price Opinion: This technique provides an estimate of what the property is worth based upon a real estate broker’s use of specific market research and a sales comparison approach that is similar to the appraisal process. 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.	Level 3
	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. 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.” Asset Manager Estimate (“AME”): 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”)	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. 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.	Level 2 and 3



Instruments	Valuation Techniques	Classification
Debt of Fannie Mae and Consolidated Trusts	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 debt 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. Consensus: Uses 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: Uses a single vendor price that represents estimated fair value for these liabilities when traded as assets. Discounted Cash Flow: 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.”	Level 2 and 3

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 Valuation Group, along with the Credit Valuation team, are responsible for the estimation and verification of the fair value for the majority of our financial assets and financial liabilities. These groups also provide updates to the Finance Committee on relevant market information, pricing trends, significant valuation challenges and the resolution of those challenges. The Pricing and Valuation Group, along with the Credit Valuation team, are independent of any trading or market related activities. Fair value measurements for acquired property and collateral dependent loans are determined by other valuation groups.

Our Finance Committee includes senior representation from our Enterprise Risk Management, Finance and Single-Family Divisions, and is responsible for reviewing and approving the methods used in valuing financial instruments for the purpose of financial reporting. The composition of the Finance Committee is set forth in its charter, which was approved by the Chief Executive Officer. Based on its review of valuation methodologies and fair value results for various financial instruments used for financial reporting, the Finance Committee has the ultimate responsibility over all valuation processes and results.

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 Valuation Group performs various review and validation procedures prior to utilizing these prices in our fair value estimation process. We validate 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 levels of liquidity in the marketplace. If we determine that a price provided to us is outside established parameters or in certain other circumstances, we will further examine the price, including having follow-up discussions with the pricing service or dealer. If we conclude that a price is not valid, we will adjust the price for various factors, such as liquidity, bid-ask spreads and credit considerations. All of these procedures are executed before we use the prices in preparing our financial statements.

Our Real Estate Property Valuation Group utilizes third-party appraisals and broker price opinions along with internal models and market data to compare the values received on a property and determine the valuation risk based on several factors including the deviation between the various values. The property valuation team reviews the valuations with higher valuation risk for reasonableness. The internal models utilized in the process are 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 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.

For fair value reporting purposes, we mark each property in inventory each month, incorporating the values assigned by the property valuation team along with other information including accepted offers and predictions from our proprietary distressed home price model.

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 Finance Committee.

Our Real Estate Property Valuation 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. 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 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 all non-financial instruments; therefore, 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 December 31, 2016
	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	$	62,177	$	41,477	$	20,700	$	—	$	—		$	62,177
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,415		—		30,415		—		—			30,415
Trading securities	40,562		32,317		7,118		1,127		—			40,562
Available-for-sale securities	8,363		—		6,210		2,153		—			8,363
Mortgage loans held for sale	2,899		—		509		2,751		—			3,260
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	181,738		—		36,194		157,469		—			193,663
Of consolidated trusts	2,895,116		—		2,731,619		159,273		—			2,890,892
Mortgage loans held for investment	3,076,854		—		2,767,813		316,742		—			3,084,555
Advances to lenders	7,494		—		7,156		352		—			7,508
Derivative assets at fair value	687		—		5,019		182		(4,514		)	687
Guaranty assets and buy-ups	158		—		—		432		—			432
Total financial assets	$	3,229,609	$	73,794	$	2,844,940	$	323,739	$	(4,514	)	$	3,237,959
Financial liabilities:
Short-term debt:
Of Fannie Mae	$	34,995	$	—	$	34,998	$	—	$	—		$	34,998
Of consolidated trusts	584		—		—		584		—			584
Long-term debt:
Of Fannie Mae	292,102		—		298,980		770		—			299,750
Of consolidated trusts	2,934,635		—		2,901,316		36,668		—			2,937,984
Derivative liabilities at fair value	1,215		—		7,921		138		(6,844		)	1,215
Guaranty obligations	280		—		—		710		—			710
Total financial liabilities	$	3,263,811	$	—	$	3,243,215	$	38,870	$	(6,844	)	$	3,275,241



	As of December 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	$	45,553	$	34,953	$	10,600	$	—	$	—		$	45,553
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,350		—		27,350		—		—			27,350
Trading securities	39,908		29,485		9,025		1,398		—			39,908
Available-for-sale securities	20,230		—		11,799		8,431		—			20,230
Mortgage loans held for sale	5,361		—		157		5,541		—			5,698
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	206,544		—		26,544		193,670		—			220,214
Of consolidated trusts	2,807,739		—		2,675,982		157,685		—			2,833,667
Mortgage loans held for investment	3,014,283		—		2,702,526		351,355		—			3,053,881
Advances to lenders	4,308		—		3,902		394		—			4,296
Derivative assets at fair value	894		—		4,729		189		(4,024		)	894
Guaranty assets and buy-ups	184		—		—		544		—			544
Total financial assets	$	3,158,071	$	64,438	$	2,770,088	$	367,852	$	(4,024	)	$	3,198,354
Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	62	$	—	$	62	$	—	$	—		$	62
Short-term debt:
Of Fannie Mae	71,007		—		71,006		—		—			71,006
Of consolidated trusts	943		—		—		944		—			944
Long-term debt:
Of Fannie Mae	315,128		—		324,248		898		—			325,146
Of consolidated trusts	2,810,593		—		2,819,733		27,175		—			2,846,908
Derivative liabilities at fair value	424		—		9,042		32		(8,650		)	424
Guaranty obligations	329		—		—		1,012		—			1,012
Total financial liabilities	$	3,198,486	$	—	$	3,224,091	$	30,061	$	(8,650	)	$	3,245,502



Instruments	Description	Classification
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.	Level 1 and 2
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.	Level 2
Mortgage Loans Held for Sale	Loans are reported at the lower of cost or fair value in our 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.” To the extent that significant inputs are unobservable, the loans are classified within Level 3 of the valuation hierarchy.	Level 2 and 3
Mortgage Loans Held for Investment	For a description of loan valuation techniques, refer to “Fair Value Measurement—Mortgage Loans Held for Investment.” We measure the fair value of certain 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. 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.	Level 2 and 3
Advances to Lenders	The carrying value for the majority of our advances to lenders approximates the 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 that do not qualify for Fannie Mae MBS securitization and are valued using a discounted cash flow technique that uses estimated credit spreads of similar collateral and prepayment speeds that consider recent prepayment activity. We classify these valuations as Level 3 given that significant inputs are not observable or are determined by extrapolation of observable inputs.	Level 2 and 3
Guaranty Assets and Buy-ups	Guaranty assets related to our portfolio securitizations are recorded in our 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 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 by using proprietary models to project cash flows based on management’s best estimate of key assumptions such as prepayment speeds and forward yield curves. Because guaranty assets are similar to an interest-only income stream, the projected cash flows are discounted at rates that consider the current spreads on interest-only swaps that reference Fannie Mae MBS and also liquidity considerations of the guaranty assets. The fair value of guaranty assets includes the fair value of any associated buy-ups.	Level 3
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. 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.”	Level 3

Fair Value Option

We elected the fair value option for our credit risk-sharing debt securities issued under our CAS series prior to January 1, 2016 and certain loans 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 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 December 31,
		2016									2015
	Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	12,057		$	9,582		$	36,524		$	14,075		$	11,133		$	23,609
Unpaid principal balance		11,688			9,090			33,055			13,661			11,263			21,604

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $200 million and $238 million as of December 31, 2016 and 2015, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of December 31, 2016 and 2015 is $34 million and $59 million, respectively. Includes loans that are 90 days or more past due with a fair value of $152 million and $256 million as of December 31, 2016 and 2015, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of December 31, 2016 and 2015 is $25 million and $52 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 consolidated statements of operations and comprehensive income.



	For the Year Ended December 31,
	2016									2015									2014
	Loans		Long-Term Debt				Total Gains (Losses)			Loans			Long-Term Debt			Total Gains (Losses)			Loans		Long-Term Debt				Total Gains (Losses)
	(Dollars in millions)
Changes in instrument-specific credit risk	$	23		$	(648	)	$	(625	)	$	86			$	39	$	125		$	60		$	216		$	276
Other changes in fair value	72			193			265			(191		)		146		(45		)	670			(505		)	165
Fair value gains (losses), net	$	95		$	(455	)	$	(360	)	$	(105	)		$	185	$	80		$	730		$	(289	)	$	441

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 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 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 credit 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

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

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, accruals 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.

We establish an accrual 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 an accrual. 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 an accrual, 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.

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 dividend 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. The D.C. Circuit heard oral argument on these appeals on April 15, 2016.

On June 26, 2016, shareholder David J. Voacolo filed a lawsuit, Voacolo v. Fannie Mae, in the U.S. District Court for the District of Columbia against Fannie Mae, FHFA and Treasury alleging a violation of the Administrative Procedure Act. Plaintiff seeks damages and a holding that the August 2012 amendment to the senior preferred stock purchase agreement was arbitrary, capricious or not otherwise in accordance with the law. The defendants filed motions to dismiss on September 20, 2016, and the court dismissed the case on December 19, 2016.

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.

Unconditional Purchase and Lease Commitments

We have unconditional commitments related to the purchase of loans and mortgage-related securities. These include both on- and off-balance sheet commitments. A portion of these have been recorded as derivatives in our consolidated balance sheets.

We lease certain premises and equipment under agreements that expire at various dates through 2033. Some of these leases provide for payment by the lessee of property taxes, insurance premiums, cost of maintenance and other costs. Rental expenses for operating leases were $50 million, $47 million and $43 million for the years ended December 31, 2016, 2015 and 2014, respectively.

The following table summarizes by remaining maturity, non-cancelable future commitments related to loan and mortgage purchases, operating leases and other agreements.



	As of December 31, 2016
	Loans and Mortgage-Related Securities⁽¹⁾			Operating Leases⁽²⁾		Other⁽³⁾
	(Dollars in millions)
2017		$	67,100	$	47	$	88
2018		—		32		36
2019		—		44		18
2020		—		50		8
2021		—		49		3
Thereafter		—		665		—
Total		$	67,100	$	887	$	153

__________


⁽¹⁾	Primarily includes $66.7 billion that has been accounted for as mortgage commitment derivatives.


⁽²⁾	Includes amounts related to office buildings and equipment leases.


⁽³⁾	Includes purchase commitments for certain telecommunications services, computer software and services, and other agreements and commitments.

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

The consolidated statements of operations for the quarterly periods in 2016 and 2015 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. Certain prior period amounts have been reclassified to conform to the current period presentation. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods.



	For the 2016 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	120			$	128			$	140			$	128
Available-for-sale securities		203				170				134				113
Mortgage loans		26,961				26,256				25,611				25,814
Other		48				46				66				83
Total interest income		27,332				26,600				25,951				26,138
Interest expense:
Short-term debt		51				57				56				42
Long-term debt		22,512				21,257				20,460				20,291
Total interest expense		22,563				21,314				20,516				20,333
Net interest income		4,769				5,286				5,435				5,805
Benefit (provision) for credit losses		1,184				1,601				673				(1,303		)
Net interest income after benefit (provision) for credit losses		5,953				6,887				6,108				4,502
Investment gains, net		69				398				467				322
Fair value gains (losses), net		(2,813		)		(1,667		)		(491		)		3,890
Fee and other income		203				174				175				414
Non-interest income (loss)		(2,541		)		(1,095		)		151				4,626
Administrative expenses:
Salaries and employee benefits		364				331				322				319
Professional services		215				232				237				271
Occupancy expenses		45				46				45				50
Other administrative expenses		64				69				57				74
Total administrative expenses		688				678				661				714
Foreclosed property expense		334				63				110				137
TCCA fees		440				453				465				487
Other expenses, net		264				254				300				210
Total expenses		1,726				1,448				1,536				1,548
Income before federal income taxes		1,686				4,344				4,723				7,580
Provision for federal income taxes		(550		)		(1,398		)		(1,527		)		(2,545		)
Net income attributable to Fannie Mae		1,136				2,946				3,196				5,035
Dividends distributed or available for distribution to senior preferred stockholder		(919		)		(2,869		)		(2,977		)		(5,471		)
Net income (loss) attributable to common stockholders (Note 11)		$	217			$	77			$	219			$	(436	)
Earnings (loss) per share:
Basic		$	0.04			$	0.01			$	0.04			$	(0.08	)
Diluted		0.04				0.01				0.04				(0.08		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,893				5,762



	For the 2015 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	115			$	116			$	99			$	114
Available-for-sale securities		376				294				261				225
Mortgage loans		27,044				26,682				26,980				26,993
Other		33				34				37				39
Total interest income		27,568				27,126				27,377				27,371
Interest expense:
Short-term debt		29				33				37				47
Long-term debt		22,472				21,416				21,752				22,247
Total interest expense		22,501				21,449				21,789				22,294
Net interest income		5,067				5,677				5,588				5,077
Benefit (provision) for credit losses		533				(1,033		)		1,550				(255		)
Net interest income after benefit (provision) for credit losses		5,600				4,644				7,138				4,822
Investment gains, net		342				514				299				181
Fair value gains (losses), net		(1,919		)		2,606				(2,589		)		135
Fee and other income		308				556				259				225
Non-interest income (loss)		(1,269		)		3,676				(2,031		)		541
Administrative expenses:
Salaries and employee benefits		351				331				317				320
Professional services		271				251				219				243
Occupancy expenses		43				43				43				53
Other administrative expenses		58				64				373				70
Total administrative expenses		723				689				952				686
Foreclosed property expense		473				182				497				477
TCCA fees		382				397				413				429
Other expenses (income), net		(5		)		202				215				201
Total expenses		1,573				1,470				2,077				1,793
Income before federal income taxes		2,758				6,850				3,030				3,570
Provision for federal income taxes		(870		)		(2,210		)		(1,070		)		(1,103		)
Net income		1,888				4,640				1,960				2,467
Less: Net income attributable to noncontrolling interest		—				—				—				(1		)
Net income attributable to Fannie Mae		1,888				4,640				1,960				2,466
Dividends distributed or available for distribution to senior preferred stockholder		(1,796		)		(4,359		)		(2,202		)		(2,859		)
Net income (loss) attributable to common stockholders (Note 11)		$	92			$	281			$	(242	)		$	(393	)
Earnings (loss) per share:
Basic		$	0.02			$	0.05			$	(0.04	)		$	(0.07	)
Diluted		0.02				0.05				(0.04		)		(0.07		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,762				5,762

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Segment Reporting, Policy [Policy Text Block]

Basis of Presentation [Policy Text Block]

Basis of Presentation

Single-Family Guaranty Fees 10 Basis Points Increase due to the Temporary Payroll Tax Cut Continuation Act of 2011 Provision [Policy Text Block]

Effective April 1, 2012, the guaranty fee on all single-family residential mortgages delivered to Fannie Mae on or after that date was increased by 10 basis points. FHFA and Treasury have advised us to remit this fee increase to Treasury with respect to all loans acquired by us on or after April 1, 2012 and before January 1, 2022, and to continue to remit these amounts to Treasury on and after January 1, 2022 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated.

The resulting fee revenue and expense are recorded in “Mortgage loans interest income” and “TCCA fees,” respectively, in our consolidated statements of operations and comprehensive income.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Consolidations, Policy [Policy Text Block]

Principles of Consolidation

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

VIE Assessment

Primary Beneficiary Determination

We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. Examples of certain events that may change whether or not we consolidate the VIE include a change in the design of the entity or a change in our ownership in the entity such that we no longer hold substantially all of the certificates issued by a multi-class resecuritization trust.

Measurement of Consolidated Assets and Liabilities

Purchase/Sale of Fannie Mae Securities

Single-Class Securitization Trusts

Single-Class Resecuritization Trusts

Multi-Class Resecuritization Trusts

Transfers and Servicing of Financial Assets, Policy [Policy Text Block]

Transfers of Financial Assets

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents and Statements of Cash Flows

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

Marketable Securities, Policy [Policy Text Block]

Investments in Securities

Securities Classified as Available-for-Sale or Trading

Fannie Mae MBS included in “Investments in securities”

Available-for-sale Securities, Policy [Policy Text Block]

Other-Than-Temporary Impairment of Debt Securities

Available-for-Sale Securities

Other-Than-Temporary Impairments

Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block]

Loans Held for Sale

We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains, net” in our consolidated statements of operations and comprehensive income.

Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block]

Loans Held for Investment

We define the recorded investment of HFI loans as 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.

Nonaccrual Loans [Policy Text Block]

Nonaccrual Loans

Troubled Debt Restructurings [Policy Text Block]

Restructured Loans

Allowance for Loan Losses [Policy Text Block]

Allowance for Loan Losses and Reserve for Guaranty Losses

Impaired Financing Receivable, Policy [Policy Text Block]

Single-Family Loans

Individually Impaired Single-Family Loans

Multifamily Loans

Advances to Lenders [Policy Text Block]

Advances to Lenders

Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block]

Acquired Property, Net

Commitments to Purchase and Sell Mortgage Loans and Securities [Policy Text Block]

Commitments to Purchase and Sell Mortgage Loans and Securities

Derivatives, Policy [Policy Text Block]

Derivative Instruments


•	Interest rate swap contracts. An interest rate swap is a transaction between two parties in which each party agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally based on a notional amount of principal. The types of interest rate swaps we use include pay-fixed swaps, receive-fixed swaps and basis swaps.


•	Interest rate option contracts. These contracts primarily include pay-fixed swaptions, receive-fixed swaptions, cancelable swaps and interest rate caps. A swaption is an option contract that allows us or a counterparty to enter into a pay-fixed or receive-fixed swap at some point in the future.


•	Foreign currency swaps. These swaps convert debt that we issue in foreign denominated currencies into U.S. dollars. We enter into foreign currency swaps only to the extent that we hold foreign currency debt.


•	Futures. These are standardized exchange-traded contracts that either obligate a buyer to buy an asset at a predetermined date and price or a seller to sell an asset at a predetermined date and price. The types of futures contracts we enter into include Eurodollar, U.S. Treasury and swaps.

Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]

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

Derivatives, Embedded Derivatives [Policy Text Block]

Repurchase Agreements, Collateral, Policy [Policy Text Block]

Collateral

Cash Collateral

Non-Cash Collateral

Debt, Policy [Policy Text Block]

Debt

Interest Expense, Policy [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Income Taxes

Income Tax Uncertainties, Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

Earnings (Loss) per Share

Compensatory Fees, Policy [Policy Text Block]

Compensatory Fees

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Guidance

Consolidation and Transfer of Financial Assets (Policies)	12 Months Ended
	Dec. 31, 2016
Consolidations and Transfers of Financial Assets [Abstract]
Consolidations, Policy [Policy Text Block]	Principles of Consolidation Our consolidated financial statements include our accounts as well as the accounts of the other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a VIE. We have interests in various entities that are considered to be VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions 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.
Transfers and Servicing of Financial Assets, Policy [Policy Text Block]	Transfers of Financial Assets We evaluate a transfer of financial assets to determine whether the transfer qualifies as a sale. If the transfer does not meet the criteria for sale treatment, the transferred assets remain in our consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with such a transfer. Transfers of financial assets for which we surrender control of the transferred assets are recorded as sales. When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets obtained and liabilities incurred at fair value. The difference between the carrying basis of the assets transferred and the fair value of the proceeds from the sale is recorded as a component of “Investment gains, net” in our consolidated statements of operations and comprehensive income. Retained interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae MBS, REMIC certificates, guaranty assets and master servicing assets (“MSAs”). We separately describe the subsequent accounting, as well as how we determine fair value, for our retained interests in the Fannie Mae MBS included in the “Investments in Securities” section of this note. We enter into repurchase agreements that involve contemporaneous trades to purchase and sell securities. These transactions are accounted for as secured financings since the transferor has not relinquished control over the transferred assets. These transactions are reported as securities purchased under agreements to resell and securities sold under agreements to repurchase in our consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in our consolidated balance sheets. 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.

+ References + Details

Mortgage Loans (Policies)	12 Months Ended
Mortgage Loans (Policies)	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block]	Loans Held for Investment When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. When we consolidate a trust, we recognize the loans underlying the trust in our consolidated balance sheets. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgages acquired when we have the intent to securitize via trusts that are consolidated will generally be classified as HFI in our consolidated balance sheets both prior to and subsequent to their securitization. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. We define the recorded investment of HFI loans as 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]	Loans Held for Sale When we acquire mortgage loans that we intend to sell or securitize via trusts that will not be consolidated, we classify the loans as held for sale (“HFS”). We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains, net” in our consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify held for investment (“HFI”) loans to HFS loans, based upon a change in our intent, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification through the provision for credit losses. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains, net” in our consolidated statements of operations and comprehensive income.
Troubled Debt Restructurings [Policy Text Block]	Restructured Loans A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (“TDR”). Our loss mitigation programs primarily include modifications that result in the capitalization of past due amounts in combination with interest rate reductions and/or the extension of the loan’s maturity date. Such restructurings are granted to borrowers in financial difficulty on either a permanent or contingent basis, as in the case of modifications with a trial period. We consider these types of loan restructurings to be TDRs. We generally do not include principal or past due interest forgiveness as part of our loss mitigation programs, and, as a result, we generally do not charge off any outstanding principal or accrued interest amounts at the time of loan modification. We believe that the loan underwriting activities we perform as a part of our loan modification process coupled with the borrower’s successful performance during any required trial period provide us reasonable assurance regarding the collectibility of the principal and interest due in accordance with the loan’s modified terms, which include any past due interest amounts that are capitalized as principal at the time of modification. As such, the loan is returned to accrual status when the loan modification is completed (i.e., at the end of the trial period), and we accrue interest thereafter in accordance with our interest accrual policy. If the loan was on nonaccrual status prior to entering the trial period, it remains on nonaccrual status until the borrower demonstrates performance via the trial period and the modification is finalized. In addition to these loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans, forbearance arrangements, and the capitalization only of past due amounts. Repayment plans and forbearance arrangements are informal agreements with the borrower that do not result in the legal modification of the loan. For all of these activities, we consider the deferral or capitalization of three or fewer missed payments to represent only an insignificant delay, and thus not a TDR. If we defer or capitalize more than three missed payments, the delay is no longer considered insignificant, and the restructuring is accounted for as a TDR. We measure impairment of a loan restructured in a TDR individually based on the excess of the recorded investment in the loan over the present value of the expected future cash inflows discounted at the loan’s original effective interest rate. Costs incurred to complete a TDR are expensed as incurred. However, when foreclosure is probable on an individually impaired loan, we measure impairment based on the difference between our recorded investment in the loan and the fair value of the underlying property, adjusted for the estimated costs to sell the property and estimated insurance or other proceeds we expect to receive. 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.

+ References + Details

- Definition

Disclosure of accounting policy for those finance, loan and lease receivables classified as held for sale. This disclosure may include how the entity determines when to classify a loan or receivable as held for sale, the basis at which such receivables are carried in the entity's statements of financial position, how such receivables are valued, the method used to determine the lower of cost or fair value (that is, on an aggregate or individual asset basis), the treatment of commitment and other fees and origination costs, and how transfers to and from the held for investment portfolio are accounted for.

+ References + Details

Investments in Securities (Policies)	12 Months Ended
Investments in Securities (Policies)	Dec. 31, 2016
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 consolidated statements of operations and comprehensive income.
Available-for-sale Securities, Policy [Policy Text Block]	Other-Than-Temporary Impairment of Debt Securities We evaluate AFS securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. OTTI is considered to have occurred when the fair value of a debt security is below its amortized cost basis and we intend to sell or it is more likely than not that we will be required to sell the security before recovery. In such cases, we recognize in “Investment gains, net” in our consolidated statements of operations and comprehensive income the entire difference between the amortized cost basis of the security and its fair value. OTTI is also considered to have occurred if we do not expect to recover the entire amortized cost basis of a debt security even if we do not intend to sell the security or it is not more likely than not we will be required to sell the security before recovery. We separate the difference between the amortized cost basis of the security and its fair value into the amount representing the credit loss, which we recognize in “Investment gains, net” in our consolidated statements of operations and comprehensive income, and the amount related to all other factors, which we recognize in “Other comprehensive income (loss),” net of taxes. We consider guarantees, insurance contracts or other credit enhancements (such as collateral) in determining our best estimate of cash flows expected to be collected only if (1) such guarantees, insurance contracts or other credit enhancements provide for payments to be made solely to reimburse us for failure of the issuer to satisfy its required payment obligations; (2) such guarantees, insurance contracts or other credit enhancements are contractually attached to the security; and (3) collection of the amounts receivable under these agreements is deemed probable. Guarantees, insurance contracts or other credit enhancements are considered contractually attached if they are part of and trade with the security upon transfer of the security to a third party. In periods after we recognize OTTI of debt securities, we use the prospective interest method to recognize interest income. Under the prospective interest method, we calculate a new effective yield for subsequent recognition of interest income and measurement of impairment when we determine that there has been a significant increase in expected or actual cash flows. We consider a significant increase in cash flows to be at least a 10% increase over two consecutive quarters of the expected or actual cash flows. We calculate the new effective yield by using the new cost basis and the significantly increased actual or expected cash flows. Available-for-Sale Securities We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our consolidated statements of operations and comprehensive income. Other-Than-Temporary Impairments For AFS securities, OTTI is considered to have occurred when the fair value of a debt security is below its amortized cost basis and we intend to sell or it is more likely than not that we will be required to sell the security before recovery. Additionally, OTTI is considered to have occurred if we do not expect to recover the entire amortized cost basis of a debt security even if we do not intend to sell the security or it is not more likely than not we will be required to sell the security before recovery.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=68058157&loc=d3e18780-107790

Reference 2: 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(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.M)
-URI http://asc.fasb.org/extlink&oid=65877573&loc=d3e87990-122713

Reference 4: 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(6))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563

Reference 6: 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(2))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 8: 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(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Acquired Property, Net (Policies)	12 Months Ended
Acquired Property, Net (Policies)	Dec. 31, 2016
Real Estate [Abstract]
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block]	Acquired Property, Net We recognize foreclosed property (i.e., “Acquired property, net”) upon the earlier of the loan foreclosure event or when we take physical possession of the property (i.e., through a deed-in-lieu of foreclosure transaction). We initially measure foreclosed property at its fair value less its estimated costs to sell. We treat any excess of our recorded investment in the loan over the fair value less estimated costs to sell the property as a charge-off to the “Allowance for loan losses.” Any excess of the fair value less estimated costs to sell the property over our recorded investment in the loan is recognized first to recover any forgone, contractually due interest, then to “Foreclosed property expense” in our consolidated statements of operations and comprehensive income. We classify foreclosed properties as HFS when we intend to sell the property and the following conditions are met at either acquisition or within a relatively short period thereafter: we are actively marketing the property and it is available for immediate sale in its current condition such that the sale is reasonably expected to take place within one year. We report these properties at the lower of their carrying amount or fair value less estimated selling costs. We do not depreciate these properties. We recognize a loss for any subsequent write-down of the property to its fair value less its estimated costs to sell through a valuation allowance with an offsetting charge to “Foreclosed property expense” in our consolidated statements of operations and comprehensive income. We recognize a recovery for any subsequent increase in fair value less estimated costs to sell up to the cumulative loss previously recognized through the valuation allowance. We recognize gains or losses on sales of foreclosed property through “Foreclosed property expense” in our consolidated statements of operations and comprehensive income. Properties that do not meet the criteria to be classified as HFS are classified as held for use and are recorded in “Other assets” in our consolidated balance sheets. These properties are depreciated and are evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. 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, are actively marketing it and it is ready for immediate sale in its current condition.

