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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2014	Jan. 31, 2015	Jun. 30, 2014
Entity Information [Line Items]
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity Central Index Key	0000310522
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		1,158,082,750
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 4.5

Consolidated Balance Sheets - USD ($)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 22,023,000,000	$ 19,228,000,000
Restricted cash (includes $27,515 and $23,982, respectively, related to consolidated trusts)	32,542,000,000	28,995,000,000
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950,000,000	38,975,000,000
Investments in securities:
Trading, at fair value	31,504,000,000	30,768,000,000
Available-for-sale, at fair value (includes $596 and $998, respectively, related to consolidated trusts)	30,654,000,000	38,171,000,000
Total investments in securities	62,158,000,000	68,939,000,000
Mortgage loans:
Loans held for sale, at lower of cost or fair value	331,000,000	380,000,000
Loans held for investment, at amortized cost	3,054,704,000,000	3,069,706,000,000
Allowance for loan losses	(35,541,000,000)	(43,846,000,000)
Total loans held for investment, net of allowance	3,019,163,000,000	3,025,860,000,000
Total mortgage loans	3,019,494,000,000	3,026,240,000,000
Accrued interest receivable, net (includes $7,169 and $7,271, respectively, related to consolidated trusts)	8,193,000,000	8,319,000,000
Acquired property, net	10,618,000,000	11,621,000,000
Deferred tax assets, net	42,206,000,000	47,560,000,000
Other assets (includes cash pledged as collateral of $1,646 and $1,590, respectively)	19,992,000,000	20,231,000,000
Total assets	3,248,176,000,000	3,270,108,000,000
Liabilities:
Accrued interest payable (includes $8,282 and $8,276, respectively, related to consolidated trusts)	10,232,000,000	10,553,000,000
Federal funds purchased and securities sold under agreements to repurchase	50,000,000	0
Other liabilities (includes $503 and $488, respectively, related to consolidated trusts)	12,019,000,000	15,441,000,000
Total liabilities	3,244,456,000,000	3,260,517,000,000
Commitments and contingencies (Note 19)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock, 1,000,000 shares issued and outstanding	117,149,000,000	117,149,000,000
Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding	19,130,000,000	19,130,000,000
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued, 1,158,082,750 and 1,158,080,657 shares outstanding, respectively	687,000,000	687,000,000
Accumulated deficit	(127,618,000,000)	(121,227,000,000)
Accumulated other comprehensive income	1,733,000,000	1,203,000,000
Treasury stock, at cost, 150,679,953 and 150,682,046 shares, respectively	(7,401,000,000)	(7,401,000,000)
Total Fannie Mae stockholders’ equity	3,680,000,000	9,541,000,000
Noncontrolling interest	40,000,000	50,000,000
Total equity (See Note 1: Senior Preferred Stock and Warrant Issued to Treasury and (Loss) Earnings per Share for information on our dividend obligation to Treasury)	3,720,000,000	9,591,000,000
Total liabilities and equity	3,248,176,000,000	3,270,108,000,000
Fannie Mae [Member]
Mortgage loans:
Loans held for investment, at amortized cost	272,360,000,000	300,159,000,000
Allowance for loan losses	(33,117,000,000)	(40,521,000,000)
Total mortgage loans	239,549,000,000	259,987,000,000
Liabilities:
Debt (includes $6,403 and $1,308, respectively, of debt of Fannie Mae and $19,483 and $14,976, respectively, of debt of consolidated trusts, at fair value)	460,443,000,000	529,434,000,000
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $27,515 and $23,982, respectively, related to consolidated trusts)	27,515,000,000	23,982,000,000
Investments in securities:
Available-for-sale, at fair value (includes $596 and $998, respectively, related to consolidated trusts)	596,000,000	998,000,000
Mortgage loans:
Loans held for investment, at amortized cost	2,782,344,000,000	2,769,547,000,000
Allowance for loan losses	(2,424,000,000)	(3,325,000,000)
Total mortgage loans	2,779,945,000,000	2,766,253,000,000
Accrued interest receivable, net (includes $7,169 and $7,271, respectively, related to consolidated trusts)	7,169,000,000	7,271,000,000
Liabilities:
Accrued interest payable (includes $8,282 and $8,276, respectively, related to consolidated trusts)	8,282,000,000	8,276,000,000
Debt (includes $6,403 and $1,308, respectively, of debt of Fannie Mae and $19,483 and $14,976, respectively, of debt of consolidated trusts, at fair value)	2,761,712,000,000	2,705,089,000,000
Other liabilities (includes $503 and $488, respectively, related to consolidated trusts)	$ 503,000,000	$ 488,000,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Restricted cash (includes $27,515 and $23,982, respectively, related to consolidated trusts)	$ 32,542	$ 28,995
Accrued interest receivable, net (includes $7,169 and $7,271, respectively, related to consolidated trusts)	8,193	8,319
Other assets (includes cash pledged as collateral of $1,646 and $1,590, respectively)	1,646	1,590
Investments in securities:
Available-for-sale, at fair value (includes $596 and $998, respectively, related to consolidated trusts)	30,654	38,171
Liabilities:
Accrued interest payable (includes $8,282 and $8,276, respectively, related to consolidated trusts)	10,232	10,553
Other liabilities (includes $503 and $488, respectively, related to consolidated trusts)	$ 12,019	$ 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, 7,000,000 shares are authorized	700,000,000	700,000,000
Preferred stock, 555, 374,922 shares issued	555,374,922	555,374,922
Preferred stock, 555,374,922 shares outstanding	555,374,922	555,374,922
Common stock, no par value, no maximum authorization--1,308,762,703 shares issued	1,308,762,703	1,308,762,703
Common stock, no par value, no maximum authorization--1,158,082,750 and 1,158,080,657 shares outstanding, respectively	1,158,082,750	1,158,080,657
Treasury stock, at cost, 150,679,953 and 150,682,046 shares, respectively	150,679,953	150,682,046
Fannie Mae [Member]
Liabilities:
Debt at fair value	$ 6,403	$ 1,308
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $27,515 and $23,982, respectively, related to consolidated trusts)	27,515	23,982
Accrued interest receivable, net (includes $7,169 and $7,271, respectively, related to consolidated trusts)	7,169	7,271
Investments in securities:
Available-for-sale, at fair value (includes $596 and $998, respectively, related to consolidated trusts)	596	998
Mortgage loans:
Loans held for investment, at amortized cost of consolidated trusts (includes $15,629 and $14,268, respectively, at fair value)	15,629	14,268
Loans held for investment, at amortized cost of consolidated trusts (includes loans pledged as collateral that may be sold or repledged of $0 and $442, respectively)	0	442
Liabilities:
Accrued interest payable (includes $8,282 and $8,276, respectively, related to consolidated trusts)	8,282	8,276
Debt at fair value	19,483	14,976
Other liabilities (includes $503 and $488, respectively, related to consolidated trusts)	$ 503	$ 488

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Trading securities	$ 553	$ 779	$ 989
Available-for-sale securities	1,622	2,357	3,299
Mortgage loans (includes $101,835, $101,448, and $110,451, respectively, related to consolidated trusts)	112,120	114,238	124,706
Other	110	175	196
Total interest income	114,405	117,549	129,190
Interest expense:
Short-term debt	94	131	152
Long-term debt (includes $85,835, $84,751, and $95,612, respectively, related to consolidated trusts)	94,343	95,014	107,537
Total interest expense	94,437	95,145	107,689
Net interest income	19,968	22,404	21,501
Benefit for credit losses	3,964	8,949	852
Net interest income after benefit for credit losses	23,932	31,353	22,353
Investment gains, net	936	1,127	(226)
Fair value (losses) gains, net	(4,833)	2,959	(2,977)
Debt extinguishment gains (losses), net	66	131	(244)
Fee and other income	5,887	3,930	1,487
Non-interest income (loss)	2,056	8,147	(1,960)
Administrative expenses:
Salaries and employee benefits	1,321	1,218	1,195
Professional services	1,076	910	766
Occupancy expenses	203	189	188
Other administrative expenses	177	228	218
Total administrative expenses	2,777	2,545	2,367
Foreclosed property expense (income)	142	(2,839)	(254)
Other expenses, net	544	226	822
Total expenses	4,838	933	3,173
Income before federal income taxes	21,150	38,567	17,220
(Provision) benefit for federal income taxes	(6,941)	45,415	0
Net income	14,209	83,982	17,220
Other comprehensive income:
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes	494	693	1,735
Other	36	126	(116)
Total other comprehensive income	530	819	1,619
Total comprehensive income	14,739	84,801	18,839
Less: Comprehensive (income) loss attributable to noncontrolling interest	(1)	(19)	4
Total comprehensive income attributable to Fannie Mae	14,738	84,782	18,843
Less: Net (income) loss attributable to noncontrolling interest	(1)	(19)	4
Net income attributable to Fannie Mae	14,208	83,963	17,224
Dividends distributed or available for distribution to senior preferred stockholder (Note 11)	(15,323)	(85,419)	(15,827)
Net (loss) income attributable to common stockholders (Note 11)	$ (1,115)	$ (1,456)	$ 1,397
(Loss) earnings per share:
Basic (per share)	$ (0.19)	$ (0.25)	$ 0.24
Diluted (per share)	$ (0.19)	$ (0.25)	$ 0.24
Weighted-average common shares outstanding:
Basic (in shares)	5,762	5,762	5,762
Diluted (in shares)	5,762	5,762	5,893
US Treasury [Member]
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees	$ 1,375	$ 1,001	$ 238

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Long-term debt	$ 94,343	$ 95,014	$ 107,537
Consolidated Trusts [Member]
Mortgage loans	101,835	101,448	110,451
Long-term debt	$ 85,835	$ 84,751	$ 95,612

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows (used in) provided by operating activities:
Net income	$ 14,209	$ 83,982	$ 17,220
Reconciliation of net income to net cash (used in) provided by operating activities:
Amortization of cost basis adjustments	(4,265)	(5,104)	(2,335)
Benefit for credit losses	(3,964)	(8,949)	(852)
Valuation gains	(2,159)	(2)	(1,345)
Current and deferred federal income taxes	4,126	(47,766)	10
Net change in trading securities	(2,666)	1,575	31,972
Net gains related to the disposition of acquired property and preforeclosure sales, including credit enhancements	(4,510)	(6,024)	(6,009)
Other, net	(2,109)	(4,809)	(1,660)
Net cash (used in) provided by operating activities	(1,338)	12,903	37,001
Cash flows provided by investing activities:
Purchases of trading securities held for investment	0	(7,521)	(3,216)
Proceeds from maturities and paydowns of trading securities held for investment	1,358	2,491	3,508
Proceeds from sales of trading securities held for investment	1,668	14,585	3,861
Proceeds from maturities and paydowns of available-for-sale securities	5,853	10,116	12,636
Proceeds from sales of available-for-sale securities	3,265	15,497	1,306
Purchases of loans held for investment	(132,650)	(195,386)	(210,488)
Net change in restricted cash	(3,547)	38,924	(17,122)
Advances to lenders	(100,045)	(139,162)	(144,064)
Proceeds from disposition of acquired property and preforeclosure sales	25,476	38,349	38,685
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	8,025	(6,475)	13,500
Other, net	197	1,373	434
Net cash provided by investing activities	224,667	452,754	527,693
Cash flows used in financing activities:
Payments of cash dividends on senior preferred stock to Treasury	(20,594)	(82,452)	(11,608)
Proceeds from senior preferred stock purchase agreement with Treasury	0	0	4,571
Other, net	70	(145)	(9)
Net cash used in financing activities	(220,534)	(467,546)	(561,116)
Net increase (decrease) in cash and cash equivalents	2,795	(1,889)	3,578
Cash and cash equivalents at beginning of period	19,228	21,117	17,539
Cash and cash equivalents at end of period	22,023	19,228	21,117
Cash paid during the period for:
Interest	108,667	109,240	119,259
Income Taxes Paid	2,815	2,350	0
Non-cash activities:
Net mortgage loans acquired by assuming debt	190,151	433,007	537,862
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts	113,611	179,097	165,272
Transfers from advances to lenders to loans held for investment of consolidated trusts	93,909	137,074	133,554
Net transfers from mortgage loans to acquired property	24,742	34,024	46,981
Fannie Mae [Member]
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment of consolidated trust	26,719	48,875	31,322
Cash flows used in financing activities:
Proceeds from the issuance of debt	380,282	372,361	736,065
Payments to redeem debt	(450,140)	(459,745)	(854,111)
Consolidated Trusts [Member]
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment of consolidated trust	388,348	631,088	797,331
Cash flows used in financing activities:
Proceeds from the issuance of debt	275,353	409,979	396,513
Payments to redeem debt	$ (405,505)	$ (707,544)	$ (832,537)

Consolidated Statements of Changes in Equity (Deficit) - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interest
Balance (shares) at Dec. 31, 2011		1	556	1,158
Balance at Dec. 31, 2011	$ (4,571)	$ 112,578	$ 19,130	$ 687		$ (128,381)	$ (1,235)	$ (7,403)	$ 53
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Change in investment in noncontrolling interest	(8)								(8)
Comprehensive income:
Net income	17,220					17,224			(4)
Other comprehensive income, net of tax effect:
Changes in net unrealized losses on available-for-sale securities (net of tax of $389, $529 and $702, respectively)	1,289						1,289
Reclassification adjustment for (gains) losses included in net income (loss) (net of tax of $123, $157 and $241, respectively)	446						446
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $20, $68 and $0, respectively)	(116)						(116)
Total comprehensive income	18,839
Senior preferred stock dividends	(11,608)				$ 1	(11,609)
Increase to senior preferred liquidation preference	4,571	4,571
Other	1				$ (1)			2
Balance at Dec. 31, 2012	7,224	$ 117,149	$ 19,130	$ 687		(122,766)	384	(7,401)	41
Balance (shares) at Dec. 31, 2012		1	556	1,158
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Change in investment in noncontrolling interest	(10)								(10)
Comprehensive income:
Net income	83,982					83,963			19
Other comprehensive income, net of tax effect:
Changes in net unrealized losses on available-for-sale securities (net of tax of $389, $529 and $702, respectively)	983						983
Reclassification adjustment for (gains) losses included in net income (loss) (net of tax of $123, $157 and $241, respectively)	(290)						(290)
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $20, $68 and $0, respectively)	126						126
Total comprehensive income	84,801
Senior preferred stock dividends	(82,452)					(82,452)
Other	28					28
Balance at Dec. 31, 2013	9,591	$ 117,149	$ 19,130	$ 687		(121,227)	1,203	(7,401)	50
Balance (shares) at Dec. 31, 2013		1	556	1,158
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Change in investment in noncontrolling interest	(11)								(11)
Comprehensive income:
Net income	14,209					14,208			1
Other comprehensive income, net of tax effect:
Changes in net unrealized losses on available-for-sale securities (net of tax of $389, $529 and $702, respectively)	722						722
Reclassification adjustment for (gains) losses included in net income (loss) (net of tax of $123, $157 and $241, respectively)	(228)						(228)
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $20, $68 and $0, respectively)	36						36
Total comprehensive income	14,739
Senior preferred stock dividends	(20,594)					(20,594)
Other	(5)					(5)
Balance at Dec. 31, 2014	$ 3,720	$ 117,149	$ 19,130	$ 687		$ (127,618)	$ 1,733	$ (7,401)	$ 40
Balance (shares) at Dec. 31, 2014		1	556	1,158

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized losses on available-for-sale securities, net of tax	$ 389	$ 529	$ 702
Reclassification adjustment for losses (gains) included in net income, net of tax	123	157	$ 241
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	$ 20	$ 68
Preferred stock, shares outstanding	555,374,922	555,374,922

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization

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

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

We operate under three business segments: Single-Family Credit Guaranty (“Single-Family”), Multifamily and Capital Markets. Our Single-Family segment generates revenue primarily from the guaranty fees on the mortgage loans underlying guaranteed single-family Fannie Mae mortgage-backed securities (“Fannie Mae MBS”). Our Multifamily segment generates revenue from a variety of sources, including guaranty fees on the mortgage loans underlying multifamily Fannie Mae MBS, transaction fees associated with the multifamily business and bond credit enhancement fees. Our Capital Markets segment invests in mortgage loans, mortgage-related securities and other investments, and generates income primarily from the difference, or spread, between the yield on the mortgage assets we own and the interest we pay on the debt we issue in the global capital markets to fund the purchases of these mortgage assets.

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.

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

The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. The GSE Act, however, provides that mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae.

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

The conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, what form we will have, what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us in receivership at his discretion at any time for other reasons set forth in the GSE Act, including if we are critically undercapitalized or if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results. We are not aware of any plans of FHFA to significantly change our business model or capital structure in the near term.

Senior Preferred Stock and Warrant Issued to Treasury

Senior Preferred Stock

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

Pursuant to the senior preferred stock purchase agreement, Treasury has committed to provide us with funding as described below to help us maintain a positive net worth thereby avoiding the mandatory receivership trigger described above. As consideration for Treasury’s funding commitment, we issued one million shares of senior preferred stock and a warrant to purchase shares of our common stock to Treasury. As of December 31, 2014 and 2013, we have received a total of $116.1 billion from Treasury pursuant to the senior preferred stock purchase agreement. The aggregate liquidation preference of the senior preferred stock, including the initial aggregate liquidation preference of $1.0 billion, was $117.1 billion as of December 31, 2014. As of December 31, 2014, the amount of remaining funding available to us under the senior preferred stock purchase agreement was $117.6 billion.

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

•

Dividends. The method for calculating the amount of dividends we are required to pay Treasury on the senior preferred stock changed as of January 1, 2013. Effective January 1, 2013, when, as and if declared, the amount of dividends payable on the senior preferred stock for a dividend period is determined based on our net worth as of the end of the immediately preceding fiscal quarter. Our net worth as defined by the agreement is the amount, if any, by which our total assets (excluding Treasury’s funding commitment and any unfunded amounts related to the commitment) exceed our total liabilities (excluding any obligation in respect of capital stock), in each case as reflected on our balance sheet prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For each dividend period from January 1, 2013 through and including December 31, 2017, the dividend amount will be the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. If our net worth does not exceed the applicable capital reserve amount as of the end of a fiscal quarter, then no dividend amount will accrue or be payable for the applicable dividend period. The capital reserve amount was $3.0 billion, $2.4 billion and $1.8 billion for dividend periods in 2013, 2014 and 2015, respectively, and will continue to be reduced by $600 million each year until it reaches zero on January 1, 2018. For each dividend period thereafter, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.


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

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

On December 31, 2014, we paid Treasury a dividend of $4.0 billion based on our net worth as of September 30, 2014. Based on the terms of the senior preferred stock, we expect to pay Treasury a dividend for the first quarter of 2015 of $1.9 billion, based on our net worth of $3.7 billion as of December 31, 2014 less the applicable capital reserve amount of $1.8 billion.

Warrant Issued to Treasury

On September 7, 2008, we issued a warrant to Treasury giving it the right to purchase, at a nominal price, shares of our common stock equal to 79.9% of the total common stock outstanding on a fully diluted basis on the date Treasury exercises the warrant. Treasury has the right to exercise the warrant, in whole or in part, at any time on or before September 7, 2028. We recorded the warrant at fair value in our stockholders’ equity as a component of additional paid-in-capital. The fair value of the warrant was calculated using the Black-Scholes Option Pricing Model. Since the warrant has an exercise price of $0.00001 per share, the model is insensitive to the risk-free rate and volatility assumptions used in the calculation and the share value of the warrant is equal to the price of the underlying common stock. We estimated that the fair value of the warrant at issuance was $3.5 billion based on the price of our common stock on September 8, 2008, which was after the dilutive effect of the warrant had been reflected in the market price. Subsequent changes in the fair value of the warrant are not recognized in our financial statements. If the warrant is exercised, the stated value of the common stock issued will be reclassified as “Common stock” in our consolidated balance sheets. Because the warrant’s exercise price per share is considered non-substantive (compared to the market price of our common stock), the warrant was determined to have characteristics of non-voting common stock, and thus is included in the computation of basic and diluted loss per share. The weighted-average shares of common stock outstanding for 2014, 2013 and 2012 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury.

Impact of U.S. Government Support

We continue to rely on support from Treasury to eliminate any net worth deficits we may experience in the future, which would otherwise trigger our being placed into receivership. Based on consideration of all the relevant conditions and events affecting our operations, including our reliance on the U.S. government, we continue to operate as a going concern and in accordance with our delegation of authority from FHFA.

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

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

In 2011, the Administration released a report to Congress on ending the conservatorships of the GSEs and reforming America’s housing finance market. The report provides that the Administration will work with FHFA to determine the best way to responsibly reduce Fannie Mae and Freddie Mac’s role in the market and ultimately wind down both institutions. The report emphasizes the importance of proceeding with a careful transition plan and providing the necessary financial support to Fannie Mae and Freddie Mac during the transition period. In August 2013, the White House released a paper confirming that a core principle of the Administration’s housing policy priorities is to wind down Fannie Mae and Freddie Mac through a responsible transition. In January 2015, the White House reaffirmed the Administration’s view that housing finance reform should include ending Fannie Mae and Freddie Mac’s business model.

Basis of Presentation

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

Related Parties

As a result of our issuance to Treasury of the warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of December 31, 2014, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $117.1 billion. FHFA’s control of both us and Freddie Mac has caused us, FHFA and Freddie Mac to be deemed related parties.

Our administrative expenses were reduced by $71 million, $92 million and $96 million for the years ended December 31, 2014, 2013 and 2012, respectively, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program (“HAMP”) and other initiatives under Treasury’s Making Home Affordable Program.

During the years ended December 31, 2014 and 2013, we made tax payments of $2.8 billion and $2.4 billion, respectively, to the Internal Revenue Service (“IRS”), a bureau of Treasury. We did not make any tax payments for the year ended December 31, 2012.

In 2009, we entered into a memorandum of understanding with Treasury, FHFA and Freddie Mac pursuant to which we agreed to provide assistance to state and local housing finance agencies (“HFAs”) through two primary programs: a temporary credit and liquidity facilities (“TCLF”) program and a new issue bond (“NIB”) program. Pursuant to the TCLF program, Treasury has purchased participation interests in temporary credit and liquidity facilities provided by us and Freddie Mac which create a credit and liquidity backstop for the HFAs. Pursuant to the NIB program, Treasury has purchased new securities issued and guaranteed by us and Freddie Mac, which are backed by new housing bonds issued by the HFAs.

Under the TCLF program, we had $390 million and $821 million outstanding, which includes principal and interest, of standby credit and liquidity support as of December 31, 2014 and 2013, respectively. Under the NIB program, we had $4.2 billion and $4.5 billion outstanding of pass-through securities backed by single-family and multifamily housing bonds issued by HFAs as of December 31, 2014 and 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 December 31, 2014, there had been no losses of principal or interest under the TCLF program or the NIB program.

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

The resulting fee revenue and expense are recorded in “Mortgage loans interest income” and “TCCA fees,” respectively, in our consolidated statements of operations and comprehensive income. We recognized $1.4 billion, $1.0 billion, and $238 million as TCCA fees for the years ended December 31, 2014, 2013 and 2012, respectively. We remitted $1.3 billion, $829 million, and $104 million in TCCA-related guaranty fees to Treasury for our quarterly obligations during the years ended December 31, 2014, 2013 and 2012, respectively. For the three months ended December 31, 2014, we have incurred $367 million in TCCA-related guaranty fees that have not been remitted to Treasury.

As of December 31, 2014 and 2013, we held Freddie Mac mortgage-related securities with a fair value of $6.9 billion and $8.7 billion, respectively, and accrued interest receivable of $26 million and $35 million, respectively. We recognized interest income on these securities held by us of $283 million, $387 million and $551 million for the years ended December 31, 2014, 2013 and 2012, respectively. In addition, Freddie Mac may be an investor in variable interest entities that we have consolidated, and we may be an investor in variable interest entities that Freddie Mac has consolidated.

The Housing and Economic Recovery Act of 2008 authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, which is payable on a semi-annual basis (April and October), for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital. We recognized FHFA assessment fees, which are recorded in “Administrative expenses” in our consolidated statements of operations and comprehensive income of $108 million, $109 million and $91 million for the years ended December 31, 2014, 2013 and 2012.

In October 2013, Fannie Mae and Freddie Mac established Common Securitization Solutions, LLC (“CSS”), a jointly owned limited liability company formed to design, develop, build and ultimately operate a common securitization platform. In connection with the establishment of CSS, we entered into a Limited Liability Company Agreement with Freddie Mac and secured new office space. In November 2014, Fannie Mae and Freddie Mac executed agreements pertaining to CSS, which provide further details regarding the rights, obligations and understandings between us, Freddie Mac and CSS. For the year ended December 31, 2014, we contributed $43 million of capital into CSS. No other transactions outside of normal business activities have occurred between us and Freddie Mac during the years ended December 31, 2014, 2013 or 2012.

Use of Estimates

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

We continually monitor prepayment, delinquency, modification, default and loss severity trends and periodically make changes in our historically developed assumptions to better reflect present conditions of loan performance. In the three months ended September 30, 2014, we updated the model and the assumptions used to estimate cash flows for individually impaired single-family loans within our allowance for loan losses. In addition to incorporating recent loan performance, this update better captures regional variations in expected future cash flows, particularly with respect to expectations of future home prices. This update resulted in a decrease to our allowance for loan losses and an incremental benefit for credit losses of approximately $600 million.

In the three months ended June 30, 2013, we updated the assumptions and data used to estimate our allowance for loan losses for individually impaired single family loans based on current observable performance trends as well as future expectations of payment behavior. These updates reflect faster prepayment and lower default expectations for these loans, primarily as a result of improvements in loan performance, in part due to increases in home prices. Increases in home prices reduce the mark-to-market loan-to-value (“LTV”) ratios on these loans and, as a result, borrowers’ equity increases. Faster prepayment and lower default expectations shortened the expected average life of modified loans, which reduced the expected credit losses and lowered concessions on modified loans. This resulted in a decrease to our allowance for loan losses and an incremental benefit for credit losses of approximately $2.2 billion.

As of March 31, 2013, we concluded that it was more likely than not that our deferred tax assets, except the deferred tax assets relating to capital loss carryforwards, would be realized. This conclusion was based upon significant positive evidence of our ability to generate sufficient taxable income and utilize our net operating loss carryforwards. As a result, we released the valuation allowance on our deferred tax assets as of March 31, 2013, except for amounts that were expected to be released against income before federal income taxes for the remainder of the year. As of December 31, 2013, we retained a $525 million valuation allowance that pertains to our capital loss carryforwards, which we believe will likely expire unused. The release of the valuation allowance resulted in the recognition of $58.3 billion in benefit for income taxes in our consolidated statement of operations and comprehensive income. See “Note 10, Income Taxes” for additional information regarding the factors that led to our conclusion to release the valuation allowance against our deferred tax assets.

Principles of Consolidation

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

VIE Assessment

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

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

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

Primary Beneficiary Determination

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

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

Measurement of Consolidated Assets and Liabilities

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

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

Purchase/Sale of Fannie Mae Securities

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

Single-Class Securitization Trusts

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

Single-class securitization trusts are used for both our lender swap and portfolio securitization transaction programs. A lender swap transaction occurs when a mortgage lender delivers a pool of single-family mortgage loans to us, which we immediately deposit into an MBS trust. The MBS are then issued to the lender in exchange for the mortgage loans. A portfolio securitization transaction occurs when we purchase mortgage loans from third-party sellers for cash and later deposit these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash. We consolidate single-class securitization trusts that are issued under these programs when our role as guarantor and master servicer provides us with the power to direct matters, such as the servicing of the mortgage loans, that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities (e.g., when the loan collateral is subject to a Federal Housing Administration guaranty and related Servicing Guide).

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

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

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

Single-Class Resecuritization Trusts

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

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

Multi-Class Resecuritization Trusts

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

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

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

Transfers of Financial Assets

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

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

We enter into dollar roll transactions, which involve contemporaneous purchase and sale trades of agency securities, traded on a “to-be-announced” basis. When we enter into such agreements, we first account for our forward commitments to buy and sell the agency securities as derivatives in our financial statements at the trade date for both the purchase and sales trades. For certain dollar roll transactions, we may fully or partially settle the forward purchase or sale subsequent to the trade date, but prior to the contractual settlement date such that all or a portion of the securities will not be delivered according to the terms of the original trade. When such a settlement occurs, the contemporaneous purchase and sale trades no longer meet the “substantially the same” criteria as necessary for secured financing treatment, and the remaining transfers are accounted for as purchases or sales of securities. Purchased securities are initially recognized at fair value and accounted for as described in the “Investments in Securities” section of this note.

For those commitments that are not settled prior to the contractual settlement date for the first trade, we assess whether both the purchase and sale trades have the same primary obligor, form and type, maturity, interest rate, collateral and unpaid principal balance, and thus meet all of the criteria to be considered substantially the same. If the “substantially the same” criteria are met as of the settlement date for the first trade, we will account for the transaction as a secured financing and extinguish both the purchase and sale commitments as of that date. Dollar roll transactions involving transfers of securities issued by consolidated MBS trusts are accounted for as issuances or extinguishments of the related consolidated MBS debt in our consolidated financial statements.

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

Cash and Cash Equivalents and Statements of Cash Flows

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

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

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

Restricted Cash

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

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

Investments in Securities

Securities Classified as Available-for-Sale or Trading

We classify and account for our securities as either available-for-sale (“AFS”) or trading. We measure AFS securities at fair value in our consolidated balance sheets, with unrealized gains and losses included in “Accumulated other comprehensive income” (“AOCI”), net of income taxes. We recognize realized gains and losses on AFS securities when securities are sold. We calculate the gains and losses using the specific identification method and record them in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. We measure trading securities at fair value in our consolidated balance sheets with unrealized and realized gains and losses included as a component of “Fair value (losses) gains, net” in our consolidated statements of operations and comprehensive income. We include interest and dividends on securities in our consolidated statements of operations and comprehensive income. Interest income includes the amortization of cost basis adjustments, including premiums and discounts, recognized as a yield adjustment using the interest method over the contractual term of the security. When we receive multiple deliveries of securities on the same day that are backed by the same pools of loans, we calculate the specific cost of each security as the average price of the trades that delivered those securities. As of December 31, 2014, we do not have any securities classified as held-to-maturity, although we may elect to do so in the future.

Fannie Mae MBS included in “Investments in securities”

When we own Fannie Mae MBS issued by unconsolidated trusts, we do not derecognize any components of the guaranty assets, guaranty obligations, or any other outstanding recorded amounts associated with the guaranty transaction because our contractual obligation to the MBS trust remains in force until the trust is liquidated. We determine the fair value of Fannie Mae MBS based on observable market prices because most Fannie Mae MBS are actively traded. Fannie Mae MBS receive high credit quality ratings primarily because of our guaranty. The fair value of the guaranty obligation, net of deferred profit, associated with Fannie Mae MBS included in “Investments in securities” approximates the fair value of the credit risk that exists on these Fannie Mae MBS absent our guaranty. We disclose the aggregate amount of Fannie Mae MBS held as “Investments in securities” in our consolidated balance sheets. The unamortized obligation to stand ready to perform over the term of our guaranty and any incurred credit losses that relate to Fannie Mae MBS held as “Investments in securities” is included in “Other liabilities.” Upon subsequent sale of a Fannie Mae MBS, we continue to account for any outstanding recorded amounts associated with the guaranty transaction on the same basis of accounting as prior to the sale of Fannie Mae MBS, as no new assets were retained and no new liabilities have been assumed upon the subsequent sale. The fair value of our guaranty obligations associated with the Fannie Mae MBS included in “Investments in securities” was $797 million and $1.1 billion as of December 31, 2014 and 2013, respectively. These Fannie Mae MBS consist primarily of private-label wraps where our guaranty arrangement is with an unconsolidated MBS trust.

Other-Than-Temporary Impairment of Debt Securities

We evaluate 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. In such cases, we recognize in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income the entire difference between the amortized cost basis of the security and its fair value. 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. We separate the difference between the amortized cost basis of the security and its fair value into the amount representing the credit loss, which we recognize in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income, and the amount related to all other factors, which we recognize in “Other comprehensive income,” net of taxes.

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

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

Mortgage Loans

Loans Held for Sale

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

In the event that we reclassify HFS loans to loans held for investment (“HFI”), we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the HFI loan.

Loans Held for Investment

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

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

Nonaccrual Loans

We discontinue accruing interest on loans when we believe collectibility of principal or interest is not reasonably assured, which for 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.

Restructured Loans

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

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

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

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

Allowance for Loan Losses and Reserve for Guaranty Losses

Our allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in both single-family and multifamily HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. When calculating our allowance for loan losses, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance and 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 satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale. We recognize incurred losses by recording a charge to the provision for loan losses, which is a component of “Benefit for credit losses” in our consolidated statements of operations and comprehensive income.

The reserve for guaranty losses is a liability account which is a component of “Other liabilities” in our consolidated balance sheets that reflects an estimate of incurred credit losses related to our guaranty to each unconsolidated Fannie Mae MBS trust that we will supplement amounts received by the Fannie Mae MBS trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS and our agreements to purchase credit-impaired loans from lenders under the terms of our long-term standby commitments. As a result, the reserve for guaranty losses considers not only the principal and interest due on the loan at the current balance sheet date, but also any additional interest payments due to the trust from the current balance sheet date until the point of loan acquisition or foreclosure. The reserve for guaranty losses was $1.2 billion and $1.4 billion as of December 31, 2014 and 2013, respectively.

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

Single-Family Loans

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

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

Individually Impaired Single-Family Loans

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

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

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

Multifamily Loans

We identify multifamily loans for evaluation for impairment through a credit risk assessment process. If we determine that a multifamily loan is individually impaired, we generally measure impairment on that loan based on the fair value of the underlying collateral less estimated costs to sell the property. We establish a collective multifamily loss reserve for all loans in our multifamily guaranty book of business that are not individually impaired using an internal model that applies loss factors to loans in similar risk categories.

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

Advances to Lenders

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

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

Acquired Property, Net

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

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

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

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

Commitments to Purchase and Sell Mortgage Loans and Securities

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

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

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

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

Derivative Instruments

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

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

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

Collateral

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

Cash Collateral

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

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

Non-Cash Collateral

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

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

Debt

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

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

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

Income Taxes

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

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

(Loss) Earnings per Share

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

Compensatory Fees

We charge our primary servicers a compensatory fee for servicing delays within their control when they fail to comply with established loss mitigation and foreclosure timelines per our Servicing Guide, which sets forth our policies and procedures related to servicing our single-family mortgages. Compensatory fees are intended to compensate us for damages attributed to such servicing delays and to emphasize the importance of servicer performance.

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

Fee and Other Income

Fee and other income includes transaction fees, technology fees, multifamily fees and other miscellaneous income. During the year ended December 31, 2014, we recognized $4.8 billion in “Fee and other income” in our consolidated statement of operations and comprehensive income resulting from settlement agreements resolving certain lawsuits relating to private-label mortgage-related securities (“PLS”) sold to us.

New Accounting Guidance

In January 2014, the Financial Accounting Standards Board (“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 have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

In May 2014, the FASB issued guidance on revenue from contracts with customers. The standard outlines a single model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The following contracts with customers are excluded from the scope of the new standard and will continue to be accounted for under existing guidance: leases, insurance, financial instruments (e.g., receivables, investments, liabilities, debt and derivatives) and guarantees. The new guidance is effective for us on January 1, 2017. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

In June 2014, the FASB issued guidance to amend the accounting for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. The guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings. In addition, the guidance removes the requirement to determine whether a repurchase financing and the initial transfer of a financial asset are linked for purposes of assessing whether sale accounting is appropriate. Under the amended guidance, repurchase financing transactions will be evaluated in the same manner as other repurchase transactions. The guidance also requires additional disclosures on transfers accounted for as sales transactions and collateral pledged in repurchase agreements accounted for as secured borrowings. The new guidance is effective on January 1, 2015, except for disclosures related to repurchase transactions accounted for as secured borrowings, which are effective April 1, 2015. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

In August 2014, the FASB issued guidance on the classification of certain government guaranteed mortgage loans upon foreclosure. The guidance requires that a government guaranteed mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The new guidance is effective for us on January 1, 2015. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.

Consolidations and Transfers of Financial Assets

12 Months Ended

Dec. 31, 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 VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions and mortgage-backed trusts that were not created by us, as well as housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing. These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities.

Types of VIEs

Securitization Trusts

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

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

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

Limited Partnerships

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

We no longer recognize net operating losses or impairment on our LIHTC partnership investments as the carrying value is zero. We did not make any LIHTC investments in 2014, 2013 or 2012, other than pursuant to existing prior commitments.

Consolidated VIEs

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

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization trusts and limited partnerships. The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated mortgage-backed trusts, as well as our maximum exposure to loss and the total assets of these unconsolidated mortgage-backed trusts.



	As of December 31,
	2014				2013
	(Dollars in millions)
Assets and liabilities recorded in our consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae securities		$	4,790			$	5,660
Non-Fannie Mae securities		7,073				8,559
Total trading securities		11,863				14,219
Available-for-sale securities:
Fannie Mae securities		5,043				5,866
Non-Fannie Mae securities		22,776				27,441
Total available-for-sale securities		27,819				33,307
Other assets		111				119
Other liabilities		(1,440		)		(1,668		)
Net carrying amount		$	38,353			$	45,977
Maximum exposure to loss		$	45,311			$	54,148
Total assets of unconsolidated mortgage-backed trusts		$	253,554			$	313,202

Our maximum exposure to loss generally represents the greater of our recorded investment in the entity or the unpaid principal balance of the assets covered by our guaranty. However, our securities issued by Fannie Mae multi-class resecuritization trusts that are not consolidated do not give rise to any additional exposure to loss as we already consolidate the underlying collateral.

The total assets of our unconsolidated limited partnership investments were $5.8 billion and $6.8 billion as of December 31, 2014 and 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 years ended December 31, 2014, 2013 and 2012, the unpaid principal balance of portfolio securitizations was $160.4 billion, $228.5 billion and $225.1 billion, respectively.

We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts. As of December 31, 2014, the unpaid principal balance of retained interests was $6.3 billion and its related fair value was $7.6 billion. The unpaid principal balance of retained interests was $7.2 billion and its related fair value was $8.3 billion as of December 31, 2013. For the years ended December 31, 2014, 2013 and 2012, the principal and interest received on retained interests was $1.5 billion, $1.7 billion and $2.4 billion, respectively.

Managed Loans

Managed loans are on-balance sheet mortgage loans, as well as mortgage loans that we have securitized in unconsolidated portfolio securitization trusts. The unpaid principal balance of securitized loans in unconsolidated portfolio securitization trusts, which are primarily loans that are guaranteed or insured, in whole or in part, by the U.S. government, was $1.8 billion and $2.1 billion as of December 31, 2014 and 2013, respectively. For information on our on-balance sheet mortgage loans, see “Note 3, Mortgage Loans.”

Mortgage Loans

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans

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

For purposes of the single-family mortgage loan disclosures below, we define “primary” class as mortgage loans that are not included in other loan classes; “government” class as mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A; and “other” class as loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.

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



	As of December 31,
	2014												2013
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	262,116			$	2,569,884			$	2,832,000			$	276,644			$	2,579,024			$	2,855,668
Multifamily		23,255				164,045				187,300				37,642				146,249				183,891
Total unpaid principal balance of mortgage loans		285,371				2,733,929				3,019,300				314,286				2,725,273				3,039,559
Cost basis and fair value adjustments, net		(12,705		)		48,440				35,735				(13,778		)		44,305				30,527
Allowance for loan losses for loans held for investment		(33,117		)		(2,424		)		(35,541		)		(40,521		)		(3,325		)		(43,846		)
Total mortgage loans		$	239,549			$	2,779,945			$	3,019,494			$	259,987			$	2,766,253			$	3,026,240

For the year ended December 31, 2014, we redesignated loans with a carrying value of $285 million from HFS to HFI. For the years ended December 31, 2014, 2013 and 2012, we redesignated loans with a carrying value of $2.2 billion, $1.3 billion and $33 million, respectively, from HFI to HFS. We sold loans with an unpaid principal balance of $1.9 billion and $1.2 billion, respectively, during the years ended December 31, 2014 and 2013.

Aging Analysis

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



	As of December 31, 2014
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary		$	29,130		$	8,396		$	38,248		$	75,774	$	2,580,446	$	2,656,220		$	55	$	46,556
Government⁽²⁾		63			26			305			394		44,927		45,321			305		—
Alt-A		4,094			1,414			11,603			17,111		95,650		112,761			8		13,007
Other		1,520			516			3,763			5,799		38,460		44,259			6		4,259
Total single-family		34,807			10,352			53,919			99,078		2,759,483		2,858,561			374		63,822
Multifamily⁽³⁾		60			N/A			89			149		189,084		189,233			—		823
Total		$	34,867		$	10,352		$	54,008		$	99,227	$	2,948,567	$	3,047,794		$	374	$	64,645



	As of December 31, 2013
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary		$	32,371		$	9,755		$	48,345		$	90,471	$	2,558,826	$	2,649,297		$	81	$	57,973
Government⁽²⁾		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		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⁽³⁾		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⁾	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.


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


⁽³⁾	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Credit Quality Indicators

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



	As of December 31,
	2014⁽¹⁾							2013⁽¹⁾
	Primary		Alt-A		Other			Primary		Alt-A		Other
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽²⁾
Less than or equal to 80%	$	2,156,165	$	60,851		$	22,558	$	2,073,079	$	61,670		$	24,112
Greater than 80%and less than or equal to 90%	261,709		15,151			6,046		276,011		16,794			6,947
Greater than 90%and less than or equal to 100%	140,778		12,490			5,236		153,474		14,709			6,402
Greater than 100%and less than or equal to 110%	43,014		8,998			3,900		59,630		11,006			5,146
Greater than 110% and less than or equal to 120%	23,439		6,033			2,615		33,954		7,742			3,691
Greater than 120% and less than or equal to 125%	7,529		2,114			904		11,256		2,951			1,406
Greater than 125%	23,586		7,124			3,000		41,893		12,637			5,587
Total	$	2,656,220	$	112,761		$	44,259	$	2,649,297	$	127,509		$	53,291

__________


⁽¹⁾	Excludes $45.3 billion and $48.6 billion as of December 31, 2014 and 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.


