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Available-for-sale, at fair value (includes $949 and $998, respectively, related to consolidated trusts)

31,795

30,768

37,128

38,171

Total investments in securities

68,923

68,939

Mortgage loans:

Loans held for sale, at lower of cost or fair value (includes $201 and $31, respectively, related to consolidated trusts)

1,494

380

Loans held for investment, at amortized cost (includes $14,637 and $14,268, respectively, at fair value and loans pledged as collateral that may be sold or repledged of $415 and $442, respectively, related to consolidated trusts)

3,058,433

3,069,706

Total loans held for investment, net of allowance

(41,911)

(43,846)

3,016,522

3,025,860

Total mortgage loans

3,018,016

3,026,240

Accrued interest receivable, net (includes $7,463 and $7,271, respectively, related to consolidated trusts)

8,459

8,319

Acquired property, net

11,960

11,621

Deferred tax assets, net

45,366

47,560

Other assets (includes cash pledged as collateral of $1,291 and $1,590, respectively)

22,392

20,231

Total assets

3,226,505

3,270,108

Accrued interest payable (includes $8,262 and $8,276, respectively, related to consolidated trusts)

10,681

10,553

Federal funds purchased and securities sold under agreements to repurchase

^[1]

Other liabilities (includes $444 and $488, respectively, related to consolidated trusts)

13,012

15,441

Total liabilities

3,218,413

3,260,517

Commitments and contingencies (Note 17)

Fannie Mae stockholders’ equity:

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

117,149

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

19,130

Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,080,657 shares outstanding

687

Accumulated deficit

(123,098)

(121,227)

Accumulated other comprehensive income

1,575

1,203

Treasury stock, at cost, 150,682,046 shares

(7,401)

Total Fannie Mae stockholders’ equity

8,042

9,541

Noncontrolling interest

Total equity (See Note 1: Impact of U.S. Government Support for information on our dividend obligation to Treasury)

8,092

9,591

Total liabilities and equity

3,226,505

3,270,108

Mortgage loans:

290,903

300,159

(39,004)

(40,521)

Total mortgage loans

253,192

259,987

Debt (includes $1,775 and $1,308, respectively, of debt of Fannie Mae and $15,373 and $14,976, respectively, of debt of consolidated trusts, at fair value)

481,853

529,434

Restricted cash (includes $20,550 and $23,982, respectively, related to consolidated trusts)

ASSETS

20,550

23,982

Investments in securities:

Available-for-sale, at fair value (includes $949 and $998, respectively, related to consolidated trusts)

949

998

Mortgage loans:

Loans held for sale, at lower of cost or fair value (includes $201 and $31, respectively, related to consolidated trusts)

201

2,767,530

2,769,547

Accrued interest receivable, net (includes $7,463 and $7,271, respectively, related to consolidated trusts)

(2,907)

(3,325)

Total mortgage loans

2,764,824

2,766,253

7,463

7,271

Accrued interest payable (includes $8,262 and $8,276, respectively, related to consolidated trusts)

8,262

8,276

Debt (includes $1,775 and $1,308, respectively, of debt of Fannie Mae and $15,373 and $14,976, respectively, of debt of consolidated trusts, at fair value)

2,712,842

2,705,089

Other liabilities (includes $444 and $488, respectively, related to consolidated trusts)

$ 444

$ 488

[1]	Securities sold under agreements to repurchase represent agreements to repurchase for a specified price, with repayment generally occurring on the following day.

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Restricted cash (includes $20,550 and $23,982, respectively, related to consolidated trusts)	$ 24,583	$ 28,995
Investments in securities:
Available-for-sale, at fair value (includes $949 and $998, respectively, related to consolidated trusts)	37,128	38,171
Mortgage loans:
Loans held for sale, at lower of cost or fair value (includes $201 and $31, respectively, related to consolidated trusts)	1,494	380
Accrued interest receivable, net (includes $7,463 and $7,271, respectively, related to consolidated trusts)	8,459	8,319
Other assets (includes cash pledged as collateral of $1,291 and $1,590, respectively)	1,291	1,590
Liabilities:
Accrued interest payable (includes $8,262 and $8,276, respectively, related to consolidated trusts)	10,681	10,553
Other liabilities (includes $444 and $488, respectively, related to consolidated trusts)	$ 13,012	$ 15,441
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
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—1,158,080,657 shares outstanding	1,158,080,657	1,158,080,657
Treasury stock, at cost, 150,682,046 shares	150,682,046	150,682,046
Commitments and contingencies (Note 17)	$ 0	$ 0
Fannie Mae [Member]
Liabilities:
Debt at fair value	1,775	1,308
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $20,550 and $23,982, respectively, related to consolidated trusts)	20,550	23,982
Investments in securities:
Available-for-sale, at fair value (includes $949 and $998, respectively, related to consolidated trusts)	949	998
Mortgage loans:
Loans held for sale, at lower of cost or fair value (includes $201 and $31, respectively, related to consolidated trusts)	201	31
Loans held for investments, at amortized cost, of consolidated trusts (includes $14,637 and $14,268 respectively, at fair value)	14,637	14,268
Loans pledged as collateral that may be sold or repledged included in loans held for investment, at amortized cost	415	442
Accrued interest receivable, net (includes $7,463 and $7,271, respectively, related to consolidated trusts)	7,463	7,271
Liabilities:
Accrued interest payable (includes $8,262 and $8,276, respectively, related to consolidated trusts)	8,262	8,276
Debt at fair value	15,373	14,976
Other liabilities (includes $444 and $488, respectively, related to consolidated trusts)	$ 444	$ 488

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

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Interest income:

Trading securities

$ 127

$ 226

Available-for-sale securities

440

673

Mortgage loans (includes $25,954 and $25,394, respectively, related to consolidated trusts)

28,588

29,224

Long-term debt (includes $22,076 and $21,158, respectively, related to consolidated trusts)

Total interest income

29,179

30,180

Interest expense:

Short-term debt

24,421

23,833

Total interest expense

24,441

23,876

Net interest income

4,738

6,304

^[1]

Net interest income after benefit for credit losses

774

957

^[1]

5,512

7,261

^[1]

Investment gains, net

146

118

(51)

(9)

^[1]

Debt extinguishment losses, net

(1,190)

834

^[1]

(23)

^[1]

Fee and other income

4,355

568

Non-interest income

3,260

1,488

Administrative expenses:

Salaries and employee benefits

325

317

Professional services

242

223

Occupancy expenses

Other administrative expenses

Total administrative expenses

672

641

^[1]

Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees

(262)

(260)

^[1]

322

186

Other expenses, net

131

Total expenses

863

635

7,909

8,114

^[1]

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

(2,584)

50,571

^[1],[2]

Net income

5,325

58,685

Other comprehensive income:

372

648

Total comprehensive income attributable to Fannie Mae

372

654

5,697

59,339

Dividends available for distribution to senior preferred stockholder (Note 11)

5,325

58,685

^[1]

^[3]

(5,692)

(59,368)

Net loss attributable to common stockholders (Note 11)

$ (367)

$ (683)

Loss per share: basic and diluted

$ (0.06)

$ (0.12)

Weighted-average common shares outstanding--basic and diluted

^[4]

5,762

[1]	Certain prior period amounts have been reclassified to conform with the current period presentation.
[2]	Represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.
[3]	Represents our dividend payments to Treasury under the terms of the senior preferred stock. Dividends available for distribution as of March 31, 2014 (relating to the dividend period for the three months ended June 30, 2014) were calculated based on our net worth as of March 31, 2014 less the applicable capital reserve amount of $2.4 billion. Dividends available for distribution as of March 31, 2013 (relating to the dividend period for the three months ended June 30, 2013) were calculated based on our net worth as of March 31, 2013 less the applicable capital reserve amount of $3.0 billion.
[4]	Includes 4.6 billion of weighted average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2014.

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Mortgage loans	$ 28,588	$ 29,224
Long-term debt	24,421	23,833
Consolidated Trusts [Member]
Mortgage loans	25,954	25,394
Long-term debt	$ 22,076	$ 21,158

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net cash used in operating activities
Net cash used in operating activities	$ (1,321)	$ (6,420)
Cash flows provided by investing activities:
Purchases of trading securities held for investment	0	(2,021)
Proceeds from maturities and paydowns of trading securities held for investment	333	659
Proceeds from sales of trading securities held for investment	486	781
Proceeds from maturities and paydowns of available-for-sale securities	1,446	2,689
Proceeds from sales of available-for-sale securities	35	270
Purchases of loans held for investment	(24,486)	(60,504)
Net change in restricted cash	4,412	10,688
Advances to lenders	(20,501)	(38,471)
Proceeds from disposition of acquired property and preforeclosure sales	6,329	13,057
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	26,225	(46,850)
Other, net	(385)	7
Net cash provided by investing activities	80,721	100,120
Cash flows used in financing activities:
Payments of cash dividends on senior preferred stock to Treasury	(7,191)	(4,224)
Other, net	18	216
Net cash used in financing activities	(84,572)	(91,404)
Net (decrease) increase in cash and cash equivalents	(5,172)	2,296
Cash and cash equivalents at beginning of period	19,228	21,117
Cash and cash equivalents at end of period	14,056	23,413
Cash paid during the period for:
Interest	26,567	27,824
Income Taxes	425	0
Fannie Mae [Member]
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment of Fannie Mae	6,217	18,470
Cash flows used in financing activities:
Proceeds from issuance of debt	69,086	155,561
Payments to redeem debt	(117,058)	(141,422)
Consolidated Trusts [Member]
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment of consolidated trusts	80,610	201,345
Cash flows used in financing activities:
Proceeds from issuance of debt	58,216	122,408
Payments to redeem debt	$ (87,643)	$ (223,943)

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization We are a stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). We are a government-sponsored enterprise (“GSE”) and we are subject to government oversight and regulation. Our regulators include the Federal Housing Finance Agency (“FHFA”), the U.S. Department of Housing and Urban Development (“HUD”), the U.S. Securities and Exchange Commission (“SEC”), and the U.S. Department of the Treasury (“Treasury”). The U.S. government does not guarantee our securities or other obligations. Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator has since delegated specified authorities to our Board of Directors and has delegated to management the authority to conduct our day-to-day operations. The conservator retains the authority to withdraw its delegations at any time. The conservatorship has no specified termination date and there continues to be significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us in receivership at his discretion at any time for other reasons set forth in the GSE Act, including if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results. We are not aware of any plans of FHFA to significantly change our business model or capital structure in the near term. Impact of U.S. Government Support We continue to rely on support from Treasury to eliminate any net worth deficits we may experience in the future, which would otherwise trigger our being placed into receivership. Based on consideration of all the relevant conditions and events affecting our operations, including our reliance on the U.S. government, we continue to operate as a going concern and in accordance with our delegation of authority from FHFA. We believe that continued federal government support of our business and the financial markets, as well as our status as a GSE, are essential to maintaining our access to debt funding. Changes or perceived changes in federal government support of our business and the financial markets or our status as a GSE could materially and adversely affect our liquidity, financial condition and results of operations. Pursuant to the senior preferred stock purchase agreement, Treasury has committed to provide us with funding to help us maintain a positive net worth thereby avoiding the mandatory receivership trigger described above. We have received a total of $116.1 billion from Treasury pursuant to the senior preferred stock purchase agreement as of March 31, 2014. The aggregate liquidation preference of the senior preferred stock, including the initial aggregate liquidation preference of $1.0 billion, was $117.1 billion as of March 31, 2014. As of March 31, 2014, the amount of remaining funding available to us under the senior preferred stock purchase agreement was $117.6 billion. Based on the terms of the senior preferred stock, we paid Treasury a dividend of $7.2 billion on March 31, 2014 based on our net worth as of December 31, 2013, and we expect to pay Treasury an additional dividend of $5.7 billion by June 30, 2014. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ condensed consolidated financial statements. Results for the three months ended March 31, 2014 may not necessarily be indicative of the results for the year ending December 31, 2014. The unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2014 should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”), filed with the SEC on February 21, 2014. Regulatory Capital FHFA has announced that, during the conservatorship, our existing statutory and FHFA-directed regulatory capital requirements will not be binding and that FHFA will not issue quarterly capital classifications. We submit capital reports to FHFA, and FHFA monitors our capital levels. The deficit of core capital over statutory minimum capital was $138.0 billion as of March 31, 2014 and $137.3 billion as of December 31, 2013. Under the terms of the senior preferred stock, we are required to pay Treasury a dividend each quarter, when, as and if declared, equal to the excess of our net worth as of the end of the preceding quarter over an applicable capital reserve amount. The Director of FHFA directs us to make dividend payments on the senior preferred stock on a quarterly basis. Therefore, we do not expect to eliminate our deficit of core capital over statutory minimum capital. Related Parties As a result of our issuance to Treasury of the warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of March 31, 2014, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $117.1 billion. FHFA’s control of Fannie Mae and Freddie Mac has caused us, FHFA and Freddie Mac to be deemed related parties. Our administrative expenses were reduced by $17 million and $26 million for the three months ended March 31, 2014 and 2013, respectively, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program (“HAMP”) and other initiatives under Treasury’s Making Home Affordable Program. During the three months ended March 31, 2014, we made tax payments of $425 million to the Internal Revenue Service, a bureau of Treasury. We did not make any tax payments during the three months ended March 31, 2013. Under the temporary credit and liquidity facilities (“TCLF”) program, we had $641 million and $821 million outstanding, which includes principal and interest, of standby credit and liquidity support as of March 31, 2014 and December 31, 2013, respectively. Under the new issue bond (“NIB”) program, we had $4.4 billion and $4.5 billion outstanding of pass-through securities backed by single-family and multifamily housing bonds issued by housing finance agencies (“HFAs”) as of March 31, 2014 and December 31, 2013, respectively. Treasury will bear the initial losses of principal under the TCLF program and the NIB program up to 35% of the total original principal on a combined program-wide basis, and thereafter we will bear the losses of principal that are attributable to the TCLF and the securities we have issued. Treasury will also bear any losses of unpaid interest under the two programs. As of March 31, 2014, there had been no losses of principal or interest under the TCLF program or the NIB program. The fee revenue and expense related to the Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) are recorded in “Mortgage loans interest income” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. We recognized $322 million in TCCA fees during the three months ended March 31, 2014, which have not been remitted to Treasury as of March 31, 2014. During the three months ended March 31, 2014, we remitted TCCA-related guaranty fees of $306 million to Treasury for our obligations as of December 31, 2013. We recognized $186 million in TCCA fees during the three months ended March 31, 2013. As of March 31, 2014 and December 31, 2013, we held Freddie Mac mortgage-related securities with a fair value of $8.2 billion and $8.7 billion, respectively. We recognized interest income on these securities held by us of $78 million and $111 million for the three months ended March 31, 2014 and 2013, respectively. In addition, Freddie Mac may be an investor in variable interest entities that we have consolidated, and we may be an investor in variable interest entities that Freddie Mac has consolidated. The Housing and Economic Recovery Act of 2008 authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, which is payable on a semi-annual basis (April and October), for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital. We recognized $28 million of FHFA assessment fees, which are recorded in “Administrative expenses,” for the three months ended March 31, 2014 and 2013. In March 2013, FHFA announced that a new business entity would be established by Fannie Mae and Freddie Mac that would be separate from the two companies in order to further the goal of building a common securitization platform that would function like a market utility. In October 2013, FHFA announced that the new joint venture by Fannie Mae and Freddie Mac, Common Securitization Solutions, LLC, had been established and that office space for the new entity had been secured. In connection with the entity’s establishment, we entered into a Limited Liability Company Agreement with Freddie Mac in October 2013 and anticipate entering into additional agreements relating to the new joint venture in the future. No other transactions outside of normal business activities have occurred between us and Freddie Mac during the three months ended March 31, 2014 or 2013. Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments and other assets and liabilities, recoverability of our deferred tax assets, allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates. Fee and Other Income Fee and other income includes transaction fees, technology fees, multifamily fees and other miscellaneous income. During the three months ended March 31, 2014, we recognized $4.1 billion in “Fee and other income” in our condensed consolidated statement of operations resulting from settlement agreements resolving certain lawsuits relating to private-label securities sold to us. Statement of Cash Flows We classify cash flows related to trading securities based on their nature and purpose. Effective January 1, 2014, all cash flows related to trading securities purchased after December 31, 2013 are classified as operating activities as we do not intend to hold these securities for investment. Adoption of New Accounting Guidance In January 2014, the FASB issued guidance clarifying when a creditor is considered to have received physical possession of residential real estate property collateralized by a consumer mortgage loan in order to reduce diversity in practice for when a creditor derecognizes the loan receivable and recognizes the real estate property. The guidance also requires interim and annual disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The new guidance is effective for us on January 1, 2015. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements.

Consolidations and Transfers of Financial Assets

3 Months Ended

Mar. 31, 2014

Consolidations and Transfers of Financial Assets [Abstract]

Consolidations and Transfers of Financial Assets

We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, mortgage and asset-backed trusts that were not created by us, as well as housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing. These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities.

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization trusts 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 March 31, 2014 and December 31, 2013, as well as our maximum exposure to loss and the total assets of these unconsolidated mortgage-backed trusts.



	As of
	March 31, 2014				December 31, 2013
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae securities		$	5,785			$	5,660
Non-Fannie Mae securities		8,197				8,559
Total trading securities		13,982				14,219
Available-for-sale securities:
Fannie Mae securities		5,593				5,866
Non-Fannie Mae securities		27,063				27,441
Total available-for-sale securities		32,656				33,307
Other assets		119				119
Other liabilities		(1,734		)		(1,668		)
Net carrying amount		$	45,023			$	45,977
Maximum exposure to loss⁽¹⁾		$	52,360			$	54,148
Total assets of unconsolidated mortgage-backed trusts		$	281,719			$	313,202

__________


⁽¹⁾	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.

Additionally, our maximum exposure to loss related to our involvement with limited partnership investments was $15 million and $14 million as of March 31, 2014 and December 31, 2013, respectively. The total assets of these unconsolidated limited partnership investments were $6.7 billion and $6.8 billion as of March 31, 2014 and December 31, 2013, respectively.

Transfers of Financial Assets

We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. For the three months ended March 31, 2014 and 2013, the unpaid principal balance of portfolio securitizations was $32.5 billion and $69.4 billion, respectively.

The following table displays some key characteristics of the securities retained in unconsolidated portfolio securitization trusts as of March 31, 2014 and December 31, 2013.



	Fannie Mae Single-class MBS & Fannie Megas			REMICS & SMBS⁽¹⁾
	(Dollars in millions)
As of March 31, 2014
Unpaid principal balance	$	331		$	6,879
Fair value	366			8,012
Weighted-average coupon	6.20		%	5.35		%
Weighted-average loan age	7.7		years	5.5		years
Weighted-average maturity	21.2		years	11.9		years

As of December 31, 2013
Unpaid principal balance	$	349		$	6,899
Fair value	383			7,959
Weighted-average coupon	6.21		%	5.36		%
Weighted-average loan age	7.4		years	5.4		years
Weighted-average maturity	21.5		years	12.6		years

__________


⁽¹⁾	Consists of real estate mortgage investment conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

For the three months ended March 31, 2014 and 2013, the principal and interest received on retained interests was $340 million and $459 million, respectively.

Managed Loans

“Managed loans” are on-balance sheet mortgage loans, as well as mortgage loans that we have securitized in unconsolidated portfolio securitization trusts. The unpaid principal balance of securitized loans in unconsolidated portfolio securitization trusts, which are primarily loans that are guaranteed or insured, in whole or in part, by the U.S. government, was $2.0 billion and $2.1 billion as of March 31, 2014 and December 31, 2013, respectively. For information on our on-balance sheet mortgage loans, see “Note 3, Mortgage Loans.”

Qualifying Sales of Portfolio Securitizations

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

We recognize assets obtained and liabilities incurred in qualifying sales of portfolio securitizations at fair value. There were no proceeds from the initial sale of securities from portfolio securitizations for the three months ended March 31, 2014, compared with $176 million for the three months ended March 31, 2013. Our continuing involvement in the form of guaranty assets and guaranty liabilities with assets that were transferred into unconsolidated trusts is not material to our consolidated financial statements.

Mortgage Loans

3 Months Ended

Mar. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans

The following table displays our mortgage loans as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014												December 31, 2013
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	271,947			$	2,574,278			$	2,846,225			$	276,644			$	2,579,024			$	2,855,668
Multifamily		33,680				148,822				182,502				37,642				146,249				183,891
Total unpaid principal balance of mortgage loans		305,627				2,723,100				3,028,727				314,286				2,725,273				3,039,559
Cost basis and fair value adjustments, net		(13,431		)		44,631				31,200				(13,778		)		44,305				30,527
Allowance for loan losses for loans held for investment		(39,004		)		(2,907		)		(41,911		)		(40,521		)		(3,325		)		(43,846		)
Total mortgage loans		$	253,192			$	2,764,824			$	3,018,016			$	259,987			$	2,766,253			$	3,026,240

During the three months ended March 31, 2014, we redesignated loans with a carrying value of $2.2 billion from held for investment (“HFI”) to held for sale (“HFS”) and sold loans with an unpaid principal balance of $1.0 billion.

Nonaccrual Loans

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

When a loan is placed on nonaccrual status, interest previously accrued but not collected becomes part of our recorded investment in the loan and is reviewed for impairment in connection with our allowance for loan losses process. For single-family loans, we recognize interest income for loans on nonaccrual status when cash is received. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan.

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

Aging Analysis

The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans, excluding loans for which we have elected the fair value option, by portfolio segment and class as of March 31, 2014 and December 31, 2013.



	As of March 31, 2014⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	27,858		$	8,090		$	44,625		$	80,573	$	2,566,501	$	2,647,074		$	65	$	52,614
Government⁽⁴⁾		59			23			348			430		47,466		47,896			348		—
Alt-A		4,488			1,501			14,227			20,216		103,452		123,668			9		15,716
Other⁽⁵⁾		1,699			552			4,866			7,117		44,003		51,120			25		5,361
Total single-family		34,104			10,166			64,066			108,336		2,761,422		2,869,758			447		73,691
Multifamily⁽⁶⁾		45			N/A			187			232		183,127		183,359			—		1,840
Total		$	34,149		$	10,166		$	64,253		$	108,568	$	2,944,549	$	3,053,117		$	447	$	75,531



	As of December 31, 2013⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	32,371		$	9,755		$	48,345		$	90,471	$	2,558,826	$	2,649,297		$	81	$	57,973
Government⁽⁴⁾		66			32			346			444		48,150		48,594			346		—
Alt-A		4,748			1,692			15,425			21,865		105,644		127,509			11		17,102
Other⁽⁵⁾		1,940			659			5,404			8,003		45,288		53,291			22		5,999
Total single-family		39,125			12,138			69,520			120,783		2,757,908		2,878,691			460		81,074
Multifamily⁽⁶⁾		59			N/A			186			245		185,733		185,978			—		2,209
Total		$	39,184		$	12,138		$	69,706		$	121,028	$	2,943,641	$	3,064,669		$	460	$	83,283

__________


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


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


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


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


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


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

Credit Quality Indicators

The following table displays the total recorded investment in our single-family HFI loans, excluding loans for which we have elected the fair value option, by class and credit quality indicator as of March 31, 2014 and December 31, 2013. The single-family credit quality indicator is based on available data through the end of each period presented.



	As of
	March 31, 2014⁽¹⁾⁽²⁾							December 31, 2013⁽¹⁾⁽²⁾
	Primary⁽³⁾		Alt-A		Other⁽⁴⁾			Primary⁽³⁾		Alt-A		Other⁽⁴⁾
	(Dollars in millions)
Estimated mark-to-market loan-to-value ratio:⁽⁵⁾
Less than or equal to 80%	$	2,059,320	$	60,043		$	23,524	$	2,073,079	$	61,670		$	24,112
Greater than 80%and less than or equal to 90%	281,067		16,352			6,593		276,011		16,794			6,947
Greater than 90%and less than or equal to 100%	161,156		14,327			6,150		153,474		14,709			6,402
Greater than 100%and less than or equal to 110%	60,429		10,873			4,871		59,630		11,006			5,146
Greater than 110% and less than or equal to 120%	33,952		7,615			3,538		33,954		7,742			3,691
Greater than 120% and less than or equal to 125%	11,191		2,826			1,343		11,256		2,951			1,406
Greater than 125%	39,959		11,632			5,101		41,893		12,637			5,587
Total	$	2,647,074	$	123,668		$	51,120	$	2,649,297	$	127,509		$	53,291

__________


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


⁽²⁾	Excludes $47.9 billion and $48.6 billion as of March 31, 2014 and December 31, 2013, 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.


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


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


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

The following table displays the total recorded investment in our multifamily HFI loans, excluding loans for which we have elected the fair value option, by credit quality indicator as of March 31, 2014 and December 31, 2013. The multifamily credit quality indicator is based on available data through the end of each period presented.



	As of
	March 31,			December 31,
	2014⁽¹⁾			2013⁽¹⁾
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽²⁾
Pass		$	174,805		$	176,528
Special Mention		2,166			2,234
Substandard		6,027			6,758
Doubtful		361			458
Total		$	183,359		$	185,978

_________


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

⁽²⁾

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

Individually Impaired Loans

Individually impaired loans include troubled debt restructurings (“TDRs”), acquired credit-impaired loans and multifamily loans that we have assessed as probable that we will not collect all contractual amounts due, regardless of whether we are currently accruing interest. The following tables display the total unpaid principal balance, recorded investment and related allowance as of March 31, 2014 and December 31, 2013, and interest income recognized and average recorded investment for the three months ended March 31, 2014 and 2013, for individually impaired loans.



	As of
	March 31, 2014										December 31, 2013
	Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	130,023		$	123,571	$	23,662	$	394		$	130,080		$	123,631	$	24,145	$	430
Government⁽³⁾		272			276		39		12			213			210		35		5
Alt-A		37,108			34,219		9,125		172			37,356			34,479		9,364		187
Other⁽⁴⁾		15,586			14,803		3,754		51			15,789			15,023		3,879		56
Total single-family		182,989			172,869		36,580		629			183,438			173,343		37,423		678
Multifamily		1,882			1,897		258		7			2,257			2,276		306		10
Total individually impaired loans with related allowance recorded		184,871			174,766		36,838		636			185,695			175,619		37,729		688

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		14,392			12,849		—		—			14,076			12,305		—		—
Government⁽³⁾		66			61		—		—			120			120		—		—
Alt-A		3,396			2,595		—		—			3,290			2,428		—		—
Other⁽⁴⁾		1,069			907		—		—			1,039			868		—		—
Total single-family		18,923			16,412		—		—			18,525			15,721		—		—
Multifamily		1,706			1,715		—		—			1,927			1,939		—		—
Total individually impaired loans with no related allowance recorded		20,629			18,127		—		—			20,452			17,660		—		—
Total individually impaired loans⁽⁶⁾		$	205,500		$	192,893	$	36,838	$	636		$	206,147		$	193,279	$	37,729	$	688



	For the Three Months Ended March 31,
	2014									2013
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	123,465		$	1,094		$	140		$	125,968		$	1,102		$	173
Government⁽³⁾		238			3			—			208			3			—
Alt-A		34,337			270			28			35,534			277			39
Other⁽⁴⁾		14,910			103			11			15,984			109			14
Total single-family		172,950			1,470			179			177,694			1,491			226
Multifamily		2,086			23			—			2,607			31			—
Total individually impaired loans with related allowance recorded		175,036			1,493			179			180,301			1,522			226

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		12,646			185			48			10,830			641			59
Government⁽³⁾		93			1			—			109			2			—
Alt-A		2,520			41			10			2,078			175			10
Other⁽⁴⁾		891			11			2			662			63			5
Total single-family		16,150			238			60			13,679			881			74
Multifamily		1,826			20			—			1,686			22			1
Total individually impaired loans with no related allowance recorded		17,976			258			60			15,365			903			75
Total individually impaired loans⁽⁶⁾		$	193,012		$	1,751		$	239		$	195,666		$	2,425		$	301

__________


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


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


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


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


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


⁽⁶⁾	Includes single-family loans restructured in a TDR with a recorded investment of $187.9 billion and $187.6 billion as of March 31, 2014 and December 31, 2013, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $897 million and $911 million as of March 31, 2014 and December 31, 2013, respectively.

⁽⁷⁾

Total single-family interest income recognized of $1.7 billion for the three months ended March 31, 2014 consists of $1.4 billion of contractual interest and $275 million of effective yield adjustments. Total single-family interest income recognized of $2.4 billion for the three months ended March 31, 2013 consists of $1.4 billion of contractual interest and $941 million of effective yield adjustments.

Troubled Debt Restructurings

A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify as TDRs loans to certain borrowers who have received bankruptcy relief.

The substantial majority of the loan modifications we complete result in term extensions, interest rate reductions or a combination of both. During the three months ended March 31, 2014 and 2013, the average term extension of a single-family modified loan was 159 months and 148 months, respectively, and the average interest rate reduction was 1.23 and 1.81 percentage points, respectively.

The following table displays the number of loans and recorded investment in loans restructured in a TDR for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014					2013
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		28,842		$	4,110		38,251		$	5,644
Government⁽³⁾		62		8			90		11
Alt-A		4,396		740			7,110		1,223
Other⁽⁴⁾		1,038		219			2,057		452
Total single-family		34,338		5,077			47,508		7,330
Multifamily		6		34			8		33
Total troubled debt restructurings		34,344		$	5,111		47,516		$	7,363

__________

⁽¹⁾

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


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


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


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

The following table displays the number of loans and recorded investment in loans that had a payment default for the three months ended March 31, 2014 and 2013 and were restructured in a TDR in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period.



	For the Three Months Ended March 31,
	2014					2013
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		8,598		$	1,310		12,060		$	1,867
Government⁽³⁾		18		2			29		4
Alt-A		1,444		260			2,672		484
Other⁽⁴⁾		504		115			823		185
Total single-family		10,564		1,687			15,584		2,540
Multifamily		4		14			3		15
Total TDRs that subsequently defaulted		10,568		$	1,701		15,587		$	2,555

__________


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


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


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


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

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2014

Loans and Leases Receivable, Allowance [Abstract]

Allowance for Loan Losses

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

We aggregate single-family HFI loans that are not individually impaired based on similar risk characteristics, for purposes of estimating incurred credit losses and establishing a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate. We base our allowance methodology on historical events and trends, such as loss severity (in event of default), default rates, and recoveries from mortgage insurance contracts and other credit enhancements. In addition, management performs a review of the observable data used in its estimate to ensure it is representative of prevailing economic conditions and other events existing as of the balance sheet date.

Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan’s original effective interest rate. However, if we expect to recover our recorded investment in an individually impaired loan through probable foreclosure of the underlying collateral, we measure impairment based on the fair value of the collateral, reduced by estimated disposal costs and adjusted for estimated proceeds from mortgage, flood, or hazard insurance and other credit enhancements.

We identify multifamily loans for evaluation for impairment through a credit risk assessment process. If we determine that a multifamily loan is individually impaired, we generally measure impairment on that loan based on the fair value of the underlying collateral less estimated costs to sell the property. If we determine that an individual loan that was specifically evaluated for impairment is not individually impaired, we include the loan as part of a pool of loans with similar characteristics that are evaluated collectively for incurred losses.

The following table displays changes in single-family, multifamily and total allowance for loan losses for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014										2013
	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	$	40,202			$	3,105		$	43,307		$	49,848			$	7,839		$	57,687
(Benefit) provision for loan losses⁽¹⁾	(882		)		38			(844		)	(436		)		(403		)	(839		)
Charge-offs⁽²⁾	(1,447		)		(101		)	(1,548		)	(2,670		)		(49		)	(2,719		)
Recoveries	320				71			391			1,027				245			1,272
Transfers⁽³⁾	420				(420		)	—			1,123				(1,123		)	—
Other⁽⁴⁾	133				9			142			75				25			100
Ending balance	$	38,746			$	2,702		$	41,448		$	48,967			$	6,534		$	55,501
Multifamily allowance for loan losses:
Beginning balance	$	319			$	220		$	539		$	671			$	437		$	1,108
Benefit for loan losses⁽¹⁾	(12		)		(16		)	(28		)	(91		)		(54		)	(145		)
Charge-offs⁽²⁾	(51		)		—			(51		)	(1		)		—			(1		)
Transfers⁽³⁾	—				—			—			9				(9		)	—
Other⁽⁴⁾	2				1			3			(2		)		—			(2		)
Ending balance	$	258			$	205		$	463		$	586			$	374		$	960
Total allowance for loan losses:
Beginning balance	$	40,521			$	3,325		$	43,846		$	50,519			$	8,276		$	58,795
(Benefit) provision for loan losses⁽¹⁾	(894		)		22			(872		)	(527		)		(457		)	(984		)
Charge-offs⁽²⁾⁽⁵⁾	(1,498		)		(101		)	(1,599		)	(2,671		)		(49		)	(2,720		)
Recoveries	320				71			391			1,027				245			1,272
Transfers⁽³⁾	420				(420		)	—			1,132				(1,132		)	—
Other⁽⁴⁾	135				10			145			73				25			98
Ending balance	$	39,004			$	2,907		$	41,911		$	49,553			$	6,908		$	56,461

__________


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


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


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

⁽⁴⁾

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


⁽⁵⁾	Total charge-offs include accrued interest of $94 million and $115 million for the three months ended March 31, 2014 and 2013, respectively.

As of March 31, 2014, the allowance for accrued interest receivable for loans of Fannie Mae was $954 million and for loans of consolidated trusts was $94 million. As of December 31, 2013, the allowance for accrued interest receivable for loans of Fannie Mae was $1.1 billion and for loans of consolidated trusts was $104 million.

The following table displays the allowance for loan losses and total recorded investment in our HFI loans, excluding loans for which we have elected the fair value option, by impairment or reserve methodology and portfolio segment as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014							December 31, 2013
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	36,580		$	258	$	36,838	$	37,423		$	306	$	37,729
Collectively reserved loans	4,868			205		5,073		5,884			233		6,117
Total allowance for loan losses	$	41,448		$	463	$	41,911	$	43,307		$	539	$	43,846

Recorded investment in loans by segment:⁽²⁾
Individually impaired loans⁽¹⁾	$	189,281		$	3,612	$	192,893	$	189,064		$	4,215	$	193,279
Collectively reserved loans	2,680,477			179,747		2,860,224		2,689,627			181,763		2,871,390
Total recorded investment in loans	$	2,869,758		$	183,359	$	3,053,117	$	2,878,691		$	185,978	$	3,064,669

__________


⁽¹⁾	Includes acquired credit-impaired loans.


⁽²⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Investments in Securities

3 Months Ended

Mar. 31, 2014

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) gains, net” in our condensed consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014			December 31, 2013
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	5,983		$	5,870
Freddie Mac		1,657			1,839
Ginnie Mae		248			407
Alt-A private-label securities		1,488			1,516
Subprime private-label securities		1,453			1,448
CMBS		2,676			2,718
Mortgage revenue bonds		601			565
Other mortgage-related securities		102			99
Total mortgage-related securities		14,208			14,462
U.S. Treasury securities		17,587			16,306
Total trading securities		$	31,795		$	30,768

The following table displays information about our net trading gains for the three months ended March 31, 2014 and 2013.