Derivative Instruments (Policies)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Policy [Policy Text Block]

Derivative Instruments


•	Interest rate swap contracts. An interest rate swap is a transaction between two parties in which each party agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally based on a notional amount of principal. The types of interest rate swaps we use include pay-fixed swaps, receive-fixed swaps and basis swaps.


•	Interest rate option contracts. These contracts primarily include pay-fixed swaptions, receive-fixed swaptions, cancelable swaps and interest rate caps. A swaption is an option contract that allows us or a counterparty to enter into a pay-fixed or receive-fixed swap at some point in the future.


•	Foreign currency swaps. These swaps convert debt that we issue in foreign denominated currencies into U.S. dollars. We enter into foreign currency swaps only to the extent that we hold foreign currency debt.


•	Futures. These are standardized exchange-traded contracts that either obligate a buyer to buy an asset at a predetermined date and price or a seller to sell an asset at a predetermined date and price. The types of futures contracts we enter into include Eurodollar, U.S. Treasury and swaps.

Income Tax (Policies)	12 Months Ended
Income Tax (Policies)	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax, Policy [Policy Text Block]	Income Taxes We recognize deferred tax assets and liabilities based on the differences in the book and tax bases of assets and liabilities. We measure deferred tax assets and liabilities using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust deferred tax assets and liabilities for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. We reduce our deferred tax assets by an allowance if, based on the weight of available positive and negative evidence, it is more likely than not (a probability of greater than 50%) that we will not realize some portion, or all, of the deferred tax asset. We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Segment Reporting (Policies)	12 Months Ended
Segment Reporting (Policies)	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting, Policy [Policy Text Block]	We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties containing five or more residential units. We describe the management reporting and allocation process used to generate our segment results in “Note 12, Segment Reporting.” We have two reportable business segments: Single-Family and Multifamily. Our CEO is the chief operating decision maker and allocates resources and assesses performance based on these two business segments. In the fourth quarter of 2016, our CEO changed the way he allocates resources and evaluates operating results. This change resulted in realigning the composition of our reportable business segments to incorporate the activities of the Capital Markets group, which was previously a separate reportable business segment, into the Single-Family or Multifamily segments. The Capital Markets group’s activities relating to single-family mortgage assets were incorporated into the Single-Family segment, and its activities relating to multifamily mortgage assets were incorporated into the Multifamily segment. Mortgage assets, debt funding those assets and associated revenues and expenses previously reported in the Capital Markets group segment are now reported in the Single-Family or Multifamily segments based on whether the underlying mortgage asset is a single-family or multifamily mortgage asset. Administrative expenses previously reported in the Capital Markets group segment have been allocated either directly, where applicable, or indirectly, based on the size of each segment’s mortgage credit book of business. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. Under our new segment reporting, we have no reconciling items; therefore, the sum of the results for our two business segments equals our consolidated results of operations. We have revised the presentation of our segment results for prior years to be consistent with the current year presentation.

Netting Arrangements (Policies)	12 Months Ended
Netting Arrangements (Policies)	Dec. 31, 2016
Offsetting [Abstract]
Derivatives, Offsetting Policy [Policy Text Block]	We offset the carrying amounts of certain derivatives that are in gain positions and loss positions with the same counterparty as well as cash collateral receivables and payables associated with derivative positions under master netting arrangements. We offset these amounts only when we have the legal right to offset under the contract and we have met all of the offsetting conditions. 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 consolidated balance sheets.

Fair Value (Policies)	12 Months Ended
Fair Value (Policies)	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	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. We elected the fair value option for our credit risk-sharing debt securities issued under our CAS series prior to January 1, 2016 and certain loans 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.

Commitments and Contingencies (Policies)	12 Months Ended
Commitments and Contingencies (Policies)	Dec. 31, 2016
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, accruals and disclosures. We establish an accrual 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 an accrual.
Loan and Mortgage Related Securities Commitments: Policy [Policy Text Block]	We have unconditional commitments related to the purchase of loans and mortgage-related securities. These include both on- and off-balance sheet commitments. A portion of these have been recorded as derivatives in our consolidated balance sheets.

Consolidations and Transfers of Financial Assets (Tables)

12 Months Ended

Dec. 31, 2016

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 of December 31,
	2016				2015
	(Dollars in millions)
Assets and liabilities recorded in our consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae		$	4,642			$	4,704
Non-Fannie Mae		3,473				5,596
Total trading securities		8,115				10,300
Available-for-sale securities:
Fannie Mae		2,447				3,936
Non-Fannie Mae		4,879				14,644
Total available-for-sale securities		7,326				18,580
Other assets		77				100
Other liabilities		(528		)		(827		)
Net carrying amount		$	14,990			$	28,153

- 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.

+ References + Details

Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2016

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 December 31,
	2016									2015
	Of Fannie Mae			Of Consolidated Trusts			Total			Of Fannie Mae			Of Consolidated Trusts			Total
	(Dollars in millions)
Single-family	$	209,168		$	2,624,582		$	2,833,750		$	238,237		$	2,574,174		$	2,812,411
Multifamily	9,379			220,517			229,896			13,099			185,243			198,342
Total unpaid principal balance of mortgage loans	218,547			2,845,099			3,063,646			251,336			2,759,417			3,010,753
Cost basis and fair value adjustments, net	(11,357		)	50,929			39,572			(12,939		)	49,781			36,842
Allowance for loan losses for loans held for investment	(22,579		)	(886		)	(23,465		)	(26,510		)	(1,441		)	(27,951		)
Total mortgage loans	$	184,611		$	2,895,142		$	3,079,753		$	211,887		$	2,807,757		$	3,019,644



	As of December 31,
	2016							2015
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	21,920		$	33	$	21,953	$	25,437		$	80	$	25,517
Collectively reserved loans	1,363			149		1,512		2,272			162		2,434
Total allowance for loan losses	$	23,283		$	182	$	23,465	$	27,709		$	242	$	27,951

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	155,598		$	589	$	156,187	$	171,161		$	1,008	$	172,169
Collectively reserved loans	2,708,337			231,292		2,939,629		2,664,377			199,166		2,863,543
Total recorded investment in loans	$	2,863,935		$	231,881	$	3,095,816	$	2,835,538		$	200,174	$	3,035,712

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Aging Analysis [Table Text Block]



	As of December 31, 2016
	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		$	31,631		$	7,910		$	21,761		$	61,302	$	2,654,195	$	2,715,497		$	22	$	33,448
Government⁽²⁾		56			22			256			334		36,814		37,148			256		—
Alt-A		3,629			1,194			4,221			9,044		72,903		81,947			2		6,019
Other		1,349			438			1,582			3,369		25,974		29,343			5		2,238
Total single-family		36,665			9,564			27,820			74,049		2,789,886		2,863,935			285		41,705
Multifamily⁽³⁾		44			N/A			129			173		231,708		231,881			—		403
Total		$	36,709		$	9,564		$	27,949		$	74,222	$	3,021,594	$	3,095,816		$	285	$	42,108



	As of December 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		$	29,154		$	7,937		$	26,346		$	63,437	$	2,598,756	$	2,662,193		$	46	$	34,216
Government⁽²⁾		58			24			291			373		40,461		40,834			291		—
Alt-A		4,085			1,272			6,141			11,498		84,603		96,101			6		7,407
Other		1,494			484			2,160			4,138		32,272		36,410			6		2,632
Total single-family		34,791			9,717			34,938			79,446		2,756,092		2,835,538			349		44,255
Multifamily⁽³⁾		23			N/A			123			146		200,028		200,174			—		591
Total		$	34,814		$	9,717		$	35,061		$	79,592	$	2,956,120	$	3,035,712		$	349	$	44,846

__________


⁽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, related allowance, average recorded investment and interest income recognized for individually impaired loans.



	As of December 31,
	2016								2015
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses		Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	105,113		$	99,825	$	14,462		$	116,477		$	110,502	$	16,745
Government		302			305		59			322			327		59
Alt-A		28,599			26,059		5,365			31,888			29,103		6,217
Other		11,087			10,465		2,034			12,893			12,179		2,416
Total single-family		145,101			136,654		21,920			161,580			152,111		25,437
Multifamily		320			323		33			650			654		80
Total individually impaired loans with related allowance recorded		145,421			136,977		21,953			162,230			152,765		25,517
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		15,733			14,758		—			15,891			14,725		—
Government		63			59		—			58			54		—
Alt-A		3,511			3,062		—			3,721			3,169		—
Other		1,159			1,065		—			1,222			1,102		—
Total single-family		20,466			18,944		—			20,892			19,050		—
Multifamily		266			266		—			353			354		—
Total individually impaired loans with no related allowance recorded		20,732			19,210		—			21,245			19,404		—
Total individually impaired loans⁽²⁾		$	166,153		$	156,187	$	21,953		$	183,475		$	172,169	$	25,517



	For the Year Ended December 31,
	2016									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			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		$	105,076		$	4,004		$	325		$	114,737		$	4,190		$	318		$	121,926		$	4,321		$	494
Government		314			12			—			299			12			—			270			13			—
Alt-A		27,512			1,010			54			30,453			1,034			54			33,676			1,066			100
Other		11,382			365			20			12,863			376			21			14,490			402			36
Total single-family		144,284			5,391			399			158,352			5,612			393			170,362			5,802			630
Multifamily		508			29			—			973			16			—			1,699			80			1
Total individually impaired loans with related allowance recorded		144,792			5,420			399			159,325			5,628			393			172,061			5,882			631
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		15,293			1,236			91			15,796			1,039			91			13,852			864			215
Government		59			4			—			55			4			—			67			5			—
Alt-A		3,293			309			9			3,647			218			11			2,799			189			47
Other		1,116			108			3			1,259			75			3			974			56			12
Total single-family		19,761			1,657			103			20,757			1,336			105			17,692			1,114			274
Multifamily		317			13			—			442			10			—			1,472			64			—
Total individually impaired loans with no related allowance recorded		20,078			1,670			103			21,199			1,346			105			19,164			1,178			274
Total individually impaired loans		$	164,870		$	7,090		$	502		$	180,524		$	6,974		$	498		$	191,225		$	7,060		$	905

__________


⁽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 $155.0 billion and $170.3 billion as of December 31, 2016 and 2015, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $248 million and $451 million as of December 31, 2016 and 2015, 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 Year Ended December 31,
	2016					2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		61,586		$	8,405		71,293		$	9,713		100,956		$	14,301
Government		186		20			241		27			365		47
Alt-A		6,647		946			9,037		1,374			14,715		2,441
Other		1,381		244			1,835		333			3,357		686
Total single-family		69,800		9,615			82,406		11,447			119,393		17,475
Multifamily		11		66			12		40			19		853
Total TDRs		69,811		$	9,681		82,418		$	11,487		119,412		$	18,328



	For the Year Ended December 31,
	2016					2015					2014
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		20,810		$	2,938		26,206		$	3,808		33,853		$	5,095
Government		95		11			118		16			124		15
Alt-A		3,131		500			4,128		706			5,392		960
Other		1,002		172			1,229		247			1,738		387
Total single-family		25,038		3,621			31,681		4,777			41,107		6,457
Multifamily		5		46			3		6			9		42
Total TDRs that subsequently defaulted		25,043		$	3,667		31,684		$	4,783		41,116		$	6,499

Single-Family [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]

The following table displays the total recorded investment in our single-family HFI loans by class and credit quality indicator, excluding loans for which we have elected the fair value option.



	As of December 31,
	2016⁽¹⁾						2015⁽¹⁾
	Primary		Alt-A		Other		Primary		Alt-A		Other
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽²⁾
Less than or equal to 80%	$	2,321,201	$	56,250	$	19,382	$	2,228,533	$	59,000	$	21,274
Greater than 80%and less than or equal to 90%	244,231		9,787		3,657		250,373		12,588		4,936
Greater than 90%and less than or equal to 100%	114,412		6,731		2,627		122,939		9,345		3,861
Greater than 100%	35,653		9,179		3,677		60,348		15,168		6,339
Total	$	2,715,497	$	81,947	$	29,343	$	2,662,193	$	96,101	$	36,410

__________


⁽¹⁾	Excludes $37.1 billion and $40.8 billion as of December 31, 2016 and 2015, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV 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]

The following table displays the total recorded investment in our multifamily HFI loans by credit quality indicator, excluding loans for which we have elected the fair value option.



	As of December 31,
	2016			2015
	(Dollars in millions)
Credit risk profile by internally assigned grade:
Non-classified		$	228,749	$	197,334
Classified:⁽¹⁾
Substandard		3,129		2,833
Doubtful		3		7
Total classified		3,132		2,840
Total		$	231,881	$	200,174

__________


⁽¹⁾	A loan classified as “Substandard” has a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values.

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Allowance for Loan Losses Roll Forward by Segment [Table Text Block]

The following table displays changes in single-family, multifamily and total allowance for loan losses.



	For the Year Ended December 31,
	2016										2015										2014
	Of Fannie Mae			Of Consolidated Trusts				Total			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	$	26,439			$	1,270		$	27,709		$	32,956			$	2,221		$	35,177		$	40,202			$	3,105		$	43,307
Provision (benefit) for loan losses⁽¹⁾	(1,692		)		(12		)	(1,704		)	(258		)		190			(68		)	(4,334		)		553			(3,781		)
Charge-offs⁽²⁾⁽³⁾	(3,163		)		(91		)	(3,254		)	(9,647		)		(84		)	(9,731		)	(6,168		)		(225		)	(6,393		)
Recoveries	412				30			442			1,120				16			1,136			1,190				250			1,440
Transfers⁽⁴⁾	470				(470		)	—			1,123				(1,123		)	—			1,513				(1,513		)	—
Other⁽⁵⁾	90				—			90			1,145				50			1,195			553				51			604
Ending balance	$	22,556			$	727		$	23,283		$	26,439			$	1,270		$	27,709		$	32,956			$	2,221		$	35,177
Multifamily allowance for loan losses:
Beginning balance	$	71			$	171		$	242		$	161			$	203		$	364		$	319			$	220		$	539
Benefit for loan losses⁽¹⁾	(49		)		(6		)	(55		)	(63		)		(27		)	(90		)	(91		)		(13		)	(104		)
Charge-offs⁽²⁾⁽³⁾	(11		)		(1		)	(12		)	(40		)		(3		)	(43		)	(76		)		—			(76		)
Recoveries	7				—			7			4				—			4			—				—			—
Transfers⁽⁴⁾	5				(5		)	—			4				(4		)	—			4				(4		)	—
Other⁽⁵⁾	—				—			—			5				2			7			5				—			5
Ending balance	$	23			$	159		$	182		$	71			$	171		$	242		$	161			$	203		$	364
Total allowance for loan losses:
Beginning balance	$	26,510			$	1,441		$	27,951		$	33,117			$	2,424		$	35,541		$	40,521			$	3,325		$	43,846
Provision (benefit) for loan losses⁽¹⁾	(1,741		)		(18		)	(1,759		)	(321		)		163			(158		)	(4,425		)		540			(3,885		)
Charge-offs⁽²⁾⁽³⁾	(3,174		)		(92		)	(3,266		)	(9,687		)		(87		)	(9,774		)	(6,244		)		(225		)	(6,469		)
Recoveries	419				30			449			1,124				16			1,140			1,190				250			1,440
Transfers⁽⁴⁾	475				(475		)	—			1,127				(1,127		)	—			1,517				(1,517		)	—
Other⁽⁵⁾	90				—			90			1,150				52			1,202			558				51			609
Ending balance	$	22,579			$	886		$	23,465		$	26,510			$	1,441		$	27,951		$	33,117			$	2,424		$	35,541

__________


⁽¹⁾	Provision (benefit) for loan losses is included in “Benefit for credit losses” in our 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⁾


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


⁽⁵⁾	Amounts represent changes in other loss reserves which are reflected in provision (benefit) for loan losses, charge-offs, and recoveries.

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

The following table displays the carrying value of our mortgage loans.



	As of December 31,
	2016									2015
	Of Fannie Mae			Of Consolidated Trusts			Total			Of Fannie Mae			Of Consolidated Trusts			Total
	(Dollars in millions)
Single-family	$	209,168		$	2,624,582		$	2,833,750		$	238,237		$	2,574,174		$	2,812,411
Multifamily	9,379			220,517			229,896			13,099			185,243			198,342
Total unpaid principal balance of mortgage loans	218,547			2,845,099			3,063,646			251,336			2,759,417			3,010,753
Cost basis and fair value adjustments, net	(11,357		)	50,929			39,572			(12,939		)	49,781			36,842
Allowance for loan losses for loans held for investment	(22,579		)	(886		)	(23,465		)	(26,510		)	(1,441		)	(27,951		)
Total mortgage loans	$	184,611		$	2,895,142		$	3,079,753		$	211,887		$	2,807,757		$	3,019,644



	As of December 31,
	2016							2015
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	21,920		$	33	$	21,953	$	25,437		$	80	$	25,517
Collectively reserved loans	1,363			149		1,512		2,272			162		2,434
Total allowance for loan losses	$	23,283		$	182	$	23,465	$	27,709		$	242	$	27,951

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	155,598		$	589	$	156,187	$	171,161		$	1,008	$	172,169
Collectively reserved loans	2,708,337			231,292		2,939,629		2,664,377			199,166		2,863,543
Total recorded investment in loans	$	2,863,935		$	231,881	$	3,095,816	$	2,835,538		$	200,174	$	3,035,712

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Investments in Securities (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities [Table Text Block]

The following table displays our investments in trading securities.



	As of December 31,
	2016		2015
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae	$	4,769	$	4,813
Freddie Mac	936		1,314
Ginnie Mae	1,122		426
Alt-A private-label securities	317		436
Subprime private-label securities	319		644
Commercial mortgage-backed securities (“CMBS”)	761		2,341
Mortgage revenue bonds	21		449
Total mortgage-related securities	8,245		10,423
U.S. Treasury securities	32,317		29,485
Total trading securities	$	40,562	$	39,908

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

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



	For the Year Ended December 31,
	2016				2015			2014
	(Dollars in millions)
Net trading gains (losses)		$	28		$	(368	)		$	485
Net trading gains (losses) recognized in the period related to securities still held at period end		(19		)	(453		)		420

Schedule of Available-for-sale Securities Realized Gain (Loss) [Table Text Block]

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



	For the Year Ended December 31,
	2016		2015		2014
	(Dollars in millions)
Gross realized gains	$	1,043	$	1,066	$	569
Gross realized losses	17		70		5
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	10,993		8,023		3,265

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 in our retained mortgage portfolio.



	As of December 31, 2016
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	2,445		$	137		$	(28	)	$	2,554
Freddie Mac		474			35			—			509
Ginnie Mae		34			4			—			38
Alt-A private-label securities		747			544			—			1,291
Subprime private-label securities		1,070			351			(3		)	1,418
CMBS		815			4			—			819
Mortgage revenue bonds		1,245			36			(9		)	1,272
Other mortgage-related securities		431			31			—			462
Total		$	7,261		$	1,142		$	(40	)	$	8,363



	As of December 31, 2015
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	4,008		$	243		$	(30	)	$	4,221
Freddie Mac		4,000			299			—			4,299
Ginnie Mae		343			48			—			391
Alt-A private-label securities		2,029			653			(4		)	2,678
Subprime private-label securities		2,526			759			(4		)	3,281
CMBS		1,235			20			—			1,255
Mortgage revenue bonds		2,639			99			(37		)	2,701
Other mortgage-related securities		1,361			49			(6		)	1,404
Total		$	18,141		$	2,170		$	(81	)	$	20,230

__________


⁽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 consolidated statements of operations and comprehensive income.


⁽²⁾	Represents the gross unrealized losses on securities for which we have not recognized OTTI, as well as the noncredit component of OTTI and cumulative changes in fair value of securities for which we previously recognized the credit component of OTTI in “Accumulated other comprehensive income” in our consolidated balance sheets.

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 December 31, 2016
	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	)	$	139		$	(26	)	$	477
Subprime private-label securities		—			—			(3		)	73
Mortgage revenue bonds		(7		)	78			(2		)	6
Total		$	(9	)	$	217		$	(31	)	$	556

	As of December 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		$	(8	)	$	659		$	(22	)	$	491
Alt-A private-label securities		(1		)	26			(3		)	54
Subprime private-label securities		—			12			(4		)	91
Mortgage revenue bonds		(35		)	631			(2		)	22
Other mortgage-related securities		(6		)	224			—			—
Total		$	(50	)	$	1,552		$	(31	)	$	658

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



	As of December 31, 2016
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Unpaid principal balance	$	2,026			$	317			$	214			$	524			$	530
Weighted average collateral default⁽¹⁾	36.8		%		25.3		%		16.5		%		19.2		%		7.1		%
Weighted average collateral severities⁽²⁾	45.8				25.7				59.2				36.5				33.5
Weighted average voluntary prepayment rates⁽³⁾	2.8				8.3				7.2				8.3				13.1
Average credit enhancement⁽⁴⁾	12.7				1.1				0.2				2.1				1.6

__________


⁽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 Year Ended
	December 31,
	2016			2015
	(Dollars in millions)
Beginning balance	$	2,421		$	5,260
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	7			8
Reductions for securities no longer in portfolio at period end	(175		)	(1,171		)
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	(254		)	(1,492		)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(133		)	(184		)
Ending balance	$	1,867		$	2,421

Investments Classified by Contractual Maturity Date [Table Text Block]



	As of December 31, 2016
	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		$	2,445	$	2,554		$	—		$	—		$	26	$	26		$	62	$	67		$	2,357	$	2,461
Freddie Mac		474		509			2			2			53		54			78		83			341		370
Ginnie Mae		34		38			—			—			1		1			2		2			31		35
Alt-A private-label securities		747		1,291			—			—			—		—			—		—			747		1,291
Subprime private-label securities		1,070		1,418			—			—			—		—			—		—			1,070		1,418
CMBS		815		819			766			770			29		30			—		—			20		19
Mortgage revenue bonds		1,245		1,272			14			15			82		82			138		139			1,011		1,036
Other mortgage-related securities		431		462			—			—			—		—			2		3			429		459
Total		$	7,261	$	8,363		$	782		$	787		$	191	$	193		$	282	$	294		$	6,006	$	7,089
Weighted average yield⁽¹⁾		6.78%					4.03		%				5.18%					6.92%					7.18%

__________


⁽¹⁾	Yields are determined by dividing interest income (including amortization and accretion of premiums, discounts and other cost basis adjustments) by amortized cost balances as of year-end. Yields on tax-exempt obligations have been computed on a tax equivalent basis.

Financial Guarantees (Tables)

12 Months Ended

Dec. 31, 2016

Guarantees [Abstract]

Financial Guarantees and Maximum Recovery [Table Text Block]



	As of December 31,
	2016									2015
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	12,607		$	143		$	8,048		$	15,069		$	194		$	8,857
Other guaranty arrangements⁽³⁾	15,335			137			2,663			16,504			135			2,869
Total	$	27,942		$	280		$	10,711		$	31,573		$	329		$	11,726

__________


⁽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 and financial guarantors, see “Note 15, Concentrations of Credit Risk.”


⁽³⁾	Primarily consists of credit enhancements and long-term standby commitments.

Acquired Property, Net (Tables)

12 Months Ended

Dec. 31, 2016

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 related valuation allowance.