⁽²⁾	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

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



	As of December 31,
	2014			2013
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽¹⁾
Pass		$	182,079	$	176,528
Special Mention		3,070		2,234
Substandard		3,842		6,758
Doubtful		242		458
Total		$	189,233	$	185,978

__________

⁽¹⁾

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

Individually Impaired Loans

Individually impaired loans include 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 December 31, 2014 and 2013, and average recorded investment and interest income recognized for the years ended December 31, 2014, 2013 and 2012 for individually impaired loans.



	As of December 31,
	2014										2013
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	125,960		$	120,221	$	20,327	$	309		$	130,080		$	123,631	$	24,145	$	430
Government		281			285		46		12			213			210		35		5
Alt-A		35,492			32,816		7,778		136			37,356			34,479		9,364		187
Other		14,667			13,947		3,049		38			15,789			15,023		3,879		56
Total single-family		176,400			167,269		31,200		495			183,438			173,343		37,423		678
Multifamily		1,230			1,241		175		6			2,257			2,276		306		10
Total individually impaired loans with related allowance recorded		177,630			168,510		31,375		501			185,695			175,619		37,729		688

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		16,704			14,876		—		—			14,076			12,305		—		—
Government		61			57		—		—			120			120		—		—
Alt-A		3,993			3,119		—		—			3,290			2,428		—		—
Other		1,240			1,056		—		—			1,039			868		—		—
Total single-family		21,998			19,108		—		—			18,525			15,721		—		—
Multifamily		565			568		—		—			1,927			1,939		—		—
Total individually impaired loans with no related allowance recorded		22,563			19,676		—		—			20,452			17,660		—		—
Total individually impaired loans⁽²⁾		$	200,193		$	188,186	$	31,375	$	501		$	206,147		$	193,279	$	37,729	$	688



	For the Year Ended December 31,
	2014									2013									2012
	Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	121,926		$	4,321		$	494		$	124,659		$	4,351		$	603		$	115,767		$	4,077		$	654
Government		270			13			—			213			11			—			216			11			—
Alt-A		33,676			1,066			100			35,075			1,096			135			32,978			1,048			151
Other		14,490			402			36			15,537			425			52			15,593			444			65
Total single-family		170,362			5,802			630			175,484			5,883			790			164,554			5,580			870
Multifamily		1,699			80			1			2,552			128			1			2,535			125			2
Total individually impaired loans with related allowance recorded		172,061			5,882			631			178,036			6,011			791			167,089			5,705			872

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		13,852			864			215			11,442			1,369			227			8,264			1,075			231
Government		67			5			—			112			8			—			78			7			—
Alt-A		2,799			189			47			2,207			329			45			1,811			253			55
Other		974			56			12			752			117			17			455			95			24
Total single-family		17,692			1,114			274			14,513			1,823			289			10,608			1,430			310
Multifamily		1,472			64			—			1,863			97			3			1,781			56			2
Total individually impaired loans with no related allowance recorded		19,164			1,178			274			16,376			1,920			292			12,389			1,486			312
Total individually impaired loans⁽²⁾		$	191,225		$	7,060		$	905		$	194,412		$	7,931		$	1,083		$	179,478		$	7,191		$	1,184

__________


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


⁽²⁾	Includes single-family loans restructured in a TDR with a recorded investment of $185.2 billion, $187.6 billion and $193.4 billion as of December 31, 2014, 2013 and 2012, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $716 million, $911 million and $1.1 billion as of December 31, 2014, 2013 and 2012, respectively.

⁽³⁾

Total single-family interest income recognized of $6.9 billion for the year ended December 31, 2014, consists of $5.8 billion of contractual interest and $1.1 billion of effective yield adjustments. Total single-family interest income recognized of $7.7 billion for the year ended December 31, 2013, consists of $5.7 billion of contractual interest and $2.0 billion of effective yield adjustments. Total single-family interest income recognized of $7.0 billion for the year ended December 31, 2012, consists of $5.3 billion of contractual interest and $1.7 billion of effective yield adjustments.

Troubled Debt Restructurings

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

The substantial majority of the loan modifications we complete result in term extensions, interest rate reductions or a combination of both. During the years ended December 31, 2014 and 2013, the average term extension of a single-family modified loan was 161 months and 154 months, respectively, and the average interest rate reduction was 0.99 and 1.68 percentage points, respectively.

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



	For the Year Ended December 31,
	2014					2013
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		100,956		$	14,301		126,998		$	19,016
Government		365		47			312		35
Alt-A		14,715		2,441			21,471		3,794
Other		3,357		686			6,226		1,378
Total single-family		119,393		17,475			155,007		24,223
Multifamily		19		853			33		213
Total troubled debt restructurings		119,412		$	18,328		155,040		$	24,436

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



	For the Year Ended December 31,
	2014					2013
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		33,853		$	5,095		45,539		$	6,978
Government		124		15			130		17
Alt-A		5,392		960			9,601		1,732
Other		1,738		387			3,093		685
Total single-family		41,107		6,457			58,363		9,412
Multifamily		9		42			9		64
Total TDRs that subsequently defaulted		41,116		$	6,499		58,372		$	9,476

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2014

Loans and Leases Receivable, Allowance [Abstract]

Allowance for Loan Losses

We maintain an allowance for loan losses for HFI loans held by Fannie Mae and loans backing Fannie Mae MBS issued from consolidated trusts. When calculating our allowance for loan losses, we consider our net recorded investment in the loan at the balance sheet date, which includes interest income only while the loan was on accrual status.

The following table displays changes in single-family, multifamily and total allowance for loan losses for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014										2013										2012
	Of Fannie Mae			Of Consolidated Trusts				Total			Of Fannie Mae			Of Consolidated Trusts				Total			Of Fannie Mae			Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance, January 1	$	40,202			$	3,105		$	43,307		$	49,848			$	7,839		$	57,687		$	56,294			$	14,339		$	70,633
(Benefit) provision for loan losses⁽¹⁾	(4,334		)		553			(3,781		)	(6,751		)		(2,145		)	(8,896		)	(1,482		)		465			(1,017		)
Charge-offs⁽²⁾	(6,168		)		(225		)	(6,393		)	(8,458		)		(256		)	(8,714		)	(14,055		)		(823		)	(14,878		)
Recoveries	1,190				250			1,440			2,115				511			2,626			1,632				152			1,784
Transfers⁽³⁾	1,513				(1,513		)	—			2,932				(2,932		)	—			6,437				(6,437		)	—
Other⁽⁴⁾	553				51			604			516				88			604			1,022				143			1,165
Ending balance, December 31	$	32,956			$	2,221		$	35,177		$	40,202			$	3,105		$	43,307		$	49,848			$	7,839		$	57,687
Multifamily allowance for loan losses:
Beginning balance, January 1	$	319			$	220		$	539		$	671			$	437		$	1,108		$	1,015			$	508		$	1,523
Benefit for loan losses⁽¹⁾	(91		)		(13		)	(104		)	(233		)		(187		)	(420		)	(131		)		(43		)	(174		)
Charge-offs	(76		)		—			(76		)	(153		)		—			(153		)	(261		)		—			(261		)
Transfers⁽³⁾	4				(4		)	—			30				(30		)	—			29				(29		)	—
Other⁽⁴⁾	5				—			5			4				—			4			19				1			20
Ending balance, December 31	$	161			$	203		$	364		$	319			$	220		$	539		$	671			$	437		$	1,108
Total allowance for loan losses:
Beginning balance, January 1	$	40,521			$	3,325		$	43,846		$	50,519			$	8,276		$	58,795		$	57,309			$	14,847		$	72,156
(Benefit) provision for loan losses⁽¹⁾	(4,425		)		540			(3,885		)	(6,984		)		(2,332		)	(9,316		)	(1,613		)		422			(1,191		)
Charge-offs⁽²⁾	(6,244		)		(225		)	(6,469		)	(8,611		)		(256		)	(8,867		)	(14,316		)		(823		)	(15,139		)
Recoveries	1,190				250			1,440			2,115				511			2,626			1,632				152			1,784
Transfers⁽³⁾	1,517				(1,517		)	—			2,962				(2,962		)	—			6,466				(6,466		)	—
Other⁽⁴⁾	558				51			609			520				88			608			1,041				144			1,185
Ending balance, December 31	$	33,117			$	2,424		$	35,541		$	40,521			$	3,325		$	43,846		$	50,519			$	8,276		$	58,795

__________


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


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


⁽³⁾	Includes 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 reflects all changes for both the allowance for loan losses and the valuation allowances for accrued interest and preforeclosure property taxes and insurance receivable that relate to the mortgage loans.

As of December 31, 2014, the allowance for accrued interest receivable for loans of Fannie Mae was $671 million and for loans of consolidated trusts was $52 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 recorded investment in our HFI loans, excluding loans for which we have elected the fair value option, by impairment or reserve methodology and portfolio segment as of December 31, 2014 and 2013.



	As of December 31,
	2014							2013
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	31,200		$	175	$	31,375	$	37,423		$	306	$	37,729
Collectively reserved loans	3,977			189		4,166		5,884			233		6,117
Total allowance for loan losses	$	35,177		$	364	$	35,541	$	43,307		$	539	$	43,846

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	186,377		$	1,809	$	188,186	$	189,064		$	4,215	$	193,279
Collectively reserved loans	2,672,184			187,424		2,859,608		2,689,627			181,763		2,871,390
Total recorded investment in loans	$	2,858,561		$	189,233	$	3,047,794	$	2,878,691		$	185,978	$	3,064,669

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Investments in Securities

12 Months Ended

Dec. 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 consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities as of December 31, 2014 and 2013.



	As of December 31,
	2014		2013
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae	$	4,940	$	5,870
Freddie Mac	1,369		1,839
Ginnie Mae	166		407
Alt-A private-label securities	920		1,516
Subprime private-label securities	1,307		1,448
CMBS	2,515		2,718
Mortgage revenue bonds	722		565
Other mortgage-related securities	99		99
Total mortgage-related securities	12,038		14,462
U.S. Treasury securities	19,466		16,306
Total trading securities	$	31,504	$	30,768

The following table displays information about our net trading gains for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013		2012
		(Dollars in millions)
Net trading gains		$	485	$	260		$	1,004
Net trading gains recorded in the period related to securities still held at period end		420		297			1,037

Available-for-Sale Securities

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

The following table displays the gross realized gains, losses and proceeds on sales of AFS securities, excluding proceeds from the initial sale of securities from new portfolio securitizations, for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013			2012
	(Dollars in millions)
Gross realized gains	$	569		$	1,632		$	40
Gross realized losses	(5		)	(979		)	(16		)
Total proceeds	3,265			15,157			634

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 December 31, 2014 and 2013.



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



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


⁽²⁾	Represents the noncredit component of OTTI 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 OTTI.


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

The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position that we held as of December 31, 2014 and 2013.



		As of December 31, 2014
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
		(Dollars in millions)
Fannie Mae		$	—		$	113		$	(19	)	$	627
Alt-A private-label securities		(2		)	171			(13		)	112
Subprime private-label securities		—			—			(24		)	460
Mortgage revenue bonds		(2		)	47			(11		)	155
Other mortgage-related securities		—			8			(136		)	1,021
Total		$	(4	)	$	339		$	(203	)	$	2,375

		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

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

We recognized $90 million, $64 million and $713 million of OTTI for the years ended December 31, 2014, 2013 and 2012, respectively, which are included in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income.

The following table displays the modeled attributes, including default rates and severities, which were used to determine as of December 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 December 31, 2014
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	110			$	110			$	794			$	121			$	305
Weighted average collateral default⁽¹⁾	26.4		%		26.4		%		8.3		%		17.2		%		11.7		%
Weighted average collateral severities⁽²⁾	56.3				54.6				45.9				37.8				36.4
Weighted average voluntary prepayment rates⁽³⁾	8.2				9.2				14.0				9.4				10.7
Average credit enhancement⁽⁴⁾	39.2				3.9				11.3				23.3				9.9
2005:
Unpaid principal balance	$	8			$	451			$	771			$	277			$	1,096
Weighted average collateral default⁽¹⁾	47.0		%		31.5		%		19.9		%		27.1		%		20.7		%
Weighted average collateral severities⁽²⁾	69.7				53.6				49.0				47.2				41.2
Weighted average voluntary prepayment rates⁽³⁾	3.9				7.4				10.1				8.3				9.2
Average credit enhancement⁽⁴⁾	60.3				7.5				0.6				13.2				3.1
2006:
Unpaid principal balance	$	6,718			$	571			$	374			$	873			$	872
Weighted average collateral default⁽¹⁾	48.1		%		39.1		%		22.5		%		26.8		%		11.9		%
Weighted average collateral severities⁽²⁾	66.7				46.6				53.1				44.2				40.7
Weighted average voluntary prepayment rates⁽³⁾	2.3				6.3				8.4				7.4				12.5
Average credit enhancement⁽⁴⁾	15.0				1.5				0.1				1.1				—
2007 & After:
Unpaid principal balance	$	328			$	—			$	—			$	—			$	77
Weighted average collateral default⁽¹⁾	46.1		%		N/A				N/A				N/A				20.7		%
Weighted average collateral severities⁽²⁾	25.5				N/A				N/A				N/A				36.2
Weighted average voluntary prepayment rates⁽³⁾	1.3				N/A				N/A				N/A				9.8
Average credit enhancement⁽⁴⁾	20.6				N/A				N/A				N/A				20.5
Total:
Unpaid principal balance	$	7,164			$	1,132			$	1,939			$	1,271			$	2,350
Weighted average collateral default⁽¹⁾	47.7		%		34.8		%		15.7		%		25.9		%		16.3		%
Weighted average collateral severities⁽²⁾	64.8				49.7				49.5				44.5				40.4
Weighted average voluntary prepayment rates⁽³⁾	2.4				7.0				11.4				7.8				10.6
Average credit enhancement⁽⁴⁾	15.7				4.1				4.9				5.8				3.4

__________


⁽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.

The following table displays activity related to the unrealized credit loss component on debt securities held by us and recognized in our consolidated statements of operations and comprehensive income for the years ended December 31, 2014 and 2013.



	For the Year Ended
	December 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			20
Additions for the credit component on debt securities for which OTTI was previously recognized	58			10
Reductions for securities no longer in portfolio at period end	(904		)	(543		)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis	(1,453		)	(399		)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(346		)	(398		)
Balance, end of period	$	5,260		$	7,904

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 December 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 December 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		$	5,330		$	5,639		$	—		$	—		$	253		$	266		$	255		$	274		$	4,822		$	5,099
Freddie Mac		5,100			5,528			—			—			280			295			488			533			4,332			4,700
Ginnie Mae		416			476			—			—			—			—			62			70			354			406
Alt-A private-label securities		4,638			5,678			—			—			—			—			—			—			4,638			5,678
Subprime private-label securities		4,103			5,240			—			—			—			—			—			—			4,103			5,240
CMBS		1,341			1,397			—			—			1,264			1,320			—			—			77			77
Mortgage revenue bonds		3,859			4,023			16			16			168			170			340			343			3,335			3,494
Other mortgage-related securities		2,626			2,673			—			—			—			2			36			38			2,590			2,633
Total		$	27,413		$	30,654		$	16		$	16		$	1,965		$	2,053		$	1,181		$	1,258		$	24,251		$	27,327
Weighted average yield⁽¹⁾		5.52		%				6.72		%				4.61		%				5.97		%				5.58		%

__________


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

- Definition

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

+ References + Details

Financial Guarantees

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Financial Guarantees

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

We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These guarantees expose us to credit losses on the mortgage loans or, in the case of mortgage-related securities, the underlying mortgage loans of the related securities. The remaining contractual terms of our guarantees range from 30 days to 38 years; however, the actual term of each guaranty may be significantly less than the contractual term based on the prepayment characteristics of the related mortgage loans.

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



	As of December 31,
	2014									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	$	17,184		$	214		$	9,775		$	19,317		$	232		$	10,541
Other guaranty arrangements⁽³⁾	18,781			168			4,447			30,598			253			4,525
Total	$	35,965		$	382		$	14,222		$	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 and financial guarantors, see “Note 16, Concentrations of Credit Risk.”


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

Acquired Property Net

12 Months Ended

Dec. 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 related valuation allowance, for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014				2013				2012
		(Dollars in millions)
Beginning balance — Acquired property		$	12,307			$	11,158			$	12,401
Additions		13,100				16,092				16,915
Disposals		(13,965		)		(14,943		)		(18,158		)
Ending balance — Acquired property		11,442				12,307				11,158

Beginning balance — Valuation allowance		(686		)		(669		)		(1,028		)
(Increase) decrease in valuation allowance		(138		)		(17		)		359
Ending balance — Valuation allowance		(824		)		(686		)		(669		)
Ending balance — Acquired property, net		$	10,618			$	11,621			$	10,489

We classify as held for use those properties that we do not intend to sell or that are not ready for immediate sale in their current condition, which are included in “Other assets” in our consolidated balance sheets. The following table displays the activity and carrying amount of acquired properties held for use for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014				2013				2012
	(Dollars in millions)
Beginning balance, January 1		$	256			$	873			$	835
Transfers in from held for sale, net and additions		333				544				1,173
Transfers to held for sale, net		(367		)		(1,027		)		(748		)
Depreciation, asset write-downs, and other		(87		)		(134		)		(387		)
Ending balance, December 31		$	135			$	256			$	873

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Short-Term Borrowings and Long-Term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings

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



	As of December 31,
	2014				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⁾	$	50	—	%	$	—	—	%

Fixed-rate short-term debt:
Discount notes⁽³⁾	$	105,012	0.11	%	$	71,933	0.12	%
Foreign exchange discount notes⁽⁴⁾	—		—		362		1.07
Total short-term debt of Fannie Mae	105,012		0.11		72,295		0.13
Debt of consolidated trusts	1,560		0.09		2,154		0.09
Total short-term debt	$	106,572	0.11	%	$	74,449	0.13	%

__________


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


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


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


⁽⁴⁾	Represents foreign exchange discount notes we issue in the Euro commercial paper market with maturities ranging from 5 to 360 days which enable investors to hold short-term investments in different currencies.

Intraday Line of Credit

We periodically use a secured intraday funding line of credit provided by a large financial institution. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As this line of credit is an uncommitted intraday loan facility, we may be unable to draw on it if and when needed. We had a secured uncommitted line of credit of $15.0 billion as of December 31, 2014 and had secured uncommitted lines of credit of $20.0 billion as of December 31, 2013. We had no borrowings outstanding from a line of credit as of December 31, 2014.

Long-Term Debt

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



	As of December 31,
	2014					2013
	Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾		Maturities	Outstanding			Weighted-Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2015 - 2030	$	173,010	2.41	%	2014 - 2030	$	212,234		2.45	%
Medium-term notes⁽²⁾	2015 - 2024	114,556		1.42		2014 - 2023	161,445			1.28
Foreign exchange notes and bonds	2021 - 2028	619		5.44		2021 - 2028	682			5.41
Other	2015 - 2038	32,322		4.63		2014 - 2038	38,444		(4)	4.99
Total senior fixed		320,507		2.29			412,805			2.24
Senior floating:
Medium-term notes⁽²⁾	2015 - 2019	24,469		0.15		2014 - 2019	38,441			0.20
Connecticut Avenue Securities⁽³⁾	2023 - 2024	6,041		2.97		2023	689			3.81
Other⁽⁴⁾	2020 - 2037	363		8.71		2020 - 2037	266			8.52
Total senior floating		30,873		0.81			39,396			0.32
Subordinated fixed:
Qualifying subordinated	—	—		—		2014	1,169			5.27
Subordinated debentures	2019	3,849		9.93		2019	3,507			9.92
Total subordinated fixed		3,849		9.93			4,676			8.76
Secured borrowings⁽⁵⁾	2021 - 2022	202		1.90		2021 - 2022	262			1.86
Total long-term debt of Fannie Mae⁽⁶⁾		355,431		2.24			457,139			2.14
Debt of consolidated trusts⁽⁴⁾	2015 - 2054	2,760,152		3.02		2014 - 2053	2,702,935			3.26
Total long-term debt		$	3,115,583	2.93	%		$	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⁾	Credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to the investors in these securities. Connecticut Avenue Securities are reported at fair value.


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


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


⁽⁶⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.1 billion and $4.8 billion as of December 31, 2014 and 2013, respectively.

Our long-term debt includes a variety of debt types. We issue fixed and floating-rate medium-term notes with maturities greater than one year that are issued through dealer banks. We also offer Benchmark Notes and other bonds in large, regularly-scheduled issuances that provide increased efficiency, liquidity and tradability to the market. Additionally, we have issued notes and bonds denominated in several foreign currencies and are able to issue debt in numerous other currencies. We effectively convert all foreign currency-denominated transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our mortgage assets. Our long-term debt also includes Connecticut Avenue Securities (“CAS”), which are credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to investors in these securities. See “Note 16, Concentrations of Credit Risk” for additional information regarding CAS.

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

Characteristics of Debt

As of December 31, 2014 and 2013, the face amount of our debt securities of Fannie Mae was $464.6 billion and $534.3 billion, respectively. As of December 31, 2014 and 2013, we had zero-coupon debt with a face amount of $116.7 billion and $86.8 billion, respectively, which had an effective interest rate of 0.77% and 1.29%, respectively.

We issue callable debt instruments to manage the duration and prepayment risk of expected cash flows of the mortgage assets we own. Our outstanding debt as of December 31, 2014 and 2013 included $115.0 billion and $168.4 billion, respectively, of callable debt that could be redeemed in whole or in part at our option any time on or after a specified date.

The following table displays the amount of our long-term debt as of December 31, 2014 by year of maturity for each of the years 2015 through 2019 and thereafter. The first column assumes that we pay off this debt at maturity or on the call date if the call has been announced, while the second column assumes that we redeem our callable debt at the next available call date.



	Long-Term Debt by Year of Maturity			Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2015		$	64,655		$	173,495
2016		59,124			56,851
2017		79,193			52,598
2018		47,452			23,169
2019		32,564			17,964
Thereafter		72,443			31,354
Total debt of Fannie Mae⁽¹⁾		355,431			355,431
Debt of consolidated trusts⁽²⁾		2,760,152			2,760,152
Total long-term debt⁽³⁾		$	3,115,583		$	3,115,583

__________


⁽¹⁾	Reported amount includes a net unamortized discount, fair value adjustments and other cost basis adjustments of $4.1 billion.


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


⁽³⁾	Includes a portion of structured debt instruments that is reported at fair value.

Derivative Instruments

12 Months Ended

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


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


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

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.

Notional and Fair Value Position of our Derivatives

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



	December 31, 2014										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	$	41,965	$	733		$	123,557	$	(7,125	)	$	68,637	$	5,378		$	93,428	$	(4,759	)
Receive-fixed	67,629		4,486			157,272		(1,302		)	67,527		3,320			156,250		(3,813		)
Basis	5,769		123			7,100		(2		)	27,014		36			600		—
Foreign currency	344		144			273		(30		)	389		120			653		(38		)
Swaptions:
Pay-fixed	11,100		57			26,525		(175		)	33,400		445			48,025		(600		)
Receive-fixed	750		96			29,525		(816		)	8,000		117			48,025		(484		)
Other⁽¹⁾	1,071		28			12		(1		)	769		28			13		(1		)
Total gross risk management derivatives	128,628		5,667			344,264		(9,451		)	205,736		9,444			346,994		(9,695		)
Accrued interest receivable (payable)	—		749			—		(1,013		)	—		786			—		(930		)
Netting adjustment⁽²⁾	—		(5,186		)	—		10,194			—		(8,422		)	—		9,370
Total net risk management derivatives	$	128,628	$	1,230		$	344,264	$	(270	)	$	205,736	$	1,808		$	346,994	$	(1,255	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	6,157	$	28	$	428	$	—		$	1,138	$	1	$	4,353	$	(31	)
Forward contracts to purchase mortgage-related securities	43,533		223		6,112		(8		)	3,276		4		20,861		(168		)
Forward contracts to sell mortgage-related securities	4,886		4		57,910		(336		)	35,423		260		7,886		(15		)
Total mortgage commitment derivatives	$	54,576	$	255	$	64,450	$	(344	)	$	39,837	$	265	$	33,100	$	(214	)
Derivatives at fair value	$	183,204	$	1,485	$	408,714	$	(614	)	$	245,573	$	2,073	$	380,094	$	(1,469	)

__________


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

⁽²⁾

The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. Cash collateral posted was $5.3 billion and $2.0 billion as of December 31, 2014 and 2013, respectively. Cash collateral received was $245 million and $1.0 billion as of December 31, 2014 and 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 $2.6 billion and $2.1 billion, for which we posted collateral of $2.4 billion and $2.0 billion in the normal course of business as of December 31, 2014 and 2013, respectively. Had all of the credit-risk-related contingency features underlying these agreements been triggered, an additional $269 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 December 31, 2014 and 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 cleared derivatives contracts.

We record all derivative gains and losses, including accrued interest, in “Fair value (losses) gains, net” in our consolidated statements of operations and comprehensive income. The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013			2012
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(7,703	)	$	14,393		$	(2,254	)
Receive-fixed	4,229			(10,721		)	1,102
Basis	85			(115		)	78
Foreign currency	27			(101		)	59
Swaptions:
Pay-fixed	(4		)	(238		)	132
Receive-fixed	(197		)	307			410
Other	1			21			(35		)
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(3,712		)	(4,463		)	(4,427		)
Received-fixed interest-rate swaps	2,600			3,632			2,950
Other	50			64			47
Total risk management derivatives fair value (losses) gains, net	$	(4,624	)	$	2,779		$	(1,938	)
Mortgage commitment derivatives fair value (losses) gains, net	(1,140		)	501			(1,688		)
Total derivatives fair value (losses) gains, net	$	(5,764	)	$	3,280		$	(3,626	)

Derivative Counterparty Credit Exposure

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

See “Note 17, Netting Arrangements” for information on our rights to offset assets and liabilities as of December 31, 2014 and 2013.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
-Topic 815
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-Name Accounting Standards Codification
-Topic 815
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 815
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-Name Accounting Standards Codification
-Topic 815
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-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax

Income Taxes

Provision (Benefit) for Income Taxes

We are subject to federal income tax, but we are exempt from state and local income taxes.

The following table displays the components of our provision (benefit) for federal income taxes for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013				2012
	(Dollars in millions)
Current income tax provision		$	1,879		$	3,067			$	—
Deferred income tax provision (benefit)⁽¹⁾		5,062			(48,482		)		—
Provision (benefit) for federal income taxes		$	6,941		$	(45,415	)		$	—

__________


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

The following table displays the difference between our effective tax rates and the statutory federal tax rates for the years ended December 31, 2014, 2013 and 2012, respectively.



	For the Year Ended December 31,
	2014				2013				2012
Statutory corporate tax rate		35.0		%		35.0		%		35.0		%
Equity investments in affordable housing projects		(1.8	)			(1.5	)			(3.9	)
Other		1.4				—				(0.5	)
Valuation allowance		(1.8	)			(151.3	)			(30.6	)
Effective tax rate		32.8		%		(117.8	)	%		—		%

Our effective tax rate is the provision (benefit) for federal income taxes expressed as a percentage of income or loss before federal income taxes. Our effective tax rate was different from the federal statutory rate of 35% for the year ended December 31, 2014 primarily due to the benefits of our investments in housing projects eligible for low-income housing tax credits. The decrease in our deferred tax valuation allowance reflects the expiration of certain capital loss carryforwards that are included as a component of “Other” in the table above. Our effective tax rate was different from the federal statutory rate of 35% for the year ended December 31, 2013 primarily due to the release of our valuation allowance for our net deferred tax assets that resulted in the recognition of $58.3 billion benefit in our provision (benefit) for income taxes. Our effective tax rate was different from the federal statutory rate of 35% for the year ended December 31, 2012 primarily due to the decrease to our valuation allowance for our net deferred tax assets that resulted in the recognition of $5.3 billion in our benefit for income taxes, fully offset by a corresponding decrease in our deferred tax assets.

Deferred Tax Assets and Liabilities

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

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

As of March 31, 2013, after weighing all of the evidence, we determined that the positive evidence in favor of releasing the valuation allowance, particularly the evidence that was objectively verifiable, outweighed the negative evidence against releasing the allowance. Therefore, we concluded that it was more likely than not that our deferred tax assets, except the deferred tax assets relating to capital loss carryforwards, would be realized. As a result, we released the valuation allowance on our deferred tax assets as of March 31, 2013, except for amounts that were expected to be released against income before federal income taxes for the remainder of that year.

As of December 31, 2014, we continued to conclude that the positive evidence in favor of the recoverability of our deferred tax asset outweighed the negative evidence and that it is more likely than not that our deferred tax assets, except the deferred tax assets relating to capital loss carryforwards, will be realized. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, including the sustainability of recent profitability required to realize the deferred tax assets; the cumulative net income or losses in our consolidated statements of operations and comprehensive income in recent years; unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years; the funding available to us under the senior preferred stock purchase agreement; and the carryforward periods for any carryforwards of net operating losses, if any, capital losses and tax credits.

We recognized a benefit for federal income taxes of $58.3 billion in our consolidated statement of operations and comprehensive income for the year ended December 31, 2013 due to the release of the valuation allowance against our deferred tax assets, partially offset by our 2013 provision for federal income taxes, resulting in a net tax benefit of $45.4 billion in 2013.

As of December 31, 2014, we had a valuation allowance of $150 million related to our capital loss carryforwards, which we believe will likely expire unused. We recognized a provision for federal income taxes of $6.9 billion in 2014.

The following table displays our deferred tax assets, deferred tax liabilities and valuation allowance as of December 31, 2014 and 2013.



		As of December 31,
		2014				2013
	(Dollars in millions)
Deferred tax assets:
Allowance for loan losses and basis in acquired property, net			$	17,435			$	20,918
Mortgage and mortgage-related assets			16,250				16,350
Debt and derivative instruments			4,254				3,958
Partnership credits			2,918				4,172
Partnership and other equity investments			934				1,255
Other, net			1,699				2,300
Total deferred tax assets			43,490				48,953
Deferred tax liabilities:
Unrealized gains on AFS securities, net			1,134				868
Total deferred tax liabilities			1,134				868
Valuation allowance			(150		)		(525		)
Deferred tax assets, net			$	42,206			$	47,560

As of December 31, 2014, we had no net operating loss carryforwards. We had $1.0 billion of capital loss carryforwards that expired in 2014 which were written off with a corresponding reduction to valuation allowance. We had a remaining balance of $427 million of capital loss carryforwards that expire in 2015 through 2019, $3.0 billion of partnership tax credit carryforwards that expire in various years through 2034 and $328 million of alternative minimum tax credit carryforwards that have an indefinite carryforward period.

Unrecognized Tax Benefits

We had $213 million, $514 million, and $648 million of unrecognized tax benefits as of December 31, 2014, 2013 and 2012, respectively. There were no unrecognized tax benefits as of December 31, 2014, 2013 or 2012, that would reduce our effective tax rate in future periods.

The IRS is currently concluding the examination of our federal income tax returns related to the 2009 and 2010 tax years. We expect to conclude the audit with the IRS during 2015. As a result of this conclusion, it is reasonably possible that a $213 million reduction of our gross balance of unrecognized tax benefits may occur within the next 12 months.

The following table displays the changes in our unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012, respectively.



	For the Year Ended December 31,
	2014				2013				2012
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	514			$	648			$	758
Gross decreases—tax positions in prior years		(301		)		(134		)		(110		)
Unrecognized tax benefits as of December 31⁽¹⁾		$	213			$	514			$	648

__________


⁽¹⁾	Amounts exclude tax credits of $91 million and $220 million as of December 31, 2014 and 2013, respectively, and exclude tax credits and net operating losses of $648 million as of December 31, 2012.

(Loss) Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

The following table displays the computation of basic and diluted (loss) earnings per share of common stock for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013			2012
	(Dollars and shares in millions, except per share amounts)
Net income	$	14,209		$	83,982		$	17,220
Less: Net (income) loss attributable to noncontrolling interest	(1		)	(19		)	4
Net income attributable to Fannie Mae	14,208			83,963			17,224
Dividends distributed or available for distribution to senior preferred stockholder⁽¹⁾	(15,323		)	(85,419		)	(15,827		)
Net (loss) income attributable to common stockholders	$	(1,115	)	$	(1,456	)	$	1,397
Weighted-average common shares outstanding—Basic⁽²⁾	5,762			5,762			5,762
Convertible preferred stock	—			—			131
Weighted-average common shares outstanding—Diluted⁽²⁾	5,762			5,762			5,893
(Loss) earnings per share:
Basic	$	(0.19	)	$	(0.25	)	$	0.24
Diluted	$	(0.19	)	$	(0.25	)	$	0.24

__________

⁽¹⁾

Dividends available for distribution as of December 31, 2014 and 2013 (relating to the dividend period for the three months ended March 31, 2015 and 2014) were calculated based on our net worth as of December 31, 2014 and 2013, respectively, less the applicable capital reserve. For quarterly dividend periods in 2014 and 2013, dividends distributed were calculated based on our net worth as of the end of the immediately preceding fiscal quarter less the applicable capital reserve. During the year ended December 31, 2012, an annual dividend rate of 10% on the aggregate liquidation preference was used to calculate the dividend.


⁽²⁾	Includes 4.6 billion for the years ended December 31, 2014 and 2013, and 4.7 billion for the year ended December 31, 2012, of weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through December 31, 2014, 2013 and 2012, respectively.

Employee Retirement Benefits

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Retirement Benefits

We sponsor defined benefit plans and defined contribution plans for our employees. Net periodic benefit costs for our defined benefit plans, which are determined on an actuarial basis, and expenses for our defined contribution plans, are included in “Salaries and employee benefits” in our consolidated statements of operations and comprehensive income. For the years ended December 31, 2014, 2013 and 2012, we recognized net periodic benefit costs for our defined benefit and healthcare plans and expenses for our defined contribution plans of $114 million, $94 million and $133 million, respectively.

Our defined benefit pension plans include qualified and nonqualified noncontributory plans. Our qualified defined benefit pension plan is the Fannie Mae Retirement Plan (referred to as our “qualified pension plan”). Our nonqualified defined benefit pension plans include the Executive Pension Plan, Supplemental Pension Plan and the Supplemental Pension Plan of 2003. These plans cover certain employees and supplement the benefits payable under the qualified pension plan.

In October 2013, pursuant to a directive from our conservator, our Board of Directors approved an amendment to terminate our qualified pension plan and our nonqualified Supplemental Pension Plan, Supplemental Pension Plan of 2003 and Executive Pension Plan, effective December 31, 2013. We plan to distribute all benefits under the pension plans during 2015.

The following table displays the changes in the pre-tax and after-tax amounts recognized in AOCI that have not been recognized as a component of net periodic benefit cost for the years ended December 31, 2014 and 2013.




	For the Year Ended
	2014				2013
	(Dollars in millions)
Actuarial Loss:
Beginning balance		$	338		$	499
Current year actuarial gain		(16		)	(236		)
Actuarial gain due to curtailment		—			(135		)
Actuarial loss due to plan amendment⁽¹⁾		—			226
Amortization		(6		)	(16		)
Ending balance recorded in AOCI (Pre-tax)		$	316		$	338
After-tax balance recorded in AOCI		$	391		$	406

__________


⁽¹⁾	Primarily includes the incremental costs incurred due to risk premiums required by insurance carriers to provide annuities and the higher actuarial value of lump sums distributed earlier than previously expected retirement ages.

Upon settlement of the defined benefit pension plans, all related amounts in AOCI will be reclassified (gross of taxes) to “Other administrative expenses” in our consolidated statements of operations and comprehensive income. This reclassification will decrease “Net income” and will be offset by an increase in “Other comprehensive income” with no material impact to “Total comprehensive income” in our consolidated statements of operations and comprehensive income.

The projected benefit obligation of our defined benefit pension plans was $1.9 billion and $1.6 billion as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, the projected benefit obligation of the defined benefit pension plans is equal to the accumulated benefit obligation as a result of the amendment to cease benefit accruals. The fair value of the plan assets held by the defined benefit pension plans was $1.6 billion and $1.3 billion as of December 31, 2014 and 2013, respectively. We expect these assets will be used to fund distributions required upon settlement of the defined benefit pension plans. The projected benefit obligation that is not funded as part of the assets held by the defined benefit pension plans is $320 million and $324 million as of December 31, 2014 and 2013, respectively. This unfunded portion has been accrued and included in “Other Liabilities” in our consolidated balance sheets.

Assumptions

Pension benefit amounts recognized in our consolidated financial statements are determined on an actuarial basis using various assumptions. The critical assumption used to determine our benefit obligation for the defined benefit pension plans is the weighted average discount rate, which was 3.83%, 4.60% and 4.15% for the years ended December 31, 2014, 2013 and 2012, respectively.

Qualified Pension Plan Assets

Our investment strategy is to invest in a manner intended to meet the liquidity requirements necessary to distribute the pension plan assets during 2015.

The fair value of our qualified plan assets in 2014 that were classified as Level 1 consisted of $767 million invested in a long-term U.S. investment grade corporate bond fund and $784 million in a money market fund. The corporate bond fund’s objective is to track the performance of Barclays US Long Credit A/Better index. The fair value of our qualified plan assets also included $1 million of cash equivalents classified as Level 2.

The fair value of our qualified plan assets in 2013 that were classified as Level 1 consisted of $927 million invested in a long-term U.S. investment grade corporate bond fund, $257 million invested in a long-term U.S. government bond fund, and $134 million invested in a long-term U.S. government/credit bond fund. These mutual funds’ objective was to track the performance of the Barclays US Long Credit A/Better index, the Barclays U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, and the Barclays U.S. Long Government/Credit Float Adjusted Index, respectively. The fair value of our qualified plan assets also included $6 million of cash equivalents classified as Level 2.

The fair value of plan assets in Level 1 are determined based on quoted prices of identical assets in active markets as of year end, while the fair value of plan assets in Level 2 are determined based on the net asset value per share of the investments as of year end.

Segment Reporting

12 Months Ended

Dec. 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 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. 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 consolidated statements of operations and comprehensive income.

The section below provides a discussion of the three business segments and how each segment’s financial information reconciles to our consolidated financial statements.

Single-Family

The primary source of revenue for our Single-Family business is the guaranty fees the segment receives as compensation for assuming the credit risk on the mortgage loans underlying single-family Fannie Mae MBS, most of which are held within consolidated trusts, and on the single-family mortgage loans held in our retained mortgage portfolio. The primary source of profit for the Single-Family segment is the difference between the guaranty fees earned and the costs of providing the guaranty, including credit-related expense.

Our segment reporting presentation differs from our consolidated balance sheets and statements of operations and comprehensive income in order to reflect the activities and results of the Single-Family segment. The significant differences from the consolidated statements of operations and comprehensive income are as follows:

•

Guaranty fee income—Guaranty fee income reflects the cash guaranty fees paid by MBS trusts to Single-Family, the amortization of deferred cash fees (both the previously recorded deferred cash fees that were eliminated from our consolidated balance sheets upon adoption of the consolidation accounting guidance on January 1, 2010 and deferred guaranty fees received subsequent to that adoption are currently recognized in our consolidated financial statements through interest income), such as buy-ups, buy-downs, and risk-based pricing adjustments, and the guaranty fees from the Capital Markets group on single-family loans in our retained mortgage portfolio. To reconcile to our consolidated statements of operations and comprehensive income, we eliminate guaranty fees and the amortization of deferred cash fees related to consolidated trusts as they are now reflected as a component of interest income; however, such accounting continues to be reflected for the segment reporting presentation.

•

Net interest income or loss—Net interest income within the Single-Family segment reflects interest expense to reimburse Capital Markets and consolidated trusts for contractual interest not received on mortgage loans, when interest income is no longer recognized in accordance with our nonaccrual accounting policy in our consolidated statements of operations and comprehensive income. Net interest income (loss), also includes an allocated cost of capital charge among the three segments that is not included in net interest income in the consolidated statement of operations and comprehensive income.

Multifamily

While the Multifamily guaranty business is similar to our Single-Family business, neither the economic return nor the nature of the credit risk is similar to that of Single-Family. The primary sources of revenue for our Multifamily business are guaranty fees the segment receives as compensation for assuming the credit risk on the mortgage loans underlying multifamily Fannie Mae MBS, most of which are held within consolidated trusts, guaranty fees on the multifamily mortgage loans held in our retained mortgage portfolio and other fees associated with multifamily business activities. Partnership investments in rental and for-sale housing generate revenue and losses from operations and the eventual sale of the assets.

Our segment reporting presentation differs from our consolidated balance sheets and statements of operations and comprehensive income in order to reflect the activities and results of the Multifamily segment. The significant differences from the consolidated statements of operations and comprehensive income are as follows:


•	Guaranty fee income—Guaranty fee income reflects the cash guaranty fees paid by MBS trusts to Multifamily and the guaranty fees from the Capital Markets group on multifamily loans in Fannie Mae’s portfolio. To reconcile to our consolidated statements of operations and comprehensive income, we eliminate guaranty fees related to consolidated trusts.

•

Gains or losses from partnership investments—Gains from partnership investments primarily reflect gains or losses on investments in affordable rental and for-sale housing partnerships measured under the equity method of accounting. To reconcile to our consolidated statements of operations and comprehensive income, we adjust the gains or losses to reflect the consolidation of certain partnership investments.

Capital Markets Group

Our Capital Markets group generates most of its revenue from the difference, or spread, between the interest we earn on the mortgage assets in our retained mortgage portfolio and the interest we pay on the debt we issue to fund these assets. We refer to this spread as our net interest yield. Changes in the fair value of the derivative instruments and trading securities we hold and gains and losses on securitizations and sales of available-for-sale securities from our portfolio impact the net income or loss reported by the Capital Markets group. In addition, a substantial majority of fee and other income for 2013 and 2014 consisted of income resulting from settlement agreements resolving certain lawsuits relating to PLS sold to us.