	For the Three
	Months Ended
	March 31,
	2014			2013
	(Dollars in millions)
Net trading gains		$	145		$	396
Net trading gains recognized in the period related to securities still held at period end		135			397

Available-for-Sale Securities

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

The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the three months ended March 31, 2014 and 2013.



		For the Three
		Months Ended
		March 31,
	2014			2013
	(Dollars in millions)
Gross realized gains		$	3		$	9
Gross realized losses		2			4
Total proceeds⁽¹⁾		35			94

__________


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

The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities we held as of March 31, 2014 and December 31, 2013.



		As of March 31, 2014
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI⁽²⁾				Gross Unrealized Losses - Other⁽³⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	5,901		$	395		$	—			$	(41	)	$	6,255
Freddie Mac		6,048			467			—				—			6,515
Ginnie Mae		486			71			—				—			557
Alt-A private-label securities		6,107			1,260			(21		)		—			7,346
Subprime private-label securities		5,975			1,141			(40		)		(46		)	7,030
CMBS		1,490			79			—				—			1,569
Mortgage revenue bonds		5,205			57			(158		)		(96		)	5,008
Other mortgage-related securities		2,861			180			(15		)		(178		)	2,848
Total		$	34,073		$	3,650		$	(234	)		$	(361	)	$	37,128



		As of December 31, 2013
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI⁽²⁾				Gross Unrealized Losses - Other⁽³⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	6,227		$	390		$	—			$	(44	)	$	6,573
Freddie Mac		6,365			477			—				—			6,842
Ginnie Mae		512			76			—				—			588
Alt-A private-label securities		6,240			1,151			(40		)		(2		)	7,349
Subprime private-label securities		6,232			991			(102		)		(53		)	7,068
CMBS		1,526			80			—				—			1,606
Mortgage revenue bonds		5,645			35			(228		)		(196		)	5,256
Other mortgage-related securities		2,943			164			(15		)		(203		)	2,889
Total		$	35,690		$	3,364		$	(385	)		$	(498	)	$	38,171

__________


⁽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 our condensed consolidated statements of operations and comprehensive income.


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


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

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 that we held as of March 31, 2014 and December 31, 2013.



		As of March 31, 2014
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
	(Dollars in millions)
Fannie Mae		$	(36	)	$	825		$	(5	)	$	94
Alt-A private-label securities		(4		)	216			(17		)	206
Subprime private-label securities		(21		)	299			(65		)	928
Mortgage revenue bonds		(50		)	749			(204		)	1,040
Other mortgage-related securities		—			—			(193		)	1,060
Total		$	(111	)	$	2,089		$	(484	)	$	3,328

		As of December 31, 2013
	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		$	(40	)	$	975		$	(4	)	$	126
Alt-A private-label securities		(12		)	490			(30		)	308
Subprime private-label securities		(24		)	448			(131		)	1,332
Mortgage revenue bonds		(147		)	1,662			(277		)	970
Other mortgage-related securities		—			5			(218		)	1,066
Total		$	(223	)	$	3,580		$	(660	)	$	3,802

Other-Than-Temporary Impairments

We evaluate available-for-sale securities for other-than-temporary impairment on a quarterly basis. An other-than-temporary impairment 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. An other-than-temporary impairment 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.

The following table displays the modeled attributes, including default rates and severities, which were used to determine as of March 31, 2014 whether our senior interests in certain non-agency mortgage-related securities (including those we intend to sell) will experience a cash shortfall. An estimate of voluntary prepayment rates is also an input to the present value of expected losses.



	As of March 31, 2014
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	437			$	207			$	967			$	163			$	552
Weighted average collateral default⁽¹⁾	29.6		%		24.2		%		10.1		%		20.0		%		14.2		%
Weighted average collateral severities⁽²⁾	55.7				52.7				51.9				40.7				36.7
Weighted average voluntary prepayment rates⁽³⁾	7.3				8.3				12.1				8.6				9.0
Average credit enhancement⁽⁴⁾	46.4				4.4				11.2				21.6				6.5
2005:
Unpaid principal balance	$	44			$	800			$	858			$	405			$	1,382
Weighted average collateral default⁽¹⁾	50.5		%		35.7		%		23.9		%		34.7		%		27.9		%
Weighted average collateral severities⁽²⁾	60.7				54.6				54.0				47.4				44.5
Weighted average voluntary prepayment rates⁽³⁾	2.8				7.1				9.7				7.9				8.6
Average credit enhancement⁽⁴⁾	48.4				6.9				0.6				12.4				2.9
2006:
Unpaid principal balance	$	9,252			$	810			$	404			$	1,115			$	1,227
Weighted average collateral default⁽¹⁾	54.5		%		43.8		%		25.2		%		38.7		%		19.6		%
Weighted average collateral severities⁽²⁾	62.3				48.8				55.8				48.4				44.0
Weighted average voluntary prepayment rates⁽³⁾	2.3				5.6				7.8				7.4				9.5
Average credit enhancement⁽⁴⁾	9.6				3.5				0.1				0.6				—
2007 & After:
Unpaid principal balance	$	468			$	—			$	—			$	—			$	85
Weighted average collateral default⁽¹⁾	51.1		%		N/A				N/A				N/A				23.0		%
Weighted average collateral severities⁽²⁾	38.2				N/A				N/A				N/A				41.4
Weighted average voluntary prepayment rates⁽³⁾	1.6				N/A				N/A				N/A				8.9
Average credit enhancement⁽⁴⁾	22.8				N/A				N/A				N/A				20.2
Total:
Unpaid principal balance	$	10,201			$	1,817			$	2,229			$	1,683			$	3,246
Weighted average collateral default⁽¹⁾	53.2		%		38.0		%		18.2		%		35.9		%		22.3		%
Weighted average collateral severities⁽²⁾	61.0				51.5				54.0				47.8				43.4
Weighted average voluntary prepayment rates⁽³⁾	2.5				6.6				10.4				7.6				9.0
Average credit enhancement⁽⁴⁾	12.0				5.1				5.1				5.5				2.8

__________


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


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


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


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

The following table displays activity related to the unrealized credit loss component on debt securities held by us and recognized in our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2014 and 2013. A related unrealized noncredit gain component of $33 million for the three months ended March 31, 2014 and a related unrealized noncredit loss component of $33 million for the three months ended March 31, 2013, was recognized in “Other comprehensive income.”



	For the Three Months Ended
	March 31,
	2014			2013
	(Dollars in millions)
Balance, beginning of period	$	7,904		$	9,214
Additions for the credit component on debt securities for which OTTI was not previously recognized	1			5
Additions for the credit component on debt securities for which OTTI was previously recognized	39			4
Reductions for securities no longer in portfolio at period end	(53		)	(2		)
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	(698		)	—
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(97		)	(85		)
Balance, end of period	$	7,096		$	9,136

Maturity Information

The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments, as of March 31, 2014. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time.



		As of March 31, 2014
	Total Amortized Cost			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
	Total Amortized Cost			Total Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value
	(Dollars in millions)
Fannie Mae		$	5,901	$	6,255		$	—	$	—		$	311	$	329		$	345	$	371		$	5,245	$	5,555
Freddie Mac		6,048		6,515			—		—			328		348			632		685			5,088		5,482
Ginnie Mae		486		557			—		—			—		—			52		59			434		498
Alt-A private-label securities		6,107		7,346			—		—			—		—			—		—			6,107		7,346
Subprime private-label securities		5,975		7,030			—		—			—		—			—		—			5,975		7,030
CMBS		1,490		1,569			—		—			1,402		1,479			—		—			88		90
Mortgage revenue bonds		5,205		5,008			33		34			236		240			558		561			4,378		4,173
Other mortgage-related securities		2,861		2,848			—		—			—		4			38		40			2,823		2,804
Total		$	34,073	$	37,128		$	33	$	34		$	2,277	$	2,400		$	1,625	$	1,716		$	30,138	$	32,978

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

Financial Guarantees

3 Months Ended

Mar. 31, 2014

Guarantees [Abstract]

Financial Guarantees

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

The following table displays our maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the maximum potential recovery from third parties through available credit enhancements and recourse related to our financial guarantees as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014									December 31, 2013
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Non-consolidated Fannie Mae MBS	$	18,799		$	226		$	10,318		$	19,317		$	232		$	10,541
Other guaranty arrangements⁽³⁾	29,845			241			4,645			30,598			253			4,525
Total	$	48,644		$	467		$	14,963		$	49,915		$	485		$	15,066

__________


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


⁽²⁾	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 14, Concentrations of Credit Risk.”


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

The fair value of our guaranty obligations associated with the Fannie Mae MBS included in “Investments in securities” was $943 million and $1.1 billion as of March 31, 2014 and December 31, 2013, respectively. These Fannie Mae MBS consist primarily of private-label wraps where our guaranty arrangement is with an unconsolidated MBS trust.

Risk Characteristics of our Book of Business

We gauge our performance risk under our guaranty based on the delinquency status of the mortgage loans we hold in our retained mortgage portfolio, or in the case of mortgage-backed securities, the mortgage loans underlying the related securities.

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

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

For single-family and multifamily loans, we use this information, in conjunction with housing market and economic conditions, to structure our pricing and our eligibility and underwriting criteria to reflect the current risk of loans with these higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.

The following tables display the current delinquency status and certain higher risk characteristics of our single-family conventional and total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014⁽¹⁾						December 31, 2013⁽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⁾	1.23	%	0.37	%	2.33	%	1.41	%	0.44	%	2.54	%
Percentage of single-family conventional loans⁽⁴⁾	1.40		0.40		2.19		1.64		0.49		2.38



	As of
	March 31, 2014⁽¹⁾				December 31, 2013⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	7	%	11.27	%	7	%	12.22	%
Geographical distribution:
California	20		0.86		20		0.98
Florida	6		6.12		6		6.89
Illinois	4		2.79		4		3.12
New Jersey	4		6.08		4		6.25
New York	5		4.31		5		4.42
All other states	61		1.70		61		1.85
Product distribution:
Alt-A	5		8.72		5		9.23
Subprime	*		16.17		*		16.93
Vintages:
2005	3		6.81		4		7.26
2006	3		10.58		3		11.26
2007	5		11.53		5		12.18
2008	3		6.40		3		6.69
All other vintages	86		0.96		85		1.02
Select combined risk characteristics:
Original LTV ratio > 90% and FICO score < 620	1		9.84		1		10.90

__________


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


⁽¹⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of March 31, 2014 and December 31, 2013.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2014 and December 31, 2013.


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


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


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



	As of
	March 31, 2014⁽¹⁾⁽²⁾				December 31, 2013⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.06	%	0.10	%	0.03	%	0.10	%



	As of
	March 31, 2014⁽¹⁾				December 31, 2013⁽¹⁾
	Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾		Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾
Original LTV ratio:
Greater than 80%	3	%	0.16	%	3	%	0.23	%
Less than or equal to 80%	97		0.09		97		0.10
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		0.92		4		1.09

__________


⁽¹⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013 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.

Acquired Property Net

3 Months Ended

Mar. 31, 2014

Real Estate [Abstract]

Acquired Property, Net

Acquired property, net consists of held-for-sale foreclosed property received in satisfaction of a loan, net of a valuation allowance for declines in the fair value of the properties after initial acquisition. We classify properties as held-for-sale when we intend to sell the property and are actively marketing it for sale. The following table displays the activity in acquired property, and the related valuation allowance, for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014			2013
	(Dollars in millions)
Beginning balance — Acquired property	$	12,307		$	11,158
Additions	3,772			3,774
Disposals	(3,335		)	(4,213		)
Ending balance — Acquired property	$	12,744		$	10,719
Beginning balance — Valuation allowance	(686		)	(669		)
(Increase) decrease in valuation allowance	(98		)	99
Ending balance — Valuation allowance	(784		)	(570		)
Ending balance — Acquired property, net	$	11,960		$	10,149

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224

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

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

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

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings and Long-Term Debt

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings

The following table displays our outstanding short-term borrowings (borrowings with an original contractual maturity of one year or less) and weighted-average interest rates of these borrowings as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014						December 31, 2013
	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⁾		$	25		—	%		$	—		—	%

Fixed-rate short-term debt:
Discount notes⁽³⁾		$	65,248		0.12	%		$	71,933		0.12	%
Foreign exchange discount notes⁽⁴⁾		200			0.81			362			1.07
Total short-term debt of Fannie Mae		65,448			0.13			72,295			0.13
Debt of consolidated trusts		1,900			0.10			2,154			0.09
Total short-term debt		$	67,348		0.12	%		$	74,449		0.13	%

__________


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


⁽²⁾	Securities sold under agreements to repurchase represent agreements to repurchase for a specified price, with repayment generally occurring on the following day.


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

⁽⁴⁾

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

Intraday Lines of Credit

We periodically use secured intraday funding lines of credit provided by large financial institutions. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As these lines of credit are uncommitted intraday loan facilities, we may be unable to draw on them if and when needed. We had secured uncommitted lines of credit of $20.0 billion as of March 31, 2014 and December 31, 2013. We had no borrowings outstanding from these lines of credit as of March 31, 2014 or December 31, 2013.

Long-Term Debt

Long-term debt represents borrowings with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014						December 31, 2013
	Maturities	Outstanding			Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding			Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2014 - 2030		$	197,233	2.42	%	2014 - 2030		$	212,234	2.45	%
Medium-term notes⁽²⁾	2014 - 2023		137,654		1.33		2014 - 2023		161,445		1.28
Foreign exchange notes and bonds	2021 - 2028		662		5.40		2021 - 2028		682		5.41
Other⁽³⁾	2014 - 2038		37,754		4.96		2014 - 2038		38,444		4.99
Total senior fixed			373,303		2.28				412,805		2.24
Senior floating:
Medium-term notes⁽²⁾	2014 - 2019		37,492		0.18		2014 - 2019		38,441		0.20
Other⁽³⁾⁽⁴⁾	2020 - 2037		1,775		4.19		2020 - 2037		955		5.18
Total senior floating			39,267		0.35				39,396		0.32
Subordinated fixed:
Qualifying subordinated	—		—		—		2014		1,169		5.27
Subordinated debentures⁽⁵⁾	2019		3,589		9.92		2019		3,507		9.92
Total subordinated fixed			3,589		9.92				4,676		8.76
Secured borrowings⁽⁶⁾	2021 - 2022		246		1.87		2021 - 2022		262		1.86
Total long-term debt of Fannie Mae⁽⁷⁾			416,405		2.16				457,139		2.14
Debt of consolidated trusts⁽³⁾	2014 - 2054		2,710,942		3.28		2014 - 2053		2,702,935		3.26
Total long-term debt			$	3,127,347	3.13	%			$	3,160,074	3.10	%

__________


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


⁽⁴⁾	Includes credit risk sharing securities issued under our Connecticut Avenue Securities series, which transfers some of the credit risk of our mortgage loans to the investors in these securities.


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


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


⁽⁷⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.5 billion and $4.8 billion as of March 31, 2014 and December 31, 2013, respectively.

Derivative Instruments

3 Months Ended

Mar. 31, 2014

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 OTC-cleared derivative transactions. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating annual payments or settlement amounts. The derivatives we use for interest rate risk management purposes consist primarily of interest rate swaps and interest rate options.

We enter into forward purchase and sale commitments that lock in the future delivery of mortgage loans and mortgage-related securities at a fixed price or yield. Certain commitments to purchase mortgage loans and purchase or sell mortgage-related securities meet the criteria of a derivative. We typically settle the notional amount of our mortgage commitments that are accounted for as derivatives.

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

Notional and Fair Value Position of our Derivatives

The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments as of March 31, 2014 and December 31, 2013.



	As of March 31, 2014										As of December 31, 2013
	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	$	68,984	$	3,746		$	94,488	$	(5,083	)	$	68,637	$	5,378		$	93,428	$	(4,759	)
Receive-fixed	67,408		3,842			144,897		(2,833		)	67,527		3,320			156,250		(3,813		)
Basis	23,414		70			600		—			27,014		36			600		—
Foreign currency	368		126			492		(26		)	389		120			653		(38		)
Swaptions:
Pay-fixed	34,450		259			46,025		(475		)	33,400		445			48,025		(600		)
Receive-fixed	8,000		154			49,025		(572		)	8,000		117			48,025		(484		)
Other⁽¹⁾	769		29			12		(1		)	769		28			13		(1		)
Total gross risk management derivatives	203,393		8,226			335,539		(8,990		)	205,736		9,444			346,994		(9,695		)
Accrued interest receivable (payable)	—		927			—		(1,143		)	—		786			—		(930		)
Netting adjustment⁽²⁾	—		(8,422		)	—		10,042			—		(8,422		)	—		9,370
Total net risk management derivatives	$	203,393	$	731		$	335,539	$	(91	)	$	205,736	$	1,808		$	346,994	$	(1,255	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	2,205	$	3	$	3,665	$	(11	)	$	1,138	$	1	$	4,353	$	(31	)
Forward contracts to purchase mortgage-related securities	11,553		24		21,370		(62		)	3,276		4		20,861		(168		)
Forward contracts to sell mortgage-related securities	27,810		78		18,301		(45		)	35,423		260		7,886		(15		)
Total mortgage commitment derivatives	$	41,568	$	105	$	43,336	$	(118	)	$	39,837	$	265	$	33,100	$	(214	)
Derivatives at fair value	$	244,961	$	836	$	378,875	$	(209	)	$	245,573	$	2,073	$	380,094	$	(1,469	)

__________


⁽¹⁾	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts that we account for as derivatives. The mortgage insurance contracts have payment provisions that are not based on a notional amount.

⁽²⁾

The netting adjustment for our risk management derivatives transactions 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 $2.8 billion and $2.0 billion as of March 31, 2014 and December 31, 2013, respectively. Cash collateral received was $1.2 billion and $1.0 billion as of March 31, 2014 and December 31, 2013, respectively.

A majority of our OTC derivative contracts contain provisions that require our senior unsecured debt to maintain a minimum credit rating from S&P and Moody’s. If our senior unsecured debt credit ratings were downgraded to established thresholds in these derivative contracts, which range from A+ to BBB+, we could be required to provide additional collateral to or terminate transactions with certain counterparties. The aggregate fair value of all OTC derivatives with credit-risk-related contingent features that were in a net liability position was $2.3 billion and $2.1 billion, for which we posted collateral of $2.2 billion and $2.0 billion in the normal course of business as of March 31, 2014 and December 31, 2013, respectively. Had all of the credit-risk-related contingency features underlying these agreements been triggered, an additional $90 million and $130 million would have been required to be posted as collateral or to immediately settle our positions based on the individual agreements and our fair value position as of March 31, 2014 and December 31, 2013, 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 OTC-cleared derivative contracts.

We record all derivative gains and losses, including accrued interest, in “Fair value (losses) gains, net” in our condensed consolidated statements of operations and comprehensive income. The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives for the three months ended March 31, 2014 and 2013.



	For the
	Three Months
	Ended March 31,
	2014			2013
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(2,118	)	$	2,590
Receive-fixed	1,465			(1,910		)
Basis	35			(27		)
Foreign currency	21			(70		)
Swaptions:
Pay-fixed	(99		)	17
Receive-fixed	(42		)	21
Other⁽¹⁾	(3		)	10
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(903		)	(1,198		)
Receive-fixed interest-rate swaps	691			982
Basis	9			10
Foreign-currency swaps	4			4
Other⁽¹⁾	—			2
Total risk management derivatives fair value (losses) gains, net	$	(940	)	$	431
Mortgage commitment derivatives fair value (losses) gains, net	(345		)	131
Total derivatives fair value (losses) gains, net	$	(1,285	)	$	562

__________


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

Derivative Counterparty Credit Exposure

Our derivative counterparty credit exposure relates principally to interest rate 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. For our risk management derivative transactions, we require counterparties to post collateral, which may include cash, U.S. Treasury securities, agency debt and agency mortgage-related securities.

See “Note 15, Netting Arrangements” for information on our rights to offset assets and liabilities.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 45
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Earnings (Loss) Per Share

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax	Income Taxes We recognized a provision for federal income taxes of $2.6 billion for the three months ended March 31, 2014, which resulted in an effective tax rate of 32.7%. We recognized a benefit for federal income taxes of $50.6 billion for the three months ended March 31, 2013, which resulted in an effective tax rate of (623.3)%. For the three months ended March 31, 2014, the effective tax rate was different from the federal statutory rate of 35% primarily due to the benefits of our investments in housing projects eligible for the low-income housing tax credit and our holdings of tax-exempt investments. Our effective tax rate for the three months ended March 31, 2013 was different from the statutory rate of 35% primarily due to the release of our valuation allowance for our net deferred tax assets.

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Loss Per Share

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

The following table displays the computation of basic and diluted loss per share of common stock for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014				2013
	(Dollars and shares in millions, except per share amounts)
Net income attributable to Fannie Mae		$	5,325			$	58,685
Dividends available for distribution to senior preferred stockholder⁽¹⁾		(5,692		)		(59,368		)
Net loss attributable to common stockholders		$	(367	)		$	(683	)
Weighted-average common shares outstanding—basic and diluted⁽²⁾		5,762				5,762
Loss per share: basic and diluted		$	(0.06	)		$	(0.12	)

__________

⁽¹⁾

Represents our dividend payments to Treasury under the terms of the senior preferred stock. Dividends available for distribution as of March 31, 2014 (relating to the dividend period for the three months ended June 30, 2014) were calculated based on our net worth as of March 31, 2014 less the applicable capital reserve amount of $2.4 billion. Dividends available for distribution as of March 31, 2013 (relating to the dividend period for the three months ended June 30, 2013) were calculated based on our net worth as of March 31, 2013 less the applicable capital reserve amount of $3.0 billion.


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

Segment Reporting

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

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

The following tables display our business segment financial results for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31, 2014
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(48	)		$	(22	)	$	1,830			$	2,698				$	280		⁽³⁾	$	4,738
Benefit for credit losses	745				29			—				—					—				774
Net interest income after benefit for credit losses	697				7			1,830				2,698					280				5,512
Guaranty fee income (expense)⁽⁴⁾	2,870				311			(246		)		(1,427		)	⁽⁵⁾		(1,463		)	⁽⁵⁾	45			⁽⁵⁾
Investment gains (losses), net	—				3			1,336				(58		)			(1,135		)	⁽⁶⁾	146
Net other-than-temporary impairments	—				—			(51		)		—					—				(51		)
Fair value (losses) gains, net	(5		)		—			(1,337		)		48					104			⁽⁷⁾	(1,190		)
Debt extinguishment (losses) gains, net	—				—			(7		)		7					—				—
Gains from partnership investments⁽⁸⁾	—				45			—				—					—				45
Fee and other income (expense)	144				24			4,133				(76		)			85				4,310
Administrative expenses	(450		)		(73		)	(149		)		—					—				(672		)
Foreclosed property income	257				5			—				—					—				262
TCCA fees⁽⁴⁾	(322		)		—			—				—					—				(322		)
Other expenses	(155		)		(1		)	(8		)		—					(12		)		(176		)
Income before federal income taxes	3,036				321			5,501				1,192					(2,141		)		7,909
(Provision) benefit for federal income taxes	(927		)		9			(1,666		)		—					—				(2,584		)
Net income attributable to Fannie Mae	$	2,109			$	330		$	3,835			$	1,192				$	(2,141	)		$	5,325



	For the Three Months Ended March 31, 2013⁽⁹⁾
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest income (loss)	$	520			$	(11	)	$	2,742			$	2,597				$	456		⁽³⁾	$	6,304
Benefit for credit losses	781				176			—				—					—				957
Net interest income after benefit for credit losses	1,301				165			2,742				2,597					456				7,261
Guaranty fee income (expense)⁽⁴⁾	2,375				291			(299		)		(1,204		)	⁽⁵⁾		(1,109		)	⁽⁵⁾	54			⁽⁵⁾
Investment gains (losses), net	2				7			1,349				(67		)			(1,173		)	⁽⁶⁾	118
Net other-than-temporary impairments	—				—			(9		)		—					—				(9		)
Fair value (losses) gains, net	(2		)		—			875				(204		)			165			⁽⁷⁾	834
Debt extinguishment (losses) gains, net	—				—			(40		)		17					—				(23		)
Gains from partnership investments⁽⁸⁾	—				59			—				—					—				59
Fee and other income (expense)	172				51			349				(84		)			26				514
Administrative expenses	(426		)		(70		)	(145		)		—					—				(641		)
Foreclosed property income	253				7			—				—					—				260
TCCA fees⁽⁴⁾	(186		)		—			—				—					—				(186		)
Other (expenses) income	(168		)		1			58				—					(18		)		(127		)
Income before federal income taxes	3,321				511			4,880				1,055					(1,653		)		8,114
Benefit for federal income taxes⁽¹⁰⁾	31,578				7,988			11,005				—					—				50,571
Net income attributable to Fannie Mae	$	34,899			$	8,499		$	15,885			$	1,055				$	(1,653	)		$	58,685

__________


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


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


⁽³⁾	Represents the amortization expense of cost basis adjustments on securities in the Capital Markets group’s retained mortgage portfolio that on a GAAP basis are eliminated.


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

⁽⁵⁾

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

⁽⁶⁾

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


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


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


⁽⁹⁾	Certain prior period amounts have been reclassified to conform with the current period presentation.


⁽¹⁰⁾	Represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.

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.

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Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Equity

The following table displays our accumulated other comprehensive income (“AOCI”) by major categories as of March 31, 2014 and December 31, 2013.



		As of
	March 31,				December 31,
	2014				2013
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax		$	481			$	365
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax		1,518				1,262
Prior service cost and actuarial losses, net of amortization, net of tax		(395		)		(395		)
Other losses		(29		)		(29		)
Accumulated other comprehensive income		$	1,575			$	1,203

The following table displays the activity in other comprehensive income (“OCI”), net of tax, by major categories for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014			2013
	(Dollars in millions)
Net income	$	5,325		$	58,685
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on AFS securities (net of tax of $184 and $349, respectively)	340			649
Reclassification adjustment for OTTI recognized in net income (net of tax of $18 and $3, respectively)	33			5
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $- and $3)	(1		)	(6		)
Other	—			6
Total other comprehensive income	372			654
Total comprehensive income	$	5,697		$	59,339

The table below displays changes in accumulated other comprehensive income, net of tax, for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014									2013
	Available-for-Sale Securities⁽¹⁾			Other⁽²⁾			Total			Available-for-Sale Securities⁽¹⁾				Other⁽²⁾				Total
	(Dollars in millions)
Beginning balance		$	1,627	$	(424	)		$	1,203		$	934			$	(550	)		$	384
OCI before reclassifications		340		—				340			649				—				649
Amounts reclassified from OCI		32		—				32			(1		)		6				5
Net other comprehensive income		372		—				372			648				6				654
Ending balance		$	1,999	$	(424	)		$	1,575		$	1,582			$	(544	)		$	1,038

__________


⁽¹⁾	The amounts reclassified from AOCI represent the gain or loss recognized in earnings due to a sale of an available-for-sale security or the recognition of a net impairment recognized in earnings, which are recorded in “Investments gains, net” and “Net other-than-temporary impairments,” respectively, in our condensed consolidated statements of operations.


⁽²⁾	Primarily represents activity from our defined benefit pension plans, which is recorded in “Salaries and employee benefits” in our condensed consolidated statements of operations.

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.

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Concentrations of Credit Risk

Concentrations of Credit Risk

3 Months Ended

Mar. 31, 2014

Risks and Uncertainties [Abstract]

Mortgage Sellers and Servicers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities on our behalf. Our mortgage sellers and servicers are also obligated to repurchase loans or foreclosed properties, or reimburse us for losses if the foreclosed property has been sold, under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if loan representations and warranties are violated or if mortgage insurers rescind coverage. Our business with mortgage servicers is concentrated. Our five largest single-family mortgage servicers, including their affiliates, serviced approximately 48% of our single-family guaranty book of business as of March 31, 2014, compared with approximately 49% as of December 31, 2013. Our ten largest multifamily mortgage servicers, including their affiliates, serviced approximately 66% of our multifamily guaranty book of business as of March 31, 2014, compared with approximately 65% as of December 31, 2013.

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 a significant increase in our credit losses and credit-related expense, and have a material adverse effect on our results of operations, liquidity, financial condition and net worth.

Mortgage Insurers. Mortgage insurance “risk in force” generally represents our maximum potential loss recovery under the applicable mortgage insurance policies. We had total mortgage insurance coverage risk in force of $103.3 billion and $102.5 billion on the single-family mortgage loans in our guaranty book of business as of March 31, 2014 and December 31, 2013, respectively, which represented 4% of our single-family guaranty book of business as of March 31, 2014 and December 31, 2013. Our primary mortgage insurance coverage risk in force was $102.2 billion and $101.4 billion as of March 31, 2014 and December 31, 2013, respectively. Our pool mortgage insurance coverage risk in force was $1.0 billion and $1.1 billion as of March 31, 2014 and December 31, 2013, respectively. Our top four mortgage insurance companies provided 79% and 78% of our mortgage insurance as of March 31, 2014 and December 31, 2013, respectively.

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. These three mortgage insurers provided a combined $14.2 billion, or 14%, of our risk in force mortgage insurance coverage of our single-family guaranty book of business as of March 31, 2014.

Effective March 7, 2014, PMI increased its cash payments on policyholder claims from 55% to 67%, and paid sufficient amounts of its outstanding deferred payment obligations to bring payment on those claims to 67%. It is uncertain whether PMI 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.

Although the financial condition of our mortgage insurer counterparties currently approved to write new business has improved, there is still risk that our mortgage insurer counterparties may fail to fulfill their obligations to reimburse us for claims under insurance policies. If we determine that it is probable that we will not collect all of our claims from one or more of these mortgage insurer counterparties, it could result in an increase in our loss reserves, which could adversely affect our 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.

The following table displays the amount by which our estimated benefit from mortgage insurance as of March 31, 2014 and December 31, 2013 reduced our total loss reserves as of those dates.



	As of
	March 31, 2014			December 31, 2013
		(Dollars in millions)
Contractual mortgage insurance benefit		$	6,400		$	6,751
Less: Collectibility adjustment⁽¹⁾		409			431
Estimated benefit included in total loss reserves		$	5,991		$	6,320

__________


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

We had outstanding receivables of $2.0 billion recorded in “Other assets” in our condensed consolidated balance sheets as of March 31, 2014 and $2.1 billion as of December 31, 2013 related to amounts claimed on insured, defaulted loans excluding government insured loans. Of this amount, $310 million as of March 31, 2014 and $402 million as of December 31, 2013 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 $621 million as of March 31, 2014 and $655 million as of December 31, 2013. The valuation allowance reduces our claim receivable to the amount which is considered probable of collection as of March 31, 2014 and December 31, 2013.

We received proceeds from private mortgage insurers (and, in cases where policies were rescinded or canceled or coverage was denied by the mortgage insurer, from mortgage sellers or servicers) for single-family loans of $1.4 billion for the three months ended March 31, 2014 and $2.1 billion for three months ended March 31, 2013.

For information on credit risk associated with our derivative transactions and repurchase agreements refer to “Note 9, Derivative Instruments” and “Note 15, Netting Arrangements.”

Netting Arrangements

3 Months Ended

Mar. 31, 2014

Offsetting [Abstract]

Netting Arrangements

We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The table below displays information related to derivatives and securities purchased under agreements to resell or similar arrangements which are subject to an enforceable master netting arrangement that are either offset or not offset in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013.



	As of March 31, 2014
								Net Amount Presented in the Condensed Consolidated Balance Sheets					Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount			Gross Amount Offset⁽¹⁾									Financial Instruments⁽²⁾				Collateral ⁽³⁾				Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	7,781			$	(7,678	)		$	103				$	—			$	(46	)		$	57
OTC-cleared risk management derivatives ⁽⁴⁾	1,343				(744		)		599					—				—				599
Mortgage commitment derivatives	105				—				105					(91		)		—				14
Total derivative assets	9,229				(8,422		)		807			⁽⁵⁾		(91		)		(46		)		670
Securities purchased under agreements to resell or similar arrangements⁽⁶⁾	22,150				—				22,150					—				(22,150		)		—
Total assets	$	31,379			$	(8,422	)		$	22,957				$	(91	)		$	(22,196	)		$	670

Liabilities:
OTC risk management derivatives	$	(9,143	)		$	9,053			$	(90	)			$	—			$	—			$	(90	)
OTC-cleared risk management derivatives ⁽⁴⁾	(989		)		989				—					—				—				—
Mortgage commitment derivatives	(118		)		—				(118		)			91				—				(27		)
Total derivative liabilities	(10,250		)		10,042				(208		)	⁽⁵⁾		91				—				(117		)
Securities sold under agreements to repurchase or similar arrangements	(25		)		—				(25		)			—				25				—
Total liabilities	$	(10,275	)		$	10,042			$	(233	)			$	91			$	25			$	(117	)



	As of December 31, 2013
								Net Amount Presented in the Condensed Consolidated Balance Sheets						Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount			Gross Amount Offset⁽¹⁾										Financial Instruments⁽²⁾				Collateral⁽³⁾				Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	8,491			$	(8,422	)		$	69					$	—			$	(20	)		$	49
Mortgage commitment derivatives	265				—				265						(83		)		—				182
Total derivative assets	8,756				(8,422		)		334			⁽⁵	⁾		(83		)		(20		)		231
Securities purchased under agreements to resell or similar arrangements⁽⁶⁾	50,565				—				50,565						—				(50,565		)		—
Total assets	$	59,321			$	(8,422	)		$	50,899					$	(83	)		$	(50,585	)		$	231

Liabilities:
OTC risk management derivatives	$	(9,503	)		$	9,370			$	(133	)				$	—			$	—			$	(133	)
Mortgage commitment derivatives	(214		)		—				(214		)				83				—				(131		)
Total liabilities	$	(9,717	)		$	9,370			$	(347	)	⁽⁵	⁾		$	83			$	—			$	(264	)

__________


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


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


⁽³⁾	Represents collateral posted or received that has neither been recognized nor offset in our condensed consolidated balance sheets. Does not include collateral held in excess of our exposure.

⁽⁴⁾ As of March 31, 2014, we net OTC-cleared derivative assets and derivative liabilities where we have enforceable master netting arrangements.


⁽⁵⁾	Excludes derivative assets of $29 million and $1.7 billion and derivative liabilities of $1 million and $1.1 billion recognized in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively, that are not subject to enforceable master netting arrangements.


⁽⁶⁾	Includes $9.4 billion and $11.6 billion of securities purchased under agreements to resell or similar arrangements classified as “cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively.

Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets. The fair value of non-cash collateral accepted for OTC risk management derivatives was $49 million and $24 million as of March 31, 2014 and December 31, 2013, respectively. The fair value of non-cash collateral accepted for securities purchased under agreements to resell or similar arrangements was $22.3 billion and $50.7 billion, of which $16.4 billion and $39.8 billion could be sold or repledged as of March 31, 2014 and December 31, 2013, respectively. None of the underlying collateral was sold or repledged as of March 31, 2014 and December 31, 2013. The fair value of non-cash collateral we pledged for securities sold under agreements to repurchase was $25 million as of March 31, 2014, which the counterparty was permitted to sell or repledge. We did not have any securities sold under agreements to repurchase as of December 31, 2013.

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 OTC-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 is calculated. Unless otherwise transferred, in the event of a clearing member default, all open positions cleared through that clearing member are closed and a net position is calculated.