	For the Year Ended December 31,
	2016				2015				2014
		(Dollars in millions)
Beginning balance — Acquired property		$	7,481			$	11,442			$	12,307
Additions		6,076				9,382				13,100
Disposals		(8,724		)		(13,343		)		(13,965		)
Ending balance — Acquired property		4,833				7,481				11,442
Valuation allowance		(344		)		(715		)		(824		)
Ending balance — Acquired property, net		$	4,489			$	6,766			$	10,618

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

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Short-Term Borrowings [Table Text Block]

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 December 31,
	2016				2015
	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⁾	$	—	—	%	$	62	—	%

Short-term debt of Fannie Mae	$	34,995	0.49	%	$	71,007	0.26	%
Debt of consolidated trusts	584		0.48		943		0.19
Total short-term debt	$	35,579	0.49	%	$	71,950	0.26	%

__________


⁽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 December 31,
	2016					2015
	Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2017 - 2030	$	153,983	2.16	%	2016 - 2030	$	154,057	2.49	%
Medium-term notes⁽²⁾	2017 - 2026	82,230		1.40		2016 - 2025	96,997		1.53
Other⁽³⁾	2017 - 2038	12,800		6.74		2016 - 2038	27,772		4.88
Total senior fixed		249,013		2.14			278,826		2.39
Senior floating:
Medium-term notes⁽²⁾	2017 - 2019	21,476		0.71		2016 - 2019	20,791		0.27
Connecticut Avenue Securities⁽⁴⁾	2023 - 2029	16,511		4.77		2023 - 2028	10,764		3.84
Other⁽⁵⁾	2020 - 2037	346		6.75		2020 - 2037	368		10.46
Total senior floating		38,333		2.48			31,923		1.58
Subordinated debentures	2019	4,645		9.93		2019	4,227		9.93
Secured borrowings⁽⁶⁾	2021 - 2022	111		1.44		2021 - 2022	152		1.47
Total long-term debt of Fannie Mae⁽⁷⁾		292,102		2.31			315,128		2.41
Debt of consolidated trusts	2017 - 2056	2,934,635		2.57		2016 - 2054	2,810,593		2.94
Total long-term debt		$	3,226,737	2.54	%		$	3,125,721	2.88	%

__________


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


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


⁽³⁾	Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.


⁽⁴⁾	Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value.


⁽⁵⁾	Consists of structured debt instruments that are reported at fair value.


⁽⁶⁾	Represents our remaining liability resulting from the transfer of financial assets from our consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.


⁽⁷⁾	Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $1.8 billion and $3.2 billion as of December 31, 2016 and 2015, respectively.

Long-Term Debt by Year of Maturity [Table Text Block]



	Long-Term Debt by Year of Maturity			Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2017		$	68,016		$	135,025
2018		55,086			43,451
2019		63,948			38,348
2020		29,414			16,734
2021		24,745			13,357
Thereafter		50,893			45,187
Total debt of Fannie Mae⁽¹⁾		292,102			292,102
Debt of consolidated trusts⁽²⁾		2,934,635			2,934,635
Total long-term debt		$	3,226,737		$	3,226,737

__________


⁽¹⁾	Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $1.8 billion.


⁽²⁾	Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying loans generally have the right to prepay their obligations at any time.

- 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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+ Details

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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 December 31, 2016										As of December 31, 2015
	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	$	29,540	$	660		$	94,584	$	(4,396	)	$	33,154	$	267		$	123,106	$	(6,920	)
Receive-fixed	30,207		2,696			135,470		(1,552		)	59,796		3,436			143,209		(753		)
Basis	1,624		115			15,600		(11		)	1,864		141			17,100		(15		)
Foreign currency	214		40			216		(85		)	295		95			258		(52		)
Swaptions:
Pay-fixed	9,600		241			4,850		(82		)	7,050		45			14,950		(26		)
Receive-fixed	—		—			10,100		(257		)	2,000		8			13,950		(171		)
Other⁽¹⁾	15,087		33			655		(2		)	9,196		28			—		(2		)
Total gross risk management derivatives	86,272		3,785			261,475		(6,385		)	113,355		4,020			312,573		(7,939		)
Accrued interest receivable (payable)	—		785			—		(937		)	—		758			—		(977		)
Netting adjustment⁽²⁾	—		(4,514		)	—		6,844			—		(4,024		)	—		8,650
Total net risk management derivatives	$	86,272	$	56		$	261,475	$	(478	)	$	113,355	$	754		$	312,573	$	(266	)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	4,753	$	28		$	3,039	$	(49	)	$	4,815	$	9		$	2,960	$	(9	)
Forward contracts to purchase mortgage-related securities	31,635		198			27,297		(388		)	31,273		66			19,418		(57		)
Forward contracts to sell mortgage-related securities	34,103		405			47,645		(300		)	26,224		65			40,753		(92		)
Total mortgage commitment derivatives	70,491		631			77,981		(737		)	62,312		140			63,131		(158		)
Derivatives at fair value	$	156,763	$	687		$	339,456	$	(1,215	)	$	175,667	$	894		$	375,704	$	(424	)

__________


⁽¹⁾	Includes futures and swap credit enhancements, as well as credit risk transfer transactions and mortgage insurance contracts that we account for as derivatives.

⁽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 Year Ended December 31,
	2016			2015			2014
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	757		$	(746	)	$	(7,703	)
Receive-fixed	(751		)	625			4,229
Basis	(21		)	4			85
Foreign currency	(76		)	(60		)	27
Swaptions:
Pay-fixed	163			135			(4		)
Receive-fixed	(230		)	(93		)	(197		)
Other	160			(25		)	1
Net accrual of periodic settlements	(1,125		)	(960		)	(1,062		)
Total risk management derivatives fair value losses, net	(1,123		)	(1,120		)	(4,624		)
Mortgage commitment derivatives fair value gains (losses), net	288			(393		)	(1,140		)
Total derivatives fair value losses, net	$	(835	)	$	(1,513	)	$	(5,764	)

- 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
-Topic 815
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The following table displays the components of our provision for federal income taxes.



	For the Year Ended December 31,
	2016			2015				2014
	(Dollars in millions)
Current income tax provision (benefit)		$	2,014		$	(271	)		$	1,879
Deferred income tax provision⁽¹⁾		4,006			5,524				5,062
Provision for federal income taxes		$	6,020		$	5,253			$	6,941

__________


⁽¹⁾	Amount excludes the income tax effect of items recognized directly in “Fannie Mae stockholders’ equity.”

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table displays the difference between our effective tax rate and the statutory federal tax rate.



	For the Year Ended December 31,
	2016				2015				2014
Statutory corporate tax rate		35.0		%		35.0		%		35.0		%
Equity investments in affordable housing projects		(1.9	)			(2.6	)			(1.8	)
Other		(0.3	)			0.9				1.4
Valuation allowance		—				(0.9	)			(1.8	)
Effective tax rate		32.8		%		32.4		%		32.8		%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The following table displays our deferred tax assets and deferred tax liabilities.



	As of December 31,
	2016			2015
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$	17,130		$	16,956
Allowance for loan losses and basis in acquired property, net		9,496			11,760
Debt and derivative instruments		2,989			3,512
Partnership credits		1,968			3,402
Partnership and other equity investments		667			745
Other, net		1,665			1,543
Total deferred tax assets		33,915			37,918
Deferred tax liabilities:
Unrealized gains on AFS securities, net		385			731
Total deferred tax liabilities		385			731
Deferred tax assets, net		$	33,530		$	37,187

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following table displays the changes in our unrecognized tax benefits.



	For the Year Ended December 31,
	2016			2015				2014
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	—		$	213			$	514
Gross decreases—tax positions in prior years		—			(213		)		(301		)
Unrecognized tax benefits as of December 31⁽¹⁾		$	—		$	—			$	213

__________


⁽¹⁾	Amounts exclude tax credits of $91 million as of December 31, 2014.

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2016

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 Year Ended December 31,
	2016			2015			2014
	(Dollars and shares in millions, except per share amounts)
Net income	$	12,313		$	10,955		$	14,209
Less: Net income attributable to noncontrolling interest	—			(1		)	(1		)
Net income attributable to Fannie Mae	12,313			10,954			14,208
Dividends distributed or available for distribution to senior preferred stockholder⁽¹⁾	(12,236		)	(11,216		)	(15,323		)
Net income (loss) attributable to common stockholders	$	77		$	(262	)	$	(1,115	)
Weighted-average common shares outstanding—Basic⁽²⁾	5,762			5,762			5,762
Convertible preferred stock	131			—			—
Weighted-average common shares outstanding—Diluted⁽²⁾	5,893			5,762			5,762
Earnings (loss) per share:
Basic	$	0.01		$	(0.05	)	$	(0.19	)
Diluted	0.01			(0.05		)	(0.19		)

__________


⁽¹⁾	Dividends distributed or available for distribution were calculated based on our net worth as of the end of the fiscal quarters for each respective year, less the applicable capital reserve. See “Note 1, Summary of Significant Accounting Policies” for additional information on our senior preferred stock agreement and our payment of dividends to Treasury.


⁽²⁾	Includes 4.6 billion for the years ended December 31, 2016, 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 December 31, 2016, 2015 and 2014, respectively.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment results [Table Text Block]



	For the Year Ended December 31, 2016
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	19,010		$	2,285		$	21,295
Fee and other income⁽²⁾	521			445			966
Net revenues	19,531			2,730			22,261
Investment gains, net⁽³⁾	944			312			1,256
Fair value losses, net⁽⁴⁾	(1,040		)	(41		)	(1,081		)
Administrative expenses	(2,418		)	(323		)	(2,741		)
Credit-related income:⁽⁵⁾
Benefit for credit losses	2,092			63			2,155
Foreclosed property income (expense)	(653		)	9			(644		)
Total credit-related income	1,439			72			1,511
TCCA fees⁽⁶⁾	(1,845		)	—			(1,845		)
Other expenses, net	(1,012		)	(16		)	(1,028		)
Income before federal income taxes	15,599			2,734			18,333
Provision for federal income taxes	(5,417		)	(603		)	(6,020		)
Net income attributable to Fannie Mae	$	10,182		$	2,131		$	12,313



	For the Year Ended December 31, 2015
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	19,301		$	2,108		$	21,409
Fee and other income⁽²⁾	636			712			1,348
Net revenues	19,937			2,820			22,757
Investment gains, net⁽³⁾	970			366			1,336
Fair value losses, net⁽⁴⁾	(1,505		)	(262		)	(1,767		)
Administrative expenses	(2,711		)	(339		)	(3,050		)
Credit-related income (expense):⁽⁵⁾
Benefit for credit losses	688			107			795
Foreclosed property income (expense)	(1,723		)	94			(1,629		)
Total credit-related income (expense)	(1,035		)	201			(834		)
TCCA fees⁽⁶⁾	(1,621		)	—			(1,621		)
Other income (expenses), net	(831		)	218			(613		)
Income before federal income taxes	13,204			3,004			16,208
Provision for federal income taxes	(4,593		)	(660		)	(5,253		)
Net income	8,611			2,344			10,955
Less: Net income attributable to noncontrolling interest	—			(1		)	(1		)
Net income attributable to Fannie Mae	$	8,611		$	2,343		$	10,954



	For the Year Ended December 31, 2014
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,204		$	1,764		$	19,968
Fee and other income⁽²⁾	5,393			494			5,887
Net revenues	23,597			2,258			25,855
Investment gains, net⁽³⁾	675			261			936
Fair value losses, net⁽⁴⁾	(4,788		)	(45		)	(4,833		)
Administrative expenses	(2,467		)	(310		)	(2,777		)
Credit-related income:⁽⁵⁾
Benefit for credit losses	3,850			114			3,964
Foreclosed property income (expense)	(225		)	83			(142		)
Total credit-related income	3,625			197			3,822
TCCA fees⁽⁶⁾	(1,375		)	—			(1,375		)
Other income (expenses), net	(718		)	240			(478		)
Income before federal income taxes	18,549			2,601			21,150
Provision for federal income taxes	(6,410		)	(531		)	(6,941		)
Net income	12,139			2,070			14,209
Less: Net income attributable to noncontrolling interest	—			(1		)	(1		)
Net income attributable to Fannie Mae	$	12,139		$	2,069		$	14,208

__________

⁽¹⁾

⁽²⁾


⁽³⁾	Investment gains and losses primarily consists of gains and losses on the sale of mortgage assets for the respective business segment.

⁽⁴⁾


⁽⁵⁾	Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property expense on loans underlying the segment’s guaranty book of business.


⁽⁶⁾	Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA.

Total assets by segment [Table Text Block]

The following table displays total assets by segment.



	As of December 31,
	2016		2015		2014
	(Dollars in millions)
Single-Family	$	3,029,727	2,993,495		3,031,019
Multifamily	258,241		228,422		217,157
Total assets	$	3,287,968	$	3,221,917	$	3,248,176

Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Preferred Stock [Table Text Block]

Preferred Stock

The following table displays our senior preferred stock and preferred stock outstanding.



		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2016
		2016			2015			Stated Value per Share
Title	Issue Date	Shares	Amount		Shares	Amount		Stated Value per Share					Redeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2	September 8, 2008	1	$	117,149	1	$	117,149	$	117,149	⁽¹⁾	N/A	⁽²⁾	N/A	⁽³⁾

Preferred Stock
Series D	September 30, 1998	3	$	150	3	$	150	$	50		5.250	%	September 30, 1999
Series E	April 15, 1999	3	150		3	150		50			5.100		April 15, 2004
Series F	March 20, 2000	14	690		14	690		50			0.730	⁽⁴⁾	March 31, 2002	⁽⁵⁾
Series G	August 8, 2000	6	288		6	288		50			0.610	⁽⁶⁾	September 30, 2002	⁽⁵⁾
Series H	April 6, 2001	8	400		8	400		50			5.810		April 6, 2006
Series I	October 28, 2002	6	300		6	300		50			5.375		October 28, 2007
Series L	April 29, 2003	7	345		7	345		50			5.125		April 29, 2008
Series M	June 10, 2003	9	460		9	460		50			4.750		June 10, 2008
Series N	September 25, 2003	5	225		5	225		50			5.500		September 25, 2008
Series O	December 30, 2004	50	2,500		50	2,500		50			7.000	⁽⁷⁾	December 31, 2007
Convertible Series 2004-I⁽⁸⁾	December 30, 2004	—	2,492		—	2,492		100,000			5.375		January 5, 2008
Series P	September 28, 2007	40	1,000		40	1,000		25			4.500	⁽⁹⁾	September 30, 2012
Series Q	October 4, 2007	15	375		15	375		25			6.750		September 30, 2010
Series R⁽¹⁰⁾	November 21, 2007	21	530		21	530		25			7.625		November 21, 2012
Series S	December 11, 2007	280	7,000		280	7,000		25			7.750	⁽¹¹⁾	December 31, 2010	⁽¹²⁾
Series T⁽¹³⁾	May 19, 2008	89	2,225		89	2,225		25			8.250		May 20, 2013
Total		556	$	19,130	556	$	19,130

__________


⁽¹⁾	Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2016 was $117,149.

⁽²⁾


⁽³⁾	Any liquidation preference of our senior preferred stock in excess of $1.0 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1.0 billion liquidation preference may be repaid only in conjunction with termination of the senior preferred stock purchase agreement.


⁽⁴⁾	Rate effective March 31, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.


⁽⁵⁾	Represents initial call date. Redeemable every two years thereafter.


⁽⁶⁾	Rate effective September 30, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.


⁽⁷⁾	Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.00% or 10-year CMT rate plus 2.375%.


⁽⁸⁾	Issued and outstanding shares were 24,922 as of December 31, 2016 and 2015.


⁽⁹⁾	Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.50% or 3-Month LIBOR plus 0.75%.


⁽¹⁰⁾	On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance.


⁽¹¹⁾	Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.


⁽¹²⁾	Represents initial call date. Redeemable every five years thereafter.


⁽¹³⁾	On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2.0 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance.

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

Accumulated Other Comprehensive Income

The following table displays our accumulated other comprehensive income.



	As of December 31,
	2016		2015		2014
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax	$	135	$	455	$	592
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax	581		903		1,529
Prior service credit (cost) and actuarial gains (losses), net of amortization, and other, net of tax	43		49		(388		)
Accumulated other comprehensive income	$	759	$	1,407	$	1,733

The table below displays changes in accumulated other comprehensive income, net of tax.



	For the Year Ended December 31,
	2016									2015
	AFS Securities⁽¹⁾			Other			Total			AFS Securities⁽¹⁾			Other⁽²⁾			Total

Beginning balance	$	1,358		$	49		$	1,407		$	2,121		$	(388	)	$	1,733
Other comprehensive income (loss) before reclassifications	(55		)	2			(53		)	(280		)	17			(263		)
Amounts reclassified from other comprehensive income (loss)	(587		)	(8		)	(595		)	(483		)	420			(63		)
Net other comprehensive income (loss)	(642		)	(6		)	(648		)	(763		)	437			(326		)
Ending balance	$	716		$	43		$	759		$	1,358		$	49		$	1,407

__________


⁽¹⁾	The amounts reclassified from accumulated other comprehensive income 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 consolidated statements of operations and comprehensive income.

⁽²⁾

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
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-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

+ Details

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2016

Regulatory Capital Requirements [Abstract]

Regulatory Capital Classification Measures [Table Text Block]

The following table displays our regulatory capital classification measures.



	As of December 31,
	2016			2015
	(Dollars in millions)
Core capital⁽¹⁾	$	(111,836	)	$	(114,526	)
Statutory minimum capital requirement⁽²⁾	24,351			25,144
Deficit of core capital over statutory minimum capital requirement	$	(136,187	)	$	(139,670	)

__________


⁽¹⁾	The sum of (a) the stated value of our outstanding common stock (common stock less treasury stock); (b) the stated value of our outstanding non-cumulative perpetual preferred stock; (c) our paid-in capital; and (d) our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income or (b) senior preferred stock.


⁽²⁾	Generally, the sum of (a) 2.50% of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties; (b) 0.45% of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties; and (c) up to 0.45% of other off-balance sheet obligations, which may be adjusted by the Director of FHFA under certain circumstances.

Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2016

Geographic Concentration Risk [Member]

Concentration Risk [Line Items]

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty book of business, measured by the unpaid principal balance of the loans.



	Geographic Concentration⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽²⁾						Percentage of Multifamily Guaranty Book of Business⁽³⁾
	As of December 31,						As of December 31,
	2016			2015			2016			2015
Midwest		15	%		15	%		9	%		9	%
Northeast		18			19			16			17
Southeast		22			22			25			23
Southwest		17			16			22			21
West		28			28			28			30
Total		100	%		100	%		100	%		100	%

__________


⁽¹⁾	Midwest consists of IL, IN, IA, MI, MN, NE, ND, OH, SD, WI; Northeast consists of CT, DE, ME, MA, NH, NJ, NY, PA, PR, RI, VT, VI; Southeast consists of AL, DC, FL, GA, KY, MD, MS, NC, SC, TN, VA, WV; Southwest consists of AZ, AR, CO, KS, LA, MO, NM, OK, TX, UT; West consists of AK, CA, GU, HI, ID, MT, NV, OR, WA and WY.


⁽²⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted over 99% of our total single-family conventional guaranty book of business as of December 31, 2016 and 2015.


⁽³⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted 99% of our total multifamily guaranty book of business as of December 31, 2016 and 2015.

Single-Family [Member]

Concentration Risk [Line Items]

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

The following tables display the delinquency status and serious delinquency rates for specified loan categories of our single-family conventional and total multifamily guaranty book of business.



	As of December 31,
	2016⁽¹⁾						2015⁽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⁾	1.30	%	0.36	%	1.18	%	1.27	%	0.37	%	1.59	%
Percentage of single-family conventional loans⁽⁴⁾	1.51		0.41		1.20		1.46		0.41		1.55

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



	As of December 31,
	2016⁽¹⁾				2015⁽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%	2	%	10.44	%	3	%	10.76	%
Geographical distribution:
California	19		0.50		20		0.58
Florida	6		1.89		6		2.86
New Jersey	4		3.07		4		4.87
New York	5		2.65		5		3.55
All other states	66		1.11		65		1.34
Product distribution:
Alt-A	3		5.00		4		6.53
Vintages:
2004 and prior	5		2.82		5		3.06
2005-2008	8		6.39		10		7.60
2009-2016	87		0.36		85		0.36

__________


⁽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 December 31, 2016 and 2015.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of December 31, 2016 and 2015.


⁽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 December 31,
	2016⁽¹⁾⁽²⁾				2015⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.02	%	0.05	%	0.03	%	0.07	%

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



	As of December 31,
	2016⁽¹⁾				2015⁽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%	2	%	0.22	%	3	%	0.40	%
Less than or equal to 80%	98		0.05		97		0.06
Current DSCR less than 1.0⁽⁵⁾	2		1.96		2		1.51

__________


⁽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 December 31, 2016 and 2015, 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)

12 Months Ended

Dec. 31, 2016

Offsetting [Abstract]

Offsetting [Table Text Block]

The tables below display 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 consolidated balance sheets.



	As of December 31, 2016
						Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	3,688	$	(3,667	)		$	21				$	—		$	—		$	21
Cleared risk management derivatives	849		(847		)		2					—			—			2
Mortgage commitment derivatives	631		—				631					(357		)	(22		)	252
Total derivative assets	5,168		(4,514		)		654		⁽⁴	⁾		(357		)	(22		)	275
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	51,115		—				51,115					—			(51,115		)	—
Total assets	$	56,283	$	(4,514	)		$	51,769				$	(357	)	$	(51,137	)	$	275



Liabilities:
OTC risk management derivatives	$	(4,905	)	$	4,520	$	(385	)			$	—	$	—	$	(385	)
Cleared risk management derivatives	(2,415		)	2,324		(91		)			—		91		—
Mortgage commitment derivatives	(737		)	—		(737		)			357		16		(364		)
Total derivative liabilities	(8,057		)	6,844		(1,213		)	⁽⁴	⁾	357		107		(749		)
Total liabilities	$	(8,057	)	$	6,844	$	(1,213	)			$	357	$	107	$	(749	)



	As of December 31, 2015
						Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	4,042	$	(4,021	)		$	21				$	—		$	(18	)	$	3
Cleared risk management derivatives	708		(3		)		705					—			—			705
Mortgage commitment derivatives	140		—				140					(119		)	(3		)	18
Total derivative assets	4,890		(4,024		)		866		⁽⁴	⁾		(119		)	(21		)	726
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	37,950		—				37,950					—			(37,950		)	—
Total assets	$	42,840	$	(4,024	)		$	38,816				$	(119	)	$	(37,971	)	$	726



Liabilities:
OTC risk management derivatives	$	(6,118	)	$	5,861	$	(257	)			$	—	$	—		$	(257	)
Cleared risk management derivatives	(2,796		)	2,789		(7		)			—		—			(7		)
Mortgage commitment derivatives	(158		)	—		(158		)			119		(1		)	(40		)
Total derivative liabilities	(9,072		)	8,650		(422		)	⁽⁴	⁾	119		(1		)	(304		)
Securities sold under agreements to repurchase or similar arrangements	(62		)	—		(62		)			—		62			—
Total liabilities	$	(9,134	)	$	8,650	$	(484	)			$	119	$	61		$	(304	)

________


⁽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 consolidated balance sheets.

⁽³⁾


⁽⁴⁾	Excludes derivative assets of $33 million and $28 million as of December 31, 2016 and 2015, respectively, and derivative liabilities of $2 million recognized in our consolidated balance sheets as of December 31, 2016 and 2015, that are not subject to enforceable master netting arrangements.


⁽⁵⁾	Includes $20.7 billion and $10.6 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2016 and 2015, respectively.