Our segment reporting presentation differs from our consolidated balance sheets and statements of operations and comprehensive income in order to reflect the activities and results of the Capital Markets group. The significant differences from the consolidated statements of operations and comprehensive income are as follows:

•

Net interest income—Net interest income reflects the interest income on mortgage loans and securities owned by Fannie Mae and interest expense on funding debt issued by Fannie Mae, including accretion and amortization of any cost basis adjustments. To reconcile to our consolidated statements of operations and comprehensive income, we adjust for the impact of consolidated trusts and intercompany eliminations as follows:

•

Interest income: Interest income consists of interest on the segment’s interest-earning assets, which differs from interest-earning assets in our consolidated balance sheets. We exclude loans and securities that underlie the consolidated trusts from our Capital Markets group balance sheets. The net interest income reported by the Capital Markets group excludes the interest income earned on assets held by consolidated trusts. As a result, we report interest income and amortization of cost basis adjustments only on securities and loans that are held in our retained mortgage portfolio. For mortgage loans held in our retained mortgage portfolio, when interest income is no longer recognized in accordance with our nonaccrual accounting policy, the Capital Markets group recognizes interest income for reimbursement from Single-Family and Multifamily for the contractual interest due under the terms of our intracompany guaranty arrangement.

•

Interest expense: Interest expense consists of contractual interest on the Capital Markets group’s interest-bearing liabilities, including the accretion and amortization of any cost basis adjustments. It excludes interest expense on debt issued by consolidated trusts. Therefore, the interest expense recognized on the Capital Markets group income statement is limited to our funding debt, which is reported as “Debt of Fannie Mae” in our consolidated balance sheets. Net interest expense also includes an allocated cost of capital charge among the three business segments that is not included in net interest income in our consolidated statements of operations and comprehensive income.


•	Investment gains or losses, net—Investment gains or losses, net includes the gains and losses on securitizations and sales of available-for-sale securities from our portfolio. To reconcile to our consolidated statements of operations and comprehensive income, we eliminate gains and losses on securities that have been consolidated to loans.

•

Fair value gains or losses, net—Fair value gains or losses, net for the Capital Markets group includes derivative gains and losses, foreign exchange gains and losses, and the fair value gains and losses on certain debt securities in our portfolio. To reconcile to our consolidated statements of operations and comprehensive income, we eliminate fair value gains or losses on Fannie Mae MBS that have been consolidated to loans.

•

Other expenses, net—Debt extinguishment gains or losses recorded on the segment statements of operations relate exclusively to our funding debt, which is reported as “Debt of Fannie Mae” in our consolidated balance sheets. To reconcile to our consolidated statements of operations and comprehensive income, we include debt extinguishment gains or losses related to consolidated trusts to arrive at our total recognized debt extinguishment gains or losses.

Segment Allocations and Results

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.

The following tables display our business segment financial results for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 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 income (loss)	$	6			$	(79	)	$	7,243			$	11,722				$	1,076		⁽³⁾	$	19,968
Benefit for credit losses	3,850				114			—				—					—				3,964
Net interest income after benefit for credit losses	3,856				35			7,243				11,722					1,076				23,932
Guaranty fee income (expense)⁽⁴⁾	11,702				1,297			(955		)		(5,895		)	⁽⁵⁾		(5,974		)	⁽⁵⁾	175			⁽⁵⁾
Investment (losses) gains, net	(1		)		57			6,378				(192		)			(5,306		)	⁽⁶⁾	936
Fair value (losses) gains, net	(19		)		—			(5,476		)		300					362			⁽⁷⁾	(4,833		)
Debt extinguishment gains, net	—				—			35				31					—				66
(Losses) gains from partnership investments⁽⁸⁾	(31		)		299			—				—					1				269
Fee and other income (expense)	624				166			4,894				(323		)			351				5,712
Administrative expenses	(1,830		)		(306		)	(641		)		—					—				(2,777		)
Foreclosed property (expense) income	(225		)		83			—				—					—				(142		)
TCCA fees⁽⁴⁾	(1,375		)		—			—				—					—				(1,375		)
Other expenses	(726		)		(10		)	(77		)		—					—				(813		)
Income before federal income taxes	11,975				1,621			11,401				5,643					(9,490		)		21,150
Provision for federal income taxes	(3,496		)		(158		)	(3,287		)		—					—				(6,941		)
Net income	8,479				1,463			8,114				5,643					(9,490		)		14,209
Less: Net income attributable to noncontrolling interest	—				—			—				—					(1		)	⁽¹⁰⁾	(1		)
Net income attributable to Fannie Mae	$	8,479			$	1,463		$	8,114			$	5,643				$	(9,491	)		$	14,208



	For the Year Ended December 31, 2013
	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)	$	205			$	(74	)	$	9,764			$	10,939				$	1,570		⁽³⁾	$	22,404
Benefit for credit losses	8,469				480			—				—					—				8,949
Net interest income after benefit for credit losses	8,674				406			9,764				10,939					1,570				31,353
Guaranty fee income (expense)⁽⁴⁾	10,468				1,217			(1,115		)		(5,233		)	⁽⁵⁾		(5,132		)	⁽⁵⁾	205			⁽⁵⁾
Investment gains (losses), net	3				21			4,847				(122		)			(3,622		)	⁽⁶⁾	1,127
Fair value (losses) gains, net	(10		)		—			3,148				(722		)			543			⁽⁷⁾	2,959
Debt extinguishment gains, net	—				—			27				104					—				131
Gains from partnership investments⁽⁸⁾	—				498			—				—					19				517
Fee and other income (expense)	630				182			3,010				(321		)			224				3,725
Administrative expenses	(1,706		)		(280		)	(559		)		—					—				(2,545		)
Foreclosed property income	2,736				103			—				—					—				2,839
TCCA fees⁽⁴⁾	(1,001		)		—			—				—					—				(1,001		)
Other (expenses) income	(628		)		(2		)	20				—					(133		)		(743		)
Income before federal income taxes	19,166				2,145			19,142				4,645					(6,531		)		38,567
Benefit for federal income taxes⁽⁹⁾	29,110				7,924			8,381				—					—				45,415
Net income	48,276				10,069			27,523				4,645					(6,531		)		83,982
Less: Net income attributable to noncontrolling interest	—				—			—				—					(19		)	⁽¹⁰⁾	(19		)
Net income attributable to Fannie Mae	$	48,276			$	10,069		$	27,523			$	4,645				$	(6,550	)		$	83,963



	For the Year Ended December 31, 2012
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(790	)		$	(13	)	$	13,241			$	7,156				$	1,907		⁽³⁾	$	21,501
Benefit for credit losses	672				180			—				—					—				852
Net interest (loss) income after provision for credit losses	(118		)		167			13,241				7,156					1,907				22,353
Guaranty fee income (expense)⁽⁴⁾	8,151				1,040			(1,291		)		(4,737		)	⁽⁵⁾		(2,951		)	⁽⁵⁾	212			⁽⁵⁾
Investment gains (losses), net	8				37			5,506				(3		)			(5,774		)	⁽⁶⁾	(226		)
Fair value losses, net	(8		)		—			(3,041		)		(313		)			385			⁽⁷⁾	(2,977		)
Debt extinguishment (losses) gains, net	—				—			(277		)		33					—				(244		)
Gains from partnership investments⁽⁸⁾	—				123			—				—					(4		)		119
Fee and other income (expense)	759				207			717				(395		)			(13		)		1,275
Administrative expenses	(1,590		)		(269		)	(508		)		—					—				(2,367		)
Foreclosed property income	247				7			—				—					—				254
TCCA fees⁽⁴⁾	(238		)		—			—				—					—				(238		)
Other expenses	(841		)		(5		)	(22		)		—					(73		)		(941		)
Income before federal income taxes	6,370				1,307			14,325				1,741					(6,523		)		17,220
(Provision) benefit for federal income taxes	(80		)		204			(124		)		—					—				—
Net income	6,290				1,511			14,201				1,741					(6,523		)		17,220
Less: Net loss attributable to noncontrolling interest	—				—			—				—					4			⁽¹⁰⁾	4
Net income attributable to Fannie Mae	$	6,290			$	1,511		$	14,201			$	1,741				$	(6,519	)		$	17,224

__________


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


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


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


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

⁽⁵⁾

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


⁽⁹⁾	Primarily represents the release of the valuation allowance for our deferred tax assets that generally are directly attributable to each segment based on the nature of the item.


⁽¹⁰⁾	Represents the adjustment from equity method accounting to consolidation accounting for partnership investments that are consolidated in our consolidated balance sheets.

The following table displays total assets by segment as of December 31, 2014, 2013 and 2012.



	As of December 31,
	2014			2013			2012
	(Dollars in millions)
Single-Family	$	43,512		$	41,206		$	17,595
Multifamily	9,281			10,848			5,182
Capital Markets	510,848			596,436			723,217
Consolidated trusts	2,827,565			2,812,459			2,749,571
Eliminations/adjustments⁽¹⁾	(143,030		)	(190,841		)	(273,143		)
Total assets	$	3,248,176		$	3,270,108		$	3,222,422

__________

⁽¹⁾

Includes the elimination of Fannie Mae MBS in the Capital Markets group’s retained mortgage portfolio that are issued by consolidated trusts. Also includes the elimination of the allowance for loan losses, allowance for accrued interest receivable and fair value losses previously recognized on acquired credit impaired loans as they are not treated as assets for Single-Family and Multifamily segment reporting purposes because these allowances and losses relate to loan assets that are held by the Capital Markets segment and consolidated trusts.

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity

Common Stock

Shares of common stock outstanding, net of shares held as treasury stock, totaled 1.2 billion as of December 31, 2014 and 2013.

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

Preferred Stock

The following table displays our senior preferred stock and preferred stock outstanding as of December 31, 2014 and 2013.



		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2014
		2014			2013			Stated Value per Share
Title	Issue Date	Shares	Amount		Shares	Amount		Stated Value per Share					Redeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2	September 8, 2008	1	$	117,149	1	$	117,149	$	117,149	⁽¹⁾	N/A	⁽²⁾	N/A	⁽³⁾

Preferred Stock
Series D	September 30, 1998	3	$	150	3	$	150	$	50		5.250	%	September 30, 1999
Series E	April 15, 1999	3	150		3	150		50			5.100		April 15, 2004
Series F	March 20, 2000	14	690		14	690		50			0.260	⁽⁴⁾	March 31, 2002	⁽⁵⁾
Series G	August 8, 2000	6	288		6	288		50			0.400	⁽⁶⁾	September 30, 2002	⁽⁵⁾
Series H	April 6, 2001	8	400		8	400		50			5.810		April 6, 2006
Series I	October 28, 2002	6	300		6	300		50			5.375		October 28, 2007
Series L	April 29, 2003	7	345		7	345		50			5.125		April 29, 2008
Series M	June 10, 2003	9	460		9	460		50			4.750		June 10, 2008
Series N	September 25, 2003	5	225		5	225		50			5.500		September 25, 2008
Series O	December 30, 2004	50	2,500		50	2,500		50			7.000	⁽⁷⁾	December 31, 2007
Convertible Series 2004-I⁽⁸⁾	December 30, 2004	—	2,492		—	2,492		100,000			5.375		January 5, 2008
Series P	September 28, 2007	40	1,000		40	1,000		25			4.500	⁽⁹⁾	September 30, 2012
Series Q	October 4, 2007	15	375		15	375		25			6.750		September 30, 2010
Series R⁽¹⁰⁾	November 21, 2007	21	530		21	530		25			7.625		November 21, 2012
Series S	December 11, 2007	280	7,000		280	7,000		25			7.750	⁽¹¹⁾	December 31, 2010	⁽¹²⁾
Series T⁽¹³⁾	May 19, 2008	89	2,225		89	2,225		25			8.250		May 20, 2013
Total		556	$	19,130	556	$	19,130

__________


⁽¹⁾	Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2014 was $117,149.

⁽²⁾

For the dividend period ended December 31, 2014, the dividend is calculated based on our net worth as of September 30, 2014, less the applicable capital reserve amount of $2.4 billion. The applicable capital reserve amount is $1.8 billion for each dividend period in 2015. The applicable capital reserve amount will continue to be reduced by $600 million each year until it reaches zero on January 1, 2018. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.

⁽³⁾

Any liquidation preference of our senior preferred stock in excess of $1.0 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1.0 billion liquidation preference may be repaid only in conjunction with termination of the senior preferred stock purchase agreement. The provisions for termination under the senior preferred stock purchase agreement are very restrictive and cannot occur while we are in conservatorship.


⁽⁴⁾	Rate effective March 31, 2014. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.


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


⁽⁶⁾	Rate effective September 30, 2014. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.


⁽⁷⁾	Rate effective December 31, 2014. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.00% or 10-year CMT rate plus 2.375%.


⁽⁸⁾	Issued and outstanding shares were 24,922 as of December 31, 2014 and 2013, respectively.


⁽⁹⁾	Rate effective December 31, 2014. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.50% or 3-Month LIBOR plus 0.75%.


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


⁽¹¹⁾	Rate effective December 31, 2014. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.


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


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

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

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

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

Holders of preferred stock (other than the senior preferred stock) are entitled to receive non-cumulative, quarterly dividends when, and if, declared by our Board of Directors, but have no right to require redemption of any shares of preferred stock. Payment of dividends on preferred stock (other than the senior preferred stock) is not mandatory, but has priority over payment of dividends on common stock, which are also declared by the Board of Directors. If dividends on the preferred stock are not paid or set aside for payment for a given dividend period, dividends may not be paid on our common stock for that period. There were no dividends declared or paid on preferred stock (other than the senior preferred stock) for the years ended December 31, 2014 or 2013.

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

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

Senior Preferred Stock and Common Stock Warrant

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

Variable Liquidation Preference Senior Preferred Stock, Series 2008-2

Shares of the senior preferred stock have no par value and have a stated value and initial liquidation preference equal to $1,000 per share. The liquidation preference of the senior preferred stock is subject to adjustment. To the extent dividends payable in any period are not paid in cash, the dividends will accrue and be added to the liquidation preference of the senior preferred stock. In addition, any amounts Treasury pays to us pursuant to Treasury’s funding commitment provided in the senior preferred stock purchase agreement and any quarterly commitment fee payable under the senior preferred stock purchase agreement that is not paid in cash to or waived by Treasury will be added to the liquidation preference of the senior preferred stock. As of December 31, 2014, we have received a total of $116.1 billion under Treasury’s funding commitment and the aggregate liquidation preference of the senior preferred stock was $117.1 billion.

Treasury, as holder of the senior preferred stock, is entitled to receive, when, as and if declared, out of legally available funds, cumulative quarterly cash dividends. Dividends declared and paid on our senior preferred stock were $20.6 billion, $82.5 billion and $11.6 billion for the years ended December 31, 2014, 2013 and 2012, respectively. Effective January 1, 2013, the amount of dividends payable on the senior preferred stock for a dividend period is determined based on our net worth as of the end of the immediately preceding fiscal quarter. The new dividend payment provision is referred to as a “net worth sweep” provision. For each dividend period from January 1, 2013 through and including December 31, 2017, the dividend amount will be the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. The capital reserve amount was $3.0 billion, $2.4 billion and $1.8 billion for dividend periods in 2013, 2014 and 2015, respectively, and will continue to be reduced by $600 million each year until it reaches zero on January 1, 2018. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.

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

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

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

Common Stock Warrant

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

Senior Preferred Stock Purchase Agreement with Treasury

Funding Commitment

Under the senior preferred stock purchase agreement, Treasury made a commitment to provide funding, under certain conditions, to eliminate deficits in our net worth. We have received a total of $116.1 billion from Treasury pursuant to the senior preferred stock purchase agreement as of December 31, 2014. The aggregate liquidation preference of the senior preferred stock, including the initial aggregate liquidation preference of $1.0 billion, remained at $117.1 billion as of December 31, 2014.

While we had a positive net worth as of December 31, 2014, in some future periods we could have a net worth deficit and, if so, will be required to obtain additional funding from Treasury pursuant to the senior preferred stock purchase agreement. As of December 31, 2014, the remaining amount of funding available to us under the agreement was $117.6 billion.

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

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

Commitment Fee

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

Covenants

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


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


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


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


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

•

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


•	Incur indebtedness that would result in our aggregate indebtedness exceeding $663.0 billion through December 31, 2014. For every year thereafter, our debt cap will equal 120% of the amount of mortgage assets we are allowed to own under the senior preferred stock purchase agreement on December 31 of the immediately preceding calendar year;


•	Issue any subordinated debt;


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

•

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

The agreement, as amended, also provides that we may not own mortgage assets in excess of $469.6 billion as of December 31, 2014. On each December 31 thereafter, we are required to reduce our mortgage assets to 85% of the maximum allowable amount that we were permitted to own as of December 31 of the immediately preceding calendar year, until the amount of our mortgage assets reaches $250 billion. In October 2014, FHFA requested that we revise our portfolio plan to cap the portfolio each year at 90% of the annual limit under our senior preferred stock purchase agreement with Treasury. FHFA’s request noted that we may seek FHFA permission to increase this cap up to 95% of the annual limit under our senior preferred stock purchase agreement with Treasury upon written request and with a documented basis for exception, such as changed market conditions.

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

In addition, the agreement provides that we may not enter into any new compensation arrangements with, or increase amounts or benefits payable under existing compensation arrangements of, any named executive officer or other executive officer (each as defined by SEC rules) without the consent of the Director of FHFA, in consultation with the Secretary of the Treasury. As of December 31, 2014, we were in compliance with the senior preferred stock purchase agreement covenants.

We are required to provide an annual risk management plan to Treasury no later than December 15 of each year we remain in conservatorship, beginning in 2012. Each annual risk management plan is required to set out our strategy for reducing our risk profile and to describe the actions we will take to reduce the financial and operational risks associated with each of our business segments. Each plan must include an assessment of our performance against the planned actions described in the prior year’s plan. We submitted our annual risk management plan to Treasury in December 2014.

Termination Provisions

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

Waivers and Amendments

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

Third-party Enforcement Rights

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

Accumulated Other Comprehensive Income

The following table displays our accumulated other comprehensive income as of December 31, 2014, 2013 and 2012.



	As of December 31,
	2014			2013			2012
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax	$	592		$	365		$	1,399
Net unrealized gains (losses) on AFS securities for which we have recorded OTTI, net of tax	1,529			1,262			(465		)
Prior service cost and actuarial losses, net of amortization, net of tax	(358		)	(395		)	(505		)
Other losses	(30		)	(29		)	(45		)
Accumulated other comprehensive income	$	1,733		$	1,203		$	384

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



	For the Year Ended December 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
Other comprehensive income before reclassifications		722				37				759				983				116				1,099
Amounts reclassified from other comprehensive income		(228		)		(1		)		(229		)		(290		)		10				(280		)
Net other comprehensive income		494				36				530				693				126				819
Ending balance		$	2,121			$	(388	)		$	1,733			$	1,627			$	(424	)		$	1,203

__________


⁽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 in earnings, which are recorded in “Investments gains (losses), net” in our consolidated statements of operations and comprehensive income.


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

- Definition

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

+ References

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

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2014

Regulatory Capital Requirements [Abstract]

Regulatory Capital Requirements

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

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

FHFA has directed us, during the time we are under conservatorship, to focus on managing to a positive net worth. We had a positive net worth of $3.7 billion and $9.6 billion as of December 31, 2014 and 2013, respectively.

The following table displays our regulatory capital classification measures as of December 31, 2014 and 2013.



	As of December 31,
	2014			2013
	(Dollars in millions)
Core capital⁽¹⁾	$	(115,202	)	$	(108,811	)
Statutory minimum capital requirement⁽²⁾	27,044			28,472
Deficit of core capital over statutory minimum capital requirement	$	(142,246	)	$	(137,283	)

__________


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


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

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

As of December 31, 2014 and 2013, we had a minimum capital deficiency of $142.2 billion and $137.3 billion, respectively. Under the terms of the senior preferred stock purchase agreement with Treasury, beginning January 1, 2013, we are required to pay Treasury each quarter dividends when, as and if declared, equal to the excess of our net worth as of the end of the immediately preceding fiscal quarter over an applicable capital reserve amount. As a result, in periods in which we have net worth, our minimum capital deficiency will decline to the extent of our net worth but the deficiency will increase in the subsequent period as we pay Treasury the corresponding senior preferred stock dividend. See “Note 14, Equity” for more information on capital and the terms of our senior preferred stock purchase agreement with Treasury. Set forth below are additional restrictions related to our capital requirements.

Restrictions on Capital Distributions and Dividends

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

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

Restrictions Under Senior Preferred Stock Purchase Agreement. The senior preferred stock purchase agreement prohibits us from declaring or paying any dividends on Fannie Mae equity securities (other than the senior preferred stock) without the prior written consent of Treasury. In addition, in 2012 the terms of the senior preferred stock purchase agreement and the senior preferred stock were amended to ultimately require the payment of our entire net worth to Treasury. As a result, our net income is not available to common stockholders. For more information on the terms of the senior preferred stock purchase agreement and senior preferred stock, see “Note 14, Equity.”

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

- Definition

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

+ References

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

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2014

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

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

Single-Family Loan Borrowers

Regional economic conditions may affect a borrower’s ability to repay his or her mortgage loan and the property value underlying the loan. Geographic concentrations increase the exposure of our portfolio to changes in credit risk. Single-family borrowers are primarily affected by home prices and interest rates. The geographic dispersion of our single-family business has been consistently diversified over the years ended December 31, 2014 and 2013, with our largest exposures in the Western region of the United States, which represented approximately 28% of our single-family conventional guaranty book of business as of December 31, 2014 and 2013. Except for California, where approximately 20% of the gross unpaid principal balance of our single-family conventional mortgage loans held or securitized in Fannie Mae MBS as of December 31, 2014 and 2013, were located, no other significant concentrations existed in any state.

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

Multifamily Loan Borrowers

Numerous factors affect a multifamily borrower’s ability to repay the loan and the value of the property underlying the loan. The most significant factors affecting credit risk are rental income, capitalization rates for the mortgaged property, and general economic conditions. The average unpaid principal balance for multifamily loans is significantly larger than for single-family borrowers and, therefore, individual defaults for multifamily borrowers can result in more significant losses. However, these loans, while individually large, represent a small percentage of our total guaranty book of business. Our multifamily geographic concentrations have been consistently diversified over the years ended December 31, 2014 and 2013, with our largest exposure in the Western region of the United States, which represented 31% of our multifamily guaranty book of business as of December 31, 2014 and 2013. Except for California, Texas and New York, no significant concentrations existed in any states as of December 31, 2014. As of December 31, 2014, 23%, 11% and 11% of the gross unpaid principal balance of multifamily mortgage loans held by us or securitized in Fannie Mae MBS were located in California, Texas and New York, respectively. As of December 31, 2013, 24% and 12% of the gross unpaid principal balance of multifamily mortgage loans held by us or securitized in Fannie Mae MBS were located in California and New York, respectively. No significant concentrations existed in any other states as of December 31, 2013.

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

The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty book of business as of December 31, 2014 and 2013.



	Geographic Concentration⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽²⁾						Percentage of Multifamily Guaranty Book of Business⁽³⁾
	As of December 31,						As of December 31,
	2014			2013			2014			2013
Midwest		15	%		15	%		9	%		9	%
Northeast		19			19			18			20
Southeast		22			22			22			21
Southwest		16			16			20			19
West		28			28			31			31
Total		100	%		100	%		100	%		100	%

__________


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


⁽²⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted over 99% of our total single-family conventional guaranty book of business as of December 31, 2014 and 2013.


⁽³⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted 99% of our total multifamily guaranty book of business as of December 31, 2014 and 2013.

Risk Characteristics of our Book of Business

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

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

For multifamily loans, management monitors the serious delinquency rate, which is the percentage of loans 60 days or more past due, and other loans that have higher risk characteristics, to determine our overall credit quality indicator. Higher risk characteristics include, but are not limited to, current debt service coverage ratio (“DSCR”) below 1.0 and high original 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 delinquency status and serious delinquency rates for specified loan categories of our single-family conventional and total multifamily guaranty book of business as of December 31, 2014 and 2013.



	As of December 31,
	2014⁽¹⁾						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⁾	1.27	%	0.38	%	1.99	%	1.41	%	0.44	%	2.54	%
Percentage of single-family conventional loans⁽⁴⁾	1.47		0.43		1.89		1.64		0.49		2.38



	As of December 31,
	2014⁽¹⁾				2013⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	5	%	10.98	%	7	%	12.22	%
Geographical distribution:
California	20		0.70		20		0.98
Florida	6		4.42		6		6.89
Illinois	4		2.36		4		3.12
New Jersey	4		5.78		4		6.25
New York	5		4.17		5		4.42
All other states	61		1.52		61		1.85
Product distribution:
Alt-A	4		7.77		5		9.23
Vintages:
2005	3		6.18		4		7.26
2006	3		9.61		3		11.26
2007	4		10.79		5		12.18
2008	2		6.27		3		6.69
All other vintages	88		0.88		85		1.02

__________


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


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



	As of December 31,
	2014⁽¹⁾⁽²⁾				2013⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.04	%	0.05	%	0.03	%	0.10	%



	As of December 31,
	2014⁽¹⁾				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	%	0.31	%	3	%	0.23	%
Less than or equal to 80%	97		0.04		97		0.10
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		0.83		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 December 31, 2014 and 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.

Alt-A Loans and Securities

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

We apply our classification criteria in order to discuss our exposure to Alt-A loans. However, there is no universally accepted definition of Alt-A loans. Our single-family conventional guaranty book of business includes loans with some features that are similar to Alt-A loans that we have not classified as Alt-A because they do not meet our classification criteria. We reduce our risk associated with some of these loans through credit enhancements, as described below under “Mortgage Insurers.” We do not rely solely on our classifications of loans as Alt-A to evaluate the credit risk exposure relating to these loans in our single-family conventional guaranty book of business. For more information about the credit risk characteristics of loans in our single-family guaranty book of business, see “Note 3, Mortgage Loans.”

The Alt-A mortgage loans and Fannie Mae MBS backed by Alt-A loans of $117.6 billion in unpaid principal balance represented 4% of our single-family mortgage credit book of business as of December 31, 2014, compared with $132.5 billion in unpaid principal balance which represented 5% of our single-family mortgage credit book of business as of December 31, 2013.

Other Concentrations

Mortgage Sellers and Servicers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities on our behalf. Our mortgage sellers and servicers are also obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies if the foreclosed property has been sold, under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if loan representations and warranties are violated or if mortgage insurers rescind coverage. However, under our revised representation and warranty framework, we no longer require repurchase for loans that have breaches of certain selling representations and warranties if they have met specified criteria for relief. Our business with mortgage servicers is concentrated. Our five largest single-family mortgage servicers, including their affiliates, serviced approximately 46% of our single-family guaranty book of business as of December 31, 2014, compared with approximately 49% as of December 31, 2013. Our ten largest multifamily mortgage servicers, including their affiliates, serviced approximately 67% of our multifamily guaranty book of business as of December 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 an increase in our credit losses and credit-related expense, and have a material adverse effect on our results of operations, liquidity, financial condition and net worth.

Mortgage Insurers. Mortgage insurance “risk in force” generally represents our maximum potential loss recovery under the applicable mortgage insurance policies. We had total mortgage insurance coverage risk in force of $109.6 billion and $102.5 billion on the single-family mortgage loans in our guaranty book of business as of December 31, 2014 and 2013, respectively, which represented 4% of our single-family guaranty book of business as of both December 31, 2014 and 2013. Our primary mortgage insurance coverage risk in force was $108.7 billion and $101.4 billion as of December 31, 2014 and 2013, respectively. Our pool mortgage insurance coverage risk in force was $852 million and $1.1 billion as of December 31, 2014 and 2013, respectively. Our top four mortgage insurance companies provided 79% and 78% of our mortgage insurance as of December 31, 2014 and 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. Entering run-off may close off a source of profits and liquidity that may have otherwise assisted a mortgage insurer in paying claims under insurance policies, and could also cause the quality and speed of its claims processing to deteriorate. These three mortgage insurers provided a combined $12.3 billion, or 11%, of our risk in force mortgage insurance coverage of our single-family guaranty book of business as of December 31, 2014.

PMI and Triad have been paying only a portion of policyholder claims and deferring the remaining portion. PMI is currently paying 67% of claims under its mortgage insurance policies in cash and is deferring the remaining 33%, and Triad is currently paying 75% of claims in cash and deferring the remaining 25%. It is uncertain whether PMI or Triad will be permitted in the future to pay any remaining deferred policyholder claims and/or increase or decrease the amount of cash they pay on claims. RMIC is no longer deferring payments on policyholder claims and has paid us amounts of its previously outstanding deferred payment obligations to bring payment on our claims to 100%; however, RMIC remains in run-off and under the supervisory control of its state regulator. We were not paid interest to compensate us for the amount of time the deferred payment obligations were outstanding.

Although the financial condition of our mortgage insurer counterparties currently approved to write new business continued to improve in 2014, there is still risk that these 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 our mortgage insurer counterparties, it could result in an increase in our loss reserves, which could adversely affect our results of operations, liquidity, financial condition and net worth.

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



	As of December 31,
	2014			2013
	(Dollars in millions)
Contractual mortgage insurance benefit		$	4,409		$	6,751
Less: Collectibility adjustment⁽¹⁾		290			431
Estimated benefit included in total loss reserves		$	4,119		$	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 $1.4 billion recorded in “Other assets” in our consolidated balance sheets as of December 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, $269 million as of December 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 $799 million as of December 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 December 31, 2014 and 2013.

Financial Guarantors. We are the beneficiary of non-governmental financial guarantees on non-agency securities held in our retained mortgage portfolio and on non-agency securities that have been resecuritized to include a Fannie Mae guaranty and sold to third parties. The following table displays the total unpaid principal balance of guaranteed non-agency securities in our retained mortgage portfolio as of December 31, 2014 and 2013.



	As of December 31,
	2014		2013
	(Dollars in millions)
Alt-A private-label securities	$	325	$	511
Subprime private-label securities	820		868
Mortgage revenue bonds	3,168		3,911
Other mortgage-related securities	238		264
Total	$	4,551	$	5,554

If a financial guarantor fails to meet its obligations to us with respect to the securities for which we have obtained financial guarantees, it could reduce the fair value of our mortgage-related securities and result in financial losses to us, which could have an adverse effect on our earnings, liquidity, financial condition and net worth. With the exception of Ambac Assurance Corporation (“Ambac”), which is operating under a deferred payment obligation, none of our remaining non-governmental financial guarantor counterparties has failed to repay us for claims under guaranty contracts. Effective July 21, 2014, the terms of Ambac’s order regarding its deferred payment arrangements changed to increase its cash payments on policyholder claims from 25% to 45% and to provide for payment of sufficient amounts of its outstanding deferred payment obligations to bring payment on those claims to 45%. We are expecting full cash payment from only half of our non-governmental financial guarantor counterparties, and we are uncertain of the level of payments we will ultimately receive from the remaining counterparties. Ambac provided coverage on $2.1 billion, or 45%, of our total non-governmental guarantees as of December 31, 2014. When assessing our securities for impairment, we consider the benefit of non-governmental financial guarantees from those guarantors that we determine are creditworthy, although we continue to seek collection of any amounts due to us from all counterparties.

We are also the beneficiary of financial guarantees included in securities issued by Freddie Mac, the federal government and its agencies that totaled $19.2 billion as of December 31, 2014 and $22.5 billion as of December 31, 2013.

Lenders with Risk Sharing. We enter into risk sharing agreements with lenders pursuant to which the lenders agree to bear all or some portion of the credit losses on the covered loans. Our maximum potential loss recovery from lenders under these risk sharing agreements on single-family loans was $8.9 billion as of December 31, 2014, compared with $10.7 billion as of December 31, 2013. As of December 31, 2014, 47% of our maximum potential loss recovery on single-family loans was from three lenders, compared with 52% as of December 31, 2013. Our maximum potential loss recovery from lenders under these risk sharing agreements on both Delegated Underwriting and Servicing (“DUS”) and non-DUS multifamily loans was $41.7 billion as of December 31, 2014, compared with $39.4 billion as of December 31, 2013. As of December 31, 2014 and 2013, 32% of our maximum potential loss recovery on multifamily loans was from three DUS lenders.

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

We have entered into guarantees for which we have not recognized a guaranty obligation in our consolidated balance sheets relating to periods prior to 2003, the effective date of accounting guidance related to guaranty accounting. Our maximum potential exposure under these guarantees was $6.5 billion as of December 31, 2014 and $7.3 billion as of December 31, 2013. If we were required to make payments under these guarantees, we would pursue recovery through our right to the collateral backing the underlying loans, available credit enhancements and recourse with third parties that provided a maximum coverage of $2.7 billion as of December 31, 2014 and $3.1 billion as of December 31, 2013.

Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements refer to “Note 9, Derivative Instruments” and “Note 17, Netting Arrangements.”

Connecticut Avenue Securities

We use risk-sharing transactions to help mitigate our credit risk. We issued $5.8 billion in Connecticut Avenue Securities (“CAS”) during the year ended December 31, 2014, transferring some of the credit risk associated with losses on the underlying mortgage loans to investors in these securities. In a CAS transaction, we create a reference pool consisting of recently acquired single-family mortgage loans included in our single-family guaranty book of business in our consolidated balance sheet. We then create a hypothetical securitization structure with notional credit risk positions, or tranches (e.g., first loss, mezzanine and senior). We receive cash and issue CAS (which relate to the mezzanine loss position) to investors, which we recognize as “Debt of Fannie Mae” in our consolidated balance sheet.

We are obligated to make payments of principal and interest on the CAS, and we recognize the interest paid as “Long-term debt interest expense” in our consolidated statements of operations and comprehensive income. The principal balance of the CAS is reduced as a result of principal liquidations of loans in the reference pool or when certain specified credit events (such as a loan becoming 180 days delinquent) occur on the loans in the reference pool. In turn, these credit events may reduce the total amount of payments we ultimately make on the CAS. However, principal reductions will first occur on the first loss position, which is retained by us, until it is fully reduced before the CAS begin participating in reductions to the principal balances.

Netting Arrangements (Notes)

12 Months Ended

Dec. 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, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our consolidated balance sheets as of December 31, 2014 and 2013.



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



	As of December 31, 2013
							Net Amount Presented in the Consolidated Balance Sheets						Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amount			Gross Amount Offset⁽¹⁾			Net Amount Presented in the Consolidated Balance Sheets						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 consolidated balance sheets.

⁽³⁾

Represents collateral posted or received that has neither been recognized nor offset in our consolidated balance sheets. Does not include collateral held in excess of our exposure. The fair value of non-cash collateral accepted for OTC risk management derivatives was $51 million and $24 million as of December 31, 2014 and 2013, respectively. The fair value of non-cash collateral accepted for securities purchased under agreements to resell or similar arrangements was $47.6 billion and $50.7 billion, of which $41.9 billion and $39.8 billion could be sold or repledged as of December 31, 2014 and 2013, respectively. None of the underlying collateral was sold or repledged as of December 31, 2014 and 2013. The fair value of non-cash collateral we pledged for securities sold under agreements to repurchase was $50 million as of December 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.


⁽⁴⁾	Net amounts as of December 31, 2014 reflect netting of cleared derivative assets and liabilities where we have enforceable master netting arrangements.


⁽⁵⁾	Excludes derivative assets of $28 million and $1.7 billion and derivative liabilities of $1 million and $1.1 billion recognized in our consolidated balance sheets as of December 31, 2014 and 2013, respectively, that are not subject to enforceable master netting arrangements.


⁽⁶⁾	Includes $16.6 billion and $11.6 billion of securities purchased under agreements to resell or similar arrangements classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2014 and 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 consolidated balance sheets.

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

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

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

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

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

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

Fair Value

12 Months Ended

Dec. 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 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 December 31, 2014 and 2013.



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



		Fair Value Measurements as of December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	6,040		$	363		$	—		$	6,403
Total of Fannie Mae		—			6,040			363			—			6,403
Of consolidated trusts		—			18,956			527			—			19,483
Total long-term debt		—			24,996			890			—			25,886
Other liabilities:
Risk management derivatives:
Swaps		—			9,339			133			—			9,472
Swaptions		—			991			—			—			991
Other		—			—			1			—			1
Netting adjustment		—			—			—			(10,194		)	(10,194		)
Mortgage commitment derivatives		—			341			3			—			344
Total other liabilities		—			10,671			137			(10,194		)	614
Total liabilities at fair value		$	—		$	35,667		$	1,027		$	(10,194	)	$	26,500



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

The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014, 2013 and 2012. The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our consolidated statements of operations and comprehensive income for Level 3 assets and liabilities for the years ended December 31, 2014, 2013 and 2012. When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period.



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

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

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2013
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of December 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, December 31, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	68		$	(9	)		$	—		$	—	$	—		$	—		$	(17	)	$	—		$	—		$	42			$	(9	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Ginnie Mae	1			—				—			—		—			—			(1		)	(3		)	3			—				—
Alt-A private-label securities	104			256				—			—		—			—			(115		)	(435		)	808			618				223
Subprime private-label securities	1,319			328				—			—		(50		)	—			(149		)	—			—			1,448				322
Mortgage revenue bonds	675			(101		)		—			—		—			—			(9		)	—			—			565				(101		)
Other	117			(5		)		—			—		—			—			(13		)	—			—			99				(5		)
Total trading securities	$	2,286		$	469		(6)(7)	$	—		$	—	$	(50	)	$	—		$	(304	)	$	(438	)	$	811		$	2,774			$	430		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	29		$	—			$	(1	)	$	—	$	—		$	—		$	(7	)	$	(14	)	$	—		$	7			$	—
Freddie Mac	10			—				(1		)	—		—			—			(2		)	(1		)	2			8				—
Ginnie Mae	—			—				—			—		—			—			—			(1		)	1			—				—
Alt-A private-label securities	6,564			144				464			—		(2,664		)	—			(1,040		)	(3,357		)	3,680			3,791				—
Subprime private-label securities	7,447			120				1,527			359		(1,317		)	—			(1,068		)	—			—			7,068				—
Mortgage revenue bonds	7,837			25				(449		)	—		(35		)	—			(2,125		)	—			—			5,253				—
Other	3,147			13				125			—		—			—			(400		)	—			—			2,885				—
Total available-for-sale securities	$	25,034		$	302		(6)(8)	$	1,665		$	359	$	(4,016	)	$	—		$	(4,642	)	$	(3,373	)	$	3,683		$	19,012			$	—

Mortgage loans of consolidated trusts	$	2,634		$	282		(6)(7)	$	—		$	346	$	(393	)	$	—		$	(459	)	$	(352	)	$	646		$	2,704			$	50		(6)(7)
Net derivatives	14			(165		)	(7)	—			—		—			—			97			16			(2		)	(40		)		(51		)	(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(400	)	$	76			$	—		$	—	$	—		$	(674	)	$	43		$	—		$	—		$	(955	)		$	76
Of consolidated trusts	(1,128		)	(250		)		—			—		—			(21		)	537			434			(90		)	(518		)		(80		)
Total long-term debt	$	(1,528	)	$	(174	)	(7)	$	—		$	—	$	—		$	(695	)	$	580		$	434		$	(90	)	$	(1,473	)		$	(4	)	(7)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2012
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2012⁽⁵⁾
	Balance, December 31, 2011			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, December 31, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,737		$	(2	)		$	—		$	—	$	(33	)	$	—		$	(118	)	$	(1,581	)	$	65		$	68			$	(6	)
Freddie Mac	—			—				—			—		—			—			—			—			2			2				—
Ginnie Mae	9			—				—			—		—			—			—			(9		)	1			1				—
Alt-A private-label securities	345			165				—			—		—			—			(111		)	(907		)	612			104				39
Subprime private-label securities	1,280			192				—			—		—			—			(153		)	—			—			1,319				192
Mortgage revenue bonds	724			(29		)		—			—		—			—			(20		)	—			—			675				(29		)
Other	143			(19		)		—			—		—			—			(7		)	—			—			117				(19		)
Total trading securities	$	4,238		$	307		(6)(7)	$	—		$	—	$	(33	)	$	—		$	(409	)	$	(2,497	)	$	680		$	2,286			$	177		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	946		$	—			$	(8	)	$	43	$	(43	)	$	—		$	(24	)	$	(895	)	$	10		$	29			$	—
Freddie Mac	12			—				—			—		—			—			(2		)	—			—			10				—
Alt-A private-label securities	7,256			(87		)		584			—		—			—			(1,072		)	(3,325		)	3,208			6,564				—
Subprime private-label securities	7,586			(126		)		1,280			—		—			—			(1,293		)	—			—			7,447				—
Mortgage revenue bonds	10,247			9				(23		)	29		(76		)	—			(2,349		)	—			—			7,837				—
Other	3,445			12				59			—		—			—			(369		)	—			—			3,147				—
Total available-for-sale securities	$	29,492		$	(192	)	(6)(8)	$	1,892		$	72	$	(119	)	$	—		$	(5,109	)	$	(4,220	)	$	3,218		$	25,034			$	—

Mortgage loans of consolidated trusts	$	2,319		$	235		(6)(7)	$	—		$	935	$	—		$	—		$	(411	)	$	(562	)	$	118		$	2,634			$	159		(6)(7)
Net derivatives	65			(23		)	(7)	—			—		—			(8		)	(20		)	—			—			14				(9		)	(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(406	)	$	(21	)		$	—		$	—	$	—		$	—		$	27		$	—		$	—		$	(400	)		$	(21	)
Of consolidated trusts	(765		)	(180		)		—			—		—			(523		)	233			474			(367		)	(1,128		)		(158		)
Total long-term debt	$	(1,171	)	$	(201	)	(7)	$	—		$	—	$	—		$	(523	)	$	260		$	474		$	(367	)	$	(1,528	)		$	(179	)	(7)

__________


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


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


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

⁽⁴⁾

Transfers out of Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans and credit risk sharing securities issued under our CAS series. Prices for these securities were obtained from multiple third-party vendors or dealers. Transfers out of Level 3 also occurred for mortgage loans of consolidated trusts for which unobservable inputs used in valuations became less significant. Transfers into Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans. Prices for these securities are based on inputs from a single source or inputs that were not readily observable.


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


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


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


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

Nonrecurring Changes in Fair Value

The following tables display assets measured in our 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 December 31, 2014, and 2013.



	Fair Value Measurements as of December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
	(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	93		$	110		$	203
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			16,654			16,654
Of consolidated trusts		—			—			60			60
Multifamily mortgage loans held for investment, at amortized cost		—			—			625			625
Acquired property, net:
Single-family		—			—			4,782			4,782
Multifamily		—			—			140			140
Other assets		—			—			45			45
Total nonrecurring fair value measurements		$	—		$	93		$	22,416		$	22,509



	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.

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 December 31, 2014 and 2013.