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

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

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

Fair Value

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value

We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis.

Fair Value Measurement

Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs.

Recurring Changes in Fair Value

The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option as of March 31, 2014 and December 31, 2013.



		Fair Value Measurements as of March 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Recurring fair value measurements:
Assets:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	5,983		$	—		$	—			$	5,983
Freddie Mac		—			1,657			—			—				1,657
Ginnie Mae		—			248			—			—				248
Alt-A private-label securities		—			833			655			—				1,488
Subprime private-label securities		—			—			1,453			—				1,453
CMBS		—			2,676			—			—				2,676
Mortgage revenue bonds		—			—			601			—				601
Other		—			—			102			—				102
Non-mortgage-related securities:
U.S. Treasury securities		17,587			—			—			—				17,587
Total trading securities		17,587			11,397			2,811			—				31,795
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			6,250			5			—				6,255
Freddie Mac		—			6,507			8			—				6,515
Ginnie Mae		—			557			—			—				557
Alt-A private-label securities		—			3,776			3,570			—				7,346
Subprime private-label securities		—			—			7,030			—				7,030
CMBS		—			1,569			—			—				1,569
Mortgage revenue bonds		—			2			5,006			—				5,008
Other		—			4			2,844			—				2,848
Total available-for-sale securities		—			18,665			18,463			—				37,128
Mortgage loans of consolidated trusts		—			12,029			2,608			—				14,637
Other assets:
Risk management derivatives:
Swaps		—			8,643			68			—				8,711
Swaptions		—			413			—			—				413
Other		—			—			29			—				29
Netting adjustment		—			—			—			(8,422		)		(8,422		)
Mortgage commitment derivatives		—			104			1			—				105
Total other assets		—			9,160			98			(8,422		)		836
Total assets at fair value		$	17,587		$	51,251		$	23,980		$	(8,422	)		$	84,396



		Fair Value Measurements as of March 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	1,465		$	310		$	—		$	1,775
Total of Fannie Mae		—			1,465			310			—			1,775
Of consolidated trusts		—			14,867			506			—			15,373
Total long-term debt		—			16,332			816			—			17,148
Other liabilities:
Risk management derivatives:
Swaps		—			8,970			115			—			9,085
Swaptions		—			1,047			—			—			1,047
Other		—			—			1			—			1
Netting adjustment		—			—			—			(10,042		)	(10,042		)
Mortgage commitment derivatives		—			113			5			—			118
Total other liabilities		—			10,130			121			(10,042		)	209
Total liabilities at fair value		$	—		$	26,462		$	937		$	(10,042	)	$	17,357



		Fair Value Measurements as of December 31, 2013
	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		$	—		$	5,828		$	42		$	—			$	5,870
Freddie Mac		—			1,837			2			—				1,839
Ginnie Mae		—			407			—			—				407
Alt-A private-label securities		—			898			618			—				1,516
Subprime private-label securities		—			—			1,448			—				1,448
CMBS		—			2,718			—			—				2,718
Mortgage revenue bonds		—			—			565			—				565
Other		—			—			99			—				99
Non-mortgage-related securities:
U.S. Treasury securities		16,306			—			—			—				16,306
Total trading securities		16,306			11,688			2,774			—				30,768
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			6,566			7			—				6,573
Freddie Mac		—			6,834			8			—				6,842
Ginnie Mae		—			588			—			—				588
Alt-A private-label securities		—			3,558			3,791			—				7,349
Subprime private-label securities		—			—			7,068			—				7,068
CMBS		—			1,606			—			—				1,606
Mortgage revenue bonds		—			3			5,253			—				5,256
Other		—			4			2,885			—				2,889
Total available-for-sale securities		—			19,159			19,012			—				38,171
Mortgage loans of consolidated trusts		—			11,564			2,704			—				14,268
Other assets:
Risk management derivatives:
Swaps		—			9,604			36			—				9,640
Swaptions		—			561			1			—				562
Other		—			—			28			—				28
Netting adjustment		—			—			—			(8,422		)		(8,422		)
Mortgage commitment derivatives		—			265			—			—				265
Total other assets		—			10,430			65			(8,422		)		2,073
Total assets at fair value		$	16,306		$	52,841		$	24,555		$	(8,422	)		$	85,280



		Fair Value Measurements as of December 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	353		$	—		$	—			$	353
Senior floating		—			—			955			—				955
Total of Fannie Mae		—			353			955			—				1,308
Of consolidated trusts		—			14,458			518			—				14,976
Total long-term debt		—			14,811			1,473			—				16,284
Other liabilities:
Risk management derivatives:
Swaps		—			9,444			96			—				9,540
Swaptions		—			1,084			—			—				1,084
Other		—			—			1			—				1
Netting adjustment		—			—			—			(9,370		)		(9,370		)
Mortgage commitment derivatives		—			206			8			—				214
Total other liabilities		—			10,734			105			(9,370		)		1,469
Total liabilities at fair value		$	—		$	25,545		$	1,578		$	(9,370	)		$	17,753

__________


⁽¹⁾	Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting agreements to settle with the same counterparty on a net basis, including cash collateral posted and received.

The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 and 2013. The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities for the three months ended March 31, 2014 and 2013. When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period.



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

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

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2013
				Total (Losses) or Gains or (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2013⁽⁵⁾
	Balance, December 31, 2012			Included in Net Income			Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, March 31, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	68		$	(3	)		$	—		$	—	$	—		$	—		$	(4	)	$	—		$	—		$	61			$	(2	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Ginnie Mae	1			—				—			—		—			—			(1		)	—			—			—				—
Alt-A private-label securities	104			95				—			—		—			—			(16		)	(44		)	325			464				90
Subprime private-label securities	1,319			159				—			—		—			—			(32		)	—			—			1,446				160
Mortgage revenue bonds	675			(13		)		—			—		—			—			(1		)	—			—			661				(13		)
Other	117			2				—			—		—			—			(1		)	—			—			118				1
Total trading securities	$	2,286		$	240			$	—		$	—	$	—		$	—		$	(55	)	$	(44	)	$	325		$	2,752			$	236

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	29		$	—			$	—		$	—	$	—		$	—		$	(3	)	$	(14	)	$	—		$	12			$	—
Freddie Mac	10			—				—			—		—			—			(1		)	—			—			9				—
Alt-A private-label securities	6,564			9				218			—		—			—			(268		)	(1,192		)	781			6,112				—
Subprime private-label securities	7,447			44				677			—		—			—			(300		)	—			—			7,868				—
Mortgage revenue bonds	7,837			(2		)		(29		)	—		(19		)	—			(436		)	—			—			7,351				—
Other	3,147			4				44			—		—			—			(96		)	—			—			3,099				—
Total available-for-sale securities	$	25,034		$	55			$	910		$	—	$	(19	)	$	—		$	(1,104	)	$	(1,206	)	$	781		$	24,451			$	—

Mortgage loans of consolidated trusts	$	2,634		$	27			$	—		$	158	$	—		$	—		$	(112	)	$	(38	)	$	213		$	2,882			$	22
Net derivatives	14			(40		)		—			—		—			—			23			—			(4		)	(7		)		(18		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(400	)	$	17			$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(383	)		$	17
Of consolidated trusts	(1,128		)	(54		)		—			—		—			(15		)	49			113			(42		)	(1,077		)		(55		)
Total long-term debt	$	(1,528	)	$	(37	)		$	—		$	—	$	—		$	(15	)	$	49		$	113		$	(42	)	$	(1,460	)		$	(38	)

__________


⁽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 condensed consolidated statements of operations and comprehensive income.


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


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

⁽⁴⁾

Transfers out of Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans and credit risk sharing securities issued under our Connecticut Avenue Securities series. Prices for these securities were obtained from multiple third-party vendors or dealers supported by market observable inputs. Transfers into Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans. Prices for these securities are based on inputs from a single source or inputs that were not readily observable.


⁽⁵⁾	Amount represents temporary changes in fair value. Amortization, accretion and other-than-temporary impairments are not considered unrealized and are not included in this amount.

The following tables display realized and unrealized gains and losses included in our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2014 and 2013, for our Level 3 assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis.



		For the Three Months Ended March 31, 2014
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	70		$	106		$	(45	)		$	1		$	132
Net unrealized gains related to Level 3 assets and liabilities still held as of March 31, 2014		$	—		$	115		$	—			$	—		$	115



		For the Three Months Ended March 31, 2013
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	55		$	192		$	(5	)		$	3		$	245
Net unrealized gains related to Level 3 assets and liabilities still held as of March 31, 2013		$	—		$	202		$	—			$	—		$	202

Nonrecurring Changes in Fair Value

The following tables display assets measured in our condensed consolidated balance sheets at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment) as of March 31, 2014 and December 31, 2013.



		Fair Value Measurements as of March 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
		(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	73		$	232		$	305
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			18,039			18,039
Of consolidated trusts		—			—			56			56
Multifamily mortgage loans held for investment, at amortized cost⁽²⁾		—			—			1,714			1,714
Acquired property, net:
Single-family		—			—			4,537			4,537
Multifamily		—			—			112			112
Other assets		—			—			65			65
Total nonrecurring fair value measurements		$	—		$	73		$	24,755		$	24,828



		Fair Value Measurements as of December 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
	(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	101		$	132		$	233
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			19,966			19,966
Of consolidated trusts		—			—			79			79
Multifamily mortgage loans held for investment, at amortized cost		—			—			1,533			1,533
Acquired property, net:
Single-family		—			—			4,041			4,041
Multifamily		—			—			98			98
Other assets		—			—			121			121
Total nonrecurring fair value measurements		$	—		$	101		$	25,970		$	26,071

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.


⁽²⁾	Includes $522 million of mortgage loans held for investment that were redesignated to mortgage loans held for sale as of March 31, 2014.

The following table displays valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.



	Fair Value Measurements as of March 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Alt-A private-label securities⁽³⁾	$	322	Consensus	Default Rate (%)	0.7	-	8.2	6.3
				Prepayment Speed (%)	1.5	-	4.6	2.3
				Severity (%)	55.8	-	77.1	72.9
				Spreads (bps)	278.0	-	462.0	335.6
	290		Discounted Cash Flow	Default Rate (%)	0.7	-	9.5	8.4
				Prepayment Speed (%)	2.0	-	4.6	2.7
				Severity (%)	62.3	-	81.5	76.6
				Spreads (bps)	305.5	-	386.0	371.9
	43		Other
Total Alt-A private-label securities	655
Subprime private-label securities⁽³⁾	451		Consensus	Default Rate (%)	1.7	-	10.9	4.4
				Prepayment Speed (%)	0.2	-	4.1	1.9
				Severity (%)	33.3	-	95.0	64.9
				Spreads (bps)	290.0	-	390.0	383.6
	738		Consensus
	264		Other
Total subprime private-label securities	1,453
Mortgage revenue bonds	582		Discounted Cash Flow	Spreads (bps)	103.1	-	440.0	342.1
	19		Other
Total mortgage revenue bonds	601
Other	102		Discounted Cash Flow	Spreads (bps)	490.0			490.0
Total trading securities	$	2,811



	Fair Value Measurements as of March 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	13	Other
Alt-A private-label securities⁽³⁾	1,740		Consensus	Default Rate (%)	0.2	-	9.9	3.8
				Prepayment Speed (%)	0.4	-	39.0	7.2
				Severity (%)	0.8	-	81.3	55.8
				Spreads (bps)	192.0	-	365.0	296.6
	649		Consensus
	621		Discounted Cash Flow	Default Rate (%)	1.6	-	17.2	6.3
				Prepayment Speed (%)	0.0	-	17.4	5.0
				Severity (%)	0.2	-	78.3	57.2
				Spreads (bps)	195.0	-	399.6	315.3
	560		Other
Total Alt-A private-label securities	3,570
Subprime private-label securities ⁽³⁾	2,826		Consensus	Default Rate (%)	0.0	-	25.0	6.0
				Prepayment Speed (%)	0.1	-	7.9	2.1
				Severity (%)	0.5	-	99.1	80.5
				Spreads (bps)	160.0	-	440.0	293.0
	2,796		Consensus
	1,068		Discounted Cash Flow	Default Rate (%)	0.9	-	9.3	4.9
				Prepayment Speed (%)	0.4	-	13.2	3.0
				Severity (%)	7.7	-	100.0	83.7
				Spreads (bps)	160.0	-	390.0	278.2
	340		Other
Total subprime private-label securities	7,030
Mortgage revenue bonds	2,165		Single Vendor	Spreads (bps)	0.0	-	393.9	75.8
	1,064		Single Vendor
	1,767		Discounted Cash Flow	Spreads (bps)	0.0	-	644.9	330.2
	10		Other
Total mortgage revenue bonds	5,006
Other	371		Consensus	Default Rate (%)	0.7	-	9.8	4.7
				Prepayment Speed (%)	3.0	-	7.6	3.2
				Severity (%)	60.8	-	100.0	85.9
				Spreads (bps)	236.4	-	484.8	331.7
	397		Consensus
	915		Discounted Cash Flow	Default Rate (%)	1.4	-	5.0	4.2
				Prepayment Speed (%)	3.0	-	8.0	4.0
				Severity (%)	4.5	-	85.0	67.5
				Spreads (bps)	182.1	-	476.0	367.2
	1,161		Other
Total Other	2,844
Total available-for-sale securities	$	18,463



	Fair Value Measurements as of March 31, 2014
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	1,751		Build-Up	Default Rate (%)	0.1	-	98.6	15.6
					Prepayment Speed (%)	2.5	-	50.4	15.5
					Severity (%)	5.1	-	100.0	28.0
	613			Discounted Cash Flow	Default Rate (%)	1.2	-	12.3	3.8
					Prepayment Speed (%)	0.5	-	14.2	5.4
					Severity (%)	43.5	-	100.0	83.5
					Spreads (bps)	160.0	-	915.0	326.6
	66			Other
Total single-family	2,430
Multifamily	178			Build-Up	Spreads (bps)	53.0	-	266.4	115.4
Total mortgage loans of consolidated trusts	$	2,608
Net derivatives	$	(84	)	Internal Model
	66			Dealer Mark
	(5		)	Other
Total net derivatives	$	(23	)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(310	)	Discounted Cash Flow
Of consolidated trusts	(352		)	Discounted Cash Flow	Default Rate (%)	1.2	-	5.5	2.9
					Prepayment Speed (%)	0.5	-	100.0	10.3
					Severity (%)	43.5	-	100.0	87.3
					Spreads (bps)	120.1	-	915.0	416.6
	(154		)	Other
Total of consolidated trusts	(506		)
Total long-term debt	$	(816	)



	Fair Value Measurements as of December 31, 2013
	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⁾	$	44	Other
Alt-A private-label securities⁽³⁾	60		Single Vendor	Default Rate (%)	6.0	-	10.8	8.7
				Prepayment Speed (%)	4.1	-	5.4	4.6
				Severity (%)	76.1	-	92.7	83.1
				Spreads (bps)	414.3	-	421.7	417.5
	325		Consensus	Default Rate (%)	6.9	-	10.4	8.9
				Prepayment Speed (%)	1.9	-	2.5	2.2
				Severity (%)	77.3	-	97.8	88.7
				Spreads (bps)	298.3	-	420.2	366.3
	85		Consensus
	148		Discounted Cash Flow	Default Rate (%)	4.0	-	6.9	6.5
				Prepayment Speed (%)	1.9	-	3.4	2.2
				Severity (%)	42.7	-	77.3	67.6
				Spreads (bps)	325.4	-	439.4	418.6
Total Alt-A private-label securities	618
Subprime private-label securities⁽³⁾	113		Single Vendor	Default Rate (%)	3.1	-	7.5	3.9
				Prepayment Speed (%)	1.8	-	2.5	2.0
				Severity (%)	75.0	-	87.2	75.8
				Spreads (bps)	325.0			325.0
	77		Single Vendor
	400		Consensus	Default Rate (%)	3.0	-	9.2	6.4
				Prepayment Speed (%)	1.4	-	2.2	1.9
				Severity (%)	50.4	-	87.2	74.4
				Spreads (bps)	325.0	-	425.0	353.0
	808		Consensus
	50		Discounted Cash Flow	Default Rate (%)	6.9			6.9
				Prepayment Speed (%)	0.1			0.1
				Severity (%)	75.0			75.0
				Spreads (bps)	325.0			325.0
Total subprime private-label securities	1,448
Mortgage revenue bonds	539		Discounted Cash Flow	Spreads (bps)	35.0	-	440.0	340.6
	26		Other
Total mortgage revenue bonds	565
Other	99		Discounted Cash Flow	Spreads (bps)	525.0			525.0
Total trading securities	$	2,774



	Fair Value Measurements as of December 31, 2013
	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⁾	$	15	Other
Alt-A private-label securities⁽³⁾	139		Single Vendor	Default Rate (%)	0.9	-	6.4	3.9
				Prepayment Speed (%)	9.3	-	11.9	11.3
				Severity (%)	53.7	-	82.6	68.8
				Spreads (bps)	300.0	-	400.0	349.3
	435		Single Vendor
	1,948		Consensus	Default Rate (%)	0.1	-	10.3	3.5
				Prepayment Speed (%)	0.1	-	32.9	9.9
				Severity (%)	7.2	-	100.0	62.3
				Spreads (bps)	210.6	-	404.2	336.7
	740		Consensus
	420		Discounted Cash Flow	Default Rate (%)	2.3	-	10.1	5.1
				Prepayment Speed (%)	1.2	-	7.0	3.4
				Severity (%)	45.2	-	79.5	60.5
				Spreads (bps)	220.2	-	500.0	381.3
	109		Other
Total Alt-A private-label securities	3,791
Subprime private-label securities⁽³⁾	442		Single Vendor	Default Rate (%)	1.8	-	11.0	7.4
				Prepayment Speed (%)	1.0	-	9.4	2.0
				Severity (%)	65.0	-	100.0	82.2
				Spreads (bps)	275.0	-	375.0	315.2
	322		Single Vendor
	2,981		Consensus	Default Rate (%)	0.0	-	36.8	7.4
				Prepayment Speed (%)	0.3	-	9.7	2.3
				Severity (%)	36.8	-	100.0	81.7
				Spreads (bps)	175.0	-	375.0	319.9
	2,442		Consensus
	816		Discounted Cash Flow	Default Rate (%)	0.7	-	7.6	5.1
				Prepayment Speed (%)	0.2	-	12.5	4.1
				Severity (%)	43.8	-	98.0	79.5
				Spreads (bps)	175.0	-	375.0	292.4
	65		Other
Total subprime private-label securities	7,068
Mortgage revenue bonds	1,937		Single Vendor	Spreads (bps)	0.0	-	463.2	112.1
	1,386		Single Vendor
	1,899		Discounted Cash Flow	Spreads (bps)	5.5	-	490.0	310.0
	31		Other
Total mortgage revenue bonds	5,253
Other	122		Single Vendor
	483		Consensus	Default Rate (%)	0.1	-	5.0	5.0
				Prepayment Speed (%)	3.0	-	11.4	3.0
				Severity (%)	65.0	-	85.0	84.6
				Spreads (bps)	275.0	-	925.0	526.4
	625		Consensus
	610		Discounted Cash Flow	Default Rate (%)	5.0			5.0
				Prepayment Speed (%)	10.0			10.0
				Severity (%)	55.0			55.0
				Spreads (bps)	300.0	-	511.0	469.5
	1,045		Other
Total Other	2,885
Total available-for-sale securities	$	19,012



	Fair Value Measurements as of December 31, 2013
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	1,828		Build-Up	Default Rate (%)	0.1	-	95.6	15.7
					Prepayment Speed (%)	2.3	-	37.6	14.1
					Severity (%)	0.0	-	100.0	26.6
	219			Consensus
	112			Consensus	Default Rate (%)	1.1	-	4.7	3.2
					Prepayment Speed (%)	0.2	-	16.7	15.2
					Severity (%)	63.9	-	89.5	85.6
					Spreads (bps)	175.0	-	950.0	293.9
	310			Discounted Cash Flow	Default Rate (%)	1.2	-	15.7	7.0
					Prepayment Speed (%)	1.9	-	16.7	7.0
					Severity (%)	58.8	-	97.7	75.5
					Spreads (bps)	175.0	-	360.6	252.1
	60			Other
Total single-family	2,529
Multifamily	175			Build-Up	Spreads (bps)	62.0	-	243.4	114.3
Total mortgage loans of consolidated trusts	$	2,704
Net derivatives	$	(64	)	Internal Model
	32			Dealer Mark
	(8		)	Other
Total net derivatives	$	(40	)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(266	)	Discounted Cash Flow
	(689		)	Consensus	Default Rate (%)	0.2			0.2
					Prepayment Speed (%)	8.4			8.4
					Spreads (bps)	171.000	-	438.000	306.2
Total of Fannie Mae	(955		)
Of consolidated trusts	(227		)	Consensus
	(116		)	Consensus	Default Rate (%)	1.1	-	4.7	3.2
					Prepayment Speed (%)	0.2	-	16.7	15.2
					Severity (%)	63.9	-	89.5	85.6
					Spreads (bps)	175.0	-	950.0	295.1
	(80		)	Single Vendor
	(95		)	Other
Total of consolidated trusts	(518		)
Total long-term debt	$	(1,473	)

_________

⁽¹⁾

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


⁽²⁾	Includes Fannie Mae, Freddie Mac and Ginnie Mae securities.


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

The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2014 and December 31, 2013. 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
	Valuation Techniques	March 31, 2014		December 31, 2013
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	118	$	132
	Build-Up	114		—
Total mortgage loans held for sale, at lower of cost or fair value		232		132
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model	18,039		19,966
Of consolidated trusts	Internal Model	56		79
Multifamily mortgage loans held for investment, at amortized cost	Appraisals	36		39
	Broker Price Opinions	196		248
	Build-Up	522		—
	Asset Manager Estimate	949		1,230
	Other	11		16
Total multifamily mortgage loans held for investment, at amortized cost		1,714		1,533
Acquired property, net:
Single-family	Accepted Offers	993		691
	Appraisals	1,251		1,077
	Walk Forwards	1,151		1,106
	Internal Model	957		1,049
	Other	185		118
Total single-family		4,537		4,041
Multifamily	Accepted Offers	15		24
	Appraisals	52		65
	Broker Price Opinions	45		9
Total multifamily		112		98
Other Assets	Appraisals	1		26
	Walk Forwards	4		9
	Internal Model	56		81
	Other	4		5
Total other assets		65		121
Total nonrecurring assets at fair value		$	24,755	$	25,970

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.

Cash Equivalents, Trading Securities and Available-for-Sale Securities

These securities are recorded in our condensed consolidated balance sheets at fair value on a recurring basis. Fair value is measured using quoted market prices in active markets for identical assets, when available.

A description of our securities valuation techniques is as follows:

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

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

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

We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy. We classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation, these securities are classified as Level 3 of the valuation hierarchy.

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

Mortgage Loans Held for Investment

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

A description of our loan valuation techniques is as follows:

Build-up: We derive the fair value of mortgage loans using a build-up valuation technique. In the build-up valuation technique we start with the base value for our Fannie Mae MBS and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We use observable market values of Fannie Mae MBS with similar characteristics, either on a pool or loan level, determined primarily from third party pricing services, quoted market prices in active markets for similar securities, and other observable market data as a base value. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’s length transaction at the measurement date. We estimate the fair value of the GO using our internal valuation models, which calculate the present value of expected cash flows based on management’s best estimate of certain key assumptions such as current mark-to-market LTV ratios, future house prices, default rates, severity rates and required rate of return. We also estimate the fair value of the GO using our current guaranty pricing and adjust that pricing, as appropriate, for the seasoning of the collateral when such transactions reflect credit characteristics of loans held in our portfolio. As a result, the fair value of our mortgage loans will change when the pricing for our credit guaranty changes in the GSE securitization market.

Our performing loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant, the loans are classified as Level 3 of the valuation hierarchy.

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

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

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

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

Internal Model: For loans whose value it has been determined should be based on collateral value, we use an internal proprietary distressed home price model. The internal model used in this process takes one of two approaches when valuing properties. The first approach relies on comparable foreclosed property sales, where the value of the target property is the weighted average price of comparable foreclosed property sales. The weights in the comparable sales approach are determined by various factors such as geographic distance, transaction time and the value difference. The second approach relies on model calibrations that consider the target property’s attributes such as prior sales prices, tax assessment values and property characteristics to derive the foreclosed property values. In the second approach, we build separate predictive models for each Metropolitan Statistical Area (“MSA”). Specifically, we use data on prior sales prices, tax assessment values, property characteristics and historical foreclosure sales to calibrate the models in each MSA. We can use the available data about that property and our MSA-level model to estimate the fair value for a given property. The majority of the internal model valuations come from the comparable sales approach. The determination of whether the internal model valuations in a particular geographic area should use the comparable sales approach or model calibration is based on the quarterly evaluation of these two approaches for valuation accuracy. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

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

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

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

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

Acquired Property, Net and Other Assets

Acquired property, net represents foreclosed property received in full satisfaction of a loan net of a valuation allowance. Acquired property is initially recorded in our condensed consolidated balance sheets at its fair value less its estimated cost to sell. The initial fair value of foreclosed properties is determined using a hierarchy based on the reliability of available information. The hierarchy for single-family acquired property includes accepted offers, appraisals, broker price opinions and proprietary home price model values. The hierarchy for multifamily acquired property includes accepted offers, appraisals and broker price opinions. We consider an accepted offer on a specific foreclosed property to be the best estimate of its fair value. If we have not accepted an offer on the property we use the next highest priority valuation methodology available, as described in our valuation hierarchy to determine fair value. While accepted offers represent an agreement in principle to transact, a significant portion of these agreements do not get executed for various reasons, and are therefore classified as Level 3 of the valuation hierarchy.

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

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

The most commonly used techniques in our valuation of acquired property are proprietary home price model and appraisals (both current and walk forward). Based on the number of properties measured as of March 31, 2014, these methodologies comprised approximately 74% of our valuations, while accepted offers comprised approximately 22% of our valuations. Based on the number of properties measured as of December 31, 2013, these methodologies comprised approximately 81% of our valuations, while accepted offers comprised approximately 16% of our valuations.

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

A description of our acquired property significant valuation techniques is as follows:

Single-family acquired property valuation techniques

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

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

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

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

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

Multifamily acquired property valuation techniques

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

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

Derivatives Assets and Liabilities (collectively “Derivatives”)

Derivatives are recorded in our condensed consolidated balance sheets at fair value on a recurring basis. The valuation process for the majority of our risk management derivatives uses observable market data provided by third-party sources, resulting in Level 2 classification of the valuation hierarchy.

A description of our derivatives valuation techniques is as follows:

Internal Model: We use internal models to value interest rate swaps which are valued by referencing yield curves derived from observable interest rates and spreads to project and discount swap cash flows to present value. Option-based derivatives use an internal model that projects the probability of various levels of interest rates by referencing swaption volatilities provided by market makers/dealers. The projected cash flows of the underlying swaps of these option-based derivatives are discounted to present value using yield curves derived from observable interest rates and spreads.

Dealer Mark: Certain highly complex structured swaps primarily use a single dealer mark due to lack of transparency in the market and may be modeled using observable interest rates and volatility levels as well as significant unobservable assumptions, resulting in Level 3 classification of the valuation hierarchy. Mortgage commitment derivatives that use observable market data, quotes and actual transaction price levels adjusted for market movement are typically classified as Level 2 of the valuation hierarchy. To the extent mortgage commitment derivatives include adjustments for market movement that cannot be corroborated by observable market data, we classify them as Level 3 of the valuation hierarchy.

Debt

The majority of debt of Fannie Mae is recorded in our condensed consolidated balance sheets at the principal amount outstanding, net of cost basis adjustments. We elected the fair value option for certain structured Fannie Mae debt instruments and debt of consolidated trusts with embedded derivatives, which are recorded in our condensed consolidated balance sheets at fair value on a recurring basis.

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

A description of our debt valuation techniques is as follows:

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

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

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

The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “Cash Equivalents, Trading Securities and Available-for-Sale Securities.”

Valuation Control Processes

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

Our Enterprise Models Group develops models that are used in estimating the fair value of assets and liabilities for financial reporting purposes. In addition, our Model Oversight Committee (“MOC”) facilitates the cross-functional coordination and effectiveness of our modeling efforts in terms of research, model use and risk governance. The MOC is comprised of senior representatives from Underwriting and Pricing, Capital Markets, Multifamily, Credit Portfolio Management, Enterprise Risk Management and Finance and is co-chaired by our Chief Risk Officer and our Head of Enterprise Business Analytics. Our Model Risk Oversight Group is responsible for establishing risk management controls and for reviewing models used in the determination of fair value measurements for financial reporting.

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

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

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

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

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

We calibrate the performance of our proprietary distressed home price model using actual offers in recently observed transactions. The model’s performance is reviewed on a monthly basis by the REO valuation team and compared quarterly to specific model performance thresholds. The results of the validation are regularly reviewed with the VOC.

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

Fair Value of Financial Instruments

The following table displays the carrying value and estimated fair value of our financial instruments as of March 31, 2014 and December 31, 2013. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans, which are off-balance sheet financial instruments that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes certain financial instruments, such as plan obligations for pension and postretirement health care benefits, employee stock option and stock purchase plans, and also excludes all non-financial instruments. As a result, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities.



	As of March 31, 2014
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	38,639	$	29,239	$	9,400	$	—	$	—		$	38,639
Federal funds sold and securities purchased under agreements to resell or similar arrangements	12,750		—		12,750		—		—			12,750
Trading securities	31,795		17,587		11,397		2,811		—			31,795
Available-for-sale securities	37,128		—		18,665		18,463		—			37,128
Mortgage loans held for sale	1,494		—		157		1,345		—			1,502
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	251,899		—		28,725		213,181		—			241,906
Of consolidated trusts	2,764,623		—		2,588,130		181,818		—			2,769,948
Mortgage loans held for investment	3,016,522		—		2,616,855		394,999		—			3,011,854
Advances to lenders	3,904		—		3,362		518		—			3,880
Derivative assets at fair value	836		—		9,160		98		(8,422		)	836
Guaranty assets and buy-ups	261		—		—		710		—			710
Total financial assets	$	3,143,329	$	46,826	$	2,681,746	$	418,944	$	(8,422	)	$	3,139,094

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	25	$	—	$	25	$	—	$	—		$	25
Short-term debt:
Of Fannie Mae	65,448		—		65,460		—		—			65,460
Of consolidated trusts	1,899		—		—		1,899		—			1,899
Long-term debt:
Of Fannie Mae	416,405		—		426,479		906		—			427,385
Of consolidated trusts	2,710,943		—		2,711,787		13,518		—			2,725,305
Derivative liabilities at fair value	209		—		10,130		121		(10,042		)	209
Guaranty obligations	467		—		—		2,107		—			2,107
Total financial liabilities	$	3,195,396	$	—	$	3,213,881	$	18,551	$	(10,042	)	$	3,222,390



	As of December 31, 2013
	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	$	48,223	$	36,633	$	11,590	$	—	$	—		$	48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	38,975		—		38,975		—		—			38,975
Trading securities	30,768		16,306		11,688		2,774		—			30,768
Available-for-sale securities	38,171		—		19,159		19,012		—			38,171
Mortgage loans held for sale	380		—		185		195		—			380
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	259,638		—		29,920		215,960		—			245,880
Of consolidated trusts	2,766,222		—		2,569,747		176,395		—			2,746,142
Mortgage loans held for investment	3,025,860		—		2,599,667		392,355		—			2,992,022
Advances to lenders	3,727		—		3,165		523		—			3,688
Derivative assets at fair value	2,073		—		10,430		65		(8,422		)	2,073
Guaranty assets and buy-ups	267		—		—		706		—			706
Total financial assets	$	3,188,444	$	52,939	$	2,694,859	$	415,630	$	(8,422	)	$	3,155,006

Financial liabilities:
Short-term debt:
Of Fannie Mae	$	72,295	$	—	$	72,304	$	—	$	—		$	72,304
Of consolidated trusts	2,154		—		—		2,154		—			2,154
Long-term debt:
Of Fannie Mae	457,139		—		463,991		1,557		—			465,548
Of consolidated trusts	2,702,935		—		2,684,224		13,362		—			2,697,586
Derivative liabilities at fair value	1,469		—		10,734		105		(9,370		)	1,469
Guaranty obligations	485		—		—		2,433		—			2,433
Total financial liabilities	$	3,236,477	$	—	$	3,231,253	$	19,611	$	(9,370	)	$	3,241,494

Financial Instruments for which fair value approximates carrying value—We hold certain financial instruments that are not carried at fair value but for which the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents, the majority of advances to lenders, and federal funds and securities sold/purchased under agreements to repurchase/resell.

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

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

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

The total compensation that we receive for the delivery of a HARP loan reflects the pricing that we are willing to offer because HARP is a part of a broader government program intended to provide assistance to homeowners and prevent foreclosures. If these benefits were not reflected in the pricing for these loans (that is, if the loans were valued using our standard build-up approach), the fair value disclosed in the table above would be lower by $11.1 billion as of March 31, 2014 and $11.5 billion as of December 31, 2013. The total fair value of our mortgage loans that have been refinanced under HARP as presented in the table above is $304.4 billion as of March 31, 2014 and $306.9 billion as of December 31, 2013.

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

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

Guaranty Assets and Buy-ups—Guaranty assets related to our portfolio securitizations are recorded in our condensed consolidated balance sheets at fair value on a recurring basis and are classified as Level 3. Guaranty assets in lender swap transactions are recorded in our condensed consolidated balance sheets at the lower of cost or fair value. These assets, which are measured at fair value on a nonrecurring basis, are also classified as Level 3.

We estimate the fair value of guaranty assets based on the present value of expected future cash flows of the underlying mortgage assets using management’s best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. These cash flows are projected using proprietary prepayment, interest rate and credit risk models. Because guaranty assets are like an interest-only income stream, the projected cash flows from our guaranty assets are discounted using one-month LIBOR plus an option-adjusted spread that is calibrated using a representative sample of interest-only swaps that reference Fannie Mae MBS. We believe the remitted fee income is less liquid than interest-only swaps and more like an excess servicing strip. Therefore, we take a further discount of the present value for these liquidity considerations. This discount is based on market quotes from third-party pricing services.

The fair value of the guaranty assets includes the fair value of any associated buy-ups, which is estimated in the same manner as guaranty assets but is recorded separately as a component of “Other assets” in our condensed consolidated balance sheets.

Guaranty Obligations—The fair value of all guaranty obligations, measured subsequent to their initial recognition, is our estimate of a hypothetical transaction price we would receive if we were to issue our guaranty to an unrelated party in a standalone arm’s-length transaction at the measurement date. These obligations are classified as Level 3. The valuation methodology and inputs used in estimating the fair value of the guaranty obligations are described under “Fair Value Measurement—Mortgage Loans Held for Investment, Build-up.”

Fair Value Option

We elected the fair value option for 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 the respective loan.

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

We elected the fair value option for the financial assets and liabilities of the consolidated senior-subordinate trust structures. By electing the fair value option for these instruments, we are able to eliminate the volatility in our results of operations that would otherwise result from different accounting treatment between loans at cost and debt at cost.

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

The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections as of March 31, 2014 and December 31, 2013.