Fair Value (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value [Table Text Block]



	Fair Value Measurements as of December 31, 2016
	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		$	—		$	3,934		$	835		$	—			$	4,769
Freddie Mac		—			936			—			—				936
Ginnie Mae		—			1,122			—			—				1,122
Alt-A private-label securities		—			46			271			—				317
Subprime private-label securities		—			319			—			—				319
CMBS		—			761			—			—				761
Mortgage revenue bonds		—			—			21			—				21
Non-mortgage-related securities:
U.S. Treasury securities		32,317			—			—			—				32,317
Total trading securities		32,317			7,118			1,127			—				40,562
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			2,324			230			—				2,554
Freddie Mac		—			504			5			—				509
Ginnie Mae		—			38			—			—				38
Alt-A private-label securities		—			1,119			172			—				1,291
Subprime private-label securities		—			1,373			45			—				1,418
CMBS		—			819			—			—				819
Mortgage revenue bonds		—			—			1,272			—				1,272
Other		—			33			429			—				462
Total available-for-sale securities		—			6,210			2,153			—				8,363
Mortgage loans		—			10,860			1,197			—				12,057
Other assets:
Risk management derivatives:
Swaps		—			4,159			137			—				4,296
Swaptions		—			241			—			—				241
Other		—			—			33			—				33
Netting adjustment		—			—			—			(4,514		)		(4,514		)
Mortgage commitment derivatives		—			619			12			—				631
Total other assets		—			5,019			182			(4,514		)		687
Total assets at fair value		$	32,317		$	29,207		$	4,659		$	(4,514	)		$	61,669



	Fair Value Measurements as of December 31, 2016
	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		$	—		$	9,235		$	347		$	—		$	9,582
Total of Fannie Mae		—			9,235			347			—			9,582
Of consolidated trusts		—			36,283			241			—			36,524
Total long-term debt		—			45,518			588			—			46,106
Other liabilities:
Risk management derivatives:
Swaps		—			6,933			48			—			6,981
Swaptions		—			339			—			—			339
Other		—			—			2			—			2
Netting adjustment		—			—			—			(6,844		)	(6,844		)
Mortgage commitment derivatives		—			649			88			—			737
Total other liabilities		—			7,921			138			(6,844		)	1,215
Total liabilities at fair value		$	—		$	53,439		$	726		$	(6,844	)	$	47,321



	Fair Value Measurements as of December 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)
Assets:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	4,813		$	—		$	—			$	4,813
Freddie Mac		—			1,314			—			—				1,314
Ginnie Mae		—			426			—			—				426
Alt-A private-label securities		—			131			305			—				436
Subprime private-label securities		—			—			644			—				644
CMBS		—			2,341			—			—				2,341
Mortgage revenue bonds		—			—			449			—				449
Non-mortgage-related securities:
U.S. Treasury securities		29,485			—			—			—				29,485
Total trading securities		29,485			9,025			1,398			—				39,908
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			4,221			—			—				4,221
Freddie Mac		—			4,295			4			—				4,299
Ginnie Mae		—			391			—			—				391
Alt-A private-label securities		—			1,637			1,041			—				2,678
Subprime private-label securities		—			—			3,281			—				3,281
CMBS		—			1,255			—			—				1,255
Mortgage revenue bonds		—			—			2,701			—				2,701
Other		—			—			1,404			—				1,404
Total available-for-sale securities		—			11,799			8,431			—				20,230
Mortgage loans		—			12,598			1,477			—				14,075
Other assets:
Risk management derivatives:
Swaps		—			4,541			156			—				4,697
Swaptions		—			53			—			—				53
Other		—			—			28			—				28
Netting adjustment		—			—			—			(4,024		)		(4,024		)
Mortgage commitment derivatives		—			135			5			—				140
Total other assets		—			4,729			189			(4,024		)		894
Total assets at fair value		$	29,485		$	38,151		$	11,495		$	(4,024	)		$	75,107



	Fair Value Measurements as of December 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		$	—		$	10,764		$	369		$	—			$	11,133
Total of Fannie Mae		—			10,764			369			—				11,133
Of consolidated trusts		—			23,113			496			—				23,609
Total long-term debt		—			33,877			865			—				34,742
Other liabilities:
Risk management derivatives:
Swaps		—			8,697			20			—				8,717
Swaptions		—			197			—			—				197
Other		—			—			2			—				2
Netting adjustment		—			—			—			(8,650		)		(8,650		)
Mortgage commitment derivatives		—			148			10			—				158
Total other liabilities		—			9,042			32			(8,650		)		424
Total liabilities at fair value		$	—		$	42,919		$	897		$	(8,650	)		$	35,166

__________


⁽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 Year Ended December 31, 2016
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2016⁽⁵⁾⁽⁶⁾
	Balance, December 31, 2015			Included in Net Income				Included in Total Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2016
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	—	$	—		$	—		$	(1	)	$	(24	)	$	860		$	835			$	—
Freddie Mac	—			—					—			—		—			—			—			(1		)	1			—				—
Alt-A private-label securities	305			(1		)			—			—		—			—			(33		)	—			—			271				(1		)
Subprime private-label securities	644			(32		)			—			—		(231		)	—			(18		)	(363		)	—			—				—
Mortgage revenue bonds	449			33					—			—		(448		)	—			(13		)	—			—			21				(2		)
Total trading securities	$	1,398		$	—		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	(679	)	$	—		$	(65	)	$	(388	)	$	861		$	1,127			$	(3	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	—	$	—		$	—		$	—		$	(1	)	$	231		$	230			$	—
Freddie Mac	4			—					—			—		—			—			—			(4		)	5			5				—
Alt-A private-label securities	1,041			14					(24		)	—		(291		)	—			(52		)	(516		)	—			172				—
Subprime private-label securities	3,281			170					(209		)	—		(706		)	—			(168		)	(2,323		)	—			45				—
Mortgage revenue bonds	2,701			132					(34		)	—		(1,129		)	—			(398		)	—			—			1,272				—
Other	1,404			—					(12		)	—		(605		)	—			(74		)	(284		)	—			429				—
Total available-for-sale securities	$	8,431		$	316		⁽⁷⁾⁽⁸⁾		$	(279	)	$	—	$	(2,731	)	$	—		$	(692	)	$	(3,128	)	$	236		$	2,153			$	—

Mortgage loans	$	1,477		$	129		⁽⁶⁾⁽⁷⁾		$	—		$	36	$	(392	)	$	—		$	(255	)	$	(77	)	$	279		$	1,197			$	17
Net derivatives	157			15			⁽⁶⁾		—			—		—			(8		)	(122		)	2			—			44				(132		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(369	)	$	22				$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(347	)		$	22
Of consolidated trusts	(496		)	(75		)			—			—		—			(74		)	378			215			(189		)	(241		)		(9		)
Total long-term debt	$	(865	)	$	(53	)	⁽⁶⁾		$	—		$	—	$	—		$	(74	)	$	378		$	215		$	(189	)	$	(588	)		$	13



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2015
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2015⁽⁵⁾⁽⁶⁾
	Balance, December 31, 2014			Included in Net Income				Included in Total Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2015
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	305		$	(27	)			$	—		$	—	$	(2	)	$	—		$	—		$	(278	)	$	2		$	—			$	—
Alt-A private-label securities	597			36					—			—		(267		)	—			(45		)	(44		)	28			305				15
Subprime private-label securities	1,307			36					—			—		(611		)	—			(88		)	—			—			644				10
Mortgage revenue bonds	722			(41		)			—			—		(220		)	—			(12		)	—			—			449				(33		)
Other	99			4					—			—		(100		)	—			(3		)	—			—			—				—
Total trading securities	$	3,030		$	8		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	(1,200	)	$	—		$	(148	)	$	(322	)	$	30		$	1,398			$	(8	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	—		$	—				$	—		$	421	$	(425	)	$	—		$	(8	)	$	—		$	12		$	—			$	—
Freddie Mac	6			—					—			—		—			—			(1		)	(2		)	1			4				—
Alt-A private-label securities	3,140			215					(173		)	—		(1,504		)	—			(436		)	(538		)	337			1,041				—
Subprime private-label securities	5,240			599					(382		)	—		(1,575		)	—			(601		)	—			—			3,281				—
Mortgage revenue bonds	4,023			51					(104		)	—		(410		)	—			(859		)	—			—			2,701				—
Other	2,671			(26		)			(2		)	—		(1,012		)	—			(227		)	—			—			1,404				—
Total available-for-sale securities	$	15,080		$	839		⁽⁷⁾⁽⁸⁾		$	(661	)	$	421	$	(4,926	)	$	—		$	(2,132	)	$	(540	)	$	350		$	8,431			$	—

Mortgage loans	$	1,833		$	57		⁽⁶⁾⁽⁷⁾		$	—		$	5	$	—		$	—		$	(350	)	$	(377	)	$	309		$	1,477			$	(20	)
Net derivatives	45			(55		)	⁽⁶⁾		—			—		—			(4		)	169			(7		)	9			157				(2		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	$	(6	)			$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(369	)		$	(6	)
Of consolidated trusts	(527		)	(9		)			—			—		—			(66		)	57			228			(179		)	(496		)		17
Total long-term debt	$	(890	)	$	(15	)	⁽⁶⁾		$	—		$	—	$	—		$	(66	)	$	57		$	228		$	(179	)	$	(865	)		$	11



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2014
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2014⁽⁵⁾⁽⁶⁾
	Balance, December 31, 2013			Included in Net Income				Included in Total Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	42		$	(27	)			$	—		$	6	$	—		$	—		$	(2	)	$	(39	)	$	325		$	305			$	(18	)
Freddie Mac	2			—					—			—		—			—			—			(2		)	—			—				—
Alt-A private-label securities	618			88					—			—		(58		)	—			(81		)	(226		)	256			597				97
Subprime private-label securities	1,448			270					—			—		(241		)	—			(170		)	—			—			1,307				234
Mortgage revenue bonds	565			168					—			—		—			—			(11		)	—			—			722				160
Other	99			13					—			—		—			—			(13		)	—			—			99				13
Total trading securities	$	2,774		$	512		⁽⁶⁾⁽⁷⁾		$	—		$	6	$	(299	)	$	—		$	(277	)	$	(267	)	$	581		$	3,030			$	486

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	7		$	—				$	—		$	—	$	—		$	—		$	(1	)	$	(8	)	$	2		$	—			$	—
Freddie Mac	8			—					—			—		—			—			(1		)	(2		)	1			6				—
Alt-A private-label securities	3,791			172					(26		)	—		(393		)	—			(471		)	(1,738		)	1,805			3,140				—
Subprime private-label securities	7,068			447					301			—		(1,730		)	—			(846		)	—			—			5,240				—
Mortgage revenue bonds	5,253			(32		)			554			—		(70		)	—			(1,682		)	—			—			4,023				—
Other	2,885			19					103			—		—			—			(336		)	—			—			2,671				—
Total available-for-sale securities	$	19,012		$	606		⁽⁷⁾⁽⁸⁾		$	932		$	—	$	(2,193	)	$	—		$	(3,337	)	$	(1,748	)	$	1,808		$	15,080			$	—

Mortgage loans	$	2,704		$	260		⁽⁶⁾⁽⁷⁾		$	—		$	36	$	—		$	—		$	(344	)	$	(1,113	)	$	290		$	1,833			$	53
Net derivatives	(40		)	103			⁽⁶⁾		—			—		—			—			(21		)	(2		)	5			45				77
Long-term debt:
Of Fannie Mae:
Senior floating	$	(955	)	$	(142	)			$	—		$	—	$	—		$	(750	)	$	19		$	1,465		$	—		$	(363	)		$	(97	)
Of consolidated trusts	(518		)	(53		)			—			—		—			(1		)	62			111			(128		)	(527		)		(49		)
Total long-term debt	$	(1,473	)	$	(195	)	⁽⁶⁾		$	—		$	—	$	—		$	(751	)	$	81		$	1,576		$	(128	)	$	(890	)		$	(146	)

__________


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


⁽⁷⁾	Gains (losses) are included in “Net interest income” in our consolidated statements of operations and comprehensive income.


⁽⁸⁾	Gains (losses) are included in “Investment gains, net” in our 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 December 31, 2016
	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⁾	$	809	Consensus
	26		Other
Total agency	835
Alt-A private-label securities	232		Consensus	Default Rate (%)	0.4	-	10.9	8.2
				Prepayment Speed (%)	4.3	-	7.4	6.6
				Severity (%)	71.0	-	95.0	88.9
				Spreads (bps)	244.6	-	253.9	251.5
	39		Consensus
Total Alt-A private-label securities	271
Mortgage revenue bonds	19		Discounted Cash Flow	Spreads (bps)	13.0	-	268.2	252.2
	2		Other
Total mortgage revenue bonds	21
Total trading securities	$	1,127



	Fair Value Measurements as of December 31, 2016
	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⁾	$	129		Single Vendor	Prepayment Speed (%)	124.8		-	165.5	142.4
					Spreads (bps)	175.0		-	210.0	182.5
	72			Consensus
	34			Other
Total agency	235
Alt-A private-label securities	93			Single Vendor	Default Rate (%)	2.5		-	8.0	3.8
					Prepayment Speed (%)	3.0		-	11.0	4.9
					Severity (%)	38.0		-	80.0	48.1
					Spreads (bps)	266.1		-	306.8	297.1
	45			Discounted Cash Flow	Spreads (bps)	361.0		-	450.0	406.0
	34			Other
Total Alt-A private-label securities	172
Subprime private-label securities	45			Other
Mortgage revenue bonds	684			Single Vendor	Spreads (bps)	(16.8	)	-	336.9	44.3
	126			Single Vendor
	435			Discounted Cash Flow	Spreads (bps)	(16.8	)	-	391.1	260.0
	27			Other
Total mortgage revenue bonds	1,272
Other	47			Consensus	Default Rate (%)	0.5		-	3.5	3.5
					Prepayment Speed (%)	2.5		-	6.0	2.5
					Severity (%)	20.0		-	88.0	87.5
					Spreads (bps)	221.6		-	300.2	237.7
	348			Discounted Cash Flow	Default Rate (%)	2.3				2.3
					Prepayment Speed (%)	0.5				0.5
					Severity (%)	95.0				95.0
					Spreads (bps)	190.0		-	450.0	449.1
	34			Other
Total other	429
Total available-for-sale securities	$	2,153
Mortgage loans:
Single-family	$	516		Build-Up
	300			Consensus
	218			Other
Total single-family	1,034
Multifamily	163			Build-Up	Spreads (bps)	55.0		-	305.2	140.2
Total mortgage loans	$	1,197
Net derivatives	$	10		Internal Model
	89			Dealer Mark
	21			Discounted Cash Flow
	(76		)	Other
Total net derivatives	$	44
Long-term debt:
Of Fannie Mae:
Senior floating	$	(347	)	Discounted Cash Flow
Of consolidated trusts	(241		)	Other
Total long-term debt	$	(588	)



	Fair Value Measurements as of December 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:
Alt-A private-label securities	$	305	Consensus	Default Rate (%)	1.3	-	4.9	3.6
				Prepayment Speed (%)	2.2	-	4.5	3.7
				Severity (%)	20.5	-	95.0	69.3
				Spreads (bps)	219.0	-	263.3	253.1
Total Alt-A private-label securities	305
Subprime private-label securities	526		Consensus	Default Rate (%)	4.2	-	8.4	5.9
				Prepayment Speed (%)	0.4	-	5.3	3.3
				Severity (%)	55.9	-	95.0	73.7
				Spreads (bps)	285.0			285.0
	73		Consensus
	45		Other
Total subprime private-label securities	644
Mortgage revenue bonds	437		Discounted Cash Flow	Spreads (bps)	1.5	-	376.2	298.9
	12		Other
Total mortgage revenue bonds	449
Total trading securities	$	1,398



	Fair Value Measurements as of December 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⁾	$	4	Other
Alt-A private-label securities	671		Consensus	Default Rate (%)	0.5		-	40.7	3.4
				Prepayment Speed (%)	1.7		-	72.6	13.5
				Severity (%)	1.4		-	95.0	58.5
				Spreads (bps)	225.6		-	280.4	260.0
	201		Consensus
	169		Discounted Cash Flow	Default Rate (%)	4.0		-	5.0	4.8
				Prepayment Speed (%)	4.0		-	7.5	6.4
				Severity (%)	50.0		-	64.0	59.2
				Spreads (bps)	260.0		-	369.4	296.5
Total Alt-A private-label securities	1,041
Subprime private-label securities	343		Single Vendor	Default Rate (%)	2.5		-	7.5	4.8
				Prepayment Speed (%)	1.9		-	5.7	3.3
				Severity (%)	67.6		-	85.7	72.7
				Spreads (bps)	285.0		-	340.0	299.6
	1,848		Consensus	Default Rate (%)	0.5		-	11.3	5.9
				Prepayment Speed (%)	0.5		-	11.2	3.8
				Severity (%)	20.0		-	95.0	79.0
				Spreads (bps)	255.0		-	285.0	283.3
	945		Consensus
	145		Other
Total subprime private-label securities	3,281
Mortgage revenue bonds	991		Single Vendor	Spreads (bps)	(33.1	)	-	386.8	37.9
	1,462		Discounted Cash Flow	Spreads (bps)	(15.8	)	-	379.1	283.8
	248		Other
Total mortgage revenue bonds	2,701
Other	683		Consensus	Default Rate (%)	0.5		-	4.6	3.4
				Prepayment Speed (%)	2.5		-	15.5	4.7
				Severity (%)	6.6		-	95.0	65.7
				Spreads (bps)	200.0		-	454.4	315.6
	520		Discounted Cash Flow	Default Rate (%)	0.0		-	1.8	0.0
				Prepayment Speed (%)	0.0		-	0.5	0.0
				Severity (%)	95.0				95.0
				Spreads (bps)	260.0		-	350.0	323.6
	201		Other
Total other	1,404
Total available-for-sale securities	$	8,431



	Fair Value Measurements as of December 31, 2015
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans:
Single-family	$	127		Build-Up	Default Rate (%)	0.0	-	99.2	34.8
					Prepayment Speed (%)	3.0	-	100.0	10.4
					Severity (%)	0.0	-	100.0	39.9
	632			Build-Up
	234			Consensus	Default Rate (%)	0.5	-	5.0	3.7
					Prepayment Speed (%)	2.5	-	26.0	6.4
					Severity (%)	20.0	-	89.1	69.0
					Spreads (bps)	255.0	-	277.6	264.6
	274			Consensus
	54			Other
Total single-family	1,321
Multifamily	156			Build-Up	Spreads (bps)	70.0	-	327.2	158.8
Total mortgage loans	$	1,477
Net derivatives	$	17		Internal Model
	136			Dealer Mark
	4			Other
Total net derivatives	$	157
Long-term debt:
Of Fannie Mae:
Senior floating	$	(369	)	Discounted Cash Flow
Of consolidated trusts	(181		)	Consensus	Default Rate (%)	0.5	-	3.8	3.4
					Prepayment Speed (%)	2.5	-	26.0	5.6
					Severity (%)	20.0	-	80.6	67.8
					Spreads (bps)	255.0	-	270.0	265.8

	(149		)	Consensus
	(166		)	Other
Total of consolidated trusts	(496		)
Total long-term debt	$	(865	)

_________

⁽¹⁾


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.

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



		Fair Value Measurements as of December 31,
	Valuation Techniques	2016		2015
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	1,025	$	3,651
	Single Vendor	54		336
	Other	9		4
Total mortgage loans held for sale, at lower of cost or fair value		1,088		3,991
Single-family mortgage loans held for investment, at amortized cost	Internal Model	2,816		6,379
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions	25		82
	Asset Manager Estimate	170		236
	Other	3		5
Total multifamily mortgage loans held for investment, at amortized cost		198		323
Acquired property, net:⁽¹⁾
Single-family	Accepted Offers	340		541
	Appraisals	571		1,117
	Walk Forwards	306		433
	Internal Model	476		986
	Other	99		134
Total single-family		1,792		3,211
Other assets	Other	12		30
Total nonrecurring assets at fair value		$	5,906	$	13,934

_________

⁽¹⁾

Fair Value of Financial Instruments [Table Text Block]



	As of December 31, 2016
	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	$	62,177	$	41,477	$	20,700	$	—	$	—		$	62,177
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,415		—		30,415		—		—			30,415
Trading securities	40,562		32,317		7,118		1,127		—			40,562
Available-for-sale securities	8,363		—		6,210		2,153		—			8,363
Mortgage loans held for sale	2,899		—		509		2,751		—			3,260
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	181,738		—		36,194		157,469		—			193,663
Of consolidated trusts	2,895,116		—		2,731,619		159,273		—			2,890,892
Mortgage loans held for investment	3,076,854		—		2,767,813		316,742		—			3,084,555
Advances to lenders	7,494		—		7,156		352		—			7,508
Derivative assets at fair value	687		—		5,019		182		(4,514		)	687
Guaranty assets and buy-ups	158		—		—		432		—			432
Total financial assets	$	3,229,609	$	73,794	$	2,844,940	$	323,739	$	(4,514	)	$	3,237,959
Financial liabilities:
Short-term debt:
Of Fannie Mae	$	34,995	$	—	$	34,998	$	—	$	—		$	34,998
Of consolidated trusts	584		—		—		584		—			584
Long-term debt:
Of Fannie Mae	292,102		—		298,980		770		—			299,750
Of consolidated trusts	2,934,635		—		2,901,316		36,668		—			2,937,984
Derivative liabilities at fair value	1,215		—		7,921		138		(6,844		)	1,215
Guaranty obligations	280		—		—		710		—			710
Total financial liabilities	$	3,263,811	$	—	$	3,243,215	$	38,870	$	(6,844	)	$	3,275,241



	As of December 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	$	45,553	$	34,953	$	10,600	$	—	$	—		$	45,553
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,350		—		27,350		—		—			27,350
Trading securities	39,908		29,485		9,025		1,398		—			39,908
Available-for-sale securities	20,230		—		11,799		8,431		—			20,230
Mortgage loans held for sale	5,361		—		157		5,541		—			5,698
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	206,544		—		26,544		193,670		—			220,214
Of consolidated trusts	2,807,739		—		2,675,982		157,685		—			2,833,667
Mortgage loans held for investment	3,014,283		—		2,702,526		351,355		—			3,053,881
Advances to lenders	4,308		—		3,902		394		—			4,296
Derivative assets at fair value	894		—		4,729		189		(4,024		)	894
Guaranty assets and buy-ups	184		—		—		544		—			544
Total financial assets	$	3,158,071	$	64,438	$	2,770,088	$	367,852	$	(4,024	)	$	3,198,354
Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	62	$	—	$	62	$	—	$	—		$	62
Short-term debt:
Of Fannie Mae	71,007		—		71,006		—		—			71,006
Of consolidated trusts	943		—		—		944		—			944
Long-term debt:
Of Fannie Mae	315,128		—		324,248		898		—			325,146
Of consolidated trusts	2,810,593		—		2,819,733		27,175		—			2,846,908
Derivative liabilities at fair value	424		—		9,042		32		(8,650		)	424
Guaranty obligations	329		—		—		1,012		—			1,012
Total financial liabilities	$	3,198,486	$	—	$	3,224,091	$	30,061	$	(8,650	)	$	3,245,502

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 December 31,
		2016									2015
	Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	12,057		$	9,582		$	36,524		$	14,075		$	11,133		$	23,609
Unpaid principal balance		11,688			9,090			33,055			13,661			11,263			21,604

__________

⁽¹⁾



	For the Year Ended December 31,
	2016									2015									2014
	Loans		Long-Term Debt				Total Gains (Losses)			Loans			Long-Term Debt			Total Gains (Losses)			Loans		Long-Term Debt				Total Gains (Losses)
	(Dollars in millions)
Changes in instrument-specific credit risk	$	23		$	(648	)	$	(625	)	$	86			$	39	$	125		$	60		$	216		$	276
Other changes in fair value	72			193			265			(191		)		146		(45		)	670			(505		)	165
Fair value gains (losses), net	$	95		$	(455	)	$	(360	)	$	(105	)		$	185	$	80		$	730		$	(289	)	$	441

- 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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Non Cancelable Future Commitments by Remaining Maturity [Table Text Block]

The following table summarizes by remaining maturity, non-cancelable future commitments related to loan and mortgage purchases, operating leases and other agreements.



	As of December 31, 2016
	Loans and Mortgage-Related Securities⁽¹⁾			Operating Leases⁽²⁾		Other⁽³⁾
	(Dollars in millions)
2017		$	67,100	$	47	$	88
2018		—		32		36
2019		—		44		18
2020		—		50		8
2021		—		49		3
Thereafter		—		665		—
Total		$	67,100	$	887	$	153

__________


⁽¹⁾	Primarily includes $66.7 billion that has been accounted for as mortgage commitment derivatives.


⁽²⁾	Includes amounts related to office buildings and equipment leases.


⁽³⁾	Includes purchase commitments for certain telecommunications services, computer software and services, and other agreements and commitments.