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



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



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



	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⁽³⁾	$	44	Other
Alt-A private-label securities⁽⁴⁾	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⁽⁴⁾	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⁽³⁾	$	15	Other
Alt-A private-label securities⁽⁴⁾	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⁽⁴⁾	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)	171.0	-	438.0	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 instruments for which the prepayment speed as disclosed represents the estimated annualized rate of prepayment after all prepayment penalty provisions have expired and also instruments for which prepayment speed as disclosed represents the estimated rate of prepayment over the remaining life of the instrument.


⁽³⁾	Includes Fannie Mae and Freddie Mac securities.


⁽⁴⁾	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 December 31, 2014 and 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 December 31,
	Significant Valuation Techniques	2014		2013
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	110	$	132
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model	16,654		19,966
Of consolidated trusts	Other	60		79
Total single-family mortgage loans held for investment, at amortized cost		16,714		20,045
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions	45		248
	Asset Manager Estimate	580		1,230
	Other	—		55
Total multifamily mortgage loans held for investment, at amortized cost		625		1,533
Acquired property, net:
Single-family	Accepted Offers	864		691
	Appraisals	1,509		1,077
	Walk Forwards	1,173		1,106
	Internal Model	1,045		1,049
	Other	191		118
Total single-family		4,782		4,041
Multifamily	Broker Price Opinions	127		9
	Other	13		89
Total multifamily		140		98
Other assets	Other	45		121
Total nonrecurring assets at fair value		$	22,416	$	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.

Trading Securities and Available-for-Sale Securities

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

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

A description of our securities valuation techniques is as follows:

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

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

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

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

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

Mortgage Loans Held for Investment

The majority of HFI loans are reported in our 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 consolidated balance sheets. We measure these loans on a recurring basis using the build-up, consensus, discounted cash flow and single vendor price techniques. Certain impaired loans are measured at fair value on a nonrecurring basis by using the fair value of their underlying collateral. Specific techniques used include internal models, broker price opinions and appraisals.

A description of our loan valuation techniques is as follows:

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

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

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

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

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

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

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

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

The majority of the internal model valuations come from the comparable sales approach. The determination of whether the internal model valuations in a particular geographic area should use the comparable sales approach or median MSA is based on historical accuracy. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.

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

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

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

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

Acquired Property, Net and Other Assets

Acquired property, net represents foreclosed property received in full satisfaction of a loan net of a valuation allowance. Acquired property is initially recorded in our 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 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 December 31, 2014, these methodologies comprised approximately 77% of our valuations, while accepted offers comprised approximately 19% 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 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 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 consolidated balance sheets at fair value on a recurring basis.

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

A description of our debt valuation techniques is as follows:

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

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

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

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

Valuation Control Processes

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

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

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

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

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

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

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

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

Fair Value of Financial Instruments

The following table displays the carrying value and estimated fair value of our financial instruments as of December 31, 2014 and 2013. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes 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 December 31, 2014
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	54,565		$	37,965	$	16,600		$	—	$	—		$	54,565
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950			—		30,950			—		—			30,950
Trading securities	31,504			19,466		9,008			3,030		—			31,504
Available-for-sale securities	30,654			—		15,574			15,080		—			30,654
Mortgage loans held for sale	331			—		169			169		—			338
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	239,243			—		29,896			217,064		—			246,960
Of consolidated trusts	2,779,920			—		2,657,863			183,263		—			2,841,126
Mortgage loans held for investment	3,019,163			—		2,687,759			400,327		—			3,088,086
Advances to lenders	5,559			—		5,079			470		—			5,549
Derivative assets at fair value	1,485			—		6,489			182		(5,186		)	1,485
Guaranty assets and buy-ups	210			—		—			616		—			616
Total financial assets	$	3,174,421		$	57,431	$	2,771,628		$	419,874	$	(5,186	)	$	3,243,747

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



	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 collateral that is easily traded. Were we to calculate the fair value of these instruments we would use observable inputs resulting in Level 2 classification.

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

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

The total compensation that we receive for the delivery of a HARP loan reflects the pricing that we are willing to offer because HARP is a part of a broader government program intended to provide assistance to homeowners and prevent foreclosures. If these benefits were not reflected in the pricing for these loans (that is, if the loans were valued using our standard build-up approach), the fair value disclosed in the table above would be lower by $3.3 billion as of December 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 was $314.0 billion and $306.9 billion as of December 31, 2014 and 2013, respectively.

Advances to Lenders—The carrying value for the majority of our advances to lenders approximates fair value due to the short-term nature and the negligible inherent credit risk. If we were to recalculate 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 consolidated balance sheets at fair value on a recurring basis and are classified as Level 3. Guaranty assets in lender swap transactions are recorded in our consolidated balance sheets at the lower of cost or fair value. These assets, which are measured at fair value on a nonrecurring basis, are also classified as Level 3.

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

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

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

Fair Value Option

We elected the fair value option for our credit risk sharing debt securities issued under our CAS series and certain loans of consolidated trusts that contain embedded derivatives that would otherwise require bifurcation. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from 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 “Interest income—Mortgage loans” and interest expense for the debt instruments is recorded in “Interest expense—Long-term debt” in our consolidated statements of operations and comprehensive income.

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



		As of December 31,
		2014									2013
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	15,629		$	6,403		$	19,483		$	14,268		$	1,308		$	14,976
Unpaid principal balance		15,001			6,512			17,810			14,440			1,290			13,988

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $240 million and $196 million as of December 31, 2014 and 2013, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of December 31, 2014 and 2013 is $75 million and $74 million, respectively. Includes loans that are 90 days or more past due with a fair value of $271 million and $288 million as of December 31, 2014 and 2013, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of December 31, 2014 and 2013 is $78 million and $75 million, respectively.

Changes in Fair Value under the Fair Value Option Election

The following table displays fair value gains and losses, net, including changes attributable to instrument-specific credit risk, for loans and debt for which the fair value election was made. Amounts are recorded as a component of “Fair value (losses) gains, net” in our consolidated statements of operations and comprehensive income for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014									2013										2012
	Loans		Long-Term Debt				Total Gains			Loans			Long-Term Debt				Total (Losses)			Loans			Long-Term Debt				Total (Losses)
	(Dollars in millions)
Changes in instrument-specific credit risk	$	60		$	216			$	276	$	(142	)		$	(31	)	$	(173	)	$	(25	)		$	(13	)	$	(38	)
Other changes in fair value	670			(505		)		165		(730		)		346			(384		)	(124		)		(76		)	(200		)
Fair value (losses) gains, net	$	730		$	(289	)		$	441	$	(872	)		$	315		$	(557	)	$	(149	)		$	(89	)	$	(238	)

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

- Definition

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

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We are party to various types of legal actions and proceedings, including actions brought on behalf of various classes of claimants. We also are subject to regulatory examinations, inquiries and investigations and other information gathering requests. In some of the matters, indeterminate amounts are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. This variability in pleadings, together with our and our counsel’s actual experience in litigating or settling claims, leads us to conclude that the monetary relief that may be sought by plaintiffs bears little relevance to the merits or disposition value of claims.

On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, reserves and disclosures.

We have substantial and valid defenses to the claims in the proceedings described below and intend to defend these matters vigorously. However, legal actions and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Accordingly, the outcome of any given matter and the amount or range of potential loss at particular points in time is frequently difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how courts will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel may view the evidence and applicable law. Further, FHFA adopted a regulation in 2011, which provides, in part, that while we are in conservatorship, FHFA will not pay claims by our current or former shareholders, unless the Director of FHFA determines it is in the interest of the conservatorship. The presence of this regulation and FHFA’s assertion that FHFA will not pay claims asserted in certain cases discussed below while we are in conservatorship creates additional uncertainty in those cases.

We establish a reserve for matters when a loss is probable and we can reasonably estimate the amount of such loss. For legal actions or proceedings where there is only a reasonable possibility that a loss may be incurred, or where we are not currently able to estimate the reasonably possible loss or range of loss, we do not establish a reserve. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed.

Given the uncertainties involved in any action or proceeding, regardless of whether we have established a reserve, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period.

In addition to the matters specifically described below, we are involved in a number of legal and regulatory proceedings that arise in the ordinary course of business that we do not expect will have a material impact on our business or financial condition. We have also advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to our bylaws and indemnification agreements.

2008 Class Action Lawsuits and Related Proceedings

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) alleged that we, certain of our former officers, and certain of our underwriters violated Sections 12(a)(2) and 15 of the Securities Act of 1933. Lead plaintiffs also alleged that we, certain of our former officers, and our outside auditor, violated Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934. Lead plaintiffs sought various forms of relief, including rescission, damages, interest, costs, attorneys’ and experts’ fees, and other equitable and injunctive relief. On October 13, 2009, the court entered an order allowing FHFA to intervene.

In 2009, the court granted defendants’ motion to dismiss the Securities Act claims as to all defendants. In 2010, the court granted in part and denied in part 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.

On July 15, 2014, the parties reached an agreement in principle to settle the litigation. The proposed settlement amount did not materially impact our results of operations or financial condition. On November 12, 2014, the court granted preliminary approval of the settlement. On January 16, 2015, lead plaintiffs filed a motion for final approval of the settlement and plan of allocation, as well as a motion for attorneys’ fees.

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. 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 October 31, 2014, we reached an agreement in principle with plaintiffs that would resolve this matter on behalf of all parties. The proposed settlement amount did not impact our results of operations or financial condition.

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 second amended complaint on October 29, 2012.

We do not expect that the reasonably possible loss or range of loss arising from this litigation will have a material impact on our results of operations or financial condition.

Smith v. Fannie Mae

This individual securities action was originally filed on February 25, 2010, by plaintiff Edward Smith against us, certain of our former officers, and certain of our underwriters, in the U.S. District Court for the Central District of California. On April 12, 2010, this case was transferred to the 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 on March 2, 2012. On August 30, 2012, the court denied defendants’ motion 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, but granted defendants’ motions to dismiss the state law claims. Fannie Mae filed its answer to the second amended complaint on October 29, 2012.

On December 9, 2014, Fannie Mae and plaintiff reached an agreement in principle to settle the litigation, subject to necessary approvals. The proposed settlement amount did not materially impact our results of operations or financial condition.

Senior Preferred Stock Purchase Agreements Litigation

A number of putative class action lawsuits were filed in the U.S. District Court for the District of Columbia against us, FHFA as our conservator, Treasury and Freddie Mac from July through September 2013 by shareholders of Fannie Mae and/or Freddie Mac challenging the August 2012 amendment to each company’s senior preferred stock purchase agreement with Treasury. These lawsuits were consolidated and, on December 3, 2013, plaintiffs (preferred and common shareholders of Fannie Mae and/or Freddie Mac) filed a consolidated class action complaint in the U.S. District Court for the District of Columbia against us, FHFA as our conservator, Treasury and Freddie Mac (“In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations”). The preferred shareholder plaintiffs allege that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments to the senior preferred stock purchase agreements nullified certain of the shareholders’ rights, particularly the right to receive dividends. The common shareholder plaintiffs allege that the August 2012 amendments constituted a taking of their property by requiring that all future profits of Fannie Mae and Freddie Mac be paid to Treasury. Plaintiffs allege claims for breach of contract and breach of the implied covenant of good faith and fair dealing against us, FHFA and Freddie Mac, a takings claim against FHFA and Treasury, and a breach of fiduciary duty claim derivatively on our and Freddie Mac’s behalf against FHFA and Treasury. Plaintiffs seek to represent several classes of preferred and/or common shareholders of Fannie Mae and/or Freddie Mac who held stock as of the public announcement of the August 2012 amendments. Plaintiffs seek unspecified damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees.

A non-class action suit, Arrowood Indemnity Company v. Fannie Mae, was filed in the U.S. District Court for the District of Columbia on September 20, 2013 by preferred shareholders against us, FHFA as our conservator, the Director of FHFA (in his official capacity), Treasury, the Secretary of the Treasury (in his official capacity) and Freddie Mac. Plaintiffs bring claims for breach of contract and breach of the implied covenant of good faith and fair dealing against us, FHFA and Freddie Mac, and claims for violation of the Administrative Procedure Act against the FHFA and Treasury defendants, alleging that the net worth sweep provisions nullified certain rights of the preferred shareholders, particularly the right to receive dividends. Plaintiffs seek damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees.

On September 30, 2014, the court dismissed both lawsuits and plaintiffs in both suits filed timely notices of appeal. On October 27, 2014, the U.S. Court of Appeals for the D.C. Circuit consolidated these appeals with appeals in two other cases involving the same subject matter, but to which we are not a party.

Given the stage of these lawsuits, the substantial and novel legal questions that remain, and our substantial defenses, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation.

Unconditional Purchase and Lease Commitments

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

We lease certain premises and equipment under agreements that expire at various dates through 2029. Some of these leases provide for payment by the lessee of property taxes, insurance premiums, cost of maintenance and other costs. Rental expenses for operating leases were $43 million, $41 million and $41 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The following table summarizes by remaining maturity, non cancelable future commitments related to loan and mortgage purchases, operating leases and other agreements as of December 31, 2014.



	As of December 31, 2014
	Loans and Mortgage-Related Securities⁽¹⁾			Operating Leases		Other⁽²⁾
	(Dollars in millions)
2015		$	56,333	$	39	$	209
2016		—		32		166
2017		—		27		59
2018		—		8		22
2019		—		—		14
Thereafter		—		3		—
Total		$	56,333	$	109	$	470

__________


⁽¹⁾	Primarily includes $56.2 billion that has been accounted for as mortgage commitment derivatives.


⁽²⁾	Includes purchase commitments for certain telecom services, computer software and services, and other agreements and commitments.

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

The consolidated statements of operations for the quarterly periods in 2014 and 2013 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. Certain prior period amounts have been reclassified to conform to the current period presentation. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods.



	For the 2014 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	127			$	143			$	151			$	132
Available-for-sale securities		440				414				395				373
Mortgage loans		28,588				28,165				27,779				27,588
Other		24				24				29				33
Total interest income		29,179				28,746				28,354				28,126
Interest expense:
Short-term debt		20				21				26				27
Long-term debt		24,421				23,821				23,144				22,957
Total interest expense		24,441				23,842				23,170				22,984
Net interest income		4,738				4,904				5,184				5,142
Benefit for credit losses		774				1,639				1,085				466
Net interest income after benefit for credit losses		5,512				6,543				6,269				5,608
Investment gains, net		95				483				171				187
Fair value losses, net		(1,190		)		(934		)		(207		)		(2,502		)
Debt extinguishment gains, net		—				38				11				17
Fee and other income		4,355				383				826				323
Non-interest income (loss)		3,260				(30		)		801				(1,975		)
Administrative expenses:
Salaries and employee benefits		325				319				337				340
Professional services		242				275				263				296
Occupancy expenses		50				47				47				59
Other administrative expenses		55				56				59				7
Total administrative expenses		672				697				706				702
Foreclosed property (income) expense		(262		)		(214		)		249				369
TCCA fees		322				335				351				367
Other expenses, net		131				276				72				65
Total expenses		863				1,094				1,378				1,503
Income before federal income taxes		7,909				5,419				5,692				2,130
Provision for federal income taxes		(2,584		)		(1,752		)		(1,787		)		(818		)
Net income		5,325				3,667				3,905				1,312
Less: Net income attributable to noncontrolling interest		—				(1		)		—				—
Net income attributable to Fannie Mae		5,325				3,666				3,905				1,312
Dividends distributed or available for distribution to senior preferred stockholder		(5,692		)		(3,712		)		(3,999		)		(1,920		)
Net (loss) income attributable to common stockholders (Note 11)		$	(367	)		$	(46	)		$	(94	)		$	(608	)
(Loss) per share:
Basic and Diluted		$	(0.06	)		$	(0.01	)		$	(0.02	)		$	(0.11	)
Weighted-average common shares outstanding:
Basic and Diluted		5,762				5,762				5,762				5,762



	For the 2013 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	226			$	222			$	185			$	146
Available-for-sale securities		673				651				546				487
Mortgage loans		29,224				28,056				28,299				28,659
Other		57				49				37				32
Total interest income		30,180				28,978				29,067				29,324
Interest expense:
Short-term debt		43				37				29				22
Long-term debt		23,833				23,274				23,456				24,451
Total interest expense		23,876				23,311				23,485				24,473
Net interest income		6,304				5,667				5,582				4,851
Benefit for credit losses		957				5,383				2,609				—
Net interest income after benefit for credit losses		7,261				11,050				8,191				4,851
Investment gains, net		109				284				621				113
Fair value gains, net		834				829				335				961
Debt extinguishment (losses) gains, net		(23		)		27				92				35
Fee and other income		568				485				741				2,136
Non-interest income		1,488				1,625				1,789				3,245
Administrative expenses:
Salaries and employee benefits		317				304				307				290
Professional services		223				219				236				232
Occupancy expenses		46				47				48				48
Other administrative expenses		55				56				55				62
Total administrative expenses		641				626				646				632
Foreclosed property income		(260		)		(332		)		(1,165		)		(1,082		)
TCCA fees		186				233				276				306
Other expenses (income), net		68				68				124				(34		)
Total expenses (income)		635				595				(119		)		(178		)
Income before federal income taxes		8,114				12,080				10,099				8,274
Benefit (provision) for federal income taxes		50,571				(1,985		)		(1,355		)		(1,816		)
Net income		58,685				10,095				8,744				6,458
Less: Net income attributable to noncontrolling interest		—				(11		)		(7		)		(1		)
Net income attributable to Fannie Mae		58,685				10,084				8,737				6,457
Dividends distributed or available for distribution to senior preferred stockholder		(59,368		)		(10,243		)		(8,617		)		(7,191		)
Net (loss) income attributable to common stockholders (Note 11)		$	(683	)		$	(159	)		$	120			$	(734	)
(Loss) earnings per share:
Basic		$	(0.12	)		$	(0.03	)		$	0.02			$	(0.13	)
Diluted		(0.12		)		(0.03		)		0.02				(0.13		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,762				5,762				5,893				5,762

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Segment Reporting, Policy [Policy Text Block]

Basis of Presentation [Policy Text Block]

Basis of Presentation

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

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

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

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Consolidations, Policy [Policy Text Block]

Principles of Consolidation

Unconsolidated VIEs

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

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

VIE Assessment

Primary Beneficiary Determination

Measurement of Consolidated Assets and Liabilities

Purchase/Sale of Fannie Mae Securities

Single-Class Securitization Trusts

Single-Class Resecuritization Trusts

Multi-Class Resecuritization Trusts

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

Transfers of Financial Assets

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents and Statements of Cash Flows

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

Restricted Cash

Marketable Securities, Policy [Policy Text Block]

Investments in Securities

Securities Classified as Available-for-Sale or Trading

Fannie Mae MBS included in “Investments in securities”

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

Other-Than-Temporary Impairment of Debt Securities

Available-for-Sale Securities

Other-Than-Temporary Impairments

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

Loans Held for Sale

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

Loans Held for Investment

Nonaccrual Loans [Policy Text Block]

Nonaccrual Loans

Troubled Debt Restructurings [Policy Text Block]

Restructured Loans

Allowance for Loan Losses [Policy Text Block]

Allowance for Loan Losses and Reserve for Guaranty Losses

Impaired Financing Receivable, Policy [Policy Text Block]

Single-Family Loans

Individually Impaired Single-Family Loans

Multifamily Loans

Advances to Lenders [Policy Text Block]

Advances to Lenders

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

Acquired Property, Net

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

Commitments to Purchase and Sell Mortgage Loans and Securities

Derivatives, Policy [Policy Text Block]

Derivative Instruments


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


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

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

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

Derivatives, Embedded Derivatives [Policy Text Block]

Repurchase Agreements, Collateral, Policy [Policy Text Block]

Collateral

Cash Collateral

Non-Cash Collateral

Debt, Policy [Policy Text Block]

Debt

Interest Expense, Policy [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Income Taxes

Income Tax Uncertainties, Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

(Loss) Earnings per Share

Compensatory Fees, Policy [Policy Text Block]

Compensatory Fees

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Guidance

Consolidation and Transfer of Financial Assets (Policies)	12 Months Ended
	Dec. 31, 2014
Consolidations and Transfers of Financial Assets [Abstract]
Consolidations, Policy [Policy Text Block]	Principles of Consolidation Our consolidated financial statements include our accounts as well as the accounts of the other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a variable interest entity (“VIE”). We have interests in various entities that are considered to be VIEs. The primary types of entities are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions and mortgage-backed trusts that were not created by us, as well as housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing. These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities. Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary.
Transfers and Servicing of Financial Assets, Policy [Policy Text Block]	Transfers of Financial Assets We evaluate a transfer of financial assets to determine whether the transfer qualifies as a sale. If the transfer does not meet the criteria for sale treatment, the transferred assets remain in our consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with such a transfer. Transfers of financial assets for which we surrender control of the transferred assets are recorded as sales. When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets obtained and liabilities incurred at fair value. The difference between the carrying basis of the assets transferred and the fair value of the proceeds from the sale is recorded as a component of “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. Retained interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae MBS, REMIC certificates, guaranty assets and master servicing assets (“MSAs”). We separately describe the subsequent accounting, as well as how we determine fair value, for our retained interests in the Fannie Mae MBS included in the “Investments in Securities” section of this note. We enter into dollar roll transactions, which involve contemporaneous purchase and sale trades of agency securities, traded on a “to-be-announced” basis. When we enter into such agreements, we first account for our forward commitments to buy and sell the agency securities as derivatives in our financial statements at the trade date for both the purchase and sales trades. For certain dollar roll transactions, we may fully or partially settle the forward purchase or sale subsequent to the trade date, but prior to the contractual settlement date such that all or a portion of the securities will not be delivered according to the terms of the original trade. When such a settlement occurs, the contemporaneous purchase and sale trades no longer meet the “substantially the same” criteria as necessary for secured financing treatment, and the remaining transfers are accounted for as purchases or sales of securities. Purchased securities are initially recognized at fair value and accounted for as described in the “Investments in Securities” section of this note. For those commitments that are not settled prior to the contractual settlement date for the first trade, we assess whether both the purchase and sale trades have the same primary obligor, form and type, maturity, interest rate, collateral and unpaid principal balance, and thus meet all of the criteria to be considered substantially the same. If the “substantially the same” criteria are met as of the settlement date for the first trade, we will account for the transaction as a secured financing and extinguish both the purchase and sale commitments as of that date. Dollar roll transactions involving transfers of securities issued by consolidated MBS trusts are accounted for as issuances or extinguishments of the related consolidated MBS debt in our consolidated financial statements. We also enter into other repurchase agreements that involve contemporaneous trades to purchase and sell securities. These transactions are accounted for as secured financings since the transferor has not relinquished control over the transferred assets. These transactions are reported as securities purchased under agreements to resell and securities sold under agreements to repurchase in our consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in our consolidated balance sheets. Transfers of Financial Assets We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction.

- Definition

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

+ References + Details

Mortgage Loans Mortgage Loans Policy (Policies)	12 Months Ended
Mortgage Loans Mortgage Loans Policy (Policies)	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Troubled Debt Restructurings [Policy Text Block]	Restructured Loans A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (“TDR”). Our loss mitigation programs primarily include modifications that result in the capitalization of past due amounts in combination with interest rate reductions below market and/or the extension of the loan’s maturity date. Such restructurings are granted to borrowers in financial difficulty on either a permanent or contingent basis, as in the case of modifications with a trial period. We consider these types of loan restructurings to be TDRs. We do not include principal or past due interest forgiveness as part of our loss mitigation programs, and as a result, we do not charge off any outstanding principal or accrued interest amounts at the time of loan modification. We believe that the loan underwriting activities we perform as a part of our loan modification process coupled with the borrower’s successful performance during any required trial period provide us reasonable assurance regarding the collectibility of the principal and interest due in accordance with the loan’s modified terms, which include any past due interest amounts that are capitalized as principal at the time of modification. As such, the loan is returned to accrual status when the loan modification is completed (i.e., at the end of the trial period), and we accrue interest thereafter in accordance with our interest accrual policy. If the loan was on nonaccrual status prior to entering the trial period, it remains on nonaccrual status until the borrower demonstrates performance via the trial period and the modification is finalized. In addition to these loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans, forbearance arrangements, and the capitalization only of past due amounts. Repayment plans and forbearance arrangements are informal agreements with the borrower that do not result in the legal modification of the loan. For all of these activities, we consider the deferral or capitalization of three or fewer missed payments to represent only an insignificant delay, and thus not a TDR. If we defer or capitalize more than three missed payments, the delay is no longer considered insignificant, and the restructuring is accounted for as a TDR. We measure impairment of a loan restructured in a TDR individually based on the excess of the recorded investment in the loan over the present value of the expected future cash inflows discounted at the loan’s original effective interest rate. Costs incurred to complete a TDR are expensed as incurred. However, when foreclosure is probable on an individually impaired loan, we measure impairment based on the difference between our recorded investment in the loan and the fair value of the underlying property, adjusted for the estimated costs to sell the property and estimated insurance or other proceeds we expect to receive. A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs.

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

Acquired Property Net (Policies)	12 Months Ended
Acquired Property Net (Policies)	Dec. 31, 2014
Real Estate [Abstract]
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block]	Acquired Property, Net We recognize foreclosed property (i.e., “Acquired property, net”) upon the earlier of the loan foreclosure event or when we take physical possession of the property (i.e., through a deed-in-lieu of foreclosure transaction). We initially measure foreclosed property at its fair value less its estimated costs to sell. We treat any excess of our recorded investment in the loan over the fair value less estimated costs to sell the property as a charge-off to the “Allowance for loan losses.” Any excess of the fair value less estimated costs to sell the property over our recorded investment in the loan is recognized first to recover any forgone, contractually due interest, then to “Foreclosed property expense (income)” in our consolidated statements of operations and comprehensive income. We classify foreclosed properties as held for sale when we intend to sell the property and the following conditions are met at either acquisition or within a relatively short period thereafter: we are actively marketing the property and it is available for immediate sale in its current condition such that the sale is reasonably expected to take place within one year. We report these properties at the lower of their carrying amount or fair value less estimated selling costs. We do not depreciate these properties. We recognize a loss for any subsequent write-down of the property to its fair value less its estimated costs to sell through a valuation allowance with an offsetting charge to “Foreclosed property expense (income)” in our consolidated statements of operations and comprehensive income. We recognize a recovery for any subsequent increase in fair value less estimated costs to sell up to the cumulative loss previously recognized through the valuation allowance. We recognize gains or losses on sales of foreclosed property through “Foreclosed property expense (income)” in our consolidated statements of operations and comprehensive income. Properties that do not meet the criteria to be classified as held for sale are classified as held for use and are recorded in “Other assets” in our consolidated balance sheets. These properties are depreciated and are evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. Acquired property, net consists of held-for-sale foreclosed property received in satisfaction of a loan, net of a valuation allowance for declines in the fair value of the properties after initial acquisition. We classify properties as held for sale when we intend to sell the property and are actively marketing it for sale.

Derivative Instruments Derivative Policy (Policies)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Policy [Policy Text Block]

Derivative Instruments


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


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

- Definition

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

+ References + Details

Income Taxes Income Tax Policies (Policies)	12 Months Ended
Income Taxes Income Tax Policies (Policies)	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax, Policy [Policy Text Block]	Income Taxes We recognize deferred tax assets and liabilities based on the differences in the book and tax bases of assets and liabilities. We measure deferred tax assets and liabilities using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust deferred tax assets and liabilities for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. We reduce our deferred tax assets by an allowance if, based on the weight of available positive and negative evidence, it is more likely than not (a probability of greater than 50%) that we will not realize some portion, or all, of the deferred tax asset. We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases.

- Definition

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

+ References + Details

Employee Retirement Benefits Employee Retirement Benefits Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Postemployment Benefit Plans, Policy [Policy Text Block]	We sponsor defined benefit plans and defined contribution plans for our employees. Net periodic benefit costs for our defined benefit plans, which are determined on an actuarial basis, and expenses for our defined contribution plans, are included in “Salaries and employee benefits” in our consolidated statements of operations and comprehensive income.

Segment Reporting Segment Reporting Policy (Policies)	12 Months Ended
Segment Reporting Segment Reporting Policy (Policies)	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting, Policy [Policy Text Block]	We operate under three business segments: Single-Family Credit Guaranty (“Single-Family”), Multifamily and Capital Markets. Our Single-Family segment generates revenue primarily from the guaranty fees on the mortgage loans underlying guaranteed single-family Fannie Mae mortgage-backed securities (“Fannie Mae MBS”). Our Multifamily segment generates revenue from a variety of sources, including guaranty fees on the mortgage loans underlying multifamily Fannie Mae MBS, transaction fees associated with the multifamily business and bond credit enhancement fees. Our Capital Markets segment invests in mortgage loans, mortgage-related securities and other investments, and generates income primarily from the difference, or spread, between the yield on the mortgage assets we own and the interest we pay on the debt we issue in the global capital markets to fund the purchases of these mortgage assets. 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 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. 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 consolidated statements of operations and comprehensive income.

Netting Arrangements (Policies)	12 Months Ended
Netting Arrangements (Policies)	Dec. 31, 2014
Offsetting [Abstract]
Derivatives, Offsetting Policy [Policy Text Block]	We offset the carrying amounts of certain derivatives that are in gain positions and loss positions with the same counterparty as well as cash collateral receivables and payables associated with derivative positions under master netting arrangements. We offset these amounts only when we have the legal right to offset under the contract and we have met all of the offsetting conditions. Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our consolidated balance sheets. We determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and various rules and regulations that would govern the insolvency of a derivative counterparty.

Fair Value Policy (Policies)	12 Months Ended
Fair Value Policy (Policies)	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. We elected the fair value option for our credit risk sharing debt securities issued under our CAS series and certain loans of consolidated trusts that contain embedded derivatives that would otherwise require bifurcation. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from 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.

Commitments and Contingencies Policy (Policies)	12 Months Ended
Commitments and Contingencies Policy (Policies)	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Policy [Policy Text Block]	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. 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.
Loan and Mortgage Related Securities Commitments, Policy [Policy Text Block]	We have unconditional commitments related to the purchase of loans and mortgage-related securities. These include both on- and off-balance sheet commitments. A portion of these have been recorded as derivatives in our consolidated balance sheets.

Consolidations and Transfers of Financial Assets (Tables)

12 Months Ended

Dec. 31, 2014

Consolidations and Transfers of Financial Assets [Abstract]

Unconsolidated Variable Interest Entities [Table Text Block]

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



	As of December 31,
	2014				2013
	(Dollars in millions)
Assets and liabilities recorded in our consolidated balance sheets related to mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae securities		$	4,790			$	5,660
Non-Fannie Mae securities		7,073				8,559
Total trading securities		11,863				14,219
Available-for-sale securities:
Fannie Mae securities		5,043				5,866
Non-Fannie Mae securities		22,776				27,441
Total available-for-sale securities		27,819				33,307
Other assets		111				119
Other liabilities		(1,440		)		(1,668		)
Net carrying amount		$	38,353			$	45,977
Maximum exposure to loss		$	45,311			$	54,148
Total assets of unconsolidated mortgage-backed trusts		$	253,554			$	313,202

- Definition

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

+ References + Details

Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Line Items]

Loans in Mortgage Portfolio [Table Text Block]

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



	As of December 31,
	2014												2013
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	262,116			$	2,569,884			$	2,832,000			$	276,644			$	2,579,024			$	2,855,668
Multifamily		23,255				164,045				187,300				37,642				146,249				183,891
Total unpaid principal balance of mortgage loans		285,371				2,733,929				3,019,300				314,286				2,725,273				3,039,559
Cost basis and fair value adjustments, net		(12,705		)		48,440				35,735				(13,778		)		44,305				30,527
Allowance for loan losses for loans held for investment		(33,117		)		(2,424		)		(35,541		)		(40,521		)		(3,325		)		(43,846		)
Total mortgage loans		$	239,549			$	2,779,945			$	3,019,494			$	259,987			$	2,766,253			$	3,026,240

Aging Analysis [Table Text Block]



	As of December 31, 2014
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary		$	29,130		$	8,396		$	38,248		$	75,774	$	2,580,446	$	2,656,220		$	55	$	46,556
Government⁽²⁾		63			26			305			394		44,927		45,321			305		—
Alt-A		4,094			1,414			11,603			17,111		95,650		112,761			8		13,007
Other		1,520			516			3,763			5,799		38,460		44,259			6		4,259
Total single-family		34,807			10,352			53,919			99,078		2,759,483		2,858,561			374		63,822
Multifamily⁽³⁾		60			N/A			89			149		189,084		189,233			—		823
Total		$	34,867		$	10,352		$	54,008		$	99,227	$	2,948,567	$	3,047,794		$	374	$	64,645



	As of December 31, 2013
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽¹⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary		$	32,371		$	9,755		$	48,345		$	90,471	$	2,558,826	$	2,649,297		$	81	$	57,973
Government⁽²⁾		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		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⁽³⁾		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⁾	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.


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


⁽³⁾	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Individually Impaired Loans [Table Text Block]

The following tables display the total unpaid principal balance, recorded investment and related allowance as of December 31, 2014 and 2013, and average recorded investment and interest income recognized for the years ended December 31, 2014, 2013 and 2012 for individually impaired loans.



	As of December 31,
	2014										2013
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	125,960		$	120,221	$	20,327	$	309		$	130,080		$	123,631	$	24,145	$	430
Government		281			285		46		12			213			210		35		5
Alt-A		35,492			32,816		7,778		136			37,356			34,479		9,364		187
Other		14,667			13,947		3,049		38			15,789			15,023		3,879		56
Total single-family		176,400			167,269		31,200		495			183,438			173,343		37,423		678
Multifamily		1,230			1,241		175		6			2,257			2,276		306		10
Total individually impaired loans with related allowance recorded		177,630			168,510		31,375		501			185,695			175,619		37,729		688

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		16,704			14,876		—		—			14,076			12,305		—		—
Government		61			57		—		—			120			120		—		—
Alt-A		3,993			3,119		—		—			3,290			2,428		—		—
Other		1,240			1,056		—		—			1,039			868		—		—
Total single-family		21,998			19,108		—		—			18,525			15,721		—		—
Multifamily		565			568		—		—			1,927			1,939		—		—
Total individually impaired loans with no related allowance recorded		22,563			19,676		—		—			20,452			17,660		—		—
Total individually impaired loans⁽²⁾		$	200,193		$	188,186	$	31,375	$	501		$	206,147		$	193,279	$	37,729	$	688



	For the Year Ended December 31,
	2014									2013									2012
	Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽³⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	121,926		$	4,321		$	494		$	124,659		$	4,351		$	603		$	115,767		$	4,077		$	654
Government		270			13			—			213			11			—			216			11			—
Alt-A		33,676			1,066			100			35,075			1,096			135			32,978			1,048			151
Other		14,490			402			36			15,537			425			52			15,593			444			65
Total single-family		170,362			5,802			630			175,484			5,883			790			164,554			5,580			870
Multifamily		1,699			80			1			2,552			128			1			2,535			125			2
Total individually impaired loans with related allowance recorded		172,061			5,882			631			178,036			6,011			791			167,089			5,705			872

With no related allowance recorded:⁽¹⁾
Single-family:
Primary		13,852			864			215			11,442			1,369			227			8,264			1,075			231
Government		67			5			—			112			8			—			78			7			—
Alt-A		2,799			189			47			2,207			329			45			1,811			253			55
Other		974			56			12			752			117			17			455			95			24
Total single-family		17,692			1,114			274			14,513			1,823			289			10,608			1,430			310
Multifamily		1,472			64			—			1,863			97			3			1,781			56			2
Total individually impaired loans with no related allowance recorded		19,164			1,178			274			16,376			1,920			292			12,389			1,486			312
Total individually impaired loans⁽²⁾		$	191,225		$	7,060		$	905		$	194,412		$	7,931		$	1,083		$	179,478		$	7,191		$	1,184

__________


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


⁽²⁾	Includes single-family loans restructured in a TDR with a recorded investment of $185.2 billion, $187.6 billion and $193.4 billion as of December 31, 2014, 2013 and 2012, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $716 million, $911 million and $1.1 billion as of December 31, 2014, 2013 and 2012, respectively.

⁽³⁾

Troubled Debt Restructurings Activity [Table Text Block]

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



	For the Year Ended December 31,
	2014					2013
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		100,956		$	14,301		126,998		$	19,016
Government		365		47			312		35
Alt-A		14,715		2,441			21,471		3,794
Other		3,357		686			6,226		1,378
Total single-family		119,393		17,475			155,007		24,223
Multifamily		19		853			33		213
Total troubled debt restructurings		119,412		$	18,328		155,040		$	24,436



	For the Year Ended December 31,
	2014					2013
	Number of Loans		RecordedInvestment			Number of Loans		RecordedInvestment
	(Dollars in millions)
Single-family:
Primary		33,853		$	5,095		45,539		$	6,978
Government		124		15			130		17
Alt-A		5,392		960			9,601		1,732
Other		1,738		387			3,093		685
Total single-family		41,107		6,457			58,363		9,412
Multifamily		9		42			9		64
Total TDRs that subsequently defaulted		41,116		$	6,499		58,372		$	9,476

Single-Family [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]



	As of December 31,
	2014⁽¹⁾							2013⁽¹⁾
	Primary		Alt-A		Other			Primary		Alt-A		Other
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽²⁾
Less than or equal to 80%	$	2,156,165	$	60,851		$	22,558	$	2,073,079	$	61,670		$	24,112
Greater than 80%and less than or equal to 90%	261,709		15,151			6,046		276,011		16,794			6,947
Greater than 90%and less than or equal to 100%	140,778		12,490			5,236		153,474		14,709			6,402
Greater than 100%and less than or equal to 110%	43,014		8,998			3,900		59,630		11,006			5,146
Greater than 110% and less than or equal to 120%	23,439		6,033			2,615		33,954		7,742			3,691
Greater than 120% and less than or equal to 125%	7,529		2,114			904		11,256		2,951			1,406
Greater than 125%	23,586		7,124			3,000		41,893		12,637			5,587
Total	$	2,656,220	$	112,761		$	44,259	$	2,649,297	$	127,509		$	53,291

__________


⁽¹⁾	Excludes $45.3 billion and $48.6 billion as of December 31, 2014 and 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.


⁽²⁾	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

Multifamily [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]



	As of December 31,
	2014			2013
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽¹⁾
Pass		$	182,079	$	176,528
Special Mention		3,070		2,234
Substandard		3,842		6,758
Doubtful		242		458
Total		$	189,233	$	185,978

__________

⁽¹⁾

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2014

Loans and Leases Receivable, Allowance [Abstract]

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

The following table displays changes in single-family, multifamily and total allowance for loan losses for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014										2013										2012
	Of Fannie Mae			Of Consolidated Trusts				Total			Of Fannie Mae			Of Consolidated Trusts				Total			Of Fannie Mae			Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance, January 1	$	40,202			$	3,105		$	43,307		$	49,848			$	7,839		$	57,687		$	56,294			$	14,339		$	70,633
(Benefit) provision for loan losses⁽¹⁾	(4,334		)		553			(3,781		)	(6,751		)		(2,145		)	(8,896		)	(1,482		)		465			(1,017		)
Charge-offs⁽²⁾	(6,168		)		(225		)	(6,393		)	(8,458		)		(256		)	(8,714		)	(14,055		)		(823		)	(14,878		)
Recoveries	1,190				250			1,440			2,115				511			2,626			1,632				152			1,784
Transfers⁽³⁾	1,513				(1,513		)	—			2,932				(2,932		)	—			6,437				(6,437		)	—
Other⁽⁴⁾	553				51			604			516				88			604			1,022				143			1,165
Ending balance, December 31	$	32,956			$	2,221		$	35,177		$	40,202			$	3,105		$	43,307		$	49,848			$	7,839		$	57,687
Multifamily allowance for loan losses:
Beginning balance, January 1	$	319			$	220		$	539		$	671			$	437		$	1,108		$	1,015			$	508		$	1,523
Benefit for loan losses⁽¹⁾	(91		)		(13		)	(104		)	(233		)		(187		)	(420		)	(131		)		(43		)	(174		)
Charge-offs	(76		)		—			(76		)	(153		)		—			(153		)	(261		)		—			(261		)
Transfers⁽³⁾	4				(4		)	—			30				(30		)	—			29				(29		)	—
Other⁽⁴⁾	5				—			5			4				—			4			19				1			20
Ending balance, December 31	$	161			$	203		$	364		$	319			$	220		$	539		$	671			$	437		$	1,108
Total allowance for loan losses:
Beginning balance, January 1	$	40,521			$	3,325		$	43,846		$	50,519			$	8,276		$	58,795		$	57,309			$	14,847		$	72,156
(Benefit) provision for loan losses⁽¹⁾	(4,425		)		540			(3,885		)	(6,984		)		(2,332		)	(9,316		)	(1,613		)		422			(1,191		)
Charge-offs⁽²⁾	(6,244		)		(225		)	(6,469		)	(8,611		)		(256		)	(8,867		)	(14,316		)		(823		)	(15,139		)
Recoveries	1,190				250			1,440			2,115				511			2,626			1,632				152			1,784
Transfers⁽³⁾	1,517				(1,517		)	—			2,962				(2,962		)	—			6,466				(6,466		)	—
Other⁽⁴⁾	558				51			609			520				88			608			1,041				144			1,185
Ending balance, December 31	$	33,117			$	2,424		$	35,541		$	40,521			$	3,325		$	43,846		$	50,519			$	8,276		$	58,795

__________


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


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


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

⁽⁴⁾

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



	As of December 31,
	2014							2013
	Single-Family		Multifamily			Total		Single-Family		Multifamily			Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans⁽¹⁾	$	31,200		$	175	$	31,375	$	37,423		$	306	$	37,729
Collectively reserved loans	3,977			189		4,166		5,884			233		6,117
Total allowance for loan losses	$	35,177		$	364	$	35,541	$	43,307		$	539	$	43,846

Recorded investment in loans by segment:
Individually impaired loans⁽¹⁾	$	186,377		$	1,809	$	188,186	$	189,064		$	4,215	$	193,279
Collectively reserved loans	2,672,184			187,424		2,859,608		2,689,627			181,763		2,871,390
Total recorded investment in loans	$	2,858,561		$	189,233	$	3,047,794	$	2,878,691		$	185,978	$	3,064,669

__________


⁽¹⁾	Includes acquired credit-impaired loans.

Investments in Securities (Tables)

12 Months Ended

Dec. 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 December 31, 2014 and 2013.