		As of
		March 31, 2014									December 31, 2013
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾
		(Dollars in millions)
Fair value		$	14,637		$	1,775		$	15,373		$	14,268		$	1,308		$	14,976
Unpaid principal balance		14,650			1,671			14,301			14,440			1,290			13,988

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $192 million and $196 million as of March 31, 2014 and December 31, 2013, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of March 31, 2014 and December 31, 2013 was $77 million and $74 million, respectively. Includes loans that are 90 days or more past due with a fair value of $279 million and $288 million as of March 31, 2014 and December 31, 2013, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of March 31, 2014 and December 31, 2013 was $81 million and $75 million, respectively.


⁽²⁾	Includes interest-only debt instruments with no unpaid principal balance and a fair value of $79 million and $85 million as of March 31, 2014 and December 31, 2013, 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) gains, net” in our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014										2013
	Loans		Long-Term Debt				Total (Losses) Gains				Loans			Long-Term Debt				Total Losses
	(Dollars in millions)
Changes in instrument-specific credit risk	$	9		$	(51	)		$	(42	)	$	(65	)		$	(5	)		$	(70	)
Other changes in fair value	123			(116		)		7			(157		)		66				(91		)
Fair value (losses) gains, net	$	132		$	(167	)		$	(35	)	$	(222	)		$	61			$	(161	)

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

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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are party to various types of legal actions and proceedings, including actions brought on behalf of various classes of claimants. We also are subject to regulatory examinations, inquiries and investigations and other information gathering requests. In some of the matters, indeterminate amounts are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. This variability in pleadings, together with our and our counsel’s actual experience in litigating or settling claims, leads us to conclude that the monetary relief that may be sought by plaintiffs bears little relevance to the merits or disposition value of claims. On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, reserves and disclosures. We have substantial and valid defenses to the claims in the proceedings described below and, where we are a party, intend to defend these matters vigorously. However, legal actions and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Accordingly, the outcome of any given matter and the amount or range of potential loss at particular points in time is frequently difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how courts will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel may view the evidence and applicable law. Further, FHFA adopted a regulation in 2011, which provides, in part, that while we are in conservatorship, FHFA will not pay claims by our current or former shareholders, unless the Director of FHFA determines it is in the interest of the conservatorship. The presence of this regulation and FHFA’s assertion that FHFA will not pay claims asserted in certain cases discussed below while we are in conservatorship creates additional uncertainty in those cases. We establish a reserve for matters when a loss is probable and we can reasonably estimate the amount of such loss. For legal actions or proceedings where there is only a reasonable possibility that a loss may be incurred, or where we are not currently able to estimate the reasonably possible loss or range of loss, we do not establish a reserve. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. Given the uncertainties involved in any action or proceeding, regardless of whether we have established a reserve, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period. In addition to the matters specifically described below, we are involved in a number of legal and regulatory proceedings that arise in the ordinary course of business that we do not expect will have a material impact on our business or financial condition. We have also advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to our bylaws and indemnification agreements. In re Fannie Mae Securities Litigation Fannie Mae was a defendant in a consolidated class action lawsuit initially filed in 2004 that was pending in the U.S. District Court for the District of Columbia. In the consolidated complaint filed in 2005, lead plaintiffs Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio alleged that we and certain former officers, as well as our former outside auditor, made materially false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder. Plaintiffs contended that Fannie Mae’s accounting statements were inconsistent with GAAP requirements relating to hedge accounting and the amortization of premiums and discounts, and sought unspecified compensatory damages, attorneys’ fees, and other fees and costs. On January 7, 2008, the court defined the class as all purchasers of Fannie Mae common stock and call options and all sellers of publicly traded Fannie Mae put options during the period from April 17, 2001 through December 22, 2004. On October 17, 2008, FHFA, as conservator for Fannie Mae, intervened in this case. In September and December 2010, plaintiffs served expert reports claiming damages to plaintiffs under various scenarios ranging cumulatively from $2.2 billion to $8.6 billion. In 2011, the parties filed various motions for summary judgment. On September 20, 2012, the court granted summary judgment to defendant Franklin D. Raines, Fannie Mae’s former Chief Executive Officer, on all claims against him. On October 16, 2012, the court granted summary judgment to defendant J. Timothy Howard, Fannie Mae’s former Chief Financial Officer, on all claims against him. On November 20, 2012, the court granted summary judgment to defendant Leanne Spencer, Fannie Mae’s former Controller, on all claims against her. On April 10, 2013, the parties reached an agreement in principle to settle this litigation, subject to court approval. On May 7, 2013, the parties filed a stipulation of settlement with the court. On June 7, 2013, the court granted preliminary approval of the settlement, approved the form and manner of notice to the class, stayed non-settlement related proceedings, and set certain other deadlines related to the settlement. On October 31, 2013, the court held a hearing to evaluate the fairness of the settlement to the class, and on December 5, 2013, granted final approval of the settlement, dismissed the case with prejudice, and entered an order and judgment effecting the settlement. Fannie Mae’s contribution to the settlement did not have a material impact on our results of operations or financial condition. On January 9, 2014, Rinis Travel Service, Inc. Profit Sharing Trust U.A. 61-1989, a purported class member, appealed the court’s approval order with the U.S. Court of Appeals for the District of Columbia, but voluntarily dismissed the appeal with prejudice on March 13, 2014. On January 29, 2014, an individual purported class member also appealed the settlement approval, and plaintiffs-appellees moved to dismiss this appeal on February 6, 2014. The motion to dismiss the appeal is now fully briefed. 2008 Class Action Lawsuits and Related Proceedings Fannie Mae is a defendant in two consolidated class actions filed in 2008 and currently pending in the U.S. District Court for the Southern District of New York—In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation. On February 11, 2009, the Judicial Panel on Multidistrict Litigation ordered that the cases be coordinated for pretrial proceedings. In addition, two individual securities actions involving related facts and circumstances—Comprehensive Investment Services v. Mudd and Smith v. Fannie Mae—were later filed and ultimately transferred to the same court for coordination with the class actions. In addition to these proceedings, certain underwriters have notified us that they have been named in various other actions arising out of certain of Fannie Mae’s preferred stock offerings and may seek indemnification for any losses arising out of those actions pursuant to the terms of our underwriting agreements with them. In re Fannie Mae 2008 Securities Litigation In a consolidated amended complaint filed on June 22, 2009, lead plaintiffs Massachusetts Pension Reserves Investment Management Board and Boston Retirement Board (for common shareholders) and Tennessee Consolidated Retirement System (for preferred shareholders) allege that we, certain of our former officers, and certain of our underwriters violated Sections 12(a)(2) and 15 of the Securities Act of 1933. Lead plaintiffs also allege that we, certain of our former officers, and our outside auditor, violated Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934. Lead plaintiffs seek various forms of relief, including rescission, damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. On October 13, 2009, the court entered an order allowing FHFA to intervene. In 2009, the court granted the defendants’ motion to dismiss the Securities Act claims as to all defendants. In 2010, the court granted in part and denied in part the defendants’ motions to dismiss the Securities Exchange Act claims. As a result of the partial denial, some of the Securities Exchange Act claims remained pending against us and certain of our former officers. Fannie Mae filed its answer to the consolidated complaint on December 31, 2010. Plaintiffs filed a second amended joint consolidated class action complaint on March 2, 2012, renewing the remaining claims and adding FHFA as a defendant. On August 30, 2012, the court denied defendants’ motions to dismiss the second amended complaint, allowing plaintiffs’ Securities Exchange Act claims premised on Fannie Mae’s subprime and Alt-A disclosures to proceed along with plaintiffs’ claims premised on Fannie Mae’s risk management disclosures. Fannie Mae filed its answer to the second amended complaint on October 29, 2012. Given the stage of this lawsuit, 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. In re 2008 Fannie Mae ERISA Litigation In a consolidated complaint filed in 2009, plaintiffs allege that certain of our current and former officers and directors, including members of Fannie Mae’s Benefit Plans Committee and the Compensation Committee of Fannie Mae’s Board of Directors during the relevant time periods, as fiduciaries of Fannie Mae’s Employee Stock Ownership Plan (“ESOP”), breached their duties to ESOP participants and beneficiaries by investing ESOP funds in Fannie Mae common stock when it was no longer prudent to continue to do so. Plaintiffs purport to represent a class of participants and beneficiaries of the ESOP whose accounts invested in Fannie Mae common stock beginning April 17, 2007. The plaintiffs seek unspecified damages, attorneys’ fees and other fees and costs, and injunctive and other equitable relief. Plaintiffs filed an amended complaint on March 2, 2012 adding two current Board members and then-CEO Michael J. Williams as defendants. On October 22, 2012, the court granted in part and denied in part defendants’ motions to dismiss. The court dismissed with prejudice claims against seven former and current directors and officers who joined the Board of Directors or Benefit Plans Committee after Fannie Mae was placed into conservatorship. The court allowed plaintiffs’ breach of fiduciary duty and failure to monitor claims to go forward, but dismissed plaintiffs’ conflict of interest claim. On September 23, 2013, defendants filed a motion asking the court to reconsider its October 22, 2012 order in light of the U.S. Court of Appeals for the Second Circuit’s decision in Rinehart v. Akers (In re Lehman Bros. ERISA Litigation), 722 F.3d 137 (2d Cir. 2013). The court denied the motion for reconsideration on April 21, 2014. Given the stage of this lawsuit, 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. Comprehensive Investment Services v. Mudd, This individual securities action was originally filed on May 13, 2009, by plaintiff Comprehensive Investment Services, Inc. against certain of our former officers and directors, and certain of our underwriters in the U.S. District Court for the Southern District of Texas. On July 7, 2009, this case was transferred to the Southern District of New York for coordination with In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation. Plaintiff filed an amended complaint on May 11, 2011 against us, certain of our former officers, and certain of our underwriters. The amended complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; violations of Section 20(a) of the Securities Exchange Act of 1934; and violations of the Texas Business and Commerce Code, common law fraud, and negligent misrepresentation in connection with Fannie Mae’s May 2008 $2.0 billion offering of 8.25% non-cumulative preferred Series T stock. Plaintiff seeks relief in the form of rescission, actual damages, punitive damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. Plaintiff filed a second amended complaint on March 2, 2012. On August 30, 2012, the court denied defendants’ motions to dismiss the second amended complaint, allowing plaintiff’s Securities Exchange Act claims premised on Fannie Mae’s subprime and Alt-A disclosures and risk management disclosures to proceed. The court granted defendants’ motions to dismiss the state law claims, as well as the federal claims based on alleged violations of GAAP, and also dismissed two of our former officers from the action. Fannie Mae filed its answer to the amended complaint on October 29, 2012. Given the stage of this lawsuit, 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. Smith v. Fannie Mae This individual securities action was originally filed on February 25, 2010, by plaintiff Edward Smith against Fannie Mae and certain of its former officers as well as several underwriters in the U.S. District Court for the Central District of California. On April 12, 2010, this case was transferred to the Southern District of New York for coordination with In re Fannie Mae 2008 Securities Litigation and In re 2008 Fannie Mae ERISA Litigation. Plaintiff filed an amended complaint on April 19, 2011, which alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; violations of Section 20(a) of the Securities Exchange Act of 1934; common law fraud and negligence claims; and California state law claims for misrepresentation in connection with Fannie Mae’s December 2007 $7.0 billion offering of 7.75% fixed-to-floating rate non-cumulative preferred Series S stock. Plaintiff seeks relief in the form of rescission, actual damages (including interest), and exemplary and punitive damages. Plaintiff filed a second amended complaint, allowing plaintiff’s Securities Exchange Act claims premised on Fannie Mae’s subprime and Alt-A disclosures and risk management disclosures to proceed, but granted defendants’ motions to dismiss the state law claims. Fannie Mae filed its answer to the amended complaint on October 29, 2012. Given the stage of this lawsuit, 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. 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 August 2012 amendments to the terms of the senior preferred stock purchase agreements providing that Fannie Mae and Freddie Mac would pay dividends equal to their entire net worth (minus a specified capital reserve amount) (“the net worth sweep provisions”) 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 are paid to Treasury. Plaintiffs allege claims for breach of contract and breach of the implied covenant of good faith and fair dealing against us, FHFA and Freddie Mac, a takings claim against FHFA and Treasury, and a breach of fiduciary duty claim derivatively on our and Freddie Mac’s behalf against FHFA and Treasury. Plaintiffs seek to represent several classes of preferred and/or common shareholders of Fannie Mae and/or Freddie Mac who held stock as of the public announcement of the August 2012 amendments. Plaintiffs seek unspecified damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. A non-class action suit, Arrowood Indemnity Company v. Fannie Mae, was filed in the U.S. District Court for the District of Columbia on September 20, 2013 by preferred shareholders against us, FHFA as our conservator, the Director of FHFA (in his official capacity), Treasury, the Secretary of the Treasury (in his official capacity) and Freddie Mac. Plaintiffs bring claims for breach of contract and breach of the implied covenant of good faith and fair dealing against us, FHFA and Freddie Mac, and claims for violation of the Administrative Procedure Act against the FHFA and Treasury defendants, alleging that the net worth sweep provisions nullified certain rights of the preferred shareholders, particularly the right to receive dividends. Plaintiffs seek damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. On January 17, 2014, defendants filed motions to dismiss both the class action and non-class action suits pending in the U.S. District Court for the District of Columbia, and these motions are now fully briefed. 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. Housing Trust Fund On July 9, 2013, plaintiffs Angela Samuels, Rossana Torres, Danielle Stelluto, the National Low Income Housing Coalition and the Right to the City Alliance filed a complaint against FHFA and the Director of FHFA (in his official capacity) in the U.S. District Court for the Southern District of Florida. We are not a party to this lawsuit. The complaint challenges FHFA’s decision to suspend Fannie Mae’s and Freddie Mac’s contributions to HUD’s Housing Trust Fund. The Federal Housing Finance Regulatory Reform Act of 2008 (the “2008 Reform Act”), which was enacted on July 30, 2008, requires Fannie Mae and Freddie Mac to set aside an amount equal to 4.2 basis points for each dollar of the unpaid principal balance of their total new business purchases to fund the Housing Trust Fund and the Capital Magnet Fund, with 65% of this amount allocated to the Housing Trust Fund and the remaining 35% allocated to the Capital Magnet Fund. The 2008 Reform Act authorizes the Director of FHFA to temporarily suspend these allocations in specified circumstances. In November 2008, FHFA suspended allocations for these funds and directed Fannie Mae and Freddie Mac to not set aside or allocate funds for the Housing Trust Fund and the Capital Magnet Fund until further notice. Plaintiffs’ complaint alleges that FHFA’s directives ordering Fannie Mae and Freddie Mac to suspend payments to the Housing Trust Fund, and FHFA’s failure to review its decision to suspend payments once Fannie Mae’s and Freddie Mac’s financial circumstances changed, violated the Administrative Procedure Act. Plaintiffs request that the court: (1) vacate and set aside FHFA’s decision to indefinitely suspend payments by Fannie Mae and Freddie Mac to the Housing Trust Fund; (2) declare that FHFA’s actions violated the Administrative Procedure Act; (3) order FHFA to instruct Fannie Mae and Freddie Mac to proceed as if FHFA’s suspension of payments to the Housing Trust Fund had never taken place; and (4) award reasonable attorneys’ fees and costs to the plaintiffs. FHFA filed a motion to dismiss the complaint on October 16, 2013. In response to the motion, plaintiffs filed an amended complaint on October 29, 2013. FHFA filed a motion to dismiss the amended complaint on December 6, 2013, and briefing was completed on January 28, 2014. We cannot predict the course or the outcome of this lawsuit.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ condensed consolidated financial statements. Results for the three months ended March 31, 2014 may not necessarily be indicative of the results for the year ending December 31, 2014. The unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2014 should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”), filed with the SEC on February 21, 2014.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments and other assets and liabilities, recoverability of our deferred tax assets, allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Statement of Cash Flows We classify cash flows related to trading securities based on their nature and purpose. Effective January 1, 2014, all cash flows related to trading securities purchased after December 31, 2013 are classified as operating activities as we do not intend to hold these securities for investment.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Guidance In January 2014, the FASB issued guidance clarifying when a creditor is considered to have received physical possession of residential real estate property collateralized by a consumer mortgage loan in order to reduce diversity in practice for when a creditor derecognizes the loan receivable and recognizes the real estate property. The guidance also requires interim and annual disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The new guidance is effective for us on January 1, 2015. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements.

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

Consolidation and Transfer of Financial Assets (Policies)	3 Months Ended
	Mar. 31, 2014
Consolidations and Transfers of Financial Assets [Abstract]
Consolidations, Policy [Policy Text Block]	We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, mortgage and asset-backed trusts that were not created by us, as well as housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing. These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities. Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization trusts and limited partnerships.
Transfers and Servicing of Financial Assets, Policy [Policy Text Block]	Transfers of Financial Assets We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. Qualifying Sales of Portfolio Securitizations We consolidate the substantial majority of our single-class MBS trusts; therefore, these portfolio securitization transactions do not qualify for sale treatment. The assets and liabilities of consolidated trusts created via portfolio securitization transactions that do not qualify as sales are reported in our condensed consolidated balance sheets. We recognize assets obtained and liabilities incurred in qualifying sales of portfolio securitizations at fair value.

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

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

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Mortgage Loans Policy (Policies)	3 Months Ended
Mortgage Loans Policy (Policies)	Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Nonaccrual Loans [Policy Text Block]	Nonaccrual Loans We discontinue accruing interest on loans when we believe collectibility of principal or interest is not reasonably assured, which for single-family loans we have determined, based on our historical experience, to be when the loan becomes two months or more past due according to its contractual terms. We generally place multifamily loans on nonaccrual status when the loan is deemed to be individually impaired, unless the loan is well secured such that collectibility of principal and accrued interest is reasonably assured. When a loan is placed on nonaccrual status, interest previously accrued but not collected becomes part of our recorded investment in the loan and is reviewed for impairment in connection with our allowance for loan losses process. For single-family loans, we recognize interest income for loans on nonaccrual status when cash is received. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a single-family loan to accrual status at the point that the borrower has made sufficient payments to reduce their delinquency below our nonaccrual threshold. For modified single-family loans, the loan is not returned to accrual status until the borrower successfully makes all required payments during the trial period (generally three to four months) and the modification is made permanent. We generally return a multifamily loan to accrual status when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectibility is reasonably assured.
Troubled Debt Restructurings [Policy Text Block]	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 as TDRs loans to certain borrowers who have received bankruptcy relief.

Allowance for Loan Losses Policy (Policies)	3 Months Ended
Allowance for Loan Losses Policy (Policies)	Mar. 31, 2014
Allowance for Loan Losses [Abstract]
Allowance for Loan Losses [Policy Text Block]	Our allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in both single-family and multifamily HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. When calculating our allowance for loan losses, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance and accrued interest recognized while the loan was on accrual status and any applicable cost basis adjustments. We record charge-offs as a reduction to the allowance for loan losses when losses are confirmed through the receipt of assets in full satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale. We aggregate single-family HFI loans that are not individually impaired based on similar risk characteristics, for purposes of estimating incurred credit losses and establishing a collective single-family loss reserve using an econometric model that derives an overall loss reserve estimate. We base our allowance methodology on historical events and trends, such as loss severity (in event of default), default rates, and recoveries from mortgage insurance contracts and other credit enhancements. In addition, management performs a review of the observable data used in its estimate to ensure it is representative of prevailing economic conditions and other events existing as of the balance sheet date. Individually impaired single-family loans currently include those restructured in a TDR and acquired credit-impaired loans. When a loan has been restructured, we measure impairment using a cash flow analysis discounted at the loan’s original effective interest rate. However, if we expect to recover our recorded investment in an individually impaired loan through probable foreclosure of the underlying collateral, we measure impairment based on the fair value of the collateral, reduced by estimated disposal costs and adjusted for estimated proceeds from mortgage, flood, or hazard insurance and other credit enhancements. We identify multifamily loans for evaluation for impairment through a credit risk assessment process. If we determine that a multifamily loan is individually impaired, we generally measure impairment on that loan based on the fair value of the underlying collateral less estimated costs to sell the property. If we determine that an individual loan that was specifically evaluated for impairment is not individually impaired, we include the loan as part of a pool of loans with similar characteristics that are evaluated collectively for incurred losses.

Investment in Securities Policies (Policies)	3 Months Ended
Investment in Securities Policies (Policies)	Mar. 31, 2014
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) gains, net” in our condensed consolidated statements of operations and comprehensive income.
Available-for-sale Securities, Policy [Policy Text Block]	Available-for-Sale Securities We measure available-for-sale (“AFS”) securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income. Other-Than-Temporary Impairments We evaluate available-for-sale securities for other-than-temporary impairment on a quarterly basis. An other-than-temporary impairment 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. An other-than-temporary impairment 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.

Acquired Property Net (Policies)	3 Months Ended
Acquired Property Net (Policies)	Mar. 31, 2014
Real Estate [Abstract]
Acquired Property Held-For-Sale Foreclosed Assets Policy [Policy Text Block]	Acquired property, net consists of held-for-sale foreclosed property received in satisfaction of a loan, net of a valuation allowance for declines in the fair value of the properties after initial acquisition. We classify properties as held-for-sale when we intend to sell the property and are actively marketing it for sale.

Derivative Policy (Policies)	3 Months Ended
Derivative Policy (Policies)	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Policy [Policy Text Block]	We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and are inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets. We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows. We record all derivative gains and losses, including accrued interest, in “Fair value (losses) gains, net” in our condensed consolidated statements of operations and comprehensive income.

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

Consolidations and Transfers of Financial Assets [Abstract]

Segment Reporting Segment Reporting Policy (Policies)	3 Months Ended
Segment Reporting Segment Reporting Policy (Policies)	Mar. 31, 2014
Segment Reporting [Abstract]
Segment Reporting, Policy [Policy Text Block]	Our three reportable segments are: Single-Family, Multifamily and Capital Markets. We use these three segments to generate revenue and manage business risk, and each segment is based on the type of business activities it performs. Under our segment reporting, the sum of the results for our three business segments does not equal our condensed consolidated statements of operations and comprehensive income, as we separate the activity related to our consolidated trusts from the results generated by our three segments. Our business segment financial results include directly attributable revenues and expenses. Additionally, we allocate to each of our segments: (1) capital using FHFA minimum capital requirements adjusted for over- or under-capitalization; (2) indirect administrative costs; and (3) a provision or benefit for federal income taxes. In addition, we allocate intracompany guaranty fee income as a charge from the Single-Family and Multifamily segments to Capital Markets for managing the credit risk on mortgage loans held by the Capital Markets group. We also include an eliminations/adjustments category to reconcile our business segment financial results and the activity related to our consolidated trusts to net income in our condensed consolidated statements of operations and comprehensive income.

Netting Arrangements (Policies)	3 Months Ended
Netting Arrangements (Policies)	Mar. 31, 2014
Offsetting [Abstract]
Derivatives, Offsetting Policy [Policy Text Block]	We determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and various rules and regulations that would govern the insolvency of a derivative counterparty. Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets.

Fair Value (Policies)	3 Months Ended
Fair Value (Policies)	Mar. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Fair Value Option We elected the fair value option for 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 the respective loan. We elected the fair value option for all long-term structured debt instruments that are issued in response to specific investor demand and have interest rates that are based on a calculated index or formula and are economically hedged with derivatives at the time of issuance. By electing the fair value option for these instruments, we are able to eliminate the volatility in our results of operations that would otherwise result from the accounting asymmetry created by recording these structured debt instruments at cost while recording the related derivatives at fair value. We elected the fair value option for the financial assets and liabilities of the consolidated senior-subordinate trust structures. By electing the fair value option for these instruments, we are able to eliminate the volatility in our results of operations that would otherwise result from different accounting treatment between loans at cost and debt at cost. Interest income for the mortgage loans is recorded in “Mortgage loans interest income” and interest expense for the debt instruments is recorded in “Long-term debt interest expense” in our condensed consolidated statements of operations and comprehensive income.

Commitments and Contingencies Policy (Policies)	3 Months Ended
Commitments and Contingencies Policy (Policies)	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Policy [Policy Text Block]	On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, reserves and disclosures. We establish a reserve for matters when a loss is probable and we can reasonably estimate the amount of such loss. For legal actions or proceedings where there is only a reasonable possibility that a loss may be incurred, or where we are not currently able to estimate the reasonably possible loss or range of loss, we do not establish a reserve.

Consolidations and Transfers of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013, as well as our maximum exposure to loss and the total assets of these unconsolidated mortgage-backed trusts.



	As of
	March 31, 2014				December 31, 2013
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae securities		$	5,785			$	5,660
Non-Fannie Mae securities		8,197				8,559
Total trading securities		13,982				14,219
Available-for-sale securities:
Fannie Mae securities		5,593				5,866
Non-Fannie Mae securities		27,063				27,441
Total available-for-sale securities		32,656				33,307
Other assets		119				119
Other liabilities		(1,734		)		(1,668		)
Net carrying amount		$	45,023			$	45,977
Maximum exposure to loss⁽¹⁾		$	52,360			$	54,148
Total assets of unconsolidated mortgage-backed trusts		$	281,719			$	313,202

__________


⁽¹⁾	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.

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

The following table displays some key characteristics of the securities retained in unconsolidated portfolio securitization trusts as of March 31, 2014 and December 31, 2013.



	Fannie Mae Single-class MBS & Fannie Megas			REMICS & SMBS⁽¹⁾
	(Dollars in millions)
As of March 31, 2014
Unpaid principal balance	$	331		$	6,879
Fair value	366			8,012
Weighted-average coupon	6.20		%	5.35		%
Weighted-average loan age	7.7		years	5.5		years
Weighted-average maturity	21.2		years	11.9		years

As of December 31, 2013
Unpaid principal balance	$	349		$	6,899
Fair value	383			7,959
Weighted-average coupon	6.21		%	5.36		%
Weighted-average loan age	7.4		years	5.4		years
Weighted-average maturity	21.5		years	12.6		years

__________


⁽¹⁾	Consists of real estate mortgage investment conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

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.

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2014

Loans in Mortgage Portfolio [Table Text Block]

The following table displays our mortgage loans as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014												December 31, 2013
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	271,947			$	2,574,278			$	2,846,225			$	276,644			$	2,579,024			$	2,855,668
Multifamily		33,680				148,822				182,502				37,642				146,249				183,891
Total unpaid principal balance of mortgage loans		305,627				2,723,100				3,028,727				314,286				2,725,273				3,039,559
Cost basis and fair value adjustments, net		(13,431		)		44,631				31,200				(13,778		)		44,305				30,527
Allowance for loan losses for loans held for investment		(39,004		)		(2,907		)		(41,911		)		(40,521		)		(3,325		)		(43,846		)
Total mortgage loans		$	253,192			$	2,764,824			$	3,018,016			$	259,987			$	2,766,253			$	3,026,240

Aging Analysis [Table Text Block]



	As of March 31, 2014⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	27,858		$	8,090		$	44,625		$	80,573	$	2,566,501	$	2,647,074		$	65	$	52,614
Government⁽⁴⁾		59			23			348			430		47,466		47,896			348		—
Alt-A		4,488			1,501			14,227			20,216		103,452		123,668			9		15,716
Other⁽⁵⁾		1,699			552			4,866			7,117		44,003		51,120			25		5,361
Total single-family		34,104			10,166			64,066			108,336		2,761,422		2,869,758			447		73,691
Multifamily⁽⁶⁾		45			N/A			187			232		183,127		183,359			—		1,840
Total		$	34,149		$	10,166		$	64,253		$	108,568	$	2,944,549	$	3,053,117		$	447	$	75,531



	As of December 31, 2013⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	32,371		$	9,755		$	48,345		$	90,471	$	2,558,826	$	2,649,297		$	81	$	57,973
Government⁽⁴⁾		66			32			346			444		48,150		48,594			346		—
Alt-A		4,748			1,692			15,425			21,865		105,644		127,509			11		17,102
Other⁽⁵⁾		1,940			659			5,404			8,003		45,288		53,291			22		5,999
Total single-family		39,125			12,138			69,520			120,783		2,757,908		2,878,691			460		81,074
Multifamily⁽⁶⁾		59			N/A			186			245		185,733		185,978			—		2,209
Total		$	39,184		$	12,138		$	69,706		$	121,028	$	2,943,641	$	3,064,669		$	460	$	83,283

__________


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


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


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


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


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


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

Individually Impaired Loans [Table Text Block]

The following tables display the total unpaid principal balance, recorded investment and related allowance as of March 31, 2014 and December 31, 2013, and interest income recognized and average recorded investment for the three months ended March 31, 2014 and 2013, for individually impaired loans.



	As of
	March 31, 2014										December 31, 2013
	Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	130,023		$	123,571	$	23,662	$	394		$	130,080		$	123,631	$	24,145	$	430
Government⁽³⁾		272			276		39		12			213			210		35		5
Alt-A		37,108			34,219		9,125		172			37,356			34,479		9,364		187
Other⁽⁴⁾		15,586			14,803		3,754		51			15,789			15,023		3,879		56
Total single-family		182,989			172,869		36,580		629			183,438			173,343		37,423		678
Multifamily		1,882			1,897		258		7			2,257			2,276		306		10
Total individually impaired loans with related allowance recorded		184,871			174,766		36,838		636			185,695			175,619		37,729		688

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		14,392			12,849		—		—			14,076			12,305		—		—
Government⁽³⁾		66			61		—		—			120			120		—		—
Alt-A		3,396			2,595		—		—			3,290			2,428		—		—
Other⁽⁴⁾		1,069			907		—		—			1,039			868		—		—
Total single-family		18,923			16,412		—		—			18,525			15,721		—		—
Multifamily		1,706			1,715		—		—			1,927			1,939		—		—
Total individually impaired loans with no related allowance recorded		20,629			18,127		—		—			20,452			17,660		—		—
Total individually impaired loans⁽⁶⁾		$	205,500		$	192,893	$	36,838	$	636		$	206,147		$	193,279	$	37,729	$	688



	For the Three Months Ended March 31,
	2014									2013
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	123,465		$	1,094		$	140		$	125,968		$	1,102		$	173
Government⁽³⁾		238			3			—			208			3			—
Alt-A		34,337			270			28			35,534			277			39
Other⁽⁴⁾		14,910			103			11			15,984			109			14
Total single-family		172,950			1,470			179			177,694			1,491			226
Multifamily		2,086			23			—			2,607			31			—
Total individually impaired loans with related allowance recorded		175,036			1,493			179			180,301			1,522			226

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		12,646			185			48			10,830			641			59
Government⁽³⁾		93			1			—			109			2			—
Alt-A		2,520			41			10			2,078			175			10
Other⁽⁴⁾		891			11			2			662			63			5
Total single-family		16,150			238			60			13,679			881			74
Multifamily		1,826			20			—			1,686			22			1
Total individually impaired loans with no related allowance recorded		17,976			258			60			15,365			903			75
Total individually impaired loans⁽⁶⁾		$	193,012		$	1,751		$	239		$	195,666		$	2,425		$	301

__________


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


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


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


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


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


⁽⁶⁾	Includes single-family loans restructured in a TDR with a recorded investment of $187.9 billion and $187.6 billion as of March 31, 2014 and December 31, 2013, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $897 million and $911 million as of March 31, 2014 and December 31, 2013, respectively.

⁽⁷⁾

Troubled Debt Restructurings Activity [Table Text Block]

The following table displays the number of loans and recorded investment in loans restructured in a TDR for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014					2013
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		28,842		$	4,110		38,251		$	5,644
Government⁽³⁾		62		8			90		11
Alt-A		4,396		740			7,110		1,223
Other⁽⁴⁾		1,038		219			2,057		452
Total single-family		34,338		5,077			47,508		7,330
Multifamily		6		34			8		33
Total troubled debt restructurings		34,344		$	5,111		47,516		$	7,363

__________

⁽¹⁾


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


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


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



	For the Three Months Ended March 31,
	2014					2013
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		8,598		$	1,310		12,060		$	1,867
Government⁽³⁾		18		2			29		4
Alt-A		1,444		260			2,672		484
Other⁽⁴⁾		504		115			823		185
Total single-family		10,564		1,687			15,584		2,540
Multifamily		4		14			3		15
Total TDRs that subsequently defaulted		10,568		$	1,701		15,587		$	2,555

__________


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


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


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


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

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]



	As of
	March 31, 2014⁽¹⁾⁽²⁾							December 31, 2013⁽¹⁾⁽²⁾
	Primary⁽³⁾		Alt-A		Other⁽⁴⁾			Primary⁽³⁾		Alt-A		Other⁽⁴⁾
	(Dollars in millions)
Estimated mark-to-market loan-to-value ratio:⁽⁵⁾
Less than or equal to 80%	$	2,059,320	$	60,043		$	23,524	$	2,073,079	$	61,670		$	24,112
Greater than 80%and less than or equal to 90%	281,067		16,352			6,593		276,011		16,794			6,947
Greater than 90%and less than or equal to 100%	161,156		14,327			6,150		153,474		14,709			6,402
Greater than 100%and less than or equal to 110%	60,429		10,873			4,871		59,630		11,006			5,146
Greater than 110% and less than or equal to 120%	33,952		7,615			3,538		33,954		7,742			3,691
Greater than 120% and less than or equal to 125%	11,191		2,826			1,343		11,256		2,951			1,406
Greater than 125%	39,959		11,632			5,101		41,893		12,637			5,587
Total	$	2,647,074	$	123,668		$	51,120	$	2,649,297	$	127,509		$	53,291

__________


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


⁽²⁾	Excludes $47.9 billion and $48.6 billion as of March 31, 2014 and December 31, 2013, 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.


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


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


⁽⁵⁾	The 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.

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]



	As of
	March 31,			December 31,
	2014⁽¹⁾			2013⁽¹⁾
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽²⁾
Pass		$	174,805		$	176,528
Special Mention		2,166			2,234
Substandard		6,027			6,758
Doubtful		361			458
Total		$	183,359		$	185,978

_________


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

⁽²⁾

Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2014

Loans and Leases Receivable, Allowance [Abstract]

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

The following table displays changes in single-family, multifamily and total allowance for loan losses for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014										2013
	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	$	40,202			$	3,105		$	43,307		$	49,848			$	7,839		$	57,687
(Benefit) provision for loan losses⁽¹⁾	(882		)		38			(844		)	(436		)		(403		)	(839		)
Charge-offs⁽²⁾	(1,447		)		(101		)	(1,548		)	(2,670		)		(49		)	(2,719		)
Recoveries	320				71			391			1,027				245			1,272
Transfers⁽³⁾	420				(420		)	—			1,123				(1,123		)	—
Other⁽⁴⁾	133				9			142			75				25			100
Ending balance	$	38,746			$	2,702		$	41,448		$	48,967			$	6,534		$	55,501
Multifamily allowance for loan losses:
Beginning balance	$	319			$	220		$	539		$	671			$	437		$	1,108
Benefit for loan losses⁽¹⁾	(12		)		(16		)	(28		)	(91		)		(54		)	(145		)
Charge-offs⁽²⁾	(51		)		—			(51		)	(1		)		—			(1		)
Transfers⁽³⁾	—				—			—			9				(9		)	—
Other⁽⁴⁾	2				1			3			(2		)		—			(2		)
Ending balance	$	258			$	205		$	463		$	586			$	374		$	960
Total allowance for loan losses:
Beginning balance	$	40,521			$	3,325		$	43,846		$	50,519			$	8,276		$	58,795
(Benefit) provision for loan losses⁽¹⁾	(894		)		22			(872		)	(527		)		(457		)	(984		)
Charge-offs⁽²⁾⁽⁵⁾	(1,498		)		(101		)	(1,599		)	(2,671		)		(49		)	(2,720		)
Recoveries	320				71			391			1,027				245			1,272
Transfers⁽³⁾	420				(420		)	—			1,132				(1,132		)	—
Other⁽⁴⁾	135				10			145			73				25			98
Ending balance	$	39,004			$	2,907		$	41,911		$	49,553			$	6,908		$	56,461

__________


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


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


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

⁽⁴⁾


⁽⁵⁾	Total charge-offs include accrued interest of $94 million and $115 million for the three months ended March 31, 2014 and 2013, respectively.