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Information [Table Text Block]



	For the 2016 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	120			$	128			$	140			$	128
Available-for-sale securities		203				170				134				113
Mortgage loans		26,961				26,256				25,611				25,814
Other		48				46				66				83
Total interest income		27,332				26,600				25,951				26,138
Interest expense:
Short-term debt		51				57				56				42
Long-term debt		22,512				21,257				20,460				20,291
Total interest expense		22,563				21,314				20,516				20,333
Net interest income		4,769				5,286				5,435				5,805
Benefit (provision) for credit losses		1,184				1,601				673				(1,303		)
Net interest income after benefit (provision) for credit losses		5,953				6,887				6,108				4,502
Investment gains, net		69				398				467				322
Fair value gains (losses), net		(2,813		)		(1,667		)		(491		)		3,890
Fee and other income		203				174				175				414
Non-interest income (loss)		(2,541		)		(1,095		)		151				4,626
Administrative expenses:
Salaries and employee benefits		364				331				322				319
Professional services		215				232				237				271
Occupancy expenses		45				46				45				50
Other administrative expenses		64				69				57				74
Total administrative expenses		688				678				661				714
Foreclosed property expense		334				63				110				137
TCCA fees		440				453				465				487
Other expenses, net		264				254				300				210
Total expenses		1,726				1,448				1,536				1,548
Income before federal income taxes		1,686				4,344				4,723				7,580
Provision for federal income taxes		(550		)		(1,398		)		(1,527		)		(2,545		)
Net income attributable to Fannie Mae		1,136				2,946				3,196				5,035
Dividends distributed or available for distribution to senior preferred stockholder		(919		)		(2,869		)		(2,977		)		(5,471		)
Net income (loss) attributable to common stockholders (Note 11)		$	217			$	77			$	219			$	(436	)
Earnings (loss) per share:
Basic		$	0.04			$	0.01			$	0.04			$	(0.08	)
Diluted		0.04				0.01				0.04				(0.08		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,893				5,762



	For the 2015 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	115			$	116			$	99			$	114
Available-for-sale securities		376				294				261				225
Mortgage loans		27,044				26,682				26,980				26,993
Other		33				34				37				39
Total interest income		27,568				27,126				27,377				27,371
Interest expense:
Short-term debt		29				33				37				47
Long-term debt		22,472				21,416				21,752				22,247
Total interest expense		22,501				21,449				21,789				22,294
Net interest income		5,067				5,677				5,588				5,077
Benefit (provision) for credit losses		533				(1,033		)		1,550				(255		)
Net interest income after benefit (provision) for credit losses		5,600				4,644				7,138				4,822
Investment gains, net		342				514				299				181
Fair value gains (losses), net		(1,919		)		2,606				(2,589		)		135
Fee and other income		308				556				259				225
Non-interest income (loss)		(1,269		)		3,676				(2,031		)		541
Administrative expenses:
Salaries and employee benefits		351				331				317				320
Professional services		271				251				219				243
Occupancy expenses		43				43				43				53
Other administrative expenses		58				64				373				70
Total administrative expenses		723				689				952				686
Foreclosed property expense		473				182				497				477
TCCA fees		382				397				413				429
Other expenses (income), net		(5		)		202				215				201
Total expenses		1,573				1,470				2,077				1,793
Income before federal income taxes		2,758				6,850				3,030				3,570
Provision for federal income taxes		(870		)		(2,210		)		(1,070		)		(1,103		)
Net income		1,888				4,640				1,960				2,467
Less: Net income attributable to noncontrolling interest		—				—				—				(1		)
Net income attributable to Fannie Mae		1,888				4,640				1,960				2,466
Dividends distributed or available for distribution to senior preferred stockholder		(1,796		)		(4,359		)		(2,202		)		(2,859		)
Net income (loss) attributable to common stockholders (Note 11)		$	92			$	281			$	(242	)		$	(393	)
Earnings (loss) per share:
Basic		$	0.02			$	0.05			$	(0.04	)		$	(0.07	)
Diluted		0.02				0.05				(0.04		)		(0.07		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,762				5,762

Summary of Significant Accounting Policies Organization (Details)	12 Months Ended
	Dec. 31, 2016 segments
Accounting Policies [Abstract]
Number of Reportable Segments	2

Summary of Significant Accounting Policies Related Parties (Details) - USD ($)			3 Months Ended									12 Months Ended
	Dec. 30, 2016	Sep. 08, 2008	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2013	Sep. 07, 2008
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
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement				$ 116,100,000,000								$ 116,100,000,000
Payment Of Cash Dividends On Senior Preferred Stock To Treasury	$ 3,000,000,000											9,624,000,000	$ 10,278,000,000	$ 20,594,000,000
Net worth (deficit)				$ 6,071,000,000	$ 4,200,000,000			$ 4,059,000,000				$ 6,071,000,000	4,059,000,000	3,720,000,000			$ 9,591,000,000
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right				79.90%								79.90%
Income taxes paid												$ 1,711,000,000	1,170,000,000	2,815,000,000
Unpaid principal balance guaranteed by a related party				$ 5,700,000,000								5,700,000,000
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees				$ 487,000,000	465,000,000	$ 453,000,000	$ 440,000,000	429,000,000	$ 413,000,000	$ 397,000,000	$ 382,000,000	$ 1,845,000,000	1,621,000,000	1,375,000,000
Basis Points of Each Dollar of Unpaid Principal Balance				420.00%								420.00%
Trading, at fair value				$ 40,562,000,000				39,908,000,000				$ 40,562,000,000	39,908,000,000
Interest Income recognized on Treasury Securities				128,000,000	$ 140,000,000	$ 128,000,000	$ 120,000,000	114,000,000	$ 99,000,000	$ 116,000,000	$ 115,000,000	516,000,000	444,000,000	553,000,000
Accrued interest receivable				7,737,000,000				7,726,000,000				7,737,000,000	7,726,000,000
U.S. Treasury Securities [Member]
Related Parties [Line Items]
Trading, at fair value				32,317,000,000				29,485,000,000				32,317,000,000	29,485,000,000
Scenario, Forecast [Member]
Related Parties [Line Items]
Undeclared Dividends On Senior Preferred Stock Next Quarter			$ 5,500,000,000
Series 2008-2 Senior Preferred Stock [Member]
Related Parties [Line Items]
Shares of variable liquidation preference senior preferred stock issued		1,000,000
Aggregate liquidation preference of senior preferred stock		$ 1,000,000,000
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				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 remaining funding available from US Treasury pursuant to the senior preferred stock agreement				117,600,000,000								117,600,000,000
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement				$ 1,200,000,000				1,800,000,000				$ 1,200,000,000	1,800,000,000
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right				79.90%								79.90%						79.90%
Common stock warrant exercise price per share																		$ 0.00001
Fair value of the warrant at issuance		$ 3,500,000,000
Home Affordable Modification Program administrative expense reimbursements												$ 57,000,000	68,000,000	71,000,000
Income taxes paid												1,700,000,000	1,200,000,000	2,800,000,000
Interest Income, Related Party												$ 7,000,000
Income tax refund													277,000,000
Percentage of Initial Principal Loss Treasury Will Bear For the NIB Program				35.00%								35.00%
Basis Points Increase of Guarantee Fee Rate Resulting from the Temporary Payroll Tax Cut Continuation Act of 2011.				1000.00%								1000.00%
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees												$ 1,845,000,000	1,621,000,000	1,375,000,000
Recognized TCCA fees that had not been remitted to Treasury as of period end				$ 487,000,000				429,000,000				487,000,000	429,000,000
US Treasury [Member] \| Other Expense [Member]
Related Parties [Line Items]
Affordable Housing Program Assessments												137,000,000	111,000,000
US Treasury [Member] \| U.S. Treasury Securities [Member]
Related Parties [Line Items]
Trading, at fair value				32,300,000,000				29,500,000,000				32,300,000,000	29,500,000,000
Interest Income recognized on Treasury Securities												157,000,000	35,000,000	18,000,000
Accrued interest receivable				39,000,000				15,000,000				39,000,000	15,000,000
US Treasury [Member] \| Scenario, Forecast [Member]
Related Parties [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement															$ 0	$ 600,000,000
Freddie Mac [Member] \| Freddie Mac [Member]
Related Parties [Line Items]
Fair value of mortgage-related securities				1,400,000,000				5,600,000,000				1,400,000,000	5,600,000,000
Accrued interest receivable				$ 5,000,000				$ 22,000,000				5,000,000	22,000,000
Investment income, interest												112,000,000	226,000,000	283,000,000
Federal Housing Finance Agency [Member]
Related Parties [Line Items]
FHFA assessment fees/expense												114,000,000	112,000,000	108,000,000
Common Securitization Solutions [Member]
Related Parties [Line Items]
Payments to Acquire Equity Method Investments												$ 118,000,000	$ 66,000,000	$ 43,000,000

Summary of Significant Accounting Policies Use of Estimates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Jan. 01, 2015
Change in Accounting Method Accounted for as Change in Estimate [Member]
Change in Accounting Estimate [Line Items]
Advisory Bulletin impact for HFI loans		$ 1,800
Advisory Bulletin impact for preforeclosure property taxes and insurance receivable		$ 724
Single-Family Individually Impaired Loan Loss Models Update [Member]
Change in Accounting Estimate [Line Items]
Allowance for Loan and Lease Losses, Period Increase (Decrease)	$ 600

Summary of Significant Accounting Policies Investments in Securities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Fair value of guaranty obligation	$ 446	$ 488

Summary of Significant Accounting Policies Reserve for Guaranty Losses (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Reserve for Guaranty Losses	$ 370	$ 639

Summary of Significant Accounting Policies Advances to Lenders (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Maximum term of early lender funding advances	60 days

Summary of Significant Accounting Policies Fee and Other Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gain Contingencies [Line Items]
Fee and other income	$ 414	$ 175	$ 174	$ 203	$ 225	$ 259	$ 556	$ 308	$ 966	$ 1,348	$ 5,887
Private Label Securities Settlements [Member]
Gain Contingencies [Line Items]
Fee and other income									$ 245	$ 21	$ 4,800

Summary of Significant Accounting Policies Employee Retirement Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses of defined pension benefit plan recorded in Administrative expenses	$ 305

Consolidations and Transfers of Financial Assets Types of VIEs (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)
Consolidations and Transfers of Financial Assets [Abstract]
Carrying value of LIHTC partnership investments	$ 0

Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entities [Line Items]
Trading, at fair value	$ 40,562	$ 39,908
Available-for-sale securities	8,363	20,230
Other assets	20,942	17,553
Other liabilities	(10,150)	(10,393)
Unpaid principal balance of mortgage loans	3,063,646	3,010,753
Multifamily [Member]
Variable Interest Entities [Line Items]
Unpaid principal balance of mortgage loans	229,896	198,342
Consolidated VIEs [Member]
Variable Interest Entities [Line Items]
Change in assets due to change in consolidation status	145
Unconsolidated VIEs [Member]
Variable Interest Entities [Line Items]
Change in assets due to change in consolidation status		5,300
Unconsolidated VIEs [Member] \| Multifamily [Member]
Variable Interest Entities [Line Items]
Unpaid principal balance of mortgage loans	229,900
Unconsolidated VIEs [Member] \| Fannie Mae Securities [Member]
Variable Interest Entities [Line Items]
Trading, at fair value	4,642	4,704
Available-for-sale securities	2,447	3,936
Unconsolidated VIEs [Member] \| Non-Fannie Mae Securities [Member]
Variable Interest Entities [Line Items]
Trading, at fair value	3,473	5,596
Available-for-sale securities	4,879	14,644
Unconsolidated VIEs [Member] \| Mortgage-related securities [Member]
Variable Interest Entities [Line Items]
Trading, at fair value	8,115	10,300
Available-for-sale securities	7,326	18,580
Other assets	77	100
Other liabilities	(528)	(827)
Net carrying amount	14,990	28,153
Maximum exposure to loss	21,000	34,000
Total unconsolidated assets	150,000	220,000
Unconsolidated VIEs [Member] \| Partnership Interest [Member]
Variable Interest Entities [Line Items]
Net carrying amount	92	(24)
Maximum exposure to loss	118	12
Total unconsolidated assets	$ 3,900	$ 4,900

Consolidations and Transfers of Financial Assets Transfers of Financial Assets (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 264.7	$ 212.0	$ 160.4
Unconsolidated VIEs [Member]
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	1.2	1.2	$ 1.5
Unconsolidated VIEs [Member] \| Single Class MBS, REMIC & Megas [Member]
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	4.4	5.5
Retained interest: fair value	$ 5.8	$ 6.8

Consolidations and Transfers of Financial Assets Managed Loans (Details) - USD ($) $ in Billions	Dec. 31, 2016	Dec. 31, 2015
Consolidations and Transfers of Financial Assets [Abstract]
Securitized loans in unconsolidated portfolio securitization trusts: unpaid principal balance	$ 1.4	$ 1.6

Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 3,063,646	$ 3,010,753
Cost basis and fair value adjustments, net	39,572	36,842
Allowance for loan losses for loans held for investment	(23,465)	(27,951)	$ (35,541)	$ (43,846)
Total mortgage loans	3,079,753	3,019,644
Carrying value of loans redesignated from HFI to HFS	3,900	8,600	2,200
Carrying value of loans redesignated from HFS to HFI			285
Sale of loans, unpaid principal balance	6,700	3,600	1,900
Fannie Mae [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	218,547	251,336
Cost basis and fair value adjustments, net	(11,357)	(12,939)
Allowance for loan losses for loans held for investment	(22,579)	(26,510)	(33,117)	(40,521)
Total mortgage loans	184,611	211,887
Consolidated Trusts [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,845,099	2,759,417
Cost basis and fair value adjustments, net	50,929	49,781
Allowance for loan losses for loans held for investment	(886)	(1,441)	$ (2,424)	$ (3,325)
Total mortgage loans	2,895,142	2,807,757
Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,833,750	2,812,411
Recorded investment of single-family mortgage loans referred to foreclosure	18,300	25,600
Single-Family [Member] \| Fannie Mae [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	209,168	238,237
Single-Family [Member] \| Consolidated Trusts [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,624,582	2,574,174
Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	229,896	198,342
Multifamily [Member] \| Fannie Mae [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	9,379	13,099
Multifamily [Member] \| Consolidated Trusts [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 220,517	$ 185,243

Mortgage Loans Aging (Details) - USD ($) $ in Millions	12 Months Ended
Mortgage Loans Aging (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	$ 74,222	$ 79,592
Current, recorded investment	3,021,594	2,956,120
Total recorded investment in loans	3,095,816	3,035,712
Recorded investment in loans 90 days or more delinquent and accruing interest	285	349
Recorded investment in nonaccrual loans	42,108	44,846
30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	36,709	34,814
60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	9,564	9,717
Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	27,949	35,061
Single-Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	74,049	79,446
Current, recorded investment	2,789,886	2,756,092
Total recorded investment in loans	2,863,935	2,835,538
Recorded investment in loans 90 days or more delinquent and accruing interest	285	349
Recorded investment in nonaccrual loans	$ 41,705	$ 44,255
Single-Family [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious delinquency: days past due	90 days	90 days
Single-Family [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	$ 36,665	$ 34,791
Single-Family [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	9,564	9,717
Single-Family [Member] \| Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	27,820	34,938
Single-Family [Member] \| Primary [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	61,302	63,437
Current, recorded investment	2,654,195	2,598,756
Total recorded investment in loans	2,715,497	2,662,193
Recorded investment in loans 90 days or more delinquent and accruing interest	22	46
Recorded investment in nonaccrual loans	33,448	34,216
Single-Family [Member] \| Primary [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	31,631	29,154
Single-Family [Member] \| Primary [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	7,910	7,937
Single-Family [Member] \| Primary [Member] \| Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	21,761	26,346
Single-Family [Member] \| Government [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	334	373
Current, recorded investment	36,814	40,461
Total recorded investment in loans	37,148	40,834
Recorded investment in loans 90 days or more delinquent and accruing interest	256	291
Recorded investment in nonaccrual loans	0	0
Single-Family [Member] \| Government [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	56	58
Single-Family [Member] \| Government [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	22	24
Single-Family [Member] \| Government [Member] \| Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	256	291
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	9,044	11,498
Current, recorded investment	72,903	84,603
Total recorded investment in loans	81,947	96,101
Recorded investment in loans 90 days or more delinquent and accruing interest	2	6
Recorded investment in nonaccrual loans	6,019	7,407
Single-Family [Member] \| Alt-A [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	3,629	4,085
Single-Family [Member] \| Alt-A [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	1,194	1,272
Single-Family [Member] \| Alt-A [Member] \| Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	4,221	6,141
Single-Family [Member] \| Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	3,369	4,138
Current, recorded investment	25,974	32,272
Total recorded investment in loans	29,343	36,410
Recorded investment in loans 90 days or more delinquent and accruing interest	5	6
Recorded investment in nonaccrual loans	2,238	2,632
Single-Family [Member] \| Other [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	1,349	1,494
Single-Family [Member] \| Other [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	438	484
Single-Family [Member] \| Other [Member] \| Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	1,582	2,160
Multifamily [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	173	146
Current, recorded investment	231,708	200,028
Total recorded investment in loans	231,881	200,174
Recorded investment in loans 90 days or more delinquent and accruing interest	0	0
Recorded investment in nonaccrual loans	$ 403	$ 591
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
Multifamily [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	$ 44	$ 23
Multifamily [Member] \| Seriously Delinquent [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Days delinquent, recorded investment	$ 129	$ 123

Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	$ 3,095,816	$ 3,035,712
Multifamily [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	231,881	200,174
Multifamily [Member] \| Non-classified [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	228,749	197,334
Multifamily [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	3,129	2,833
Multifamily [Member] \| Doubtful [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	3	7
Multifamily [Member] \| Total classified [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	$ 3,132	$ 2,840

Mortgage Loans Individually Impaired Loans (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	$ 145,421	$ 162,230
Individually impaired loans with related allowance recorded: total recorded investment	136,977	152,765
Related allowance for loan losses	21,953	25,517
Individually impaired loans with no related allowance recorded: unpaid principal balance	20,732	21,245
Individually impaired loans with no related allowance recorded: total recorded investment	19,210	19,404
Total individually impaired loans: unpaid principal balance	166,153	183,475
Total individually impaired loans: total recorded investment	156,187	172,169
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	145,101	161,580
Individually impaired loans with related allowance recorded: total recorded investment	136,654	152,111
Related allowance for loan losses	21,920	25,437
Individually impaired loans with no related allowance recorded: unpaid principal balance	20,466	20,892
Individually impaired loans with no related allowance recorded: total recorded investment	18,944	19,050
Single-Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	105,113	116,477
Individually impaired loans with related allowance recorded: total recorded investment	99,825	110,502
Related allowance for loan losses	14,462	16,745
Individually impaired loans with no related allowance recorded: unpaid principal balance	15,733	15,891
Individually impaired loans with no related allowance recorded: total recorded investment	14,758	14,725
Single-Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	302	322
Individually impaired loans with related allowance recorded: total recorded investment	305	327
Related allowance for loan losses	59	59
Individually impaired loans with no related allowance recorded: unpaid principal balance	63	58
Individually impaired loans with no related allowance recorded: total recorded investment	59	54
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	28,599	31,888
Individually impaired loans with related allowance recorded: total recorded investment	26,059	29,103
Related allowance for loan losses	5,365	6,217
Individually impaired loans with no related allowance recorded: unpaid principal balance	3,511	3,721
Individually impaired loans with no related allowance recorded: total recorded investment	3,062	3,169
Single-Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	11,087	12,893
Individually impaired loans with related allowance recorded: total recorded investment	10,465	12,179
Related allowance for loan losses	2,034	2,416
Individually impaired loans with no related allowance recorded: unpaid principal balance	1,159	1,222
Individually impaired loans with no related allowance recorded: total recorded investment	1,065	1,102
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	320	650
Individually impaired loans with related allowance recorded: total recorded investment	323	654
Related allowance for loan losses	33	80
Individually impaired loans with no related allowance recorded: unpaid principal balance	266	353
Individually impaired loans with no related allowance recorded: total recorded investment	$ 266	$ 354

Mortgage Loans Individually Impaired Loans - 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	$ 144,792	$ 159,325	$ 172,061
Individually impaired loans with related allowance recorded: total interest income recognized	5,420	5,628	5,882
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	399	393	631
Individually impaired loans with no related allowance recorded: average recorded investment	20,078	21,199	19,164
Individually impaired loans with no related allowance recorded: total interest income recognized	1,670	1,346	1,178
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	103	105	274
Individually impaired loans: average recorded investment	164,870	180,524	191,225
Individually impaired loans: total interest income recognized	7,090	6,974	7,060
Individually impaired loans: interest income recognized on a cash basis	502	498	905
Table Footnote [Abstract]
Individually impaired loans: total interest income recognized	7,090	6,974	7,060
Single Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	144,284	158,352	170,362
Individually impaired loans with related allowance recorded: total interest income recognized	5,391	5,612	5,802
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	399	393	630
Individually impaired loans with no related allowance recorded: average recorded investment	19,761	20,757	17,692
Individually impaired loans with no related allowance recorded: total interest income recognized	1,657	1,336	1,114
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	103	105	274
Individually impaired loans: total interest income recognized	7,000	6,900	6,900
Table Footnote [Abstract]
Troubled debt restructuring recorded investment	155,000	170,300
Individually impaired loans: total interest income recognized	7,000	6,900	6,900
Individually impaired loans: contractual interest income	5,700	5,700	5,800
Individually impaired loans: effective yield adjustments	1,300	1,200	1,100
Single Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	105,076	114,737	121,926
Individually impaired loans with related allowance recorded: total interest income recognized	4,004	4,190	4,321
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	325	318	494
Individually impaired loans with no related allowance recorded: average recorded investment	15,293	15,796	13,852
Individually impaired loans with no related allowance recorded: total interest income recognized	1,236	1,039	864
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	91	91	215
Single Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	314	299	270
Individually impaired loans with related allowance recorded: total interest income recognized	12	12	13
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	0	0	0
Individually impaired loans with no related allowance recorded: average recorded investment	59	55	67
Individually impaired loans with no related allowance recorded: total interest income recognized	4	4	5
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	0	0	0
Single Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	27,512	30,453	33,676
Individually impaired loans with related allowance recorded: total interest income recognized	1,010	1,034	1,066
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	54	54	100
Individually impaired loans with no related allowance recorded: average recorded investment	3,293	3,647	2,799
Individually impaired loans with no related allowance recorded: total interest income recognized	309	218	189
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	9	11	47
Single Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	11,382	12,863	14,490
Individually impaired loans with related allowance recorded: total interest income recognized	365	376	402
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	20	21	36
Individually impaired loans with no related allowance recorded: average recorded investment	1,116	1,259	974
Individually impaired loans with no related allowance recorded: total interest income recognized	108	75	56
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	3	3	12
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	508	973	1,699
Individually impaired loans with related allowance recorded: total interest income recognized	29	16	80
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	0	0	1
Individually impaired loans with no related allowance recorded: average recorded investment	317	442	1,472
Individually impaired loans with no related allowance recorded: total interest income recognized	13	10	64
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	0	0	$ 0
Table Footnote [Abstract]
Troubled debt restructuring recorded investment	$ 248	$ 451

Mortgage Loans TDRs (Details) $ in Millions	12 Months Ended
Mortgage Loans TDRs (Details) $ in Millions	Dec. 31, 2016 USD ($) contracts	Dec. 31, 2015 USD ($) contracts	Dec. 31, 2014 USD ($) contracts
Financing Receivable, Modifications [Line Items]
Average term extension of a single-family modified loan	157 months	161 months	161 months
Average interest rate reduction of a single-family modified loan	0.79%	0.74%	0.99%
Number of loans troubled debt restructurings activity \| contracts	69,811	82,418	119,412
Recorded investment troubled debt restructurings activity \| $	$ 9,681	$ 11,487	$ 18,328
Single-Family [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	69,800	82,406	119,393
Recorded investment troubled debt restructurings activity \| $	$ 9,615	$ 11,447	$ 17,475
Single-Family [Member] \| Primary [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	61,586	71,293	100,956
Recorded investment troubled debt restructurings activity \| $	$ 8,405	$ 9,713	$ 14,301
Single-Family [Member] \| Government [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	186	241	365
Recorded investment troubled debt restructurings activity \| $	$ 20	$ 27	$ 47
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	6,647	9,037	14,715
Recorded investment troubled debt restructurings activity \| $	$ 946	$ 1,374	$ 2,441
Single-Family [Member] \| Other [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	1,381	1,835	3,357
Recorded investment troubled debt restructurings activity \| $	$ 244	$ 333	$ 686
Multifamily [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	11	12	19
Recorded investment troubled debt restructurings activity \| $	$ 66	$ 40	$ 853

Mortgage Loans TDRs with Sub Defaults (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) contracts	Dec. 31, 2015 USD ($) contracts	Dec. 31, 2014 USD ($) contracts
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	25,043	31,684	41,116
Recorded investment troubled debt restructurings subsequent default \| $	$ 3,667	$ 4,783	$ 6,499
Single-Family [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	25,038	31,681	41,107
Recorded investment troubled debt restructurings subsequent default \| $	$ 3,621	$ 4,777	$ 6,457
Single-Family [Member] \| Primary [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	20,810	26,206	33,853
Recorded investment troubled debt restructurings subsequent default \| $	$ 2,938	$ 3,808	$ 5,095
Single-Family [Member] \| Government [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	95	118	124
Recorded investment troubled debt restructurings subsequent default \| $	$ 11	$ 16	$ 15
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	3,131	4,128	5,392
Recorded investment troubled debt restructurings subsequent default \| $	$ 500	$ 706	$ 960
Single-Family [Member] \| Other [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	1,002	1,229	1,738
Recorded investment troubled debt restructurings subsequent default \| $	$ 172	$ 247	$ 387
Multifamily [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	5	3	9
Recorded investment troubled debt restructurings subsequent default \| $	$ 46	$ 6	$ 42

Allowance for Loan Losses Rollforward by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 01, 2015
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ 27,951	$ 35,541	$ 43,846
Provision (benefit) for loan losses	(1,759)	(158)	(3,885)
Charge-offs	(3,266)	(9,774)	(6,469)
Recoveries	449	1,140	1,440
Transfers	0	0	0
Other	90	1,202	609
Ending balance	23,465	27,951	35,541
Nonaccrual Policy [Member]
Table Footnote [Abstract]
Allowance for accrued interest receivables: charge-offs				$ 1,100
Change in Accounting Method Accounted for as Change in Estimate [Member]
Table Footnote [Abstract]
Advisory Bulletin impact for HFI loans				1,800
Advisory Bulletin impact for preforeclosure property taxes and insurance receivable				$ 724
Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	26,510	33,117	40,521
Provision (benefit) for loan losses	(1,741)	(321)	(4,425)
Charge-offs	(3,174)	(9,687)	(6,244)
Recoveries	419	1,124	1,190
Transfers	475	1,127	1,517
Other	90	1,150	558
Ending balance	22,579	26,510	33,117
Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	1,441	2,424	3,325
Provision (benefit) for loan losses	(18)	163	540
Charge-offs	(92)	(87)	(225)
Recoveries	30	16	250
Transfers	(475)	(1,127)	(1,517)
Other	0	52	51
Ending balance	886	1,441	2,424
Single-Family [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	27,709	35,177	43,307
Provision (benefit) for loan losses	(1,704)	(68)	(3,781)
Charge-offs	(3,254)	(9,731)	(6,393)
Recoveries	442	1,136	1,440
Transfers	0	0	0
Other	90	1,195	604
Ending balance	23,283	27,709	35,177
Single-Family [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	26,439	32,956	40,202
Provision (benefit) for loan losses	(1,692)	(258)	(4,334)
Charge-offs	(3,163)	(9,647)	(6,168)
Recoveries	412	1,120	1,190
Transfers	470	1,123	1,513
Other	90	1,145	553
Ending balance	22,556	26,439	32,956
Single-Family [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	1,270	2,221	3,105
Provision (benefit) for loan losses	(12)	190	553
Charge-offs	(91)	(84)	(225)
Recoveries	30	16	250
Transfers	(470)	(1,123)	(1,513)
Other	0	50	51
Ending balance	727	1,270	2,221
Multifamily [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	242	364	539
Provision (benefit) for loan losses	(55)	(90)	(104)
Charge-offs	(12)	(43)	(76)
Recoveries	7	4	0
Transfers	0	0	0
Other	0	7	5
Ending balance	182	242	364
Multifamily [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	71	161	319
Provision (benefit) for loan losses	(49)	(63)	(91)
Charge-offs	(11)	(40)	(76)
Recoveries	7	4	0
Transfers	5	4	4
Other	0	5	5
Ending balance	23	71	161
Multifamily [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	171	203	220
Provision (benefit) for loan losses	(6)	(27)	(13)
Charge-offs	(1)	(3)	0
Recoveries	0	0	0
Transfers	(5)	(4)	(4)
Other	0	2	0
Ending balance	$ 159	$ 171	$ 203