	As of December 31,
	2014		2013
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae	$	4,940	$	5,870
Freddie Mac	1,369		1,839
Ginnie Mae	166		407
Alt-A private-label securities	920		1,516
Subprime private-label securities	1,307		1,448
CMBS	2,515		2,718
Mortgage revenue bonds	722		565
Other mortgage-related securities	99		99
Total mortgage-related securities	12,038		14,462
U.S. Treasury securities	19,466		16,306
Total trading securities	$	31,504	$	30,768

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

The following table displays information about our net trading gains for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013		2012
		(Dollars in millions)
Net trading gains		$	485	$	260		$	1,004
Net trading gains recorded in the period related to securities still held at period end		420		297			1,037

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



	For the Year Ended December 31,
	2014			2013			2012
	(Dollars in millions)
Gross realized gains	$	569		$	1,632		$	40
Gross realized losses	(5		)	(979		)	(16		)
Total proceeds	3,265			15,157			634

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 December 31, 2014 and 2013.



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



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


⁽²⁾	Represents the noncredit component of OTTI 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 OTTI.


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

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



		As of December 31, 2014
	Less Than 12 Consecutive Months						12 Consecutive Months or Longer
	Gross Unrealized Losses				Fair Value		Gross Unrealized Losses				Fair Value
		(Dollars in millions)
Fannie Mae		$	—		$	113		$	(19	)	$	627
Alt-A private-label securities		(2		)	171			(13		)	112
Subprime private-label securities		—			—			(24		)	460
Mortgage revenue bonds		(2		)	47			(11		)	155
Other mortgage-related securities		—			8			(136		)	1,021
Total		$	(4	)	$	339		$	(203	)	$	2,375

		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 December 31, 2014
				Alt-A
	Subprime			Option ARM				Fixed Rate				Variable Rate				Hybrid Rate
	(Dollars in millions)
Vintage Year
2004 & Prior:
Unpaid principal balance	$	110			$	110			$	794			$	121			$	305
Weighted average collateral default⁽¹⁾	26.4		%		26.4		%		8.3		%		17.2		%		11.7		%
Weighted average collateral severities⁽²⁾	56.3				54.6				45.9				37.8				36.4
Weighted average voluntary prepayment rates⁽³⁾	8.2				9.2				14.0				9.4				10.7
Average credit enhancement⁽⁴⁾	39.2				3.9				11.3				23.3				9.9
2005:
Unpaid principal balance	$	8			$	451			$	771			$	277			$	1,096
Weighted average collateral default⁽¹⁾	47.0		%		31.5		%		19.9		%		27.1		%		20.7		%
Weighted average collateral severities⁽²⁾	69.7				53.6				49.0				47.2				41.2
Weighted average voluntary prepayment rates⁽³⁾	3.9				7.4				10.1				8.3				9.2
Average credit enhancement⁽⁴⁾	60.3				7.5				0.6				13.2				3.1
2006:
Unpaid principal balance	$	6,718			$	571			$	374			$	873			$	872
Weighted average collateral default⁽¹⁾	48.1		%		39.1		%		22.5		%		26.8		%		11.9		%
Weighted average collateral severities⁽²⁾	66.7				46.6				53.1				44.2				40.7
Weighted average voluntary prepayment rates⁽³⁾	2.3				6.3				8.4				7.4				12.5
Average credit enhancement⁽⁴⁾	15.0				1.5				0.1				1.1				—
2007 & After:
Unpaid principal balance	$	328			$	—			$	—			$	—			$	77
Weighted average collateral default⁽¹⁾	46.1		%		N/A				N/A				N/A				20.7		%
Weighted average collateral severities⁽²⁾	25.5				N/A				N/A				N/A				36.2
Weighted average voluntary prepayment rates⁽³⁾	1.3				N/A				N/A				N/A				9.8
Average credit enhancement⁽⁴⁾	20.6				N/A				N/A				N/A				20.5
Total:
Unpaid principal balance	$	7,164			$	1,132			$	1,939			$	1,271			$	2,350
Weighted average collateral default⁽¹⁾	47.7		%		34.8		%		15.7		%		25.9		%		16.3		%
Weighted average collateral severities⁽²⁾	64.8				49.7				49.5				44.5				40.4
Weighted average voluntary prepayment rates⁽³⁾	2.4				7.0				11.4				7.8				10.6
Average credit enhancement⁽⁴⁾	15.7				4.1				4.9				5.8				3.4

__________


⁽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.

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



	For the Year Ended
	December 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			20
Additions for the credit component on debt securities for which OTTI was previously recognized	58			10
Reductions for securities no longer in portfolio at period end	(904		)	(543		)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis	(1,453		)	(399		)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(346		)	(398		)
Balance, end of period	$	5,260		$	7,904

Investments Classified by Contractual Maturity Date [Table Text Block]



		As of December 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		$	5,330		$	5,639		$	—		$	—		$	253		$	266		$	255		$	274		$	4,822		$	5,099
Freddie Mac		5,100			5,528			—			—			280			295			488			533			4,332			4,700
Ginnie Mae		416			476			—			—			—			—			62			70			354			406
Alt-A private-label securities		4,638			5,678			—			—			—			—			—			—			4,638			5,678
Subprime private-label securities		4,103			5,240			—			—			—			—			—			—			4,103			5,240
CMBS		1,341			1,397			—			—			1,264			1,320			—			—			77			77
Mortgage revenue bonds		3,859			4,023			16			16			168			170			340			343			3,335			3,494
Other mortgage-related securities		2,626			2,673			—			—			—			2			36			38			2,590			2,633
Total		$	27,413		$	30,654		$	16		$	16		$	1,965		$	2,053		$	1,181		$	1,258		$	24,251		$	27,327
Weighted average yield⁽¹⁾		5.52		%				6.72		%				4.61		%				5.97		%				5.58		%

__________


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

Financial Guarantees Tables (Tables)

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Financial Guarantees and Maximum Recovery [Table Text Block]



	As of December 31,
	2014									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	$	17,184		$	214		$	9,775		$	19,317		$	232		$	10,541
Other guaranty arrangements⁽³⁾	18,781			168			4,447			30,598			253			4,525
Total	$	35,965		$	382		$	14,222		$	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 and financial guarantors, see “Note 16, Concentrations of Credit Risk.”


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

Acquired Property Net (Tables)

12 Months Ended

Dec. 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 related valuation allowance, for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014				2013				2012
		(Dollars in millions)
Beginning balance — Acquired property		$	12,307			$	11,158			$	12,401
Additions		13,100				16,092				16,915
Disposals		(13,965		)		(14,943		)		(18,158		)
Ending balance — Acquired property		11,442				12,307				11,158

Beginning balance — Valuation allowance		(686		)		(669		)		(1,028		)
(Increase) decrease in valuation allowance		(138		)		(17		)		359
Ending balance — Valuation allowance		(824		)		(686		)		(669		)
Ending balance — Acquired property, net		$	10,618			$	11,621			$	10,489

Acquired Properties Held-for-Use [Table Text Block]

The following table displays the activity and carrying amount of acquired properties held for use for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014				2013				2012
	(Dollars in millions)
Beginning balance, January 1		$	256			$	873			$	835
Transfers in from held for sale, net and additions		333				544				1,173
Transfers to held for sale, net		(367		)		(1,027		)		(748		)
Depreciation, asset write-downs, and other		(87		)		(134		)		(387		)
Ending balance, December 31		$	135			$	256			$	873

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

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings [Table Text Block]



	As of December 31,
	2014				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⁾	$	50	—	%	$	—	—	%

Fixed-rate short-term debt:
Discount notes⁽³⁾	$	105,012	0.11	%	$	71,933	0.12	%
Foreign exchange discount notes⁽⁴⁾	—		—		362		1.07
Total short-term debt of Fannie Mae	105,012		0.11		72,295		0.13
Debt of consolidated trusts	1,560		0.09		2,154		0.09
Total short-term debt	$	106,572	0.11	%	$	74,449	0.13	%

__________


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


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


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


⁽⁴⁾	Represents foreign exchange discount notes we issue in the Euro commercial paper market with maturities ranging from 5 to 360 days which enable investors to hold short-term investments in different currencies.

Long-Term Debt [Table Text Block]

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



	As of December 31,
	2014					2013
	Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾		Maturities	Outstanding			Weighted-Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2015 - 2030	$	173,010	2.41	%	2014 - 2030	$	212,234		2.45	%
Medium-term notes⁽²⁾	2015 - 2024	114,556		1.42		2014 - 2023	161,445			1.28
Foreign exchange notes and bonds	2021 - 2028	619		5.44		2021 - 2028	682			5.41
Other	2015 - 2038	32,322		4.63		2014 - 2038	38,444		(4)	4.99
Total senior fixed		320,507		2.29			412,805			2.24
Senior floating:
Medium-term notes⁽²⁾	2015 - 2019	24,469		0.15		2014 - 2019	38,441			0.20
Connecticut Avenue Securities⁽³⁾	2023 - 2024	6,041		2.97		2023	689			3.81
Other⁽⁴⁾	2020 - 2037	363		8.71		2020 - 2037	266			8.52
Total senior floating		30,873		0.81			39,396			0.32
Subordinated fixed:
Qualifying subordinated	—	—		—		2014	1,169			5.27
Subordinated debentures	2019	3,849		9.93		2019	3,507			9.92
Total subordinated fixed		3,849		9.93			4,676			8.76
Secured borrowings⁽⁵⁾	2021 - 2022	202		1.90		2021 - 2022	262			1.86
Total long-term debt of Fannie Mae⁽⁶⁾		355,431		2.24			457,139			2.14
Debt of consolidated trusts⁽⁴⁾	2015 - 2054	2,760,152		3.02		2014 - 2053	2,702,935			3.26
Total long-term debt		$	3,115,583	2.93	%		$	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⁾	Credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to the investors in these securities. Connecticut Avenue Securities are reported at fair value.


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


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


⁽⁶⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.1 billion and $4.8 billion as of December 31, 2014 and 2013, respectively.

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



	Long-Term Debt by Year of Maturity			Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2015		$	64,655		$	173,495
2016		59,124			56,851
2017		79,193			52,598
2018		47,452			23,169
2019		32,564			17,964
Thereafter		72,443			31,354
Total debt of Fannie Mae⁽¹⁾		355,431			355,431
Debt of consolidated trusts⁽²⁾		2,760,152			2,760,152
Total long-term debt⁽³⁾		$	3,115,583		$	3,115,583

__________


⁽¹⁾	Reported amount includes a net unamortized discount, fair value adjustments and other cost basis adjustments of $4.1 billion.


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


⁽³⁾	Includes a portion of structured debt instruments that is reported at fair value.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=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

+ Details

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional and Fair Value Position [Table Text Block]

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



	December 31, 2014										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	$	41,965	$	733		$	123,557	$	(7,125	)	$	68,637	$	5,378		$	93,428	$	(4,759	)
Receive-fixed	67,629		4,486			157,272		(1,302		)	67,527		3,320			156,250		(3,813		)
Basis	5,769		123			7,100		(2		)	27,014		36			600		—
Foreign currency	344		144			273		(30		)	389		120			653		(38		)
Swaptions:
Pay-fixed	11,100		57			26,525		(175		)	33,400		445			48,025		(600		)
Receive-fixed	750		96			29,525		(816		)	8,000		117			48,025		(484		)
Other⁽¹⁾	1,071		28			12		(1		)	769		28			13		(1		)
Total gross risk management derivatives	128,628		5,667			344,264		(9,451		)	205,736		9,444			346,994		(9,695		)
Accrued interest receivable (payable)	—		749			—		(1,013		)	—		786			—		(930		)
Netting adjustment⁽²⁾	—		(5,186		)	—		10,194			—		(8,422		)	—		9,370
Total net risk management derivatives	$	128,628	$	1,230		$	344,264	$	(270	)	$	205,736	$	1,808		$	346,994	$	(1,255	)



Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	6,157	$	28	$	428	$	—		$	1,138	$	1	$	4,353	$	(31	)
Forward contracts to purchase mortgage-related securities	43,533		223		6,112		(8		)	3,276		4		20,861		(168		)
Forward contracts to sell mortgage-related securities	4,886		4		57,910		(336		)	35,423		260		7,886		(15		)
Total mortgage commitment derivatives	$	54,576	$	255	$	64,450	$	(344	)	$	39,837	$	265	$	33,100	$	(214	)
Derivatives at fair value	$	183,204	$	1,485	$	408,714	$	(614	)	$	245,573	$	2,073	$	380,094	$	(1,469	)

__________


⁽¹⁾	Includes interest rate caps, 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 years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013			2012
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(7,703	)	$	14,393		$	(2,254	)
Receive-fixed	4,229			(10,721		)	1,102
Basis	85			(115		)	78
Foreign currency	27			(101		)	59
Swaptions:
Pay-fixed	(4		)	(238		)	132
Receive-fixed	(197		)	307			410
Other	1			21			(35		)
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(3,712		)	(4,463		)	(4,427		)
Received-fixed interest-rate swaps	2,600			3,632			2,950
Other	50			64			47
Total risk management derivatives fair value (losses) gains, net	$	(4,624	)	$	2,779		$	(1,938	)
Mortgage commitment derivatives fair value (losses) gains, net	(1,140		)	501			(1,688		)
Total derivatives fair value (losses) gains, net	$	(5,764	)	$	3,280		$	(3,626	)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

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

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

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

The following table displays the components of our provision (benefit) for federal income taxes for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013				2012
	(Dollars in millions)
Current income tax provision		$	1,879		$	3,067			$	—
Deferred income tax provision (benefit)⁽¹⁾		5,062			(48,482		)		—
Provision (benefit) for federal income taxes		$	6,941		$	(45,415	)		$	—

__________


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

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

The following table displays the difference between our effective tax rates and the statutory federal tax rates for the years ended December 31, 2014, 2013 and 2012, respectively.



	For the Year Ended December 31,
	2014				2013				2012
Statutory corporate tax rate		35.0		%		35.0		%		35.0		%
Equity investments in affordable housing projects		(1.8	)			(1.5	)			(3.9	)
Other		1.4				—				(0.5	)
Valuation allowance		(1.8	)			(151.3	)			(30.6	)
Effective tax rate		32.8		%		(117.8	)	%		—		%

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

The following table displays our deferred tax assets, deferred tax liabilities and valuation allowance as of December 31, 2014 and 2013.



		As of December 31,
		2014				2013
	(Dollars in millions)
Deferred tax assets:
Allowance for loan losses and basis in acquired property, net			$	17,435			$	20,918
Mortgage and mortgage-related assets			16,250				16,350
Debt and derivative instruments			4,254				3,958
Partnership credits			2,918				4,172
Partnership and other equity investments			934				1,255
Other, net			1,699				2,300
Total deferred tax assets			43,490				48,953
Deferred tax liabilities:
Unrealized gains on AFS securities, net			1,134				868
Total deferred tax liabilities			1,134				868
Valuation allowance			(150		)		(525		)
Deferred tax assets, net			$	42,206			$	47,560

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

The following table displays the changes in our unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012, respectively.



	For the Year Ended December 31,
	2014				2013				2012
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	514			$	648			$	758
Gross decreases—tax positions in prior years		(301		)		(134		)		(110		)
Unrecognized tax benefits as of December 31⁽¹⁾		$	213			$	514			$	648

__________


⁽¹⁾	Amounts exclude tax credits of $91 million and $220 million as of December 31, 2014 and 2013, respectively, and exclude tax credits and net operating losses of $648 million as of December 31, 2012.

(Loss) Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

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

The following table displays the computation of basic and diluted (loss) earnings per share of common stock for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013			2012
	(Dollars and shares in millions, except per share amounts)
Net income	$	14,209		$	83,982		$	17,220
Less: Net (income) loss attributable to noncontrolling interest	(1		)	(19		)	4
Net income attributable to Fannie Mae	14,208			83,963			17,224
Dividends distributed or available for distribution to senior preferred stockholder⁽¹⁾	(15,323		)	(85,419		)	(15,827		)
Net (loss) income attributable to common stockholders	$	(1,115	)	$	(1,456	)	$	1,397
Weighted-average common shares outstanding—Basic⁽²⁾	5,762			5,762			5,762
Convertible preferred stock	—			—			131
Weighted-average common shares outstanding—Diluted⁽²⁾	5,762			5,762			5,893
(Loss) earnings per share:
Basic	$	(0.19	)	$	(0.25	)	$	0.24
Diluted	$	(0.19	)	$	(0.25	)	$	0.24

__________

⁽¹⁾


⁽²⁾	Includes 4.6 billion for the years ended December 31, 2014 and 2013, and 4.7 billion for the year ended December 31, 2012, of weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through December 31, 2014, 2013 and 2012, respectively.

Employee Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pre- and Post-tax Amounts Recognized in AOCI [Table Text Block]




	For the Year Ended
	2014				2013
	(Dollars in millions)
Actuarial Loss:
Beginning balance		$	338		$	499
Current year actuarial gain		(16		)	(236		)
Actuarial gain due to curtailment		—			(135		)
Actuarial loss due to plan amendment⁽¹⁾		—			226
Amortization		(6		)	(16		)
Ending balance recorded in AOCI (Pre-tax)		$	316		$	338
After-tax balance recorded in AOCI		$	391		$	406

__________


⁽¹⁾	Primarily includes the incremental costs incurred due to risk premiums required by insurance carriers to provide annuities and the higher actuarial value of lump sums distributed earlier than previously expected retirement ages.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment results [Table Text Block]

The following tables display our business segment financial results for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 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 income (loss)	$	6			$	(79	)	$	7,243			$	11,722				$	1,076		⁽³⁾	$	19,968
Benefit for credit losses	3,850				114			—				—					—				3,964
Net interest income after benefit for credit losses	3,856				35			7,243				11,722					1,076				23,932
Guaranty fee income (expense)⁽⁴⁾	11,702				1,297			(955		)		(5,895		)	⁽⁵⁾		(5,974		)	⁽⁵⁾	175			⁽⁵⁾
Investment (losses) gains, net	(1		)		57			6,378				(192		)			(5,306		)	⁽⁶⁾	936
Fair value (losses) gains, net	(19		)		—			(5,476		)		300					362			⁽⁷⁾	(4,833		)
Debt extinguishment gains, net	—				—			35				31					—				66
(Losses) gains from partnership investments⁽⁸⁾	(31		)		299			—				—					1				269
Fee and other income (expense)	624				166			4,894				(323		)			351				5,712
Administrative expenses	(1,830		)		(306		)	(641		)		—					—				(2,777		)
Foreclosed property (expense) income	(225		)		83			—				—					—				(142		)
TCCA fees⁽⁴⁾	(1,375		)		—			—				—					—				(1,375		)
Other expenses	(726		)		(10		)	(77		)		—					—				(813		)
Income before federal income taxes	11,975				1,621			11,401				5,643					(9,490		)		21,150
Provision for federal income taxes	(3,496		)		(158		)	(3,287		)		—					—				(6,941		)
Net income	8,479				1,463			8,114				5,643					(9,490		)		14,209
Less: Net income attributable to noncontrolling interest	—				—			—				—					(1		)	⁽¹⁰⁾	(1		)
Net income attributable to Fannie Mae	$	8,479			$	1,463		$	8,114			$	5,643				$	(9,491	)		$	14,208



	For the Year Ended December 31, 2013
	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)	$	205			$	(74	)	$	9,764			$	10,939				$	1,570		⁽³⁾	$	22,404
Benefit for credit losses	8,469				480			—				—					—				8,949
Net interest income after benefit for credit losses	8,674				406			9,764				10,939					1,570				31,353
Guaranty fee income (expense)⁽⁴⁾	10,468				1,217			(1,115		)		(5,233		)	⁽⁵⁾		(5,132		)	⁽⁵⁾	205			⁽⁵⁾
Investment gains (losses), net	3				21			4,847				(122		)			(3,622		)	⁽⁶⁾	1,127
Fair value (losses) gains, net	(10		)		—			3,148				(722		)			543			⁽⁷⁾	2,959
Debt extinguishment gains, net	—				—			27				104					—				131
Gains from partnership investments⁽⁸⁾	—				498			—				—					19				517
Fee and other income (expense)	630				182			3,010				(321		)			224				3,725
Administrative expenses	(1,706		)		(280		)	(559		)		—					—				(2,545		)
Foreclosed property income	2,736				103			—				—					—				2,839
TCCA fees⁽⁴⁾	(1,001		)		—			—				—					—				(1,001		)
Other (expenses) income	(628		)		(2		)	20				—					(133		)		(743		)
Income before federal income taxes	19,166				2,145			19,142				4,645					(6,531		)		38,567
Benefit for federal income taxes⁽⁹⁾	29,110				7,924			8,381				—					—				45,415
Net income	48,276				10,069			27,523				4,645					(6,531		)		83,982
Less: Net income attributable to noncontrolling interest	—				—			—				—					(19		)	⁽¹⁰⁾	(19		)
Net income attributable to Fannie Mae	$	48,276			$	10,069		$	27,523			$	4,645				$	(6,550	)		$	83,963



	For the Year Ended December 31, 2012
	Business Segments										Other Activity/Reconciling Items
	Single-Family			Multifamily				Capital Markets			Consolidated Trusts⁽¹⁾					Eliminations/ Adjustments⁽²⁾					Total Results
	(Dollars in millions)
Net interest (loss) income	$	(790	)		$	(13	)	$	13,241			$	7,156				$	1,907		⁽³⁾	$	21,501
Benefit for credit losses	672				180			—				—					—				852
Net interest (loss) income after provision for credit losses	(118		)		167			13,241				7,156					1,907				22,353
Guaranty fee income (expense)⁽⁴⁾	8,151				1,040			(1,291		)		(4,737		)	⁽⁵⁾		(2,951		)	⁽⁵⁾	212			⁽⁵⁾
Investment gains (losses), net	8				37			5,506				(3		)			(5,774		)	⁽⁶⁾	(226		)
Fair value losses, net	(8		)		—			(3,041		)		(313		)			385			⁽⁷⁾	(2,977		)
Debt extinguishment (losses) gains, net	—				—			(277		)		33					—				(244		)
Gains from partnership investments⁽⁸⁾	—				123			—				—					(4		)		119
Fee and other income (expense)	759				207			717				(395		)			(13		)		1,275
Administrative expenses	(1,590		)		(269		)	(508		)		—					—				(2,367		)
Foreclosed property income	247				7			—				—					—				254
TCCA fees⁽⁴⁾	(238		)		—			—				—					—				(238		)
Other expenses	(841		)		(5		)	(22		)		—					(73		)		(941		)
Income before federal income taxes	6,370				1,307			14,325				1,741					(6,523		)		17,220
(Provision) benefit for federal income taxes	(80		)		204			(124		)		—					—				—
Net income	6,290				1,511			14,201				1,741					(6,523		)		17,220
Less: Net loss attributable to noncontrolling interest	—				—			—				—					4			⁽¹⁰⁾	4
Net income attributable to Fannie Mae	$	6,290			$	1,511		$	14,201			$	1,741				$	(6,519	)		$	17,224

__________


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


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


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


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

⁽⁵⁾

⁽⁶⁾


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


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


⁽⁹⁾	Primarily represents the release of the valuation allowance for our deferred tax assets that generally are directly attributable to each segment based on the nature of the item.


⁽¹⁰⁾	Represents the adjustment from equity method accounting to consolidation accounting for partnership investments that are consolidated in our consolidated balance sheets.

Total assets by segment [Table Text Block]

The following table displays total assets by segment as of December 31, 2014, 2013 and 2012.



	As of December 31,
	2014			2013			2012
	(Dollars in millions)
Single-Family	$	43,512		$	41,206		$	17,595
Multifamily	9,281			10,848			5,182
Capital Markets	510,848			596,436			723,217
Consolidated trusts	2,827,565			2,812,459			2,749,571
Eliminations/adjustments⁽¹⁾	(143,030		)	(190,841		)	(273,143		)
Total assets	$	3,248,176		$	3,270,108		$	3,222,422

__________

⁽¹⁾

Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Preferred Stock [Table Text Block]

Preferred Stock

The following table displays our senior preferred stock and preferred stock outstanding as of December 31, 2014 and 2013.



		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2014
		2014			2013			Stated Value per Share
Title	Issue Date	Shares	Amount		Shares	Amount		Stated Value per Share					Redeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2	September 8, 2008	1	$	117,149	1	$	117,149	$	117,149	⁽¹⁾	N/A	⁽²⁾	N/A	⁽³⁾

Preferred Stock
Series D	September 30, 1998	3	$	150	3	$	150	$	50		5.250	%	September 30, 1999
Series E	April 15, 1999	3	150		3	150		50			5.100		April 15, 2004
Series F	March 20, 2000	14	690		14	690		50			0.260	⁽⁴⁾	March 31, 2002	⁽⁵⁾
Series G	August 8, 2000	6	288		6	288		50			0.400	⁽⁶⁾	September 30, 2002	⁽⁵⁾
Series H	April 6, 2001	8	400		8	400		50			5.810		April 6, 2006
Series I	October 28, 2002	6	300		6	300		50			5.375		October 28, 2007
Series L	April 29, 2003	7	345		7	345		50			5.125		April 29, 2008
Series M	June 10, 2003	9	460		9	460		50			4.750		June 10, 2008
Series N	September 25, 2003	5	225		5	225		50			5.500		September 25, 2008
Series O	December 30, 2004	50	2,500		50	2,500		50			7.000	⁽⁷⁾	December 31, 2007
Convertible Series 2004-I⁽⁸⁾	December 30, 2004	—	2,492		—	2,492		100,000			5.375		January 5, 2008
Series P	September 28, 2007	40	1,000		40	1,000		25			4.500	⁽⁹⁾	September 30, 2012
Series Q	October 4, 2007	15	375		15	375		25			6.750		September 30, 2010
Series R⁽¹⁰⁾	November 21, 2007	21	530		21	530		25			7.625		November 21, 2012
Series S	December 11, 2007	280	7,000		280	7,000		25			7.750	⁽¹¹⁾	December 31, 2010	⁽¹²⁾
Series T⁽¹³⁾	May 19, 2008	89	2,225		89	2,225		25			8.250		May 20, 2013
Total		556	$	19,130	556	$	19,130

__________


⁽¹⁾	Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2014 was $117,149.

⁽²⁾

⁽³⁾


⁽⁴⁾	Rate effective March 31, 2014. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.


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


⁽⁶⁾	Rate effective September 30, 2014. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.


⁽⁷⁾	Rate effective December 31, 2014. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.00% or 10-year CMT rate plus 2.375%.


⁽⁸⁾	Issued and outstanding shares were 24,922 as of December 31, 2014 and 2013, respectively.


⁽⁹⁾	Rate effective December 31, 2014. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.50% or 3-Month LIBOR plus 0.75%.


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


⁽¹¹⁾	Rate effective December 31, 2014. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.


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


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

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

Accumulated Other Comprehensive Income

The following table displays our accumulated other comprehensive income as of December 31, 2014, 2013 and 2012.



	As of December 31,
	2014			2013			2012
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax	$	592		$	365		$	1,399
Net unrealized gains (losses) on AFS securities for which we have recorded OTTI, net of tax	1,529			1,262			(465		)
Prior service cost and actuarial losses, net of amortization, net of tax	(358		)	(395		)	(505		)
Other losses	(30		)	(29		)	(45		)
Accumulated other comprehensive income	$	1,733		$	1,203		$	384

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



	For the Year Ended December 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
Other comprehensive income before reclassifications		722				37				759				983				116				1,099
Amounts reclassified from other comprehensive income		(228		)		(1		)		(229		)		(290		)		10				(280		)
Net other comprehensive income		494				36				530				693				126				819
Ending balance		$	2,121			$	(388	)		$	1,733			$	1,627			$	(424	)		$	1,203

__________


⁽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 in earnings, which are recorded in “Investments gains (losses), net” in our consolidated statements of operations and comprehensive income.


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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27011957&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21300-112643

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5

+ Details

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2014

Regulatory Capital Requirements [Abstract]

Regulatory Capital Classification Measures [Table Text Block]

The following table displays our regulatory capital classification measures as of December 31, 2014 and 2013.



	As of December 31,
	2014			2013
	(Dollars in millions)
Core capital⁽¹⁾	$	(115,202	)	$	(108,811	)
Statutory minimum capital requirement⁽²⁾	27,044			28,472
Deficit of core capital over statutory minimum capital requirement	$	(142,246	)	$	(137,283	)

__________


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


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

Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2014

Concentration Risk [Line Items]

Estimated Benefit from Mortgage Insurance [Table Text Block]

The following table displays the amount by which our estimated benefit from mortgage insurance reduced our total loss reserves as of these dates.



	As of December 31,
	2014			2013
	(Dollars in millions)
Contractual mortgage insurance benefit		$	4,409		$	6,751
Less: Collectibility adjustment⁽¹⁾		290			431
Estimated benefit included in total loss reserves		$	4,119		$	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.

Geographic Concentration Risk [Member]

Concentration Risk [Line Items]

Concentration of Credit Risk [Table Text Block]

The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty book of business as of December 31, 2014 and 2013.



	Geographic Concentration⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽²⁾						Percentage of Multifamily Guaranty Book of Business⁽³⁾
	As of December 31,						As of December 31,
	2014			2013			2014			2013
Midwest		15	%		15	%		9	%		9	%
Northeast		19			19			18			20
Southeast		22			22			22			21
Southwest		16			16			20			19
West		28			28			31			31
Total		100	%		100	%		100	%		100	%

__________


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


⁽²⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted over 99% of our total single-family conventional guaranty book of business as of December 31, 2014 and 2013.


⁽³⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted 99% of our total multifamily guaranty book of business as of December 31, 2014 and 2013.

Guaranteed Non-Agency Securities [Member]

Concentration Risk [Line Items]

Concentration of Credit Risk [Table Text Block]

The following table displays the total unpaid principal balance of guaranteed non-agency securities in our retained mortgage portfolio as of December 31, 2014 and 2013.



	As of December 31,
	2014		2013
	(Dollars in millions)
Alt-A private-label securities	$	325	$	511
Subprime private-label securities	820		868
Mortgage revenue bonds	3,168		3,911
Other mortgage-related securities	238		264
Total	$	4,551	$	5,554

Single-Family [Member]

Concentration Risk [Line Items]

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



	As of December 31,
	2014⁽¹⁾						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⁾	1.27	%	0.38	%	1.99	%	1.41	%	0.44	%	2.54	%
Percentage of single-family conventional loans⁽⁴⁾	1.47		0.43		1.89		1.64		0.49		2.38

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



	As of December 31,
	2014⁽¹⁾				2013⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Seriously Delinquent Rate⁽²⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	5	%	10.98	%	7	%	12.22	%
Geographical distribution:
California	20		0.70		20		0.98
Florida	6		4.42		6		6.89
Illinois	4		2.36		4		3.12
New Jersey	4		5.78		4		6.25
New York	5		4.17		5		4.42
All other states	61		1.52		61		1.85
Product distribution:
Alt-A	4		7.77		5		9.23
Vintages:
2005	3		6.18		4		7.26
2006	3		9.61		3		11.26
2007	4		10.79		5		12.18
2008	2		6.27		3		6.69
All other vintages	88		0.88		85		1.02

__________


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


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

Multifamily [Member]

Concentration Risk [Line Items]

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



	As of December 31,
	2014⁽¹⁾⁽²⁾				2013⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.04	%	0.05	%	0.03	%	0.10	%

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



	As of December 31,
	2014⁽¹⁾				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	%	0.31	%	3	%	0.23	%
Less than or equal to 80%	97		0.04		97		0.10
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		0.83		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 December 31, 2014 and 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.

Netting Arrangements (Tables)

12 Months Ended

Dec. 31, 2014

Offsetting [Abstract]

Offsetting [Table Text Block]

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



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



	As of December 31, 2013
							Net Amount Presented in the Consolidated Balance Sheets						Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amount			Gross Amount Offset⁽¹⁾			Net Amount Presented in the Consolidated Balance Sheets						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 consolidated balance sheets.

⁽³⁾


⁽⁴⁾	Net amounts as of December 31, 2014 reflect netting of cleared derivative assets and liabilities where we have enforceable master netting arrangements.


⁽⁵⁾	Excludes derivative assets of $28 million and $1.7 billion and derivative liabilities of $1 million and $1.1 billion recognized in our consolidated balance sheets as of December 31, 2014 and 2013, respectively, that are not subject to enforceable master netting arrangements.


⁽⁶⁾	Includes $16.6 billion and $11.6 billion of securities purchased under agreements to resell or similar arrangements classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2014 and 2013, respectively.

Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value [Table Text Block]



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



		Fair Value Measurements as of December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	6,040		$	363		$	—		$	6,403
Total of Fannie Mae		—			6,040			363			—			6,403
Of consolidated trusts		—			18,956			527			—			19,483
Total long-term debt		—			24,996			890			—			25,886
Other liabilities:
Risk management derivatives:
Swaps		—			9,339			133			—			9,472
Swaptions		—			991			—			—			991
Other		—			—			1			—			1
Netting adjustment		—			—			—			(10,194		)	(10,194		)
Mortgage commitment derivatives		—			341			3			—			344
Total other liabilities		—			10,671			137			(10,194		)	614
Total liabilities at fair value		$	—		$	35,667		$	1,027		$	(10,194	)	$	26,500



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

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



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

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

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2013
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of December 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, December 31, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	68		$	(9	)		$	—		$	—	$	—		$	—		$	(17	)	$	—		$	—		$	42			$	(9	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Ginnie Mae	1			—				—			—		—			—			(1		)	(3		)	3			—				—
Alt-A private-label securities	104			256				—			—		—			—			(115		)	(435		)	808			618				223
Subprime private-label securities	1,319			328				—			—		(50		)	—			(149		)	—			—			1,448				322
Mortgage revenue bonds	675			(101		)		—			—		—			—			(9		)	—			—			565				(101		)
Other	117			(5		)		—			—		—			—			(13		)	—			—			99				(5		)
Total trading securities	$	2,286		$	469		(6)(7)	$	—		$	—	$	(50	)	$	—		$	(304	)	$	(438	)	$	811		$	2,774			$	430		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	29		$	—			$	(1	)	$	—	$	—		$	—		$	(7	)	$	(14	)	$	—		$	7			$	—
Freddie Mac	10			—				(1		)	—		—			—			(2		)	(1		)	2			8				—
Ginnie Mae	—			—				—			—		—			—			—			(1		)	1			—				—
Alt-A private-label securities	6,564			144				464			—		(2,664		)	—			(1,040		)	(3,357		)	3,680			3,791				—
Subprime private-label securities	7,447			120				1,527			359		(1,317		)	—			(1,068		)	—			—			7,068				—
Mortgage revenue bonds	7,837			25				(449		)	—		(35		)	—			(2,125		)	—			—			5,253				—
Other	3,147			13				125			—		—			—			(400		)	—			—			2,885				—
Total available-for-sale securities	$	25,034		$	302		(6)(8)	$	1,665		$	359	$	(4,016	)	$	—		$	(4,642	)	$	(3,373	)	$	3,683		$	19,012			$	—

Mortgage loans of consolidated trusts	$	2,634		$	282		(6)(7)	$	—		$	346	$	(393	)	$	—		$	(459	)	$	(352	)	$	646		$	2,704			$	50		(6)(7)
Net derivatives	14			(165		)	(7)	—			—		—			—			97			16			(2		)	(40		)		(51		)	(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(400	)	$	76			$	—		$	—	$	—		$	(674	)	$	43		$	—		$	—		$	(955	)		$	76
Of consolidated trusts	(1,128		)	(250		)		—			—		—			(21		)	537			434			(90		)	(518		)		(80		)
Total long-term debt	$	(1,528	)	$	(174	)	(7)	$	—		$	—	$	—		$	(695	)	$	580		$	434		$	(90	)	$	(1,473	)		$	(4	)	(7)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2012
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2012⁽⁵⁾
	Balance, December 31, 2011			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, December 31, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,737		$	(2	)		$	—		$	—	$	(33	)	$	—		$	(118	)	$	(1,581	)	$	65		$	68			$	(6	)
Freddie Mac	—			—				—			—		—			—			—			—			2			2				—
Ginnie Mae	9			—				—			—		—			—			—			(9		)	1			1				—
Alt-A private-label securities	345			165				—			—		—			—			(111		)	(907		)	612			104				39
Subprime private-label securities	1,280			192				—			—		—			—			(153		)	—			—			1,319				192
Mortgage revenue bonds	724			(29		)		—			—		—			—			(20		)	—			—			675				(29		)
Other	143			(19		)		—			—		—			—			(7		)	—			—			117				(19		)
Total trading securities	$	4,238		$	307		(6)(7)	$	—		$	—	$	(33	)	$	—		$	(409	)	$	(2,497	)	$	680		$	2,286			$	177		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	946		$	—			$	(8	)	$	43	$	(43	)	$	—		$	(24	)	$	(895	)	$	10		$	29			$	—
Freddie Mac	12			—				—			—		—			—			(2		)	—			—			10				—
Alt-A private-label securities	7,256			(87		)		584			—		—			—			(1,072		)	(3,325		)	3,208			6,564				—
Subprime private-label securities	7,586			(126		)		1,280			—		—			—			(1,293		)	—			—			7,447				—
Mortgage revenue bonds	10,247			9				(23		)	29		(76		)	—			(2,349		)	—			—			7,837				—
Other	3,445			12				59			—		—			—			(369		)	—			—			3,147				—
Total available-for-sale securities	$	29,492		$	(192	)	(6)(8)	$	1,892		$	72	$	(119	)	$	—		$	(5,109	)	$	(4,220	)	$	3,218		$	25,034			$	—

Mortgage loans of consolidated trusts	$	2,319		$	235		(6)(7)	$	—		$	935	$	—		$	—		$	(411	)	$	(562	)	$	118		$	2,634			$	159		(6)(7)
Net derivatives	65			(23		)	(7)	—			—		—			(8		)	(20		)	—			—			14				(9		)	(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(406	)	$	(21	)		$	—		$	—	$	—		$	—		$	27		$	—		$	—		$	(400	)		$	(21	)
Of consolidated trusts	(765		)	(180		)		—			—		—			(523		)	233			474			(367		)	(1,128		)		(158		)
Total long-term debt	$	(1,171	)	$	(201	)	(7)	$	—		$	—	$	—		$	(523	)	$	260		$	474		$	(367	)	$	(1,528	)		$	(179	)	(7)

__________


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


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


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

⁽⁴⁾


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


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


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


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

Nonrecurring Changes in Fair Value [Table Text Block]



	Fair Value Measurements as of December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
	(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	93		$	110		$	203
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			16,654			16,654
Of consolidated trusts		—			—			60			60
Multifamily mortgage loans held for investment, at amortized cost		—			—			625			625
Acquired property, net:
Single-family		—			—			4,782			4,782
Multifamily		—			—			140			140
Other assets		—			—			45			45
Total nonrecurring fair value measurements		$	—		$	93		$	22,416		$	22,509



	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.

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



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



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



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



	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⁽³⁾	$	44	Other
Alt-A private-label securities⁽⁴⁾	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⁽⁴⁾	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⁽³⁾	$	15	Other
Alt-A private-label securities⁽⁴⁾	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⁽⁴⁾	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)	171.0	-	438.0	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 instruments for which the prepayment speed as disclosed represents the estimated annualized rate of prepayment after all prepayment penalty provisions have expired and also instruments for which prepayment speed as disclosed represents the estimated rate of prepayment over the remaining life of the instrument.


⁽³⁾	Includes Fannie Mae and Freddie Mac securities.


⁽⁴⁾	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 December 31,
	Significant Valuation Techniques	2014		2013
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	110	$	132
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model	16,654		19,966
Of consolidated trusts	Other	60		79
Total single-family mortgage loans held for investment, at amortized cost		16,714		20,045
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions	45		248
	Asset Manager Estimate	580		1,230
	Other	—		55
Total multifamily mortgage loans held for investment, at amortized cost		625		1,533
Acquired property, net:
Single-family	Accepted Offers	864		691
	Appraisals	1,509		1,077
	Walk Forwards	1,173		1,106
	Internal Model	1,045		1,049
	Other	191		118
Total single-family		4,782		4,041
Multifamily	Broker Price Opinions	127		9
	Other	13		89
Total multifamily		140		98
Other assets	Other	45		121
Total nonrecurring assets at fair value		$	22,416	$	25,970

Fair Value of Financial Instruments [Table Text Block]



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

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



	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 December 31, 2014 and 2013.



		As of December 31,
		2014									2013
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	15,629		$	6,403		$	19,483		$	14,268		$	1,308		$	14,976
Unpaid principal balance		15,001			6,512			17,810			14,440			1,290			13,988

__________

⁽¹⁾



	For the Year Ended December 31,
	2014									2013										2012
	Loans		Long-Term Debt				Total Gains			Loans			Long-Term Debt				Total (Losses)			Loans			Long-Term Debt				Total (Losses)
	(Dollars in millions)
Changes in instrument-specific credit risk	$	60		$	216			$	276	$	(142	)		$	(31	)	$	(173	)	$	(25	)		$	(13	)	$	(38	)
Other changes in fair value	670			(505		)		165		(730		)		346			(384		)	(124		)		(76		)	(200		)
Fair value (losses) gains, net	$	730		$	(289	)		$	441	$	(872	)		$	315		$	(557	)	$	(149	)		$	(89	)	$	(238	)

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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

The following table summarizes by remaining maturity, non cancelable future commitments related to loan and mortgage purchases, operating leases and other agreements as of December 31, 2014.



	As of December 31, 2014
	Loans and Mortgage-Related Securities⁽¹⁾			Operating Leases		Other⁽²⁾
	(Dollars in millions)
2015		$	56,333	$	39	$	209
2016		—		32		166
2017		—		27		59
2018		—		8		22
2019		—		—		14
Thereafter		—		3		—
Total		$	56,333	$	109	$	470

__________


⁽¹⁾	Primarily includes $56.2 billion that has been accounted for as mortgage commitment derivatives.


⁽²⁾	Includes purchase commitments for certain telecom services, computer software and services, and other agreements and commitments.