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



	As of
	March 31, 2014							December 31, 2013
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	36,580		$	258	$	36,838	$	37,423		$	306	$	37,729
Collectively reserved loans	4,868			205		5,073		5,884			233		6,117
Total allowance for loan losses	$	41,448		$	463	$	41,911	$	43,307		$	539	$	43,846

Recorded investment in loans by segment:⁽²⁾
Individually impaired loans⁽¹⁾	$	189,281		$	3,612	$	192,893	$	189,064		$	4,215	$	193,279
Collectively reserved loans	2,680,477			179,747		2,860,224		2,689,627			181,763		2,871,390
Total recorded investment in loans	$	2,869,758		$	183,359	$	3,053,117	$	2,878,691		$	185,978	$	3,064,669

__________


⁽¹⁾	Includes acquired credit-impaired loans.


⁽²⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Investments in Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities [Table Text Block]

The following table displays our investments in trading securities as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014			December 31, 2013
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	5,983		$	5,870
Freddie Mac		1,657			1,839
Ginnie Mae		248			407
Alt-A private-label securities		1,488			1,516
Subprime private-label securities		1,453			1,448
CMBS		2,676			2,718
Mortgage revenue bonds		601			565
Other mortgage-related securities		102			99
Total mortgage-related securities		14,208			14,462
U.S. Treasury securities		17,587			16,306
Total trading securities		$	31,795		$	30,768

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

The following table displays information about our net trading gains for the three months ended March 31, 2014 and 2013.



	For the Three
	Months Ended
	March 31,
	2014			2013
	(Dollars in millions)
Net trading gains		$	145		$	396
Net trading gains recognized in the period related to securities still held at period end		135			397

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

The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the three months ended March 31, 2014 and 2013.



		For the Three
		Months Ended
		March 31,
	2014			2013
	(Dollars in millions)
Gross realized gains		$	3		$	9
Gross realized losses		2			4
Total proceeds⁽¹⁾		35			94

__________


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

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

The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities we held as of March 31, 2014 and December 31, 2013.



		As of March 31, 2014
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI⁽²⁾				Gross Unrealized Losses - Other⁽³⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	5,901		$	395		$	—			$	(41	)	$	6,255
Freddie Mac		6,048			467			—				—			6,515
Ginnie Mae		486			71			—				—			557
Alt-A private-label securities		6,107			1,260			(21		)		—			7,346
Subprime private-label securities		5,975			1,141			(40		)		(46		)	7,030
CMBS		1,490			79			—				—			1,569
Mortgage revenue bonds		5,205			57			(158		)		(96		)	5,008
Other mortgage-related securities		2,861			180			(15		)		(178		)	2,848
Total		$	34,073		$	3,650		$	(234	)		$	(361	)	$	37,128



		As of December 31, 2013
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses - OTTI⁽²⁾				Gross Unrealized Losses - Other⁽³⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	6,227		$	390		$	—			$	(44	)	$	6,573
Freddie Mac		6,365			477			—				—			6,842
Ginnie Mae		512			76			—				—			588
Alt-A private-label securities		6,240			1,151			(40		)		(2		)	7,349
Subprime private-label securities		6,232			991			(102		)		(53		)	7,068
CMBS		1,526			80			—				—			1,606
Mortgage revenue bonds		5,645			35			(228		)		(196		)	5,256
Other mortgage-related securities		2,943			164			(15		)		(203		)	2,889
Total		$	35,690		$	3,364		$	(385	)		$	(498	)	$	38,171

__________


⁽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 our condensed consolidated statements of operations and comprehensive income.


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


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

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



		As of March 31, 2014
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
	(Dollars in millions)
Fannie Mae		$	(36	)	$	825		$	(5	)	$	94
Alt-A private-label securities		(4		)	216			(17		)	206
Subprime private-label securities		(21		)	299			(65		)	928
Mortgage revenue bonds		(50		)	749			(204		)	1,040
Other mortgage-related securities		—			—			(193		)	1,060
Total		$	(111	)	$	2,089		$	(484	)	$	3,328

		As of December 31, 2013
	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		$	(40	)	$	975		$	(4	)	$	126
Alt-A private-label securities		(12		)	490			(30		)	308
Subprime private-label securities		(24		)	448			(131		)	1,332
Mortgage revenue bonds		(147		)	1,662			(277		)	970
Other mortgage-related securities		—			5			(218		)	1,066
Total		$	(223	)	$	3,580		$	(660	)	$	3,802

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



	As of March 31, 2014
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	437			$	207			$	967			$	163			$	552
Weighted average collateral default⁽¹⁾	29.6		%		24.2		%		10.1		%		20.0		%		14.2		%
Weighted average collateral severities⁽²⁾	55.7				52.7				51.9				40.7				36.7
Weighted average voluntary prepayment rates⁽³⁾	7.3				8.3				12.1				8.6				9.0
Average credit enhancement⁽⁴⁾	46.4				4.4				11.2				21.6				6.5
2005:
Unpaid principal balance	$	44			$	800			$	858			$	405			$	1,382
Weighted average collateral default⁽¹⁾	50.5		%		35.7		%		23.9		%		34.7		%		27.9		%
Weighted average collateral severities⁽²⁾	60.7				54.6				54.0				47.4				44.5
Weighted average voluntary prepayment rates⁽³⁾	2.8				7.1				9.7				7.9				8.6
Average credit enhancement⁽⁴⁾	48.4				6.9				0.6				12.4				2.9
2006:
Unpaid principal balance	$	9,252			$	810			$	404			$	1,115			$	1,227
Weighted average collateral default⁽¹⁾	54.5		%		43.8		%		25.2		%		38.7		%		19.6		%
Weighted average collateral severities⁽²⁾	62.3				48.8				55.8				48.4				44.0
Weighted average voluntary prepayment rates⁽³⁾	2.3				5.6				7.8				7.4				9.5
Average credit enhancement⁽⁴⁾	9.6				3.5				0.1				0.6				—
2007 & After:
Unpaid principal balance	$	468			$	—			$	—			$	—			$	85
Weighted average collateral default⁽¹⁾	51.1		%		N/A				N/A				N/A				23.0		%
Weighted average collateral severities⁽²⁾	38.2				N/A				N/A				N/A				41.4
Weighted average voluntary prepayment rates⁽³⁾	1.6				N/A				N/A				N/A				8.9
Average credit enhancement⁽⁴⁾	22.8				N/A				N/A				N/A				20.2
Total:
Unpaid principal balance	$	10,201			$	1,817			$	2,229			$	1,683			$	3,246
Weighted average collateral default⁽¹⁾	53.2		%		38.0		%		18.2		%		35.9		%		22.3		%
Weighted average collateral severities⁽²⁾	61.0				51.5				54.0				47.8				43.4
Weighted average voluntary prepayment rates⁽³⁾	2.5				6.6				10.4				7.6				9.0
Average credit enhancement⁽⁴⁾	12.0				5.1				5.1				5.5				2.8

__________


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


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


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


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

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



	For the Three Months Ended
	March 31,
	2014			2013
	(Dollars in millions)
Balance, beginning of period	$	7,904		$	9,214
Additions for the credit component on debt securities for which OTTI was not previously recognized	1			5
Additions for the credit component on debt securities for which OTTI was previously recognized	39			4
Reductions for securities no longer in portfolio at period end	(53		)	(2		)
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	(698		)	—
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(97		)	(85		)
Balance, end of period	$	7,096		$	9,136

Investments Classified by Contractual Maturity Date [Table Text Block]



		As of March 31, 2014
	Total Amortized Cost			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
	Total Amortized Cost			Total Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value
	(Dollars in millions)
Fannie Mae		$	5,901	$	6,255		$	—	$	—		$	311	$	329		$	345	$	371		$	5,245	$	5,555
Freddie Mac		6,048		6,515			—		—			328		348			632		685			5,088		5,482
Ginnie Mae		486		557			—		—			—		—			52		59			434		498
Alt-A private-label securities		6,107		7,346			—		—			—		—			—		—			6,107		7,346
Subprime private-label securities		5,975		7,030			—		—			—		—			—		—			5,975		7,030
CMBS		1,490		1,569			—		—			1,402		1,479			—		—			88		90
Mortgage revenue bonds		5,205		5,008			33		34			236		240			558		561			4,378		4,173
Other mortgage-related securities		2,861		2,848			—		—			—		4			38		40			2,823		2,804
Total		$	34,073	$	37,128		$	33	$	34		$	2,277	$	2,400		$	1,625	$	1,716		$	30,138	$	32,978

Financial Guarantees (Tables)

3 Months Ended

Mar. 31, 2014

Financial Guarantees and Maximum Recovery [Table Text Block]



	As of
	March 31, 2014									December 31, 2013
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Non-consolidated Fannie Mae MBS	$	18,799		$	226		$	10,318		$	19,317		$	232		$	10,541
Other guaranty arrangements⁽³⁾	29,845			241			4,645			30,598			253			4,525
Total	$	48,644		$	467		$	14,963		$	49,915		$	485		$	15,066

__________


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


⁽²⁾	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 14, Concentrations of Credit Risk.”


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

Delinquency Status Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾						December 31, 2013⁽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⁾	1.23	%	0.37	%	2.33	%	1.41	%	0.44	%	2.54	%
Percentage of single-family conventional loans⁽⁴⁾	1.40		0.40		2.19		1.64		0.49		2.38

Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾				December 31, 2013⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	7	%	11.27	%	7	%	12.22	%
Geographical distribution:
California	20		0.86		20		0.98
Florida	6		6.12		6		6.89
Illinois	4		2.79		4		3.12
New Jersey	4		6.08		4		6.25
New York	5		4.31		5		4.42
All other states	61		1.70		61		1.85
Product distribution:
Alt-A	5		8.72		5		9.23
Subprime	*		16.17		*		16.93
Vintages:
2005	3		6.81		4		7.26
2006	3		10.58		3		11.26
2007	5		11.53		5		12.18
2008	3		6.40		3		6.69
All other vintages	86		0.96		85		1.02
Select combined risk characteristics:
Original LTV ratio > 90% and FICO score < 620	1		9.84		1		10.90

__________


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


⁽¹⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of March 31, 2014 and December 31, 2013.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2014 and December 31, 2013.


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


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


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

Delinquency Status Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾⁽²⁾				December 31, 2013⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.06	%	0.10	%	0.03	%	0.10	%

Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾				December 31, 2013⁽¹⁾
	Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾		Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾
Original LTV ratio:
Greater than 80%	3	%	0.16	%	3	%	0.23	%
Less than or equal to 80%	97		0.09		97		0.10
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		0.92		4		1.09

__________


⁽¹⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013 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.

Acquired Property Net Acquired Property Net (Tables)

3 Months Ended

Mar. 31, 2014

Real Estate [Abstract]

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

The following table displays the activity in acquired property, and the related valuation allowance, for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014			2013
	(Dollars in millions)
Beginning balance — Acquired property	$	12,307		$	11,158
Additions	3,772			3,774
Disposals	(3,335		)	(4,213		)
Ending balance — Acquired property	$	12,744		$	10,719
Beginning balance — Valuation allowance	(686		)	(669		)
(Increase) decrease in valuation allowance	(98		)	99
Ending balance — Valuation allowance	(784		)	(570		)
Ending balance — Acquired property, net	$	11,960		$	10,149

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

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings [Table Text Block]



	As of
	March 31, 2014						December 31, 2013
	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⁾		$	25		—	%		$	—		—	%

Fixed-rate short-term debt:
Discount notes⁽³⁾		$	65,248		0.12	%		$	71,933		0.12	%
Foreign exchange discount notes⁽⁴⁾		200			0.81			362			1.07
Total short-term debt of Fannie Mae		65,448			0.13			72,295			0.13
Debt of consolidated trusts		1,900			0.10			2,154			0.09
Total short-term debt		$	67,348		0.12	%		$	74,449		0.13	%

__________


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


⁽²⁾	Securities sold under agreements to repurchase represent agreements to repurchase for a specified price, with repayment generally occurring on the following day.


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

⁽⁴⁾

Long-Term Debt [Table Text Block]

The following table displays our outstanding long-term debt as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014						December 31, 2013
	Maturities	Outstanding			Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding			Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2014 - 2030		$	197,233	2.42	%	2014 - 2030		$	212,234	2.45	%
Medium-term notes⁽²⁾	2014 - 2023		137,654		1.33		2014 - 2023		161,445		1.28
Foreign exchange notes and bonds	2021 - 2028		662		5.40		2021 - 2028		682		5.41
Other⁽³⁾	2014 - 2038		37,754		4.96		2014 - 2038		38,444		4.99
Total senior fixed			373,303		2.28				412,805		2.24
Senior floating:
Medium-term notes⁽²⁾	2014 - 2019		37,492		0.18		2014 - 2019		38,441		0.20
Other⁽³⁾⁽⁴⁾	2020 - 2037		1,775		4.19		2020 - 2037		955		5.18
Total senior floating			39,267		0.35				39,396		0.32
Subordinated fixed:
Qualifying subordinated	—		—		—		2014		1,169		5.27
Subordinated debentures⁽⁵⁾	2019		3,589		9.92		2019		3,507		9.92
Total subordinated fixed			3,589		9.92				4,676		8.76
Secured borrowings⁽⁶⁾	2021 - 2022		246		1.87		2021 - 2022		262		1.86
Total long-term debt of Fannie Mae⁽⁷⁾			416,405		2.16				457,139		2.14
Debt of consolidated trusts⁽³⁾	2014 - 2054		2,710,942		3.28		2014 - 2053		2,702,935		3.26
Total long-term debt			$	3,127,347	3.13	%			$	3,160,074	3.10	%

__________


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


⁽⁴⁾	Includes credit risk sharing securities issued under our Connecticut Avenue Securities series, which transfers some of the credit risk of our mortgage loans to the investors in these securities.


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


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


⁽⁷⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.5 billion and $4.8 billion as of March 31, 2014 and December 31, 2013, respectively.

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

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 835
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

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

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Notional and Fair Value Position [Table Text Block]

The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments as of March 31, 2014 and December 31, 2013.



	As of March 31, 2014										As of December 31, 2013
	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	$	68,984	$	3,746		$	94,488	$	(5,083	)	$	68,637	$	5,378		$	93,428	$	(4,759	)
Receive-fixed	67,408		3,842			144,897		(2,833		)	67,527		3,320			156,250		(3,813		)
Basis	23,414		70			600		—			27,014		36			600		—
Foreign currency	368		126			492		(26		)	389		120			653		(38		)
Swaptions:
Pay-fixed	34,450		259			46,025		(475		)	33,400		445			48,025		(600		)
Receive-fixed	8,000		154			49,025		(572		)	8,000		117			48,025		(484		)
Other⁽¹⁾	769		29			12		(1		)	769		28			13		(1		)
Total gross risk management derivatives	203,393		8,226			335,539		(8,990		)	205,736		9,444			346,994		(9,695		)
Accrued interest receivable (payable)	—		927			—		(1,143		)	—		786			—		(930		)
Netting adjustment⁽²⁾	—		(8,422		)	—		10,042			—		(8,422		)	—		9,370
Total net risk management derivatives	$	203,393	$	731		$	335,539	$	(91	)	$	205,736	$	1,808		$	346,994	$	(1,255	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	2,205	$	3	$	3,665	$	(11	)	$	1,138	$	1	$	4,353	$	(31	)
Forward contracts to purchase mortgage-related securities	11,553		24		21,370		(62		)	3,276		4		20,861		(168		)
Forward contracts to sell mortgage-related securities	27,810		78		18,301		(45		)	35,423		260		7,886		(15		)
Total mortgage commitment derivatives	$	41,568	$	105	$	43,336	$	(118	)	$	39,837	$	265	$	33,100	$	(214	)
Derivatives at fair value	$	244,961	$	836	$	378,875	$	(209	)	$	245,573	$	2,073	$	380,094	$	(1,469	)

__________


⁽¹⁾	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts that we account for as derivatives. The mortgage insurance contracts have payment provisions that are not based on a notional amount.

⁽²⁾

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

The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives for the three months ended March 31, 2014 and 2013.



	For the
	Three Months
	Ended March 31,
	2014			2013
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(2,118	)	$	2,590
Receive-fixed	1,465			(1,910		)
Basis	35			(27		)
Foreign currency	21			(70		)
Swaptions:
Pay-fixed	(99		)	17
Receive-fixed	(42		)	21
Other⁽¹⁾	(3		)	10
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(903		)	(1,198		)
Receive-fixed interest-rate swaps	691			982
Basis	9			10
Foreign-currency swaps	4			4
Other⁽¹⁾	—			2
Total risk management derivatives fair value (losses) gains, net	$	(940	)	$	431
Mortgage commitment derivatives fair value (losses) gains, net	(345		)	131
Total derivatives fair value (losses) gains, net	$	(1,285	)	$	562

__________


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

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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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 8: http://www.xbrl.org/2003/role/presentationRef
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

The following table displays the computation of basic and diluted loss per share of common stock for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014				2013
	(Dollars and shares in millions, except per share amounts)
Net income attributable to Fannie Mae		$	5,325			$	58,685
Dividends available for distribution to senior preferred stockholder⁽¹⁾		(5,692		)		(59,368		)
Net loss attributable to common stockholders		$	(367	)		$	(683	)
Weighted-average common shares outstanding—basic and diluted⁽²⁾		5,762				5,762
Loss per share: basic and diluted		$	(0.06	)		$	(0.12	)

__________

⁽¹⁾


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

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment results [Table Text Block]

The following tables display our business segment financial results for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31, 2014
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(48	)		$	(22	)	$	1,830			$	2,698				$	280		⁽³⁾	$	4,738
Benefit for credit losses	745				29			—				—					—				774
Net interest income after benefit for credit losses	697				7			1,830				2,698					280				5,512
Guaranty fee income (expense)⁽⁴⁾	2,870				311			(246		)		(1,427		)	⁽⁵⁾		(1,463		)	⁽⁵⁾	45			⁽⁵⁾
Investment gains (losses), net	—				3			1,336				(58		)			(1,135		)	⁽⁶⁾	146
Net other-than-temporary impairments	—				—			(51		)		—					—				(51		)
Fair value (losses) gains, net	(5		)		—			(1,337		)		48					104			⁽⁷⁾	(1,190		)
Debt extinguishment (losses) gains, net	—				—			(7		)		7					—				—
Gains from partnership investments⁽⁸⁾	—				45			—				—					—				45
Fee and other income (expense)	144				24			4,133				(76		)			85				4,310
Administrative expenses	(450		)		(73		)	(149		)		—					—				(672		)
Foreclosed property income	257				5			—				—					—				262
TCCA fees⁽⁴⁾	(322		)		—			—				—					—				(322		)
Other expenses	(155		)		(1		)	(8		)		—					(12		)		(176		)
Income before federal income taxes	3,036				321			5,501				1,192					(2,141		)		7,909
(Provision) benefit for federal income taxes	(927		)		9			(1,666		)		—					—				(2,584		)
Net income attributable to Fannie Mae	$	2,109			$	330		$	3,835			$	1,192				$	(2,141	)		$	5,325



	For the Three Months Ended March 31, 2013⁽⁹⁾
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest income (loss)	$	520			$	(11	)	$	2,742			$	2,597				$	456		⁽³⁾	$	6,304
Benefit for credit losses	781				176			—				—					—				957
Net interest income after benefit for credit losses	1,301				165			2,742				2,597					456				7,261
Guaranty fee income (expense)⁽⁴⁾	2,375				291			(299		)		(1,204		)	⁽⁵⁾		(1,109		)	⁽⁵⁾	54			⁽⁵⁾
Investment gains (losses), net	2				7			1,349				(67		)			(1,173		)	⁽⁶⁾	118
Net other-than-temporary impairments	—				—			(9		)		—					—				(9		)
Fair value (losses) gains, net	(2		)		—			875				(204		)			165			⁽⁷⁾	834
Debt extinguishment (losses) gains, net	—				—			(40		)		17					—				(23		)
Gains from partnership investments⁽⁸⁾	—				59			—				—					—				59
Fee and other income (expense)	172				51			349				(84		)			26				514
Administrative expenses	(426		)		(70		)	(145		)		—					—				(641		)
Foreclosed property income	253				7			—				—					—				260
TCCA fees⁽⁴⁾	(186		)		—			—				—					—				(186		)
Other (expenses) income	(168		)		1			58				—					(18		)		(127		)
Income before federal income taxes	3,321				511			4,880				1,055					(1,653		)		8,114
Benefit for federal income taxes⁽¹⁰⁾	31,578				7,988			11,005				—					—				50,571
Net income attributable to Fannie Mae	$	34,899			$	8,499		$	15,885			$	1,055				$	(1,653	)		$	58,685

__________


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


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


⁽³⁾	Represents the amortization expense of cost basis adjustments on securities in the Capital Markets group’s retained mortgage portfolio that on a GAAP basis are eliminated.


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

⁽⁵⁾

⁽⁶⁾


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


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


⁽⁹⁾	Certain prior period amounts have been reclassified to conform with the current period presentation.


⁽¹⁰⁾	Represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.

Equity (Tables)

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

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

The following table displays our accumulated other comprehensive income (“AOCI”) by major categories as of March 31, 2014 and December 31, 2013.



		As of
	March 31,				December 31,
	2014				2013
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax		$	481			$	365
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax		1,518				1,262
Prior service cost and actuarial losses, net of amortization, net of tax		(395		)		(395		)
Other losses		(29		)		(29		)
Accumulated other comprehensive income		$	1,575			$	1,203

The table below displays changes in accumulated other comprehensive income, net of tax, for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014									2013
	Available-for-Sale Securities⁽¹⁾			Other⁽²⁾			Total			Available-for-Sale Securities⁽¹⁾				Other⁽²⁾				Total
	(Dollars in millions)
Beginning balance		$	1,627	$	(424	)		$	1,203		$	934			$	(550	)		$	384
OCI before reclassifications		340		—				340			649				—				649
Amounts reclassified from OCI		32		—				32			(1		)		6				5
Net other comprehensive income		372		—				372			648				6				654
Ending balance		$	1,999	$	(424	)		$	1,575		$	1,582			$	(544	)		$	1,038

__________


⁽¹⁾	The amounts reclassified from AOCI represent the gain or loss recognized in earnings due to a sale of an available-for-sale security or the recognition of a net impairment recognized in earnings, which are recorded in “Investments gains, net” and “Net other-than-temporary impairments,” respectively, in our condensed consolidated statements of operations.


⁽²⁾	Primarily represents activity from our defined benefit pension plans, which is recorded in “Salaries and employee benefits” in our condensed consolidated statements of operations.

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

The following table displays the activity in other comprehensive income (“OCI”), net of tax, by major categories for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014			2013
	(Dollars in millions)
Net income	$	5,325		$	58,685
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on AFS securities (net of tax of $184 and $349, respectively)	340			649
Reclassification adjustment for OTTI recognized in net income (net of tax of $18 and $3, respectively)	33			5
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $- and $3)	(1		)	(6		)
Other	—			6
Total other comprehensive income	372			654
Total comprehensive income	$	5,697		$	59,339

Concentrations of Credit Risk (Tables)

3 Months Ended

Mar. 31, 2014

Risks and Uncertainties [Abstract]

Estimated Benefit from Mortgage Insurance [Table Text Block]

The following table displays the amount by which our estimated benefit from mortgage insurance as of March 31, 2014 and December 31, 2013 reduced our total loss reserves as of those dates.



	As of
	March 31, 2014			December 31, 2013
		(Dollars in millions)
Contractual mortgage insurance benefit		$	6,400		$	6,751
Less: Collectibility adjustment⁽¹⁾		409			431
Estimated benefit included in total loss reserves		$	5,991		$	6,320

__________


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

Netting Arrangements (Tables)

3 Months Ended

Mar. 31, 2014

Offsetting [Abstract]

Offsetting [Table Text Block]

The table below displays information related to derivatives and securities purchased under agreements to resell or similar arrangements which are subject to an enforceable master netting arrangement that are either offset or not offset in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013.



	As of March 31, 2014
								Net Amount Presented in the Condensed Consolidated Balance Sheets					Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount			Gross Amount Offset⁽¹⁾									Financial Instruments⁽²⁾				Collateral ⁽³⁾				Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	7,781			$	(7,678	)		$	103				$	—			$	(46	)		$	57
OTC-cleared risk management derivatives ⁽⁴⁾	1,343				(744		)		599					—				—				599
Mortgage commitment derivatives	105				—				105					(91		)		—				14
Total derivative assets	9,229				(8,422		)		807			⁽⁵⁾		(91		)		(46		)		670
Securities purchased under agreements to resell or similar arrangements⁽⁶⁾	22,150				—				22,150					—				(22,150		)		—
Total assets	$	31,379			$	(8,422	)		$	22,957				$	(91	)		$	(22,196	)		$	670

Liabilities:
OTC risk management derivatives	$	(9,143	)		$	9,053			$	(90	)			$	—			$	—			$	(90	)
OTC-cleared risk management derivatives ⁽⁴⁾	(989		)		989				—					—				—				—
Mortgage commitment derivatives	(118		)		—				(118		)			91				—				(27		)
Total derivative liabilities	(10,250		)		10,042				(208		)	⁽⁵⁾		91				—				(117		)
Securities sold under agreements to repurchase or similar arrangements	(25		)		—				(25		)			—				25				—
Total liabilities	$	(10,275	)		$	10,042			$	(233	)			$	91			$	25			$	(117	)



	As of December 31, 2013
								Net Amount Presented in the Condensed Consolidated Balance Sheets						Amounts Not Offset in the Condensed Consolidated Balance Sheets
	Gross Amount			Gross Amount Offset⁽¹⁾										Financial Instruments⁽²⁾				Collateral⁽³⁾				Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	8,491			$	(8,422	)		$	69					$	—			$	(20	)		$	49
Mortgage commitment derivatives	265				—				265						(83		)		—				182
Total derivative assets	8,756				(8,422		)		334			⁽⁵	⁾		(83		)		(20		)		231
Securities purchased under agreements to resell or similar arrangements⁽⁶⁾	50,565				—				50,565						—				(50,565		)		—
Total assets	$	59,321			$	(8,422	)		$	50,899					$	(83	)		$	(50,585	)		$	231

Liabilities:
OTC risk management derivatives	$	(9,503	)		$	9,370			$	(133	)				$	—			$	—			$	(133	)
Mortgage commitment derivatives	(214		)		—				(214		)				83				—				(131		)
Total liabilities	$	(9,717	)		$	9,370			$	(347	)	⁽⁵	⁾		$	83			$	—			$	(264	)

__________


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


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


⁽³⁾	Represents collateral posted or received that has neither been recognized nor offset in our condensed consolidated balance sheets. Does not include collateral held in excess of our exposure.

⁽⁴⁾ As of March 31, 2014, we net OTC-cleared derivative assets and derivative liabilities where we have enforceable master netting arrangements.


⁽⁵⁾	Excludes derivative assets of $29 million and $1.7 billion and derivative liabilities of $1 million and $1.1 billion recognized in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively, that are not subject to enforceable master netting arrangements.


⁽⁶⁾	Includes $9.4 billion and $11.6 billion of securities purchased under agreements to resell or similar arrangements classified as “cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively.

Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value [Table Text Block]



		Fair Value Measurements as of March 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Recurring fair value measurements:
Assets:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	5,983		$	—		$	—			$	5,983
Freddie Mac		—			1,657			—			—				1,657
Ginnie Mae		—			248			—			—				248
Alt-A private-label securities		—			833			655			—				1,488
Subprime private-label securities		—			—			1,453			—				1,453
CMBS		—			2,676			—			—				2,676
Mortgage revenue bonds		—			—			601			—				601
Other		—			—			102			—				102
Non-mortgage-related securities:
U.S. Treasury securities		17,587			—			—			—				17,587
Total trading securities		17,587			11,397			2,811			—				31,795
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			6,250			5			—				6,255
Freddie Mac		—			6,507			8			—				6,515
Ginnie Mae		—			557			—			—				557
Alt-A private-label securities		—			3,776			3,570			—				7,346
Subprime private-label securities		—			—			7,030			—				7,030
CMBS		—			1,569			—			—				1,569
Mortgage revenue bonds		—			2			5,006			—				5,008
Other		—			4			2,844			—				2,848
Total available-for-sale securities		—			18,665			18,463			—				37,128
Mortgage loans of consolidated trusts		—			12,029			2,608			—				14,637
Other assets:
Risk management derivatives:
Swaps		—			8,643			68			—				8,711
Swaptions		—			413			—			—				413
Other		—			—			29			—				29
Netting adjustment		—			—			—			(8,422		)		(8,422		)
Mortgage commitment derivatives		—			104			1			—				105
Total other assets		—			9,160			98			(8,422		)		836
Total assets at fair value		$	17,587		$	51,251		$	23,980		$	(8,422	)		$	84,396



		Fair Value Measurements as of March 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	1,465		$	310		$	—		$	1,775
Total of Fannie Mae		—			1,465			310			—			1,775
Of consolidated trusts		—			14,867			506			—			15,373
Total long-term debt		—			16,332			816			—			17,148
Other liabilities:
Risk management derivatives:
Swaps		—			8,970			115			—			9,085
Swaptions		—			1,047			—			—			1,047
Other		—			—			1			—			1
Netting adjustment		—			—			—			(10,042		)	(10,042		)
Mortgage commitment derivatives		—			113			5			—			118
Total other liabilities		—			10,130			121			(10,042		)	209
Total liabilities at fair value		$	—		$	26,462		$	937		$	(10,042	)	$	17,357



		Fair Value Measurements as of December 31, 2013
	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		$	—		$	5,828		$	42		$	—			$	5,870
Freddie Mac		—			1,837			2			—				1,839
Ginnie Mae		—			407			—			—				407
Alt-A private-label securities		—			898			618			—				1,516
Subprime private-label securities		—			—			1,448			—				1,448
CMBS		—			2,718			—			—				2,718
Mortgage revenue bonds		—			—			565			—				565
Other		—			—			99			—				99
Non-mortgage-related securities:
U.S. Treasury securities		16,306			—			—			—				16,306
Total trading securities		16,306			11,688			2,774			—				30,768
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			6,566			7			—				6,573
Freddie Mac		—			6,834			8			—				6,842
Ginnie Mae		—			588			—			—				588
Alt-A private-label securities		—			3,558			3,791			—				7,349
Subprime private-label securities		—			—			7,068			—				7,068
CMBS		—			1,606			—			—				1,606
Mortgage revenue bonds		—			3			5,253			—				5,256
Other		—			4			2,885			—				2,889
Total available-for-sale securities		—			19,159			19,012			—				38,171
Mortgage loans of consolidated trusts		—			11,564			2,704			—				14,268
Other assets:
Risk management derivatives:
Swaps		—			9,604			36			—				9,640
Swaptions		—			561			1			—				562
Other		—			—			28			—				28
Netting adjustment		—			—			—			(8,422		)		(8,422		)
Mortgage commitment derivatives		—			265			—			—				265
Total other assets		—			10,430			65			(8,422		)		2,073
Total assets at fair value		$	16,306		$	52,841		$	24,555		$	(8,422	)		$	85,280



		Fair Value Measurements as of December 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	353		$	—		$	—			$	353
Senior floating		—			—			955			—				955
Total of Fannie Mae		—			353			955			—				1,308
Of consolidated trusts		—			14,458			518			—				14,976
Total long-term debt		—			14,811			1,473			—				16,284
Other liabilities:
Risk management derivatives:
Swaps		—			9,444			96			—				9,540
Swaptions		—			1,084			—			—				1,084
Other		—			—			1			—				1
Netting adjustment		—			—			—			(9,370		)		(9,370		)
Mortgage commitment derivatives		—			206			8			—				214
Total other liabilities		—			10,734			105			(9,370		)		1,469
Total liabilities at fair value		$	—		$	25,545		$	1,578		$	(9,370	)		$	17,753

__________


⁽¹⁾	Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting agreements to settle with the same counterparty on a net basis, including cash collateral posted and received.

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



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

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

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2013
				Total (Losses) or Gains or (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2013⁽⁵⁾
	Balance, December 31, 2012			Included in Net Income			Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, March 31, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	68		$	(3	)		$	—		$	—	$	—		$	—		$	(4	)	$	—		$	—		$	61			$	(2	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Ginnie Mae	1			—				—			—		—			—			(1		)	—			—			—				—
Alt-A private-label securities	104			95				—			—		—			—			(16		)	(44		)	325			464				90
Subprime private-label securities	1,319			159				—			—		—			—			(32		)	—			—			1,446				160
Mortgage revenue bonds	675			(13		)		—			—		—			—			(1		)	—			—			661				(13		)
Other	117			2				—			—		—			—			(1		)	—			—			118				1
Total trading securities	$	2,286		$	240			$	—		$	—	$	—		$	—		$	(55	)	$	(44	)	$	325		$	2,752			$	236

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	29		$	—			$	—		$	—	$	—		$	—		$	(3	)	$	(14	)	$	—		$	12			$	—
Freddie Mac	10			—				—			—		—			—			(1		)	—			—			9				—
Alt-A private-label securities	6,564			9				218			—		—			—			(268		)	(1,192		)	781			6,112				—
Subprime private-label securities	7,447			44				677			—		—			—			(300		)	—			—			7,868				—
Mortgage revenue bonds	7,837			(2		)		(29		)	—		(19		)	—			(436		)	—			—			7,351				—
Other	3,147			4				44			—		—			—			(96		)	—			—			3,099				—
Total available-for-sale securities	$	25,034		$	55			$	910		$	—	$	(19	)	$	—		$	(1,104	)	$	(1,206	)	$	781		$	24,451			$	—

Mortgage loans of consolidated trusts	$	2,634		$	27			$	—		$	158	$	—		$	—		$	(112	)	$	(38	)	$	213		$	2,882			$	22
Net derivatives	14			(40		)		—			—		—			—			23			—			(4		)	(7		)		(18		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(400	)	$	17			$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(383	)		$	17
Of consolidated trusts	(1,128		)	(54		)		—			—		—			(15		)	49			113			(42		)	(1,077		)		(55		)
Total long-term debt	$	(1,528	)	$	(37	)		$	—		$	—	$	—		$	(15	)	$	49		$	113		$	(42	)	$	(1,460	)		$	(38	)

__________


⁽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 condensed consolidated statements of operations and comprehensive income.


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


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

⁽⁴⁾


⁽⁵⁾	Amount represents temporary changes in fair value. Amortization, accretion and other-than-temporary impairments are not considered unrealized and are not included in this amount.