Allowance for Loan Losses and Total Recorded Investment in HFI Loans (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	$ 21,953	$ 25,517
Allowance for loan losses for collectively reserved loans	1,512	2,434
Total allowance for loan losses	23,465	27,951	$ 35,541	$ 43,846
Recorded investment in individually impaired loans	156,187	172,169
Recorded investment in collectively reserved loans	2,939,629	2,863,543
Total recorded investment in loans	3,095,816	3,035,712
Single-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	21,920	25,437
Allowance for loan losses for collectively reserved loans	1,363	2,272
Total allowance for loan losses	23,283	27,709	35,177	43,307
Recorded investment in individually impaired loans	155,598	171,161
Recorded investment in collectively reserved loans	2,708,337	2,664,377
Total recorded investment in loans	2,863,935	2,835,538
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	33	80
Allowance for loan losses for collectively reserved loans	149	162
Total allowance for loan losses	182	242	$ 364	$ 539
Recorded investment in individually impaired loans	589	1,008
Recorded investment in collectively reserved loans	231,292	199,166
Total recorded investment in loans	$ 231,881	$ 200,174

Investments in Securities Trading 1 (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 40,562	$ 39,908
Mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	8,245	10,423
Fannie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	4,769	4,813
Freddie Mac [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	936	1,314
Ginnie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,122	426
Alt-A private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	317	436
Subprime private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	319	644
Commerical mortgage-backed securities (CMBS) [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	761	2,341
Mortgage revenue bonds [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	21	449
U.S. Treasury Securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 32,317	$ 29,485

Investments in Securities Trading 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ 28	$ (368)	$ 485
Net trading gains (losses) recognized in the period related to securities still held at period end	$ (19)	$ (453)	$ 420

Investments in Securities Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 1,043	$ 1,066	$ 569
Gross realized losses	17	70	5
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	$ 10,993	$ 8,023	$ 3,265

Investments in Securities Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	$ 7,261	$ 18,141
Gross unrealized gains	1,142	2,170
Gross unrealized losses	(40)	(81)
Total fair value	8,363	20,230
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	2,445	4,008
Gross unrealized gains	137	243
Gross unrealized losses	(28)	(30)
Total fair value	2,554	4,221
Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	474	4,000
Gross unrealized gains	35	299
Gross unrealized losses	0	0
Total fair value	509	4,299
Ginnie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	34	343
Gross unrealized gains	4	48
Gross unrealized losses	0	0
Total fair value	38	391
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	747	2,029
Gross unrealized gains	544	653
Gross unrealized losses	0	(4)
Total fair value	1,291	2,678
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	1,070	2,526
Gross unrealized gains	351	759
Gross unrealized losses	(3)	(4)
Total fair value	1,418	3,281
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	815	1,235
Gross unrealized gains	4	20
Gross unrealized losses	0	0
Total fair value	819	1,255
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	1,245	2,639
Gross unrealized gains	36	99
Gross unrealized losses	(9)	(37)
Total fair value	1,272	2,701
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	431	1,361
Gross unrealized gains	31	49
Gross unrealized losses	0	(6)
Total fair value	$ 462	$ 1,404

Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	$ (9)	$ (50)
Less Than 12 Consecutive Months, Fair Value	217	1,552
12 Consecutive Months or Longer, Gross Unrealized Losses	(31)	(31)
12 Consecutive Months or Longer, Fair Value	556	658
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(2)	(8)
Less Than 12 Consecutive Months, Fair Value	139	659
12 Consecutive Months or Longer, Gross Unrealized Losses	(26)	(22)
12 Consecutive Months or Longer, Fair Value	477	491
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses		(1)
Less Than 12 Consecutive Months, Fair Value		26
12 Consecutive Months or Longer, Gross Unrealized Losses		(3)
12 Consecutive Months or Longer, Fair Value		54
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	12
12 Consecutive Months or Longer, Gross Unrealized Losses	(3)	(4)
12 Consecutive Months or Longer, Fair Value	73	91
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(7)	(35)
Less Than 12 Consecutive Months, Fair Value	78	631
12 Consecutive Months or Longer, Gross Unrealized Losses	(2)	(2)
12 Consecutive Months or Longer, Fair Value	$ 6	22
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses		(6)
Less Than 12 Consecutive Months, Fair Value		224
12 Consecutive Months or Longer, Gross Unrealized Losses		0
12 Consecutive Months or Longer, Fair Value		$ 0

Investments in Securities Other-than-temporary Impairments 1 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Other than Temporary Impairments, Amount	$ 35	$ 196	$ 90

Investments in Securities Other-than-temporary Impairments 2 (Details) $ in Millions	Dec. 31, 2016 USD ($)
Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 2,026
Weighted average collateral default	36.80%
Weighted average collateral severities	45.80%
Weighted average voluntary prepayment rates	2.80%
Average credit enhancement	12.70%
Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 317
Weighted average collateral default	25.30%
Weighted average collateral severities	25.70%
Weighted average voluntary prepayment rates	8.30%
Average credit enhancement	1.10%
Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 214
Weighted average collateral default	16.50%
Weighted average collateral severities	59.20%
Weighted average voluntary prepayment rates	7.20%
Average credit enhancement	0.20%
Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 524
Weighted average collateral default	19.20%
Weighted average collateral severities	36.50%
Weighted average voluntary prepayment rates	8.30%
Average credit enhancement	2.10%
Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 530
Weighted average collateral default	7.10%
Weighted average collateral severities	33.50%
Weighted average voluntary prepayment rates	13.10%
Average credit enhancement	1.60%

Investments in Securities Other-than-temporary Impairments 3 (Details) - Available-for-sale securities [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 2,421	$ 5,260
Additions for the credit component on debt securities for which OTTI was not previously recognized	1	0
Additions for the credit component on debt securities for which OTTI was previously recognized	7	8
Reductions for securities no longer in portfolio at period end	(175)	(1,171)
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	(254)	(1,492)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(133)	(184)
Balance, end of period	$ 1,867	$ 2,421

Investments in Securities Maturity Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	$ 7,261	$ 18,141
Total fair value	8,363	20,230
One Year or Less, Amortized Cost	782
One Year or Less, Fair Value	787
After One Year through Five Years, Amortized Cost	191
After One Year through Five Years, Fair Value	193
After Five Years through Ten Years, Amortized Cost	282
After Five Years through Ten Years, Fair Value	294
After Ten Years, Amortized Cost	6,006
After Ten Years, Fair Value	$ 7,089
Weighted average yield	6.78%
One Year or Less, weighted average yield	4.03%
After One Year through Five Years, weighted average yield	5.18%
After Five Years through Ten Years, weighted average yield	6.92%
After Ten Years, weighted average yield	7.18%
Fannie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	$ 2,445	4,008
Total fair value	2,554	4,221
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	26
After One Year through Five Years, Fair Value	26
After Five Years through Ten Years, Amortized Cost	62
After Five Years through Ten Years, Fair Value	67
After Ten Years, Amortized Cost	2,357
After Ten Years, Fair Value	2,461
Freddie Mac [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	474	4,000
Total fair value	509	4,299
One Year or Less, Amortized Cost	2
One Year or Less, Fair Value	2
After One Year through Five Years, Amortized Cost	53
After One Year through Five Years, Fair Value	54
After Five Years through Ten Years, Amortized Cost	78
After Five Years through Ten Years, Fair Value	83
After Ten Years, Amortized Cost	341
After Ten Years, Fair Value	370
Ginnie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	34	343
Total fair value	38	391
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	2
After Five Years through Ten Years, Fair Value	2
After Ten Years, Amortized Cost	31
After Ten Years, Fair Value	35
Alt-A private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	747	2,029
Total fair value	1,291	2,678
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	747
After Ten Years, Fair Value	1,291
Subprime private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	1,070	2,526
Total fair value	1,418	3,281
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	1,070
After Ten Years, Fair Value	1,418
CMBS [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	815	1,235
Total fair value	819	1,255
One Year or Less, Amortized Cost	766
One Year or Less, Fair Value	770
After One Year through Five Years, Amortized Cost	29
After One Year through Five Years, Fair Value	30
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	20
After Ten Years, Fair Value	19
Mortgage revenue bonds [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	1,245	2,639
Total fair value	1,272	2,701
One Year or Less, Amortized Cost	14
One Year or Less, Fair Value	15
After One Year through Five Years, Amortized Cost	82
After One Year through Five Years, Fair Value	82
After Five Years through Ten Years, Amortized Cost	138
After Five Years through Ten Years, Fair Value	139
After Ten Years, Amortized Cost	1,011
After Ten Years, Fair Value	1,036
Other mortgage-related securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	431	1,361
Total fair value	462	$ 1,404
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	2
After Five Years through Ten Years, Fair Value	3
After Ten Years, Amortized Cost	429
After Ten Years, Fair Value	$ 459

Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	$ 27,942	$ 31,573
Guaranty obligation	280	329
Maximum recovery	10,711	11,726
Unconsolidated VIEs [Member] \| Unconsolidated Fannie Mae MBS [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	12,607	15,069
Guaranty obligation	143	194
Maximum recovery	8,048	8,857
Unconsolidated VIEs [Member] \| Other guaranty arrangements [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	15,335	16,504
Guaranty obligation	137	135
Maximum recovery	$ 2,663	$ 2,869
Minimum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees1	1 day
Maximum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees1	36 years

Acquired Property, Net (Details) - USD ($) $ in Millions	12 Months Ended
Acquired Property, Net (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Property [Roll Forward]
Beginning balance - Acquired property	$ 7,481	$ 11,442	$ 12,307
Additions	6,076	9,382	13,100
Disposals	(8,724)	(13,343)	(13,965)
Ending balance - Acquired property	4,833	7,481	11,442
Valuation allowance	(344)	(715)	(824)
Acquired property, net	4,489	6,766	10,618
Carrying amount of acquired held-for-use, net	$ 55	$ 85	$ 135

Short-Term Borrowings (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Short-Term Borrowings [Line Items]
Federal funds purchased and securities sold under agreements to repurchase, outstanding	$ 0	$ 62,000,000
Federal funds purchased and securities sold under agreements to repurchase, weighted-average interest rate	0.00%	0.00%
Short-term debt, outstanding	$ 35,579,000,000	$ 71,950,000,000
Short-term debt, weighted-average interest rate	0.49%	0.26%
Line of Credit [Member]
Short-Term Borrowings [Line Items]
Line of credit maximum borrowing capacity	$ 15,000,000,000	$ 15,000,000,000
Line of credit amount outstanding	0
Fannie Mae [Member]
Short-Term Borrowings [Line Items]
Short-term debt, outstanding	$ 34,995,000,000	$ 71,007,000,000
Short-term debt, weighted-average interest rate	0.49%	0.26%
Consolidated Trusts [Member]
Short-Term Borrowings [Line Items]
Short-term debt, outstanding	$ 584,000,000	$ 943,000,000
Short-term debt, weighted-average interest rate	0.48%	0.19%

Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,226,737	$ 3,125,721
Long-term debt, weighted-average interest rate	2.54%	2.88%
Fannie Mae [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 292,102	$ 315,128
Long-term debt, weighted-average interest rate	2.31%	2.41%
Net unamortized discount, fair value adjustments and other cost basis adjustments	$ 1,800	$ 3,200
Fannie Mae [Member] \| Senior Fixed [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 249,013	$ 278,826
Long-term debt, weighted-average interest rate	2.14%	2.39%
Fannie Mae [Member] \| Senior Fixed Benchmark Notes and Bonds [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 153,983	$ 154,057
Long-term debt, weighted-average interest rate	2.16%	2.49%
Fannie Mae [Member] \| Senior Fixed Medium-Term Notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 82,230	$ 96,997
Long-term debt, weighted-average interest rate	1.40%	1.53%
Fannie Mae [Member] \| Senior Fixed Other Debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 12,800	$ 27,772
Long-term debt, weighted-average interest rate	6.74%	4.88%
Fannie Mae [Member] \| Senior floating [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 38,333	$ 31,923
Long-term debt, weighted-average interest rate	2.48%	1.58%
Fannie Mae [Member] \| Senior Floating Medium-Term Notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 21,476	$ 20,791
Long-term debt, weighted-average interest rate	0.71%	0.27%
Fannie Mae [Member] \| Senior Floating Connecticut Avenue Security [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 16,511	$ 10,764
Long-term debt, weighted-average interest rate	4.77%	3.84%
Fannie Mae [Member] \| Senior Floating Other Debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 346	$ 368
Long-term debt, weighted-average interest rate	6.75%	10.46%
Fannie Mae [Member] \| Subordinated Debentures [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,645	$ 4,227
Long-term debt, weighted-average interest rate	9.93%	9.93%
Fannie Mae [Member] \| Secured Borrowings [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 111	$ 152
Long-term debt, weighted-average interest rate	1.44%	1.47%
Consolidated Trusts [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,934,635	$ 2,810,593
Long-term debt, weighted-average interest rate	2.57%	2.94%
Minimum [Member] \| Fannie Mae [Member]
Long-Term Debt [Line Items]
Medium-term notes original contractual maturity	1 year	1 year
Long-term debt original contractual maturity greater than 10 years	10 years	10 years
Maximum [Member] \| Fannie Mae [Member]
Long-Term Debt [Line Items]
Medium-term notes original contractual maturity	10 years	10 years

Short-Term Borrowings and Long-Term Debt Characteristics of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 3,226,737	$ 3,125,721
Fannie Mae [Member]
Long-Term Debt [Line Items]
Face amount	328,900	389,400
Long-Term Debt by Year of Maturity [Abstract]
2017	68,016
2018	55,086
2019	63,948
2020	29,414
2021	24,745
Thereafter	50,893
Total long-term debt	292,102	315,128
Net unamortized discount, fair value adjustments and other cost basis adjustments	1,800	3,200
Fannie Mae [Member] \| Zero-Coupon Debt [Member]
Long-Term Debt [Line Items]
Face amount	$ 45,900	$ 82,100
Effective interest rate	2.43%	1.26%
Fannie Mae [Member] \| Callable [Member]
Long-Term Debt [Line Items]
Outstanding debt	$ 77,300	$ 96,200
Consolidated Trusts [Member]
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	2,934,635	$ 2,810,593
Earlier of Contractual Maturity or Next Call Date [Member]
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	3,226,737
Earlier of Contractual Maturity or Next Call Date [Member] \| Fannie Mae [Member]
Long-Term Debt by Year of Maturity [Abstract]
2017	135,025
2018	43,451
2019	38,348
2020	16,734
2021	13,357
Thereafter	45,187
Total long-term debt	292,102
Earlier of Contractual Maturity or Next Call Date [Member] \| Consolidated Trusts [Member]
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 2,934,635

Derivative Instruments Derivatives 1 - Notional and FV Position (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Asset Derivatives [Abstract]
Notional amount	$ 156,763	$ 175,667
Derivative asset, estimated fair value	687	894
Netting adjustment	(4,514)	(4,024)
Derivative Liabilities [Abstract]
Notional amount	339,456	375,704
Derivative liability, estimated fair value	(1,215)	(424)
Netting adjustment	6,844	8,650
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	2,900	4,900
Cash collateral received for derivative instruments	535	314
Pay-fixed swap [Member]
Asset Derivatives [Abstract]
Notional amount	29,540	33,154
Derivative asset, estimated fair value	660	267
Derivative Liabilities [Abstract]
Notional amount	94,584	123,106
Derivative liability, estimated fair value	(4,396)	(6,920)
Receive-fixed Swap [Member]
Asset Derivatives [Abstract]
Notional amount	30,207	59,796
Derivative asset, estimated fair value	2,696	3,436
Derivative Liabilities [Abstract]
Notional amount	135,470	143,209
Derivative liability, estimated fair value	(1,552)	(753)
Basis swap [Member]
Asset Derivatives [Abstract]
Notional amount	1,624	1,864
Derivative asset, estimated fair value	115	141
Derivative Liabilities [Abstract]
Notional amount	15,600	17,100
Derivative liability, estimated fair value	(11)	(15)
Foreign currency swap [Member]
Asset Derivatives [Abstract]
Notional amount	214	295
Derivative asset, estimated fair value	40	95
Derivative Liabilities [Abstract]
Notional amount	216	258
Derivative liability, estimated fair value	(85)	(52)
Pay-fixed swaption [Member]
Asset Derivatives [Abstract]
Notional amount	9,600	7,050
Derivative asset, estimated fair value	241	45
Derivative Liabilities [Abstract]
Notional amount	4,850	14,950
Derivative liability, estimated fair value	(82)	(26)
Receive-fixed swaption [Member]
Asset Derivatives [Abstract]
Notional amount	0	2,000
Derivative asset, estimated fair value	0	8
Derivative Liabilities [Abstract]
Notional amount	10,100	13,950
Derivative liability, estimated fair value	(257)	(171)
Other contract [Member]
Asset Derivatives [Abstract]
Notional amount	15,087	9,196
Derivative asset, estimated fair value	33	28
Derivative Liabilities [Abstract]
Notional amount	655	0
Derivative liability, estimated fair value	(2)	(2)
Risk management derivatives [Member]
Asset Derivatives [Abstract]
Notional amount	86,272	113,355
Derivative asset, estimated fair value	3,785	4,020
Accrued interest receivable	785	758
Netting adjustment	(4,514)	(4,024)
Total net risk management derivatives - Asset	56	754
Derivative Liabilities [Abstract]
Notional amount	261,475	312,573
Derivative liability, estimated fair value	(6,385)	(7,939)
Accrued interest payable	(937)	(977)
Netting adjustment	6,844	8,650
Total net risk management derivatives - Liability	(478)	(266)
Mortgage commitments to purchase whole loans [Member]
Asset Derivatives [Abstract]
Notional amount	4,753	4,815
Derivative asset, estimated fair value	28	9
Derivative Liabilities [Abstract]
Notional amount	3,039	2,960
Derivative liability, estimated fair value	(49)	(9)
Forward contracts to purchase mortgage-related securities [Member]
Asset Derivatives [Abstract]
Notional amount	31,635	31,273
Derivative asset, estimated fair value	198	66
Derivative Liabilities [Abstract]
Notional amount	27,297	19,418
Derivative liability, estimated fair value	(388)	(57)
Forward contracts to sell mortgage-related securities [Member]
Asset Derivatives [Abstract]
Notional amount	34,103	26,224
Derivative asset, estimated fair value	405	65
Derivative Liabilities [Abstract]
Notional amount	47,645	40,753
Derivative liability, estimated fair value	(300)	(92)
Mortgage commitment derivatives [Member]
Asset Derivatives [Abstract]
Notional amount	70,491	62,312
Derivative asset, estimated fair value	631	140
Netting adjustment	0	0
Derivative Liabilities [Abstract]
Notional amount	77,981	63,131
Derivative liability, estimated fair value	(737)	(158)
Netting adjustment	$ 0	$ 0

Derivative Instruments (Narratives) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
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	$ 1,600	$ 2,400
Fair value of collateral posted	1,400	2,200
Additional collateral required to immediately settle our positions if the credit-risk-related contingent features were triggered	$ 258	$ 257

Derivative Instruments Derivatives 2 - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									$ (835)	$ (1,513)	$ (5,764)
Accrual of periodic settlements	$ 5,805	$ 5,435	$ 5,286	$ 4,769	$ 5,077	$ 5,588	$ 5,677	$ 5,067	21,295	21,409	19,968
Pay-fixed swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									757	(746)	(7,703)
Receive-fixed Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(751)	625	4,229
Basis swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(21)	4	85
Foreign currency swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(76)	(60)	27
Pay-fixed swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									163	135	(4)
Receive-fixed swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(230)	(93)	(197)
Other contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									160	(25)	1
Risk management derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(1,123)	(1,120)	(4,624)
Accrual of periodic settlements									(1,125)	(960)	(1,062)
Mortgage commitment derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									$ 288	$ (393)	$ (1,140)

Income Taxes Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Provision (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Current income tax provision (benefit)									$ 2,014	$ (271)	$ 1,879
Deferred income tax provision									4,006	5,524	5,062
Provision for federal income taxes	$ 2,545	$ 1,527	$ 1,398	$ 550	$ 1,103	$ 1,070	$ 2,210	$ 870	$ 6,020	$ 5,253	$ 6,941
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory corporate tax rate									35.00%	35.00%	35.00%
Equity investments in affordable housing projects									(1.90%)	(2.60%)	(1.80%)
Other									(0.30%)	0.90%	1.40%
Valuation allowance									0.00%	(0.90%)	(1.80%)
Effective tax rate									32.80%	32.40%	32.80%

Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards	$ 0
Deferred Tax Assets, Tax Credit Carryforwards	2,000,000,000
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	302,000,000
Deferred tax assets:
Mortgage and mortgage-related assets	17,130,000,000	$ 16,956,000,000
Allowance for loan losses and basis in acquired property, net	9,496,000,000	11,760,000,000
Debt and derivative instruments	2,989,000,000	3,512,000,000
Partnership credits	1,968,000,000	3,402,000,000
Partnership and other equity investments	667,000,000	745,000,000
Other, net	1,665,000,000	1,543,000,000
Total deferred tax assets	33,915,000,000	37,918,000,000
Deferred tax liabilities:
Unrealized gains on AFS securities, net	385,000,000	731,000,000
Total deferred tax liabilities	385,000,000	731,000,000
Net deferred tax assets	$ 33,530,000,000	$ 37,187,000,000

Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of January 1	$ 0	$ 213	$ 514
Gross decreases- tax positions in prior years	0	(213)	(301)
Unrecognized tax benefits as of December 31	0	0	213
Unrecognized Tax Benefit Resulting in Tax Credits and/or Net Operating Loss Carryforward	$ 0	$ 0	$ 91

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income					$ 2,467	$ 1,960	$ 4,640	$ 1,888	$ 12,313	$ 10,955	$ 14,209
Less: Net income attributable to noncontrolling interest					(1)	0	0	0	0	(1)	(1)
Net income attributable to Fannie Mae	$ 5,035	$ 3,196	$ 2,946	$ 1,136	2,466	1,960	4,640	1,888	12,313	10,954	14,208
Dividends distributed or available for distribution to senior preferred stockholder	(5,471)	(2,977)	(2,869)	(919)	(2,859)	(2,202)	(4,359)	(1,796)	(12,236)	(11,216)	(15,323)
Net income (loss) attributable to common stockholders (Note 11)	$ (436)	$ 219	$ 77	$ 217	$ (393)	$ (242)	$ 281	$ 92	$ 77	$ (262)	$ (1,115)
Weighted-average common shares outstanding: Basic	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762
Convertible preferred stock									131	0	0
Weighted-average common shares outstanding: Diluted	5,762	5,893	5,893	5,893	5,762	5,762	5,893	5,893	5,893	5,762	5,762
Earnings (loss) per share: Basic									$ 0.01	$ (0.05)	$ (0.19)
Earnings (loss) per share: Diluted	$ (0.08)	$ 0.04	$ 0.01	$ 0.04	$ (0.07)	$ (0.04)	$ 0.05	$ 0.02	$ 0.01	$ (0.05)	$ (0.19)
Weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury									4,600	4,600	4,600

Segment Reporting (Narrative) (Details)	12 Months Ended
Segment Reporting (Narrative) (Details)	Dec. 31, 2016 segments
Segment Reporting [Abstract]
Number of Reportable Segments	2

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net interest income	$ 5,805	$ 5,435	$ 5,286	$ 4,769	$ 5,077	$ 5,588	$ 5,677	$ 5,067	$ 21,295	$ 21,409	$ 19,968
Fee and other income									966	1,348	5,887
Net revenues									22,261	22,757	25,855
Investment gains, net	322	467	398	69	181	299	514	342	1,256	1,336	936
Fair value losses, net	3,890	(491)	(1,667)	(2,813)	135	(2,589)	2,606	(1,919)	(1,081)	(1,767)	(4,833)
Administrative expenses	(714)	(661)	(678)	(688)	(686)	(952)	(689)	(723)	(2,741)	(3,050)	(2,777)
Benefit for credit losses	(1,303)	673	1,601	1,184	(255)	1,550	(1,033)	533	2,155	795	3,964
Foreclosed property income (expense)	(137)	(110)	(63)	(334)	(477)	(497)	(182)	(473)	(644)	(1,629)	(142)
Credit-related income (expense)									1,511	(834)	3,822
TCCA fees	(487)	(465)	(453)	(440)	(429)	(413)	(397)	(382)	(1,845)	(1,621)	(1,375)
Other expenses, net	(210)	(300)	(254)	(264)	(201)	(215)	(202)	5	(1,028)	(613)	(478)
Income before federal income taxes	7,580	4,723	4,344	1,686	3,570	3,030	6,850	2,758	18,333	16,208	21,150
Provision for federal income taxes	(2,545)	(1,527)	(1,398)	(550)	(1,103)	(1,070)	(2,210)	(870)	(6,020)	(5,253)	(6,941)
Net income					2,467	1,960	4,640	1,888	12,313	10,955	14,209
Less: Net income attributable to noncontrolling interest					(1)	0	0	0	0	(1)	(1)
Net income attributable to Fannie Mae	$ 5,035	$ 3,196	$ 2,946	$ 1,136	$ 2,466	$ 1,960	$ 4,640	$ 1,888	12,313	10,954	14,208
US Treasury [Member]
Segment Reporting Information [Line Items]
TCCA fees									(1,845)	(1,621)	(1,375)
Operating Segments [Member] \| Single-Family [Member]
Segment Reporting Information [Line Items]
Net interest income									19,010	19,301	18,204
Fee and other income									521	636	5,393
Net revenues									19,531	19,937	23,597
Investment gains, net									944	970	675
Fair value losses, net									(1,040)	(1,505)	(4,788)
Administrative expenses									(2,418)	(2,711)	(2,467)
Benefit for credit losses									2,092	688	3,850
Foreclosed property income (expense)									(653)	(1,723)	(225)
Credit-related income (expense)									1,439	(1,035)	3,625
Other expenses, net									(1,012)	(831)	(718)
Income before federal income taxes									15,599	13,204	18,549
Provision for federal income taxes									(5,417)	(4,593)	(6,410)
Net income										8,611	12,139
Less: Net income attributable to noncontrolling interest										0	0
Net income attributable to Fannie Mae									10,182	8,611	12,139
Operating Segments [Member] \| Multifamily [Member]
Segment Reporting Information [Line Items]
Net interest income									2,285	2,108	1,764
Fee and other income									445	712	494
Net revenues									2,730	2,820	2,258
Investment gains, net									312	366	261
Fair value losses, net									(41)	(262)	(45)
Administrative expenses									(323)	(339)	(310)
Benefit for credit losses									63	107	114
Foreclosed property income (expense)									9	94	83
Credit-related income (expense)									72	201	197
Other expenses, net									(16)	218	240
Income before federal income taxes									2,734	3,004	2,601
Provision for federal income taxes									(603)	(660)	(531)
Net income										2,344	2,070
Less: Net income attributable to noncontrolling interest										(1)	(1)
Net income attributable to Fannie Mae									2,131	2,343	2,069
Operating Segments [Member] \| US Treasury [Member] \| Single-Family [Member]
Segment Reporting Information [Line Items]
TCCA fees									(1,845)	(1,621)	(1,375)
Operating Segments [Member] \| US Treasury [Member] \| Multifamily [Member]
Segment Reporting Information [Line Items]
TCCA fees									$ 0	$ 0	$ 0