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Information [Table Text Block]



	For the 2014 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	127			$	143			$	151			$	132
Available-for-sale securities		440				414				395				373
Mortgage loans		28,588				28,165				27,779				27,588
Other		24				24				29				33
Total interest income		29,179				28,746				28,354				28,126
Interest expense:
Short-term debt		20				21				26				27
Long-term debt		24,421				23,821				23,144				22,957
Total interest expense		24,441				23,842				23,170				22,984
Net interest income		4,738				4,904				5,184				5,142
Benefit for credit losses		774				1,639				1,085				466
Net interest income after benefit for credit losses		5,512				6,543				6,269				5,608
Investment gains, net		95				483				171				187
Fair value losses, net		(1,190		)		(934		)		(207		)		(2,502		)
Debt extinguishment gains, net		—				38				11				17
Fee and other income		4,355				383				826				323
Non-interest income (loss)		3,260				(30		)		801				(1,975		)
Administrative expenses:
Salaries and employee benefits		325				319				337				340
Professional services		242				275				263				296
Occupancy expenses		50				47				47				59
Other administrative expenses		55				56				59				7
Total administrative expenses		672				697				706				702
Foreclosed property (income) expense		(262		)		(214		)		249				369
TCCA fees		322				335				351				367
Other expenses, net		131				276				72				65
Total expenses		863				1,094				1,378				1,503
Income before federal income taxes		7,909				5,419				5,692				2,130
Provision for federal income taxes		(2,584		)		(1,752		)		(1,787		)		(818		)
Net income		5,325				3,667				3,905				1,312
Less: Net income attributable to noncontrolling interest		—				(1		)		—				—
Net income attributable to Fannie Mae		5,325				3,666				3,905				1,312
Dividends distributed or available for distribution to senior preferred stockholder		(5,692		)		(3,712		)		(3,999		)		(1,920		)
Net (loss) income attributable to common stockholders (Note 11)		$	(367	)		$	(46	)		$	(94	)		$	(608	)
(Loss) per share:
Basic and Diluted		$	(0.06	)		$	(0.01	)		$	(0.02	)		$	(0.11	)
Weighted-average common shares outstanding:
Basic and Diluted		5,762				5,762				5,762				5,762



	For the 2013 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	226			$	222			$	185			$	146
Available-for-sale securities		673				651				546				487
Mortgage loans		29,224				28,056				28,299				28,659
Other		57				49				37				32
Total interest income		30,180				28,978				29,067				29,324
Interest expense:
Short-term debt		43				37				29				22
Long-term debt		23,833				23,274				23,456				24,451
Total interest expense		23,876				23,311				23,485				24,473
Net interest income		6,304				5,667				5,582				4,851
Benefit for credit losses		957				5,383				2,609				—
Net interest income after benefit for credit losses		7,261				11,050				8,191				4,851
Investment gains, net		109				284				621				113
Fair value gains, net		834				829				335				961
Debt extinguishment (losses) gains, net		(23		)		27				92				35
Fee and other income		568				485				741				2,136
Non-interest income		1,488				1,625				1,789				3,245
Administrative expenses:
Salaries and employee benefits		317				304				307				290
Professional services		223				219				236				232
Occupancy expenses		46				47				48				48
Other administrative expenses		55				56				55				62
Total administrative expenses		641				626				646				632
Foreclosed property income		(260		)		(332		)		(1,165		)		(1,082		)
TCCA fees		186				233				276				306
Other expenses (income), net		68				68				124				(34		)
Total expenses (income)		635				595				(119		)		(178		)
Income before federal income taxes		8,114				12,080				10,099				8,274
Benefit (provision) for federal income taxes		50,571				(1,985		)		(1,355		)		(1,816		)
Net income		58,685				10,095				8,744				6,458
Less: Net income attributable to noncontrolling interest		—				(11		)		(7		)		(1		)
Net income attributable to Fannie Mae		58,685				10,084				8,737				6,457
Dividends distributed or available for distribution to senior preferred stockholder		(59,368		)		(10,243		)		(8,617		)		(7,191		)
Net (loss) income attributable to common stockholders (Note 11)		$	(683	)		$	(159	)		$	120			$	(734	)
(Loss) earnings per share:
Basic		$	(0.12	)		$	(0.03	)		$	0.02			$	(0.13	)
Diluted		(0.12		)		(0.03		)		0.02				(0.13		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,762				5,762				5,893				5,762

Summary of Significant Accounting Policies Narratives (Details) - USD ($)					3 Months Ended								12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 08, 2008	Sep. 07, 2008	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Parties [Line Items]
Number of days of that liabilities exceed assets requiring FHFA to place us into receivership													60 days
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		$ 116,100,000,000			$ 116,100,000,000								$ 116,100,000,000
Capital Reserve Amount, current Year, Senior Preferred Stock Purchase Agreement, Amendment		2,400,000,000			2,400,000,000								2,400,000,000
Capital reserve amount for the next fiscal year based on the amended Senior Preferred Stock Purchase agreement		1,800,000,000			1,800,000,000								1,800,000,000
Annual reduction of capital reserve from 2013 to 2018 based on the Senior Preferred Stock Purchase Agreement, Amendment		600,000,000			600,000,000								600,000,000
Capital reserve amount on January 2018		0			0								0
Payment Of Cash Dividends On Senior Preferred Stock To Treasury		4,000,000,000											20,594,000,000	$ 82,452,000,000	$ 11,608,000,000
Net worth (deficit)		$ 3,720,000,000			$ 3,720,000,000				$ 9,591,000,000				$ 3,720,000,000	9,591,000,000	7,224,000,000	$ (4,571,000,000)
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right		79.90%			79.90%								79.90%
Home Affordable Modification Program administrative expense reimbursements													$ 71,000,000	92,000,000	96,000,000
Income Taxes Paid													2,815,000,000	2,350,000,000	0
Interest receivable		$ 8,193,000,000			$ 8,193,000,000				8,319,000,000				8,193,000,000	8,319,000,000
Capital Loss Carryforward, Valuation Allowance 1									525,000,000					525,000,000
Fee and other income					323,000,000	$ 826,000,000	$ 383,000,000	$ 4,355,000,000	2,136,000,000	$ 741,000,000	$ 485,000,000	$ 568,000,000	5,887,000,000	3,930,000,000	1,487,000,000
Change in Accounting Estimate [Abstract]
Fair value of guaranty obligation		797,000,000			797,000,000				1,100,000,000				797,000,000	1,100,000,000
Reserve for Guaranty Losses		1,200,000,000			1,200,000,000				1,400,000,000				$ 1,200,000,000	1,400,000,000
Maximum term of early lender funding advances													60 days
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount														(58,300,000,000)	(5,300,000,000)
Private Label Securities Settlements [Member]
Related Parties [Line Items]
Fee and other income													$ 4,800,000,000
Single-Family Individually Impaired Loan Loss Models Update [Member]
Related Parties [Line Items]
Allowance for Loan and Lease Losses, Period Increase (Decrease)						600,000,000					2,200,000,000
Series 2008-2 Senior Preferred Stock [Member]
Related Parties [Line Items]
Shares of variable liquidation preference senior preferred stock issued				1,000,000
Aggregate liquidation preference of senior preferred stock			$ 1,000,000,000
US Treasury [Member]
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		116,100,000,000			116,100,000,000				116,100,000,000				116,100,000,000	116,100,000,000
Initial aggregate liquidation preference of senior preferred stock held by US Treasury		1,000,000,000			1,000,000,000								1,000,000,000
Aggregate liquidation preference of senior preferred stock		117,100,000,000			117,100,000,000								117,100,000,000
Total remaining funding available from US Treasury pursuant to the senior preferred stock agreement		117,600,000,000			117,600,000,000								117,600,000,000
Capital Reserve Amount, current Year, Senior Preferred Stock Purchase Agreement, Amendment		2,400,000,000			2,400,000,000				3,000,000,000				2,400,000,000	3,000,000,000
Capital reserve amount for the next fiscal year based on the amended Senior Preferred Stock Purchase agreement		1,800,000,000			1,800,000,000								1,800,000,000
Annual reduction of capital reserve from 2013 to 2018 based on the Senior Preferred Stock Purchase Agreement, Amendment		$ 600,000,000			$ 600,000,000								$ 600,000,000
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right		79.90%		79.90%	79.90%								79.90%
Common stock warrant exercise price per share				$ 0.00001
Fair value of the warrant at issuance			$ 3,500,000,000
Percentage of initial principal loss US Treasury will bear for Temporary Credit and Liquidity Facilities and New Issue Bond Programs		35.00%			35.00%								35.00%
Loss of principal or interest under Treasury's Temporary Credit and Liquid Facilities and New Issue Bond Programs		$ 0			$ 0								$ 0
Increase of Guarantee Fee Rate Resulting from the Temporary Payroll Tax Cut Continuation Act of 2011.		0.10%			0.10%								0.10%
TCCA fees					$ 367,000,000	$ 351,000,000	$ 335,000,000	$ 322,000,000	306,000,000	$ 276,000,000	$ 233,000,000	$ 186,000,000	$ 1,375,000,000	1,001,000,000	238,000,000
TCCA guaranty fee remitted													1,300,000,000	829,000,000	104,000,000
US Treasury [Member] \| Temporary Credit and Liquidity Facilities Program [Member]
Related Parties [Line Items]
Principal and interest outstanding		$ 390,000,000			390,000,000				821,000,000				390,000,000	821,000,000
US Treasury [Member] \| New Issue Bond [Member]
Related Parties [Line Items]
Principal and interest outstanding		4,200,000,000			4,200,000,000				4,500,000,000				4,200,000,000	4,500,000,000
Freddie Mac [Member] \| Freddie Mac [Member]
Related Parties [Line Items]
Fair value of mortgage-backed securities		6,900,000,000			6,900,000,000				8,700,000,000				6,900,000,000	8,700,000,000
Interest receivable		$ 26,000,000			$ 26,000,000				$ 35,000,000				26,000,000	35,000,000
Investment income, interest													283,000,000	387,000,000	551,000,000
Federal Housing Finance Agency [Member]
Related Parties [Line Items]
FHFA assessment fees/expense													108,000,000	$ 109,000,000	$ 91,000,000
Common Securitization Solutions [Member]
Related Parties [Line Items]
Payments to Acquire Equity Method Investments													$ 43,000,000
Scenario, Forecast [Member]
Related Parties [Line Items]
Undeclared Dividends On Senior Preferred Stock Next Quarter	$ 1,900,000,000

Consolidations and Transfers of Financial Assets Types of VIE (Details)	12 Months Ended
	Dec. 31, 2014 USD ($)
Consolidations and Transfers of Financial Assets [Abstract]
Investment Tax Credit	$ 0

Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Assets and liabilities recorded in our consolidated balance sheets:
Trading, at fair value	$ 31,504	$ 30,768
Available-for-sale, at fair value	30,654	38,171
Other assets	19,992	20,231
Other liabilities	(12,019)	(15,441)
Unconsolidated VIEs [Member] \| Mortgage-related securities [Member]
Assets and liabilities recorded in our consolidated balance sheets:
Trading, at fair value	11,863	14,219
Available-for-sale, at fair value	27,819	33,307
Other assets	111	119
Other liabilities	(1,440)	(1,668)
Net carrying amount	38,353	45,977
Maximum exposure to loss	45,311	54,148
Total assets of unconsolidated mortgage-backed trusts	253,554	313,202
Unconsolidated VIEs [Member] \| Partnership Interest [Member]
Assets and liabilities recorded in our consolidated balance sheets:
Total assets of unconsolidated mortgage-backed trusts	5,800	6,800
Fannie Mae Securities [Member]
Assets and liabilities recorded in our consolidated balance sheets:
Trading, at fair value	4,790	5,660
Available-for-sale, at fair value	5,043	5,866
Non-Fannie Mae Securities [Member]
Assets and liabilities recorded in our consolidated balance sheets:
Trading, at fair value	7,073	8,559
Available-for-sale, at fair value	$ 22,776	$ 27,441

Consolidations and Transfers of Financial Assets Transfers of Financial Assets (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Transfers of Financial Assets [Line Items]
Unpaid principal balance portfolio securitizations	$ 160.4	$ 228.5	$ 225.1
Unconsolidated VIEs [Member]
Transfers of Financial Assets [Line Items]
Principal and interest received on retained interest	1.5	1.7	$ 2.4
Unconsolidated VIEs [Member] \| Single Class MBS, REMIC & Megas [Member]
Transfers of Financial Assets [Line Items]
Unpaid principal balance of retained interests	6.3	7.2
Fair value	$ 7.6	$ 8.3

Consolidations and Transfers of Financial Assets Managed Loans (Details) - USD ($) $ in Billions	Dec. 31, 2014	Dec. 31, 2013
Transfers and Servicing [Abstract]
Securitized loans in unconsolidated portfolio securitization trusts, unpaid principle balance	$ 1.8	$ 2.1

Mortgage Loans Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 3,019,300	$ 3,039,559
Cost basis and fair value adjustments, net	35,735	30,527
Allowance for loan losses for loans held for investment	(35,541)	(43,846)	$ (58,795)	$ (72,156)
Total mortgage loans	3,019,494	3,026,240
Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,832,000	2,855,668
Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	187,300	183,891
Fannie Mae [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	285,371	314,286
Cost basis and fair value adjustments, net	(12,705)	(13,778)
Allowance for loan losses for loans held for investment	(33,117)	(40,521)	(50,519)	(57,309)
Total mortgage loans	239,549	259,987
Fannie Mae [Member] \| Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	262,116	276,644
Fannie Mae [Member] \| Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	23,255	37,642
Consolidated Trusts [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,733,929	2,725,273
Cost basis and fair value adjustments, net	48,440	44,305
Allowance for loan losses for loans held for investment	(2,424)	(3,325)	$ (8,276)	$ (14,847)
Total mortgage loans	2,779,945	2,766,253
Consolidated Trusts [Member] \| Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,569,884	2,579,024
Consolidated Trusts [Member] \| Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 164,045	$ 146,249

Mortgage Loans Aging (Details) - USD ($) $ in Millions	12 Months Ended
Mortgage Loans Aging (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	$ 34,867	$ 39,184
60 - 89 days delinquent	10,352	12,138
Seriously delinquent	54,008	69,706
Total delinquent	99,227	121,028
Current	2,948,567	2,943,641
Total recorded investment in loans	3,047,794	3,064,669
Recorded investment in loans 90 days or more delinquent and accruing interest	374	460
Recorded investment in nonaccrual loans	64,645	83,283
Government [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total recorded investment in loans	45,300	48,600
Single-Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	34,807	39,125
60 - 89 days delinquent	10,352	12,138
Seriously delinquent	53,919	69,520
Total delinquent	99,078	120,783
Current	2,759,483	2,757,908
Total recorded investment in loans	2,858,561	2,878,691
Recorded investment in loans 90 days or more delinquent and accruing interest	374	460
Recorded investment in nonaccrual loans	63,822	81,074
Single-Family [Member] \| Primary [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	29,130	32,371
60 - 89 days delinquent	8,396	9,755
Seriously delinquent	38,248	48,345
Total delinquent	75,774	90,471
Current	2,580,446	2,558,826
Total recorded investment in loans	2,656,220	2,649,297
Recorded investment in loans 90 days or more delinquent and accruing interest	55	81
Recorded investment in nonaccrual loans	46,556	57,973
Single-Family [Member] \| Government [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	63	66
60 - 89 days delinquent	26	32
Seriously delinquent	305	346
Total delinquent	394	444
Current	44,927	48,150
Total recorded investment in loans	45,321	48,594
Recorded investment in loans 90 days or more delinquent and accruing interest	305	346
Recorded investment in nonaccrual loans	0	0
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	4,094	4,748
60 - 89 days delinquent	1,414	1,692
Seriously delinquent	11,603	15,425
Total delinquent	17,111	21,865
Current	95,650	105,644
Total recorded investment in loans	112,761	127,509
Recorded investment in loans 90 days or more delinquent and accruing interest	8	11
Recorded investment in nonaccrual loans	13,007	17,102
Single-Family [Member] \| Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	1,520	1,940
60 - 89 days delinquent	516	659
Seriously delinquent	3,763	5,404
Total delinquent	5,799	8,003
Current	38,460	45,288
Total recorded investment in loans	44,259	53,291
Recorded investment in loans 90 days or more delinquent and accruing interest	6	22
Recorded investment in nonaccrual loans	$ 4,259	$ 5,999
Single-Family [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious Delinquency Days past due	90 days	90 days
Multifamily [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30 - 59 days delinquent	$ 60	$ 59
Seriously delinquent	89	186
Total delinquent	149	245
Current	189,084	185,733
Total recorded investment in loans	189,233	185,978
Recorded investment in loans 90 days or more delinquent and accruing interest	0	0
Recorded investment in nonaccrual loans	$ 823	$ 2,209
Multifamily [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious Delinquency Days past due	60 days	60 days

Mortgage Loans Narratives (Details) - USD ($) $ in Millions	12 Months Ended
Mortgage Loans Narratives (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract]
Carrying value of loans redesignated from HFS to HFI	$ 285
Carrying value of loans redesignated from HFI to HFS	$ 2,200	$ 1,300	$ 33
Average term extension of a single-family modified loan	161 months	154 months
Average interest rate reduction of a single-family modified loan	0.99%	1.68%
Sale of loans, unpaid principal balance	$ 1,900	$ 1,200

Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	$ 3,047,794	$ 3,064,669
Multifamily [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	189,233	185,978
Multifamily [Member] \| Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	182,079	176,528
Multifamily [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	3,070	2,234
Multifamily [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	3,842	6,758
Multifamily [Member] \| Doubtful [Member]
Financing Receivable, Recorded Investment [Line Items]
Total recorded investment	$ 242	$ 458

Mortgage Loans Individually Impaired Loans (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	$ 177,630	$ 185,695
Individually impaired loans with related allowance recorded: total recorded investment	168,510	175,619
Related allowance for loan losses	31,375	37,729
Individually impaired loans with no related allowance recorded: unpaid principal balance	22,563	20,452
Individually impaired loans with no related allowance recorded: total recorded investment	19,676	17,660
Total individually impaired loans: unpaid principal balance	200,193	206,147
Total individually impaired loans: total recorded investment	188,186	193,279
Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	501	688
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	176,400	183,438
Individually impaired loans with related allowance recorded: total recorded investment	167,269	173,343
Related allowance for loan losses	31,200	37,423
Individually impaired loans with no related allowance recorded: unpaid principal balance	21,998	18,525
Individually impaired loans with no related allowance recorded: total recorded investment	19,108	15,721
Table Footnote [Abstract]
Troubled debt restructuring recorded investment	185,200	187,600	$ 193,400
Single-Family [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	495	678
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	1,230	2,257
Individually impaired loans with related allowance recorded: total recorded investment	1,241	2,276
Related allowance for loan losses	175	306
Individually impaired loans with no related allowance recorded: unpaid principal balance	565	1,927
Individually impaired loans with no related allowance recorded: total recorded investment	568	1,939
Table Footnote [Abstract]
Troubled debt restructuring recorded investment	716	911	$ 1,100
Multifamily [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	6	10
Single-Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	125,960	130,080
Individually impaired loans with related allowance recorded: total recorded investment	120,221	123,631
Related allowance for loan losses	20,327	24,145
Individually impaired loans with no related allowance recorded: unpaid principal balance	16,704	14,076
Individually impaired loans with no related allowance recorded: total recorded investment	14,876	12,305
Single-Family [Member] \| Primary [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	309	430
Single-Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	281	213
Individually impaired loans with related allowance recorded: total recorded investment	285	210
Related allowance for loan losses	46	35
Individually impaired loans with no related allowance recorded: unpaid principal balance	61	120
Individually impaired loans with no related allowance recorded: total recorded investment	57	120
Single-Family [Member] \| Government [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	12	5
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	35,492	37,356
Individually impaired loans with related allowance recorded: total recorded investment	32,816	34,479
Related allowance for loan losses	7,778	9,364
Individually impaired loans with no related allowance recorded: unpaid principal balance	3,993	3,290
Individually impaired loans with no related allowance recorded: total recorded investment	3,119	2,428
Single-Family [Member] \| Alt-A [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	136	187
Single-Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	14,667	15,789
Individually impaired loans with related allowance recorded: total recorded investment	13,947	15,023
Related allowance for loan losses	3,049	3,879
Individually impaired loans with no related allowance recorded: unpaid principal balance	1,240	1,039
Individually impaired loans with no related allowance recorded: total recorded investment	1,056	868
Single-Family [Member] \| Other [Member] \| Interest Receivable [Member]
Financing Receivable, Impaired [Line Items]
Related allowance for loan losses	$ 38	$ 56

Mortgage Loans Individually Impaired Loans - 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	$ 172,061	$ 178,036	$ 167,089
Individually impaired loans with related allowance recorded: total interest income recognized	5,882	6,011	5,705
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	631	791	872
Individually impaired loans with no related allowance recorded: average recorded investment	19,164	16,376	12,389
Individually impaired loans with no related allowance recorded: total interest income recognized	1,178	1,920	1,486
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	274	292	312
Individually impaired loans: average recorded investment	191,225	194,412	179,478
Individually impaired loans: total interest income recognized	7,060	7,931	7,191
Individually impaired loans: interest income recognized on a cash basis	905	1,083	1,184
Table Footnote [Abstract]
Individually impaired loans: total interest income recognized	7,060	7,931	7,191
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	170,362	175,484	164,554
Individually impaired loans with related allowance recorded: total interest income recognized	5,802	5,883	5,580
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	630	790	870
Individually impaired loans with no related allowance recorded: average recorded investment	17,692	14,513	10,608
Individually impaired loans with no related allowance recorded: total interest income recognized	1,114	1,823	1,430
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	274	289	310
Individually impaired loans: total interest income recognized	6,900	7,700	7,000
Table Footnote [Abstract]
Individually impaired loans: total interest income recognized	6,900	7,700	7,000
Individually impaired loans: contractual interest income	5,800	5,700	5,300
Individually impaired loans: effective yield adjustments	1,100	2,000	1,700
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	1,699	2,552	2,535
Individually impaired loans with related allowance recorded: total interest income recognized	80	128	125
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	1	1	2
Individually impaired loans with no related allowance recorded: average recorded investment	1,472	1,863	1,781
Individually impaired loans with no related allowance recorded: total interest income recognized	64	97	56
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	0	3	2
Single-Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	121,926	124,659	115,767
Individually impaired loans with related allowance recorded: total interest income recognized	4,321	4,351	4,077
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	494	603	654
Individually impaired loans with no related allowance recorded: average recorded investment	13,852	11,442	8,264
Individually impaired loans with no related allowance recorded: total interest income recognized	864	1,369	1,075
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	215	227	231
Single-Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	270	213	216
Individually impaired loans with related allowance recorded: total interest income recognized	13	11	11
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	0	0	0
Individually impaired loans with no related allowance recorded: average recorded investment	67	112	78
Individually impaired loans with no related allowance recorded: total interest income recognized	5	8	7
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	0	0	0
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	33,676	35,075	32,978
Individually impaired loans with related allowance recorded: total interest income recognized	1,066	1,096	1,048
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	100	135	151
Individually impaired loans with no related allowance recorded: average recorded investment	2,799	2,207	1,811
Individually impaired loans with no related allowance recorded: total interest income recognized	189	329	253
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	47	45	55
Single-Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	14,490	15,537	15,593
Individually impaired loans with related allowance recorded: total interest income recognized	402	425	444
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	36	52	65
Individually impaired loans with no related allowance recorded: average recorded investment	974	752	455
Individually impaired loans with no related allowance recorded: total interest income recognized	56	117	95
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	$ 12	$ 17	$ 24

Mortgage Loans TDR (Details) $ in Millions	12 Months Ended
Mortgage Loans TDR (Details) $ in Millions	Dec. 31, 2014 USD ($) contracts	Dec. 31, 2013 USD ($) contracts
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	119,412	155,040
Recorded investment troubled debt restructurings activity \| $	$ 18,328	$ 24,436
Number of loans troubled debt restructurings subsequent default \| contracts	41,116	58,372
Recorded investment troubled debt restructurings subsequent default \| $	$ 6,499	$ 9,476
Single-Family [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	119,393	155,007
Recorded investment troubled debt restructurings activity \| $	$ 17,475	$ 24,223
Number of loans troubled debt restructurings subsequent default \| contracts	41,107	58,363
Recorded investment troubled debt restructurings subsequent default \| $	$ 6,457	$ 9,412
Multifamily [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	19	33
Recorded investment troubled debt restructurings activity \| $	$ 853	$ 213
Number of loans troubled debt restructurings subsequent default \| contracts	9	9
Recorded investment troubled debt restructurings subsequent default \| $	$ 42	$ 64
Primary [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	100,956	126,998
Recorded investment troubled debt restructurings activity \| $	$ 14,301	$ 19,016
Number of loans troubled debt restructurings subsequent default \| contracts	33,853	45,539
Recorded investment troubled debt restructurings subsequent default \| $	$ 5,095	$ 6,978
Government [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	365	312
Recorded investment troubled debt restructurings activity \| $	$ 47	$ 35
Number of loans troubled debt restructurings subsequent default \| contracts	124	130
Recorded investment troubled debt restructurings subsequent default \| $	$ 15	$ 17
Alt-A [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	14,715	21,471
Recorded investment troubled debt restructurings activity \| $	$ 2,441	$ 3,794
Number of loans troubled debt restructurings subsequent default \| contracts	5,392	9,601
Recorded investment troubled debt restructurings subsequent default \| $	$ 960	$ 1,732
Other [Member]
Financing Receivable, Modifications [Line Items]
Number of loans troubled debt restructurings activity \| contracts	3,357	6,226
Recorded investment troubled debt restructurings activity \| $	$ 686	$ 1,378
Number of loans troubled debt restructurings subsequent default \| contracts	1,738	3,093
Recorded investment troubled debt restructurings subsequent default \| $	$ 387	$ 685

Allowance for Loan Losses Allowance Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ 43,846	$ 58,795	$ 72,156
(Benefit) provision for loan losses	(3,885)	(9,316)	(1,191)
Charge-offs	(6,469)	(8,867)	(15,139)
Recoveries	1,440	2,626	1,784
Transfers	0	0	0
Other	609	608	1,185
Ending balance	35,541	43,846	58,795
Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	40,521	50,519	57,309
(Benefit) provision for loan losses	(4,425)	(6,984)	(1,613)
Charge-offs	(6,244)	(8,611)	(14,316)
Recoveries	1,190	2,115	1,632
Transfers	1,517	2,962	6,466
Other	558	520	1,041
Ending balance	33,117	40,521	50,519
Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	3,325	8,276	14,847
(Benefit) provision for loan losses	540	(2,332)	422
Charge-offs	(225)	(256)	(823)
Recoveries	250	511	152
Transfers	(1,517)	(2,962)	(6,466)
Other	51	88	144
Ending balance	2,424	3,325	8,276
Single-Family [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	43,307	57,687	70,633
(Benefit) provision for loan losses	(3,781)	(8,896)	(1,017)
Charge-offs	(6,393)	(8,714)	(14,878)
Recoveries	1,440	2,626	1,784
Transfers	0	0	0
Other	604	604	1,165
Ending balance	35,177	43,307	57,687
Single-Family [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	40,202	49,848	56,294
(Benefit) provision for loan losses	(4,334)	(6,751)	(1,482)
Charge-offs	(6,168)	(8,458)	(14,055)
Recoveries	1,190	2,115	1,632
Transfers	1,513	2,932	6,437
Other	553	516	1,022
Ending balance	32,956	40,202	49,848
Single-Family [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	3,105	7,839	14,339
(Benefit) provision for loan losses	553	(2,145)	465
Charge-offs	(225)	(256)	(823)
Recoveries	250	511	152
Transfers	(1,513)	(2,932)	(6,437)
Other	51	88	143
Ending balance	2,221	3,105	7,839
Multifamily [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	539	1,108	1,523
(Benefit) provision for loan losses	(104)	(420)	(174)
Charge-offs	(76)	(153)	(261)
Transfers	0	0	0
Other	5	4	20
Ending balance	364	539	1,108
Multifamily [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	319	671	1,015
(Benefit) provision for loan losses	(91)	(233)	(131)
Charge-offs	(76)	(153)	(261)
Transfers	4	30	29
Other	5	4	19
Ending balance	161	319	671
Multifamily [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	220	437	508
(Benefit) provision for loan losses	(13)	(187)	(43)
Charge-offs	0	0	0
Transfers	(4)	(30)	(29)
Other	0	0	1
Ending balance	203	220	$ 437
Interest Receivable [Member] \| Fannie Mae [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	1,100
Ending balance	671	1,100
Interest Receivable [Member] \| Consolidated Trusts [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	104
Ending balance	$ 52	$ 104

Allowance for Loan Losses Allowance at Recorded Investment (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	$ 31,375	$ 37,729
Allowance for loan losses for collectively reserved loans	4,166	6,117
Allowance for loan losses	35,541	43,846	$ 58,795	$ 72,156
Recorded investment in individually impaired loans	188,186	193,279
Recorded investment in collectively reserved loans	2,859,608	2,871,390
Total recorded investment in loans	3,047,794	3,064,669
Single-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	31,200	37,423
Allowance for loan losses for collectively reserved loans	3,977	5,884
Allowance for loan losses	35,177	43,307	57,687	70,633
Recorded investment in individually impaired loans	186,377	189,064
Recorded investment in collectively reserved loans	2,672,184	2,689,627
Total recorded investment in loans	2,858,561	2,878,691
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	175	306
Allowance for loan losses for collectively reserved loans	189	233
Allowance for loan losses	364	539	$ 1,108	$ 1,523
Recorded investment in individually impaired loans	1,809	4,215
Recorded investment in collectively reserved loans	187,424	181,763
Total recorded investment in loans	$ 189,233	$ 185,978

Investments in Securities Trading 1 (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 31,504	$ 30,768
Mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	12,038	14,462
Fannie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	4,940	5,870
Freddie Mac [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,369	1,839
Ginnie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	166	407
Alt-A private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	920	1,516
Subprime private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,307	1,448
CMBS [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	2,515	2,718
Mortgage revenue bonds [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	722	565
Other mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	99	99
U.S. Treasury Securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 19,466	$ 16,306

Investments in Securities Trading 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
Net trading gains	$ 485	$ 260	$ 1,004
Net trading gains recorded in the period related to securities still held at period end	$ 420	$ 297	$ 1,037

Investments in Securities Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 569	$ 1,632	$ 40
Gross realized losses	(5)	(979)	(16)
Total proceeds	$ 3,265	$ 15,157	$ 634

Investments in Securities Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	$ 27,413	$ 35,690
Gross unrealized gains	3,448	3,364
Gross unrealized losses - OTTI	(55)	(385)
Gross unrealized losses, other	(152)	(498)
Total fair value	30,654	38,171
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	5,330	6,227
Gross unrealized gains	328	390
Gross unrealized losses - OTTI	0	0
Gross unrealized losses, other	(19)	(44)
Total fair value	5,639	6,573
Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	5,100	6,365
Gross unrealized gains	428	477
Gross unrealized losses - OTTI	0	0
Gross unrealized losses, other	0	0
Total fair value	5,528	6,842
Ginnie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	416	512
Gross unrealized gains	60	76
Gross unrealized losses - OTTI	0	0
Gross unrealized losses, other	0	0
Total fair value	476	588
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	4,638	6,240
Gross unrealized gains	1,055	1,151
Gross unrealized losses - OTTI	(15)	(40)
Gross unrealized losses, other	0	(2)
Total fair value	5,678	7,349
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	4,103	6,232
Gross unrealized gains	1,161	991
Gross unrealized losses - OTTI	(9)	(102)
Gross unrealized losses, other	(15)	(53)
Total fair value	5,240	7,068
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	1,341	1,526
Gross unrealized gains	56	80
Gross unrealized losses - OTTI	0	0
Gross unrealized losses, other	0	0
Total fair value	1,397	1,606
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	3,859	5,645
Gross unrealized gains	177	35
Gross unrealized losses - OTTI	(8)	(228)
Gross unrealized losses, other	(5)	(196)
Total fair value	4,023	5,256
Other mortgage-related securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total amortized cost	2,626	2,943
Gross unrealized gains	183	164
Gross unrealized losses - OTTI	(23)	(15)
Gross unrealized losses, other	(113)	(203)
Total fair value	$ 2,673	$ 2,889

Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	$ (4)	$ (223)
Less Than 12 Consecutive Months, Fair Value	339	3,580
12 Consecutive Moths or Longer, Gross Unrealized Losses	(203)	(660)
12 Consecutive Months or Longer, Fair Value	2,375	3,802
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	0	(40)
Less Than 12 Consecutive Months, Fair Value	113	975
12 Consecutive Moths or Longer, Gross Unrealized Losses	(19)	(4)
12 Consecutive Months or Longer, Fair Value	627	126
Alt-A private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(2)	(12)
Less Than 12 Consecutive Months, Fair Value	171	490
12 Consecutive Moths or Longer, Gross Unrealized Losses	(13)	(30)
12 Consecutive Months or Longer, Fair Value	112	308
Subprime private-label securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	0	(24)
Less Than 12 Consecutive Months, Fair Value	0	448
12 Consecutive Moths or Longer, Gross Unrealized Losses	(24)	(131)
12 Consecutive Months or Longer, Fair Value	460	1,332
Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Consecutive Months, Gross Unrealized Losses	(2)	(147)
Less Than 12 Consecutive Months, Fair Value	47	1,662
12 Consecutive Moths or Longer, Gross Unrealized Losses	(11)	(277)
12 Consecutive Months or Longer, Fair Value	155	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	8	5
12 Consecutive Moths or Longer, Gross Unrealized Losses	(136)	(218)
12 Consecutive Months or Longer, Fair Value	$ 1,021	$ 1,066

Investments in Securities Other-than-temporary Impairments 1 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
Marketable Securities, Realized Loss, Other than Temporary Impairments, Amount	$ 90	$ 64	$ 713
Aggregate losses in continuous unrealized loss position	$ 203	$ 660

Investments in Securities Other-than-temporary Impairments 3 (Details) - Available-for-sale Securities [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
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	20
Additions for the credit component on debt securities for which OTTI was previously recognized	58	10
Reductions for securities no longer in portfolio at period end	(904)	(543)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis	(1,453)	(399)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities	(346)	(398)
Balance, end of period	$ 5,260	$ 7,904

Investments in Securities Maturity Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	$ 27,413	$ 35,690
Total fair value	30,654	38,171
One Year or Less, Amortized Cost	16
One Year or Less, Fair Value	16
After One Year through Five Years, Amortized Cost	1,965
After One Year through Five Years, Fair Value	2,053
After Five Years through Ten Years, Amortized Cost	1,181
After Five Years through Ten Years, Fair Value	1,258
After Ten Years, Amortized Cost	24,251
After Ten Years, Fair Value	$ 27,327
Weighted average yield (percent)	5.52%
One Year or Less, Weighted Average Yield	6.72%
After One Year through Five Years, Weighted Average Yield	4.61%
After Five Years through Ten Years, Weighted Average Yield	5.97%
After Ten Years, Weighted Average Yield	5.58%
Fannie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	$ 5,330	6,227
Total fair value	5,639	6,573
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	253
After One Year through Five Years, Fair Value	266
After Five Years through Ten Years, Amortized Cost	255
After Five Years through Ten Years, Fair Value	274
After Ten Years, Amortized Cost	4,822
After Ten Years, Fair Value	5,099
Freddie Mac [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	5,100	6,365
Total fair value	5,528	6,842
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	280
After One Year through Five Years, Fair Value	295
After Five Years through Ten Years, Amortized Cost	488
After Five Years through Ten Years, Fair Value	533
After Ten Years, Amortized Cost	4,332
After Ten Years, Fair Value	4,700
Ginnie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	416	512
Total fair value	476	588
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	0
After Five Years through Ten Years, Amortized Cost	62
After Five Years through Ten Years, Fair Value	70
After Ten Years, Amortized Cost	354
After Ten Years, Fair Value	406
Alt-A private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	4,638	6,240
Total fair value	5,678	7,349
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	0
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	4,638
After Ten Years, Fair Value	5,678
Subprime private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	4,103	6,232
Total fair value	5,240	7,068
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	0
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	4,103
After Ten Years, Fair Value	5,240
CMBS [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	1,341	1,526
Total fair value	1,397	1,606
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	1,264
After One Year through Five Years, Fair Value	1,320
After Five Years through Ten Years, Amortized Cost	0
After Five Years through Ten Years, Fair Value	0
After Ten Years, Amortized Cost	77
After Ten Years, Fair Value	77
Mortgage revenue bonds [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	3,859	5,645
Total fair value	4,023	5,256
One Year or Less, Amortized Cost	16
One Year or Less, Fair Value	16
After One Year through Five Years, Amortized Cost	168
After One Year through Five Years, Fair Value	170
After Five Years through Ten Years, Amortized Cost	340
After Five Years through Ten Years, Fair Value	343
After Ten Years, Amortized Cost	3,335
After Ten Years, Fair Value	3,494
Other mortgage-related securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	2,626	2,943
Total fair value	2,673	$ 2,889
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	0
After One Year through Five Years, Fair Value	2
After Five Years through Ten Years, Amortized Cost	36
After Five Years through Ten Years, Fair Value	38
After Ten Years, Amortized Cost	2,590
After Ten Years, Fair Value	$ 2,633

Financial Guarantees Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	$ 35,965	$ 49,915
Guaranty Obligation	382	485
Maximum Recovery	14,222	15,066
Unconsolidated VIEs [Member] \| Non-consolidated Fannie Mae MBS [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	17,184	19,317
Guaranty Obligation	214	232
Maximum Recovery	9,775	10,541
Unconsolidated VIEs [Member] \| Other guaranty arrangements [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	18,781	30,598
Guaranty Obligation	168	253
Maximum Recovery	$ 4,447	$ 4,525
Minimum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	30 days
Maximum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	38 years

Acquired Property Net (Details) - USD ($) $ in Millions	12 Months Ended
Acquired Property Net (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquired Property [Roll Forward]
Acquired Property, Beginning Balance	$ 12,307	$ 11,158	$ 12,401
Acquired Property, Additions	13,100	16,092	16,915
Acquired Property, Disposals	(13,965)	(14,943)	(18,158)
Acquired Property, Ending Balance	11,442	12,307	11,158
Real Estate Owned Valuation Allowance [Roll Forward]
Valuation Allowance, Beginning Balance	(686)	(669)	(1,028)
Valuation Allowance, Period (Increase) Decrease	(138)	(17)	359
Valuation Allowance, Ending Balance	(824)	(686)	(669)
Acquired property, net	$ 10,618	$ 11,621	$ 10,489

Acquired Property Net Held-for-Use (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Foreclosed Properties Acquired Held-for-Use [Roll Forward]
Beginning balance, January 1	$ 256	$ 873	$ 835
Transfers in from held for sale, net and additions	333	544	1,173
Transfers to held for sale, net	(367)	(1,027)	(748)
Depreciation, asset write-downs and other	(87)	(134)	(387)
Ending balance, December 31	$ 135	$ 256	$ 873

Short-Term Borrowings and Long-Term Debt Short-term Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Short-term Borrowings [Line Items]
Federal funds purchased and securities sold under agreements to repurchase	$ 50,000,000	$ 0
Federal funds purchased and securities sold under agreements to repurchase, Weighted-average Interest Rate	0.00%	0.00%
Short-term debt, outstanding	$ 106,572,000,000	$ 74,449,000,000
Short-term debt, Weighted-average Interest Rate	0.11%	0.13%
Secured Uncommitted Line of Credit [Member]
Short-term Borrowings [Line Items]
Line of credit maximum borrowing capacity	$ 15,000,000,000	$ 20,000,000,000
Line of credit amount outstanding	0
Fannie Mae [Member]
Short-term Borrowings [Line Items]
Short-term debt, outstanding	$ 105,012,000,000	$ 72,295,000,000
Short-term debt, Weighted-average Interest Rate	0.11%	0.13%
Fannie Mae [Member] \| Fixed-Rate Discount Notes [Member]
Short-term Borrowings [Line Items]
Short-term debt, outstanding	$ 105,012,000,000	$ 71,933,000,000
Short-term debt, Weighted-average Interest Rate	0.11%	0.12%
Fannie Mae [Member] \| Fixed-Rate Foreign Exchange Discount Notes [Member]
Short-term Borrowings [Line Items]
Short-term debt, outstanding	$ 0	$ 362,000,000
Short-term debt, Weighted-average Interest Rate	0.00%	1.07%
Consolidated Trusts [Member]
Short-term Borrowings [Line Items]
Short-term debt, outstanding	$ 1,560,000,000	$ 2,154,000,000
Short-term debt, Weighted-average Interest Rate	0.09%	0.09%
Minimum [Member] \| Fannie Mae [Member] \| Fixed-Rate Foreign Exchange Discount Notes [Member]
Short-term Borrowings [Line Items]
Short-term debt instrument maturity	5 days	5 days
Maximum [Member] \| Fannie Mae [Member] \| Fixed-Rate Discount Notes [Member]
Short-term Borrowings [Line Items]
Short-term debt instrument maturity	360 days	360 days
Maximum [Member] \| Fannie Mae [Member] \| Fixed-Rate Foreign Exchange Discount Notes [Member]
Short-term Borrowings [Line Items]
Short-term debt instrument maturity	360 days	360 days

Short-Term Borrowings and Long-Term Debt Long-term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,115,583	$ 3,160,074
Long-term debt, weighted-average interest rate	2.93%	3.10%
Fannie Mae [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 355,431	$ 457,139
Long-term debt, weighted-average interest rate	2.24%	2.14%
Net unamortized discount, fair value adjustments and other cost basis adjustments	$ 4,100	$ 4,800
Fannie Mae [Member] \| Senior Fixed [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 320,507	$ 412,805
Long-term debt, weighted-average interest rate	2.29%	2.24%
Fannie Mae [Member] \| Senior Fixed Benchmark Notes and Bonds [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 173,010	$ 212,234
Long-term debt, weighted-average interest rate	2.41%	2.45%
Fannie Mae [Member] \| Senior Fixed Medium-Term Notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 114,556	$ 161,445
Long-term debt, weighted-average interest rate	1.42%	1.28%
Fannie Mae [Member] \| Senior Fixed Foreign Exchange Notes and Bonds [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 619	$ 682
Long-term debt, weighted-average interest rate	5.44%	5.41%
Fannie Mae [Member] \| Senior Fixed Other Debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 32,322	$ 38,444
Long-term debt, weighted-average interest rate	4.63%	4.99%
Fannie Mae [Member] \| Senior Floating [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 30,873	$ 39,396
Long-term debt, weighted-average interest rate	0.81%	0.32%
Fannie Mae [Member] \| Senior Floating Medium-Term Notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 24,469	$ 38,441
Long-term debt, weighted-average interest rate	0.15%	0.20%
Fannie Mae [Member] \| Senior Floating Connecticut Avenue Security [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,041	$ 689
Long-term debt, weighted-average interest rate	2.97%	3.81%
Fannie Mae [Member] \| Senior Floating Other Debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 363	$ 266
Long-term debt, weighted-average interest rate	8.71%	8.52%
Fannie Mae [Member] \| Subordinated Fixed [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,849	$ 4,676
Long-term debt, weighted-average interest rate	9.93%	8.76%
Fannie Mae [Member] \| Subordinated Fixed Qualifying Subordinated [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 0	$ 1,169
Long-term debt, weighted-average interest rate	0.00%	5.27%
Fannie Mae [Member] \| Subordinated Fixed Subordinated Debentures [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,849	$ 3,507
Long-term debt, weighted-average interest rate	9.93%	9.92%
Fannie Mae [Member] \| Secured Borrowings [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 202	$ 262
Long-term debt, weighted-average interest rate	1.90%	1.86%
Consolidated Trusts [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,760,152	$ 2,702,935
Long-term debt, weighted-average interest rate	3.02%	3.26%
Minimum [Member] \| Fannie Mae [Member]
Long-Term Debt [Line Items]
Medium-term notes original contractual maturity	1 year	1 year
Maximum [Member] \| Fannie Mae [Member]
Long-Term Debt [Line Items]
Medium-term notes original contractual maturity	10 years	10 years