Realized and Unrealized Gain and Losses for Level 3 Assets and Liabilities Measured on Recurring Basis [Table Text Block]



		For the Three Months Ended March 31, 2014
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	70		$	106		$	(45	)		$	1		$	132
Net unrealized gains related to Level 3 assets and liabilities still held as of March 31, 2014		$	—		$	115		$	—			$	—		$	115



		For the Three Months Ended March 31, 2013
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	55		$	192		$	(5	)		$	3		$	245
Net unrealized gains related to Level 3 assets and liabilities still held as of March 31, 2013		$	—		$	202		$	—			$	—		$	202

Nonrecurring Changes in Fair Value [Table Text Block]



		Fair Value Measurements as of March 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
		(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	73		$	232		$	305
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			18,039			18,039
Of consolidated trusts		—			—			56			56
Multifamily mortgage loans held for investment, at amortized cost⁽²⁾		—			—			1,714			1,714
Acquired property, net:
Single-family		—			—			4,537			4,537
Multifamily		—			—			112			112
Other assets		—			—			65			65
Total nonrecurring fair value measurements		$	—		$	73		$	24,755		$	24,828



		Fair Value Measurements as of December 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
	(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	101		$	132		$	233
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			19,966			19,966
Of consolidated trusts		—			—			79			79
Multifamily mortgage loans held for investment, at amortized cost		—			—			1,533			1,533
Acquired property, net:
Single-family		—			—			4,041			4,041
Multifamily		—			—			98			98
Other assets		—			—			121			121
Total nonrecurring fair value measurements		$	—		$	101		$	25,970		$	26,071

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.


⁽²⁾	Includes $522 million of mortgage loans held for investment that were redesignated to mortgage loans held for sale as of March 31, 2014.

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



	Fair Value Measurements as of March 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Alt-A private-label securities⁽³⁾	$	322	Consensus	Default Rate (%)	0.7	-	8.2	6.3
				Prepayment Speed (%)	1.5	-	4.6	2.3
				Severity (%)	55.8	-	77.1	72.9
				Spreads (bps)	278.0	-	462.0	335.6
	290		Discounted Cash Flow	Default Rate (%)	0.7	-	9.5	8.4
				Prepayment Speed (%)	2.0	-	4.6	2.7
				Severity (%)	62.3	-	81.5	76.6
				Spreads (bps)	305.5	-	386.0	371.9
	43		Other
Total Alt-A private-label securities	655
Subprime private-label securities⁽³⁾	451		Consensus	Default Rate (%)	1.7	-	10.9	4.4
				Prepayment Speed (%)	0.2	-	4.1	1.9
				Severity (%)	33.3	-	95.0	64.9
				Spreads (bps)	290.0	-	390.0	383.6
	738		Consensus
	264		Other
Total subprime private-label securities	1,453
Mortgage revenue bonds	582		Discounted Cash Flow	Spreads (bps)	103.1	-	440.0	342.1
	19		Other
Total mortgage revenue bonds	601
Other	102		Discounted Cash Flow	Spreads (bps)	490.0			490.0
Total trading securities	$	2,811



	Fair Value Measurements as of March 31, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	13	Other
Alt-A private-label securities⁽³⁾	1,740		Consensus	Default Rate (%)	0.2	-	9.9	3.8
				Prepayment Speed (%)	0.4	-	39.0	7.2
				Severity (%)	0.8	-	81.3	55.8
				Spreads (bps)	192.0	-	365.0	296.6
	649		Consensus
	621		Discounted Cash Flow	Default Rate (%)	1.6	-	17.2	6.3
				Prepayment Speed (%)	0.0	-	17.4	5.0
				Severity (%)	0.2	-	78.3	57.2
				Spreads (bps)	195.0	-	399.6	315.3
	560		Other
Total Alt-A private-label securities	3,570
Subprime private-label securities ⁽³⁾	2,826		Consensus	Default Rate (%)	0.0	-	25.0	6.0
				Prepayment Speed (%)	0.1	-	7.9	2.1
				Severity (%)	0.5	-	99.1	80.5
				Spreads (bps)	160.0	-	440.0	293.0
	2,796		Consensus
	1,068		Discounted Cash Flow	Default Rate (%)	0.9	-	9.3	4.9
				Prepayment Speed (%)	0.4	-	13.2	3.0
				Severity (%)	7.7	-	100.0	83.7
				Spreads (bps)	160.0	-	390.0	278.2
	340		Other
Total subprime private-label securities	7,030
Mortgage revenue bonds	2,165		Single Vendor	Spreads (bps)	0.0	-	393.9	75.8
	1,064		Single Vendor
	1,767		Discounted Cash Flow	Spreads (bps)	0.0	-	644.9	330.2
	10		Other
Total mortgage revenue bonds	5,006
Other	371		Consensus	Default Rate (%)	0.7	-	9.8	4.7
				Prepayment Speed (%)	3.0	-	7.6	3.2
				Severity (%)	60.8	-	100.0	85.9
				Spreads (bps)	236.4	-	484.8	331.7
	397		Consensus
	915		Discounted Cash Flow	Default Rate (%)	1.4	-	5.0	4.2
				Prepayment Speed (%)	3.0	-	8.0	4.0
				Severity (%)	4.5	-	85.0	67.5
				Spreads (bps)	182.1	-	476.0	367.2
	1,161		Other
Total Other	2,844
Total available-for-sale securities	$	18,463



	Fair Value Measurements as of March 31, 2014
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	1,751		Build-Up	Default Rate (%)	0.1	-	98.6	15.6
					Prepayment Speed (%)	2.5	-	50.4	15.5
					Severity (%)	5.1	-	100.0	28.0
	613			Discounted Cash Flow	Default Rate (%)	1.2	-	12.3	3.8
					Prepayment Speed (%)	0.5	-	14.2	5.4
					Severity (%)	43.5	-	100.0	83.5
					Spreads (bps)	160.0	-	915.0	326.6
	66			Other
Total single-family	2,430
Multifamily	178			Build-Up	Spreads (bps)	53.0	-	266.4	115.4
Total mortgage loans of consolidated trusts	$	2,608
Net derivatives	$	(84	)	Internal Model
	66			Dealer Mark
	(5		)	Other
Total net derivatives	$	(23	)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(310	)	Discounted Cash Flow
Of consolidated trusts	(352		)	Discounted Cash Flow	Default Rate (%)	1.2	-	5.5	2.9
					Prepayment Speed (%)	0.5	-	100.0	10.3
					Severity (%)	43.5	-	100.0	87.3
					Spreads (bps)	120.1	-	915.0	416.6
	(154		)	Other
Total of consolidated trusts	(506		)
Total long-term debt	$	(816	)



	Fair Value Measurements as of December 31, 2013
	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⁾	$	44	Other
Alt-A private-label securities⁽³⁾	60		Single Vendor	Default Rate (%)	6.0	-	10.8	8.7
				Prepayment Speed (%)	4.1	-	5.4	4.6
				Severity (%)	76.1	-	92.7	83.1
				Spreads (bps)	414.3	-	421.7	417.5
	325		Consensus	Default Rate (%)	6.9	-	10.4	8.9
				Prepayment Speed (%)	1.9	-	2.5	2.2
				Severity (%)	77.3	-	97.8	88.7
				Spreads (bps)	298.3	-	420.2	366.3
	85		Consensus
	148		Discounted Cash Flow	Default Rate (%)	4.0	-	6.9	6.5
				Prepayment Speed (%)	1.9	-	3.4	2.2
				Severity (%)	42.7	-	77.3	67.6
				Spreads (bps)	325.4	-	439.4	418.6
Total Alt-A private-label securities	618
Subprime private-label securities⁽³⁾	113		Single Vendor	Default Rate (%)	3.1	-	7.5	3.9
				Prepayment Speed (%)	1.8	-	2.5	2.0
				Severity (%)	75.0	-	87.2	75.8
				Spreads (bps)	325.0			325.0
	77		Single Vendor
	400		Consensus	Default Rate (%)	3.0	-	9.2	6.4
				Prepayment Speed (%)	1.4	-	2.2	1.9
				Severity (%)	50.4	-	87.2	74.4
				Spreads (bps)	325.0	-	425.0	353.0
	808		Consensus
	50		Discounted Cash Flow	Default Rate (%)	6.9			6.9
				Prepayment Speed (%)	0.1			0.1
				Severity (%)	75.0			75.0
				Spreads (bps)	325.0			325.0
Total subprime private-label securities	1,448
Mortgage revenue bonds	539		Discounted Cash Flow	Spreads (bps)	35.0	-	440.0	340.6
	26		Other
Total mortgage revenue bonds	565
Other	99		Discounted Cash Flow	Spreads (bps)	525.0			525.0
Total trading securities	$	2,774



	Fair Value Measurements as of December 31, 2013
	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⁾	$	15	Other
Alt-A private-label securities⁽³⁾	139		Single Vendor	Default Rate (%)	0.9	-	6.4	3.9
				Prepayment Speed (%)	9.3	-	11.9	11.3
				Severity (%)	53.7	-	82.6	68.8
				Spreads (bps)	300.0	-	400.0	349.3
	435		Single Vendor
	1,948		Consensus	Default Rate (%)	0.1	-	10.3	3.5
				Prepayment Speed (%)	0.1	-	32.9	9.9
				Severity (%)	7.2	-	100.0	62.3
				Spreads (bps)	210.6	-	404.2	336.7
	740		Consensus
	420		Discounted Cash Flow	Default Rate (%)	2.3	-	10.1	5.1
				Prepayment Speed (%)	1.2	-	7.0	3.4
				Severity (%)	45.2	-	79.5	60.5
				Spreads (bps)	220.2	-	500.0	381.3
	109		Other
Total Alt-A private-label securities	3,791
Subprime private-label securities⁽³⁾	442		Single Vendor	Default Rate (%)	1.8	-	11.0	7.4
				Prepayment Speed (%)	1.0	-	9.4	2.0
				Severity (%)	65.0	-	100.0	82.2
				Spreads (bps)	275.0	-	375.0	315.2
	322		Single Vendor
	2,981		Consensus	Default Rate (%)	0.0	-	36.8	7.4
				Prepayment Speed (%)	0.3	-	9.7	2.3
				Severity (%)	36.8	-	100.0	81.7
				Spreads (bps)	175.0	-	375.0	319.9
	2,442		Consensus
	816		Discounted Cash Flow	Default Rate (%)	0.7	-	7.6	5.1
				Prepayment Speed (%)	0.2	-	12.5	4.1
				Severity (%)	43.8	-	98.0	79.5
				Spreads (bps)	175.0	-	375.0	292.4
	65		Other
Total subprime private-label securities	7,068
Mortgage revenue bonds	1,937		Single Vendor	Spreads (bps)	0.0	-	463.2	112.1
	1,386		Single Vendor
	1,899		Discounted Cash Flow	Spreads (bps)	5.5	-	490.0	310.0
	31		Other
Total mortgage revenue bonds	5,253
Other	122		Single Vendor
	483		Consensus	Default Rate (%)	0.1	-	5.0	5.0
				Prepayment Speed (%)	3.0	-	11.4	3.0
				Severity (%)	65.0	-	85.0	84.6
				Spreads (bps)	275.0	-	925.0	526.4
	625		Consensus
	610		Discounted Cash Flow	Default Rate (%)	5.0			5.0
				Prepayment Speed (%)	10.0			10.0
				Severity (%)	55.0			55.0
				Spreads (bps)	300.0	-	511.0	469.5
	1,045		Other
Total Other	2,885
Total available-for-sale securities	$	19,012



	Fair Value Measurements as of December 31, 2013
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	1,828		Build-Up	Default Rate (%)	0.1	-	95.6	15.7
					Prepayment Speed (%)	2.3	-	37.6	14.1
					Severity (%)	0.0	-	100.0	26.6
	219			Consensus
	112			Consensus	Default Rate (%)	1.1	-	4.7	3.2
					Prepayment Speed (%)	0.2	-	16.7	15.2
					Severity (%)	63.9	-	89.5	85.6
					Spreads (bps)	175.0	-	950.0	293.9
	310			Discounted Cash Flow	Default Rate (%)	1.2	-	15.7	7.0
					Prepayment Speed (%)	1.9	-	16.7	7.0
					Severity (%)	58.8	-	97.7	75.5
					Spreads (bps)	175.0	-	360.6	252.1
	60			Other
Total single-family	2,529
Multifamily	175			Build-Up	Spreads (bps)	62.0	-	243.4	114.3
Total mortgage loans of consolidated trusts	$	2,704
Net derivatives	$	(64	)	Internal Model
	32			Dealer Mark
	(8		)	Other
Total net derivatives	$	(40	)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(266	)	Discounted Cash Flow
	(689		)	Consensus	Default Rate (%)	0.2			0.2
					Prepayment Speed (%)	8.4			8.4
					Spreads (bps)	171.000	-	438.000	306.2
Total of Fannie Mae	(955		)
Of consolidated trusts	(227		)	Consensus
	(116		)	Consensus	Default Rate (%)	1.1	-	4.7	3.2
					Prepayment Speed (%)	0.2	-	16.7	15.2
					Severity (%)	63.9	-	89.5	85.6
					Spreads (bps)	175.0	-	950.0	295.1
	(80		)	Single Vendor
	(95		)	Other
Total of consolidated trusts	(518		)
Total long-term debt	$	(1,473	)

_________

⁽¹⁾


⁽²⁾	Includes Fannie Mae, Freddie Mac and Ginnie Mae securities.


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

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



		Fair Value Measurements as of
	Valuation Techniques	March 31, 2014		December 31, 2013
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	118	$	132
	Build-Up	114		—
Total mortgage loans held for sale, at lower of cost or fair value		232		132
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model	18,039		19,966
Of consolidated trusts	Internal Model	56		79
Multifamily mortgage loans held for investment, at amortized cost	Appraisals	36		39
	Broker Price Opinions	196		248
	Build-Up	522		—
	Asset Manager Estimate	949		1,230
	Other	11		16
Total multifamily mortgage loans held for investment, at amortized cost		1,714		1,533
Acquired property, net:
Single-family	Accepted Offers	993		691
	Appraisals	1,251		1,077
	Walk Forwards	1,151		1,106
	Internal Model	957		1,049
	Other	185		118
Total single-family		4,537		4,041
Multifamily	Accepted Offers	15		24
	Appraisals	52		65
	Broker Price Opinions	45		9
Total multifamily		112		98
Other Assets	Appraisals	1		26
	Walk Forwards	4		9
	Internal Model	56		81
	Other	4		5
Total other assets		65		121
Total nonrecurring assets at fair value		$	24,755	$	25,970

Fair Value of Financial Instruments [Table Text Block]



	As of March 31, 2014
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	38,639	$	29,239	$	9,400	$	—	$	—		$	38,639
Federal funds sold and securities purchased under agreements to resell or similar arrangements	12,750		—		12,750		—		—			12,750
Trading securities	31,795		17,587		11,397		2,811		—			31,795
Available-for-sale securities	37,128		—		18,665		18,463		—			37,128
Mortgage loans held for sale	1,494		—		157		1,345		—			1,502
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	251,899		—		28,725		213,181		—			241,906
Of consolidated trusts	2,764,623		—		2,588,130		181,818		—			2,769,948
Mortgage loans held for investment	3,016,522		—		2,616,855		394,999		—			3,011,854
Advances to lenders	3,904		—		3,362		518		—			3,880
Derivative assets at fair value	836		—		9,160		98		(8,422		)	836
Guaranty assets and buy-ups	261		—		—		710		—			710
Total financial assets	$	3,143,329	$	46,826	$	2,681,746	$	418,944	$	(8,422	)	$	3,139,094

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	25	$	—	$	25	$	—	$	—		$	25
Short-term debt:
Of Fannie Mae	65,448		—		65,460		—		—			65,460
Of consolidated trusts	1,899		—		—		1,899		—			1,899
Long-term debt:
Of Fannie Mae	416,405		—		426,479		906		—			427,385
Of consolidated trusts	2,710,943		—		2,711,787		13,518		—			2,725,305
Derivative liabilities at fair value	209		—		10,130		121		(10,042		)	209
Guaranty obligations	467		—		—		2,107		—			2,107
Total financial liabilities	$	3,195,396	$	—	$	3,213,881	$	18,551	$	(10,042	)	$	3,222,390



	As of December 31, 2013
	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	$	48,223	$	36,633	$	11,590	$	—	$	—		$	48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	38,975		—		38,975		—		—			38,975
Trading securities	30,768		16,306		11,688		2,774		—			30,768
Available-for-sale securities	38,171		—		19,159		19,012		—			38,171
Mortgage loans held for sale	380		—		185		195		—			380
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	259,638		—		29,920		215,960		—			245,880
Of consolidated trusts	2,766,222		—		2,569,747		176,395		—			2,746,142
Mortgage loans held for investment	3,025,860		—		2,599,667		392,355		—			2,992,022
Advances to lenders	3,727		—		3,165		523		—			3,688
Derivative assets at fair value	2,073		—		10,430		65		(8,422		)	2,073
Guaranty assets and buy-ups	267		—		—		706		—			706
Total financial assets	$	3,188,444	$	52,939	$	2,694,859	$	415,630	$	(8,422	)	$	3,155,006

Financial liabilities:
Short-term debt:
Of Fannie Mae	$	72,295	$	—	$	72,304	$	—	$	—		$	72,304
Of consolidated trusts	2,154		—		—		2,154		—			2,154
Long-term debt:
Of Fannie Mae	457,139		—		463,991		1,557		—			465,548
Of consolidated trusts	2,702,935		—		2,684,224		13,362		—			2,697,586
Derivative liabilities at fair value	1,469		—		10,734		105		(9,370		)	1,469
Guaranty obligations	485		—		—		2,433		—			2,433
Total financial liabilities	$	3,236,477	$	—	$	3,231,253	$	19,611	$	(9,370	)	$	3,241,494

Fair Value Option [Table Text Block]

The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections as of March 31, 2014 and December 31, 2013.



		As of
		March 31, 2014									December 31, 2013
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾
		(Dollars in millions)
Fair value		$	14,637		$	1,775		$	15,373		$	14,268		$	1,308		$	14,976
Unpaid principal balance		14,650			1,671			14,301			14,440			1,290			13,988

__________

⁽¹⁾


⁽²⁾	Includes interest-only debt instruments with no unpaid principal balance and a fair value of $79 million and $85 million as of March 31, 2014 and December 31, 2013, respectively.



	For the Three Months Ended March 31,
	2014										2013
	Loans		Long-Term Debt				Total (Losses) Gains				Loans			Long-Term Debt				Total Losses
	(Dollars in millions)
Changes in instrument-specific credit risk	$	9		$	(51	)		$	(42	)	$	(65	)		$	(5	)		$	(70	)
Other changes in fair value	123			(116		)		7			(157		)		66				(91		)
Fair value (losses) gains, net	$	132		$	(167	)		$	(35	)	$	(222	)		$	61			$	(161	)

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.

Summary of Significant Accounting Policies Narratives(Details) - USD ($)

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Number of days after which we have not been paying debts or liabilities exceed assets FHFA must place us into receivership

60 days

Payments of cash dividends on senior preferred stock to Treasury

$ 7,191,000,000

$ 4,224,000,000

Expected undeclared dividends payable on senior preferred stock for the next quarter

5,700,000,000

Deficit of core capital over statutory minimum capital requirement

138,000,000,000

$ 137,300,000,000

Home Affordable Modification Program administrative expense reimbursements from Treasury and Freddie Mac

17,000,000

26,000,000

Income Taxes Paid

425,000,000

Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees

322,000,000

186,000,000

Fee and other income

4,355,000,000

568,000,000

US Treasury [Member]

Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement

116,100,000,000

Initial aggregate liquidation preference of senior preferred stock held by US Treasury

1,000,000,000

Aggregate liquidation preference of senior preferred stock

117,100,000,000

Total available funding from US Treasury pursuant to the senior preferred stock agreement

$ 117,600,000,000

Percentage of common shares attributable to warrants issued to US Treasury as percentage to total diluted common shares

79.90%

Income Taxes Paid

$ 425,000,000

Percentage of initial principal loss US Treasury will bear for Temporary Credit and Liquidity Facilities and New Issue Bond Programs

35.00%

Loss of principal or interest under Treasury's Temporary Credit and Liquidity Facility and New Issue Bond Programs

$ 0

Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees

^[1]

322,000,000

186,000,000

^[2]

US Treasury [Member] | Temporary Credit and Liquidity Facilities Program [Member]

Principal and interest outstanding

641,000,000

821,000,000

US Treasury [Member] | New Issue Bond [Member]

Principal and interest outstanding

4,400,000,000

4,500,000,000

Freddie Mac [Member] | Freddie Mac [Member]

Fair value of mortgage-backed securities

$ 8,200,000,000

8,200,000,000

$ 8,700,000,000

Investment income, interest

78,000,000

111,000,000

Federal Housing Finance Agency [Member]

Single-Family [Member] | US Treasury [Member]

FHFA assessment fees

28,000,000

Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees

^[1]

322,000,000

$ 186,000,000

^[2]

Temporary Payroll Tax Cut related guaranty fee paid to US Treasury

306,000,000

Mortgage Backed Private Label Securities and Repurchase Request Resolution Agreement [Member]

Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]

Fee and other income

$ 4,100,000,000

[1]	Includes the impact of the 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which must be remitted to Treasury. The resulting revenue is included in guaranty fee income and the expense is recognized as “TCCA fees.”
[2]	Certain prior period amounts have been reclassified to conform with the current period presentation.

Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

$ 31,795

$ 30,768

Unconsolidated VIEs [Member] | Mortgage-Backed Trusts [Member]

37,128

38,171

Other assets

22,392

20,231

Other liabilities

(13,012)

(15,441)

Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]

13,982

14,219

Total assets of unconsolidated mortgage-backed trusts

32,656

33,307

Other assets

119

Other liabilities

(1,734)

(1,668)

Net carrying amount

45,023

45,977

Maximum exposure to loss

^[1]

52,360

54,148

281,719

313,202

Unconsolidated VIEs [Member] | Limited Partnership Investments [Member]

Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]

Maximum exposure to loss

Total assets of unconsolidated mortgage-backed trusts

6,700

6,800

Fannie Mae Securities [Member]

Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]

5,785

5,660

5,983

5,870

Non-Fannie Mae Securities [Member]

5,593

5,866

Assets and liabilities recorded in our condensed consolidated balance sheets related to mortgage-backed trusts: [Abstract]

8,197

8,559

$ 27,063

$ 27,441

[1]

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.

Consolidations and Transfers of Financial Assets Transfers of Financial Assets (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Unpaid principal balance portfolio securitizations

$ 32,500

$ 69,400

Unconsolidated VIEs [Member]

Principal and interest received on retained interests

340

$ 459

Unconsolidated VIEs [Member] | Fannie Mae Single-class MBS & Fannie Megas [Member]

Weighted-average loan age

331

$ 349

Fair value

$ 366

$ 383

Weighted-average coupon

6.20%

6.21%

7 years 8 months

7 years 5 months

Weighted-average maturity

21 years 2 months

21 years 6 months

Unconsolidated VIEs [Member] | REMICS & SMBS [Member]

Weighted-average loan age

^[1]

$ 6,879

$ 6,899

Fair value

^[1]

$ 8,012

$ 7,959

Weighted-average coupon

^[1]

5.35%

5.36%

^[1]

5 years 6 months

5 years 5 months

Weighted-average maturity

^[1]

11 years 11 months

12 years 7 months

[1]	Consists of real estate mortgage investment conduits (“REMICs”) and stripped mortgage-backed securities (“SMBS”).

Consolidations and Transfers of Financial Assets Managed Loans (Details) - USD ($) $ in Billions	Mar. 31, 2014	Dec. 31, 2013
Transfers and Servicing [Abstract]
Securitized loans in unconsolidated portfolio securitization trusts, unpaid principle balance	$ 2.0	$ 2.1

Consolidations and Transfers of Financial Assets Qualifying Sales of Portfolio Securitizations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Transfers and Servicing [Abstract]
Proceeds from the initial sale of securities from portfolio securitizations	$ 0	$ 176

Mortgage Loans Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 3,028,727	$ 3,039,559
Cost basis and fair value adjustments, net	31,200	30,527
Allowance for loan losses for loans held for investment	(41,911)	(43,846)	$ (56,461)	$ (58,795)
Total mortgage loans	3,018,016	3,026,240
Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,846,225	2,855,668
Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	182,502	183,891
Fannie Mae [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	305,627	314,286
Cost basis and fair value adjustments, net	(13,431)	(13,778)
Allowance for loan losses for loans held for investment	(39,004)	(40,521)	(49,553)	(50,519)
Total mortgage loans	253,192	259,987
Fannie Mae [Member] \| Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	271,947	276,644
Fannie Mae [Member] \| Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	33,680	37,642
Consolidated Trusts [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,723,100	2,725,273
Cost basis and fair value adjustments, net	44,631	44,305
Allowance for loan losses for loans held for investment	(2,907)	(3,325)	$ (6,908)	$ (8,276)
Total mortgage loans	2,764,824	2,766,253
Consolidated Trusts [Member] \| Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,574,278	2,579,024
Consolidated Trusts [Member] \| Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 148,822	$ 146,249

Mortgage Loans Aging (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1]

$ 34,149

$ 39,184

^[1]

10,166

12,138

^[1],[2]

64,253

69,706

^[1]

108,568

121,028

^[1]

2,944,549

2,943,641

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[3]

3,053,117

3,064,669

^[1]

447

460

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1]

75,531

83,283

Primary [Member]

Financing Receivable, Recorded Investment, Past Due [Line Items]

^{[4],[5],[6],[7]}

2,647,074

2,649,297

Government [Member]

Financing Receivable, Recorded Investment, Past Due [Line Items]

47,900

48,600

Alt-A [Member]

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[5],[6],[7]

123,668

127,509

Other [Member]

^{[5],[6],[7],[8]}

51,120

53,291

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1]

34,104

39,125

^[1]

10,166

12,138

^[1],[2]

64,066

69,520

^[1]

108,336

120,783

^[1]

2,761,422

2,757,908

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1]

2,869,758

2,878,691

^[1]

447

460

^[1]

73,691

81,074

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[9]

27,858

32,371

^[1],[9]

8,090

9,755

^[1],[2],[9]

44,625

48,345

^[1],[9]

80,573

90,471

^[1],[9]

2,566,501

2,558,826

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[9]

2,647,074

2,649,297

^[1],[9]

^[1],[9]

52,614

57,973

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[10]

^[1],[10]

^[1],[2],[10]

348

346

^[1],[10]

430

444

^[1],[10]

47,466

48,150

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[10]

47,896

48,594

^[1],[10]

348

346

^[1],[10]

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1]

4,488

4,748

^[1]

1,501

1,692

^[1],[2]

14,227

15,425

^[1]

20,216

21,865

^[1]

103,452

105,644

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1]

123,668

127,509

^[1]

^[1]

15,716

17,102

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[11]

1,699

1,940

^[1],[11]

552

659

^[1],[2],[11]

4,866

5,404

^[1],[11]

7,117

8,003

^[1],[11]

44,003

45,288

Recorded investment in loans 90 days or more delinquent and accruing interest

^[1],[11]

51,120

53,291

^[1],[11]

Single-Family [Member] | Minimum [Member]

^[1],[11]

$ 5,361

$ 5,999

90 days

Financing Receivable, Recorded Investment, Past Due [Line Items]

^[1],[12]

$ 45

$ 59

^[1],[2],[12]

187

186

^[1],[12]

232

245

^[1],[12]

183,127

185,733

Recorded investment in loans 90 days or more delinquent and accruing interest

^{[1],[12],[13],[14]}

183,359

185,978

^[1],[12]

Multifamily [Member] | Minimum [Member]

^[1],[12]

$ 1,840

$ 2,209

Multifamily [Member] | Maximum [Member]

60 days

Financing Receivable, Recorded Investment [Line Items]

89 days

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.
[3]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Excludes $47.9 billion and $48.6 billion as of March 31, 2014 and December 31, 2013, 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.
[6]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[7]	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.
[8]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.
[9]	Consists of mortgage loans that are not included in other loan classes.
[10]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which, due to their nature, are not aged and are included in the current column.
[11]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.
[12]	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
[13]	Pass (loan is current and adequately protected by the current financial strength and debt service capacity of the borrower); special mention (loan with signs of potential weakness); substandard (loan with a well defined weakness that jeopardizes the timely full repayment); and doubtful (loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values).
[14]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Mortgage Loans Narratives (Details) - USD ($) $ in Billions	3 Months Ended
Mortgage Loans Narratives (Details) - USD ($) $ in Billions	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]
Carrying value of loans redesignated from HFI to HFS	$ 2.2
Sale of loans, unpaid principal balance	$ 1.0
Minimum past due months of single-family nonaccrual loans	2 months		2 months
Average term extension of a single-family modified loan	159 months	148 months
Average interest rate reduction of a single-family modified loan	1.23%	1.81%

Mortgage Loans Credit Quality Indicators - SF (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Financing Receivable, Recorded Investment [Line Items]

^[1],[2]

$ 3,053,117

$ 3,064,669

Primary [Member]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Less Than or Equal to 80% [Member]

^{[3],[4],[5],[6]}

2,647,074

2,649,297

Financing Receivable, Recorded Investment [Line Items]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 80% and Less Than or Equal to 90% [Member]

^{[3],[4],[5],[6]}

2,059,320

2,073,079

Financing Receivable, Recorded Investment [Line Items]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 90% and Less Than or Equal to 100% [Member]

^{[3],[4],[5],[6]}

281,067

276,011

Financing Receivable, Recorded Investment [Line Items]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% and Less Than or Equal to 110% [Member]

^{[3],[4],[5],[6]}

161,156

153,474

Financing Receivable, Recorded Investment [Line Items]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 110% and Less Than or Equal to 120% [Member]

^{[3],[4],[5],[6]}

60,429

59,630

Financing Receivable, Recorded Investment [Line Items]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 120% and Less Than or Equal to 125% [Member]

^{[3],[4],[5],[6]}

33,952

33,954

Financing Receivable, Recorded Investment [Line Items]

Primary [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 125% [Member]

^{[3],[4],[5],[6]}

11,191

11,256

Financing Receivable, Recorded Investment [Line Items]

Financing Receivable, Recorded Investment [Line Items]

^{[3],[4],[5],[6]}

39,959

41,893

Alt-A [Member]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Less Than or Equal to 80% [Member]

^[4],[5],[6]

123,668

127,509

Financing Receivable, Recorded Investment [Line Items]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 80% and Less Than or Equal to 90% [Member]

^[4],[5],[6]

60,043

61,670

Financing Receivable, Recorded Investment [Line Items]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 90% and Less Than or Equal to 100% [Member]

^[4],[5],[6]

16,352

16,794

Financing Receivable, Recorded Investment [Line Items]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% and Less Than or Equal to 110% [Member]

^[4],[5],[6]

14,327

14,709

Financing Receivable, Recorded Investment [Line Items]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 110% and Less Than or Equal to 120% [Member]

^[4],[5],[6]

10,873

11,006

Financing Receivable, Recorded Investment [Line Items]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 120% and Less Than or Equal to 125% [Member]

^[4],[5],[6]

7,615

7,742

Financing Receivable, Recorded Investment [Line Items]

Alt-A [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 125% [Member]

^[4],[5],[6]

2,826

2,951

Financing Receivable, Recorded Investment [Line Items]

Financing Receivable, Recorded Investment [Line Items]

^[4],[5],[6]

11,632

12,637

Other [Member]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Less Than or Equal to 80% [Member]

^{[4],[5],[6],[7]}

51,120

53,291

Financing Receivable, Recorded Investment [Line Items]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 80% and Less Than or Equal to 90% [Member]

^{[4],[5],[6],[7]}

23,524

24,112

Financing Receivable, Recorded Investment [Line Items]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 90% and Less Than or Equal to 100% [Member]

^{[4],[5],[6],[7]}

6,593

6,947

Financing Receivable, Recorded Investment [Line Items]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% and Less Than or Equal to 110% [Member]

^{[4],[5],[6],[7]}

6,150

6,402

Financing Receivable, Recorded Investment [Line Items]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 110% and Less Than or Equal to 120% [Member]

^{[4],[5],[6],[7]}

4,871

5,146

Financing Receivable, Recorded Investment [Line Items]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 120% and Less Than or Equal to 125% [Member]

^{[4],[5],[6],[7]}

3,538

3,691

Financing Receivable, Recorded Investment [Line Items]

Other [Member] | Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 125% [Member]

^{[4],[5],[6],[7]}

1,343

1,406

Financing Receivable, Recorded Investment [Line Items]

Financing Receivable, Recorded Investment [Line Items]

^{[4],[5],[6],[7]}

5,101

5,587

Government [Member]

47,900

48,600

Financing Receivable, Recorded Investment [Line Items]

^[2]

2,869,758

2,878,691

Financing Receivable, Recorded Investment [Line Items]

^[2],[8]

2,647,074

2,649,297

Financing Receivable, Recorded Investment [Line Items]

^[2]

123,668

127,509

Financing Receivable, Recorded Investment [Line Items]

^[2],[9]

51,120

53,291

Financing Receivable, Recorded Investment [Line Items]

Financing Receivable, Recorded Investment [Line Items]

^[2],[10]

$ 47,896

$ 48,594

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[3]	Consists of mortgage loans that are not included in other loan classes.
[4]	Excludes $47.9 billion and $48.6 billion as of March 31, 2014 and December 31, 2013, 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.
[5]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[6]	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.
[7]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.
[8]	Consists of mortgage loans that are not included in other loan classes.
[9]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.
[10]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which, due to their nature, are not aged and are included in the current column.

Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

^[1],[2]

$ 3,053,117

$ 3,064,669

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Pass [Member]

^{[2],[3],[4],[5]}

183,359

185,978

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Special Mention [Member]

^[4],[5]

174,805

176,528

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Substandard [Member]

^[4],[5]

2,166

2,234

Financing Receivable, Recorded Investment [Line Items]

Multifamily [Member] | Doubtful [Member]

^[4],[5]

6,027

6,758

Financing Receivable, Recorded Investment [Line Items]

^[4],[5]

$ 361

$ 458

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[3]	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
[4]	Pass (loan is current and adequately protected by the current financial strength and debt service capacity of the borrower); special mention (loan with signs of potential weakness); substandard (loan with a well defined weakness that jeopardizes the timely full repayment); and doubtful (loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values).
[5]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Mortgage Loans Individually Impaired Loans (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Individually impaired loans with related allowance recorded: unpaid principal balance

$ 184,871

$ 185,695

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

174,766

175,619

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[2]

36,838

37,729

^[3]

20,629

20,452

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

18,127

17,660

Total individually impaired loans: unpaid principal balance

^[2]

205,500

206,147

Total individually impaired loans: total recorded investment

^[1],[2]

192,893

193,279

Interest Receivable [Member]

^[2]

636

688

Individually impaired loans with related allowance recorded: unpaid principal balance

182,989

183,438

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

172,869

173,343

Individually impaired loans with no related allowance recorded: unpaid principal balance

36,580

37,423

^[3]

18,923

18,525

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

16,412

15,721

Single-Family [Member] | Interest Receivable [Member]

187,900

187,600

629

678

Individually impaired loans with related allowance recorded: unpaid principal balance

^[4]

130,023

130,080

Individually impaired loans with related allowance recorded: total recorded investment

^[1],[4]

123,571

123,631

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[4]

23,662

24,145

^[3],[4]

14,392

14,076

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3],[4]

12,849

12,305

Single-Family [Member] | Primary [Member] | Interest Receivable [Member]

^[4]

394

430

Individually impaired loans with related allowance recorded: unpaid principal balance

^[5]

272

213

Individually impaired loans with related allowance recorded: total recorded investment

^[1],[5]

276

210

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[5]

^[3],[5]

120

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3],[5]

120

Single-Family [Member] | Government [Member] | Interest Receivable [Member]

^[5]

Individually impaired loans with related allowance recorded: unpaid principal balance

37,108

37,356

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

34,219

34,479

Individually impaired loans with no related allowance recorded: unpaid principal balance

9,125

9,364

^[3]

3,396

3,290

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

2,595

2,428

Single-Family [Member] | Alt-A [Member] | Interest Receivable [Member]

172

187

Individually impaired loans with related allowance recorded: unpaid principal balance

^[6]

15,586

15,789

Individually impaired loans with related allowance recorded: total recorded investment

^[1],[6]

14,803

15,023

Individually impaired loans with no related allowance recorded: unpaid principal balance

^[6]

3,754

3,879

^[3],[6]

1,069

1,039

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3],[6]

907

868

Single-Family [Member] | Other [Member] | Interest Receivable [Member]

^[6]

Individually impaired loans with related allowance recorded: unpaid principal balance

1,882

2,257

Individually impaired loans with related allowance recorded: total recorded investment

^[1]

1,897

2,276

Individually impaired loans with no related allowance recorded: unpaid principal balance

258

306

^[3]

1,706

1,927

Individually impaired loans with no related allowance recorded: total recorded investment

^[1],[3]

1,715

1,939

Multifamily [Member] | Interest Receivable [Member]

897

911

$ 7

$ 10

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[2]	Includes single-family loans restructured in a TDR with a recorded investment of $187.9 billion and $187.6 billion as of March 31, 2014 and December 31, 2013, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $897 million and $911 million as of March 31, 2014 and December 31, 2013, respectively.
[3]	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[6]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.

Mortgage Loans Individually Impaired Loans - 2 (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Individually impaired loans with related allowance recorded: average recorded investment

$ 175,036

$ 180,301

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

1,493

1,522

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

179

226

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

17,976

15,365

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

258

903

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

Individually impaired loans: average recorded investment

^[3]

193,012

195,666

Individually impaired loans: total interest income recognized

^[1],[3]

1,751

2,425

Individually impaired loans: interest income recognized on a cash basis

^[3]

239

301

Individually impaired loans with related allowance recorded: average recorded investment

172,950

177,694

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

1,470

1,491

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

179

226

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

16,150

13,679

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

238

881

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

Individually impaired loans: total interest income recognized

1,700

2,400

Individually impaired loans: contractual interest income

187,900

$ 187,600

1,400

Individually impaired loans: effective yield adjustments

275

941

Individually impaired loans with related allowance recorded: average recorded investment

^[4]

123,465

125,968

Individually impaired loans with related allowance recorded: total interest income recognized

^[1],[4]

1,094

1,102

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

^[4]

140

173

Individually impaired loans with no related allowance recorded: average recorded investment

^[2],[4]

12,646

10,830

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2],[4]

185

641

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2],[4]

Individually impaired loans with related allowance recorded: average recorded investment

^[5]

238

208

Individually impaired loans with related allowance recorded: total interest income recognized

^[1],[5]

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

^[5]

Individually impaired loans with no related allowance recorded: average recorded investment

^[2],[5]

109

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2],[5]

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2],[5]

Individually impaired loans with related allowance recorded: average recorded investment

34,337

35,534

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

270

277

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

2,520

2,078

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

175

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

Individually impaired loans with related allowance recorded: average recorded investment

^[6]

14,910

15,984

Individually impaired loans with related allowance recorded: total interest income recognized

^[1],[6]

103

109

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

^[6]

Individually impaired loans with no related allowance recorded: average recorded investment

^[2],[6]

891

662

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2],[6]

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2],[6]

Individually impaired loans with related allowance recorded: average recorded investment

2,086

2,607

Individually impaired loans with related allowance recorded: total interest income recognized

^[1]

Individually impaired loans with related allowance recorded: interest income recognized on a cash basis

Individually impaired loans with no related allowance recorded: average recorded investment

^[2]

1,826

1,686

Individually impaired loans with no related allowance recorded: total interest income recognized

^[1],[2]

Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis

^[2]

$ 1

Financing Receivable, Modifications [Line Items]

$ 897

$ 911

[1]	Total single-family interest income recognized of $1.7 billion for the three months ended March 31, 2014 consists of $1.4 billion of contractual interest and $275 million of effective yield adjustments. Total single-family interest income recognized of $2.4 billion for the three months ended March 31, 2013 consists of $1.4 billion of contractual interest and $941 million of effective yield adjustments.
[2]	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.
[3]	Includes single-family loans restructured in a TDR with a recorded investment of $187.9 billion and $187.6 billion as of March 31, 2014 and December 31, 2013, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $897 million and $911 million as of March 31, 2014 and December 31, 2013, respectively.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[6]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.

Mortgage Loans TDR (Details)
$ in Millions

3 Months Ended

Mar. 31, 2014

USD ($)

contracts

Mar. 31, 2013

USD ($)

contracts

Average term extension of a single-family modified loan

159 months

148 months

Average interest rate reduction of a single-family modified loan

1.23%

1.81%

Number of loans troubled debt restructurings activity | contracts

34,344

47,516

Recorded investment troubled debt restructurings activity | $

^[1]

$ 5,111

$ 7,363

Number of loans troubled debt restructurings subsequent default | contracts

10,568

15,587

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 1,701

$ 2,555

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

34,338

47,508

Recorded investment troubled debt restructurings activity | $

^[1]

$ 5,077

$ 7,330

Number of loans troubled debt restructurings subsequent default | contracts

10,564

15,584

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 1,687

$ 2,540

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

^[3]

28,842

38,251

Recorded investment troubled debt restructurings activity | $

^[1],[3]

$ 4,110

$ 5,644

Number of loans troubled debt restructurings subsequent default | contracts

^[4]

8,598

12,060

Recorded investment troubled debt restructurings subsequent default | $

^[2],[4]

$ 1,310

$ 1,867

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

^[5]

Recorded investment troubled debt restructurings activity | $

^[1],[5]

$ 8

$ 11

Number of loans troubled debt restructurings subsequent default | contracts

^[6]

Recorded investment troubled debt restructurings subsequent default | $

^[2],[6]

$ 2

$ 4

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

4,396

7,110

Recorded investment troubled debt restructurings activity | $

^[1]

$ 740

$ 1,223

Number of loans troubled debt restructurings subsequent default | contracts

1,444

2,672

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 260

$ 484

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

^[7]

1,038

2,057

Recorded investment troubled debt restructurings activity | $

^[1],[7]

$ 219

$ 452

Number of loans troubled debt restructurings subsequent default | contracts

^[8]

504

823

Recorded investment troubled debt restructurings subsequent default | $

^[2],[8]

$ 115

$ 185

Financing Receivable, Modifications [Line Items]

Number of loans troubled debt restructurings activity | contracts

Recorded investment troubled debt restructurings activity | $

^[1]

$ 34

$ 33

Number of loans troubled debt restructurings subsequent default | contracts

Recorded investment troubled debt restructurings subsequent default | $

^[2]

$ 14

$ 15

[1]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Based on the nature of our modification programs, which do not include principal or past-due interest forgiveness, there is not a material difference between the recorded investment in our loans pre- and post- modification, therefore amounts represent recorded investment post-modification.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Represents our recorded investment in the loan at time of payment default.
[3]	Consists of mortgage loans that are not included in other loan classes.
[4]	Consists of mortgage loans that are not included in other loan classes.
[5]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[6]	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.
[7]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.
[8]	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.

Allowance for Loan Losses Allowance Rollforward (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

^[1]

$ (872)

$ (984)

^[2],[3]

(1,599)

(2,720)

391

1,272

^[4]

^[5]

145

41,911

56,461

^[1]

(894)

(527)

^[2],[3]

(1,498)

(2,671)

320

1,027

^[4]

420

1,132

^[5]

135

39,004

49,553

^[1]

(457)

^[2],[3]

(101)

(49)

245

^[4]

(420)

(1,132)

^[5]

2,907

6,908

^[1]

(844)

(839)

^[3]

(1,548)

(2,719)

391

1,272

^[4]

^[5]

142

100

Single-Family [Member] | Fannie Mae [Member]

41,448

55,501

^[1]

(882)

(436)

^[3]

(1,447)

(2,670)

320

1,027

^[4]

420

1,123

^[5]

133

Single-Family [Member] | Consolidated Trusts [Member]

38,746

48,967

^[1]

(403)

^[3]

(101)

(49)

245

^[4]

(420)

(1,123)

^[5]

2,702

6,534

^[1]

(28)

(145)

^[3]

(51)

(1)

^[4]

^[5]

(2)

Multifamily [Member] | Fannie Mae [Member]

463

960

^[1]

(12)

(91)

^[3]

(51)

(1)

^[4]

^[5]

(2)

Multifamily [Member] | Consolidated Trusts [Member]

258

586

^[1]

(16)

(54)

^[3]

^[4]

(9)

^[5]

Interest Receivable [Member]

205

374

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 94

$ 115

[1]	(Benefit) provision for loan losses is included in “Benefit for credit losses” in our condensed consolidated statements of operations and comprehensive income.
[2]	Total charge-offs include accrued interest of $94 million and $115 million for the three months ended March 31, 2014 and 2013, respectively.
[3]	While we purchase the substantial majority of loans that are four or more months delinquent from our MBS trusts, we do not exercise this option to purchase loans during a forbearance period. Charge-offs of consolidated trusts generally represent loans that remained in our consolidated trusts at the time of default.
[4]	Includes transfers from trusts for delinquent loan purchases.
[5]	Amounts represent the net activity recorded in our allowances for accrued interest receivable and preforeclosure property taxes and insurance receivable from borrowers. The (benefit) provision for loan losses, charge-offs, recoveries and transfer activity included in this table reflect all changes for both the allowance for loan losses and the valuation allowances for accrued interest and preforeclosure property taxes and insurance receivable that relate to the mortgage loans.

Allowance for Loan Losses Allowance at Recorded Investment (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Allowance for loan losses for individually impaired loans

^[1]

$ 36,838

$ 37,729

Allowance for loan losses for collectively reserved loans

5,073

6,117

Recorded investment in individually impaired loans

41,911

43,846

$ 56,461

$ 58,795

^[1],[2]

192,893

193,279

Recorded investment in collectively reserved loans

^[2]

2,860,224

2,871,390

^[2],[3]

3,053,117

3,064,669

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for loan losses for individually impaired loans

^[1]

36,580

37,423

Allowance for loan losses for collectively reserved loans

4,868

5,884

Recorded investment in individually impaired loans

41,448

43,307

55,501

57,687

^[1],[2]

189,281

189,064

Recorded investment in collectively reserved loans

^[2]

2,680,477

2,689,627

^[2]

2,869,758

2,878,691

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for loan losses for individually impaired loans

^[1]

258

306

Allowance for loan losses for collectively reserved loans

205

233

Recorded investment in individually impaired loans

463

539

$ 960

$ 1,108

^[1],[2]

3,612

4,215

Recorded investment in collectively reserved loans

^[2]

179,747

181,763

Investments, Debt and Equity Securities [Abstract]

^[2]

$ 183,359

$ 185,978

[1]	Includes acquired credit-impaired loans.
[2]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.
[3]	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

Allowance for Loan Losses Allowance Narrative (Details) - Interest Receivable [Member] - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Fannie Mae [Member]
Allowance for Loan Losses [Line Items]
Allowance for Accrued Interest Receivable	$ 954	$ 1,100
Consolidated Trusts [Member]
Allowance for Loan Losses [Line Items]
Allowance for Accrued Interest Receivable	$ 94	$ 104

Investments in Securities Trading 1 (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 31,795	$ 30,768
Mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	14,208	14,462
Freddie Mac [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,657	1,839
Ginnie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	248	407
Alt-A private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,488	1,516
Subprime private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,453	1,448
CMBS [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	2,676	2,718
Mortgage revenue bonds [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	601	565
Other mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	102	99
U.S. Treasury securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	17,587	16,306
Fannie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 5,983	$ 5,870

Investments in Securities Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Net trading gains	$ 145	$ 396
Net trading gains recognized in the period related to securities still held at period end	$ 135	$ 397

Investments in Securities Available-for-sale Securities 1 (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Gross realized gains

$ 3

$ 9

Gross realized losses

Total proceeds

^[1]

$ 35

$ 94

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

Investments in Securities Available-for-sale Securities 2 (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Schedule of Available-for-sale Securities [Line Items]

^[1]

$ 34,073

$ 35,690

3,650

3,364

^[2]

(234)

(385)

^[3]

(361)

(498)

37,128

38,171

Schedule of Available-for-sale Securities [Line Items]

^[1]

5,901

6,227

395

390

^[2]

^[3]

(41)

(44)

Schedule of Available-for-sale Securities [Line Items]

6,255

6,573

Freddie Mac [Member]

^[1]

6,048

6,365

467

477

^[2]

^[3]

Schedule of Available-for-sale Securities [Line Items]

6,515

6,842

Ginnie Mae [Member]

^[1]

486

512

^[2]

^[3]

Alt-A private-label securities [Member]

557

588

Schedule of Available-for-sale Securities [Line Items]

^[1]

6,107

6,240

1,260

1,151

^[2]

(21)

(40)

^[3]

(2)

Subprime private-label securities [Member]

7,346

7,349

Schedule of Available-for-sale Securities [Line Items]

^[1]

5,975

6,232

1,141

991

^[2]

(40)

(102)

^[3]

(46)

(53)

Schedule of Available-for-sale Securities [Line Items]

7,030

7,068

CMBS [Member]

^[1]

1,490

1,526

^[2]

^[3]

Mortgage revenue bonds [Member]

1,569

1,606

Schedule of Available-for-sale Securities [Line Items]

^[1]

5,205

5,645

^[2]

(158)

(228)

^[3]

(96)

(196)

Other mortgage-related securities [Member]

5,008

5,256

Schedule of Available-for-sale Securities [Line Items]

^[1]

2,861

2,943

180

164

^[2]

(15)

^[3]

(178)

(203)

Subprime private-label securities [Member]

$ 2,848

$ 2,889

[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 our condensed consolidated statements of operations and comprehensive income.
[2]	Represents the noncredit component of other-than-temporary impairments losses recorded in “Accumulated other comprehensive income” as well as cumulative changes in fair value of securities for which we previously recognized the credit component of other-than-temporary impairments.
[3]	Represents the gross unrealized losses on securities for which we have not recognized other-than-temporary impairments.

Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	$ (111)	$ (223)
Less than 12 Consecutive Months, Fair Value	2,089	3,580
12 Consecutive Months or Longer, Gross Unrealized Losses	(484)	(660)
12 Consecutive Months or Longer, Fair Value	3,328	3,802
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(36)	(40)
Less than 12 Consecutive Months, Fair Value	825	975
12 Consecutive Months or Longer, Gross Unrealized Losses	(5)	(4)
12 Consecutive Months or Longer, Fair Value	94	126
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(4)	(12)
Less than 12 Consecutive Months, Fair Value	216	490
12 Consecutive Months or Longer, Gross Unrealized Losses	(17)	(30)
12 Consecutive Months or Longer, Fair Value	206	308
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(21)	(24)
Less than 12 Consecutive Months, Fair Value	299	448
12 Consecutive Months or Longer, Gross Unrealized Losses	(65)	(131)
12 Consecutive Months or Longer, Fair Value	928	1,332
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(50)	(147)
Less than 12 Consecutive Months, Fair Value	749	1,662
12 Consecutive Months or Longer, Gross Unrealized Losses	(204)	(277)
12 Consecutive Months or Longer, Fair Value	1,040	970
Other mortgage-related 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	5
12 Consecutive Months or Longer, Gross Unrealized Losses	(193)	(218)
12 Consecutive Months or Longer, Fair Value	$ 1,060	$ 1,066

Investments in Securities Other-than-temporary Impairments 4 (Details)
$ in Millions

Mar. 31, 2014

USD ($)

$ 10,201

53.20%

^[1]

61.00%

^[2]

2.50%

^[3]

Alt-A Option ARM [Member]

12.00%

^[4]

$ 1,817

38.00%

^[1]

51.50%

^[2]

6.60%

^[3]

Alt-A Fixed Rate [Member]

5.10%

^[4]

$ 2,229

18.20%

^[1]

54.00%

^[2]

10.40%

^[3]

Alt-A Variable Rate [Member]

5.10%

^[4]

$ 1,683

35.90%

^[1]

47.80%

^[2]

7.60%

^[3]

Alt-A Hybrid Rate [Member]

5.50%

^[4]

$ 3,246

22.30%

^[1]

43.40%

^[2]

9.00%

^[3]

2004 and Prior [Member] | Subprime private-label securities [Member]

2.80%

^[4]

$ 437

29.60%

^[1]

55.70%

^[2]

7.30%

^[3]

2004 and Prior [Member] | Alt-A Option ARM [Member]

46.40%

^[4]

$ 207

24.20%

^[1]

52.70%

^[2]

8.30%

^[3]

2004 and Prior [Member] | Alt-A Fixed Rate [Member]

4.40%

^[4]

$ 967

10.10%

^[1]

51.90%

^[2]

12.10%

^[3]

2004 and Prior [Member] | Alt-A Variable Rate [Member]

11.20%

^[4]

$ 163

20.00%

^[1]

40.70%

^[2]

8.60%

^[3]

2004 and Prior [Member] | Alt-A Hybrid Rate [Member]

21.60%

^[4]

$ 552

14.20%

^[1]

36.70%

^[2]

9.00%

^[3]

2005 [Member] | Subprime private-label securities [Member]

6.50%

^[4]

$ 44

50.50%

^[1]

60.70%

^[2]

2.80%

^[3]

2005 [Member] | Alt-A Option ARM [Member]

48.40%

^[4]

$ 800

35.70%

^[1]

54.60%

^[2]

7.10%

^[3]

2005 [Member] | Alt-A Fixed Rate [Member]

6.90%

^[4]

$ 858

23.90%

^[1]

54.00%

^[2]

9.70%

^[3]

2005 [Member] | Alt-A Variable Rate [Member]

0.60%

^[4]

$ 405

34.70%

^[1]

47.40%

^[2]

7.90%

^[3]

2005 [Member] | Alt-A Hybrid Rate [Member]

12.40%

^[4]

$ 1,382

27.90%

^[1]

44.50%

^[2]

8.60%

^[3]

2006 [Member] | Subprime private-label securities [Member]

2.90%

^[4]

$ 9,252

54.50%

^[1]

62.30%

^[2]

2.30%

^[3]

2006 [Member] | Alt-A Option ARM [Member]

9.60%

^[4]

$ 810

43.80%

^[1]

48.80%

^[2]

5.60%

^[3]

2006 [Member] | Alt-A Fixed Rate [Member]

3.50%

^[4]

$ 404

25.20%

^[1]

55.80%

^[2]

7.80%

^[3]

2006 [Member] | Alt-A Variable Rate [Member]

0.10%

^[4]

$ 1,115

38.70%

^[1]

48.40%

^[2]

7.40%

^[3]

2006 [Member] | Alt-A Hybrid Rate [Member]

0.60%

^[4]

$ 1,227

19.60%

^[1]

44.00%

^[2]

9.50%

^[3]

2007 and After [Member] | Subprime private-label securities [Member]

0.00%

^[4]

$ 468

51.10%

^[1]

38.20%

^[2]

1.60%

^[3]

2007 and After [Member] | Alt-A Option ARM [Member]

22.80%

^[4]

2007 and After [Member] | Alt-A Fixed Rate [Member]

$ 0

2007 and After [Member] | Alt-A Variable Rate [Member]

2007 and After [Member] | Alt-A Hybrid Rate [Member]

$ 85

23.00%

^[1]

41.40%

^[2]

8.90%

^[3]

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

20.20%

^[4]

[1]	The expected remaining cumulative default rate of the collateral pool backing the securities, as a percentage of the current collateral unpaid principal balance, weighted by security unpaid principal balance.
[2]	The expected remaining loss given default of the collateral pool backing the securities, calculated as the ratio of remaining cumulative loss divided by cumulative defaults, weighted by security unpaid principal balance.
[3]	The average monthly voluntary prepayment rate, weighted by security unpaid principal balance.
[4]	The average percent current credit enhancement provided by subordination of other securities. Excludes excess interest projections and monoline bond insurance.

Investments in Securities Other-than-temporary Impairments 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Noncredit portion of other-than-temporary impairments recognized in other comprehensive income (loss)	$ 33	$ (33)
Available-for-sale securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	7,904	9,214
Additions for the credit component on debt securities for which OTTI was not previously recognized	1	5
Additions for the credit component on debt securities for which OTTI was previously recognized	39	4
Reductions for securities no longer in portfolio at period end	(53)	(2)
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	(698)	0
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(97)	(85)
Balance, end of period	$ 7,096	$ 9,136

Investments in Securities Maturity Information (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

^[1]

$ 34,073

$ 35,690

37,128

38,171

2,277

2,400

1,625

1,716

30,138

32,978

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

5,901

6,227

6,255

6,573

311

329

345

371

5,245

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

5,555

Freddie Mac [Member]

^[1]

6,048

6,365

6,515

6,842

328

348

632

685

5,088

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

5,482

Ginnie Mae [Member]

^[1]

486

512

557

588

434

Alt-A private-label securities [Member]

498

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

6,107

6,240

7,346

7,349

6,107

Subprime private-label securities [Member]

7,346

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

5,975

6,232

7,030

7,068

5,975

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

7,030

CMBS [Member]

^[1]

1,490

1,526

1,569

1,606

1,402

1,479

Mortgage revenue bonds [Member]

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

5,205

5,645

5,008

5,256

236

240

558

561

4,378

Other mortgage-related securities [Member]

4,173

Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]

^[1]

2,861

2,943

2,848

$ 2,889

2,823

$ 2,804

[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 our condensed consolidated statements of operations and comprehensive income.

Financial Guarantees (Narratives) (Details)
$ in Millions

Mar. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Fair value of guaranty obligation associated with Fannie Mae MBS

^[1]

$ 48,644

$ 49,915

$ 943

$ 1,100

Contractual terms of our guarantees

30 days

Maximum [Member]

Contractual terms of our guarantees

40 years

Loans with higher risk characteristics (current debt service coverage ratio)

1.0

Single-Family [Member] | Minimum [Member]

Multifamily [Member] | Minimum [Member]

90 days

Multifamily [Member] | Maximum [Member]

60 days

Financial Guarantees and Maximum Recovery [Line Items]

89 days

[1]	Primarily consists of the unpaid principal balance of the underlying mortgage loans.

Financial Guarantees Financial Guarantees and Maximum Recovery (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Non-consolidated Fannie Mae MBS [Member] | Unconsolidated VIEs [Member]

^[1]

$ 48,644

$ 49,915

Guarantor Obligations

467

485

Maximum Recovery

^[2]

14,963

15,066

Financial Guarantees and Maximum Recovery [Line Items]

Other guaranty arrangements [Member] | Unconsolidated VIEs [Member]

^[1]

18,799

19,317

Guarantor Obligations

226

232

Maximum Recovery

^[2]

10,318

10,541

Financial Guarantees and Maximum Recovery [Line Items]

^[1],[3]

29,845

30,598

Guarantor Obligations

^[3]

241

253

Maximum Recovery

^[2],[3]

$ 4,645

$ 4,525

[1]	Primarily consists of the unpaid principal balance of the underlying mortgage loans.
[2]	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 14, Concentrations of Credit Risk.”
[3]	Primarily consists of credit enhancements, long-term standby commitments, and our commitment under the TCLF program.

Financial Guarantees Delinquency Status - Single-Family (Details) - Single-Family [Member]

Mar. 31, 2014

Dec. 31, 2013

Accounts, Notes, Loans and Financing Receivable [Line Items]

Guaranty Book of Business [Member] | Conventional Loan [Member]

90 days

Accounts, Notes, Loans and Financing Receivable [Line Items]

Percentage of loans with detailed loan level information

99.00%

30 days delinquent, percentage (unpaid principal balance)

^[1],[2]

1.23%

1.41%

60 days delinquent, percentage (unpaid principal balance)

^[1],[2]

0.37%

0.44%

Seriously delinquent, percentage (unpaid principal balance)

^[1],[2],[3]

2.33%

2.54%

30 days delinquent, percentage (loan count)

^[2],[4]

1.40%

1.64%

60 days delinquent, percentage (loan count)

^[2],[4]

0.40%

0.49%

Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[4]

2.19%

2.38%

[1]	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.
[2]	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of March 31, 2014 and December 31, 2013.
[3]	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2014 and December 31, 2013.
[4]	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.

Financial Guarantees Risk Characteristics - Single-Family (Details) - Single-Family [Member]

Mar. 31, 2014

Dec. 31, 2013

Accounts, Notes, Loans and Financing Receivable [Line Items]

Percentage of loans with detailed loan level information

99.00%

2005 [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[1],[2],[3]

2.19%

2.38%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

3.00%

4.00%

2006 [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

6.81%

7.26%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

3.00%

2007 [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

10.58%

11.26%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

5.00%

2008 [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

11.53%

12.18%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

3.00%

All Other Vintages [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

6.40%

6.69%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

86.00%

85.00%

Alt-A [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

0.96%

1.02%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

5.00%

Subprime [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

8.72%

9.23%

Accounts, Notes, Loans and Financing Receivable [Line Items]

California | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

16.17%

16.93%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

20.00%

Florida | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

0.86%

0.98%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

6.00%

Illinois | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

6.12%

6.89%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

4.00%

New Jersey | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

2.79%

3.12%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

4.00%

New York | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

6.08%

6.25%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

5.00%

All Other States [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

4.31%

4.42%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

61.00%

Original LTV Ratio Greater Than Ninety Percent and FICO Score Less Than Six Hundred Twenty [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

1.70%

1.85%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

1.00%

Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

9.84%

10.90%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4]

7.00%

Maximum [Member] | Subprime [Member] | Guaranty Book of Business [Member] | Conventional Loan [Member]

^[2],[3],[5]

11.27%

12.22%

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[3],[4],[6]

0.50%

Accounts, Notes, Loans and Financing Receivable [Line Items]

Guaranty Book of Business [Member]

90 days

[1]	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.
[2]	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2014 and December 31, 2013.
[3]	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of March 31, 2014 and December 31, 2013.
[4]	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.
[5]	Calculated based on the number of single-family conventional loans that were seriously delinquent divided by the total number of single-family conventional loans for each category included in our guaranty book of business.
[6]	Represents less than 0.5% of the single-family conventional guaranty book of business.

Financial Guarantees Delinquency Status - Multifamily (Details) - Multifamily [Member]

Mar. 31, 2014

Dec. 31, 2013

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 days delinquent, percentage (unpaid principal balance)

^[1],[2]

0.06%

0.03%

Seriously delinquent, percentage (unpaid principal balance)

^[1],[2],[3]

0.10%

Percentage of loans with detailed loan level information

99.00%

Accounts, Notes, Loans and Financing Receivable [Line Items]

Guaranty Book of Business [Member]

60 days

[1]	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.
[2]	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013 excluding loans that have been defeased.
[3]	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.

Financial Guarantees Risk Characteristics - Multifamily (Details) - Multifamily [Member]

Mar. 31, 2014

Dec. 31, 2013

Accounts, Notes, Loans and Financing Receivable [Line Items]

Percentage of loans with detailed loan level information

99.00%

Guaranty Book of Business [Member] | Current Debt Service Coverage Ratio Less Than 1.0 [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans seriously delinquent, percentage by unpaid principal balance

^[1],[2],[3]

3.00%

4.00%

^{[2],[3],[4],[5]}

0.92%

1.09%

Guaranty Book of Business [Member] | Original Loan to Value Ratio Greater Than 80% [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans seriously delinquent, percentage by unpaid principal balance

^[1],[2]

3.00%

^[2],[4],[5]

0.16%

0.23%

Guaranty Book of Business [Member] | Original Loan to Value Ratio Less Than or Equal to 80% [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans seriously delinquent, percentage by unpaid principal balance

^[1],[2]

97.00%

^[2],[4],[5]

0.09%

0.10%

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current debt service coverage ratio reporting lag

60 days

3 months

Maximum [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current debt service coverage ratio reporting lag

89 days

6 months

[1]	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.
[2]	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013 excluding loans that have been defeased.
[3]	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.
[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]	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.

Acquired Property Net Acquired Property Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Acquired Property [Roll Forward]
Acquired Property, Beginning Balance	$ 12,307	$ 11,158
Acquired Property, Additions	3,772	3,774
Acquired Property, Disposals	(3,335)	(4,213)
Acquired Property, Ending Balance	12,744	10,719
Real Estate Owned Valuation Allowance [Roll Forward]
Valuation Allowance, Beginning Balance	(686)	(669)
Valuation Allowance, Period (Increase) Decrease	(98)	99
Valuation Allowance, Ending Balance	(784)	(570)
Acquired property, net	$ 11,960	$ 10,149	$ 11,621

Short-Term Borrowings and Long-Term Debt Short-term Debt (Details) - USD ($)

Mar. 31, 2014

Dec. 31, 2013

Federal funds purchased and securities sold under agreements to repurchase

^[1]

$ 25,000,000

$ 0

Federal Funds Purchased And Securities Sold Under Agreements To Repurchase, Weighted-Average Interest Rate

^[1],[2]

0.00%

$ 67,348,000,000

$ 74,449,000,000

Secured Uncommitted Line of Credit [Member]

^[2]

0.12%

0.13%

Line of credit maximum borrowing capacity

$ 20,000,000,000.0

$ 20,000,000,000

Line of credit amount outstanding

$ 65,448,000,000

$ 72,295,000,000

Fannie Mae [Member] | Fixed-Rate Discount Notes [Member]

^[2]

0.13%

^[3]

$ 65,248,000,000

$ 71,933,000,000

Fannie Mae [Member] | Fixed-Rate Foreign Exchange Discount Notes [Member]

^[2],[3]

0.12%

^[4]

$ 200,000,000

$ 362,000,000

^[2],[4]

0.81%

1.07%

$ 1,900,000,000

$ 2,154,000,000

Minimum [Member] | Fannie Mae [Member] | Fixed-Rate Foreign Exchange Discount Notes [Member]

^[2]

0.10%

0.09%

Short-term debt instrument maturity

5 days

Maximum [Member] | Fannie Mae [Member] | Fixed-Rate Discount Notes [Member]

Short-term debt instrument maturity

360 days

Maximum [Member] | Fannie Mae [Member] | Fixed-Rate Foreign Exchange Discount Notes [Member]

Short-term debt instrument maturity

360 days

[1]	Securities sold under agreements to repurchase represent agreements to repurchase for a specified price, with repayment generally occurring on the following day.
[2]	Includes the effects of discounts, premiums and other cost basis adjustments.
[3]	Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.
[4]	Represents foreign exchange discount notes issued in the Euro commercial paper market with maturities ranging from 5 to 360 days which enable investors to hold short-term investments in different currencies. We do not incur foreign exchange risk on these transactions, as we simultaneously enter into foreign currency swaps that have the effect of converting debt that we issue in foreign denominated currencies into U.S. dollars.

Short-Term Borrowings and Long-Term Debt Long-term Debt (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

$ 3,127,347

$ 3,160,074

^[1]

3.13%

3.10%

^[2]

$ 416,405

$ 457,139

Unamortized discount, fair value adjustments and other cost basis adjustments

^[1],[2]

2.16%

2.14%

$ 4,500

$ 4,800

Fannie Mae [Member] | Senior Fixed [Member]

$ 373,303

$ 412,805

Fannie Mae [Member] | Senior Fixed Benchmark Notes and Bonds [Member]

^[1]

2.28%

2.24%

$ 197,233

$ 212,234

Fannie Mae [Member] | Senior Fixed Medium-Term Notes [Member]

^[1]

2.42%

2.45%

^[3]

$ 137,654

$ 161,445

Fannie Mae [Member] | Senior Fixed Foreign Exchange Notes and Bonds [Member]

^[1],[3]

1.33%

1.28%

$ 662

$ 682

Fannie Mae [Member] | Senior Fixed Other Debt [Member]

^[1]

5.40%

5.41%

^[4]

$ 37,754

$ 38,444

Fannie Mae [Member] | Senior Floating [Member]

^[1],[4]

4.96%

4.99%

$ 39,267

$ 39,396

Fannie Mae [Member] | Senior Floating Medium-Term Notes [Member]

^[1]

0.35%

0.32%

^[3]

$ 37,492

$ 38,441

Fannie Mae [Member] | Senior Floating Other Debt [Member]

^[1],[3]

0.18%

0.20%

^[4],[5]

$ 1,775

$ 955

Fannie Mae [Member] | Subordinated Fixed [Member]

^[1],[4],[5]

4.19%

5.18%

$ 3,589

$ 4,676

Fannie Mae [Member] | Subordinated Fixed Qualifying Subordinated [Member]

9.92%

^[6]

8.76%

^[1]

$ 0

$ 1,169

Fannie Mae [Member] | Subordinated Fixed Subordinated Debentures [Member]

^[1]

0.00%

5.27%

^[7]

$ 3,589

$ 3,507

Fannie Mae [Member] | Secured Borrowings [Member]

^[1],[7]

9.92%

^[8]

$ 246

$ 262

^[1],[8]

1.87%

1.86%

^[4]

$ 2,710,942

$ 2,702,935

Minimum [Member] | Fannie Mae [Member]

^[1],[4]

3.28%

3.26%

Medium-term notes original contractual maturity

1 year

Maximum [Member] | Fannie Mae [Member]

Medium-term notes original contractual maturity

10 years

[1]	Includes the effects of discounts, premiums and other cost basis adjustments.
[2]	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.5 billion and $4.8 billion as of March 31, 2014 and December 31, 2013, respectively.
[3]	Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.
[4]	Includes a portion of structured debt instruments that is reported at fair value.
[5]	Includes credit risk sharing securities issued under our Connecticut Avenue Securities series, which transfers some of the credit risk of our mortgage loans to the investors in these securities.
[6]	Includes the effects of discounts, premiums and other cost basis adjustments.
[7]	Consists of subordinated debt issued with an interest deferral feature.
[8]	Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.