Segment Reporting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,287,968	$ 3,221,917	$ 3,248,176
Operating Segments [Member] \| Single-Family [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,029,727	2,993,495	3,031,019
Operating Segments [Member] \| Multifamily [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 258,241	$ 228,422	$ 217,157

Equity Narratives (Details)			12 Months Ended
Equity Narratives (Details)	Sep. 08, 2008 USD ($) $ / shares	Sep. 08, 2008 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 07, 2008 $ / shares
Class of Stock [Line Items]
Common stock outstanding \| shares			1,158,082,750	1,158,082,750
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right			79.90%
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement			$ 116,100,000,000
Dividends declared on our senior preferred stock			$ 9,624,000,000	$ 10,278,000,000	$ 20,594,000,000
Convertible Series 2004-1 Preferred Stock [Member]
Class of Stock [Line Items]
Conversion price per share \| $ / shares			$ 94.31
Conversion rate			1,060.3329
Preferred stock redemption price per share \| $ / shares			$ 105,000
Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Senior preferred stock liquidation preference per share \| $ / shares	$ 1,000	$ 1,000	$ 117,149
Shares of variable liquidation preference senior preferred stock issued \| shares		1,000,000
Aggregate liquidation preference of senior preferred stock	$ 1,000,000,000	$ 1,000,000,000
Value assigned to Treasury's commitment and recorded as a reduction to additional paid-in-capital	$ 4,500,000,000
Dividends declared on our senior preferred stock			$ 9,600,000,000	10,300,000,000	$ 20,600,000,000
Preferred Stock Covenant Maximum Fair Market Value of assets and properties per transaction			250,000,000
Preferred Stock, Covenant, Maximum Aggregate Indebtedness Amount, Current Period			$ 479,000,000,000
Preferred Stock, Covenant, Current Period Debt v.s. Maximum Mortgage Assets Allowed at Prior Year End, Maximum Ratio			120.00%
Preferred Stock, Covenant, Maximum Mortgage Assets			$ 339,300,000,000
Preferred Stock, Covenant, Mortgage Assets at Year End, Maximum Ratio of Preceding Year End			85.00%
Preferred Stock, Covenant, Minimum Mortgage Assets			$ 250,000,000,000.0
Minimum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share \| $ / shares			$ 50
Minimum [Member] \| Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
FHFA Request, Covenant, Mortgage Assets at Year End, Minimum Ratio of Preceding Year End			90.00%
Maximum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share \| $ / shares			$ 52.5
Maximum [Member] \| Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
FHFA Request, Covenant, Mortgage Assets at Year End, Minimum Ratio of Preceding Year End			95.00%
US Treasury [Member]
Class of Stock [Line Items]
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right			79.90%					79.90%
Aggregate liquidation preference of senior preferred stock			$ 117,100,000,000
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement			116,100,000,000	116,100,000,000
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement			1,200,000,000	$ 1,800,000,000
Common stock warrant exercise price per share \| $ / shares								$ 0.00001
Initial aggregate liquidation preference of senior preferred stock held by US Treasury			1,000,000,000
Total remaining funding available from US Treasury pursuant to the senior preferred stock agreement			$ 117,600,000,000
US Treasury [Member] \| Scenario, Forecast [Member]
Class of Stock [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement						$ 0	$ 600,000,000

Equity Schedule of Stock by Class (Details) - USD ($)	12 Months Ended
Equity Schedule of Stock by Class (Details) - USD ($)	Dec. 31, 2016	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2015	Sep. 08, 2008	Jun. 04, 2008	May 22, 2008	May 19, 2008	Dec. 14, 2007	Nov. 21, 2007
Class of Stock [Line Items]
Senior preferred stock issued, shares	1,000,000			1,000,000
Senior preferred stock value	$ 117,149,000,000			$ 117,149,000,000
Senior preferred stock, shares outstanding	1,000,000			1,000,000
Preferred stock, shares issued	555,374,922			555,374,922
Preferred stock issued, amount	$ 19,130,000,000			$ 19,130,000,000
Preferred stock, shares outstanding	555,374,922			555,374,922
Preferred stock outstanding, amount	$ 19,130,000,000			$ 19,130,000,000
Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Senior preferred stock issued, shares	1,000,000			1,000,000
Senior preferred stock value	$ 117,149,000,000			$ 117,149,000,000	$ 1,000,000,000.0
Senior preferred stock, shares outstanding	1,000,000			1,000,000
Senior preferred stock, stated value per share	$ 117,149				$ 1,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	3,000,000			3,000,000
Preferred stock issued, amount	$ 150,000,000			$ 150,000,000
Preferred stock, shares outstanding	3,000,000			3,000,000
Preferred stock outstanding, amount	$ 150,000,000			$ 150,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.25%
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	3,000,000			3,000,000
Preferred stock issued, amount	$ 150,000,000			$ 150,000,000
Preferred stock, shares outstanding	3,000,000			3,000,000
Preferred stock outstanding, amount	$ 150,000,000			$ 150,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.10%
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	14,000,000			14,000,000
Preferred stock issued, amount	$ 690,000,000			$ 690,000,000
Preferred stock, shares outstanding	14,000,000			14,000,000
Preferred stock outstanding, amount	$ 690,000,000			$ 690,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	0.73%
Preferred Stock, Redemption Terms	P2Y
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	6,000,000			6,000,000
Preferred stock issued, amount	$ 288,000,000			$ 288,000,000
Preferred stock, shares outstanding	6,000,000			6,000,000
Preferred stock outstanding, amount	$ 288,000,000			$ 288,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	0.61%
Preferred Stock, Redemption Terms	P2Y
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	8,000,000			8,000,000
Preferred stock issued, amount	$ 400,000,000			$ 400,000,000
Preferred stock, shares outstanding	8,000,000			8,000,000
Preferred stock outstanding, amount	$ 400,000,000			$ 400,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.81%
Series I Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	6,000,000			6,000,000
Preferred stock issued, amount	$ 300,000,000			$ 300,000,000
Preferred stock, shares outstanding	6,000,000			6,000,000
Preferred stock outstanding, amount	$ 300,000,000			$ 300,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.375%
Series L Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	7,000,000			7,000,000
Preferred stock issued, amount	$ 345,000,000			$ 345,000,000
Preferred stock, shares outstanding	7,000,000			7,000,000
Preferred stock outstanding, amount	$ 345,000,000			$ 345,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.125%
Series M Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	9,000,000			9,000,000
Preferred stock issued, amount	$ 460,000,000			$ 460,000,000
Preferred stock, shares outstanding	9,000,000			9,000,000
Preferred stock outstanding, amount	$ 460,000,000			$ 460,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	4.75%
Series N Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	5,000,000			5,000,000
Preferred stock issued, amount	$ 225,000,000			$ 225,000,000
Preferred stock, shares outstanding	5,000,000			5,000,000
Preferred stock outstanding, amount	$ 225,000,000			$ 225,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.50%
Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	50,000,000			50,000,000
Preferred stock issued, amount	$ 2,500,000,000			$ 2,500,000,000
Preferred stock, shares outstanding	50,000,000			50,000,000
Preferred stock outstanding, amount	$ 2,500,000,000			$ 2,500,000,000
Preferred stock, stated value per share	$ 50
Preferred stock, annual dividend rate (as a percent)	7.00%
Convertible Series 2004-1 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	24,922			24,922
Preferred stock issued, amount	$ 2,492,000,000			$ 2,492,000,000
Preferred stock, shares outstanding	24,922			24,922
Preferred stock outstanding, amount	$ 2,492,000,000			$ 2,492,000,000
Preferred stock, stated value per share	$ 100,000
Preferred stock, annual dividend rate (as a percent)	5.375%
Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	40,000,000			40,000,000
Preferred stock issued, amount	$ 1,000,000,000			$ 1,000,000,000
Preferred stock, shares outstanding	40,000,000			40,000,000
Preferred stock outstanding, amount	$ 1,000,000,000			$ 1,000,000,000
Preferred stock, stated value per share	$ 25
Preferred stock, annual dividend rate (as a percent)	4.50%
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	15,000,000			15,000,000
Preferred stock issued, amount	$ 375,000,000			$ 375,000,000
Preferred stock, shares outstanding	15,000,000			15,000,000
Preferred stock outstanding, amount	$ 375,000,000			$ 375,000,000
Preferred stock, stated value per share	$ 25
Preferred stock, annual dividend rate (as a percent)	6.75%
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	21,000,000			21,000,000					1,200,000	20,000,000
Preferred stock issued, amount	$ 530,000,000			$ 530,000,000					$ 30,000,000	$ 500,000,000
Preferred stock, shares outstanding	21,000,000			21,000,000
Preferred stock outstanding, amount	$ 530,000,000			$ 530,000,000
Preferred stock, stated value per share	$ 25
Preferred stock, annual dividend rate (as a percent)	7.625%
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	280,000,000			280,000,000
Preferred stock issued, amount	$ 7,000,000,000			$ 7,000,000,000
Preferred stock, shares outstanding	280,000,000			280,000,000
Preferred stock outstanding, amount	$ 7,000,000,000			$ 7,000,000,000
Preferred stock, stated value per share	$ 25
Preferred stock, annual dividend rate (as a percent)	7.75%
Preferred Stock, Redemption Terms	P5Y
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	89,000,000			89,000,000		1,000,000	8,000,000	80,000,000
Preferred stock issued, amount	$ 2,225,000,000			$ 2,225,000,000		$ 25,000,000	$ 200,000,000	$ 2,000,000,000
Preferred stock, shares outstanding	89,000,000			89,000,000
Preferred stock outstanding, amount	$ 2,225,000,000			$ 2,225,000,000
Preferred stock, stated value per share	$ 25
Preferred stock, annual dividend rate (as a percent)	8.25%
Maximum [Member] \| Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	11.00%
Maximum [Member] \| Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	11.00%
Minimum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	7.00%
Minimum [Member] \| Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	4.50%
Minimum [Member] \| Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	7.75%
Two-year Constant Maturity U.S. Treasury Rate [Member] \| Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.16%
Two-year Constant Maturity U.S. Treasury Rate [Member] \| Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.18%
Ten-year Constant Maturity U.S. Treasury Rate [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	2.375%
Three-Month LIBOR [Member] \| Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.75%
Three-Month LIBOR [Member] \| Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	4.23%
US Treasury [Member]
Class of Stock [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement	$ 1,200,000,000			$ 1,800,000,000
US Treasury [Member] \| Scenario, Forecast [Member]
Class of Stock [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement		$ 0	$ 600,000,000

Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Net unrealized gains on available-for-sale securities for which we have not recorded OTTI, net of tax	$ 135	$ 455	$ 592
Net unrealized gains on available-for-sale securities for which we have recorded OTTI, net of tax	581	903	1,529
Prior service credit (cost) and actuarial gains (losses), net of amortization, and other, net of tax	43	49	(388)
Accumulated other comprehensive income	$ 759	$ 1,407	$ 1,733

Equity Changes in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
Equity Changes in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	$ 4,030
Total other comprehensive income (loss)	(648)	$ (326)	$ 530
Ending balance	6,071	4,030
Accumulated Net Unrealized Investment Gain (Loss), AFS Securities [Member]
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	1,358	2,121
Other comprehensive income (loss) before reclassifications	(55)	(280)
Amounts reclassified from other comprehensive income (loss)	(587)	(483)
Total other comprehensive income (loss)	(642)	(763)
Ending balance	716	1,358	2,121
Accumulated Other Comprehensive Income (Loss), Other [Member]
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	49	(388)
Other comprehensive income (loss) before reclassifications	2	17
Amounts reclassified from other comprehensive income (loss)	(8)	420
Total other comprehensive income (loss)	(6)	437
Ending balance	43	49	(388)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	1,407	1,733
Other comprehensive income (loss) before reclassifications	(53)	(263)
Amounts reclassified from other comprehensive income (loss)	(595)	(63)
Total other comprehensive income (loss)	(648)	(326)
Ending balance	$ 759	$ 1,407	$ 1,733

Regulatory Capital Requirements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Regulatory Capital Requirements [Abstract]
Component of statutory minimum capital requirement, percentage of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties	0.45%				0.45%
Component of critical capital requirement, percentage of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties	0.25%
Number of days of that liabilities exceed assets requiring FHFA to place us into receivership	60 days
Net worth	$ 6,071			$ 4,200	$ 4,059	$ 3,720	$ 9,591
Core capital	(111,836)				(114,526)
Statutory minimum capital requirement	24,351				25,144
Deficit of core capital over statutory minimum capital requirement	$ (136,187)				$ (139,670)
Component of statutory minimum capital requirement, percentage of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties	2.50%				2.50%
Component of statutory minimum capital requirement, maximum percentage of other off-balance sheet obligations	0.45%				0.45%
Component of critical capital requirement, percentage of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties	1.25%
Component of critical capital requirement, percentage of other off-balance sheet obligations	0.25%
US Treasury [Member]
Related Parties [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement	$ 1,200				$ 1,800
US Treasury [Member] \| Scenario, Forecast [Member]
Related Parties [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement		$ 0	$ 600

Concentrations of Credit Risk Geographic Concentration (Details) - Guaranty Book of Business [Member]	Dec. 31, 2016	Dec. 31, 2015
Single-Family [Member] \| Conventional Mortgage [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Minimum [Member]
Concentration Risk [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Midwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	15.00%	15.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Northeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	18.00%	19.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Southeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	22.00%	22.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Southwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	17.00%	16.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| West [Member]
Concentration Risk [Line Items]
Percentage of book of business	28.00%	28.00%
Multifamily [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Multifamily [Member] \| Midwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	9.00%	9.00%
Multifamily [Member] \| Northeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	16.00%	17.00%
Multifamily [Member] \| Southeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	25.00%	23.00%
Multifamily [Member] \| Southwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	22.00%	21.00%
Multifamily [Member] \| West [Member]
Concentration Risk [Line Items]
Percentage of book of business	28.00%	30.00%

Concentrations of Credit Risk SF Risk Characteristics (Details) - Single-Family [Member]	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	1.30%	1.27%
60 days delinquent (percentage of book of business)	0.36%	0.37%
Seriously delinquent (percentage of book of business)	1.18%	1.59%
30 days delinquent (percentage of conventional loans)	1.51%	1.46%
60 days delinquent (percentage of conventional loans)	0.41%	0.41%
Seriously delinquent (percentage of conventional loans)	1.20%	1.55%
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.50%	0.58%
Percentage of book of business	19.00%	20.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.89%	2.86%
Percentage of book of business	6.00%	6.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	3.07%	4.87%
Percentage of book of business	4.00%	4.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.65%	3.55%
Percentage of book of business	5.00%	5.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.11%	1.34%
Percentage of book of business	66.00%	65.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Estimated mark-to-market LTV ratio greater than 100% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	10.44%	10.76%
Percentage of book of business	2.00%	3.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Alt-A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	5.00%	6.53%
Percentage of book of business	3.00%	4.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| 2004 and Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.82%	3.06%
Percentage of book of business	5.00%	5.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| 2005 - 2008
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	6.39%	7.60%
Percentage of book of business	8.00%	10.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| 2009 - 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.36%	0.36%
Percentage of book of business	87.00%	85.00%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days	90 days
Minimum [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%

Concentrations of Credit Risk MF Risk Characteristics (Details) - Multifamily [Member]	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	1.0	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 of book of business)	0.02%	0.03%
Seriously delinquent (percentage of book of business)	0.05%	0.07%
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Guaranty Book of Business [Member] \| Original LTV ratio greater than 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	2.00%	3.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.22%	0.40%
Guaranty Book of Business [Member] \| Original LTV ratio less than or equal to 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	98.00%	97.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.05%	0.06%
Guaranty Book of Business [Member] \| Current DSCR less than 100% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	2.00%	2.00%
Loans seriously delinquent, percentage by unpaid principal balance	1.96%	1.51%

Concentrations of Credit Risk Other Concentrations (Details) $ in Millions	Dec. 31, 2016 USD ($) servicers counterparties insurers	Dec. 31, 2015 USD ($) servicers counterparties insurers
Concentration Risk [Line Items]
Estimated benefit included in total loss reserves	$ 1,400	$ 2,300
Receivable from claims on insured, defaulted loans excluding government insured loans	1,000	1,200
Allowance for mortgage insurance receivable	638	770
Unpaid principal balance of guaranteed non-agency securities in our portfolio	1,400	3,200
Maximum potential exposure under guarantees not recognized in our consolidated balance sheets	4,700	5,600
Unconsolidated Fannie Mae MBS [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Concentration Risk [Line Items]
Maximum coverage provided by our right to collateral backing underlying loans, available credit enhancements and recourse with third parties	$ 2,000	2,400
PMI [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	71.50%
Mortgage insurance coverage risk in force percentage to be deferred	28.50%
Triad [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	75.00%
Mortgage insurance coverage risk in force percentage to be deferred	25.00%
RMIC [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	100.00%
Mortgage Sellers and Servicers [Member]
Concentration Risk [Line Items]
Receivable from claims on insured, defaulted loans excluding government insured loans	$ 141	241
Ambac Assurance Corporation [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	45.00%
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Concentration Risk [Line Items]
Guaranteed securities issued by Freddie Mac, the federal government and its agencies	$ 11,600	$ 16,700
Non-Government Guarantee [Member] \| Insurance Service Provider Concentration Risk [Member] \| Ambac Assurance Corporation [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	50.00%
Unpaid principal balance of guaranteed non-agency securities in our portfolio	$ 707
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 who provided majority of mortgage insurance coverage risk in force \| insurers	3	3
Number of mortgage insurers publicly disclosed credit quality deterioration \| insurers	3
Single-Family [Member] \| Mortgage Credit Book of Business [Member] \| Credit Concentration Risk [Member] \| Alt-A [Member]
Concentration Risk [Line Items]
Unpaid principal balance of mortgage loans	$ 87,400	$ 103,100
Single-Family [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Alt-A [Member]
Concentration Risk [Line Items]
Percentage of book of business	3.00%	4.00%
Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force	$ 126,200	$ 117,900
Mortgage insurance coverage risk in force as a percentage of book of business	4.00%	4.00%
Primary mortgage insurance coverage risk in force	$ 125,600	$ 117,200
Pool mortgage insurance coverage risk in force	$ 617	$ 736
Single-Family [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Minimum [Member]
Concentration Risk [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Group of Largest Mortgage Servicers including Affiliates [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	39.00%	44.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	6.00%
Mortgage insurance coverage risk in force for insurers with credit quality deterioration	$ 8,000
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Group of Top Mortgage Insurance Companies [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	66.00%	68.00%
Multifamily [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
Maximum potential loss recovery from lenders under risk sharing agreements	$ 54,800	$ 46,200
Multifamily [Member] \| Lender Concentration Risk [Member]
Concentration Risk [Line Items]
Number of DUS lenders \| counterparties	4	4
Multifamily [Member] \| Lender Concentration Risk [Member] \| Four Major Lenders [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	43.00%	40.00%
Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Multifamily [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Group of Largest Mortgage Servicers including Affiliates [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	47.00%	45.00%

Netting Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets:
Derivative assets, gross amount	$ 5,168	$ 4,890
Derivative asset, gross amount offset	(4,514)	(4,024)
Derivative assets, net amount presented in our consolidated balance sheets	654	866
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(357)	(119)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(22)	(21)
Derivative assets, net amount	275	726
Securities purchased under agreements to resell, or similar arrangements, gross amount	51,115	37,950
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 our consolidated balance sheets	51,115	37,950
Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(51,115)	(37,950)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	56,283	42,840
Total assets, gross amount offset	(4,514)	(4,024)
Total assets, net amount presented in the consolidated balance sheets	51,769	38,816
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(357)	(119)
Total assets, under master netting arrangements, not offset in our consolidated balance sheets, collateral	(51,137)	(37,971)
Total assets, net amount	275	726
Liabilities:
Derivative liabilities, gross amount	(8,057)	(9,072)
Derivative liabilities, gross amount offset	6,844	8,650
Derivative liabilities, net amount presented in our consolidated balance sheets	(1,213)	(422)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	357	119
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	107	(1)
Derivative liabilities, net amount	(749)	(304)
Securities sold under agreements to repurchase or similar arrangements, gross amount		(62)
Securities sold under agreements to repurchase or similar arrangements, gross amount offset		0
Securities sold under agreements to repurchase or similar arrangements, net amount presented in our consolidated balance sheets		(62)
Securities sold under agreements to repurchase or similar arrangements, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments		0
Securities sold under agreements to repurchase or similar arrangements, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral		62
Securities sold under agreements to repurchase or similar arrangements, net amount		0
Total liabilities, gross amount	(8,057)	(9,134)
Total liabilities, gross amount offset	6,844	8,650
Total liabilities, net amount presented in our consolidated balance sheets	(1,213)	(484)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial statements	357	119
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	107	61
Total liabilities, net amount	(749)	(304)
Risk management derivatives [Member]
Assets:
Derivative asset, gross amount offset	(4,514)	(4,024)
Liabilities:
Derivative liabilities, gross amount offset	6,844	8,650
Mortgage commitment derivatives [Member]
Assets:
Derivative assets, gross amount	631	140
Derivative asset, gross amount offset	0	0
Derivative assets, net amount presented in our consolidated balance sheets	631	140
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(357)	(119)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(22)	(3)
Derivative assets, net amount	252	18
Liabilities:
Derivative liabilities, gross amount	(737)	(158)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our consolidated balance sheets	(737)	(158)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	357	119
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	16	(1)
Derivative liabilities, net amount	(364)	(40)
Over the Counter [Member] \| Risk management derivatives [Member]
Assets:
Derivative assets, gross amount	3,688	4,042
Derivative asset, gross amount offset	(3,667)	(4,021)
Derivative assets, net amount presented in our consolidated balance sheets	21	21
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	(18)
Derivative assets, net amount	21	3
Liabilities:
Derivative liabilities, gross amount	(4,905)	(6,118)
Derivative liabilities, gross amount offset	4,520	5,861
Derivative liabilities, net amount presented in our consolidated balance sheets	(385)	(257)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(385)	(257)
Exchange Cleared [Member] \| Risk management derivatives [Member]
Assets:
Derivative assets, gross amount	849	708
Derivative asset, gross amount offset	(847)	(3)
Derivative assets, net amount presented in our consolidated balance sheets	2	705
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	2	705
Liabilities:
Derivative liabilities, gross amount	(2,415)	(2,796)
Derivative liabilities, gross amount offset	2,324	2,789
Derivative liabilities, net amount presented in our consolidated balance sheets	(91)	(7)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	91	0
Derivative liabilities, net amount	$ 0	$ (7)

Netting Arrangements Narratives (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Fair value of non-cash collateral we pledged	$ 1,300,000,000	$ 197,000,000
Fair value of non-cash collateral received	51,200,000,000	38,000,000,000
Fair value of non-cash collateral received that could be sold or repledged	45,500,000,000	36,200,000,000
Fair value of underlying collateral that was sold or repledged	0	0
Derivative assets not subject to an enforceable master netting arrangement	33,000,000	28,000,000
Derivative liabilities not subject to an enforceable master netting arrangement	2,000,000	2,000,000
Cash and cash equivalents [Member]
Derivative [Line Items]
Securities purchased under agreements to resell or similar agreements	$ 20,700,000,000	$ 10,600,000,000