Short-Term Borrowings and Long-Term Debt Characteristics of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Long-term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 3,115,583	$ 3,160,074
Fannie Mae [Member]
Long-Term Debt [Line Items]
Face amount	464,600	534,300
Outstanding debt		168,400
Long-term Debt by Year of Maturity [Abstract]
2015	64,655
2016	59,124
2017	79,193
2018	47,452
2019	32,564
Thereafter	72,443
Total long-term debt	355,431	457,139
Net unamortized discount, fair value adjustments and other cost basis adjustments	4,100	4,800
Fannie Mae [Member] \| Zero-Coupon Debt [Member]
Long-Term Debt [Line Items]
Face amount	$ 116,700	$ 86,800
Effective interest rate	0.77%	1.29%
Fannie Mae [Member] \| Callable [Member]
Long-Term Debt [Line Items]
Outstanding debt	$ 115,000
Consolidated Trusts [Member]
Long-term Debt by Year of Maturity [Abstract]
Total long-term debt	2,760,152	$ 2,702,935
Earlier of Contractual Maturity or Next Call Date [Member]
Long-term Debt by Year of Maturity [Abstract]
Total long-term debt	3,115,583
Earlier of Contractual Maturity or Next Call Date [Member] \| Fannie Mae [Member]
Long-term Debt by Year of Maturity [Abstract]
2015	173,495
2016	56,851
2017	52,598
2018	23,169
2019	17,964
Thereafter	31,354
Total long-term debt	355,431
Earlier of Contractual Maturity or Next Call Date [Member] \| Consolidated Trusts [Member]
Long-term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 2,760,152

Derivative Instruments Derivatives 1 - Notional and FV Position (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Asset Derivatives [Abstract]
Notional amount	$ 183,204	$ 245,573
Derivative asset, estimated fair value	1,485	2,073
Netting adjustment	(5,186)	(8,422)
Derivative Liabilities [Abstract]
Notional amount	408,714	380,094
Derivative liability, estimated fair value	(614)	(1,469)
Netting adjustment	10,194
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	5,300	2,000
Cash collateral received for derivative instruments	245	1,000
Risk management derivatives [Member]
Asset Derivatives [Abstract]
Notional amount	128,628	205,736
Derivative asset, estimated fair value	5,667	9,444
Accrued interest receivable, estimated fair value	749	786
Netting adjustment	(5,186)	(8,422)
Total net risk management derivatives, estimated fair value	1,230	1,808
Derivative Liabilities [Abstract]
Notional amount	344,264	346,994
Derivative liability, estimated fair value	(9,451)	(9,695)
Accrued interest receivable (payable), estimated fair value	(1,013)	(930)
Netting adjustment	10,194	9,370
Total net risk management derivatives, estimated fair value	(270)	(1,255)
Risk management derivatives [Member] \| Pay-fixed Swap [Member]
Asset Derivatives [Abstract]
Notional amount	41,965	68,637
Derivative asset, estimated fair value	733	5,378
Derivative Liabilities [Abstract]
Notional amount	123,557	93,428
Derivative liability, estimated fair value	(7,125)	(4,759)
Risk management derivatives [Member] \| Receive-fixed Swap [Member]
Asset Derivatives [Abstract]
Notional amount	67,629	67,527
Derivative asset, estimated fair value	4,486	3,320
Derivative Liabilities [Abstract]
Notional amount	157,272	156,250
Derivative liability, estimated fair value	(1,302)	(3,813)
Risk management derivatives [Member] \| Basis Swap [Member]
Asset Derivatives [Abstract]
Notional amount	5,769	27,014
Derivative asset, estimated fair value	123	36
Derivative Liabilities [Abstract]
Notional amount	7,100	600
Derivative liability, estimated fair value	(2)	0
Risk management derivatives [Member] \| Foreign Currency Swap [Member]
Asset Derivatives [Abstract]
Notional amount	344	389
Derivative asset, estimated fair value	144	120
Derivative Liabilities [Abstract]
Notional amount	273	653
Derivative liability, estimated fair value	(30)	(38)
Risk management derivatives [Member] \| Pay-fixed Swaption [Member]
Asset Derivatives [Abstract]
Notional amount	11,100	33,400
Derivative asset, estimated fair value	57	445
Derivative Liabilities [Abstract]
Notional amount	26,525	48,025
Derivative liability, estimated fair value	(175)	(600)
Risk management derivatives [Member] \| Receive-fixed Swaption [Member]
Asset Derivatives [Abstract]
Notional amount	750	8,000
Derivative asset, estimated fair value	96	117
Derivative Liabilities [Abstract]
Notional amount	29,525	48,025
Derivative liability, estimated fair value	(816)	(484)
Risk management derivatives [Member] \| Other [Member]
Asset Derivatives [Abstract]
Notional amount	1,071	769
Derivative asset, estimated fair value	28	28
Derivative Liabilities [Abstract]
Notional amount	12	13
Derivative liability, estimated fair value	(1)	(1)
Mortgage commitment derivatives [Member]
Asset Derivatives [Abstract]
Notional amount	54,576	39,837
Derivative asset, estimated fair value	255	265
Netting adjustment	0	0
Derivative Liabilities [Abstract]
Notional amount	64,450	33,100
Derivative liability, estimated fair value	(344)	(214)
Netting adjustment	0	0
Mortgage commitment derivatives [Member] \| Mortgage Commitments to Purchase Whole Loans [Member]
Asset Derivatives [Abstract]
Notional amount	6,157	1,138
Derivative asset, estimated fair value	28	1
Derivative Liabilities [Abstract]
Notional amount	428	4,353
Derivative liability, estimated fair value	0	(31)
Mortgage commitment derivatives [Member] \| Forward Contracts to Purchase Mortgage-related Securities [Member]
Asset Derivatives [Abstract]
Notional amount	43,533	3,276
Derivative asset, estimated fair value	223	4
Derivative Liabilities [Abstract]
Notional amount	6,112	20,861
Derivative liability, estimated fair value	(8)	(168)
Mortgage commitment derivatives [Member] \| Forward Contracts to Sell Mortgage-related Securities [Member]
Asset Derivatives [Abstract]
Notional amount	4,886	35,423
Derivative asset, estimated fair value	4	260
Derivative Liabilities [Abstract]
Notional amount	57,910	7,886
Derivative liability, estimated fair value	$ (336)	$ (15)

Derivative Instruments (Narratives) (Details) - USD ($) $ in Millions	Dec. 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	$ 2,600	$ 2,100
Fair values of collateral posted, aggregated	2,400	2,000
Additional collateral required to immediately settle our positions if the credit-risk-related contingent features were triggered	$ 269	$ 130

Derivative Instruments Derivatives 2 - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									$ (5,764)	$ 3,280	$ (3,626)
Accrual of periodic settlements	$ 5,142	$ 5,184	$ 4,904	$ 4,738	$ 4,851	$ 5,582	$ 5,667	$ 6,304	19,968	22,404	21,501
Risk management derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									(4,624)	2,779	(1,938)
Risk management derivatives [Member] \| Pay-fixed Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									(7,703)	14,393	(2,254)
Accrual of periodic settlements									(3,712)	(4,463)	(4,427)
Risk management derivatives [Member] \| Receive-fixed Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									4,229	(10,721)	1,102
Accrual of periodic settlements									2,600	3,632	2,950
Risk management derivatives [Member] \| Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									85	(115)	78
Risk management derivatives [Member] \| Foreign Currency Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									27	(101)	59
Risk management derivatives [Member] \| Pay-fixed Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									(4)	(238)	132
Risk management derivatives [Member] \| Receive-fixed Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									(197)	307	410
Risk management derivatives [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									1	21	(35)
Accrual of periodic settlements									50	64	47
Mortgage commitment derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value (losses) gains, net									$ (1,140)	$ 501	$ (1,688)

Income Taxes - Benefit for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Current income tax provision									$ 1,879	$ 3,067	$ 0
Deferred income tax provision (benefit)									5,062	(48,482)	0
Provision (benefit) for federal income taxes	$ 818	$ 1,787	$ 1,752	$ 2,584	$ 1,816	$ 1,355	$ 1,985	$ (50,571)	$ 6,941	$ (45,415)	$ 0
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory corporate tax rate									35.00%	35.00%	35.00%
Equity investments in affordable housing projects									(1.80%)	(1.50%)	(3.90%)
Other									1.40%	0.00%	(0.50%)
Valuation allowance									(1.80%)	(151.30%)	(30.60%)
Effective tax rate									32.80%	(117.80%)	0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount										$ (58,300)	$ (5,300)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Tax Credit Carryforward [Line Items]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount										$ (58,300,000,000)	$ (5,300,000,000)
Income Tax Expense (Benefit)	$ 818,000,000	$ 1,787,000,000	$ 1,752,000,000	$ 2,584,000,000	$ 1,816,000,000	$ 1,355,000,000	$ 1,985,000,000	$ (50,571,000,000)	$ 6,941,000,000	(45,415,000,000)	$ 0
Capital Loss Carryforward, Valuation Allowance	(150,000,000)								(150,000,000)
Deferred Tax Assets, Operating Loss Carryforwards	0								0
Deferred Tax Assets, Tax Credit Carryforwards, Partnership, Net of Uncertain Tax Position Liabilities	3,000,000,000								3,000,000,000
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	328,000,000								328,000,000
Deferred tax assets:
Allowance for loan losses and basis in acquired property, net	17,435,000,000				20,918,000,000				17,435,000,000	20,918,000,000
Mortgage and mortgage-related assets	16,250,000,000				16,350,000,000				16,250,000,000	16,350,000,000
Debt and derivative instruments	4,254,000,000				3,958,000,000				4,254,000,000	3,958,000,000
Partnership credits	2,918,000,000				4,172,000,000				2,918,000,000	4,172,000,000
Partnership and other equity investments	934,000,000				1,255,000,000				934,000,000	1,255,000,000
Other, net	1,699,000,000				2,300,000,000				1,699,000,000	2,300,000,000
Total deferred tax assets	43,490,000,000				48,953,000,000				43,490,000,000	48,953,000,000
Deferred tax liabilities:
Unrealized gains on AFS securities, net	1,134,000,000				868,000,000				1,134,000,000	868,000,000
Total deferred tax liabilities	1,134,000,000				868,000,000				1,134,000,000	868,000,000
Valuation allowance	(150,000,000)				(525,000,000)				(150,000,000)	(525,000,000)
Net deferred tax assets	42,206,000,000				$ 47,560,000,000				42,206,000,000	$ 47,560,000,000
Expired Capital Loss Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	1,000,000,000								1,000,000,000
Capital Loss Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	$ 427,000,000								$ 427,000,000

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Contingency [Line Items]
Unrecognized tax benefits as of December 31		$ 213,000,000	$ 514,000,000	$ 648,000,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		0	0	0
Unrecognized Tax Benefit Resulting in Tax Credits and/or Net Operating Loss Carryforward		91,000,000	220,000,000	648,000,000
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of January 1	$ 213,000,000	514,000,000	648,000,000	758,000,000
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions		(301,000,000)	(134,000,000)	(110,000,000)
Unrecognized tax benefits as of December 31		$ 213,000,000	$ 514,000,000	$ 648,000,000
Scenario, Forecast [Member]
Income Tax Contingency [Line Items]
Settlements	$ (213,000,000)

(Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Net income	$ 1,312	$ 3,905	$ 3,667	$ 5,325	$ 6,458	$ 8,744	$ 10,095	$ 58,685	$ 14,209	$ 83,982	$ 17,220
Less: Net (income) loss attributable to noncontrolling interest	0	0	(1)	0	(1)	(7)	(11)	0	(1)	(19)	4
Net income attributable to Fannie Mae	1,312	3,905	3,666	5,325	6,457	8,737	10,084	58,685	14,208	83,963	17,224
Dividends distributed or available for distribution to senior preferred stockholder	(1,920)	(3,999)	(3,712)	(5,692)	(7,191)	(8,617)	(10,243)	(59,368)	(15,323)	(85,419)	(15,827)
Net (loss) income attributable to common stockholders (Note 11)	$ (608)	$ (94)	$ (46)	$ (367)	$ (734)	$ 120	$ (159)	$ (683)	$ (1,115)	$ (1,456)	$ 1,397
Weighted-average common shares outstanding—Basic					5,762	5,762	5,762	5,762	5,762	5,762	5,762
Convertible preferred stock									0	0	131
Weighted-average common shares outstanding—Diluted					5,762	5,893	5,762	5,762	5,762	5,762	5,893
Earnings (loss) per share:
Basic (per share)					$ (0.13)	$ 0.02	$ (0.03)	$ (0.12)	$ (0.19)	$ (0.25)	$ 0.24
Diluted (per share)					$ (0.13)	$ 0.02	$ (0.03)	$ (0.12)	$ (0.19)	$ (0.25)	$ 0.24
Senior Preferred Stock, Dividend Rate, Percentage											10.00%
Weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury									4,600	4,600	4,700

Employee Retirement Benefits (Narratives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employee Retirement Benefit Plan Net Periodic Benefit Cost	$ 114	$ 94	$ 133

Employee Retirement Benefits (Pre- and Post-tax Amounts Recognized in AOCI) (Details) - Pension Plans [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Actuarial Loss
Beginning balance, January 1	$ 338	$ 499
Current year actuarial (gain)	(16)	(236)
Actuarial (gain) due to curtailment	0	(135)
Actuarial loss due to plan amendment	0	226
Amortization	(6)	(16)
Ending balance, December 31	316	338
After-tax balance recorded in AOCI	$ 391	$ 406

Employee Retirement Benefits (Status of Pension and Other Postretirement Plans) (Details) - Pension Plans [Member] - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Projected benefit obligation	$ 1,900	$ 1,600
Accumulated benefit obligation for our pension plans	1,900	1,600
Fair value of plan assets	1,600	1,300
Not Funded status at end of year	$ 320	$ 324

Employee Retirement Benefits (Schedule of Assumptions Used) (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension Plans [Member]
Weighted-average assumptions used to determine benefit obligation
Discount rate	3.83%	4.60%	4.15%

Employee Retirement Benefits (Qualified Pension Plan Assets by Asset Category at Their Fair Value) (Details) - Qualified Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Long-term U.S. investment grade corporate bond fund [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets at fair value	$ 767	$ 927
Money Market Funds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets at fair value	784
Cash Equivalents [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets at fair value	$ 1	6
Long-term U.S. government bond fund [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets at fair value		257
Fixed Income Funds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets at fair value		$ 134

Segment Reporting (Narrative) (Details)	12 Months Ended
Segment Reporting (Narrative) (Details)	Dec. 31, 2014 segments
Segment Reporting [Abstract]
Number of Reportable Segments	3

Segment Reporting Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Net interest income (loss)	$ 5,142	$ 5,184	$ 4,904	$ 4,738	$ 4,851	$ 5,582	$ 5,667	$ 6,304	$ 19,968	$ 22,404	$ 21,501
Benefit for credit losses	466	1,085	1,639	774	0	2,609	5,383	957	3,964	8,949	852
Net interest income after benefit for credit losses	5,608	6,269	6,543	5,512	4,851	8,191	11,050	7,261	23,932	31,353	22,353
Guaranty fee income (expense)									175	205	212
Investment (losses) gains, net									936	1,127	(226)
Fair value (losses) gains, net	(2,502)	(207)	(934)	(1,190)	961	335	829	834	(4,833)	2,959	(2,977)
Debt extinguishment gains, net	17	11	38	0	35	92	27	(23)	66	131	(244)
(Losses) gains from partnership investments									269	517	119
Fee and other income (expense)									5,712	3,725	1,275
Administrative expenses	(702)	(706)	(697)	(672)	(632)	(646)	(626)	(641)	(2,777)	(2,545)	(2,367)
Foreclosed property (expense) income	(369)	(249)	214	262	1,082	1,165	332	260	(142)	2,839	254
Other expenses									(813)	(743)	(941)
Income before federal income taxes	2,130	5,692	5,419	7,909	8,274	10,099	12,080	8,114	21,150	38,567	17,220
(Provision) benefit for federal income taxes	(818)	(1,787)	(1,752)	(2,584)	(1,816)	(1,355)	(1,985)	50,571	(6,941)	45,415	0
Net income	1,312	3,905	3,667	5,325	6,458	8,744	10,095	58,685	14,209	83,982	17,220
Less: Net (income) loss attributable to noncontrolling interest	0	0	(1)	0	(1)	(7)	(11)	0	(1)	(19)	4
Net income attributable to Fannie Mae	1,312	3,905	3,666	5,325	6,457	8,737	10,084	58,685	14,208	83,963	17,224
Single-Family [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)									6	205	(790)
Benefit for credit losses									3,850	8,469	672
Net interest income after benefit for credit losses									3,856	8,674	(118)
Guaranty fee income (expense)									11,702	10,468	8,151
Investment (losses) gains, net									(1)	3	8
Fair value (losses) gains, net									(19)	(10)	(8)
Debt extinguishment gains, net									0	0	0
(Losses) gains from partnership investments									(31)	0	0
Fee and other income (expense)									624	630	759
Administrative expenses									(1,830)	(1,706)	(1,590)
Foreclosed property (expense) income									(225)	2,736	247
Other expenses									(726)	(628)	(841)
Income before federal income taxes									11,975	19,166	6,370
(Provision) benefit for federal income taxes									(3,496)	29,110	(80)
Net income									8,479	48,276	6,290
Less: Net (income) loss attributable to noncontrolling interest									0	0	0
Net income attributable to Fannie Mae									8,479	48,276	6,290
Multifamily [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)									(79)	(74)	(13)
Benefit for credit losses									114	480	180
Net interest income after benefit for credit losses									35	406	167
Guaranty fee income (expense)									1,297	1,217	1,040
Investment (losses) gains, net									57	21	37
Fair value (losses) gains, net									0	0	0
Debt extinguishment gains, net									0	0	0
(Losses) gains from partnership investments									299	498	123
Fee and other income (expense)									166	182	207
Administrative expenses									(306)	(280)	(269)
Foreclosed property (expense) income									83	103	7
Other expenses									(10)	(2)	(5)
Income before federal income taxes									1,621	2,145	1,307
(Provision) benefit for federal income taxes									(158)	7,924	204
Net income									1,463	10,069	1,511
Less: Net (income) loss attributable to noncontrolling interest									0	0	0
Net income attributable to Fannie Mae									1,463	10,069	1,511
Capital Markets [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)									7,243	9,764	13,241
Benefit for credit losses									0	0	0
Net interest income after benefit for credit losses									7,243	9,764	13,241
Guaranty fee income (expense)									(955)	(1,115)	(1,291)
Investment (losses) gains, net									6,378	4,847	5,506
Fair value (losses) gains, net									(5,476)	3,148	(3,041)
Debt extinguishment gains, net									35	27	(277)
(Losses) gains from partnership investments									0	0	0
Fee and other income (expense)									4,894	3,010	717
Administrative expenses									(641)	(559)	(508)
Foreclosed property (expense) income									0	0	0
Other expenses									(77)	20	(22)
Income before federal income taxes									11,401	19,142	14,325
(Provision) benefit for federal income taxes									(3,287)	8,381	(124)
Net income									8,114	27,523	14,201
Less: Net (income) loss attributable to noncontrolling interest									0	0	0
Net income attributable to Fannie Mae									8,114	27,523	14,201
Consolidated Trusts [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)									11,722	10,939	7,156
Benefit for credit losses									0	0	0
Net interest income after benefit for credit losses									11,722	10,939	7,156
Guaranty fee income (expense)									(5,895)	(5,233)	(4,737)
Investment (losses) gains, net									(192)	(122)	(3)
Fair value (losses) gains, net									300	(722)	(313)
Debt extinguishment gains, net									31	104	33
(Losses) gains from partnership investments									0	0	0
Fee and other income (expense)									(323)	(321)	(395)
Administrative expenses									0	0	0
Foreclosed property (expense) income									0	0	0
Other expenses									0	0	0
Income before federal income taxes									5,643	4,645	1,741
(Provision) benefit for federal income taxes									0	0	0
Net income									5,643	4,645	1,741
Less: Net (income) loss attributable to noncontrolling interest									0	0	0
Net income attributable to Fannie Mae									5,643	4,645	1,741
Eliminations/Adjustments [Member]
Segment Reporting Information [Line Items]
Net interest income (loss)									1,076	1,570	1,907
Benefit for credit losses									0	0	0
Net interest income after benefit for credit losses									1,076	1,570	1,907
Guaranty fee income (expense)									(5,974)	(5,132)	(2,951)
Investment (losses) gains, net									(5,306)	(3,622)	(5,774)
Fair value (losses) gains, net									362	543	385
Debt extinguishment gains, net									0	0	0
(Losses) gains from partnership investments									1	19	(4)
Fee and other income (expense)									351	224	(13)
Administrative expenses									0	0	0
Foreclosed property (expense) income									0	0	0
Other expenses									0	(133)	(73)
Income before federal income taxes									(9,490)	(6,531)	(6,523)
(Provision) benefit for federal income taxes									0	0	0
Net income									(9,490)	(6,531)	(6,523)
Less: Net (income) loss attributable to noncontrolling interest									(1)	(19)	4
Net income attributable to Fannie Mae									(9,491)	(6,550)	(6,519)
US Treasury [Member]
Segment Reporting Information [Line Items]
TCCA fees	$ (367)	$ (351)	$ (335)	$ (322)	$ (306)	$ (276)	$ (233)	$ (186)	(1,375)	(1,001)	(238)
US Treasury [Member] \| Single-Family [Member]
Segment Reporting Information [Line Items]
TCCA fees									$ (1,375)	$ (1,001)	$ (238)

Segment Reporting (Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,248,176	$ 3,270,108	$ 3,222,422
Single-Family [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	43,512	41,206	17,595
Multifamily [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	9,281	10,848	5,182
Capital Markets [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	510,848	596,436	723,217
Consolidated Trusts [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,827,565	2,812,459	2,749,571
Eliminations/Adjustments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (143,030)	$ (190,841)	$ (273,143)

Equity Narratives (Details)			12 Months Ended
Equity Narratives (Details)	Sep. 08, 2008 USD ($) $ / shares	Sep. 07, 2008 $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) shares	Dec. 31, 2012 USD ($)
Class of Stock [Line Items]
Common stock outstanding \| shares			1,158,082,750	1,158,080,657
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right			79.90%
Capital Reserve Amount, current Year, Senior Preferred Stock Purchase Agreement, Amendment			$ 2,400,000,000
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement			116,100,000,000
Dividends declared on our senior preferred stock			20,594,000,000	$ 82,452,000,000	$ 11,608,000,000
Capital Reserve Amount, Prior year, Senior Preferred Stock Purchase Agreement, Amendment			3,000,000,000
Capital reserve amount for the next fiscal year based on the amended Senior Preferred Stock Purchase agreement			1,800,000,000
Annual reduction of capital reserve from 2013 to 2018 based on the Senior Preferred Stock Purchase Agreement, Amendment			600,000,000
Capital reserve amount on January 2018			$ 0
Convertible Series 2004-1 Preferred Stock [Member]
Class of Stock [Line Items]
Conversion price per share \| $ / shares			$ 94.31
Conversion rate			1,060.3329
Preferred stock redemption price per share \| $ / shares			$ 105,000
Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Shares of variable liquidation preference senior preferred stock issued \| shares		1,000,000
Aggregate liquidation preference of senior preferred stock	$ 1,000,000,000
Value assigned to Treasury's commitment and recorded as a reduction to additional paid-in-capital	$ 4,500,000,000
Senior preferred stock liquidation preference per share \| $ / shares	$ 1,000		$ 117,149
Dividends declared on our senior preferred stock			$ 20,600,000,000	82,500,000,000	$ 11,600,000,000
Preferred Stock Covenant Maximum Fair Market Value of assets and properties per transaction			250,000,000
Preferred Stock, Covenant, Maximum Aggregate Debt Amount, Current Period			$ 663,000,000,000
Preferred Stock, Covenant, Current Period Debt v.s. Maximum Mortgage Assets Allowed at Prior Year End, Maximum Ratio			120.00%
Preferred Stock, Covenant, Maximum Mortgage Assets			$ 469,600,000,000.0
Preferred Stock, Covenant, Mortgage Assets at Year End, Maximum Ratio of Proceeding Year End			85.00%
Preferred Stock, Covenant, Mortgage Asset Floor Amount			$ 250,000,000,000.0
Minimum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share \| $ / shares			$ 50
Minimum [Member] \| Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
FHFA Request, Covenant, Mortgage Assets at Year End, Minimum Ratio of Proceeding Year End			90.00%
Maximum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share \| $ / shares			$ 52.5
Maximum [Member] \| Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
FHFA Request, Covenant, Mortgage Assets at Year End, Minimum Ratio of Proceeding Year End			95.00%
US Treasury [Member]
Class of Stock [Line Items]
Percentage of common shares attributable to warrants issued to Treasury as a percentage to total diluted common shares upon exercise of the right		79.90%	79.90%
Aggregate liquidation preference of senior preferred stock			$ 117,100,000,000
Capital Reserve Amount, current Year, Senior Preferred Stock Purchase Agreement, Amendment			2,400,000,000	3,000,000,000
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement			116,100,000,000	$ 116,100,000,000
Capital reserve amount for the next fiscal year based on the amended Senior Preferred Stock Purchase agreement			1,800,000,000
Annual reduction of capital reserve from 2013 to 2018 based on the Senior Preferred Stock Purchase Agreement, Amendment			600,000,000
Common stock warrant exercise price per share \| $ / shares		$ 0.00001
Initial aggregate liquidation preference of senior preferred stock held by US Treasury			1,000,000,000
Total remaining funding available from US Treasury pursuant to the senior preferred stock agreement			$ 117,600,000,000

Equity Schedule of Stock by Class (Details) - USD ($)	12 Months Ended
Equity Schedule of Stock by Class (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Sep. 08, 2008	Jun. 04, 2008	May 22, 2008	May 19, 2008	Dec. 14, 2007	Nov. 21, 2007
Class of Stock [Line Items]
Senior preferred stock issued, shares	1,000,000	1,000,000
Senior Preferred Stock Value	$ 117,149,000,000	$ 117,149,000,000
Senior preferred stock, shares outstanding	1,000,000	1,000,000
Preferred Stock, Shares Issued	555,374,922	555,374,922
Preferred Stock Issued, Amount	$ 19,130,000,000	$ 19,130,000,000
Preferred stock, shares outstanding	555,374,922	555,374,922
Preferred Stock Outstanding, Amount	$ 19,130,000,000	$ 19,130,000,000
Capital Reserve Amount, current Year, Senior Preferred Stock Purchase Agreement, Amendment	2,400,000,000
Capital reserve amount for the next fiscal year based on the amended Senior Preferred Stock Purchase agreement	1,800,000,000
Annual reduction of capital reserve from 2013 to 2018 based on the Senior Preferred Stock Purchase Agreement, Amendment	600,000,000
Capital reserve amount on January 2018	$ 0
Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Senior preferred stock issued, shares	1,000,000	1,000,000
Senior Preferred Stock Value	$ 117,149,000,000	$ 117,149,000,000	$ 1,000,000,000.0
Senior preferred stock, shares outstanding	1,000,000	1,000,000
Senior Preferred Stock, Stated Value per Share	$ 117,149		$ 1,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	3,000,000	3,000,000
Preferred Stock Issued, Amount	$ 150,000,000	$ 150,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred Stock Outstanding, Amount	$ 150,000,000	$ 150,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.25%
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	3,000,000	3,000,000
Preferred Stock Issued, Amount	$ 150,000,000	$ 150,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred Stock Outstanding, Amount	$ 150,000,000	$ 150,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.10%
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	14,000,000	14,000,000
Preferred Stock Issued, Amount	$ 690,000,000	$ 690,000,000
Preferred stock, shares outstanding	14,000,000	14,000,000
Preferred Stock Outstanding, Amount	$ 690,000,000	$ 690,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	0.26%
Preferred Stock, Redemption Terms	P2Y
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	6,000,000	6,000,000
Preferred Stock Issued, Amount	$ 288,000,000	$ 288,000,000
Preferred stock, shares outstanding	6,000,000	6,000,000
Preferred Stock Outstanding, Amount	$ 288,000,000	$ 288,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	0.40%
Preferred Stock, Redemption Terms	P2Y
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	8,000,000	8,000,000
Preferred Stock Issued, Amount	$ 400,000,000	$ 400,000,000
Preferred stock, shares outstanding	8,000,000	8,000,000
Preferred Stock Outstanding, Amount	$ 400,000,000	$ 400,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.81%
Series I Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	6,000,000	6,000,000
Preferred Stock Issued, Amount	$ 300,000,000	$ 300,000,000
Preferred stock, shares outstanding	6,000,000	6,000,000
Preferred Stock Outstanding, Amount	$ 300,000,000	$ 300,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.375%
Series L Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	7,000,000	7,000,000
Preferred Stock Issued, Amount	$ 345,000,000	$ 345,000,000
Preferred stock, shares outstanding	7,000,000	7,000,000
Preferred Stock Outstanding, Amount	$ 345,000,000	$ 345,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.125%
Series M Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	9,000,000	9,000,000
Preferred Stock Issued, Amount	$ 460,000,000	$ 460,000,000
Preferred stock, shares outstanding	9,000,000	9,000,000
Preferred Stock Outstanding, Amount	$ 460,000,000	$ 460,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	4.75%
Series N Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	5,000,000	5,000,000
Preferred Stock Issued, Amount	$ 225,000,000	$ 225,000,000
Preferred stock, shares outstanding	5,000,000	5,000,000
Preferred Stock Outstanding, Amount	$ 225,000,000	$ 225,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	5.50%
Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	50,000,000	50,000,000
Preferred Stock Issued, Amount	$ 2,500,000,000	$ 2,500,000,000
Preferred stock, shares outstanding	50,000,000	50,000,000
Preferred Stock Outstanding, Amount	$ 2,500,000,000	$ 2,500,000,000
Preferred Stock, Stated Value per Share	$ 50
Preferred stock, annual dividend rate (as a percent)	7.00%
Convertible Series 2004-1 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	24,922	24,922
Preferred Stock Issued, Amount	$ 2,492,000,000	$ 2,492,000,000
Preferred stock, shares outstanding	24,922	24,922
Preferred Stock Outstanding, Amount	$ 2,492,000,000	$ 2,492,000,000
Preferred Stock, Stated Value per Share	$ 100,000
Preferred stock, annual dividend rate (as a percent)	5.375%
Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	40,000,000	40,000,000
Preferred Stock Issued, Amount	$ 1,000,000,000	$ 1,000,000,000
Preferred stock, shares outstanding	40,000,000	40,000,000
Preferred Stock Outstanding, Amount	$ 1,000,000,000	$ 1,000,000,000
Preferred Stock, Stated Value per Share	$ 25
Preferred stock, annual dividend rate (as a percent)	4.50%
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	15,000,000	15,000,000
Preferred Stock Issued, Amount	$ 375,000,000	$ 375,000,000
Preferred stock, shares outstanding	15,000,000	15,000,000
Preferred Stock Outstanding, Amount	$ 375,000,000	$ 375,000,000
Preferred Stock, Stated Value per Share	$ 25
Preferred stock, annual dividend rate (as a percent)	6.75%
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	21,000,000	21,000,000					1,200,000	20,000,000
Preferred Stock Issued, Amount	$ 530,000,000	$ 530,000,000					$ 30,000,000	$ 500,000,000
Preferred stock, shares outstanding	21,000,000	21,000,000
Preferred Stock Outstanding, Amount	$ 530,000,000	$ 530,000,000
Preferred Stock, Stated Value per Share	$ 25
Preferred stock, annual dividend rate (as a percent)	7.625%
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	280,000,000	280,000,000
Preferred Stock Issued, Amount	$ 7,000,000,000	$ 7,000,000,000
Preferred stock, shares outstanding	280,000,000	280,000,000
Preferred Stock Outstanding, Amount	$ 7,000,000,000	$ 7,000,000,000
Preferred Stock, Stated Value per Share	$ 25
Preferred stock, annual dividend rate (as a percent)	7.75%
Preferred Stock, Redemption Terms	P5Y
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	89,000,000	89,000,000		1,000,000	8,000,000	80,000,000
Preferred Stock Issued, Amount	$ 2,225,000,000	$ 2,225,000,000		$ 25,000,000	$ 200,000,000	$ 2,000,000,000
Preferred stock, shares outstanding	89,000,000	89,000,000
Preferred Stock Outstanding, Amount	$ 2,225,000,000	$ 2,225,000,000
Preferred Stock, Stated Value per Share	$ 25
Preferred stock, annual dividend rate (as a percent)	8.25%
Maximum [Member] \| Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	11.00%
Maximum [Member] \| Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	11.00%
Minimum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	7.00%
Minimum [Member] \| Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	4.50%
Minimum [Member] \| Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)	7.75%
Two-year Maturity U.S. Treasury Rate [Member] \| Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.16%
Two-year Maturity U.S. Treasury Rate [Member] \| Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.18%
Ten-year Maturity U.S. Treasury Rate [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	2.375%
Three-Month LIBOR [Member] \| Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.75%
Three-Month LIBOR [Member] \| Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	4.23%

Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Net unrealized gains on available-for-sale securities for which we have not recorded other-than-temporary impairment, net of tax	$ 592	$ 365	$ 1,399
Net unrealized gains (losses) on available-for-sale securities for which we have recorded OTTI, net of tax	1,529	1,262	(465)
Prior service cost and actuarial gains (losses), net of amortization, net of tax	(358)	(395)	(505)
Other losses	(30)	(29)	(45)
Accumulated other comprehensive income (loss)	$ 1,733	$ 1,203	$ 384

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Equity Changes in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
Equity Changes in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 1,203	$ 384
Other comprehensive income before reclassifications	759	1,099
Amounts reclassified from other comprehensive income	(229)	(280)
Total other comprehensive income	530	819	$ 1,619
Ending balance	1,733	1,203	384
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	1,627	934
Other comprehensive income before reclassifications	722	983
Amounts reclassified from other comprehensive income	(228)	(290)
Total other comprehensive income	494	693
Ending balance	2,121	1,627	934
Accumulated Other Comprehensive Income (Loss), Other [Member]
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(424)	(550)
Other comprehensive income before reclassifications	37	116
Amounts reclassified from other comprehensive income	(1)	10
Total other comprehensive income	36	126
Ending balance	$ (388)	$ (424)	$ (550)

- Definition

+ References + Details

Regulatory Capital Requirements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Regulatory Capital Requirements [Abstract]
Number of days of that liabilities exceed assets requiring FHFA to place us into receivership	60 days
Net worth (deficit)	$ 3,720	$ 9,591	$ 7,224	$ (4,571)
Core Capital	(115,202)	(108,811)
Statutory minimum capital requirement	27,044	28,472
Deficit Of Core Capital Over Statutory Minimum Capital Requirement	$ (142,246)	$ (137,283)
Component of statutory minimum capital requirement, percentage of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties	2.50%
Component of statutory minimum capital requirement, percentage of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties	0.45%
Component of statutory minimum capital requirement, maximum percentage of other off-balance sheet obligations	0.45%
Component of critical capital requirement, percentage of on-balance sheet assets, except those underlying Fannie Mae MBS held by third parties	1.25%
Component of critical capital requirement, percentage of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties	0.25%
Component of critical capital requirement, percentage of other off-balance sheet obligations	0.25%

Concentrations of Credit Risk (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) servicers insurers counterparties	Jul. 21, 2014	Jul. 20, 2014	Dec. 31, 2013 USD ($) servicers insurers counterparties
Concentration Risk [Line Items]
Receivable from claims on insured, defaulted loans excluding government insured loans	$ 1,400			$ 2,100
Allowance for mortgage insurance receivable	799			655
Unpaid principal balance of guaranteed non-agency securities in our portfolio	4,551			5,554
Maximum potential exposure under guarantees not recognized in our consolidated balance sheets	6,500			7,300
Maximum amount recoverable for off-balance sheet guarantees through available credit enhancements and recourse with third parties	2,700			3,100
Fannie Mae [Member] \| Senior Floating Connecticut Avenue Security [Member]
Concentration Risk [Line Items]
Long-term Debt Issued	5,800
Single-Family [Member]
Concentration Risk [Line Items]
Maximum potential loss recovery from lenders under risk sharing agreements	$ 8,900			$ 10,700
Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers	5			5
Mortgage Insurance Coverage Risk In Force	$ 109,600			$ 102,500
Mortgage insurance coverage risk in force as percentage	4.00%			4.00%
Primary mortgage insurance coverage risk in force	$ 108,700			$ 101,400
Pool mortgage insurance coverage risk in force	$ 852			$ 1,100
Number of mortgage insurance companies provided majority of our mortgage insurance \| insurers	4			4
Multifamily [Member]
Concentration Risk [Line Items]
Maximum potential loss recovery from lenders under risk sharing agreements	$ 41,700			$ 39,400
Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%			100.00%
Number of mortgage servicers, including their affiliates, which serviced the majority of our guaranty book of business \| servicers	10			10
Lender Concentration Risk [Member] \| Single-Family [Member]
Concentration Risk [Line Items]
Number of major lenders with risk sharing agreements \| counterparties	3			3
Lender Concentration Risk [Member] \| Multifamily [Member]
Concentration Risk [Line Items]
Number of major lenders with risk sharing agreements \| counterparties	3			3
Insurance Service Provider Concentration Risk [Member] \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Number of mortgage insurers with publicly disclosed credit quality deterioration \| insurers	3
Mortgage insurance coverage risk in force, insurers with credit quality deterioration	$ 12,300
Mortgage Insurance Coverage [Member] \| Insurance Service Provider Concentration Risk [Member] \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	11.00%
Group of Top Mortgage Insurance Companies [Member] \| Mortgage Insurance Coverage [Member] \| Insurance Service Provider Concentration Risk [Member] \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	79.00%			78.00%
Group of Largest Mortgage Servicers including Affiliates [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	46.00%			49.00%
Group of Largest Mortgage Servicers including Affiliates [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	67.00%			65.00%
Republic Mortgage Insurance Company and Affiliate [Member]
Concentration Risk [Line Items]
Percentage of mortgage guaranty insurance policy claims to be paid by insurer	100.00%
Triad Guaranty Insurance Corporation [Member]
Concentration Risk [Line Items]
Percentage of mortgage guaranty insurance policy claims to be paid by insurer	75.00%
Mortgage Insurance Coverage Risk in Force, Insurance Claim, Percentage To be Deferred by Mortgage Insurer	25.00%
PMI [Member]
Concentration Risk [Line Items]
Percentage of mortgage guaranty insurance policy claims to be paid by insurer	67.00%
Mortgage Insurance Coverage Risk in Force, Insurance Claim, Percentage To be Deferred by Mortgage Insurer	33.00%
Mortgage Sellers and Servicers [Member]
Concentration Risk [Line Items]
Receivable from claims on insured, defaulted loans excluding government insured loans	$ 269			$ 402
Ambac Assurance Corporation [Member]
Concentration Risk [Line Items]
Percentage of mortgage guaranty insurance policy claims to be paid by insurer		45.00%	25.00%
Ambac Assurance Corporation [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration Risk [Line Items]
Unpaid principal balance of guaranteed non-agency securities in our portfolio	$ 2,100
Ambac Assurance Corporation [Member] \| Non-Government Guarantee [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	45.00%
Three Major Lenders [Member] \| Lenders With Risk Sharing Agreements [Member] \| Lender Concentration Risk [Member] \| Single-Family [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	47.00%			52.00%
Three Major Lenders [Member] \| Lenders With Risk Sharing Agreements [Member] \| Lender Concentration Risk [Member] \| Multifamily [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	32.00%			32.00%
West [Member] \| Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	31.00%			31.00%
California \| Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	23.00%			24.00%
Texas \| Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	11.00%
New York \| Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	11.00%			12.00%
Conventional Loan [Member] \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%			100.00%
Conventional Loan [Member] \| West [Member] \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	28.00%			28.00%
Conventional Loan [Member] \| California \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	20.00%			20.00%
Conventional Loan [Member] \| New York \| Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of book of business	5.00%			5.00%
Agency [Member]
Concentration Risk [Line Items]
Guaranteed securities issued by Freddie Mac, the federal government and its agencies	$ 19,200			$ 22,500
Alt-A [Member] \| Credit Concentration Risk [Member] \| Single-Family [Member] \| Mortgage Credit Book of Business [Member]
Concentration Risk [Line Items]
Unpaid principal balance of mortgage loans	$ 117,600			$ 132,500
Alt-A [Member] \| Unpaid Principal Balance [Member] \| Credit Concentration Risk [Member] \| Single-Family [Member] \| Mortgage Credit Book of Business [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	4.00%			5.00%