Derivative Instruments Derivatives 1 - Notional and FV Position (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

$ 244,961

$ 245,573

836

2,073

^[1]

(8,422)

378,875

380,094

(209)

(1,469)

^[1]

10,042

Cash collateral posted for derivative instruments

2,800

2,000

Cash collateral received for derivative instruments

1,200

1,000

Risk Management Derivatives [Member]

203,393

205,736

Accrued interest receivable, estimated fair value

8,226

9,444

927

786

Total net risk management derivatives

^[2]

(8,422)

731

1,808

335,539

346,994

Accrued interest payable, estimated fair value

(8,990)

(9,695)

(1,143)

(930)

Total net risk management derivatives

^[2]

10,042

9,370

(91)

(1,255)

Mortgage commitment derivatives [Member]

41,568

39,837

105

265

^[1]

43,336

33,100

(118)

(214)

Pay-fixed Swap [Member] | Risk Management Derivatives [Member]

^[1]

68,984

68,637

3,746

5,378

94,488

93,428

Receive-fixed Swap [Member] | Risk Management Derivatives [Member]

(5,083)

(4,759)

67,408

67,527

3,842

3,320

144,897

156,250

Basis Swap [Member] | Risk Management Derivatives [Member]

(2,833)

(3,813)

23,414

27,014

600

Foreign Currency Swap [Member] | Risk Management Derivatives [Member]

368

389

126

120

492

653

Pay-fixed Swaption [Member] | Risk Management Derivatives [Member]

(26)

(38)

34,450

33,400

259

445

46,025

48,025

Receive-fixed Swaption [Member] | Risk Management Derivatives [Member]

(475)

(600)

8,000

154

117

49,025

48,025

Other [Member] | Risk Management Derivatives [Member]

(572)

(484)

^[3]

769

^[3]

^[3]

Mortgage Commitments to Purchase Whole Loans [Member] | Mortgage commitment derivatives [Member]

^[3]

(1)

2,205

1,138

3,665

4,353

Forward Contracts to Purchase Mortgage-related Securities [Member] | Mortgage commitment derivatives [Member]

(11)

(31)

11,553

3,276

21,370

20,861

Forward Contracts to Sell Mortgage-related Securities [Member] | Mortgage commitment derivatives [Member]

(62)

(168)

27,810

35,423

260

18,301

7,886

Derivative Instruments, Gain (Loss) [Line Items]

$ (45)

$ (15)

[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]	The netting adjustment for our risk management derivatives transactions 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 $2.8 billion and $2.0 billion as of March 31, 2014 and December 31, 2013, respectively. Cash collateral received was $1.2 billion and $1.0 billion as of March 31, 2014 and December 31, 2013, respectively.
[3]	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts that we account for as derivatives. The mortgage insurance contracts have payment provisions that are not based on a notional amount.

Derivative Instruments (Narratives) (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position	$ 2,300	$ 2,100
Fair value of collateral posted, aggregated	2,200	2,000
Additional collateral required or amount required to immediately settle our position if the credit-risk-related contingent features were triggered	$ 90	$ 130

Derivative Instruments Derivatives 2 - FV Gains and Losses (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

$ (1,285)

$ 562

Risk Management Derivatives [Member]

4,738

6,304

^[1]

Derivative Instruments, Gain (Loss) [Line Items]

Mortgage commitment derivatives [Member]

(940)

431

Derivative Instruments, Gain (Loss) [Line Items]

Pay-fixed Swap [Member] | Risk Management Derivatives [Member]

(345)

131

Derivative Instruments, Gain (Loss) [Line Items]

(2,118)

2,590

Receive-fixed Swap [Member] | Risk Management Derivatives [Member]

(903)

(1,198)

Derivative Instruments, Gain (Loss) [Line Items]

1,465

(1,910)

Basis Swap [Member] | Risk Management Derivatives [Member]

691

982

Derivative Instruments, Gain (Loss) [Line Items]

(27)

Foreign Currency Swap [Member] | Risk Management Derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

(70)

Pay-fixed Swaption [Member] | Risk Management Derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Receive-fixed Swaption [Member] | Risk Management Derivatives [Member]

(99)

Derivative Instruments, Gain (Loss) [Line Items]

Other [Member] | Risk Management Derivatives [Member]

(42)

Derivative Instruments, Gain (Loss) [Line Items]

^[2]

(3)

Provision (benefit) for federal income taxes

^[2]

$ 0

$ 2

[1]	Certain prior period amounts have been reclassified to conform with the current period presentation.
[2]	Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts.

Income Taxes - Narratives (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Income Tax Disclosure [Abstract]

$ 2,584

$ (50,571)

^[1],[2]

Effective Income Tax Rate Reconciliation, Percent

32.70%

(623.30%)

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

35.00%

[1]	Certain prior period amounts have been reclassified to conform with the current period presentation.
[2]	Represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.

Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Earnings Per Share [Abstract]

Dividends available for distribution to senior preferred stockholder

$ 5,325

$ 58,685

^[1]

^[2]

(5,692)

(59,368)

Net loss attributable to common stockholders

$ (367)

$ (683)

Weighted-average common shares outstanding--basic and diluted

^[3]

5,762

Loss per share: basic and diluted

$ (0.06)

$ (0.12)

Capital Reserve Amount, current year, Senior Preferred Stock Purchase Agreement, Amendment

$ 2,400

Capital Reserve Amount, prior year, Senior Preferred Stock Purchase Agreement Amendment

$ 3,000

Weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury

4,600

[1]	Certain prior period amounts have been reclassified to conform with the current period presentation.
[2]	Represents our dividend payments to Treasury under the terms of the senior preferred stock. Dividends available for distribution as of March 31, 2014 (relating to the dividend period for the three months ended June 30, 2014) were calculated based on our net worth as of March 31, 2014 less the applicable capital reserve amount of $2.4 billion. Dividends available for distribution as of March 31, 2013 (relating to the dividend period for the three months ended June 30, 2013) were calculated based on our net worth as of March 31, 2013 less the applicable capital reserve amount of $3.0 billion.
[3]	Includes 4.6 billion of weighted average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2014.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Segment Reporting (Narrative) (Details)	3 Months Ended
Segment Reporting (Narrative) (Details)	Mar. 31, 2014 segments
Segment Reporting [Abstract]
Number of Reportable Segments	3

Segment Reporting Segment Reporting(Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

$ 4,738

$ 6,304

^[1]

Net interest income after benefit for credit losses

774

957

^[1]

5,512

7,261

^[1]

^[2],[3]

^[1]

146

118

^[1]

(51)

(9)

^[1]

(1,190)

834

^[1]

(23)

^[1]

^[4]

^[1]

4,310

514

^[1]

(672)

(641)

^[1]

Temporary Payroll Tax Cut Continuation Act of 2011 (TCCA) Fees

262

260

^[1]

(322)

(186)

(176)

(127)

^[1]

7,909

8,114

^[1]

(2,584)

50,571

^[1],[5]

5,325

58,685

^[1]

(48)

520

^[1]

Net interest income after benefit for credit losses

745

781

^[1]

697

1,301

^[1]

^[2]

2,870

2,375

^[1]

^[1]

^[1]

(5)

(2)

^[1]

^[1]

^[4]

^[1]

144

172

^[1]

(450)

(426)

^[1]

257

253

^[1]

(155)

(168)

^[1]

3,036

3,321

^[1]

(927)

31,578

^[1],[5]

2,109

34,899

^[1]

(22)

(11)

^[1]

Net interest income after benefit for credit losses

176

^[1]

165

^[1]

^[2]

311

291

^[1]

^[1]

^[1]

^[1]

^[1]

^[4]

^[1]

^[1]

(73)

(70)

^[1]

^[1]

(1)

^[1]

321

511

^[1]

7,988

^[1],[5]

330

8,499

^[1]

Capital Markets [Member]

1,830

2,742

^[1]

Net interest income after benefit for credit losses

^[1]

1,830

2,742

^[1]

^[2]

(246)

(299)

^[1]

1,336

1,349

^[1]

(51)

(9)

^[1]

(1,337)

875

^[1]

(7)

(40)

^[1]

^[4]

^[1]

4,133

349

^[1]

(149)

(145)

^[1]

^[1]

(8)

^[1]

5,501

4,880

^[1]

(1,666)

11,005

^[1],[5]

3,835

15,885

^[1]

^[6]

2,698

2,597

^[1]

Net interest income after benefit for credit losses

^[6]

^[1]

^[6]

2,698

2,597

^[1]

^[2],[3],[6]

(1,427)

(1,204)

^[1]

^[6]

(58)

(67)

^[1]

^[6]

^[1]

^[6]

(204)

^[1]

^[6]

^[1]

^[4],[6]

^[1]

^[6]

(76)

(84)

^[1]

^[6]

^[1]

^[6]

^[1]

^[6]

^[1]

^[6]

1,192

1,055

^[1]

^[6]

^[1],[5]

Eliminations/Adjustments [Member]

^[6]

1,192

1,055

^[1]

^[7],[8]

280

456

^[1]

Net interest income after benefit for credit losses

^[8]

^[1]

^[8]

280

456

^[1]

^[2],[3],[8]

(1,463)

(1,109)

^[1]

^[8],[9]

(1,135)

(1,173)

^[1]

^[8]

^[1]

^[8],[10]

104

165

^[1]

^[8]

^[1]

^[8]

^[4]

^[1]

^[8]

^[1]

^[8]

^[1]

^[8]

^[1]

^[8]

(12)

(18)

^[1]

^[8]

(2,141)

(1,653)

^[1]

^[8]

^[1],[5]

^[8]

(2,141)

(1,653)

^[1]

US Treasury [Member]

Temporary Payroll Tax Cut Continuation Act of 2011 (TCCA) Fees

^[2]

(322)

(186)

^[1]

US Treasury [Member] | Single-Family [Member]

Temporary Payroll Tax Cut Continuation Act of 2011 (TCCA) Fees

^[2]

$ (322)

$ (186)

^[1]

[1]	Certain prior period amounts have been reclassified to conform with the current period presentation.
[2]	Includes the impact of the 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which must be remitted to Treasury. The resulting revenue is included in guaranty fee income and the expense is recognized as “TCCA fees.”
[3]	Represents the guaranty fees paid from consolidated trusts to the Single-Family and Multifamily segments. The adjustment to guaranty fee income in the Eliminations/Adjustments column represents the elimination of the amortization of deferred cash fees related to consolidated trusts that were re-established for segment reporting. Total guaranty fee income related to unconsolidated Fannie Mae MBS trusts and other credit enhancement arrangements is included in fee and other income in our condensed consolidated statements of operations and comprehensive income.
[4]	Gains from partnership investments are included in other expenses in our condensed consolidated statements of operations and comprehensive income.
[5]	Represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.
[6]	Represents activity related to the assets and liabilities of consolidated trusts in our condensed consolidated balance sheets.
[7]	Represents the amortization expense of cost basis adjustments on securities in the Capital Markets group’s retained mortgage portfolio that on a GAAP basis are eliminated.
[8]	Represents the elimination of intercompany transactions occurring between the three business segments and our consolidated trusts, as well as other adjustments to reconcile to our consolidated results.
[9]	Primarily represents the removal of realized gains and losses on sales of Fannie Mae MBS classified as available-for-sale securities that are issued by consolidated trusts and in the Capital Markets group’s retained mortgage portfolio. The adjustment also includes the removal of securitization gains (losses) recognized in the Capital Markets segment relating to portfolio securitization transactions that do not qualify for sale accounting under GAAP.
[10]	Represents the removal of fair value adjustments on consolidated Fannie Mae MBS classified as trading that are in the Capital Markets group’s retained mortgage portfolio.

Equity AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized Gains on AFS securities for which we have not recorded OTTI, net of tax	$ 481	$ 365
Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax	1,518	1,262
Prior service cost and actuarial losses, net of amortization, net of tax	(395)	(395)
Other Losses	(29)	(29)
Accumulated other comprehensive income	$ 1,575	$ 1,203	$ 1,038	$ 384

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]

Equity Activity in OCI (Details) - USD ($) $ in Millions	3 Months Ended
Equity Activity in OCI (Details) - USD ($) $ in Millions	Mar. 31, 2014	Mar. 31, 2013
Equity [Abstract]
Net income	$ 5,325	$ 58,685
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on AFS securities (net of tax of $184 and $349, respectively)	340	649
Reclassification adjustment for OTTI recognized in net income (net of tax of $18 and $3, respectively)	33	5
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $- and $3)	(1)	(6)
Other	0	6
Total other comprehensive income	372	654
Total comprehensive income	5,697	59,339
Other Comprehensive (Income) Loss Parenthetical Disclosures [Abstract]
Changes in net unrealized gains on AFS securities, tax	184	349
Reclassification adjustment for OTTI recognized in net income, tax	18	3
Reclassification adjustment for gains on AFS securities included in net income, tax	$ 0	$ 3

Equity Changes in AOCI (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Beginning balance

$ 1,203

$ 384

OCI before reclassifications

340

649

Amounts reclassified from OCI

372

654

Available-for-Sale Securities [Member]

1,575

1,038

Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]

Beginning balance

^[1]

1,627

934

OCI before reclassifications

^[1]

340

649

Amounts reclassified from OCI

^[1]

(1)

^[1]

372

648

Accumulated Other Comprehensive Income (Loss), Other [Member]

^[1]

1,999

1,582

Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]

Beginning balance

^[2]

(424)

(550)

OCI before reclassifications

^[2]

Amounts reclassified from OCI

^[2]

^[2]

^[2]

$ (424)

$ (544)

[1]	The amounts reclassified from AOCI represent the gain or loss recognized in earnings due to a sale of an available-for-sale security or the recognition of a net impairment recognized in earnings, which are recorded in “Investments gains, net” and “Net other-than-temporary impairments,” respectively, in our condensed consolidated statements of operations.
[2]	Primarily represents activity from our defined benefit pension plans, which is recorded in “Salaries and employee benefits” in our condensed consolidated statements of operations.

Contractual mortgage insurance benefit

Concentrations of Credit Risk Concentration of Credit Risk (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($) insurers servicers	Mar. 31, 2013 USD ($)	Mar. 07, 2014	Dec. 31, 2013 USD ($) insurers servicers
Concentration of Credit Risk [Line Items]
Number of Mortgage Insurers publicly disclosed credit quality deterioration \| insurers	3
Receivable from claims on insured defaulted loans	$ 2,000			$ 2,100
Allowance for mortgage insurance receivable	621			$ 655
PMI Mortgage Insurance Co. [Member]
Concentration of Credit Risk [Line Items]
Mortgage Insurance Coverage Risk in Force, Insurance Claim, Percentage To be Paid in Cash by Mortgage Insurer			67.00%	55.00%
Single-Family [Member]
Concentration of Credit Risk [Line Items]
Proceeds received from primary and pool mortgage insurance policies	1,400	$ 2,100
Mortgage Sellers and Servicers [Member]
Concentration of Credit Risk [Line Items]
Receivable from claims on insured defaulted loans	$ 310			$ 402
Guaranty Book of Business [Member] \| Single-Family [Member]
Concentration of Credit Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers	5			5
Mortgage Insurance Coverage Risk In Force	$ 103,300			$ 102,500
Mortgage insurance coverage risk in force as percentage	4.00%			4.00%
Primary Mortgage Insurance Coverage Risk in Force	$ 102,200			$ 101,400
Pool Mortgage Insurance Coverage Risk in Force	$ 1,000			$ 1,100
Number of mortgage insurance companies provided majority of our mortgage insurance \| insurers	4			4
Guaranty Book of Business [Member] \| Single-Family [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration of Credit Risk [Line Items]
Mortgage insurance coverage risk in force, insurers with credit quality deterioration	$ 14,200
Guaranty Book of Business [Member] \| Single-Family [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Largest Mortgage Servicers, Including Their Affiliates [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	48.00%			49.00%
Guaranty Book of Business [Member] \| Single-Family [Member] \| Mortgage Insurance Coverage [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	14.00%
Guaranty Book of Business [Member] \| Single-Family [Member] \| Mortgage Insurance Coverage [Member] \| Insurance Service Provider Concentration Risk [Member] \| Mortgage Insurance Companies [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	79.00%			78.00%
Guaranty Book of Business [Member] \| Multifamily [Member]
Concentration of Credit Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers	10			10
Guaranty Book of Business [Member] \| Multifamily [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Largest Mortgage Servicers, Including Their Affiliates [Member]
Concentration of Credit Risk [Line Items]
Percentage of concentration risk	66.00%			65.00%

Concentrations of Credit Risk Estimated Benefit from Mortgage Insurers (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Risks and Uncertainties [Abstract]

$ 6,400

$ 6,751

Less: Collectability adjustment

^[1]

409

431

Estimated benefit included in total loss reserves

$ 5,991

$ 6,320

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

Netting Arrangements Netting Arrangements Table (Details) - USD ($)

Mar. 31, 2014

Dec. 31, 2013

Assets

$ 9,229,000,000

$ 8,756,000,000

Derivative assets, net amount presented in the condensed consolidated balance sheets

^[1]

(8,422,000,000)

^[2]

807,000,000

334,000,000

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

(91,000,000)

(83,000,000)

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

(46,000,000)

(20,000,000)

Securities purchased under agreements to resell or similar arrangements, gross amount

670,000,000

231,000,000

^[5]

22,150,000,000

50,565,000,000

Securities purchased under agreements to resell or similar arrangements, gross amount offset

^[1],[5]

Securities purchased under agreements to resell or similar arrangements, net amount presented in the condensed consolidated balance sheets

^[5]

22,150,000,000

50,565,000,000

Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3],[5]

Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4],[5]

(22,150,000,000)

(50,565,000,000)

Securities purchased under agreements to resell or similar arrangements, net amount

^[5]

Total assets, gross amount

31,379,000,000

59,321,000,000

Total assets, gross amount offset

^[1]

(8,422,000,000)

Total assets, net amount presented in the condensed consolidated balance sheets

22,957,000,000

50,899,000,000

Total assets, under the master netting arrangements, not offset in the condensed consolidated balance sheets, financial instruments

^[3]

(91,000,000)

(83,000,000)

Total assets, under master netting arrangements, not offset in the condensed consolidated balance sheets, collateral

^[4]

(22,196,000,000)

(50,585,000,000)

Total assets, net amount

670,000,000

231,000,000

Derivative assets not subject to an enforceable master netting arrangement or similar agreement

29,000,000

1,739,000,000

(10,250,000,000)

Derivative liabilities, net amount presented in the condensed consolidated balance sheets

^[1]

10,042,000,000

^[2]

(208,000,000)

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

91,000,000

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

Securities sold under agreements to repurchase or similar arrangements, gross amount

(117,000,000)

(25,000,000)

Securities sold under agreements to repurchase or similar arrangements, gross amount offset

^[1]

Securities sold under agreements to repurchase, or similar arrangements, net amount presented in the balance sheet

(25,000,000)

Securities sold under agreements to repurchase, under master netting arrangement, amounts not offset in balance sheet, financial instruments

^[3]

Securities sold under agreements to repurchase or similar arrangements, under master netting arrangements, amounts not offset in balance sheet, collateral

^[4]

25,000,000

Securities sold under agreements to repurchase, subject to master netting arrangements, net amount

Total liabilities, gross amount

(10,275,000,000)

(9,717,000,000)

Total liabilities, gross amount offset

^[1]

10,042,000,000

9,370,000,000

Total liabilities, net amount presented in the condensed consolidated balance sheets

(233,000,000)

(347,000,000)

^[2]

Total liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

91,000,000

83,000,000

Total liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

25,000,000

Total liabilities, net amount

(117,000,000)

(264,000,000)

Derivative liabilities not subject to an enforceable master netting arrangements or similar agreement

1,000,000

1,100,000,000

Risk Management Derivatives [Member]

Assets

^[6]

(8,422,000,000)

^[6]

10,042,000,000

9,370,000,000

Assets

105,000,000

265,000,000

Derivative assets, net amount presented in the condensed consolidated balance sheets

^[1]

105,000,000

265,000,000

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

(91,000,000)

(83,000,000)

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

14,000,000

182,000,000

(118,000,000)

(214,000,000)

Derivative liabilities, net amount presented in the condensed consolidated balance sheets

^[1]

(118,000,000)

(214,000,000)

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

91,000,000

83,000,000

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

OTC Risk Management Derivatives [Member] | Risk Management Derivatives [Member]

(27,000,000)

(131,000,000)

Assets

7,781,000,000

8,491,000,000

Derivative assets, net amount presented in the condensed consolidated balance sheets

^[1]

(7,678,000,000)

(8,422,000,000)

103,000,000

69,000,000

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

(46,000,000)

(20,000,000)

57,000,000

49,000,000

(9,143,000,000)

(9,503,000,000)

Derivative liabilities, net amount presented in the condensed consolidated balance sheets

^[1]

9,053,000,000

9,370,000,000

(90,000,000)

(133,000,000)

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3]

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4]

OTC-Cleared Risk Management Derivatives [Member] | Risk Management Derivatives [Member]

(90,000,000)

(133,000,000)

Assets

^[7]

1,343,000,000

Derivative assets, net amount presented in the condensed consolidated balance sheets

^[1],[7]

(744,000,000)

^[7]

599,000,000

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3],[7]

Derivative assets, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4],[7]

^[7]

599,000,000

^[7]

(989,000,000)

Derivative liabilities, net amount presented in the condensed consolidated balance sheets

^[1],[7]

989,000,000

^[7]

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, financial instruments

^[3],[7]

Derivative liabilities, under master netting arrangements, amounts not offset in the condensed consolidated balance sheets, collateral

^[4],[7]

Cash and cash equivalents [Member]

^[7]

Assets

Securities purchased under agreements to resell or similar arrangements

$ 9,400,000,000

$ 11,600,000,000

[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]	Excludes derivative assets of $29 million and $1.7 billion and derivative liabilities of $1 million and $1.1 billion recognized in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively, that are not subject to enforceable master netting arrangements.
[3]	Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets.
[4]	Represents collateral posted or received that has neither been recognized nor offset in our condensed consolidated balance sheets. Does not include collateral held in excess of our exposure.
[5]	Includes $9.4 billion and $11.6 billion of securities purchased under agreements to resell or similar arrangements classified as “cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively.
[6]	The netting adjustment for our risk management derivatives transactions 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 $2.8 billion and $2.0 billion as of March 31, 2014 and December 31, 2013, respectively. Cash collateral received was $1.2 billion and $1.0 billion as of March 31, 2014 and December 31, 2013, respectively.
[7]	As of March 31, 2014, we net OTC-cleared derivative assets and derivative liabilities where we have enforceable master netting arrangements.

Netting Arrangements (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Securities Sold under Agreements to Repurchase [Abstract]
Securities sold under agreements to repurchase	$ 25	$ 0
Securities Purchased under Agreements to Resell or Similar Arrangements [Member]
Securities Received as Collateral [Abstract]
Fair value of non-cash collateral accepted	22,300	50,700
Fair value of non-cash collateral accepted that can be resold or repledged	16,400	39,800
Fair value of securities accepted as collateral that have been resold or repledged	0	0
Risk Management Derivatives [Member]
Securities Received as Collateral [Abstract]
Fair value of non-cash collateral accepted	$ 49	$ 24

Fair Value Fair Value Measurement (Narratives) (Details) - HARP loans [Member] - USD ($) $ in Billions	Mar. 31, 2014	Dec. 31, 2013
Changes due to new accounting guidance or enhanced fair value estimation process [Line Items]
Loans Receivable Refinanced under Home Affordable Refinance Program, Fair Value Disclosure	$ 304.4	$ 306.9
Fair Value Estimation Process [Member]
Changes due to new accounting guidance or enhanced fair value estimation process [Line Items]
Changes in estimated fair value	$ 11.1	$ 11.5

Fair Value Level 3 Reconciliation (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Net unrealized gains (losses) included in net income related to assets still held

$ 132

$ 245

(115)

(202)

Interest Income [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Net unrealized gains (losses) included in net income related to assets still held

Fair Value Gains, net [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Net unrealized gains (losses) included in net income related to assets still held

106

192

(115)

(202)

Net Other-than-Temporary Impairments [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Net unrealized gains (losses) included in net income related to assets still held

(45)

(5)

Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Net unrealized gains (losses) included in net income related to assets still held

Trading securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

2,774

2,286

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

139

240

^[1]

^[2]

^[2]

^[3]

^[3]

(95)

(55)

^[4]

(117)

(44)

^[4]

110

325

Net unrealized gains (losses) included in net income related to assets still held

2,811

2,752

^[5]

138

236

Trading securities [Member] | Fannie Mae [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

(1)

(3)

^[1]

^[2]

^[2]

^[3]

^[3]

(2)

(4)

^[4]

(39)

^[4]

Net unrealized gains (losses) included in net income related to assets still held

^[5]

(2)

Trading securities [Member] | Freddie Mac [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

^[4]

(2)

^[4]

Net unrealized gains (losses) included in net income related to assets still held

^[5]

Trading securities [Member] | Ginnie Mae [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(1)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

^[5]

Trading securities [Member] | Alt-A private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

618

104

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(16)

^[4]

(76)

(44)

^[4]

110

325

Net unrealized gains (losses) included in net income related to assets still held

655

464

^[5]

Trading securities [Member] | Subprime private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

1,448

1,319

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

159

^[1]

^[2]

^[2]

^[3]

^[3]

(71)

(32)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

1,453

1,446

^[5]

160

Trading securities [Member] | Mortgage revenue bonds [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

565

675

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

(13)

^[1]

^[2]

^[2]

^[3]

^[3]

(4)

(1)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

601

661

^[5]

(13)

Trading securities [Member] | Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

117

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(2)

(1)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

102

118

^[5]

Available-for-sale securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

19,012

25,034

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

526

910

^[2]

^[2]

(19)

^[3]

^[3]

(864)

(1,104)

^[4]

(611)

(1,206)

^[4]

390

781

Net unrealized gains (losses) included in net income related to assets still held

18,463

24,451

^[5]

Available-for-sale securities [Member] | Fannie Mae [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(3)

^[4]

(2)

(14)

^[4]

Net unrealized gains (losses) included in net income related to assets still held

^[5]

Available-for-sale securities [Member] | Freddie Mac [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(1)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

^[5]

Available-for-sale securities [Member] | Alt-A private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

3,791

6,564

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

218

^[2]

^[2]

^[3]

^[3]

(88)

(268)

^[4]

(609)

(1,192)

^[4]

390

781

Net unrealized gains (losses) included in net income related to assets still held

3,570

6,112

^[5]

Available-for-sale securities [Member] | Subprime private-label securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

7,068

7,447

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

219

677

^[2]

^[2]

^[3]

^[3]

(290)

(300)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

7,030

7,868

^[5]

Available-for-sale securities [Member] | Mortgage revenue bonds [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

5,253

7,837

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

(20)

(2)

^[1]

193

(29)

^[2]

^[2]

(19)

^[3]

^[3]

(401)

(436)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

5,006

7,351

^[5]

Available-for-sale securities [Member] | Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

2,885

3,147

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

^[3]

(85)

(96)

^[4]

^[4]

Net unrealized gains (losses) included in net income related to assets still held

2,844

3,099

^[5]

Mortgage Loans [Member] | Consolidated Trusts [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

2,704

2,634

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

158

^[2]

^[3]

^[3]

(81)

(112)

^[4]

(148)

(38)

^[4]

213

Net unrealized gains (losses) included in net income related to assets still held

2,608

2,882

^[5]

Net derivatives [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

(40)

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

(40)

^[1]

^[2]

^[2]

^[3]

^[3]

(12)

^[4]

(1)

^[4]

(4)

Net unrealized gains (losses) included in net income related to assets still held

(23)

(7)

^[5]

(18)

Long-term debt [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains (Losses) (Realized/Unrealized) Included in Net Loss

(1,473)

(1,528)

(91)

(37)

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

(750)

(15)

^[3]

^[4]

1,484

113

^[4]

(24)

(42)

Net Unrealized Gain (Loss) Included in Net Loss Related to Liabilities Still Held

(816)

(1,460)

^[5]

(45)

(38)

Long-term debt [Member] | Consolidated Trusts [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains (Losses) (Realized/Unrealized) Included in Net Loss

(518)

(1,128)

(1)

(54)

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

(15)

^[3]

^[4]

113

^[4]

(24)

(42)

Net Unrealized Gain (Loss) Included in Net Loss Related to Liabilities Still Held

(506)

(1,077)

^[5]

(1)

(55)

Long-term debt [Member] | Senior Floating [Member] | Fannie Mae [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Total Gains (Losses) (Realized/Unrealized) Included in Net Loss

(955)

(400)

(90)

Total Gains or (Losses) Included in Other Comprehensive Income (Loss)

^[1]

^[2]

^[2]

^[3]

(750)

^[3]

^[4]

1,465

^[4]

Net Unrealized Gain (Loss) Included in Net Loss Related to Liabilities Still Held

(310)

(383)

^[5]

$ (44)

$ 17

[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 condensed consolidated statements of operations and comprehensive income.
[2]	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts.
[3]	Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts.
[4]	Transfers out of Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans and credit risk sharing securities issued under our Connecticut Avenue Securities series. Prices for these securities were obtained from multiple third-party vendors or dealers supported by market observable inputs. Transfers into Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans. Prices for these securities are based on inputs from a single source or inputs that were not readily observable.
[5]	Amount represents temporary changes in fair value. Amortization, accretion and other-than-temporary impairments are not considered unrealized and are not included in this amount.

Fair Value Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Carrying Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	$ 38,639	$ 48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	12,750	38,975
Trading securities	31,795	30,768
Available-for-sale securities	37,128	38,171
Mortgage loans held for sale	1,494	380
Mortgage loans held for investment, at fair value	3,016,522	3,025,860
Advances to lenders	3,904	3,727
Derivatives assets at fair value	836	2,073
Guaranty assets and buy-ups	261	267
Total financial assets	3,143,329	3,188,444
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	25
Derivative liabilities at fair value	209	1,469
Guaranty obligations	467	485
Total financial liabilities	3,195,396	3,236,477
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	29,239	36,633
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	17,587	16,306
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	46,826	52,939
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	0
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	9,400	11,590
Federal funds sold and securities purchased under agreements to resell or similar arrangements	12,750	38,975
Trading securities	11,397	11,688
Available-for-sale securities	18,665	19,159
Mortgage loans held for sale	157	185
Mortgage loans held for investment, at fair value	2,616,855	2,599,667
Advances to lenders	3,362	3,165
Derivatives assets at fair value	9,160	10,430
Guaranty assets and buy-ups	0	0
Total financial assets	2,681,746	2,694,859
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	25
Derivative liabilities at fair value	10,130	10,734
Guaranty obligations	0	0
Total financial liabilities	3,213,881	3,231,253
Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	0	0
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	2,811	2,774
Available-for-sale securities	18,463	19,012
Mortgage loans held for sale	1,345	195
Mortgage loans held for investment, at fair value	394,999	392,355
Advances to lenders	518	523
Derivatives assets at fair value	98	65
Guaranty assets and buy-ups	710	706
Total financial assets	418,944	415,630
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	0
Derivative liabilities at fair value	121	105
Guaranty obligations	2,107	2,433
Total financial liabilities	18,551	19,611
Netting Adjustment [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	0	0
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	(8,422)	(8,422)
Guaranty assets and buy-ups	0	0
Total financial assets	(8,422)	(8,422)
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	0
Derivative liabilities at fair value	(10,042)	(9,370)
Guaranty obligations	0	0
Total financial liabilities	(10,042)	(9,370)
Estimated Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	38,639	48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	12,750	38,975
Trading securities	31,795	30,768
Available-for-sale securities	37,128	38,171
Mortgage loans held for sale	1,502	380
Mortgage loans held for investment, at fair value	3,011,854	2,992,022
Advances to lenders	3,880	3,688
Derivatives assets at fair value	836	2,073
Guaranty assets and buy-ups	710	706
Total financial assets	3,139,094	3,155,006
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	25
Derivative liabilities at fair value	209	1,469
Guaranty obligations	2,107	2,433
Total financial liabilities	3,222,390	3,241,494
Fannie Mae [Member]
Financial liabilities [Abstract]
Long-term debt	1,775	1,308
Fannie Mae [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	251,899	259,638
Financial liabilities [Abstract]
Short-term debt	65,448	72,295
Long-term debt	416,405	457,139
Fannie Mae [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Fannie Mae [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	28,725	29,920
Financial liabilities [Abstract]
Short-term debt	65,460	72,304
Long-term debt	426,479	463,991
Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	213,181	215,960
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	906	1,557
Fannie Mae [Member] \| Netting Adjustment [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Fannie Mae [Member] \| Estimated Fair Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	241,906	245,880
Financial liabilities [Abstract]
Short-term debt	65,460	72,304
Long-term debt	427,385	465,548
Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	14,637	14,268
Financial liabilities [Abstract]
Long-term debt	15,373	14,976
Consolidated Trusts [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,764,623	2,766,222
Financial liabilities [Abstract]
Short-term debt	1,899	2,154
Long-term debt	2,710,943	2,702,935
Consolidated Trusts [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Consolidated Trusts [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,588,130	2,569,747
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	2,711,787	2,684,224
Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	181,818	176,395
Financial liabilities [Abstract]
Short-term debt	1,899	2,154
Long-term debt	13,518	13,362
Consolidated Trusts [Member] \| Netting Adjustment [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	0	0
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Consolidated Trusts [Member] \| Estimated Fair Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment, at fair value	2,769,948	2,746,142
Financial liabilities [Abstract]
Short-term debt	1,899	2,154
Long-term debt	2,725,305	2,697,586
HARP loans [Member]
Financial liabilities [Abstract]
Loans Receivable Refinanced under Home Affordable Refinance Program, Fair Value Disclosure	304,400	306,900
HARP loans [Member] \| Fair Value Estimation Process [Member]
Financial Instruments [Line Items]
Change In Estimated Fair Value Resulting From Change In Principal Market	$ 11,100	$ 11,500

Fair Value FV Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized and unrealized gains (losses) included in net income	$ 132	$ 245
Net unrealized gains related to Level 3 assets and liabilities still held	115	202
Interest Income [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized and unrealized gains (losses) included in net income	70	55
Net unrealized gains related to Level 3 assets and liabilities still held	0	0
Fair Value Gains, net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized and unrealized gains (losses) included in net income	106	192
Net unrealized gains related to Level 3 assets and liabilities still held	115	202
Net Other-than-Temporary Impairments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized and unrealized gains (losses) included in net income	(45)	(5)
Net unrealized gains related to Level 3 assets and liabilities still held	0	0
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized and unrealized gains (losses) included in net income	1	3
Net unrealized gains related to Level 3 assets and liabilities still held	$ 0	$ 0

Fair Value Fair Value Option (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

Fair Value, Option, Quantitative Disclosures [Line Items]

Fair value of nonaccrual loans

$ 192

$ 196

Difference between unpaid principal balance and the fair value of nonaccrual loans

Fair value of loans that are 90 days past due

$ 279

$ 288

Preferred Stock, 555,374,922 shares outstanding

555,374,922

Difference between unpaid principal balance and the fair value of these 90 days or more days past due loans

$ 81

$ 75

Fair Value, Option, Quantitative Disclosures [Line Items]

Mortgage loans held for investment, at fair value

14,637

14,268

15,373

14,976

Fair Value, Option, Quantitative Disclosures [Line Items]

Interest-only debt instruments [Member]

1,775

1,308

Fair Value, Option, Quantitative Disclosures [Line Items]

Loans [Member] | Consolidated Trusts [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]

Mortgage loans held for investment, at fair value

^[1]

14,637

14,268

Loans, Unpaid principal balance

^[1]

14,650

14,440

Long-term Debt [Member] | Consolidated Trusts [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]

Long-Term Debt, Unpaid principal balance

^[2]

15,373

14,976

^[2]

14,301

13,988

Long-term Debt [Member] | Fannie Mae [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]

Long-Term Debt, Unpaid principal balance

1,775

1,308

$ 1,671

$ 1,290

Single-Family [Member] | Minimum [Member]

Fair Value, Option, Quantitative Disclosures [Line Items]