Fair Value Level 3 Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Trading securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	$ (3)	$ (8)	$ 486
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,398	3,030	2,774
Total gains or (losses) (realized/unrealized) Included in Net Income	0	8	512
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	6
Sales	(679)	(1,200)	(299)
Issues	0	0	0
Settlements	(65)	(148)	(277)
Transfers out of Level 3	(388)	(322)	(267)
Transfers into Level 3	861	30	581
Ending Balance	1,127	1,398	3,030
Trading securities [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	(18)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	305	42
Total gains or (losses) (realized/unrealized) Included in Net Income	0	(27)	(27)
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	6
Sales	0	(2)	0
Issues	0	0	0
Settlements	(1)	0	(2)
Transfers out of Level 3	(24)	(278)	(39)
Transfers into Level 3	860	2	325
Ending Balance	835	0	305
Trading securities [Member] \| Freddie Mac [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0		0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0	2
Total gains or (losses) (realized/unrealized) Included in Net Income	0		0
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0		0
Purchases	0		0
Sales	0		0
Issues	0		0
Settlements	0		0
Transfers out of Level 3	(1)		(2)
Transfers into Level 3	1		0
Ending Balance	0	0	0
Trading securities [Member] \| Alt-A private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	(1)	15	97
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	305	597	618
Total gains or (losses) (realized/unrealized) Included in Net Income	(1)	36	88
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	0	(267)	(58)
Issues	0	0	0
Settlements	(33)	(45)	(81)
Transfers out of Level 3	0	(44)	(226)
Transfers into Level 3	0	28	256
Ending Balance	271	305	597
Trading securities [Member] \| Subprime private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	10	234
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	644	1,307	1,448
Total gains or (losses) (realized/unrealized) Included in Net Income	(32)	36	270
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	(231)	(611)	(241)
Issues	0	0	0
Settlements	(18)	(88)	(170)
Transfers out of Level 3	(363)	0	0
Transfers into Level 3	0	0	0
Ending Balance	0	644	1,307
Trading securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	(2)	(33)	160
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	449	722	565
Total gains or (losses) (realized/unrealized) Included in Net Income	33	(41)	168
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	(448)	(220)	0
Issues	0	0	0
Settlements	(13)	(12)	(11)
Transfers out of Level 3	0	0	0
Transfers into Level 3	0	0	0
Ending Balance	21	449	722
Trading securities [Member] \| Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held		0	13
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	99	99
Total gains or (losses) (realized/unrealized) Included in Net Income		4	13
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)		0	0
Purchases		0	0
Sales		(100)	0
Issues		0	0
Settlements		(3)	(13)
Transfers out of Level 3		0	0
Transfers into Level 3		0	0
Ending Balance		0	99
Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	8,431	15,080	19,012
Total gains or (losses) (realized/unrealized) Included in Net Income	316	839	606
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(279)	(661)	932
Purchases	0	421	0
Sales	(2,731)	(4,926)	(2,193)
Issues	0	0	0
Settlements	(692)	(2,132)	(3,337)
Transfers out of Level 3	(3,128)	(540)	(1,748)
Transfers into Level 3	236	350	1,808
Ending Balance	2,153	8,431	15,080
Available-for-sale securities [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0	7
Total gains or (losses) (realized/unrealized) Included in Net Income	0	0	0
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	421	0
Sales	0	(425)	0
Issues	0	0	0
Settlements	0	(8)	(1)
Transfers out of Level 3	(1)	0	(8)
Transfers into Level 3	231	12	2
Ending Balance	230	0	0
Available-for-sale securities [Member] \| Freddie Mac [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	4	6	8
Total gains or (losses) (realized/unrealized) Included in Net Income	0	0	0
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	0	(1)	(1)
Transfers out of Level 3	(4)	(2)	(2)
Transfers into Level 3	5	1	1
Ending Balance	5	4	6
Available-for-sale securities [Member] \| Alt-A private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,041	3,140	3,791
Total gains or (losses) (realized/unrealized) Included in Net Income	14	215	172
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(24)	(173)	(26)
Purchases	0	0	0
Sales	(291)	(1,504)	(393)
Issues	0	0	0
Settlements	(52)	(436)	(471)
Transfers out of Level 3	(516)	(538)	(1,738)
Transfers into Level 3	0	337	1,805
Ending Balance	172	1,041	3,140
Available-for-sale securities [Member] \| Subprime private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,281	5,240	7,068
Total gains or (losses) (realized/unrealized) Included in Net Income	170	599	447
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(209)	(382)	301
Purchases	0	0	0
Sales	(706)	(1,575)	(1,730)
Issues	0	0	0
Settlements	(168)	(601)	(846)
Transfers out of Level 3	(2,323)	0	0
Transfers into Level 3	0	0	0
Ending Balance	45	3,281	5,240
Available-for-sale securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,701	4,023	5,253
Total gains or (losses) (realized/unrealized) Included in Net Income	132	51	(32)
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(34)	(104)	554
Purchases	0	0	0
Sales	(1,129)	(410)	(70)
Issues	0	0	0
Settlements	(398)	(859)	(1,682)
Transfers out of Level 3	0	0	0
Transfers into Level 3	0	0	0
Ending Balance	1,272	2,701	4,023
Available-for-sale securities [Member] \| Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,404	2,671	2,885
Total gains or (losses) (realized/unrealized) Included in Net Income	0	(26)	19
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(12)	(2)	103
Purchases	0	0	0
Sales	(605)	(1,012)	0
Issues	0	0	0
Settlements	(74)	(227)	(336)
Transfers out of Level 3	(284)	0	0
Transfers into Level 3	0	0	0
Ending Balance	429	1,404	2,671
Mortgage loans [Member] \| Consolidated Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	17	(20)	53
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,477	1,833	2,704
Total gains or (losses) (realized/unrealized) Included in Net Income	129	57	260
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	36	5	36
Sales	(392)	0	0
Issues	0	0	0
Settlements	(255)	(350)	(344)
Transfers out of Level 3	(77)	(377)	(1,113)
Transfers into Level 3	279	309	290
Ending Balance	1,197	1,477	1,833
Net derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	(132)	(2)	77
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	157	45	(40)
Total gains or (losses) (realized/unrealized) Included in Net Income	15	(55)	103
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(8)	(4)	0
Settlements	(122)	169	(21)
Transfers out of Level 3	2	(7)	(2)
Transfers into Level 3	0	9	5
Ending Balance	44	157	45
Long-term debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	13	11	(146)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(865)	(890)	(1,473)
Total gains (losses) (realized/unrealized) Included in Net Income	(53)	(15)	(195)
Total gains (losses) Included in Other Comprehensive Income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(74)	(66)	(751)
Settlements	378	57	81
Transfers out of Level 3	215	228	1,576
Transfers Into Level 3	(189)	(179)	(128)
Ending Balance	(588)	(865)	(890)
Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	(9)	17	(49)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(496)	(527)	(518)
Total gains (losses) (realized/unrealized) Included in Net Income	(75)	(9)	(53)
Total gains (losses) Included in Other Comprehensive Income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(74)	(66)	(1)
Settlements	378	57	62
Transfers out of Level 3	215	228	111
Transfers Into Level 3	(189)	(179)	(128)
Ending Balance	(241)	(496)	(527)
Long-term debt [Member] \| Senior floating [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	22	(6)	(97)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(369)	(363)	(955)
Total gains (losses) (realized/unrealized) Included in Net Income	22	(6)	(142)
Total gains (losses) Included in Other Comprehensive Income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	(750)
Settlements	0	0	19
Transfers out of Level 3	0	0	1,465
Transfers Into Level 3	0	0	0
Ending Balance	$ (347)	$ (369)	$ (363)

Fair Value Level 3 Valuation - Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	$ 12,057	$ 14,075
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	509	157
Mortgage loans held for investment, at fair value	2,767,813	2,702,526
Total nonrecurring assets at fair value	2,844,940	2,770,088
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	2,751	5,541
Mortgage loans held for investment, at fair value	316,742	351,355
Total nonrecurring assets at fair value	323,739	367,852
Fair Value, Measurements, Nonrecurring [Member] \| 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	250	17
Fair Value, Measurements, Nonrecurring [Member] \| 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	1,088	3,991
Total nonrecurring assets at fair value	5,906	13,934
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Consensus without inputs [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	1,025	3,651
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single vendor without inputs [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	54	336
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other valuation technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	9	4
Other assets	$ 12	$ 30
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Accepted Offers [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of properties measured	19.00%	18.00%
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Proprietary Home Price Model and Appraisals [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of properties measured	75.00%	77.00%
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 1,792	$ 3,211
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Other valuation technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	99	134
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Internal model [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	2,816	6,379
Acquired property, net	476	986
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Accepted Offers [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	340	541
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Appraisals [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	571	1,117
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Walk Forwards [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	306	433
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	198	323
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Other valuation technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	3	5
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Broker Price Opinions [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	25	82
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Asset Manager Estimate [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	$ 170	$ 236

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value Measurement [Domain]
Financial assets [Abstract]
Netting adjustment	$ (4,514)	$ (4,024)
Financial liabilities [Abstract]
Netting adjustment	(6,844)	(8,650)
Mortgage loans held for investment, at fair value	12,057	14,075
Netting adjustment	(4,514)	(4,024)
Netting adjustment	(6,844)	(8,650)
Fannie Mae [Member]
Financial liabilities [Abstract]
Long-term debt	9,582	11,133
Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	36,524	23,609
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	41,477	34,953
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	32,317	29,485
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	73,794	64,438
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase, fair value disclosure		0
Derivatives liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [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
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Consolidated Trusts [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
Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	20,700	10,600
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,415	27,350
Trading securities	7,118	9,025
Available-for-sale securities	6,210	11,799
Mortgage loans held for sale	509	157
Mortgage loans held for investment, at fair value	2,767,813	2,702,526
Advances to lenders	7,156	3,902
Derivatives assets at fair value	5,019	4,729
Guaranty assets and buy-ups	0	0
Total financial assets	2,844,940	2,770,088
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase, fair value disclosure		62
Derivatives liabilities at fair value	7,921	9,042
Guaranty obligations	0	0
Total financial liabilities	3,243,215	3,224,091
Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	36,194	26,544
Financial liabilities [Abstract]
Short-term debt	34,998	71,006
Long-term debt	298,980	324,248
Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,731,619	2,675,982
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	2,901,316	2,819,733
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	1,127	1,398
Available-for-sale securities	2,153	8,431
Mortgage loans held for sale	2,751	5,541
Mortgage loans held for investment, at fair value	316,742	351,355
Advances to lenders	352	394
Derivatives assets at fair value	182	189
Guaranty assets and buy-ups	432	544
Total financial assets	323,739	367,852
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase, fair value disclosure		0
Derivatives liabilities at fair value	138	32
Guaranty obligations	710	1,012
Total financial liabilities	38,870	30,061
Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	157,469	193,670
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	770	898
Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	159,273	157,685
Financial liabilities [Abstract]
Short-term debt	584	944
Long-term debt	36,668	27,175
Carrying Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	62,177	45,553
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,415	27,350
Trading securities	40,562	39,908
Available-for-sale securities	8,363	20,230
Mortgage loans held for sale	2,899	5,361
Mortgage loans held for investment, at fair value	3,076,854	3,014,283
Advances to lenders	7,494	4,308
Derivatives assets at fair value	687	894
Guaranty assets and buy-ups	158	184
Total financial assets	3,229,609	3,158,071
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase, fair value disclosure		62
Derivatives liabilities at fair value	1,215	424
Guaranty obligations	280	329
Total financial liabilities	3,263,811	3,198,486
Carrying Value [Member] \| Fannie Mae [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	181,738	206,544
Financial liabilities [Abstract]
Short-term debt	34,995	71,007
Long-term debt	292,102	315,128
Carrying Value [Member] \| Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,895,116	2,807,739
Financial liabilities [Abstract]
Short-term debt	584	943
Long-term debt	2,934,635	2,810,593
Estimate of Fair Value Measurement [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	62,177	45,553
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,415	27,350
Trading securities	40,562	39,908
Available-for-sale securities	8,363	20,230
Mortgage loans held for sale	3,260	5,698
Mortgage loans held for investment, at fair value	3,084,555	3,053,881
Advances to lenders	7,508	4,296
Derivatives assets at fair value	687	894
Guaranty assets and buy-ups	432	544
Total financial assets	3,237,959	3,198,354
Financial liabilities [Abstract]
Federal funds purchased and securities loaned or sold under agreements to repurchase, fair value disclosure		62
Derivatives liabilities at fair value	1,215	424
Guaranty obligations	710	1,012
Total financial liabilities	3,275,241	3,245,502
Estimate of Fair Value Measurement [Member] \| Fannie Mae [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	193,663	220,214
Financial liabilities [Abstract]
Short-term debt	34,998	71,006
Long-term debt	299,750	325,146
Estimate of Fair Value Measurement [Member] \| Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,890,892	2,833,667
Financial liabilities [Abstract]
Short-term debt	584	944
Long-term debt	$ 2,937,984	$ 2,846,908

Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value Option (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, at fair value	$ 12,057	$ 14,075
Fair value of nonaccrual loans	200	238
Difference between unpaid principal balance and the fair value of nonaccrual loans	34	59
Fair value of loans that are 90 days past due	152	256
Difference between unpaid principal balance and the fair value of these 90 days or more days past due loans	$ 25	$ 52
Single-Family [Member] \| Minimum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Serious delinquency: days past due	90 days	90 days
Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	$ 36,524	$ 23,609
Fannie Mae [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	9,582	11,133
Loans [Member] \| Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, at fair value	12,057	14,075
Loans, Unpaid principal balance	11,688	13,661
Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	36,524	23,609
Long-Term Debt, Unpaid principal balance	33,055	21,604
Long-term debt [Member] \| Fannie Mae [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	9,582	11,133
Long-Term Debt, Unpaid principal balance	$ 9,090	$ 11,263

Fair Value Changes in FV under the FV Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk	$ (625)	$ 125	$ 276
Other changes in fair value	265	(45)	165
Fair value (losses) gains, net	(360)	80	441
Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Loans	23	86	60
Other changes in fair value	72	(191)	670
Fair value (losses) gains, net	95	(105)	730
Long-term debt [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Long-Term Debt	(648)	39	216
Other changes in fair value	193	146	(505)
Fair value (losses) gains, net	$ (455)	$ 185	$ (289)

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expenses for operating leases	$ 50	$ 47	$ 43

Commitments and Contingencies Fiscal Year Maturity Schedule (Details) $ in Millions	Dec. 31, 2016 USD ($)
Loans and Mortgage-Related Securities [Abstract]
2017	$ 67,100
2018	0
2019	0
2020	0
2021	0
Thereafter	0
Total	67,100
Operating Leases [Abstract]
2017	47
2018	32
2019	44
2020	50
2021	49
Thereafter	665
Total	887
Other [Abstract]
2017	88
2018	36
2019	18
2020	8
2021	3
Thereafter	0
Total	153
Mortgage commitment derivatives [Member]
Loans and Mortgage-Related Securities [Abstract]
Total	$ 66,700

Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Trading securities	$ 128	$ 140	$ 128	$ 120	$ 114	$ 99	$ 116	$ 115	$ 516	$ 444	$ 553
Available-for-sale securities	113	134	170	203	225	261	294	376	620	1,156	1,622
Mortgage loans interest income	25,814	25,611	26,256	26,961	26,993	26,980	26,682	27,044	104,642	107,699	112,120
Other	83	66	46	48	39	37	34	33	243	143	110
Total interest income	26,138	25,951	26,600	27,332	27,371	27,377	27,126	27,568	106,021	109,442	114,405
Interest expense:
Short-term debt interest expense	42	56	57	51	47	37	33	29	206	146	94
Long-term debt interest expense	20,291	20,460	21,257	22,512	22,247	21,752	21,416	22,472	84,520	87,887	94,343
Total interest expense	20,333	20,516	21,314	22,563	22,294	21,789	21,449	22,501	84,726	88,033	94,437
Net interest income	5,805	5,435	5,286	4,769	5,077	5,588	5,677	5,067	21,295	21,409	19,968
Benefit (provision) for credit losses	(1,303)	673	1,601	1,184	(255)	1,550	(1,033)	533	2,155	795	3,964
Net interest income after benefit (provision) for credit losses	4,502	6,108	6,887	5,953	4,822	7,138	4,644	5,600	23,450	22,204	23,932
Investment gains, net	322	467	398	69	181	299	514	342	1,256	1,336	936
Fair value gains (losses), net	3,890	(491)	(1,667)	(2,813)	135	(2,589)	2,606	(1,919)	(1,081)	(1,767)	(4,833)
Fee and other income	414	175	174	203	225	259	556	308	966	1,348	5,887
Non-interest income (loss)	4,626	151	(1,095)	(2,541)	541	(2,031)	3,676	(1,269)	1,141	917	1,990
Administrative expenses:
Salaries and employee benefits	319	322	331	364	320	317	331	351	1,336	1,319	1,321
Professional services	271	237	232	215	243	219	251	271	955	984	1,076
Occupancy expenses	50	45	46	45	53	43	43	43	186	182	203
Other administrative expenses	74	57	69	64	70	373	64	58	264	565	177
Total administrative expenses	714	661	678	688	686	952	689	723	2,741	3,050	2,777
Foreclosed property expense	137	110	63	334	477	497	182	473	644	1,629	142
TCCA fees	487	465	453	440	429	413	397	382	1,845	1,621	1,375
Other expenses, net	210	300	254	264	201	215	202	(5)	1,028	613	478
Total expenses	1,548	1,536	1,448	1,726	1,793	2,077	1,470	1,573	6,258	6,913	4,772
Income before federal income taxes	7,580	4,723	4,344	1,686	3,570	3,030	6,850	2,758	18,333	16,208	21,150
Provision for federal income taxes	(2,545)	(1,527)	(1,398)	(550)	(1,103)	(1,070)	(2,210)	(870)	(6,020)	(5,253)	(6,941)
Net income					2,467	1,960	4,640	1,888	12,313	10,955	14,209
Less: Net income attributable to noncontrolling interest					(1)	0	0	0	0	(1)	(1)
Net income attributable to Fannie Mae	5,035	3,196	2,946	1,136	2,466	1,960	4,640	1,888	12,313	10,954	14,208
Dividends distributed or available for distribution to senior preferred stockholder	(5,471)	(2,977)	(2,869)	(919)	(2,859)	(2,202)	(4,359)	(1,796)	(12,236)	(11,216)	(15,323)
Net income (loss) attributable to common stockholders (Note 11)	$ (436)	$ 219	$ 77	$ 217	$ (393)	$ (242)	$ 281	$ 92	$ 77	$ (262)	$ (1,115)
Earnings (loss) per share: Basic	$ (0.08)	$ 0.04	$ 0.01	$ 0.04	$ (0.07)	$ (0.04)	$ 0.05	$ 0.02	$ 0.01	$ (0.05)	$ (0.19)
Earnings (loss) per share: Diluted	$ (0.08)	$ 0.04	$ 0.01	$ 0.04	$ (0.07)	$ (0.04)	$ 0.05	$ 0.02	$ 0.01	$ (0.05)	$ (0.19)
Weighted-average common shares outstanding: Basic	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762
Weighted-average common shares outstanding: Diluted	5,762	5,893	5,893	5,893	5,762	5,762	5,893	5,893	5,893	5,762	5,762

Fair Value Levels Hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets [Abstract]
Mortgage loans held for investment, at fair value	$ 12,057	$ 14,075
Other assets [Abstract]
Derivative asset, gross amount offset	(4,514)	(4,024)
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	(6,844)	(8,650)
Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivative asset, 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	9,582	11,133
Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	36,524	23,609
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading securities	32,317	29,485
Available-for-sale securities	0	0
Mortgage loans held for investment, at fair value	0	0
Other assets [Abstract]
Derivatives assets at fair value	0	0
Total assets at fair value	73,794	64,438
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Total 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	7,118	9,025
Available-for-sale securities	6,210	11,799
Mortgage loans held for investment, at fair value	2,767,813	2,702,526
Other assets [Abstract]
Derivatives assets at fair value	5,019	4,729
Total assets at fair value	2,844,940	2,770,088
Other liabilities [Abstract]
Derivatives liabilities at fair value	7,921	9,042
Total liabilities at fair value	3,243,215	3,224,091
Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	36,194	26,544
Liabilities [Abstract]
Long-term debt, fair value	298,980	324,248
Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	2,731,619	2,675,982
Liabilities [Abstract]
Long-term debt, fair value	2,901,316	2,819,733
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading securities	1,127	1,398
Available-for-sale securities	2,153	8,431
Mortgage loans held for investment, at fair value	316,742	351,355
Other assets [Abstract]
Derivatives assets at fair value	182	189
Total assets at fair value	323,739	367,852
Other liabilities [Abstract]
Derivatives liabilities at fair value	138	32
Total liabilities at fair value	38,870	30,061
Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	157,469	193,670
Liabilities [Abstract]
Long-term debt, fair value	770	898
Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	159,273	157,685
Liabilities [Abstract]
Long-term debt, fair value	36,668	27,175
Recurring Fair Value Measurements [Member]
Assets [Abstract]
Trading securities	40,562	39,908
Available-for-sale securities	8,363	20,230
Mortgage loans held for investment, at fair value	12,057	14,075
Other assets [Abstract]
Derivatives assets at fair value	687	894
Derivative asset, gross amount offset	(4,514)	(4,024)
Total assets at fair value	61,669	75,107
Liabilities [Abstract]
Long-term debt, fair value	46,106	34,742
Other liabilities [Abstract]
Derivatives liabilities at fair value	1,215	424
Derivative liabilities, gross amount offset	(6,844)	(8,650)
Total liabilities at fair value	47,321	35,166
Recurring Fair Value Measurements [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	4,296	4,697
Other liabilities [Abstract]
Derivatives liabilities at fair value	6,981	8,717
Recurring Fair Value Measurements [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivatives assets at fair value	241	53
Other liabilities [Abstract]
Derivatives liabilities at fair value	339	197
Recurring Fair Value Measurements [Member] \| Other [Member]
Other assets [Abstract]
Derivatives assets at fair value	33	28
Other liabilities [Abstract]
Derivatives liabilities at fair value	2	2
Recurring Fair Value Measurements [Member] \| Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivatives assets at fair value	631	140
Other liabilities [Abstract]
Derivatives liabilities at fair value	737	158
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	9,582	11,133
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member] \| Senior floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	9,582	11,133
Recurring Fair Value Measurements [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	36,524	23,609
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	4,769	4,813
Available-for-sale securities	2,554	4,221
Recurring Fair Value Measurements [Member] \| Freddie Mac [Member]
Assets [Abstract]
Trading securities	936	1,314
Available-for-sale securities	509	4,299
Recurring Fair Value Measurements [Member] \| Ginnie Mae [Member]
Assets [Abstract]
Trading securities	1,122	426
Available-for-sale securities	38	391
Recurring Fair Value Measurements [Member] \| Alt-A private-label securities [Member]
Assets [Abstract]
Trading securities	317	436
Available-for-sale securities	1,291	2,678
Recurring Fair Value Measurements [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading securities	319	644
Available-for-sale securities	1,418	3,281
Recurring Fair Value Measurements [Member] \| CMBS [Member]
Assets [Abstract]
Trading securities	761	2,341
Available-for-sale securities	819	1,255
Recurring Fair Value Measurements [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Trading securities	21	449
Available-for-sale securities	1,272	2,701
Recurring Fair Value Measurements [Member] \| Other [Member]
Assets [Abstract]
Available-for-sale securities	462	1,404
Recurring Fair Value Measurements [Member] \| U.S. Treasury Securities [Member]
Assets [Abstract]
Trading securities	32,317	29,485
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading securities	32,317	29,485
Available-for-sale securities	0	0
Other assets [Abstract]
Derivatives assets at fair value	0	0
Total assets at fair value	32,317	29,485
Liabilities [Abstract]
Long-term debt, fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Total 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]
Derivatives 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]
Derivatives 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]
Derivatives 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]
Derivatives 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]
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	32,317	29,485
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading securities	7,118	9,025
Available-for-sale securities	6,210	11,799
Other assets [Abstract]
Derivatives assets at fair value	5,019	4,729
Total assets at fair value	29,207	38,151
Liabilities [Abstract]
Long-term debt, fair value	45,518	33,877
Other liabilities [Abstract]
Derivatives liabilities at fair value	7,921	9,042
Total liabilities at fair value	53,439	42,919
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	4,159	4,541
Other liabilities [Abstract]
Derivatives liabilities at fair value	6,933	8,697
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivatives assets at fair value	241	53
Other liabilities [Abstract]
Derivatives liabilities at fair value	339	197
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]
Derivatives 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	619	135
Other liabilities [Abstract]
Derivatives liabilities at fair value	649	148
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	9,235	10,764
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	9,235	10,764
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	10,860	12,598
Liabilities [Abstract]
Long-term debt, fair value	36,283	23,113
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	3,934	4,813
Available-for-sale securities	2,324	4,221
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Freddie Mac [Member]
Assets [Abstract]
Trading securities	936	1,314
Available-for-sale securities	504	4,295
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Ginnie Mae [Member]
Assets [Abstract]
Trading securities	1,122	426
Available-for-sale securities	38	391
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Alt-A private-label securities [Member]
Assets [Abstract]
Trading securities	46	131
Available-for-sale securities	1,119	1,637
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading securities	319	0
Available-for-sale securities	1,373	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| CMBS [Member]
Assets [Abstract]
Trading securities	761	2,341
Available-for-sale securities	819	1,255
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]
Available-for-sale securities	33	0
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	1,127	1,398
Available-for-sale securities	2,153	8,431
Mortgage loans held for investment, at fair value	1,197	1,477
Other assets [Abstract]
Derivatives assets at fair value	182	189
Total assets at fair value	4,659	11,495
Liabilities [Abstract]
Long-term debt, fair value	588	865
Other liabilities [Abstract]
Derivatives liabilities at fair value	138	32
Total liabilities at fair value	726	897
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivatives assets at fair value	137	156
Other liabilities [Abstract]
Derivatives liabilities at fair value	48	20
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]
Derivatives 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	33	28
Other liabilities [Abstract]
Derivatives liabilities at fair value	2	2
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Mortgage commitment derivatives [Member]
Other assets [Abstract]
Derivatives assets at fair value	12	5
Other liabilities [Abstract]
Derivatives liabilities at fair value	88	10
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	347	369
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member] \| Senior floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	347	369
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Assets [Abstract]
Mortgage loans held for investment, at fair value	1,197	1,477
Liabilities [Abstract]
Long-term debt, fair value	241	496
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	835	0
Available-for-sale securities	230	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	4
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	271	305
Available-for-sale securities	172	1,041
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Subprime private-label securities [Member]
Assets [Abstract]
Trading securities	0	644
Available-for-sale securities	45	3,281
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	21	449
Available-for-sale securities	1,272	2,701
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other [Member]
Assets [Abstract]
Available-for-sale securities	429	1,404
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. Treasury Securities [Member]
Assets [Abstract]
Trading securities	$ 0	$ 0