Concentrations of Credit Risk Geographic Concentration (Details) - Guaranty Book of Business [Member]	Dec. 31, 2014	Dec. 31, 2013
Multifamily [Member]
Concentration Risk [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%
Percentage of book of business	100.00%	100.00%
Multifamily [Member] \| Midwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	9.00%	9.00%
Multifamily [Member] \| Northeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	18.00%	20.00%
Multifamily [Member] \| Southeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	22.00%	21.00%
Multifamily [Member] \| Southwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	20.00%	19.00%
Multifamily [Member] \| West [Member]
Concentration Risk [Line Items]
Percentage of book of business	31.00%	31.00%
Conventional Mortgage [Member] \| Single-Family [Member]
Concentration Risk [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%
Percentage of book of business	100.00%	100.00%
Conventional Mortgage [Member] \| Single-Family [Member] \| Midwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	15.00%	15.00%
Conventional Mortgage [Member] \| Single-Family [Member] \| Northeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	19.00%	19.00%
Conventional Mortgage [Member] \| Single-Family [Member] \| Southeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	22.00%	22.00%
Conventional Mortgage [Member] \| Single-Family [Member] \| Southwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	16.00%	16.00%
Conventional Mortgage [Member] \| Single-Family [Member] \| West [Member]
Concentration Risk [Line Items]
Percentage of book of business	28.00%	28.00%
Minimum [Member] \| Conventional Mortgage [Member] \| Single-Family [Member]
Concentration Risk [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%

Concentrations of Credit Risk Delinquency Status - SF (Details) - Single-Family [Member]	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent, percentage (unpaid principal balance)	1.27%	1.41%
60 days delinquent, percentage (unpaid principal balance)	0.38%	0.44%
Seriously delinquent, percentage (unpaid principal balance)	1.99%	2.54%
30 days delinquent, percentage (loan count)	1.47%	1.64%
60 days delinquent, percentage (loan count)	0.43%	0.49%
Seriously delinquent, percentage (loan count)	1.89%	2.38%
Percentage of loans with detailed loan level information	99.00%	99.00%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious Delinquency Days past due	90 days	90 days
Minimum [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%

Concentrations of Credit Risk Risk Characteristics - SF (Details) - Single-Family [Member]	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%
Percentage of book of business	100.00%	100.00%
Seriously delinquent, percentage (loan count)	1.89%	2.38%
Year 2005 [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	4.00%
Seriously delinquent, percentage (loan count)	6.18%	7.26%
Year 2006 [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	3.00%
Seriously delinquent, percentage (loan count)	9.61%	11.26%
Year 2007 [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	5.00%
Seriously delinquent, percentage (loan count)	10.79%	12.18%
Year 2008 [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	2.00%	3.00%
Seriously delinquent, percentage (loan count)	6.27%	6.69%
All Other Vintages [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	88.00%	85.00%
Seriously delinquent, percentage (loan count)	0.88%	1.02%
Alt-A [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	5.00%
Seriously delinquent, percentage (loan count)	7.77%	9.23%
California \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	20.00%	20.00%
Seriously delinquent, percentage (loan count)	0.70%	0.98%
Florida \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	6.00%	6.00%
Seriously delinquent, percentage (loan count)	4.42%	6.89%
Illinois \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	4.00%
Seriously delinquent, percentage (loan count)	2.36%	3.12%
New Jersey \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%	4.00%
Seriously delinquent, percentage (loan count)	5.78%	6.25%
New York \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	5.00%	5.00%
Seriously delinquent, percentage (loan count)	4.17%	4.42%
All other states [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	61.00%	61.00%
Seriously delinquent, percentage (loan count)	1.52%	1.85%
Estimated Mark-to-Market Loan-to-Value Ratio Greater Than 100% [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	5.00%	7.00%
Seriously delinquent, percentage (loan count)	10.98%	12.22%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious Delinquency Days past due	90 days	90 days
Minimum [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans with detailed loan level information	99.00%	99.00%

Concentrations of Credit Risk Delinquency Status - MF (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Multifamily [Member] \| Guaranty Book of Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent, percentage (unpaid principal balance)	0.04%	0.03%
Seriously delinquent, percentage (unpaid principal balance)	0.05%	0.10%
Percentage of loans with detailed loan level information	99.00%	99.00%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Debt Service Coverage Ratio, Higher Risk Loans	1.0	1.0
Minimum [Member] \| Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious Delinquency Days past due	60 days	60 days

Concentrations of Credit Risk Risk Characteristics - MF (Details) - Multifamily [Member]	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Guaranty Book of Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	100.00%	100.00%
Percentage of loans with detailed loan level information	99.00%	99.00%
Guaranty Book of Business [Member] \| Current Debt Service Coverage Ratio Less Than 1.0 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	4.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.83%	1.09%
Guaranty Book of Business [Member] \| Original Loan to Value Ratio Greater than 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	3.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.31%	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]
Percentage of book of business	97.00%	97.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.04%	0.10%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious Delinquency Days past due	60 days	60 days
Current Debt service coverage ratio reporting lag	3 months	3 months
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Debt service coverage ratio reporting lag	6 months	6 months

Concentrations of Credit Risk Estimated Benefit from Mortgage Insurers (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Risks and Uncertainties [Abstract]
Contractual mortgage insurance benefit	$ 4,409	$ 6,751
Less: Collectability adjustment	290	431
Estimated benefit included in total loss reserves	$ 4,119	$ 6,320

Concentrations of Credit Risk Financial Guarantor (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Unpaid principal balance of guaranteed non-agency securities in our portfolio	$ 4,551	$ 5,554
Alt-A private-label securities [Member]
Concentration Risk [Line Items]
Unpaid principal balance of guaranteed non-agency securities in our portfolio	325	511
Subprime private-label securities [Member]
Concentration Risk [Line Items]
Unpaid principal balance of guaranteed non-agency securities in our portfolio	820	868
Mortgage revenue bonds [Member]
Concentration Risk [Line Items]
Unpaid principal balance of guaranteed non-agency securities in our portfolio	3,168	3,911
Other mortgage-related securities [Member]
Concentration Risk [Line Items]
Unpaid principal balance of guaranteed non-agency securities in our portfolio	$ 238	$ 264

Netting Arrangements Table (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Assets:
Derivative assets, gross amount	$ 6,643	$ 8,756
Derivative asset, gross amount offset	(5,186)	(8,422)
Derivative assets, net amount presented in the consolidated balance sheets	1,457	334
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	(116)	(83)
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	(40)	(20)
Derivative assets, net amount	1,301	231
Securities purchased under agreements to resell, or similar arrangements, gross amount	47,550	50,565
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, net amount presented in the consolidated balance sheets	47,550	50,565
Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in the consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	(47,550)	(50,565)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	54,193	59,321
Total assets, gross amount offset	(5,186)	(8,422)
Total assets, net amount presented in the consolidated balance sheets	49,007	50,899
Total assets, under the master netting arrangements, not offset in the consolidated balance sheets, financial instruments	(116)	(83)
Total assets, under master netting arrangements, not offset in the consolidated balance sheets, collateral	(47,590)	(50,585)
Total assets, net amount	1,301	231
Liabilities:
Derivative liabilities, gross amount	(10,807)
Derivative liabilities, gross amount offset	10,194
Derivative liabilities, net amount presented in the consolidated balance sheets	(613)
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	116
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	0
Derivative liabilities, net amount	(497)
Securities sold under agreements to repurchase, gross amount	(50)
Securities sold under agreements to repurchase, gross amount offset	0
Securities sold under agreements to repurchase, net amount presented in the consolidated balance sheets	(50)
Securities sold under agreements to repurchase, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	0
Securities sold under agreements to repurchase, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	50
Securities sold under agreements to repurchase, net amount	0
Total liabilities, gross amount	(10,857)	(9,717)
Total liabilities, gross amount offset	10,194	9,370
Total liabilities, net amount presented in the consolidated balance sheets	(663)	(347)
Total liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	116	83
Total liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	50	0
Total liabilities, net amount	(497)	(264)
OTC risk management derivatives [Member]
Assets:
Derivative asset, gross amount offset	(5,186)	(8,422)
Liabilities:
Derivative liabilities, gross amount offset	10,194	9,370
OTC risk management derivatives [Member] \| OTC Risk Management Derivatives [Member]
Assets:
Derivative assets, gross amount	5,461	8,491
Derivative asset, gross amount offset	(5,428)	(8,422)
Derivative assets, net amount presented in the consolidated balance sheets	33	69
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	(33)	(20)
Derivative assets, net amount	0	49
Liabilities:
Derivative liabilities, gross amount	(7,836)	(9,503)
Derivative liabilities, gross amount offset	7,567	9,370
Derivative liabilities, net amount presented in the consolidated balance sheets	(269)	(133)
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(269)	(133)
OTC risk management derivatives [Member] \| OTC-Cleared Risk Management Derivatives [Member]
Assets:
Derivative assets, gross amount	927
Derivative asset, gross amount offset	242
Derivative assets, net amount presented in the consolidated balance sheets	1,169
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	0
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	0
Derivative assets, net amount	1,169
Liabilities:
Derivative liabilities, gross amount	(2,627)
Derivative liabilities, gross amount offset	2,627
Derivative liabilities, net amount presented in the consolidated balance sheets	0
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	0
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	0
Derivative liabilities, net amount	0
Mortgage commitment derivatives [Member]
Assets:
Derivative assets, gross amount	255	265
Derivative asset, gross amount offset	0	0
Derivative assets, net amount presented in the consolidated balance sheets	255	265
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	(116)	(83)
Derivative assets, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	(7)	0
Derivative assets, net amount	132	182
Liabilities:
Derivative liabilities, gross amount	(344)	(214)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in the consolidated balance sheets	(344)	(214)
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, financial instruments	116	83
Derivative liabilities, under master netting arrangements, amounts not offset in the consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	$ (228)	$ (131)

Netting Arrangements Narratives (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Securities Sold under Agreements to Repurchase [Abstract]
Securities sold under agreements to repurchase	$ 50,000,000	$ 0
Derivative assets not subject to an enforceable master netting arrangement or similar agreement	28,000,000	1,700,000,000
Derivative liabilities not subject to an enforceable master netting arrangement or similar agreement	1,000,000	1,100,000,000
Cash and cash equivalents [Member]
Securities Sold under Agreements to Repurchase [Abstract]
Securities purchased under agreements to resell or similar arrangements	16,600,000,000	11,600,000,000
Securities purchased under agreements to resell or similar arrangements [Member]
Securities Received as Collateral [Abstract]
Fair value of non-cash collateral accepted	47,600,000,000	50,700,000,000
Fair value of non-cash collateral accepted that could be sold or repledged	41,900,000,000	39,800,000,000
Fair value of securities accepted as collateral that have been sold or repledged	0	0
OTC risk management derivatives [Member]
Securities Received as Collateral [Abstract]
Fair value of non-cash collateral accepted	$ 51,000,000	$ 24,000,000

Fair Value Measurement (Narratives) (Details) - HARP Loans [Member] - USD ($) $ in Billions	Dec. 31, 2014	Dec. 31, 2013
Changes due to new accounting guidance or enhanced fair value estimation process [Line Items]
Loans in portfolio that have been refinanced under HARP	$ 314.0	$ 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	$ 3.3	$ 11.5

Fair Value Level 3 Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Trading securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 2,774	$ 2,286	$ 4,238
Total (Losses) or Gains (Realized/Unrealized) included in net income	512	469	307
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	6	0	0
Sales	(299)	(50)	(33)
Issues	0	0	0
Settlements	(277)	(304)	(409)
Transfers out of Level 3	(267)	(438)	(2,497)
Transfers Into Level 3	581	811	680
Ending Balance	3,030	2,774	2,286
Net Unrealized (Losses) Gains included in net income related to assets still held	486	430	177
Trading securities [Member] \| Fannie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	42	68	1,737
Total (Losses) or Gains (Realized/Unrealized) included in net income	(27)	(9)	(2)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	6	0	0
Sales	0	0	(33)
Issues	0	0	0
Settlements	(2)	(17)	(118)
Transfers out of Level 3	(39)	0	(1,581)
Transfers Into Level 3	325	0	65
Ending Balance	305	42	68
Net Unrealized (Losses) Gains included in net income related to assets still held	(18)	(9)	(6)
Trading securities [Member] \| Freddie Mac [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2	2	0
Total (Losses) or Gains (Realized/Unrealized) included in net income	0	0	0
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	0	0	0
Transfers out of Level 3	(2)	0	0
Transfers Into Level 3	0	0	2
Ending Balance	0	2	2
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Trading securities [Member] \| Ginnie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	1	9
Total (Losses) or Gains (Realized/Unrealized) included in net income		0	0
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income		0	0
Purchases		0	0
Sales		0	0
Issues		0	0
Settlements		(1)	0
Transfers out of Level 3		(3)	(9)
Transfers Into Level 3		3	1
Ending Balance		0	1
Net Unrealized (Losses) Gains included in net income related to assets still held		0	0
Trading securities [Member] \| Alt-A private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	618	104	345
Total (Losses) or Gains (Realized/Unrealized) included in net income	88	256	165
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	(58)	0	0
Issues	0	0	0
Settlements	(81)	(115)	(111)
Transfers out of Level 3	(226)	(435)	(907)
Transfers Into Level 3	256	808	612
Ending Balance	597	618	104
Net Unrealized (Losses) Gains included in net income related to assets still held	97	223	39
Trading securities [Member] \| Subprime private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,448	1,319	1,280
Total (Losses) or Gains (Realized/Unrealized) included in net income	270	328	192
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	(241)	(50)	0
Issues	0	0	0
Settlements	(170)	(149)	(153)
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	1,307	1,448	1,319
Net Unrealized (Losses) Gains included in net income related to assets still held	234	322	192
Trading securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	565	675	724
Total (Losses) or Gains (Realized/Unrealized) included in net income	168	(101)	(29)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(11)	(9)	(20)
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	722	565	675
Net Unrealized (Losses) Gains included in net income related to assets still held	160	(101)	(29)
Trading securities [Member] \| Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	99	117	143
Total (Losses) or Gains (Realized/Unrealized) included in net income	13	(5)	(19)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(13)	(13)	(7)
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	99	99	117
Net Unrealized (Losses) Gains included in net income related to assets still held	13	(5)	(19)
Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	19,012	25,034	29,492
Total (Losses) or Gains (Realized/Unrealized) included in net income	606	302	(192)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	932	1,665	1,892
Purchases	0	359	72
Sales	(2,193)	(4,016)	(119)
Issues	0	0	0
Settlements	(3,337)	(4,642)	(5,109)
Transfers out of Level 3	(1,748)	(3,373)	(4,220)
Transfers Into Level 3	1,808	3,683	3,218
Ending Balance	15,080	19,012	25,034
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Available-for-sale Securities [Member] \| Fannie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7	29	946
Total (Losses) or Gains (Realized/Unrealized) included in net income	0	0	0
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	(1)	(8)
Purchases	0	0	43
Sales	0	0	(43)
Issues	0	0	0
Settlements	(1)	(7)	(24)
Transfers out of Level 3	(8)	(14)	(895)
Transfers Into Level 3	2	0	10
Ending Balance	0	7	29
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Available-for-sale Securities [Member] \| Freddie Mac [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	8	10	12
Total (Losses) or Gains (Realized/Unrealized) included in net income	0	0	0
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	(1)	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(1)	(2)	(2)
Transfers out of Level 3	(2)	(1)	0
Transfers Into Level 3	1	2	0
Ending Balance	6	8	10
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Available-for-sale Securities [Member] \| Ginnie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0
Total (Losses) or Gains (Realized/Unrealized) included in net income		0
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income		0
Purchases		0
Sales		0
Issues		0
Settlements		0
Transfers out of Level 3		(1)
Transfers Into Level 3		1
Ending Balance		0	0
Net Unrealized (Losses) Gains included in net income related to assets still held		0
Available-for-sale Securities [Member] \| Alt-A private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,791	6,564	7,256
Total (Losses) or Gains (Realized/Unrealized) included in net income	172	144	(87)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	(26)	464	584
Purchases	0	0	0
Sales	(393)	(2,664)	0
Issues	0	0	0
Settlements	(471)	(1,040)	(1,072)
Transfers out of Level 3	(1,738)	(3,357)	(3,325)
Transfers Into Level 3	1,805	3,680	3,208
Ending Balance	3,140	3,791	6,564
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Available-for-sale Securities [Member] \| Subprime private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,068	7,447	7,586
Total (Losses) or Gains (Realized/Unrealized) included in net income	447	120	(126)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	301	1,527	1,280
Purchases	0	359	0
Sales	(1,730)	(1,317)	0
Issues	0	0	0
Settlements	(846)	(1,068)	(1,293)
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	5,240	7,068	7,447
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Available-for-sale Securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,253	7,837	10,247
Total (Losses) or Gains (Realized/Unrealized) included in net income	(32)	25	9
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	554	(449)	(23)
Purchases	0	0	29
Sales	(70)	(35)	(76)
Issues	0	0	0
Settlements	(1,682)	(2,125)	(2,349)
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	4,023	5,253	7,837
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Available-for-sale Securities [Member] \| Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,885	3,147	3,445
Total (Losses) or Gains (Realized/Unrealized) included in net income	19	13	12
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	103	125	59
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(336)	(400)	(369)
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	2,671	2,885	3,147
Net Unrealized (Losses) Gains included in net income related to assets still held	0	0	0
Mortgage Loans [Member] \| Consolidated Trusts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,704	2,634	2,319
Total (Losses) or Gains (Realized/Unrealized) included in net income	260	282	235
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	36	346	935
Sales	0	(393)	0
Issues	0	0	0
Settlements	(344)	(459)	(411)
Transfers out of Level 3	(1,113)	(352)	(562)
Transfers Into Level 3	290	646	118
Ending Balance	1,833	2,704	2,634
Net Unrealized (Losses) Gains included in net income related to assets still held	53	50	159
Net derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(40)	14	65
Total (Losses) or Gains (Realized/Unrealized) included in net income	103	(165)	(23)
Total (Losses) or Gains (realized/unrealized) included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	(8)
Settlements	(21)	97	(20)
Transfers out of Level 3	(2)	16	0
Transfers Into Level 3	5	(2)	0
Ending Balance	45	(40)	14
Net Unrealized (Losses) Gains included in net income related to assets still held	77	(51)	(9)
Long-term Debt [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1,473)	(1,528)	(1,171)
Total (Losses) or Gains (realized/unrealized) included in net income	(195)	(174)	(201)
Total (Losses) or Gains included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issuances	(751)	(695)	(523)
Settlements	81	580	260
Transfers out of Level 3	1,576	434	474
Transfers Into Level 3	(128)	(90)	(367)
Ending Balance	(890)	(1,473)	(1,528)
Net unrealized (Losses) Gains included in net income related to Liabilities still held	(146)	(4)	(179)
Long-term Debt [Member] \| Consolidated Trusts [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(518)	(1,128)	(765)
Total (Losses) or Gains (realized/unrealized) included in net income	(53)	(250)	(180)
Total (Losses) or Gains included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issuances	(1)	(21)	(523)
Settlements	62	537	233
Transfers out of Level 3	111	434	474
Transfers Into Level 3	(128)	(90)	(367)
Ending Balance	(527)	(518)	(1,128)
Net unrealized (Losses) Gains included in net income related to Liabilities still held	(49)	(80)	(158)
Long-term Debt [Member] \| Senior Floating [Member] \| Fannie Mae [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(955)	(400)	(406)
Total (Losses) or Gains (realized/unrealized) included in net income	(142)	76	(21)
Total (Losses) or Gains included in other comprehensive income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issuances	(750)	(674)	0
Settlements	19	43	27
Transfers out of Level 3	1,465	0	0
Transfers Into Level 3	0	0	0
Ending Balance	(363)	(955)	(400)
Net unrealized (Losses) Gains included in net income related to Liabilities still held	$ (97)	$ 76	$ (21)

Fair Value Level 3 Valuation - Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Consolidated Trusts [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	$ 15,629	$ 14,268
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	169	195
Mortgage loans held for investment	400,327	392,355
Total assets at fair value	419,874	415,630
Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	217,064	215,960
Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	183,263	176,395
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	110	132
Other assets	45	121
Total assets at fair value	$ 22,416	$ 25,970
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Proprietary home price model and appraisals [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of properties measured	77.00%	81.00%
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Consensus Without Inputs [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	$ 110	$ 132
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Accepted Offers [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of properties measured	19.00%	16.00%
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other Valuation Technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Other assets	$ 45	$ 121
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	16,714	20,045
Acquired property, net	4,782	4,041
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Internal Model [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	1,045	1,049
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Appraisals [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	1,509	1,077
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Walk Forwards [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	1,173	1,106
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Accepted Offers [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	864	691
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Other Valuation Technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	191	118
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Fannie Mae [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	16,654	19,966
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Fannie Mae [Member] \| Internal Model [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	16,654	19,966
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Consolidated Trusts [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	60	79
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Consolidated Trusts [Member] \| Other Valuation Technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	60	79
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	625	1,533
Acquired property, net	140	98
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Broker Price Opinions [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	45	248
Acquired property, net	127	9
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Asset Manager Estimate [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	580	1,230
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Other Valuation Technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment	0	55
Acquired property, net	$ 13	$ 89

Fair Value Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Carrying Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	$ 54,565	$ 48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950	38,975
Trading securities	31,504	30,768
Available-for-sale securities	30,654	38,171
Mortgage loans held for sale	331	380
Mortgage loans held for investment	3,019,163	3,025,860
Advances to lenders	5,559	3,727
Derivatives assets at fair value	1,485	2,073
Guaranty assets and buy-ups	210	267
Total Financial assets	3,174,421	3,188,444
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	50
Derivative liabilities at fair value	614	1,469
Guaranty obligations	382	485
Total Financial liabilities	3,223,201	3,236,477
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	0	0
Advances to lenders	0	0
Derivatives assets at fair value	(5,186)	(8,422)
Guaranty assets and buy-ups	0	0
Total Financial assets	(5,186)	(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	(10,194)	(9,370)
Guaranty obligations	0	0
Total Financial liabilities	(10,194)	(9,370)
Estimated Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	54,565	48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950	38,975
Trading securities	31,504	30,768
Available-for-sale securities	30,654	38,171
Mortgage loans held for sale	338	380
Mortgage loans held for investment	3,088,086	2,992,022
Advances to lenders	5,549	3,688
Derivatives assets at fair value	1,485	2,073
Guaranty assets and buy-ups	616	706
Total Financial assets	3,243,747	3,155,006
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	50
Derivative liabilities at fair value	614	1,469
Guaranty obligations	1,579	2,433
Total Financial liabilities	3,312,687	3,241,494
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	37,965	36,633
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	19,466	16,306
Available-for-sale securities	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment	0	0
Advances to lenders	0	0
Derivatives assets at fair value	0	0
Guaranty assets and buy-ups	0	0
Total Financial assets	57,431	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	16,600	11,590
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950	38,975
Trading securities	9,008	11,688
Available-for-sale securities	15,574	19,159
Mortgage loans held for sale	169	185
Mortgage loans held for investment	2,687,759	2,599,667
Advances to lenders	5,079	3,165
Derivatives assets at fair value	6,489	10,430
Guaranty assets and buy-ups	0	0
Total Financial assets	2,771,628	2,694,859
Financial liabilities [Abstract]
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	50
Derivative liabilities at fair value	10,671	10,734
Guaranty obligations	0	0
Total Financial liabilities	3,299,289	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	3,030	2,774
Available-for-sale securities	15,080	19,012
Mortgage loans held for sale	169	195
Mortgage loans held for investment	400,327	392,355
Advances to lenders	470	523
Derivatives assets at fair value	182	65
Guaranty assets and buy-ups	616	706
Total Financial assets	419,874	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	137	105
Guaranty obligations	1,579	2,433
Total Financial liabilities	23,592	19,611
Fannie Mae [Member]
Financial liabilities [Abstract]
Long-term debt	6,403	1,308
Fannie Mae [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment	239,243	259,638
Financial liabilities [Abstract]
Short-term debt	105,012	72,295
Long-term debt	355,431	457,139
Fannie Mae [Member] \| Netting Adjustment [Member]
Financial assets [Abstract]
Mortgage loans held for investment	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	246,960	245,880
Financial liabilities [Abstract]
Short-term debt	105,022	72,304
Long-term debt	368,685	465,548
Fannie Mae [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	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	29,896	29,920
Financial liabilities [Abstract]
Short-term debt	105,022	72,304
Long-term debt	367,703	463,991
Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	217,064	215,960
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	982	1,557
Consolidated Trusts [Member]
Financial assets [Abstract]
Mortgage loans held for investment	15,629	14,268
Financial liabilities [Abstract]
Long-term debt	19,483	14,976
Consolidated Trusts [Member] \| Carrying Value [Member]
Financial assets [Abstract]
Mortgage loans held for investment	2,779,920	2,766,222
Financial liabilities [Abstract]
Short-term debt	1,560	2,154
Long-term debt	2,760,152	2,702,935
Consolidated Trusts [Member] \| Netting Adjustment [Member]
Financial assets [Abstract]
Mortgage loans held for investment	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	2,841,126	2,746,142
Financial liabilities [Abstract]
Short-term debt	1,560	2,154
Long-term debt	2,835,177	2,697,586
Consolidated Trusts [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	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	2,657,863	2,569,747
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	2,815,843	2,684,224
Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial assets [Abstract]
Mortgage loans held for investment	183,263	176,395
Financial liabilities [Abstract]
Short-term debt	1,560	2,154
Long-term debt	19,334	13,362
HARP Loans [Member]
Financial liabilities [Abstract]
Loans Receivable Refinanced under Home Affordable Refinance Program, Fair Value Disclosure	314,000	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	$ 3,300	$ 11,500

Fair Value Fair Value Option (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of nonaccrual loans	$ 240	$ 196
Difference between unpaid principal balance and the fair value of nonaccrual loans	75	74
Fair value of loans that are 90 days past due	271	288
Difference between unpaid principal balance and the fair value of these 90 days or more days past due loans	78	75
Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment	15,629	14,268
Long-term debt	19,483	14,976
Fannie Mae [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt	6,403	1,308
Long-Term Debt, Unpaid principal balance		168,400
Loans [Member] \| Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment	15,629	14,268
Loans, Unpaid principal balance	15,001	14,440
Long-term Debt [Member] \| Consolidated Trusts [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt	19,483	14,976
Long-Term Debt, Unpaid principal balance	17,810	13,988
Long-term Debt [Member] \| Fannie Mae [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt	6,403	1,308
Long-Term Debt, Unpaid principal balance	$ 6,512	$ 1,290

Fair Value Changes in FV under the FV Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk	$ 276	$ (173)	$ (38)
Other changes in fair value	165	(384)	(200)
Fair value (losses) gains, net	441	(557)	(238)
Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Loans	60	(142)	(25)
Other changes in fair value	670	(730)	(124)
Fair value (losses) gains, net	730	(872)	(149)
Long-term Debt [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument-specific credit risk - Long-Term Debt	216	(31)	(13)
Other changes in fair value	(505)	346	(76)
Fair value (losses) gains, net	$ (289)	$ 315	$ (89)

Commitments and Contingencies (Details) $ in Millions				1 Months Ended		10 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Oct. 22, 2012 defendants	Aug. 30, 2012 defendants	Mar. 02, 2012 defendants	May 31, 2008	Dec. 31, 2007	Feb. 25, 2010 cases	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2008 cases	May 19, 2008 USD ($)	Dec. 11, 2007 USD ($)
Loss Contingencies [Line Items]
Rent expenses for operating leases \| $							$ 43	$ 41	$ 41
Series T Preferred Stock [Member]
Loss Contingencies [Line Items]
Preferred stock, annual dividend rate (as a percent)							8.25%
Series S Preferred Stock [Member]
Loss Contingencies [Line Items]
Preferred stock, annual dividend rate (as a percent)							7.75%
Pending Litigation [Member] \| Class Action Lawsuits in Year Two Thousand and Eight [Member]
Loss Contingencies [Line Items]
Number of lawsuits that Fannie Mae is a defendant \| cases										2
Pending Litigation [Member] \| Individual Securities Actions [Member]
Loss Contingencies [Line Items]
Number of lawsuits that Fannie Mae is a defendant \| cases						2
Pending Litigation [Member] \| In re 2008 Fannie Mae ERISA Litigation [Member]
Loss Contingencies [Line Items]
Number of current Board members added as defendants \| defendants			2
Number of former and current directors and officers dismissed from the action \| defendants	7
Pending Litigation [Member] \| Comprehensive Investment Services v. Mudd, et al. [Member]
Loss Contingencies [Line Items]
Number of former and current directors and officers dismissed from the action \| defendants		2
Pending Litigation [Member] \| Series T Preferred Stock [Member] \| Comprehensive Investment Services v. Mudd, et al. [Member]
Loss Contingencies [Line Items]
Preferred stock offering amount \| $											$ 2,000
Preferred stock, annual dividend rate (as a percent)				8.25%
Pending Litigation [Member] \| Series S Preferred Stock [Member] \| Smith v. Fannie Mae, et al. [Member]
Loss Contingencies [Line Items]
Preferred stock offering amount \| $												$ 7,000
Preferred stock, annual dividend rate (as a percent)					7.75%

Commitments and Contingencies Fiscal Year Maturity Schedule (Details) $ in Millions	Dec. 31, 2014 USD ($)
Loans and Mortgage-Related Securities [Abstract]
2015	$ 56,333
2016	0
2017	0
2018	0
2019	0
Thereafter	0
Total	56,333
Operating Leases [Abstract]
2015	39
2016	32
2017	27
2018	8
2019	0
Thereafter	3
Total	109
Other [Abstract]
2015	209
2016	166
2017	59
2018	22
2019	14
Thereafter	0
Total	470
Mortgage commitment derivatives [Member]
Loans and Mortgage-Related Securities [Abstract]
Total	$ 56,200

Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Trading securities	$ 132	$ 151	$ 143	$ 127	$ 146	$ 185	$ 222	$ 226	$ 553	$ 779	$ 989
Available-for-sale securities	373	395	414	440	487	546	651	673	1,622	2,357	3,299
Mortgage loans	27,588	27,779	28,165	28,588	28,659	28,299	28,056	29,224	112,120	114,238	124,706
Other	33	29	24	24	32	37	49	57	110	175	196
Total interest income	28,126	28,354	28,746	29,179	29,324	29,067	28,978	30,180	114,405	117,549	129,190
Interest expense:
Short-term debt	27	26	21	20	22	29	37	43	94	131	152
Long-term debt	22,957	23,144	23,821	24,421	24,451	23,456	23,274	23,833	94,343	95,014	107,537
Total interest expense	22,984	23,170	23,842	24,441	24,473	23,485	23,311	23,876	94,437	95,145	107,689
Net interest income (loss)	5,142	5,184	4,904	4,738	4,851	5,582	5,667	6,304	19,968	22,404	21,501
Benefit for credit losses	466	1,085	1,639	774	0	2,609	5,383	957	3,964	8,949	852
Net interest income after benefit for credit losses	5,608	6,269	6,543	5,512	4,851	8,191	11,050	7,261	23,932	31,353	22,353
Investment gains, net	187	171	483	95	113	621	284	109	936	1,127	(226)
Fair value gains, net	(2,502)	(207)	(934)	(1,190)	961	335	829	834	(4,833)	2,959	(2,977)
Debt extinguishment (losses) gains, net	17	11	38	0	35	92	27	(23)	66	131	(244)
Fee and other income	323	826	383	4,355	2,136	741	485	568	5,887	3,930	1,487
Non-interest income (loss)	(1,975)	801	(30)	3,260	3,245	1,789	1,625	1,488	2,056	8,147	(1,960)
Administrative expenses:
Salaries and employee benefits	340	337	319	325	290	307	304	317	1,321	1,218	1,195
Professional services	296	263	275	242	232	236	219	223	1,076	910	766
Occupancy expenses	59	47	47	50	48	48	47	46	203	189	188
Other administrative expenses	7	59	56	55	62	55	56	55	177	228	218
Total administrative expenses	702	706	697	672	632	646	626	641	2,777	2,545	2,367
Foreclosed property expense (income)	369	249	(214)	(262)	(1,082)	(1,165)	(332)	(260)	142	(2,839)	(254)
Other expenses (income), net	65	72	276	131	(34)	124	68	68	544	226	822
Total expenses (income)	1,503	1,378	1,094	863	(178)	(119)	595	635	4,838	933	3,173
Income before federal income taxes	2,130	5,692	5,419	7,909	8,274	10,099	12,080	8,114	21,150	38,567	17,220
(Provision) benefit for federal income taxes	(818)	(1,787)	(1,752)	(2,584)	(1,816)	(1,355)	(1,985)	50,571	(6,941)	45,415	0
Net income	1,312	3,905	3,667	5,325	6,458	8,744	10,095	58,685	14,209	83,982	17,220
Less: Net (income) loss attributable to noncontrolling interest	0	0	(1)	0	(1)	(7)	(11)	0	(1)	(19)	4
Net income attributable to Fannie Mae	1,312	3,905	3,666	5,325	6,457	8,737	10,084	58,685	14,208	83,963	17,224
Dividends distributed or available for distribution to senior preferred stockholder (Note 11)	(1,920)	(3,999)	(3,712)	(5,692)	(7,191)	(8,617)	(10,243)	(59,368)	(15,323)	(85,419)	(15,827)
Net (loss) income attributable to common stockholders (Note 11)	$ (608)	$ (94)	$ (46)	$ (367)	$ (734)	$ 120	$ (159)	$ (683)	$ (1,115)	$ (1,456)	$ 1,397
(Loss) per share:
Basic and Diluted (per share)	$ (0.11)	$ (0.02)	$ (0.01)	$ (0.06)
Basic (per share)					$ (0.13)	$ 0.02	$ (0.03)	$ (0.12)	$ (0.19)	$ (0.25)	$ 0.24
Diluted (per share)					$ (0.13)	$ 0.02	$ (0.03)	$ (0.12)	$ (0.19)	$ (0.25)	$ 0.24
Weighted-average common shares outstanding:
Basic and Diluted (in shares)	5,762	5,762	5,762	5,762
Basic (in shares)					5,762	5,762	5,762	5,762	5,762	5,762	5,762
Diluted (in shares)					5,762	5,893	5,762	5,762	5,762	5,762	5,893
US Treasury [Member]
TCCA fees	$ 367	$ 351	$ 335	$ 322	$ 306	$ 276	$ 233	$ 186	$ 1,375	$ 1,001	$ 238

Investments in Securities Other-than-temporary Impairments 4 (Details) $ in Millions	Dec. 31, 2014 USD ($)
Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 7,164
Weighted average collateral default (percent)	47.70%
Weighted average collateral severities (percent)	64.80%
Weighted average voluntary prepayment rates (percent)	2.40%
Average credit enhancement (percent)	15.70%
Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 1,132
Weighted average collateral default (percent)	34.80%
Weighted average collateral severities (percent)	49.70%
Weighted average voluntary prepayment rates (percent)	7.00%
Average credit enhancement (percent)	4.10%
Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 1,939
Weighted average collateral default (percent)	15.70%
Weighted average collateral severities (percent)	49.50%
Weighted average voluntary prepayment rates (percent)	11.40%
Average credit enhancement (percent)	4.90%
Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 1,271
Weighted average collateral default (percent)	25.90%
Weighted average collateral severities (percent)	44.50%
Weighted average voluntary prepayment rates (percent)	7.80%
Average credit enhancement (percent)	5.80%
Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 2,350
Weighted average collateral default (percent)	16.30%
Weighted average collateral severities (percent)	40.40%
Weighted average voluntary prepayment rates (percent)	10.60%
Average credit enhancement (percent)	3.40%
2004 and Prior [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 110
Weighted average collateral default (percent)	26.40%
Weighted average collateral severities (percent)	56.30%
Weighted average voluntary prepayment rates (percent)	8.20%
Average credit enhancement (percent)	39.20%
2004 and Prior [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 110
Weighted average collateral default (percent)	26.40%
Weighted average collateral severities (percent)	54.60%
Weighted average voluntary prepayment rates (percent)	9.20%
Average credit enhancement (percent)	3.90%
2004 and Prior [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 794
Weighted average collateral default (percent)	8.30%
Weighted average collateral severities (percent)	45.90%
Weighted average voluntary prepayment rates (percent)	14.00%
Average credit enhancement (percent)	11.30%
2004 and Prior [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 121
Weighted average collateral default (percent)	17.20%
Weighted average collateral severities (percent)	37.80%
Weighted average voluntary prepayment rates (percent)	9.40%
Average credit enhancement (percent)	23.30%
2004 and Prior [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 305
Weighted average collateral default (percent)	11.70%
Weighted average collateral severities (percent)	36.40%
Weighted average voluntary prepayment rates (percent)	10.70%
Average credit enhancement (percent)	9.90%
2005 [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 8
Weighted average collateral default (percent)	47.00%
Weighted average collateral severities (percent)	69.70%
Weighted average voluntary prepayment rates (percent)	3.90%
Average credit enhancement (percent)	60.30%
2005 [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 451
Weighted average collateral default (percent)	31.50%
Weighted average collateral severities (percent)	53.60%
Weighted average voluntary prepayment rates (percent)	7.40%
Average credit enhancement (percent)	7.50%
2005 [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 771
Weighted average collateral default (percent)	19.90%
Weighted average collateral severities (percent)	49.00%
Weighted average voluntary prepayment rates (percent)	10.10%
Average credit enhancement (percent)	0.60%
2005 [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 277
Weighted average collateral default (percent)	27.10%
Weighted average collateral severities (percent)	47.20%
Weighted average voluntary prepayment rates (percent)	8.30%
Average credit enhancement (percent)	13.20%
2005 [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 1,096
Weighted average collateral default (percent)	20.70%
Weighted average collateral severities (percent)	41.20%
Weighted average voluntary prepayment rates (percent)	9.20%
Average credit enhancement (percent)	3.10%
2006 [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 6,718
Weighted average collateral default (percent)	48.10%
Weighted average collateral severities (percent)	66.70%
Weighted average voluntary prepayment rates (percent)	2.30%
Average credit enhancement (percent)	15.00%
2006 [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 571
Weighted average collateral default (percent)	39.10%
Weighted average collateral severities (percent)	46.60%
Weighted average voluntary prepayment rates (percent)	6.30%
Average credit enhancement (percent)	1.50%
2006 [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 374
Weighted average collateral default (percent)	22.50%
Weighted average collateral severities (percent)	53.10%
Weighted average voluntary prepayment rates (percent)	8.40%
Average credit enhancement (percent)	0.10%
2006 [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 873
Weighted average collateral default (percent)	26.80%
Weighted average collateral severities (percent)	44.20%
Weighted average voluntary prepayment rates (percent)	7.40%
Average credit enhancement (percent)	1.10%
2006 [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 872
Weighted average collateral default (percent)	11.90%
Weighted average collateral severities (percent)	40.70%
Weighted average voluntary prepayment rates (percent)	12.50%
Average credit enhancement (percent)	0.00%
2007 and After [Member] \| Subprime private-label securities [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 328
Weighted average collateral default (percent)	46.10%
Weighted average collateral severities (percent)	25.50%
Weighted average voluntary prepayment rates (percent)	1.30%
Average credit enhancement (percent)	20.60%
2007 and After [Member] \| Alt-A Option ARM [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 0
2007 and After [Member] \| Alt-A Fixed Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	0
2007 and After [Member] \| Alt-A Variable Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	0
2007 and After [Member] \| Alt-A Hybrid Rate [Member]
UPB and Modeled Attributes [Line Items]
Unpaid principal balance	$ 77
Weighted average collateral default (percent)	20.70%
Weighted average collateral severities (percent)	36.20%
Weighted average voluntary prepayment rates (percent)	9.80%
Average credit enhancement (percent)	20.50%

Fair Value Nonrecurring Changes (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	$ 0	$ 0
Mortgage loans held for investment	0	0
Total assets at fair value	57,431	52,939
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	169	185
Mortgage loans held for investment	2,687,759	2,599,667
Total assets at fair value	2,771,628	2,694,859
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	169	195
Mortgage loans held for investment	400,327	392,355
Total assets at fair value	419,874	415,630
Fair Value, Measurements, Nonrecurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	0	0
Other assets	0	0
Total assets at fair value	0	0
Fair Value, Measurements, Nonrecurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	93	101
Other assets	0	0
Total assets at fair value	93	101
Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	110	132
Other assets	45	121
Total assets at fair value	22,416	25,970
Fannie Mae [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Fannie Mae [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	29,896	29,920
Fannie Mae [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	217,064	215,960
Consolidated Trusts [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	15,629	14,268
Consolidated Trusts [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Consolidated Trusts [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	2,657,863	2,569,747
Consolidated Trusts [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	183,263	176,395
Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	0	0
Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	0	0
Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	16,714	20,045
Acquired property, net	4,782	4,041
Single-Family [Member] \| Fannie Mae [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Single-Family [Member] \| Fannie Mae [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Single-Family [Member] \| Fannie Mae [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	16,654	19,966
Single-Family [Member] \| Consolidated Trusts [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Single-Family [Member] \| Consolidated Trusts [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Single-Family [Member] \| Consolidated Trusts [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	60	79
Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Acquired property, net	0	0
Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	0
Acquired property, net	0	0
Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	625	1,533
Acquired property, net	140	98
Consensus Without Inputs [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	110	132
Other Valuation Technique [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Other assets	45	121
Other Valuation Technique [Member] \| Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	191	118
Other Valuation Technique [Member] \| Single-Family [Member] \| Consolidated Trusts [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	60	79
Other Valuation Technique [Member] \| Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	0	55
Acquired property, net	13	89
Accepted Offers [Member] \| Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	864	691
Internal Model [Member] \| Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	1,045	1,049
Internal Model [Member] \| Single-Family [Member] \| Fannie Mae [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	16,654	19,966
Appraisals [Member] \| Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	1,509	1,077
Broker Price Opinions [Member] \| Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	45	248
Acquired property, net	127	9
Walk Forwards [Member] \| Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	1,173	1,106
Asset Manager Estimate [Member] \| Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	580	1,230
Estimated Fair Value [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	338	380
Mortgage loans held for investment	3,088,086	2,992,022
Total assets at fair value	3,243,747	3,155,006
Estimated Fair Value [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	203	233
Other assets	45	121
Total assets at fair value	22,509	26,071
Estimated Fair Value [Member] \| Fannie Mae [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	246,960	245,880
Estimated Fair Value [Member] \| Consolidated Trusts [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	2,841,126	2,746,142
Estimated Fair Value [Member] \| Single-Family [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Acquired property, net	4,782	4,041
Estimated Fair Value [Member] \| Single-Family [Member] \| Fannie Mae [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	16,654	19,966
Estimated Fair Value [Member] \| Single-Family [Member] \| Consolidated Trusts [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	60	79
Estimated Fair Value [Member] \| Multifamily [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets Measured on Nonrecurring Basis [Line Items]
Mortgage loans held for investment	625	1,533
Acquired property, net	$ 140	$ 98